Affirm (AFRM) 10-Q7 Nov 242025 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39888
Entity Registrant Name	Affirm Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2224323
Entity Address, Address Line One	650 California Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	415
Local Phone Number	960-1518
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--06-30
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		271,918,122
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,137,975

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Cash and cash equivalents	$ 1,046,160	$ 1,013,106
Restricted cash	338,462	282,293
Securities available for sale at fair value	1,073,685	1,131,628
Loans held for sale	0	36
Loans held for investment	6,310,834	5,670,056
Allowance for credit losses	(350,606)	(309,097)
Loans held for investment, net	5,960,228	5,360,959
Accounts receivable, net	308,394	353,028
Property, equipment and software, net	473,019	427,686
Goodwill	536,745	533,439
Intangible assets	13,459	13,502
Commercial agreement assets	90,346	104,602
Other assets	298,661	299,340
Total assets	10,139,159	9,519,619
Liabilities and stockholders’ equity
Accounts payable	57,561	41,019
Payable to third-party loan owners	152,035	159,643
Accrued interest payable	24,484	24,327
Accrued expenses and other liabilities	137,464	147,429
Convertible senior notes, net	1,202,519	1,341,430
Notes issued by securitization trusts	3,985,484	3,236,873
Funding debt	1,744,040	1,836,909
Total liabilities	7,303,587	6,787,630
Commitments and contingencies (Note 7)
Stockholders’ equity:
Additional paid in capital	6,053,917	5,862,555
Accumulated deficit	(3,209,226)	(3,109,004)
Accumulated other comprehensive loss	(9,122)	(21,565)
Total stockholders’ equity	2,835,572	2,731,989
Total liabilities and stockholders’ equity	10,139,159	9,519,619
Assets of consolidated VIEs, included in total assets above
Cash and cash equivalents	1,046,160	1,013,106
Restricted cash	338,462	282,293
Securities available for sale at fair value	1,073,685	1,131,628
Loans held for sale	0	36
Loans held for investment	6,310,834	5,670,056
Allowance for credit losses	(350,606)	(309,097)
Loans held for investment, net	5,960,228	5,360,959
Accounts receivable, net	308,394	353,028
Property, equipment and software, net	473,019	427,686
Goodwill	536,745	533,439
Intangible assets	13,459	13,502
Commercial agreement assets	90,346	104,602
Other assets	298,661	299,340
Total assets	10,139,159	9,519,619
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	57,561	41,019
Payable to third-party loan owners	152,035	159,643
Accrued interest payable	24,484	24,327
Accrued expenses and other liabilities	137,464	147,429
Convertible senior notes, net	1,202,519	1,341,430
Notes issued by securitization trusts	3,985,484	3,236,873
Funding debt	1,744,040	1,836,909
Total liabilities	7,303,587	6,787,630
Consolidated Variable Interest Entities
Restricted cash	210,254	145,829
Loans held for investment	6,134,943	5,461,660
Allowance for credit losses	(286,670)	(242,991)
Loans held for investment, net	5,848,273	5,218,669
Accounts receivable, net	2,962	2,961
Other assets	4,855	10,676
Total assets	6,066,344	5,378,135
Liabilities and stockholders’ equity
Accounts payable	2,864	2,830
Accrued interest payable	24,313	24,220
Accrued expenses and other liabilities	4,918	11,115
Notes issued by securitization trusts	3,985,484	3,236,873
Funding debt	1,717,243	1,794,984
Total liabilities	5,734,822	5,070,022
Assets of consolidated VIEs, included in total assets above
Restricted cash	210,254	145,829
Loans held for investment	6,134,943	5,461,660
Allowance for credit losses	(286,670)	(242,991)
Loans held for investment, net	5,848,273	5,218,669
Accounts receivable, net	2,962	2,961
Other assets	4,855	10,676
Total assets	6,066,344	5,378,135
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,864	2,830
Accrued interest payable	24,313	24,220
Accrued expenses and other liabilities	4,918	11,115
Notes issued by securitization trusts	3,985,484	3,236,873
Funding debt	1,717,243	1,794,984
Total liabilities	5,734,822	5,070,022
Net Assets	331,522	308,113
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
Class A common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	3,030,000,000	3,030,000,000
Common stock, issued (in shares)	271,833,469	267,305,456
Common stock, outstanding (in shares)	271,833,469	267,305,456
Class B common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	140,000,000	140,000,000
Common stock, issued (in shares)	42,143,934	43,747,575
Common stock, outstanding (in shares)	42,143,934	43,747,575

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue
Revenue	$ 231,819	$ 179,426
Interest income	377,064	262,679
Gain on sales of loans	63,613	34,285
Servicing income	25,983	20,157
Total revenue, net	698,479	496,547
Operating expenses
Loss on loan purchase commitment	54,237	34,866
Provision for credit losses	159,824	99,696
Funding costs	104,145	73,931
Processing and servicing	95,146	75,671
Technology and data analytics	134,290	132,965
Sales and marketing	145,233	146,866
General and administrative	138,482	140,334
Restructuring and other	(255)	1,665
Total operating expenses	831,102	705,994
Operating loss	(132,623)	(209,447)
Other income, net	34,303	38,707
Loss before income taxes	(98,320)	(170,740)
Income tax expense	1,902	1,043
Net loss	(100,222)	(171,783)
Other comprehensive income (loss)
Foreign currency translation adjustments	8,346	(11,898)
Unrealized gain on securities available for sale, net	5,589	1,353
Gain (loss) on cash flow hedges	(1,492)	763
Net other comprehensive income (loss)	12,443	(9,782)
Comprehensive loss	$ (87,779)	$ (181,565)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (0.31)	$ (0.57)
Diluted (in USD per share)	$ (0.31)	$ (0.57)
Weighted average common shares outstanding
Basic (in shares)	318,234,555	303,839,670
Diluted (in shares)	318,234,555	303,839,670
Merchant network revenue
Revenue
Revenue	$ 184,339	$ 145,950
Card network revenue
Revenue
Revenue	$ 47,480	$ 33,476

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Common Stock Common Stock		Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance, common stock (in shares) at Jun. 30, 2023	[1]		296,846,217
Beginning balance at Jun. 30, 2023		$ 2,534,183	$ 3		$ 5,140,850	$ (2,591,247)	$ (15,423)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	[1]		495,350
Issuance of common stock upon exercise of stock options		3,625			3,625
Vesting of restricted stock units (in shares)	[1]		3,740,320
Vesting of warrants for common stock		95,910			95,910
Stock-based compensation		151,162			151,162
Tax withholding on stock-based compensation		(36,515)			(36,515)
Foreign currency translation adjustments		(11,898)					(11,898)
Unrealized loss on securities available for sale		1,353					1,353
Gain (loss) on cash flow hedges		763					763
Net loss		(171,783)				(171,783)
Ending balance, common stock (in shares) at Sep. 30, 2023	[1]		301,081,887
Ending balance at Sep. 30, 2023		2,566,800	$ 3		5,355,032	(2,763,030)	(25,205)
Beginning balance, common stock (in shares) at Jun. 30, 2024	[1]		311,053,031
Beginning balance at Jun. 30, 2024		$ 2,731,989	$ 3		5,862,555	(3,109,004)	(21,565)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		430,727	432,277	[1]
Issuance of common stock upon exercise of stock options		$ 3,596			3,596
Vesting of restricted stock units (in shares)	[1]		2,492,095
Vesting of warrants for common stock		107,263			107,263
Stock-based compensation		143,711			143,711
Tax withholding on stock-based compensation		(63,208)			(63,208)
Foreign currency translation adjustments		8,346					8,346
Unrealized loss on securities available for sale		5,589					5,589
Gain (loss) on cash flow hedges		(1,492)					(1,492)
Net loss		(100,222)				(100,222)
Ending balance, common stock (in shares) at Sep. 30, 2024	[1]		313,977,403
Ending balance at Sep. 30, 2024		$ 2,835,572	$ 3		$ 6,053,917	$ (3,209,226)	$ (9,122)

[1] The share amounts listed above combine Class A and Class B stock.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (100,222,000)	$ (171,783,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for losses	159,824,000	99,696,000
Amortization of premiums and discounts on loans	(52,064,000)	(41,138,000)
Gain on sales of loans	(63,613,000)	(34,285,000)
Gain on extinguishment of debt	(19,624,000)	0
Changes in fair value of assets and liabilities	1,668,000	(4,110,000)
Amortization of commercial agreement assets	14,256,000	21,557,000
Amortization of debt issuance costs	6,083,000	5,534,000
Amortization of discount on securities available for sale	(15,797,000)	(12,120,000)
Commercial agreement warrant expense	107,263,000	95,910,000
Stock-based compensation	94,233,000	112,359,000
Depreciation and amortization	46,720,000	40,131,000
Impairment of right of use assets	0	752,000
Other	(2,209,000)	(4,730,000)
Change in operating assets and liabilities:
Purchases and origination of loans held for sale	(1,219,022,000)	(1,222,224,000)
Proceeds from the sale of loans held for sale	1,219,061,000	1,228,110,000
Accounts receivable, net	41,117,000	(42,208,000)
Other assets	(6,833,000)	(12,566,000)
Accounts payable	16,543,000	(1,257,000)
Payable to third-party loan owners	(7,608,000)	55,646,000
Accrued interest payable	846,000	6,264,000
Accrued expenses and other liabilities	(23,755,000)	(20,636,000)
Net cash provided by operating activities	196,867,000	98,902,000
Cash flows from investing activities
Purchases and origination of loans held for investment	(6,388,350,000)	(4,229,667,000)
Proceeds from the sale of loans held for investment	1,630,671,000	899,238,000
Principal repayments and other loan servicing activity	4,132,682,000	3,184,851,000
Additions to property, equipment and software	(44,152,000)	(35,817,000)
Purchases of securities available for sale	(136,727,000)	(96,813,000)
Proceeds from maturities and repayments of securities available for sale	215,680,000	262,293,000
Other investing cash inflows	15,197,000	56,000
Net cash used in investing activities	(574,999,000)	(15,859,000)
Cash flows from financing activities
Proceeds from funding debt	3,188,998,000	2,896,251,000
Payment of debt issuance costs	(4,321,000)	(10,490,000)
Principal repayments of funding debt	(3,289,384,000)	(2,938,674,000)
Extinguishment of convertible debt	(120,056,000)	0
Proceeds from issuance of notes and certificates by securitization trust	750,000,000	750,000,000
Principal repayments of notes issued by securitization trust	0	(515,377,000)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	3,596,000	3,611,000
Payments of tax withholding for stock-based compensation	(63,208,000)	(36,515,000)
Net cash provided by financing activities	465,625,000	148,806,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,730,000	(3,301,000)
Net increase in cash, cash equivalents and restricted cash	89,223,000	228,548,000
Cash, cash equivalents and restricted cash, beginning of period	1,295,399,000	1,259,944,000
Cash, cash equivalents and restricted cash, end of period	1,384,622,000	1,488,492,000
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,046,160,000	1,079,261,000
Restricted cash	338,462,000	409,231,000
Total cash, cash equivalents and restricted cash	1,384,622,000	1,488,492,000
Supplemental disclosures of cash flow information
Cash payments for interest expense	99,506,000	64,868,000
Cash paid for operating leases	4,159,000	4,104,000
Cash paid for income taxes	454,000	312,000
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software	$ 49,478,000	$ 38,803,000

Business Description

Business Description	3 Months Ended
Business Description	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time. When a consumer applies for a loan through our platform, the loan is underwritten using our proprietary risk model, and once approved, the consumer selects their preferred repayment option. Loans are directly originated or funded and issued by our originating bank partners. Merchants partner with us to transform the consumer shopping experience and to acquire and convert consumers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied consumer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2024. The balance sheet as of June 30, 2024 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, discount on self-originated loans, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of risk sharing arrangements, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, which was filed with the SEC on August 28, 2024. Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The new guidance modifies the existing annual and interim segment reporting disclosures. The purpose of the update is to enable investors to better understand an entity’s overall performance and assess potential future cash flows, primarily through enhanced disclosure requirements on significant segment expenses. The ASU is effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The new guidance is expected to increase transparency and usefulness of income tax disclosures through improvements to the rate reconciliation, income taxes paid, and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Revenue

Revenue	3 Months Ended
Revenue	Sep. 30, 2024
Banking and Thrift, Interest [Abstract]
Revenue	Revenue The following table presents our revenue disaggregated by revenue source (in thousands): Three Months Ended September 30, 2024 2023 Merchant network revenue $ 184,339 $ 145,950 Card network revenue 47,480 33,476 Interest income 377,064 262,679 Gain on sales of loans 63,613 34,285 Servicing income 25,983 20,157 Total revenue, net $ 698,479 $ 496,547 Merchant Network Revenue — Revenue from Contracts with Customers Merchant network revenue primarily consists of merchant fees. Merchant partners (or integrated merchants) are generally charged a fee based on gross merchandise volume (“GMV”) processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled. Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants incentives to promote our platform to their customers, such as fee reductions or rebates. These amounts are recorded as a reduction to merchant network revenue. We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss on loan origination, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total merchant network revenue earned on those loans. We record the excess loss amounts as a sales and marketing expense. A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the sale occurs. For the three months ended September 30, 2024 and 2023, there were no merchants that exceeded 10% of total revenue. Card Network Revenue — Revenue from Contracts with Customers We have agreements with card-issuing partners to facilitate the issuance of physical and virtual cards to be used by consumers at checkout. Prior to purchase, consumers can apply at Affirm.com or via the Affirm app and, upon approval, use a physical or virtual card to complete their purchase online or in-store. The card is funded at the time a transaction is authorized using cash held by the card-issuing partner in a reserve fund. Eligible consumers can also use the Affirm Card, a card issued by a card-issuing partner to pay in full, via their linked bank account, or pay later, by using a unique post-purchase feature that allows them to instantly convert any eligible transaction into an installment loan. Where applicable, our originating bank partner, or wholly-owned subsidiaries, then originates a loan to the consumer after the transaction is confirmed by the merchant. The merchant is charged interchange fees for each successful card transaction, and a portion of this revenue is shared with us by our card-issuing partners. Merchants may also elect to utilize our agreement with card-issuing partners as a means of integrating Affirm services. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees for each successful card transaction and a portion of this revenue is shared with us. From time to time, we offer certain integrated merchants promotional incentives to promote our platform to their customers, such as rebates of interchange fees incurred by the merchant. These amounts are recorded as a reduction of card network revenue. Our contracts with our card-issuing partners are defined at the transaction level and do not extend beyond the service already provided. The revenue collected from card-issuing partners for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The amounts collected are presented in revenue, net of associated transaction-related processing fees paid to our card-issuing partners. We have concluded that the revenue collected does not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to the card-issuing partner to facilitate transactions with consumers. A portion of card network revenue relates to incentive payments from card network partners, which we are eligible to receive for reaching certain cumulative volume targets on program cards issued by our card-issuing partners. We earn incentive revenue as a percentage of each associated transaction and estimate the applicable percentage based on observed cumulative volume on program cards. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the transaction is completed successfully. Interest Income Interest income consisted of the following components (in thousands): Three Months Ended September 30, 2024 2023 Contractual interest income on unpaid principal balance $ 337,159 $ 226,158 Amortization of discount on loans 56,697 45,118 Amortization of premiums on loans (4,633) (3,980) Interest receivable charged-off, net of recoveries (12,159) (4,617) Total interest income $ 377,064 $ 262,679 We accrue interest income using the effective interest method, which includes the amortization of any discounts or premiums on loan receivables created upon the purchase of a loan from our originating bank partners or upon the origination of a loan. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the consumer involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed, and any interest that would have been earned during the disputed period is retroactively accrued. As of September 30, 2024 and June 30, 2024, the balance of loans held for investment on non-accrual status was $4.3 million and $2.6 million, respectively. The account is charged-off in the period if the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is charged-off. Gain on Sales of Loans We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations by calculating the difference between the proceeds received and the carrying value of the loan. This amount is adjusted for the initial recognition of any assets or liabilities incurred upon sale. These generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a liability in connection with our loan repurchase obligation for loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale. Additionally, we recognize a risk sharing asset or liability in certain arrangements where payments are made or received based on the actual versus expected loan performance, as contractually agreed upon with the third party. Refer to Note 12. Fair Value of Financial Assets and Liabilities for further discussion of risk sharing arrangements. Servicing Income Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. Servicing income also includes fair value adjustments for servicing assets and servicing liabilities.

Loans Held for Investment and A

Loans Held for Investment and Allowance for Credit Losses	3 Months Ended
Loans Held for Investment and Allowance for Credit Losses	Sep. 30, 2024
Receivables [Abstract]
Loans Held for Investment and Allowance for Credit Losses	Loans Held for Investment and Allowance for Credit Losses Loans held for investment consisted of the following (in thousands): September 30, 2024 June 30, 2024 Unpaid principal balance $ 6,330,283 $ 5,697,965 Accrued interest receivable 72,507 62,796 Premiums on loans held for investment 8,247 7,822 Less: Discount due to loss on loan purchase commitment (67,275) (63,682) Less: Discount due to loss on directly originated loans (32,916) (34,829) Less: Fair value adjustment on loans acquired through business combination (12) (16) Total loans held for investment $ 6,310,834 $ 5,670,056 Loans held for investment includes loans originated through our originating bank partners and directly originated loans. The majority of the loans that are underwritten using our technology platform and originated by our originating bank partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $6.4 billion and $4.6 billion during the three months ended September 30, 2024 and 2023, respectively. We directly originated $1.3 billion and $0.9 billion of loans during the three months ended September 30, 2024 and 2023, respectively. Our portfolio consists of interest bearing and non-interest bearing consumer loans with original term lengths of up to sixty months originated in markets including the U.S. and Canada, with the majority of loans originated within the U.S. Given that our loan portfolio focuses on one product segment, unsecured consumer installment loans, we generally evaluate the entire portfolio as a single homogeneous loan portfolio to predict future losses, considering factors such as country of origin, loan product, origination channel, merchant and various borrower characteristics. We closely monitor credit quality for our loan receivables to manage and evaluate our related exposure to credit risk. Credit risk management begins with initial underwriting, where loan applications are assessed against the credit underwriting policy and procedures for our directly originated loans and originating bank partner loans, and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal historical experience, including the consumer’s prior repayment history on our platform as well as other measures. We combine these factors to establish a proprietary score as a credit quality indicator. Our proprietary score (“ITACs”) is assigned to most loans facilitated through our technology platform, ranging from zero to 100, with 100 representing the highest credit quality and therefore the lowest likelihood of loss. The ITACs model analyzes the characteristics of a consumer's attributes that are shown to be predictive of both willingness and ability to repay including, but not limited to: basic features of a consumer's credit profile, a consumer's prior repayment performance with other creditors, current credit utilization, and legal and policy changes. When a consumer passes both fraud and credit policy checks, the application is assigned an ITACs score. ITACs is also used for portfolio performance monitoring. Our credit risk team closely tracks the distribution of ITACs at the portfolio level, as well as ITACs at the individual loan level to monitor for signs of a changing credit profile within the portfolio. Repayment performance within each ITACs band is also monitored to support both the integrity of the risk scoring models and to measure possible changes in consumer behavior amongst various credit tiers. The following tables present an analysis of the credit quality, by ITACs score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of September 30, 2024 and June 30, 2024 (in thousands): September 30, 2024 Amortized Costs Basis by Fiscal Year of Origination 2025 2024 2023 2022 2021 Prior Total 96+ $ 2,207,126 $ 1,789,407 $ 127,477 $ 7,896 $ 136 $ 12 $ 4,132,054 94 – 96 880,282 802,823 13,650 334 8 5 1,697,102 90 – 94 151,785 142,247 1,794 175 4 2 296,007 <90 29,023 22,536 32 186 2 1 51,780 No score (1) 1,247 8,343 43,919 7,678 151 46 61,384 Total amortized cost basis $ 3,269,463 $ 2,765,356 $ 186,872 $ 16,269 $ 301 $ 66 $ 6,238,327 June 30, 2024 Amortized Costs Basis by Fiscal Year of Origination 2024 2023 2022 2021 2020 Prior Total 96+ $ 3,438,135 $ 183,210 $ 10,026 $ 186 $ 10 $ 5 $ 3,631,572 94 – 96 1,509,125 29,227 463 8 2 4 1,538,829 90 – 94 287,499 3,575 263 3 1 1 291,342 <90 45,009 46 309 2 1 — 45,367 No score (1) 20,680 66,680 12,391 217 94 124 100,186 Total amortized cost basis $ 5,300,448 $ 282,738 $ 23,452 $ 416 $ 108 $ 134 $ 5,607,296 (1) This balance represents loan receivables without sufficient data available for use by the Affirm scoring methodology including new markets and certain developing products. The following table presents net charge-offs by fiscal year of origination as of September 30, 2024 (in thousands): September 30, 2024 Net Charge-offs by Fiscal Year of Origination 2025 2024 2023 2022 2021 Prior Total Current period charge-offs (1,552) (107,403) (11,829) (510) (94) (60) (121,448) Current period recoveries 88 3,184 3,357 1,227 242 54 8,152 Current period net charge-offs (1,464) (104,219) (8,472) 717 148 (6) (113,296) Loan receivables are defined as past due if either the principal or interest have not been received within four September 30, 2024 June 30, 2024 Non-delinquent loans $ 5,899,332 $ 5,331,462 4 – 29 calendar days past due 169,338 134,434 30 – 59 calendar days past due 67,042 55,021 60 – 89 calendar days past due 54,805 47,764 90 – 119 calendar days past due (1) 47,810 38,615 Total amortized cost basis $ 6,238,327 $ 5,607,296 (1) Includes $47.7 million and $38.6 million of loan receivables as of September 30, 2024 and June 30, 2024, respectively, that are 90 days or more past due, but are not on non-accrual status. We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses reflects our estimate of expected lifetime credit losses, which consider the remaining contractual term, historical credit losses, consumer payment trends, estimated recoveries, and future payment expectations as of each balance sheet date. Adjustments to the allowance for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our interim condensed consolidated statements of operations and comprehensive loss. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Loans are charged off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands): Three Months Ended September 30, 2024 2023 Balance at beginning of period $ 309,097 $ 204,531 Provision for loan losses 154,805 92,827 Charge-offs (121,448) (70,842) Recoveries of charged-off receivables 8,152 5,552 Balance at end of period $ 350,606 $ 232,068 Loan Modifications for Borrowers Experiencing Financial Difficulty We have a loan modification program for borrowers experiencing financial difficulty if certain eligibility criteria are met. A loan is evaluated for modification program eligibility when a borrower self-reports financial hardship, either when a borrower contacts us directly or upon making contact with the borrower to determine eligibility when a loan payment is past due. The objectives of the loan modification program are to offer borrowers assistance during times of financial stress, increase collections, and minimize losses. We have two primary loan modification strategies: payment deferrals and loan re-amortization. A payment deferral provides the borrower relief by extending the due date for the next payment due. While a borrower may obtain more than one deferral, the total deferral period may not exceed three months. A loan re-amortization provides the borrower relief by lowering monthly payments through extending the term length of the loan; however, the total remaining term may not exceed twenty-four months. In addition, the total interest due from the consumer will not exceed the initial total interest due prior to modification, and a loan may not be re-amortized more than once. The following table presents the amortized cost basis of loans excluding accrued interest receivable that were modified for borrowers experiencing financial difficulty during the three months ended September 30, 2024 and 2023, by type of modification (in thousands): Three Months Ended September 30, 2024 2023 (1) Payment deferral $ 10,975 $ 8,990 Loan re-amortization 165 270 Total $ 11,140 $ 9,260 % of total loan receivables outstanding 0.18 % 0.21 % (1) Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification. With respect to borrowers who received payment deferrals during the three months ended September 30, 2024 and 2023, the length of each deferral period was one month. With respect to borrowers who received a loan re-amortization during the three months ended September 30, 2024 and 2023, the payment amount was reduced by half and the term of the loan was extended between one month and twelve months. During the modification process, the loans are made current, and payment schedules for these loans are updated according to the modified terms. We closely monitor the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. We hold an allowance for credit losses for modified loans classified as held for investment. Our allowance estimate considers whether a loan has been modified, the delinquency status of the loan on the date of modification, and the increased likelihood that such loan may become delinquent or charge-off in the future. The following tables present the delinquency status as of September 30, 2024 and 2023, by amortized cost basis excluding accrued interest receivable, of loan receivables that have been modified within the last 12 months where the borrower was experiencing financial difficulty at the time of modification (in thousands): September 30, 2024 Payment Deferral Loan Re-amortization Total Non-delinquent loans $ 12,645 $ 287 $ 12,932 4 – 29 calendar days past due 3,717 93 3,810 30 – 59 calendar days past due 2,689 51 2,740 60 – 89 calendar days past due 3,951 67 4,018 90 – 119 calendar days past due 2,652 63 2,715 Total amortized cost basis $ 25,654 $ 561 $ 26,215 September 30, 2023 (1) Payment Deferral Loan Re-amortization Total Non-delinquent loans $ 15,095 $ 446 $ 15,541 4 – 29 calendar days past due 3,417 169 3,586 30 – 59 calendar days past due 686 88 774 60 – 89 calendar days past due 362 12 374 90 – 119 calendar days past due 304 6 310 Total amortized cost basis $ 19,864 $ 721 $ 20,585 (1) Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification

Balance Sheet Components

Balance Sheet Components	3 Months Ended
Balance Sheet Components	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Accounts Receivable, net Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. For each of these groups, we evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses. Our allowance for credit losses with respect to accounts receivable was $17.2 million and $14.9 million as of September 30, 2024 and June 30, 2024, respectively. Property, Equipment and Software, net Property, equipment and software, net consisted of the following (in thousands): September 30, 2024 June 30, 2024 Internally developed software $ 719,971 $ 630,129 Leasehold improvements 21,072 21,023 Computer equipment 10,311 9,827 Furniture and equipment 8,991 8,913 Total property, equipment and software, at cost $ 760,345 $ 669,892 Less: Accumulated depreciation and amortization (287,326) (242,206) Total property, equipment and software, net $ 473,019 $ 427,686 Depreciation and amortization expense on property, equipment and software was $46.1 million and $26.0 million for the three months ended September 30, 2024 and 2023, respectively. No impairment losses related to property, equipment and software were recorded during the three months ended September 30, 2024 and 2023. Goodwill and Intangible Assets The changes in the carrying amount of goodwill during the three months ended September 30, 2024 were as follows (in thousands): Balance as of June 30, 2024 $ 533,439 Adjustments (1) 3,306 Balance as of September 30, 2024 $ 536,745 (1) Adjustments to goodwill during the three months ended September 30, 2024 primarily pertained to foreign currency translation adjustments. No impairment losses related to goodwill were recorded during the three months ended September 30, 2024 or during the three months ended September 30, 2023. Intangible assets consisted of the following (in thousands): September 30, 2024 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,949 $ (37,389) $ 560 0.1 Developed technology 39,510 (39,392) 118 0.0 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,461 (1,221) 240 0.9 Trademarks, licenses and domains, indefinite 12,191 — 12,191 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,951 $ (90,492) $ 13,459 June 30, 2024 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 37,847 $ (36,741) $ 1,106 0.1 Developed technology 39,444 (39,311) 133 0.0 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,450 (1,165) 285 1.0 Trademarks, licenses and domains, indefinite 11,628 — 11,628 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,209 $ (89,707) $ 13,502 Amortization expense for intangible assets was $0.6 million and $14.2 million for the three months ended September 30, 2024 and 2023 , respectively. No impairment losses related to intangible assets were recorded during the three months ended September 30, 2024 and 2023. The expected future amortization expense of these intangible assets as of September 30, 2024 is as follows (in thousands): 2025 (remaining nine months) $ 748 2026 155 2027 15 2028 — 2029 and thereafter — Total amortization expense $ 918 Commercial Agreement Assets In November 2021, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). The warrants were granted in exchange for certain performance provisions and the benefit of acquiring new users. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit to be realized over the expected benefit period of four years. For the three months ended September 30, 2024 and 2023 , we recognized amortization expense of $5.2 million and $10.4 million, respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants. In July 2020, we recognized an asset in connection with a commercial agreement with Shopify Inc. (“Shopify”), in which we granted warrants in exchange for the opportunity to acquire new merchant partners. This asset represents the probable future economic benefit to be realized over the expected benefit period and is valued based on the fair value of the warrants on the grant date. We recognized an asset of $270.6 million associated with the fair value of the warrants, which were fully vested as of September 30, 2024. During fiscal year 2022, the expected benefit period was extended from four 2023 , we recorded amortization expense related to the commercial agreement asset of $9.0 million for both periods in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Other Assets Other assets consisted of the following (in thousands): September 30, 2024 June 30, 2024 Processing reserves $ 70,361 $ 55,754 Risk sharing asset 45,330 33,884 Prepaid expenses 40,332 28,799 Equity securities, at cost 35,806 37,806 Foreign deferred tax asset 20,149 21,206 Fixed term deposit 21,076 35,203 Operating lease right-of-use assets 19,699 21,863 Other receivables 16,635 18,263 Prepaid payroll taxes for stock-based compensation 14,774 21,395 Derivative instruments 7,587 17,207 Other assets 6,912 7,960 Total other assets $ 298,661 $ 299,340 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands) September 30, 2024 June 30, 2024 Accrued expenses $ 54,022 $ 59,613 Operating lease liability 35,830 39,493 Other liabilities 39,841 30,680 Collateral held for derivative instruments 7,770 17,643 Total accrued expenses and other liabilities $ 137,464 $ 147,429

Leases

Leases	3 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases We lease facilities under operating leases with various expiration dates through 2030. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from nine months to one year. As of September 30, 2024, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to six years. Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. We are required to post collateral for the letters of credit in the form of cash or eligible securities. As of September 30, 2024, the collateral totaled $7.4 million, which was in the form of securities that have been classified as securities available for sale at fair value in the interim condensed consolidated balance sheets. As of June 30, 2024, the collateral totaled $8.8 million, of which $2.0 million was in the form of cash that was classified as restricted cash, and $6.8 million was in the form of securities which was classified as securities available for sale at fair value on our consolidated balance sheets. No impairment charge was incurred related to leases during the three months ended September 30, 2024. During the three months ended September 30, 2023, we subleased a portion of our leased office space in San Francisco, resulting in an impairment charge of $0.8 million, included in general and administrative expense on our interim condensed consolidated statements of operations and comprehensive loss. Operating lease expense is as follows (in thousands): Three Months Ended September 30, 2024 2023 Operating lease expense (1) $2,853 $2,986 (1) Lease expenses for our short-term leases were immaterial for the periods presented. We have subleased a portion of our leased facilities. Sublease income totaled $1.3 million and $0.9 million during the three months ended September 30, 2024 and 2023 , respectively. Lease term and discount rate information are summarized as follows: September 30, 2024 Weighted average remaining lease term (in years) 3.0 Weighted average discount rate 5.0% As of September 30, 2024, future minimum lease payments are as follows (in thousands): 2025 (remaining nine months) $ 12,588 2026 15,839 2027 3,070 2028 2,185 2029 2,240 Thereafter 3,268 Total lease payments 39,190 Less imputed interest (3,360) Present value of total lease liabilities $ 35,830

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loan Repurchase Obligations Under the normal terms of our whole loan sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representations and warranties is identified. Generally, a breach in representations and warranties could occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. As of September 30, 2024, the aggregate outstanding balance of loans held by third-party investors or unconsolidated VIEs was $5.2 billion, of which we have recorded a repurchase liability of $6.4 million within accrued expenses and other liabilities in our interim condensed consolidated balance sheets. Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. Kusnier v. Affirm Holdings, Inc. On December 8, 2022, plaintiff Mark Kusnier filed a putative class action lawsuit against Affirm, Max Levchin, and Michael Linford in the U.S. District Court for the Northern District of California (the “Kusnier action”). On May 5, 2023, plaintiffs Kusnier and Chris Meinsen filed their first amended complaint alleging that the defendants (i) caused Affirm to make materially false and/or misleading statements and/or failed to disclose that Affirm’s BNPL service facilitated excessive consumer debt (including with respect to certain for-profit educational institutions), regulatory arbitrage, and data harvesting; (ii) made false and/or misleading statements about certain public regulatory actions; and (iii) made false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. On December 20, 2023, the Court granted Affirm’s motion to dismiss the first amended complaint with leave to amend. On January 19, 2024, plaintiffs filed their second amended complaint, which contains only the allegations from the first amended complaint relating to false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. In light of the above, plaintiffs assert that Affirm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and that Levchin and Linford violated Section 20(a) of the Exchange Act. Plaintiffs seek class certification, unspecified compensatory and punitive damages, and costs and expenses. Affirm filed its motion to dismiss the second amended complaint on February 2, 2024. On August 26, 2024, the Court granted Affirm’s motion to dismiss with leave to amend. On September 23, 2024, plaintiffs filed a motion for leave to file a motion for reconsideration of the Court's Order granting Affirm's motion to dismiss. Quiroga v. Levchin, et al. On March 29, 2023, plaintiff John Quiroga filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Quiroga action”) against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier action at the time of filing. The Quiroga complaint purports to assert claims on Affirm’s behalf for contribution under the federal securities laws, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On May 1, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Jeffries v. Levchin, et al. On May 24, 2023, plaintiff Sabrina Jeffries filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Jeffries action”) against Affirm, as a nominal defendant, and certain of Affirm's current officers and directors as defendants based on allegations substantially similar to those in the Kusnier and Quiroga actions at the time of filing. The Jeffries complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, making false statements under federal securities law, unjust enrichment, waste of corporate assets, and aiding and abetting breach of fiduciary duties, and seeks unspecified damages, equitable relief, and fees and costs. On August 15, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Vallieres v. Levchin, et al. On September 14, 2023, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the District of Delaware against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier, Quiroga, and Jeffries actions at the time of filing. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, gross management, abuse of control, unjust enrichment, and contribution, and seeks unspecified damages, equitable relief, and fees and costs. On November 30, 2023, the case was stayed by agreement of the parties. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to our legal proceedings, including the matters described above, would not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Amounts accrued as of September 30, 2024 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty.

Debt

Debt	3 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt encompasses funding debt, convertible senior notes and our revolving credit facility. Funding Debt Secured Borrowing Facilities The following table summarizes the components of our U.S. and International secured borrowing facilities as of September 30, 2024 (in thousands): Total Capital Capacity Advance Rate Interest Rate Spread (2) Unused Commitment Fees Maturity Pledged Collateral (3) Total Outstanding Min - Max Weighted Average Min - Max Weighted Average US facilities 4,975,000 70% - 86% 84% 1.75% - 2.20% 1.95% 0.00% - 0.75% 2025 - 2027 1,579,348 1,327,040 International facilities (1) 652,906 67% - 88% 84% 1.25% - 4.25% 1.70% 0.30% - 0.45% 2028 - 2030 489,270 406,984 Total, before unamortized debt issuance costs, premiums and discounts $ 1,734,024 Less: unamortized debt issuance costs, premiums and discounts (12,429) Total $ 1,721,595 (1) As of September 30, 2024, international facilities finance the origination of loan receivables in Canada and are denominated in CAD. (2) Reference rates as of September 30, 2024 under our U.S. facilities bear interest at an annual benchmark rate of Secured Overnight Financing Rate (“SOFR”) or an alternative commercial paper rate plus an applicable spread. Reference rates as of September 30, 2024 under our international facilities bear interest at an annual benchmark rate of the Canadian Overnight Repo Rate Average (“CORRA”), Government of Canadian benchmark bond yields, or an alternative commercial paper rate plus an applicable spread. As debt arrangements are renewed, the reference rate and/or spread are subject to change. (3) As of September 30, 2024, represents the unpaid principal balance of loans, directly originated by us or purchased from the originating bank partner, pledged as collateral for borrowings in our facilities. In the U.S., through trusts, we have entered into warehouse credit facilities with certain lenders to finance the purchase and origination of our loans. Each trust entered into a credit agreement and security agreement with a third-party as administrative agent and a national banking association as collateral trustee and paying agent. Borrowings under these agreements are classified as funding debt in the interim condensed consolidated balance sheets and proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination. These warehouse credit facility trusts, which have been classified as VIEs, are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. Additionally, we have various credit facilities utilized to finance the origination of loan receivables in Canada. Similar to our warehouse credit facilities in the U.S., borrowings under these agreements are classified as funding debt in the interim condensed consolidated balance sheets, and proceeds from the borrowings may only be used for the purposes of facilitating loan funding and origination. Financing terms, including the advance rate and financing spread, vary across these revolving facilities and generally depend on the types of collateral that may be pledged and respective concentration limits. The revolving period for each facility generally ends 4 - 12 months prior to the final maturity date, after which additional borrowings are not permitted. Our funding debt agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of September 30, 2024, we were in compliance with all applicable covenants in the agreements. The aggregate future maturities of our secured borrowing facilities consists of the following (in thousands): Maturity Fiscal Year September 30, 2024 2025 $ 260,698 2026 838,507 2027 250,280 2028 206,802 2029 38,427 Thereafter 161,755 Total $ 1,756,469 Deferred debt issuance costs (12,429) Total funding debt, net of deferred debt issuance costs $ 1,744,040 Sales and Repurchase Agreements We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. The repurchase agreements each have an initial term of three months and subject to mutual agreement by Affirm and the counterparty, we may enter into one or more repurchase date extensions, each for an additional three-month term or as mutually agreed upon with the counterparty at market interest rates on such extension date. As of September 30, 2024, the interest rates were 6.66% for both the senior pledged securities and the residual certificate pledged securities. We had $22.4 million and $34.5 million in debt outstanding under our repurchase agreements classified within funding debt in the interim condensed consolidated balance sheets as of September 30, 2024 and June 30, 2024, respectively. The debt will be amortized through regular principal and interest payments on the pledged securities. The outstanding debt relates to $35.5 million and $46.7 million in pledged securities disclosed within securities available for sale at fair value in the interim condensed consolidated balance sheets as of September 30, 2024 and June 30, 2024, respectively. Convertible Senior Notes On November 23, 2021, we issued $1,725 million in aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $1,704 million. The 2026 Notes represent our senior unsecured obligations of the Company. The 2026 Notes do not bear interest except in special circumstances described below, and the principal amount of the 2026 Notes does not accrete. The 2026 Notes mature on November 15, 2026. Each $1,000 of principal of the 2026 Notes will initially be convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $215.65 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “Indenture”). Holders of the 2026 Notes may convert their 2026 Notes at their option at any time on or after August 15, 2026 until close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2026. Further, holders of the 2026 Notes may convert all or any portion of their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances: 1) during any calendar quarter commencing after March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; 2) during the five 3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or 4) upon the occurrence of certain specified corporate events. Upon conversion of the 2026 Notes, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the Indenture) calculated on a proportionate basis for each trading day in a 40 trading day observation period. No sinking fund is provided for the 2026 Notes. We may not redeem the notes prior to November 20, 2024. We may redeem for cash all or part of the notes on or after November 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any. If a fundamental change (as defined in the Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2026 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2026 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such corporate events. On December 6, 2023, the Board of Directors authorized the repurchase of up to $800 million in aggregate principal amount of the 2026 Notes. This authorization succeeds the $800 million repurchase authorization approved by the Board of Directors on June 7, 2023. Note repurchases under the December 2023 authorization may be made from time to time through December 31, 2024 As of September 30, 2024, we paid $120.1 million in cash for the repurchase of $140.5 million aggregate principal amount of our 2026 Notes under the December 2023 authorization. The carrying amount of the extinguished 2026 Notes was approximately $139.7 million resulting in a $19.6 million gain on early extinguishment of debt for the three months ended September 30, 2024, which is reported as a component of other income, net within our interim consolidated statements of operations and comprehensive loss. The repurchased 2026 Notes were received and canceled. The convertible senior notes outstanding as of September 30, 2024 consisted of the following (in thousands): Principal Amount Unamortized Discount and Issuance Cost Net Carrying Amount Convertible senior notes $ 1,208,704 $ (6,185) $ 1,202,519 The 2026 Notes do not bear interest. We recognized $0.8 million and $0.9 million during the three months ended September 30, 2024 and 2023, respectively, of interest expense related to the amortization of debt discount and issuance costs in the interim condensed consolidated statements of operations and comprehensive loss within other income, net. As of September 30, 2024, the remaining life of the 2026 Notes is approximately 26 months. Revolving Credit Facility On June 26, 2024, we entered into an amendment to our Revolving Credit Agreement, where we increased the unsecured revolving commitments under the facility from $205.0 million to $330.0 million. This facility bears interest at a rate equal to, at our 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 1.75% 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 U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.00% per annum, in each case, plus an applicable margin of 0.75% per annum. Under the terms of amendment the final maturity date was extended from February 4, 2025 to June 26, 2027. The facility contains certain financial covenants which may result in an acceleration of the maturity if not maintained, and requires payment of a monthly unused commitment fee of 0.20% per annum on the undrawn balance available. As of September 30, 2024, there are no borrowings outstanding under the facility.

Securitization and Variable Int

Securitization and Variable Interest Entities	3 Months Ended
Securitization and Variable Interest Entities	Sep. 30, 2024
Debt Disclosure [Abstract]
Securitization and Variable Interest Entities	Securitization and Variable Interest Entities Consolidated VIEs Warehouse Credit Facilities We established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding directly originated loans. Refer to Note 8. Debt for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets; however, as the servicer of the loans pledged to our warehouse funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary. Securitizations In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIE. Through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in the payment waterfall. In evaluating whether we are the primary beneficiary, management considers both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis. Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the interim condensed consolidated balance sheets. For each securitization, the residual trust certificates represent the right to receive excess cash on the loans each collection period after all fees and required distributions have been made to the note holders on the related payment date. In addition to the retained residual trust certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans. We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes. The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands): September 30, 2024 Assets Liabilities Net Assets Warehouse credit facilities $ 1,982,755 $ 1,738,387 $ 244,368 Securitizations 4,083,589 3,996,435 87,154 Total consolidated VIEs $ 6,066,344 $ 5,734,822 $ 331,522 June 30, 2024 Assets Liabilities Net Assets Warehouse credit facilities $ 2,052,881 $ 1,823,794 $ 229,087 Securitizations 3,325,254 3,246,228 79,026 Total consolidated VIEs $ 5,378,135 $ 5,070,022 $ 308,113 Unconsolidated VIEs Our transactions with unconsolidated VIEs include securitization trusts where we did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of September 30, 2024. The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands): September 30, 2024 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 721,160 $ 693,824 $ 27,336 $ 39,135 Total unconsolidated VIEs $ 721,160 $ 693,824 $ 27,336 $ 39,135 June 30, 2024 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 967,256 $ 920,004 $ 47,252 $ 51,861 Total unconsolidated VIEs $ 967,256 $ 920,004 $ 47,252 $ 51,861 Maximum exposure to losses represents our ex posure through our continuing involvement as servicer and through our retained interests. For unconsolidated VIEs, this includes $38.9 million in retained notes and residual trust certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheets and $0.2 million related to our net servicing assets disclosed within our interim condensed consolidated balance sheets as of September 30, 2024. Additionally, we may experience a loss due to future repurchase obligations resulting from breaches in representations and warranties in our securitization and third-party sale agreements. This amount was not material as of September 30, 2024. Retained Beneficial Interests in Unconsolidated VIEs The investors of the securitizations have no direct recourse to the assets of Affirm, and the timing and amount of beneficial interest payments is dependent on the performance of the underlying loan assets held within each trust. We have classified our retained beneficial interests in unconsolidated securitization trusts as “available for sale” and as such they are disclosed at fair value in our interim condensed consolidated balance sheets. Refer to Note 12. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual trust certificates. Additionally, as of September 30, 2024, we have pledged certain of our retained beneficial interests as collateral in a sale and repurchase agreement as described in Note 8. Debt .

Investments

Investments	3 Months Ended
Investments	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Investments	Investments Marketable Securities Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands): September 30, 2024 June 30, 2024 Cash and cash equivalents: Money market funds $ 173,988 $ 63,389 Commercial paper 13,815 57,964 Government bonds - US — 3,492 Securities available for sale: Certificates of deposit 26,138 34,473 Corporate bonds 247,299 242,660 Commercial paper 198,358 239,882 Agency bonds 13,410 15,159 Municipal bonds 5,187 3,953 Government bonds Non-US 3,125 5,275 US (1) 541,242 538,556 Securitization notes receivable and certificates (2) 38,926 51,670 Total marketable securities: $ 1,261,488 $ 1,256,473 (1) As of September 30, 2024 and June 30, 2024, these securities include $55.2 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (2) These securities include $35.5 million and $46.7 million as of September 30, 2024 and June 30, 2024, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt. Securities Available for Sale, at Fair Value The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of September 30, 2024 and June 30, 2024 were as follows (in thousands): September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 26,080 $ 58 $ — $ — $ 26,138 Corporate bonds 245,675 1,877 (253) — 247,299 Commercial paper (1) 211,941 325 (93) — 212,173 Agency bonds 13,372 38 — — 13,410 Municipal bonds 5,147 40 — — 5,187 Government bonds Non-US 3,129 — (4) — 3,125 US (1) (2) 540,265 1,228 (251) — 541,242 Securitization notes receivable and certificates (3) 39,387 654 (77) (1,038) 38,926 Total securities available for sale $ 1,084,996 $ 4,220 $ (678) $ (1,038) $ 1,087,500 June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 34,468 $ 9 $ (4) $ — $ 34,473 Corporate bonds 243,639 95 (1,074) — 242,660 Commercial paper (1) 298,005 7 (166) — 297,846 Agency bonds 15,283 — (124) — 15,159 Municipal bonds 3,943 10 — — 3,953 Government bonds Non-US 5,310 — (35) — 5,275 US (1) (2) 543,421 33 (1,406) — 542,048 Securitization notes receivable and certificates (3) 51,726 699 (91) (664) 51,670 Total securities available for sale $ 1,195,795 $ 853 $ (2,900) $ (664) $ 1,193,084 (1) Commercial paper and US government bonds include $13.8 million and $61.5 million as of September 30, 2024 and June 30, 2024, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) As of September 30, 2024 and June 30, 2024, these securities include $55.2 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (3) Approximately $35.5 million and $46.7 million as of September 30, 2024 and June 30, 2024, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt. As of September 30, 2024 and June 30, 2024, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities. A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of September 30, 2024 and June 30, 2024, are as follows (in thousands): September 30, 2024 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 12,374 $ (8) $ 43,923 $ (245) $ 56,297 $ (253) Commercial paper 5,882 (93) — — 5,882 (93) Government bonds Non-US 3,125 (4) — — 3,125 (4) US 12,155 (5) 49,088 (246) 61,243 (251) Total securities available for sale (1) $ 33,536 $ (110) $ 93,011 $ (491) $ 126,547 $ (601) June 30, 2024 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 9,647 $ (4) $ — $ — $ 9,647 $ (4) Corporate bonds 119,353 (252) 57,846 (822) 177,199 (1,074) Commercial paper 245,536 (166) 245,536 (166) Agency bonds 10,417 (41) 4,743 (83) 15,160 (124) Government bonds Non-US — — 5,275 (35) 5,275 (35) US 251,113 (185) 123,633 (1,221) 374,746 (1,406) Total securities available for sale (1) $ 636,066 $ (648) $ 191,497 $ (2,161) $ 827,563 $ (2,809) (1) The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 19 and 137 as of September 30, 2024 and June 30, 2024, respectively. The length of time to contractual maturities of securities available for sale as of September 30, 2024 and June 30, 2024 were as follows (in thousands): September 30, 2024 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 26,080 $ 26,138 $ — $ — $ 26,080 $ 26,138 Corporate bonds 127,159 127,223 118,516 120,076 245,675 247,299 Commercial paper (1) 211,941 212,173 — — 211,941 212,173 Agency bonds 8,521 8,556 4,851 4,854 13,372 13,410 Municipal bonds — — 5,147 5,187 5,147 5,187 Government bonds Non-US 3,129 3,125 — — 3,129 3,125 US (1) 463,977 464,161 76,288 77,081 540,265 541,242 Securitization notes receivable and certificates (2) — — 39,387 38,926 39,387 38,926 Total securities available for sale $ 840,807 $ 841,376 $ 244,189 $ 246,124 $ 1,084,996 $ 1,087,500 June 30, 2024 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 34,468 $ 34,473 $ — $ — $ 34,468 $ 34,473 Corporate bonds 118,547 118,039 125,092 124,621 243,639 242,660 Commercial paper (1) 298,005 297,846 — — 298,005 297,846 Agency bonds 10,457 10,416 4,826 4,743 15,283 15,159 Municipal bonds — — 3,943 3,953 3,943 3,953 Government bonds Non-US 2,150 2,150 3,160 3,125 5,310 5,275 US 465,338 464,298 78,083 77,750 543,421 542,048 Securitization notes receivable and certificates (2) — — 51,726 51,670 51,726 51,670 Total securities available for sale $ 928,965 $ 927,222 $ 266,830 $ 265,862 $ 1,195,795 $ 1,193,084 (1) Commercial paper and US government bonds include $13.8 million and $61.5 million as of September 30, 2024 and June 30, 2024, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) Based on weighted average life of expected cash flows as of September 30, 2024 and June 30, 2024 . Gross proceeds from matured or redeemed securities were $303.4 million and $381.8 million for the three months ended September 30, 2024 and 2023, respectively. For available for sale securities realized gains and losses from portfolio sales were not material for the three months ended September 30, 2024 and 2023. Non-marketable Equity Securities Equity investments without a readily determinable fair value held at cost were $35.8 million and $37.8 million as of September 30, 2024 and June 30, 2024, respectively, and are included in other assets within the interim condensed consolidated balance sheets. During the three months ended September 30, 2024, we recognized an impairment of $3.0 million within other income, net There have been no upward or downward adjustments due to observable changes in orderly transactions for the three months ended September 30, 2024 and 2023. Fixed Term Deposits

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
Derivative Financial Instruments	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of September 30, 2024 and June 30, 2024 (in thousands): September 30, 2024 June 30, 2024 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as cash flow hedges Interest rate contracts - cash flow hedges $ — $ — $ — $ 150,000 $ 4 $ — Derivatives not designated as hedges Interest rate contracts 590,507 7,587 278 854,589 17,203 38 Total gross derivative assets/liabilities $ 590,507 $ 7,587 $ 278 $ 1,004,589 $ 17,207 $ 38 The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands): Three Months Ended September 30, 2024 2023 Balance at beginning of period 1,407 751 Changes in fair value (1,268) 1,014 Amounts reclassified into earnings (1) (224) (251) Balance at end of period (2) $ (85) $ 1,514 (1) The amounts reclassified into earnings are presented in the interim consolidated statements of income within funding costs. (2) As of September 30, 2024 , we estimated that $0.3 million of net derivative gains included in AOCI are expected to be reclassified into earnings within the next 12 months. The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive loss such impact is reported (in thousands): Three Months Ended September 30, 2024 2023 Location of gains (losses) where the effects of derivatives are recorded The effects of cash flow hedging Funding costs 224 251 The effects of derivatives not designated in hedging relationships Other income, net (3,953) 3,979

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
Fair Value of Financial Assets and Liabilities	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities Financial Assets and Liabilities Recorded at Fair Value The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and June 30, 2024 (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 173,988 $ — $ — $ 173,988 Commercial paper — 13,815 — 13,815 Securities, available for sale: Certificates of deposit — 26,138 — 26,138 Corporate bonds — 247,299 — 247,299 Commercial paper — 198,358 — 198,358 Agency bonds — 13,410 — 13,410 Municipal bonds — 5,187 — 5,187 Government bonds: Non-US — 3,125 — 3,125 US — 541,242 — 541,242 Securitization notes receivable and residual trust certificates — — 38,926 38,926 Servicing assets — — 435 435 Derivative instruments — 7,587 — 7,587 Risk sharing asset — — 45,330 45,330 Total assets $ 173,988 $ 1,056,161 $ 84,691 $ 1,314,840 Liabilities: Servicing liabilities $ — $ — $ 438 $ 438 Performance fee liability — — 1,541 1,541 Profit share liability — — 2,015 2,015 Risk sharing liability — — 1,801 1,801 Derivative instruments — 278 — 278 Total liabilities $ — $ 278 $ 5,795 $ 6,073 June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 63,389 $ — $ — $ 63,389 Commercial paper — 57,964 — 57,964 Government bonds- US — 3,492 — 3,492 Securities, available for sale: Certificates of deposit — 34,473 — 34,473 Corporate bonds — 242,660 — 242,660 Commercial paper — 239,882 — 239,882 Agency bonds — 15,159 — 15,159 Municipal bonds — 3,953 — 3,953 Government bonds: Non-US — 5,275 — 5,275 US — 538,556 — 538,556 Securitization notes receivable and residual trust certificates — — 51,670 51,670 Servicing assets — — 574 574 Derivative instruments — 17,207 — 17,207 Risk sharing asset — — 33,884 33,884 Total assets $ 63,389 $ 1,158,621 $ 86,128 $ 1,308,138 Liabilities: Servicing liabilities $ — $ — $ 743 $ 743 Performance fee liability — — 1,503 1,503 Profit share liability — — 1,974 1,974 Risk sharing liability — — 918 918 Derivative Instruments — 38 — 38 Total liabilities $ — $ 38 $ 5,138 $ 5,176 As of September 30, 2024 and June 30, 2024, there were no transfers between levels. Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2) Marketable Securities As of September 30, 2024, we held marketable securities classified as cash and cash equivalents and securities available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services. Derivative Instruments As of September 30, 2024 and June 30, 2024, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risks associated with variable interest rates. These derivative instruments are classified as Level 2 within the fair value hierarchy, and the fair value is estimated by using third-party pricing models, which contain certain assumptions based on readily observable market-based inputs. We validate the valuation output on a monthly basis. Refer to Note 11. Derivative Financial Instruments in the notes to the interim condensed consolidated financial statements for further details on our derivative instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) We evaluate our assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, profit share liability, and risk sharing arrangements do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value and have classified as level 3 within the fair value hierarchy. This determination requires significant judgments to be made. Servicing Assets and Liabilities We sold loans with an unpaid principal balance of $2.8 billion and $2.2 billion for the three months ended September 30, 2024 and 2023, respectively, for which we retained servicing rights. As of September 30, 2024 and June 30, 2024, we serviced loans which we sold with a remaining unpaid principal balance of $5.2 billion and $5.1 billion, respectively. We use discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows: Adequate Compensation We estimate adequate compensation as the rate a willing market participant would require for servicing loans with similar characteristics as those in the serviced portfolio. Discount Rate Estimated future payments to be received under servicing agreements are discounted as a part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require. Gross Default Rate We estimate the timing and probability of early loan payoffs, loan defaults and write-offs, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses. We earned $26.0 million and $20.2 million of servicing income for the three months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and June 30, 2024, the aggregate fair value of the servicing assets was measured at $0.4 million and $0.6 million, respectively, and presented within other assets in the interim condensed consolidated balance sheets. As of September 30, 2024 and June 30, 2024, the aggregate fair value of the servicing liabilities was measured at $0.4 million and $0.7 million, respectively, and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets. The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 574 $ 880 Initial transfers of financial assets — — Subsequent changes in fair value (139) (311) Fair value at end of period $ 435 $ 569 The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 743 $ 1,392 Initial transfers of financial liabilities — 1,389 Subsequent changes in fair value (305) (930) Fair value at end of period $ 438 $ 1,851 The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of September 30, 2024 and June 30, 2024: September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (3) Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 12.91 % 27.93 % 13.44 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 2.92 % 4.61 % 3.43 % June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (3) Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 9.89 % 22.72 % 10.84 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 2.58 % 4.12 % 3.00 % (1) Estimated annual cost of servicing a loan as a percentage of unpaid principal balance (2) Annualized estimated gross charge-offs as a percentage of unpaid principal balance (3) Unobservable inputs were weighted by relative fair value The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2024 June 30, 2024 Servicing assets Gross default rate assumption: Gross default rate increase of 25% $ 1 $ 1 Gross default rate increase of 50% $ 1 $ 1 Adequate compensation assumption: Adequate compensation increase of 10% $ (674) $ (980) Adequate compensation increase of 20% $ (1,347) $ (1,961) Discount rate assumption: Discount rate increase of 25% $ (16) $ (23) Discount rate increase of 50% $ (31) $ (44) Servicing liabilities Gross default rate assumption: Gross default rate increase of 25% $ — $ (1) Gross default rate increase of 50% $ — $ (1) Adequate compensation assumption: Adequate compensation increase of 10% $ 3,428 $ 3,153 Adequate compensation increase of 20% $ 6,856 $ 6,305 Discount rate assumption: Discount rate increase of 25% $ (10) $ (19) Discount rate increase of 50% $ (19) $ (37) Performance Fee Liability In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other income, net The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 1,503 $ 1,581 Purchases of loans 523 376 Settlements paid (477) (484) Subsequent changes in fair value (8) (46) Fair value at end of period $ 1,541 $ 1,427 Significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability are the discount rate, refund rate, and default rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of September 30, 2024 and June 30, 2024: September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 8.13% 10.00% 9.68% Refund rate 1.50% 1.50% 1.50% Default rate 1.29% 4.65% 2.98% June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 8.50% 10.00% 9.81% Refund rate 1.50% 1.50% 1.50% Default rate 1.38% 4.65% 2.94% (1) Unobservable inputs were weighted by remaining principal balances Retained Beneficial Interests in Unconsolidated VIEs As of September 30, 2024, we held notes receivable and residual trust certificates with an aggregate fair value of $38.9 million in connection with unconsolidated securitizations. The balances correspond to the 5% economic risk retention we are required to maintain as the securitization sponsor. These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value in the interim condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit recognized as an allowance, are reflected in other comprehensive income in the interim condensed consolidated statements of operations and comprehensive loss. Declines in fair value due to credit are reflected in other income, net in the interim condensed consolidated statements of operations and comprehensive loss. The following table summarizes the activity related to the fair value of the notes and residual trust certificates (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 51,670 $ 18,913 Cash received (due to payments) (14,383) (5,261) Change in unrealized gain (loss) (31) 185 Accrued interest 2,045 172 Reversal of (impairment on) securities available for sale (375) (26) Fair value at end of period $ 38,926 $ 13,983 Significant unobservable inputs used for our Level 3 fair value measurement of the notes and residual trust certificates are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the notes receivable and residual trust certificates as of September 30, 2024 and June 30, 2024 : September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 5.33% 30.29% 8.33% Loss rate 1.22% 7.64% 6.23% Prepayment rate 12.00% 30.36% 21.51% June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 5.73% 41.41% 8.93% Loss rate 0.95% 6.98% 6.17% Prepayment rate 12.40% 27.70% 23.33% (1) Unobservable inputs were weighted by relative fair value The following table summarizes the effect that adverse changes in estimates would have on the fair value of the notes receivable and residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2024 June 30, 2024 Discount rate assumption: Discount rate increase of 25% $ (419) $ (623) Discount rate increase of 50% $ (821) $ (1,223) Loss rate assumption: Loss rate increase of 25% $ (818) $ (705) Loss rate increase of 50% $ (1,269) $ (1,321) Prepayment rate assumption: Prepayment rate decrease of 25% $ 34 $ 58 Prepayment rate decrease of 50% $ 68 $ 116 Profit Share Liability On January 1, 2021, we entered into a commercial agreement with an enterprise partner, in which we are obligated to share in the profitability of transactions facilitated by our platform. Upon capture of a loan under this program, we record a liability associated with the estimated future profit to be shared over the life of the loan based on estimated program profitability levels. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets. The following table summarizes the activity related to the fair value of the profit share liability (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 1,974 $ 1,832 Facilitation of loans 1,227 928 Actual performance (3,028) 1,672 Subsequent changes in fair value 1,842 (3,353) Fair value at end of period $ 2,015 $ 1,079 Significant unobservable inputs used for our Level 3 fair value measurement of the profit share liability are the discount rate and estimated program profitability. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of September 30, 2024 and June 30, 2024 : September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 1.00% 1.69% 1.64% June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 0.32% 1.01% 0.96% (1) Unobservable inputs were weighted by relative fair value Risk Sharing Arrangements In connection with certain capital funding arrangements with third party loan buyers, we have entered into risk sharing agreements where we may be required to make a payment to the loan buyer or are entitled to receive a payment from the loan buyer, depending on the actual versus expected loan performance as contractually agreed to with the counterparty, and subject to a cap based on a percentage of the principal balance of loans sold. Loan performance is evaluated at a cohort level based on the month loans were sold. As of September 30, 2024 and June 30, 2024, we have sold $5.6 billion and $4.2 billion, respectively, unpaid principal balance of loans under these risk sharing arrangements, of which our maximum exposure to losses is $101.5 million and $81.2 million, respectively. This amount includes our maximum potential loss with respect to risk sharing liabilities of $56.2 million and the fair value of risk sharing assets of $45.3 million, as of September 30, 2024. We account for these arrangements as derivatives measured at fair value with gains and losses recognized in Gain on sale of loans in our interim condensed consolidated statements of operations and comprehensive loss. For each counterparty, we have recognized a net asset or net liability based on the estimated fair value of future payments we expect to receive from or make to the counterparty. As of September 30, 2024 and June 30, 2024, we held assets related to these arrangements of $45.3 million and $33.9 million, respectively, and liabilities of $1.8 million and $0.9 million, respectively. As of September 30, 2024, we estimated the fair value of future settlements using a discounted cash flow model. Significant assumptions used in the valuation of our risk sharing assets and liabilities are as follows: Discount Rate We estimate future cash flows to be received or paid under the agreements are discounted as a part of determining the fair value of the risk sharing arrangements. The discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require. Loss Rate We estimate the loss rate as the probability of loan defaults and write-offs, which are used to project future risk-sharing cash flows. Prepayment Rate We estimate the annualized prepayment rate as the expected excess loan payment received in a given month as a percentage of the outstanding principal balance at the beginning of the month minus the scheduled principal payment. The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 33,884 $ — Initial transfers of financial assets 10,377 3,814 Subsequent changes in fair value 1,069 — Fair value at end of period $ 45,330 $ 3,814 The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 918 $ — Subsequent changes in fair value 883 471 Fair value at end of period $ 1,801 $ 471 The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of September 30, 2024: September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Risk sharing assets Discount rate 20.00% 20.00% 20.00% Loss rate 3.22% 4.87% 3.89% Prepayment rate 21.81% 33.23% 27.88% Risk sharing liabilities Discount rate 20.00% 20.00% 20.00% Loss rate 3.43% 5.38% 4.43% June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Risk sharing assets Discount rate 20.00% 20.00% 20.00% Loss rate 3.00% 4.69% 3.66% Prepayment rate 23.36% 33.29% 28.48% Risk sharing liabilities Discount rate 20.00% 20.00% 20.00% Loss rate 3.25% 5.29% 4.28% (1) Unobservable inputs were weighted by principal balance of loans sold under each cohort The following table summarizes the effect that adverse changes in estimates would have on the fair value of the risk sharing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2024 June 30, 2024 Risk sharing assets Prepayment rate assumption: Prepayment rate increase of 25% $ 3,873 $ 572 Prepayment rate increase of 50% $ 4,806 $ 1,131 Loss rate assumption: Loss rate increase of 25% $ (11,367) $ (7,315) Loss rate increase of 50% $ (22,600) $ (14,528) Discount rate assumption: Discount rate increase of 25% $ (1,358) $ (1,211) Discount rate increase of 50% $ (2,588) $ (2,323) Risk sharing liabilities Loss rate assumption: Loss rate increase of 25% $ 30,887 $ 22,333 Loss rate increase of 50% $ 48,667 $ 41,677 Discount rate assumption: Discount rate increase of 25% $ (18) $ (19) Discount rate increase of 50% $ (36) $ (37) Financial Assets and Liabilities Not Recorded at Fair Value The following table presents the fair value and our assessment of the classification of this measurement within the fair value hierarchy for financial assets and liabilities held at amortized cost as of September 30, 2024 and June 30, 2024 (in thousands): September 30, 2024 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for investment, net 5,960,228 — — 6,275,319 6,275,319 Other assets (1) 28,890 — 28,890 — 28,890 Total assets $ 5,989,118 $ — $ 28,890 $ 6,275,319 $ 6,304,208 Liabilities: Convertible senior notes, net (2) $ 1,202,519 $ — $ 1,074,538 $ — $ 1,074,538 Notes issued by securitization trusts 3,985,484 — — 4,028,898 4,028,898 Funding debt (3) 1,756,469 — — 1,756,246 1,756,246 Total liabilities $ 6,944,472 $ — $ 1,074,538 $ 5,785,143 $ 6,859,681 June 30, 2024 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale (1) $ 36 $ — $ 36 $ — $ 36 Loans held for investment, net 5,360,959 — — 5,616,973 5,616,973 Other assets (1) 43,212 — 43,212 — 43,212 Total assets $ 5,404,207 $ — $ 43,248 $ 5,616,973 $ 5,660,221 Liabilities: Convertible senior notes, net (2) $ 1,341,430 $ — $ 1,124,773 $ — $ 1,124,773 Notes issued by securitization trusts 3,236,873 — — 2,506,929 2,506,929 Funding debt (3) 1,851,699 — — 1,851,685 1,851,685 Total liabilities $ 6,430,002 $ — $ 1,124,773 $ 4,358,614 $ 5,483,387 (1) Amortized cost approximates fair value for loans held for sale and other assets. (2) The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period. (3)

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock We had shares of common stock reserved for issuance as follows: September 30, 2024 June 30, 2024 Available outstanding under equity compensation plans 53,863,501 47,622,117 Available for future grant under equity compensation plans 49,881,201 43,492,755 Total 103,744,702 91,114,872 The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors. Common Stock Warrants Common stock warrants are included as a component of additional paid in capital within the interim condensed consolidated balance sheets.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
Equity Incentive Plans	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	Equity Incentive Plans 2012 Stock Plan Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, and restricted stock units (“RSUs”) to employees, officers, directors, and consultants. As of September 30, 2024, the maximum number of shares of common stock which may be issued under the Plan is 176,604,160 Class A shares. As of September 30, 2024 and June 30, 2024, there were 49,881,201 and 43,492,755 shares of Class A common stock, respectively, available for future grants under the Plan. Stock Options For stock options granted before our IPO in January 2021, the minimum expiration period is seven years after termination of employment or 10 years from the date of grant. For stock options granted after our IPO, the minimum expiration period is three months after termination of employment or 10 years from the date of grant. Stock options generally vest over a period of four years or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years. The following table summarizes our stock option activity for the three months ended September 30, 2024: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance as of June 30, 2024 16,794,697 $ 15.84 5.63 Granted 647,371 44.06 Exercised (430,727) 8.64 Forfeited, expired or cancelled — — Balance as of September 30, 2024 17,011,341 17.09 5.57 Vested and exercisable, September 30, 2024 13,727,701 $ 14.07 4.84 $ 383,090 Vested and exercisable, and expected to vest thereafter (1) September 30, 2024 16,853,585 $ 16.85 5.54 $ 425,468 (1) Options expected to vest reflect the application of an estimated forfeiture rate. The weighted-average grant date fair value of options granted during the three months ended September 30, 2024 was $31.28. As of September 30, 2024, unrecognized compensation expense related to unvested stock options was approximately $53.3 million, which is expected to be recognized over a remaining weighted-average period of 2.6 years. Value Creation Award In November 2020, the Company ’ s Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company ’ s Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. During the three months ended September 30, 2024 and 2023, we incurred stock-based compensation expense of $12.4 million and $19.6 million, respectively, associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated statements of operations and comprehensive loss. As of September 30, 2024, unrecognized compensation expense related to the Value Creation Award was approximately $36.0 million, which is expected to be recognized over a remaining weighted-average period of 1.3 years. Restricted Stock Units RSUs granted prior to the IPO were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering, each as defined in the Plan), both of which must be met in order to vest. The performance-based condition was met upon the IPO. We record stock-based compensation expense for those RSUs on an accelerated attribution method over the requisite service period, which is generally four years. RSUs granted after IPO are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one The following table summarizes our RSU activity during the three months ended September 30, 2024: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2024 18,327,420 $ 27.68 Granted 10,670,778 32.40 Vested (3,934,964) 29.90 Forfeited, expired or cancelled (711,074) 27.61 Non-vested at September 30, 2024 24,352,160 $ 29.39 As of September 30, 2024, unrecognized compensation expense related to unvested RSUs was approximately $676.0 million, which is expected to be recognized over a remaining weighted-average period of 2.0 years. 2020 Employee Stock Purchase Plan On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum effort towards the success of the Company and that of its affiliates. A total of 16.4 million shares of Class A common stock are reserved and available for issuance under the ESPP and 1.7 million shares have been issued as of September 30, 2024. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. At the end of each offering period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP at the first day of the offering period, which represents the grant date. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award. Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended September 30, 2024 2023 General and administrative $ 62,804 $ 70,184 Technology and data analytics 25,972 35,135 Sales and marketing 5,195 5,465 Processing and servicing 262 1,575 Total stock-based compensation in operating expenses 94,233 112,359 Capitalized into property, equipment and software, net 49,478 38,803 Total stock-based compensation $ 143,711 $ 151,162

Restructuring and other

Restructuring and other	3 Months Ended
Restructuring and other	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and other	Restructuring and other In February 2023, we committed to a restructuring plan (the “February 2023 Plan”) that included reducing our workforce and vacating a portion of our San Francisco office. The February 2023 Plan was completed during fiscal 2024, and we do not expect future costs or payments related to the plan. During the three months ended September 30, 2024, we did not incur any costs related to exit and disposal activities. For the three months ended September 30, 2023, exit and disposal costs were $1.7 million. Our restructuring and other exit and disposal cost accrual activity for the three months ended September 30, 2024 is summarized as follows (in thousands): Other Exit and Disposal Activities (1) Accrued restructuring and other costs, June 30, 2024 $ 269 Additions — Cash paid (14) Adjustments (255) Accrued restructuring and other costs, September 30, 2024 $ — (1) Includes employee severance pay and related costs, contract cancellation charges, among other items, related to other exit and disposal activities

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly provision for income taxes is based on the current estimate of the annual effective income tax rate and the tax effect of discrete items occurring during the quarter. Our quarterly provision and the estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in the pre-tax jurisdictional mix of earnings and the impact of discrete items. For the three months ended September 30, 2024, we recorded income tax expense of $1.9 million which was primarily attributable to various U.S state and foreign income taxes. For the three months ended September 30, 2023, we recorded income tax expense of $1.0 million which was primarily attributable to deferred tax expense recognized by our Canadian subsidiary, various U.S state and other foreign income taxes, and the tax amortization of certain intangibles.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
Net Loss per Share Attributable to Common Stockholders	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data): Three Months Ended September 30, 2024 2023 Class A Class B Class A Class B Numerator: Net loss $ (86,570) $ (13,652) $ (138,078) $ (33,705) Net loss attributable to common stockholders - basic and diluted $ (86,570) $ (13,652) $ (138,078) $ (33,705) Denominator: Weighted average shares of common stock - basic 274,886,393 43,348,162 244,224,777 59,614,893 Weighted average shares of common stock - diluted 274,886,393 43,348,162 244,224,777 59,614,893 Net loss per share: Basic $ (0.31) $ (0.31) $ (0.57) $ (0.57) Diluted $ (0.31) $ (0.31) $ (0.57) $ (0.57) The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive: As of September 30, 2024 2023 Restricted stock units 24,352,160 21,731,951 Stock options, including early exercise of options 17,011,341 19,115,091 Common stock warrants 5,734,551 5,743,523 Employee stock purchase plan shares 210,893 476,156 Total 47,308,945 47,066,721

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (100,222)	$ (171,783)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Keith Rabois [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 12, 2024, Keith Rabois, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale of the Company's Class A common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c). Mr. Rabois’ Rule 10b5-1 Trading Plan provides for the sale of up to 96,523 shares of our Class A common stock from December 12, 2024 until June 30, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Keith Rabois
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	June 30, 2025
Arrangement Duration	200 days
Aggregate Available	96,523
Christa Quarles [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 13, 2024, Christa Quarles, a member of our Board of Directors, adopted a Rule 10b5-1 Trading Plan. Ms. Quarles’ Rule 10b5-1 Trading Plan provides for the sale of up to 45,000 shares of our Class A common stock pursuant to one or more limit orders, plus a portion of any additional shares of our Class A common stock to be received upon the vesting of RSUs to occur on various dates within the duration of the trading arrangement, from December 13, 2024 until November 30, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Christa Quarles
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 13, 2024
Expiration Date	November 30, 2025
Arrangement Duration	352 days
Aggregate Available	45,000
Michael Linford [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 13, 2024, Michael Linford, our Chief Operating Officer and Chief Financial Officer, adopted a Rule 10b5-1 Trading Plan. Mr. Linford’s Rule 10b5-1 Trading Plan provides for the exercise of up to 400,000 employee stock options and sale of the underlying shares of our Class A common stock pursuant to one or more limit orders from December 13, 2024 until September 15, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Michael Linford
Title	Chief Operating Officer and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 13, 2024
Expiration Date	September 15, 2025
Arrangement Duration	276 days
Aggregate Available	400,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2024. The balance sheet as of June 30, 2024 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Principles of Consolidation	Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
Use of Estimates	The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, discount on self-originated loans, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of risk sharing arrangements, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected.
Significant Accounting Policies	Significant Accounting Policies
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The new guidance modifies the existing annual and interim segment reporting disclosures. The purpose of the update is to enable investors to better understand an entity’s overall performance and assess potential future cash flows, primarily through enhanced disclosure requirements on significant segment expenses. The ASU is effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The new guidance is expected to increase transparency and usefulness of income tax disclosures through improvements to the rate reconciliation, income taxes paid, and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Sep. 30, 2024
Banking and Thrift, Interest [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by revenue source (in thousands): Three Months Ended September 30, 2024 2023 Merchant network revenue $ 184,339 $ 145,950 Card network revenue 47,480 33,476 Interest income 377,064 262,679 Gain on sales of loans 63,613 34,285 Servicing income 25,983 20,157 Total revenue, net $ 698,479 $ 496,547
Schedule of Interest Income	Interest income consisted of the following components (in thousands): Three Months Ended September 30, 2024 2023 Contractual interest income on unpaid principal balance $ 337,159 $ 226,158 Amortization of discount on loans 56,697 45,118 Amortization of premiums on loans (4,633) (3,980) Interest receivable charged-off, net of recoveries (12,159) (4,617) Total interest income $ 377,064 $ 262,679

Loans Held for Investment and_2

Loans Held for Investment and Allowance for Credit Losses (Tables)	3 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Loans Held for Investment and Allowance for Credit Loss	Loans held for investment consisted of the following (in thousands): September 30, 2024 June 30, 2024 Unpaid principal balance $ 6,330,283 $ 5,697,965 Accrued interest receivable 72,507 62,796 Premiums on loans held for investment 8,247 7,822 Less: Discount due to loss on loan purchase commitment (67,275) (63,682) Less: Discount due to loss on directly originated loans (32,916) (34,829) Less: Fair value adjustment on loans acquired through business combination (12) (16) Total loans held for investment $ 6,310,834 $ 5,670,056
Schedule of Credit Quality by ITACs Score	The following tables present an analysis of the credit quality, by ITACs score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of September 30, 2024 and June 30, 2024 (in thousands): September 30, 2024 Amortized Costs Basis by Fiscal Year of Origination 2025 2024 2023 2022 2021 Prior Total 96+ $ 2,207,126 $ 1,789,407 $ 127,477 $ 7,896 $ 136 $ 12 $ 4,132,054 94 – 96 880,282 802,823 13,650 334 8 5 1,697,102 90 – 94 151,785 142,247 1,794 175 4 2 296,007 <90 29,023 22,536 32 186 2 1 51,780 No score (1) 1,247 8,343 43,919 7,678 151 46 61,384 Total amortized cost basis $ 3,269,463 $ 2,765,356 $ 186,872 $ 16,269 $ 301 $ 66 $ 6,238,327 June 30, 2024 Amortized Costs Basis by Fiscal Year of Origination 2024 2023 2022 2021 2020 Prior Total 96+ $ 3,438,135 $ 183,210 $ 10,026 $ 186 $ 10 $ 5 $ 3,631,572 94 – 96 1,509,125 29,227 463 8 2 4 1,538,829 90 – 94 287,499 3,575 263 3 1 1 291,342 <90 45,009 46 309 2 1 — 45,367 No score (1) 20,680 66,680 12,391 217 94 124 100,186 Total amortized cost basis $ 5,300,448 $ 282,738 $ 23,452 $ 416 $ 108 $ 134 $ 5,607,296 (1) This balance represents loan receivables without sufficient data available for use by the Affirm scoring methodology including new markets and certain developing products. The following table presents net charge-offs by fiscal year of origination as of September 30, 2024 (in thousands): September 30, 2024 Net Charge-offs by Fiscal Year of Origination 2025 2024 2023 2022 2021 Prior Total Current period charge-offs (1,552) (107,403) (11,829) (510) (94) (60) (121,448) Current period recoveries 88 3,184 3,357 1,227 242 54 8,152 Current period net charge-offs (1,464) (104,219) (8,472) 717 148 (6) (113,296)
Schedule of Delinquent Financing Receivables	The following table presents an aging analysis of the amortized cost basis excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands): September 30, 2024 June 30, 2024 Non-delinquent loans $ 5,899,332 $ 5,331,462 4 – 29 calendar days past due 169,338 134,434 30 – 59 calendar days past due 67,042 55,021 60 – 89 calendar days past due 54,805 47,764 90 – 119 calendar days past due (1) 47,810 38,615 Total amortized cost basis $ 6,238,327 $ 5,607,296 (1)
Schedule of Loans Held for Investment and Allowance for Credit Loss	The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands): Three Months Ended September 30, 2024 2023 Balance at beginning of period $ 309,097 $ 204,531 Provision for loan losses 154,805 92,827 Charge-offs (121,448) (70,842) Recoveries of charged-off receivables 8,152 5,552 Balance at end of period $ 350,606 $ 232,068
Financing Receivable, Modified	The following table presents the amortized cost basis of loans excluding accrued interest receivable that were modified for borrowers experiencing financial difficulty during the three months ended September 30, 2024 and 2023, by type of modification (in thousands): Three Months Ended September 30, 2024 2023 (1) Payment deferral $ 10,975 $ 8,990 Loan re-amortization 165 270 Total $ 11,140 $ 9,260 % of total loan receivables outstanding 0.18 % 0.21 % (1) Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification. The following tables present the delinquency status as of September 30, 2024 and 2023, by amortized cost basis excluding accrued interest receivable, of loan receivables that have been modified within the last 12 months where the borrower was experiencing financial difficulty at the time of modification (in thousands): September 30, 2024 Payment Deferral Loan Re-amortization Total Non-delinquent loans $ 12,645 $ 287 $ 12,932 4 – 29 calendar days past due 3,717 93 3,810 30 – 59 calendar days past due 2,689 51 2,740 60 – 89 calendar days past due 3,951 67 4,018 90 – 119 calendar days past due 2,652 63 2,715 Total amortized cost basis $ 25,654 $ 561 $ 26,215 September 30, 2023 (1) Payment Deferral Loan Re-amortization Total Non-delinquent loans $ 15,095 $ 446 $ 15,541 4 – 29 calendar days past due 3,417 169 3,586 30 – 59 calendar days past due 686 88 774 60 – 89 calendar days past due 362 12 374 90 – 119 calendar days past due 304 6 310 Total amortized cost basis $ 19,864 $ 721 $ 20,585 (1) Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
Balance Sheet Components (Tables)	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Property, Equipment and Software, Net	Property, equipment and software, net consisted of the following (in thousands): September 30, 2024 June 30, 2024 Internally developed software $ 719,971 $ 630,129 Leasehold improvements 21,072 21,023 Computer equipment 10,311 9,827 Furniture and equipment 8,991 8,913 Total property, equipment and software, at cost $ 760,345 $ 669,892 Less: Accumulated depreciation and amortization (287,326) (242,206) Total property, equipment and software, net $ 473,019 $ 427,686
Schedule of Goodwill	The changes in the carrying amount of goodwill during the three months ended September 30, 2024 were as follows (in thousands): Balance as of June 30, 2024 $ 533,439 Adjustments (1) 3,306 Balance as of September 30, 2024 $ 536,745 (1) Adjustments to goodwill during the three months ended September 30, 2024 primarily pertained to foreign currency translation adjustments.
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): September 30, 2024 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,949 $ (37,389) $ 560 0.1 Developed technology 39,510 (39,392) 118 0.0 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,461 (1,221) 240 0.9 Trademarks, licenses and domains, indefinite 12,191 — 12,191 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,951 $ (90,492) $ 13,459 June 30, 2024 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 37,847 $ (36,741) $ 1,106 0.1 Developed technology 39,444 (39,311) 133 0.0 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,450 (1,165) 285 1.0 Trademarks, licenses and domains, indefinite 11,628 — 11,628 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,209 $ (89,707) $ 13,502
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): September 30, 2024 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,949 $ (37,389) $ 560 0.1 Developed technology 39,510 (39,392) 118 0.0 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,461 (1,221) 240 0.9 Trademarks, licenses and domains, indefinite 12,191 — 12,191 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,951 $ (90,492) $ 13,459 June 30, 2024 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 37,847 $ (36,741) $ 1,106 0.1 Developed technology 39,444 (39,311) 133 0.0 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,450 (1,165) 285 1.0 Trademarks, licenses and domains, indefinite 11,628 — 11,628 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,209 $ (89,707) $ 13,502
Schedule of Intangible Assets, Future Amortization Expense	The expected future amortization expense of these intangible assets as of September 30, 2024 is as follows (in thousands): 2025 (remaining nine months) $ 748 2026 155 2027 15 2028 — 2029 and thereafter — Total amortization expense $ 918
Schedule of Other Assets	Other assets consisted of the following (in thousands): September 30, 2024 June 30, 2024 Processing reserves $ 70,361 $ 55,754 Risk sharing asset 45,330 33,884 Prepaid expenses 40,332 28,799 Equity securities, at cost 35,806 37,806 Foreign deferred tax asset 20,149 21,206 Fixed term deposit 21,076 35,203 Operating lease right-of-use assets 19,699 21,863 Other receivables 16,635 18,263 Prepaid payroll taxes for stock-based compensation 14,774 21,395 Derivative instruments 7,587 17,207 Other assets 6,912 7,960 Total other assets $ 298,661 $ 299,340
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands) September 30, 2024 June 30, 2024 Accrued expenses $ 54,022 $ 59,613 Operating lease liability 35,830 39,493 Other liabilities 39,841 30,680 Collateral held for derivative instruments 7,770 17,643 Total accrued expenses and other liabilities $ 137,464 $ 147,429

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Schedule of Lease Term and Discount Rate	Operating lease expense is as follows (in thousands): Three Months Ended September 30, 2024 2023 Operating lease expense (1) $2,853 $2,986 (1) Lease expenses for our short-term leases were immaterial for the periods presented. Lease term and discount rate information are summarized as follows: September 30, 2024 Weighted average remaining lease term (in years) 3.0 Weighted average discount rate 5.0%
Schedule of Maturities of Lease Liabilities	As of September 30, 2024, future minimum lease payments are as follows (in thousands): 2025 (remaining nine months) $ 12,588 2026 15,839 2027 3,070 2028 2,185 2029 2,240 Thereafter 3,268 Total lease payments 39,190 Less imputed interest (3,360) Present value of total lease liabilities $ 35,830

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Components of Debt / Convertible Senior Notes Outstanding	The following table summarizes the components of our U.S. and International secured borrowing facilities as of September 30, 2024 (in thousands): Total Capital Capacity Advance Rate Interest Rate Spread (2) Unused Commitment Fees Maturity Pledged Collateral (3) Total Outstanding Min - Max Weighted Average Min - Max Weighted Average US facilities 4,975,000 70% - 86% 84% 1.75% - 2.20% 1.95% 0.00% - 0.75% 2025 - 2027 1,579,348 1,327,040 International facilities (1) 652,906 67% - 88% 84% 1.25% - 4.25% 1.70% 0.30% - 0.45% 2028 - 2030 489,270 406,984 Total, before unamortized debt issuance costs, premiums and discounts $ 1,734,024 Less: unamortized debt issuance costs, premiums and discounts (12,429) Total $ 1,721,595 (1) As of September 30, 2024, international facilities finance the origination of loan receivables in Canada and are denominated in CAD. (2) Reference rates as of September 30, 2024 under our U.S. facilities bear interest at an annual benchmark rate of Secured Overnight Financing Rate (“SOFR”) or an alternative commercial paper rate plus an applicable spread. Reference rates as of September 30, 2024 under our international facilities bear interest at an annual benchmark rate of the Canadian Overnight Repo Rate Average (“CORRA”), Government of Canadian benchmark bond yields, or an alternative commercial paper rate plus an applicable spread. As debt arrangements are renewed, the reference rate and/or spread are subject to change. (3) As of September 30, 2024, represents the unpaid principal balance of loans, directly originated by us or purchased from the originating bank partner, pledged as collateral for borrowings in our facilities. The convertible senior notes outstanding as of September 30, 2024 consisted of the following (in thousands): Principal Amount Unamortized Discount and Issuance Cost Net Carrying Amount Convertible senior notes $ 1,208,704 $ (6,185) $ 1,202,519
Schedule of Aggregate Future Maturities	The aggregate future maturities of our secured borrowing facilities consists of the following (in thousands): Maturity Fiscal Year September 30, 2024 2025 $ 260,698 2026 838,507 2027 250,280 2028 206,802 2029 38,427 Thereafter 161,755 Total $ 1,756,469 Deferred debt issuance costs (12,429) Total funding debt, net of deferred debt issuance costs $ 1,744,040

Securitization and Variable I_2

Securitization and Variable Interest Entities (Tables)	3 Months Ended
Securitization and Variable Interest Entities (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs	The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands): September 30, 2024 Assets Liabilities Net Assets Warehouse credit facilities $ 1,982,755 $ 1,738,387 $ 244,368 Securitizations 4,083,589 3,996,435 87,154 Total consolidated VIEs $ 6,066,344 $ 5,734,822 $ 331,522 June 30, 2024 Assets Liabilities Net Assets Warehouse credit facilities $ 2,052,881 $ 1,823,794 $ 229,087 Securitizations 3,325,254 3,246,228 79,026 Total consolidated VIEs $ 5,378,135 $ 5,070,022 $ 308,113
Schedule of Variable Interest Entities	The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands): September 30, 2024 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 721,160 $ 693,824 $ 27,336 $ 39,135 Total unconsolidated VIEs $ 721,160 $ 693,824 $ 27,336 $ 39,135 June 30, 2024 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 967,256 $ 920,004 $ 47,252 $ 51,861 Total unconsolidated VIEs $ 967,256 $ 920,004 $ 47,252 $ 51,861

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Marketable Securities	Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands): September 30, 2024 June 30, 2024 Cash and cash equivalents: Money market funds $ 173,988 $ 63,389 Commercial paper 13,815 57,964 Government bonds - US — 3,492 Securities available for sale: Certificates of deposit 26,138 34,473 Corporate bonds 247,299 242,660 Commercial paper 198,358 239,882 Agency bonds 13,410 15,159 Municipal bonds 5,187 3,953 Government bonds Non-US 3,125 5,275 US (1) 541,242 538,556 Securitization notes receivable and certificates (2) 38,926 51,670 Total marketable securities: $ 1,261,488 $ 1,256,473 (1) As of September 30, 2024 and June 30, 2024, these securities include $55.2 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (2) These securities include $35.5 million and $46.7 million as of September 30, 2024 and June 30, 2024, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt.
Schedule of Unrealized Gain (Loss) on Investments	The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of September 30, 2024 and June 30, 2024 were as follows (in thousands): September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 26,080 $ 58 $ — $ — $ 26,138 Corporate bonds 245,675 1,877 (253) — 247,299 Commercial paper (1) 211,941 325 (93) — 212,173 Agency bonds 13,372 38 — — 13,410 Municipal bonds 5,147 40 — — 5,187 Government bonds Non-US 3,129 — (4) — 3,125 US (1) (2) 540,265 1,228 (251) — 541,242 Securitization notes receivable and certificates (3) 39,387 654 (77) (1,038) 38,926 Total securities available for sale $ 1,084,996 $ 4,220 $ (678) $ (1,038) $ 1,087,500 June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 34,468 $ 9 $ (4) $ — $ 34,473 Corporate bonds 243,639 95 (1,074) — 242,660 Commercial paper (1) 298,005 7 (166) — 297,846 Agency bonds 15,283 — (124) — 15,159 Municipal bonds 3,943 10 — — 3,953 Government bonds Non-US 5,310 — (35) — 5,275 US (1) (2) 543,421 33 (1,406) — 542,048 Securitization notes receivable and certificates (3) 51,726 699 (91) (664) 51,670 Total securities available for sale $ 1,195,795 $ 853 $ (2,900) $ (664) $ 1,193,084 (1) Commercial paper and US government bonds include $13.8 million and $61.5 million as of September 30, 2024 and June 30, 2024, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) As of September 30, 2024 and June 30, 2024, these securities include $55.2 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (3) Approximately $35.5 million and $46.7 million as of September 30, 2024 and June 30, 2024, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt.
Schedule of Available-for-sale Securities with Unrealized Losses	A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of September 30, 2024 and June 30, 2024, are as follows (in thousands): September 30, 2024 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 12,374 $ (8) $ 43,923 $ (245) $ 56,297 $ (253) Commercial paper 5,882 (93) — — 5,882 (93) Government bonds Non-US 3,125 (4) — — 3,125 (4) US 12,155 (5) 49,088 (246) 61,243 (251) Total securities available for sale (1) $ 33,536 $ (110) $ 93,011 $ (491) $ 126,547 $ (601) June 30, 2024 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 9,647 $ (4) $ — $ — $ 9,647 $ (4) Corporate bonds 119,353 (252) 57,846 (822) 177,199 (1,074) Commercial paper 245,536 (166) 245,536 (166) Agency bonds 10,417 (41) 4,743 (83) 15,160 (124) Government bonds Non-US — — 5,275 (35) 5,275 (35) US 251,113 (185) 123,633 (1,221) 374,746 (1,406) Total securities available for sale (1) $ 636,066 $ (648) $ 191,497 $ (2,161) $ 827,563 $ (2,809) (1) The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 19 and 137 as of September 30, 2024 and June 30, 2024, respectively.
Schedule of Length of Contractual Maturities of Securities Available for Sale	The length of time to contractual maturities of securities available for sale as of September 30, 2024 and June 30, 2024 were as follows (in thousands): September 30, 2024 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 26,080 $ 26,138 $ — $ — $ 26,080 $ 26,138 Corporate bonds 127,159 127,223 118,516 120,076 245,675 247,299 Commercial paper (1) 211,941 212,173 — — 211,941 212,173 Agency bonds 8,521 8,556 4,851 4,854 13,372 13,410 Municipal bonds — — 5,147 5,187 5,147 5,187 Government bonds Non-US 3,129 3,125 — — 3,129 3,125 US (1) 463,977 464,161 76,288 77,081 540,265 541,242 Securitization notes receivable and certificates (2) — — 39,387 38,926 39,387 38,926 Total securities available for sale $ 840,807 $ 841,376 $ 244,189 $ 246,124 $ 1,084,996 $ 1,087,500 June 30, 2024 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 34,468 $ 34,473 $ — $ — $ 34,468 $ 34,473 Corporate bonds 118,547 118,039 125,092 124,621 243,639 242,660 Commercial paper (1) 298,005 297,846 — — 298,005 297,846 Agency bonds 10,457 10,416 4,826 4,743 15,283 15,159 Municipal bonds — — 3,943 3,953 3,943 3,953 Government bonds Non-US 2,150 2,150 3,160 3,125 5,310 5,275 US 465,338 464,298 78,083 77,750 543,421 542,048 Securitization notes receivable and certificates (2) — — 51,726 51,670 51,726 51,670 Total securities available for sale $ 928,965 $ 927,222 $ 266,830 $ 265,862 $ 1,195,795 $ 1,193,084 (1) Commercial paper and US government bonds include $13.8 million and $61.5 million as of September 30, 2024 and June 30, 2024, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) Based on weighted average life of expected cash flows as of September 30, 2024 and June 30, 2024 .

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of September 30, 2024 and June 30, 2024 (in thousands): September 30, 2024 June 30, 2024 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as cash flow hedges Interest rate contracts - cash flow hedges $ — $ — $ — $ 150,000 $ 4 $ — Derivatives not designated as hedges Interest rate contracts 590,507 7,587 278 854,589 17,203 38 Total gross derivative assets/liabilities $ 590,507 $ 7,587 $ 278 $ 1,004,589 $ 17,207 $ 38
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands): Three Months Ended September 30, 2024 2023 Balance at beginning of period 1,407 751 Changes in fair value (1,268) 1,014 Amounts reclassified into earnings (1) (224) (251) Balance at end of period (2) $ (85) $ 1,514 (1) The amounts reclassified into earnings are presented in the interim consolidated statements of income within funding costs. (2) As of September 30, 2024 , we estimated that $0.3 million of net derivative gains included in AOCI are expected to be reclassified into earnings within the next 12 months.
Summary of Gain (Loss) on Derivative Instruments	The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive loss such impact is reported (in thousands): Three Months Ended September 30, 2024 2023 Location of gains (losses) where the effects of derivatives are recorded The effects of cash flow hedging Funding costs 224 251 The effects of derivatives not designated in hedging relationships Other income, net (3,953) 3,979

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
Fair Value of Financial Assets and Liabilities (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Fair Value Measured on Recurring Basis	The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and June 30, 2024 (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 173,988 $ — $ — $ 173,988 Commercial paper — 13,815 — 13,815 Securities, available for sale: Certificates of deposit — 26,138 — 26,138 Corporate bonds — 247,299 — 247,299 Commercial paper — 198,358 — 198,358 Agency bonds — 13,410 — 13,410 Municipal bonds — 5,187 — 5,187 Government bonds: Non-US — 3,125 — 3,125 US — 541,242 — 541,242 Securitization notes receivable and residual trust certificates — — 38,926 38,926 Servicing assets — — 435 435 Derivative instruments — 7,587 — 7,587 Risk sharing asset — — 45,330 45,330 Total assets $ 173,988 $ 1,056,161 $ 84,691 $ 1,314,840 Liabilities: Servicing liabilities $ — $ — $ 438 $ 438 Performance fee liability — — 1,541 1,541 Profit share liability — — 2,015 2,015 Risk sharing liability — — 1,801 1,801 Derivative instruments — 278 — 278 Total liabilities $ — $ 278 $ 5,795 $ 6,073 June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 63,389 $ — $ — $ 63,389 Commercial paper — 57,964 — 57,964 Government bonds- US — 3,492 — 3,492 Securities, available for sale: Certificates of deposit — 34,473 — 34,473 Corporate bonds — 242,660 — 242,660 Commercial paper — 239,882 — 239,882 Agency bonds — 15,159 — 15,159 Municipal bonds — 3,953 — 3,953 Government bonds: Non-US — 5,275 — 5,275 US — 538,556 — 538,556 Securitization notes receivable and residual trust certificates — — 51,670 51,670 Servicing assets — — 574 574 Derivative instruments — 17,207 — 17,207 Risk sharing asset — — 33,884 33,884 Total assets $ 63,389 $ 1,158,621 $ 86,128 $ 1,308,138 Liabilities: Servicing liabilities $ — $ — $ 743 $ 743 Performance fee liability — — 1,503 1,503 Profit share liability — — 1,974 1,974 Risk sharing liability — — 918 918 Derivative Instruments — 38 — 38 Total liabilities $ — $ 38 $ 5,138 $ 5,176
Schedule of Servicing Assets at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 574 $ 880 Initial transfers of financial assets — — Subsequent changes in fair value (139) (311) Fair value at end of period $ 435 $ 569
Schedule of Servicing Liabilities at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 743 $ 1,392 Initial transfers of financial liabilities — 1,389 Subsequent changes in fair value (305) (930) Fair value at end of period $ 438 $ 1,851
Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement	The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of September 30, 2024 and June 30, 2024: September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (3) Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 12.91 % 27.93 % 13.44 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 2.92 % 4.61 % 3.43 % June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (3) Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 9.89 % 22.72 % 10.84 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 2.58 % 4.12 % 3.00 % (1) Estimated annual cost of servicing a loan as a percentage of unpaid principal balance (2) Annualized estimated gross charge-offs as a percentage of unpaid principal balance (3) Unobservable inputs were weighted by relative fair value The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of September 30, 2024 and June 30, 2024: September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 8.13% 10.00% 9.68% Refund rate 1.50% 1.50% 1.50% Default rate 1.29% 4.65% 2.98% June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 8.50% 10.00% 9.81% Refund rate 1.50% 1.50% 1.50% Default rate 1.38% 4.65% 2.94% (1) Unobservable inputs were weighted by remaining principal balances The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the notes receivable and residual trust certificates as of September 30, 2024 and June 30, 2024 : September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 5.33% 30.29% 8.33% Loss rate 1.22% 7.64% 6.23% Prepayment rate 12.00% 30.36% 21.51% June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 5.73% 41.41% 8.93% Loss rate 0.95% 6.98% 6.17% Prepayment rate 12.40% 27.70% 23.33% (1) Unobservable inputs were weighted by relative fair value The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of September 30, 2024 and June 30, 2024 : September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 1.00% 1.69% 1.64% June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 0.32% 1.01% 0.96% (1) Unobservable inputs were weighted by relative fair value The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of September 30, 2024: September 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Risk sharing assets Discount rate 20.00% 20.00% 20.00% Loss rate 3.22% 4.87% 3.89% Prepayment rate 21.81% 33.23% 27.88% Risk sharing liabilities Discount rate 20.00% 20.00% 20.00% Loss rate 3.43% 5.38% 4.43% June 30, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Risk sharing assets Discount rate 20.00% 20.00% 20.00% Loss rate 3.00% 4.69% 3.66% Prepayment rate 23.36% 33.29% 28.48% Risk sharing liabilities Discount rate 20.00% 20.00% 20.00% Loss rate 3.25% 5.29% 4.28% (1) Unobservable inputs were weighted by principal balance of loans sold under each cohort The following table summarizes the effect that adverse changes in estimates would have on the fair value of the risk sharing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2024 June 30, 2024 Risk sharing assets Prepayment rate assumption: Prepayment rate increase of 25% $ 3,873 $ 572 Prepayment rate increase of 50% $ 4,806 $ 1,131 Loss rate assumption: Loss rate increase of 25% $ (11,367) $ (7,315) Loss rate increase of 50% $ (22,600) $ (14,528) Discount rate assumption: Discount rate increase of 25% $ (1,358) $ (1,211) Discount rate increase of 50% $ (2,588) $ (2,323) Risk sharing liabilities Loss rate assumption: Loss rate increase of 25% $ 30,887 $ 22,333 Loss rate increase of 50% $ 48,667 $ 41,677 Discount rate assumption: Discount rate increase of 25% $ (18) $ (19) Discount rate increase of 50% $ (36) $ (37)
Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities	The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2024 June 30, 2024 Servicing assets Gross default rate assumption: Gross default rate increase of 25% $ 1 $ 1 Gross default rate increase of 50% $ 1 $ 1 Adequate compensation assumption: Adequate compensation increase of 10% $ (674) $ (980) Adequate compensation increase of 20% $ (1,347) $ (1,961) Discount rate assumption: Discount rate increase of 25% $ (16) $ (23) Discount rate increase of 50% $ (31) $ (44) Servicing liabilities Gross default rate assumption: Gross default rate increase of 25% $ — $ (1) Gross default rate increase of 50% $ — $ (1) Adequate compensation assumption: Adequate compensation increase of 10% $ 3,428 $ 3,153 Adequate compensation increase of 20% $ 6,856 $ 6,305 Discount rate assumption: Discount rate increase of 25% $ (10) $ (19) Discount rate increase of 50% $ (19) $ (37)
Summary of Activity for Liabilities With Significant Unobservable Inputs for Fair Value	The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 1,503 $ 1,581 Purchases of loans 523 376 Settlements paid (477) (484) Subsequent changes in fair value (8) (46) Fair value at end of period $ 1,541 $ 1,427 The following table summarizes the activity related to the fair value of the notes and residual trust certificates (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 51,670 $ 18,913 Cash received (due to payments) (14,383) (5,261) Change in unrealized gain (loss) (31) 185 Accrued interest 2,045 172 Reversal of (impairment on) securities available for sale (375) (26) Fair value at end of period $ 38,926 $ 13,983 The following table summarizes the activity related to the fair value of the profit share liability (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 1,974 $ 1,832 Facilitation of loans 1,227 928 Actual performance (3,028) 1,672 Subsequent changes in fair value 1,842 (3,353) Fair value at end of period $ 2,015 $ 1,079 The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 918 $ — Subsequent changes in fair value 883 471 Fair value at end of period $ 1,801 $ 471
Schedule of Sensitivity Analysis of Fair Value, Residual Trust Certificates	September 30, 2024 June 30, 2024 Discount rate assumption: Discount rate increase of 25% $ (419) $ (623) Discount rate increase of 50% $ (821) $ (1,223) Loss rate assumption: Loss rate increase of 25% $ (818) $ (705) Loss rate increase of 50% $ (1,269) $ (1,321) Prepayment rate assumption: Prepayment rate decrease of 25% $ 34 $ 58 Prepayment rate decrease of 50% $ 68 $ 116
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands): Three Months Ended September 30, 2024 2023 Fair value at beginning of period $ 33,884 $ — Initial transfers of financial assets 10,377 3,814 Subsequent changes in fair value 1,069 — Fair value at end of period $ 45,330 $ 3,814
Fair Value Hierarchy for Financial Assets and Liabilities Held at Amortized Cost	The following table presents the fair value and our assessment of the classification of this measurement within the fair value hierarchy for financial assets and liabilities held at amortized cost as of September 30, 2024 and June 30, 2024 (in thousands): September 30, 2024 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for investment, net 5,960,228 — — 6,275,319 6,275,319 Other assets (1) 28,890 — 28,890 — 28,890 Total assets $ 5,989,118 $ — $ 28,890 $ 6,275,319 $ 6,304,208 Liabilities: Convertible senior notes, net (2) $ 1,202,519 $ — $ 1,074,538 $ — $ 1,074,538 Notes issued by securitization trusts 3,985,484 — — 4,028,898 4,028,898 Funding debt (3) 1,756,469 — — 1,756,246 1,756,246 Total liabilities $ 6,944,472 $ — $ 1,074,538 $ 5,785,143 $ 6,859,681 June 30, 2024 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale (1) $ 36 $ — $ 36 $ — $ 36 Loans held for investment, net 5,360,959 — — 5,616,973 5,616,973 Other assets (1) 43,212 — 43,212 — 43,212 Total assets $ 5,404,207 $ — $ 43,248 $ 5,616,973 $ 5,660,221 Liabilities: Convertible senior notes, net (2) $ 1,341,430 $ — $ 1,124,773 $ — $ 1,124,773 Notes issued by securitization trusts 3,236,873 — — 2,506,929 2,506,929 Funding debt (3) 1,851,699 — — 1,851,685 1,851,685 Total liabilities $ 6,430,002 $ — $ 1,124,773 $ 4,358,614 $ 5,483,387 (1) Amortized cost approximates fair value for loans held for sale and other assets. (2) The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period. (3)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock, Reserved for Future Issuance	We had shares of common stock reserved for issuance as follows: September 30, 2024 June 30, 2024 Available outstanding under equity compensation plans 53,863,501 47,622,117 Available for future grant under equity compensation plans 49,881,201 43,492,755 Total 103,744,702 91,114,872

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
Equity Incentive Plans (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes our stock option activity for the three months ended September 30, 2024: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance as of June 30, 2024 16,794,697 $ 15.84 5.63 Granted 647,371 44.06 Exercised (430,727) 8.64 Forfeited, expired or cancelled — — Balance as of September 30, 2024 17,011,341 17.09 5.57 Vested and exercisable, September 30, 2024 13,727,701 $ 14.07 4.84 $ 383,090 Vested and exercisable, and expected to vest thereafter (1) September 30, 2024 16,853,585 $ 16.85 5.54 $ 425,468 (1) Options expected to vest reflect the application of an estimated forfeiture rate.
Schedule of Restricted Stock Unit Activity	The following table summarizes our RSU activity during the three months ended September 30, 2024: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2024 18,327,420 $ 27.68 Granted 10,670,778 32.40 Vested (3,934,964) 29.90 Forfeited, expired or cancelled (711,074) 27.61 Non-vested at September 30, 2024 24,352,160 $ 29.39
Schedule of Components and Classification of Stock-based Compensation	The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended September 30, 2024 2023 General and administrative $ 62,804 $ 70,184 Technology and data analytics 25,972 35,135 Sales and marketing 5,195 5,465 Processing and servicing 262 1,575 Total stock-based compensation in operating expenses 94,233 112,359 Capitalized into property, equipment and software, net 49,478 38,803 Total stock-based compensation $ 143,711 $ 151,162

Restructuring and other (Tables

Restructuring and other (Tables)	3 Months Ended
Restructuring and other (Tables)	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Accrual Activity	Our restructuring and other exit and disposal cost accrual activity for the three months ended September 30, 2024 is summarized as follows (in thousands): Other Exit and Disposal Activities (1) Accrued restructuring and other costs, June 30, 2024 $ 269 Additions — Cash paid (14) Adjustments (255) Accrued restructuring and other costs, September 30, 2024 $ — (1) Includes employee severance pay and related costs, contract cancellation charges, among other items, related to other exit and disposal activities

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data): Three Months Ended September 30, 2024 2023 Class A Class B Class A Class B Numerator: Net loss $ (86,570) $ (13,652) $ (138,078) $ (33,705) Net loss attributable to common stockholders - basic and diluted $ (86,570) $ (13,652) $ (138,078) $ (33,705) Denominator: Weighted average shares of common stock - basic 274,886,393 43,348,162 244,224,777 59,614,893 Weighted average shares of common stock - diluted 274,886,393 43,348,162 244,224,777 59,614,893 Net loss per share: Basic $ (0.31) $ (0.31) $ (0.57) $ (0.57) Diluted $ (0.31) $ (0.31) $ (0.57) $ (0.57)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive: As of September 30, 2024 2023 Restricted stock units 24,352,160 21,731,951 Stock options, including early exercise of options 17,011,341 19,115,091 Common stock warrants 5,734,551 5,743,523 Employee stock purchase plan shares 210,893 476,156 Total 47,308,945 47,066,721

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 231,819	$ 179,426
Interest income	377,064	262,679
Gain on sales of loans	63,613	34,285
Servicing income	25,983	20,157
Total revenue, net	698,479	496,547
Merchant network revenue
Disaggregation of Revenue [Line Items]
Revenue	184,339	145,950
Card network revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 47,480	$ 33,476

Revenue - Schedule of Interest

Revenue - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Banking and Thrift, Interest [Abstract]
Contractual interest income on unpaid principal balance	$ 337,159	$ 226,158
Amortization of discount on loans	56,697	45,118
Amortization of premiums on loans	(4,633)	(3,980)
Interest receivable charged-off, net of recoveries	(12,159)	(4,617)
Total interest income	$ 377,064	$ 262,679

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Banking and Thrift, Interest [Abstract]
Period of suspended accrued interest past due	120 days
Non-accrued loans held for investment	$ 4.3	$ 2.6

Loans Held for Investment and_3

Loans Held for Investment and Allowance for Credit Losses - Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Receivables [Abstract]
Unpaid principal balance	$ 6,330,283	$ 5,697,965
Accrued interest receivable	72,507	62,796
Premiums on loans held for investment	8,247	7,822
Less: Discount due to loss on loan purchase commitment	(67,275)	(63,682)
Less: Discount due to loss on directly originated loans	(32,916)	(34,829)
Less: Fair value adjustment on loans acquired through business combination	(12)	(16)
Total loans held for investment	$ 6,310,834	$ 5,670,056

Loans Held for Investment and_4

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) deferral	Sep. 30, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 6,400	$ 4,600
Loans originated	$ 1,300	$ 900
Threshold period for delinquent loans past due	4 days
Past due charge-off threshold	120 days
Number of deferrals \| deferral	1
Length of deferral term	1 month	1 month
Modified loans, length of remaining term, maximum	24 months
Modified loans subsequently charged off	$ 16	$ 1.4
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Proprietary credit quality score	0
Weighted average term increase from modification	1 month	1 month
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months
Proprietary credit quality score	100
Length of deferral term	3 months
Weighted average term increase from modification	12 months	12 months

Loans Held for Investment and_5

Loans Held for Investment and Allowance for Credit Losses - Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	$ 3,269,463		$ 5,300,448
Fiscal year before current fiscal year	2,765,356		282,738
Two years before current fiscal year	186,872		23,452
Three years before current fiscal year	16,269		416
Four years before current fiscal year	301		108
Prior	66		134
Total	6,238,327		5,607,296
Charge-offs
2025	(1,552)
2024	(107,403)
2023	(11,829)
2022	(510)
2021	(94)
Prior	(60)
Total	(121,448)	$ (70,842)
Recoveries
2025	88
2024	3,184
2023	3,357
2022	1,227
2021	242
Prior	54
Total	8,152	$ 5,552
Net charge-offs
2025	(1,464)
2024	(104,219)
2023	(8,472)
2022	717
2021	148
Prior	(6)
Total	(113,296)
96+
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	2,207,126		3,438,135
Fiscal year before current fiscal year	1,789,407		183,210
Two years before current fiscal year	127,477		10,026
Three years before current fiscal year	7,896		186
Four years before current fiscal year	136		10
Prior	12		5
Total	4,132,054		3,631,572
94 – 96
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	880,282		1,509,125
Fiscal year before current fiscal year	802,823		29,227
Two years before current fiscal year	13,650		463
Three years before current fiscal year	334		8
Four years before current fiscal year	8		2
Prior	5		4
Total	1,697,102		1,538,829
90 – 94
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	151,785		287,499
Fiscal year before current fiscal year	142,247		3,575
Two years before current fiscal year	1,794		263
Three years before current fiscal year	175		3
Four years before current fiscal year	4		1
Prior	2		1
Total	296,007		291,342
Less than 90
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	29,023		45,009
Fiscal year before current fiscal year	22,536		46
Two years before current fiscal year	32		309
Three years before current fiscal year	186		2
Four years before current fiscal year	2		1
Prior	1		0
Total	51,780		45,367
No score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	1,247		20,680
Fiscal year before current fiscal year	8,343		66,680
Two years before current fiscal year	43,919		12,391
Three years before current fiscal year	7,678		217
Four years before current fiscal year	151		94
Prior	46		124
Total	$ 61,384		$ 100,186

Loans Held for Investment and_6

Loans Held for Investment and Allowance for Credit Losses - Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 6,238,327	$ 5,607,296
Loan receivable on nonaccrual status	47,700	38,600
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Loans held for investment	5,899,332	5,331,462
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	169,338	134,434
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	67,042	55,021
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	54,805	47,764
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 47,810	$ 38,615

Loans Held for Investment and_7

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 309,097	$ 204,531
Provision for loan losses	154,805	92,827
Charge-offs	(121,448)	(70,842)
Recoveries of charged-off receivables	8,152	5,552
Balance at end of period	$ 350,606	$ 232,068

Loans Held for Investment and_8

Loans Held for Investment and Allowance for Credit Losses - Amortized Cost Basis of Amortized Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Past Due [Line Items]
Total	$ 11,140	$ 9,260
% of total loan receivables outstanding	0.18%	0.21%
Payment deferral
Financing Receivable, Past Due [Line Items]
Total	$ 10,975	$ 8,990
Loan re-amortization
Financing Receivable, Past Due [Line Items]
Total	$ 165	$ 270

Loans Held for Investment and_9

Loans Held for Investment and Allowance for Credit Losses - Aging Analysis of Modified Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 26,215	$ 20,585
Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	25,654	19,864
Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	561	721
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Amortized cost basis	12,932	15,541
Non-delinquent loans \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	12,645	15,095
Non-delinquent loans \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	287	446
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	3,810	3,586
4 – 29 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	3,717	3,417
4 – 29 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	93	169
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	2,740	774
30 – 59 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	2,689	686
30 – 59 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	51	88
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	4,018	374
60 – 89 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	3,951	362
60 – 89 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	67	12
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	2,715	310
90 – 119 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	2,652	304
90 – 119 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 63	$ 6

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2021	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable		$ 17,200,000				$ 14,900,000
Depreciation		46,100,000	$ 26,000,000
Impairment expense on leasehold improvements		0	0
Goodwill impairment loss		0	0
Amortization of intangible assets		600,000	14,200,000
Impairment of intangible assets		0	0
Vesting of warrants exercised	$ 133,500,000
Amortization of sales and marketing expense		5,200,000	10,400,000
Remaining expected benefit period				6 years	4 years
Amortization of commercial agreement assets		$ 14,256,000	21,557,000
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Asset amortization period		4 years
Commercial agreement asset, gross		$ 270,600,000
Amortization of commercial agreement assets		$ 9,000,000	$ 9,000,000

Balance Sheet Components - Prop

Balance Sheet Components - Property, Equipment and Software (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	$ 760,345	$ 669,892
Less: Accumulated depreciation and amortization	(287,326)	(242,206)
Total property, equipment and software, net	473,019	427,686
Internally developed software
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	719,971	630,129
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	21,072	21,023
Computer equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	8,991	9,827
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	$ 10,311	$ 8,913

Balance Sheet Components - Good

Balance Sheet Components - Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance as of June 30, 2024	$ 533,439
Adjustments	3,306
Balance as of September 30, 2024	$ 536,745

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (90,492)	$ (89,707)
Total amortization expense	918
Total intangible assets, gross	103,951	103,209
Total intangible assets	13,459	13,502
Trademarks, licenses and domains, indefinite
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	12,191	11,628
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	37,949	37,847
Accumulated Amortization	(37,389)	(36,741)
Total amortization expense	$ 560	$ 1,106
Weighted Average Remaining Useful Life (in years)	1 month 6 days	1 month 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,510	$ 39,444
Accumulated Amortization	(39,392)	(39,311)
Total amortization expense	$ 118	$ 133
Weighted Average Remaining Useful Life (in years)	0 years	0 years
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,490	$ 12,490
Accumulated Amortization	(12,490)	(12,490)
Total amortization expense	$ 0	$ 0
Weighted Average Remaining Useful Life (in years)	0 years	0 years
Trademarks and domains, definite
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,461	$ 1,450
Accumulated Amortization	(1,221)	(1,165)
Total amortization expense	$ 240	$ 285
Weighted Average Remaining Useful Life (in years)	10 months 24 days	1 year

Balance Sheet Components - Expe

Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Balance Sheet Related Disclosures [Abstract]
2025 (remaining nine months)	$ 748
2026	155
2027	15
2028	0
2029 and thereafter	0
Total amortization expense	$ 918

Balance Sheet Components - Othe

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Processing reserves	$ 70,361	$ 55,754
Risk sharing asset	45,330	33,884
Prepaid expenses	40,332	28,799
Equity securities, at cost	35,806	37,806
Foreign deferred tax asset	20,149	21,206
Fixed term deposit	21,076	35,203
Operating lease right-of-use assets	19,699	21,863
Other receivables	16,635	18,263
Prepaid payroll taxes for stock-based compensation	14,774	21,395
Derivative instruments	7,587	17,207
Other assets	6,912	7,960
Total other assets	$ 298,661	$ 299,340

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued expenses	$ 54,022	$ 59,613
Operating lease liability	35,830	39,493
Other liabilities	39,841	30,680
Collateral held for derivative instruments	7,770	17,643
Total accrued expenses and other liabilities	$ 137,464	$ 147,429

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	3 Months Ended
Leases - Additional Information (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Assets pledged as collateral	$ 7,400,000		$ 8,800,000
Impairment expense	0	$ 752,000
Sublease income	$ 1,300,000	$ 900,000
Restricted Cash
Lessee, Lease, Description [Line Items]
Assets pledged as collateral			2,000,000
Other Investments
Lessee, Lease, Description [Line Items]
Assets pledged as collateral			$ 6,800,000
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period	9 months
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period	1 year
Remaining lease term	6 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease expense	$ 2,853	$ 2,986

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term and Discount Rate (Details)	Sep. 30, 2024
Leases [Abstract]
Weighted average remaining lease term (in years)	3 years
Weighted average discount rate	5%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Leases [Abstract]
2025 (remaining nine months)	$ 12,588
2026	15,839
2027	3,070
2028	2,185
2029	2,240
Thereafter	3,268
Total lease payments	39,190
Less imputed interest	(3,360)
Present value of total lease liabilities	$ 35,830	$ 39,493

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loans held by third party investors or unconsolidated VIEs	$ 5,200
Repurchase liability	$ 6.4

Debt - Schedule of Components o

Debt - Schedule of Components of Debt (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Funding debt
Debt Instrument [Line Items]
Total	$ 1,734,024
Unamortized Discount and Issuance Cost	(12,429)
Total funding debt, net of deferred debt issuance costs	$ 1,721,595
US facilities
Debt Instrument [Line Items]
Weighted Average	1.95%
US facilities \| Minimum
Debt Instrument [Line Items]
Advance Rate	70%
Fixed interest rate	1.75%
Unused Commitment Fees	0%
US facilities \| Maximum
Debt Instrument [Line Items]
Advance Rate	86%
Fixed interest rate	2.20%
Unused Commitment Fees	0.75%
US facilities \| Weighted Average
Debt Instrument [Line Items]
Advance Rate	84%
US facilities \| Funding debt
Debt Instrument [Line Items]
Total Capital Capacity	$ 4,975,000
Pledged Collateral	1,579,348
Total	$ 1,327,040
International - Core Loan Warehouse Facilities
Debt Instrument [Line Items]
Weighted Average	1.70%
International - Core Loan Warehouse Facilities \| Minimum
Debt Instrument [Line Items]
Advance Rate	67%
Fixed interest rate	1.25%
Unused Commitment Fees	0.30%
International - Core Loan Warehouse Facilities \| Maximum
Debt Instrument [Line Items]
Advance Rate	88%
Fixed interest rate	4.25%
Unused Commitment Fees	0.45%
International - Core Loan Warehouse Facilities \| Weighted Average
Debt Instrument [Line Items]
Advance Rate	84%
International - Core Loan Warehouse Facilities \| Funding debt
Debt Instrument [Line Items]
Total Capital Capacity	$ 652,906
Pledged Collateral	489,270
Total	$ 406,984

Debt - Aggregate Future Maturit

Debt - Aggregate Future Maturities of Funding Debt (Details) - Funding debt - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Line of Credit Facility [Line Items]
Total	$ 1,734,024
Total funding debt, net of deferred debt issuance costs	1,721,595
Revolving facilities
Line of Credit Facility [Line Items]
Funding debt, remainder of fiscal year	260,698
Funding debt, year one	838,507
Funding debt, year two	250,280
Funding debt, year three	206,802
Funding debt, year four	38,427
Funding debt, year five	161,755
Total	1,756,469
Deferred debt issuance costs	(12,429)	$ (14,800)
Total funding debt, net of deferred debt issuance costs	$ 1,744,040

Debt - Additional Information (

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 04, 2022	Nov. 23, 2021 USD ($) day $ / shares	Sep. 30, 2024 USD ($) extension tradingDay	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 26, 2024 USD ($)	Jun. 25, 2024 USD ($)	Dec. 06, 2023 USD ($)	Jun. 07, 2023 USD ($)
Line of Credit Facility [Line Items]
Gain on extinguishment of debt			$ 19,624	$ 0
Remaining life			26 months
Borrowings outstanding			$ 1,744,040		$ 1,836,909
Minimum
Line of Credit Facility [Line Items]
Revolving period term, period prior to final maturity date			4 months
Maximum
Line of Credit Facility [Line Items]
Revolving period term, period prior to final maturity date			12 months
Revolving facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility						$ 330,000	$ 205,000
Basis spread	1.75%
Unused Commitment Fees	0.20%
Borrowings outstanding			$ 0
Revolving facilities \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread	0.50%
Revolving facilities \| One Month London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread	1%
Revolving facilities \| Base Rate
Line of Credit Facility [Line Items]
Basis spread	0.75%
Repurchase Agreement
Line of Credit Facility [Line Items]
Debt instrument, term			3 months
Number of term extensions \| extension			1
Extension term			3 months
Liability component of debt outstanding			$ 22,400		34,500
2022-X1
Line of Credit Facility [Line Items]
Investment interest rate			6.66%
2021-Z1 and 2021-Z2 \| Repurchase Agreement \| Other Receivables
Line of Credit Facility [Line Items]
Pledged securities			$ 35,500		$ 46,700
Convertible senior notes
Line of Credit Facility [Line Items]
Conversion ratio		0.0046371
Debt instrument, convertible, trading day observation period \| tradingDay			40
Authorized repurchase amount								$ 800,000	$ 800,000
Repayments of convertible debt			$ 120,100
Repurchased amount			140,500
Repurchased carrying amount			139,700
Gain on extinguishment of debt			19,600
Interest expense			800	$ 900
Convertible senior notes \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| day		20
Threshold consecutive trading days \| day		30
Threshold percentage of stock price trigger		130%
Redemption price (as a percentage)		100%
Convertible senior notes \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| day		5
Period following threshold consecutive trading days		5 years
Minimum percentage of common stock price trigger		98%
Convertible senior notes \| Convertible Debt
Line of Credit Facility [Line Items]
Liability component of debt outstanding			1,202,519
Securitization issued		$ 1,725,000	$ 1,208,704
Fixed interest rate		0%
Proceeds from debt		$ 1,704,000
Conversion price of redeemable convertible preferred stock (in USD per share) \| $ / shares		$ 215.65

Debt - Convertible Notes Outsta

Debt - Convertible Notes Outstanding (Details) - Convertible senior notes - Convertible Debt - USD ($) $ in Thousands	Sep. 30, 2024	Nov. 23, 2021
Line of Credit Facility [Line Items]
Principal Amount	$ 1,208,704	$ 1,725,000
Unamortized Discount and Issuance Cost	(6,185)
Total funding debt, net of deferred debt issuance costs	$ 1,202,519

Securitization and Variable I_3

Securitization and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Assets	$ 10,139,159	$ 9,519,619
Liabilities	7,303,587	6,787,630
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	6,066,344	5,378,135
Liabilities	5,734,822	5,070,022
Net Assets	331,522	308,113
Consolidated Variable Interest Entities \| Warehouse credit facilities
Debt Instrument [Line Items]
Assets	1,982,755	2,052,881
Liabilities	1,738,387	1,823,794
Net Assets	244,368	229,087
Consolidated Variable Interest Entities \| Securitizations
Debt Instrument [Line Items]
Assets	4,083,589	3,325,254
Liabilities	3,996,435	3,246,228
Net Assets	$ 87,154	$ 79,026

Securitization and Variable I_4

Securitization and Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Fair Value	$ 1,087,500	$ 1,193,084
Other Assets
Debt Instrument [Line Items]
Pledged securities	200
Securitization notes receivable and certificates
Debt Instrument [Line Items]
Fair Value	$ 38,926	$ 51,670

Securitization and Variable I_5

Securitization and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Assets	$ 10,139,159	$ 9,519,619
Liabilities	7,303,587	6,787,630
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	721,160	967,256
Liabilities	693,824	920,004
Net Assets	27,336	47,252
Maximum Exposure to Losses	39,135	51,861
Variable Interest Entity, Not Primary Beneficiary \| Securitizations
Debt Instrument [Line Items]
Assets	721,160	967,256
Liabilities	693,824	920,004
Net Assets	27,336	47,252
Maximum Exposure to Losses	$ 39,135	$ 51,861

Investments - Marketable Securi

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Marketable Securities [Line Items]
Marketable securities	$ 1,261,488	$ 1,256,473
Money market funds \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	173,988	63,389
Commercial paper
Marketable Securities [Line Items]
Marketable securities	198,358	239,882
Commercial paper \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	13,815	57,964
Government bonds, US
Marketable Securities [Line Items]
Marketable securities	541,242	538,556
Government bonds, US \| Asset Pledged as Collateral
Marketable Securities [Line Items]
Marketable securities	55,200	54,100
Government bonds, US \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	0	3,492
Certificates of deposit
Marketable Securities [Line Items]
Marketable securities	26,138	34,473
Corporate bonds
Marketable Securities [Line Items]
Marketable securities	247,299	242,660
Agency bonds
Marketable Securities [Line Items]
Marketable securities	13,410	15,159
Municipal bonds
Marketable Securities [Line Items]
Marketable securities	5,187	3,953
Government bonds, Non-US
Marketable Securities [Line Items]
Marketable securities	3,125	5,275
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable securities	38,926	51,670
Securitization notes receivable and certificates \| Asset Pledged as Collateral
Marketable Securities [Line Items]
Marketable securities	$ 35,500	$ 46,700

Investments - Securities Availa

Investments - Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,084,996	$ 1,195,795
Gross Unrealized Gains	4,220	853
Gross Unrealized Losses	(678)	(2,900)
Allowance for Credit Losses	(1,038)	(664)
Fair Value	1,087,500	1,193,084
Other Receivables \| Asset Pledged as Collateral \| 2021-Z1 and 2021-Z2 \| Repurchase Agreement
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,500	46,700
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,080	34,468
Gross Unrealized Gains	58	9
Gross Unrealized Losses	0	(4)
Allowance for Credit Losses	0	0
Fair Value	26,138	34,473
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	245,675	243,639
Gross Unrealized Gains	1,877	95
Gross Unrealized Losses	(253)	(1,074)
Allowance for Credit Losses	0	0
Fair Value	247,299	242,660
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	211,941	298,005
Gross Unrealized Gains	325	7
Gross Unrealized Losses	(93)	(166)
Allowance for Credit Losses	0	0
Fair Value	212,173	297,846
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,372	15,283
Gross Unrealized Gains	38	0
Gross Unrealized Losses	0	(124)
Allowance for Credit Losses	0	0
Fair Value	13,410	15,159
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,147	3,943
Gross Unrealized Gains	40	10
Gross Unrealized Losses	0	0
Allowance for Credit Losses	0	0
Fair Value	5,187	3,953
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,129	5,310
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4)	(35)
Allowance for Credit Losses	0	0
Fair Value	3,125	5,275
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	540,265	543,421
Gross Unrealized Gains	1,228	33
Gross Unrealized Losses	(251)	(1,406)
Allowance for Credit Losses	0	0
Fair Value	541,242	542,048
Government bonds, US \| Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Fair Value	55,200	54,100
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	39,387	51,726
Gross Unrealized Gains	654	699
Gross Unrealized Losses	(77)	(91)
Allowance for Credit Losses	(1,038)	(664)
Fair Value	38,926	51,670
Commercial Paper & Agency Bonds \| Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 13,800	$ 61,500

Investments - Available for Sal

Investments - Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Sep. 30, 2024 USD ($) position	Jun. 30, 2024 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 33,536	$ 636,066
Less than or equal to 1 year, unrealized losses	(110)	(648)
Greater than 1 year, fair value	93,011	191,497
Greater than 1 year, unrealized losses	(491)	(2,161)
Total, fair value	126,547	827,563
Total, unrealized losses	$ (601)	$ (2,809)
Number of positions with unrealized losses \| position	19	137
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		$ 9,647
Less than or equal to 1 year, unrealized losses		(4)
Greater than 1 year, fair value		0
Greater than 1 year, unrealized losses		0
Total, fair value		9,647
Total, unrealized losses		(4)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 12,374	119,353
Less than or equal to 1 year, unrealized losses	(8)	(252)
Greater than 1 year, fair value	43,923	57,846
Greater than 1 year, unrealized losses	(245)	(822)
Total, fair value	56,297	177,199
Total, unrealized losses	(253)	(1,074)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	5,882	245,536
Less than or equal to 1 year, unrealized losses	(93)	(166)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	5,882	245,536
Total, unrealized losses	(93)	(166)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		10,417
Less than or equal to 1 year, unrealized losses		(41)
Greater than 1 year, fair value		4,743
Greater than 1 year, unrealized losses		(83)
Total, fair value		15,160
Total, unrealized losses		(124)
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	3,125	0
Less than or equal to 1 year, unrealized losses	(4)	0
Greater than 1 year, fair value	0	5,275
Greater than 1 year, unrealized losses	0	(35)
Total, fair value	3,125	5,275
Total, unrealized losses	(4)	(35)
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	12,155	251,113
Less than or equal to 1 year, unrealized losses	(5)	(185)
Greater than 1 year, fair value	49,088	123,633
Greater than 1 year, unrealized losses	(246)	(1,221)
Total, fair value	61,243	374,746
Total, unrealized losses	$ (251)	$ (1,406)

Investments - Length of Contrac

Investments - Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 840,807	$ 928,965
Within 1 year, fair value	841,376	927,222
Greater than 1 year, less than or equal to 5 years, amortized cost	244,189	266,830
Greater than 1 year, less than or equal to 5 years, fair value	246,124	265,862
Amortized Cost	1,084,996	1,195,795
Total, amortized cost	1,084,996	1,195,795
Fair Value	1,087,500	1,193,084
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	26,080	34,468
Within 1 year, fair value	26,138	34,473
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	26,080	34,468
Fair Value	26,138	34,473
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	127,159	118,547
Within 1 year, fair value	127,223	118,039
Greater than 1 year, less than or equal to 5 years, amortized cost	118,516	125,092
Greater than 1 year, less than or equal to 5 years, fair value	120,076	124,621
Amortized Cost	245,675	243,639
Fair Value	247,299	242,660
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	211,941	298,005
Within 1 year, fair value	212,173	297,846
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	211,941	298,005
Fair Value	212,173	297,846
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	8,521	10,457
Within 1 year, fair value	8,556	10,416
Greater than 1 year, less than or equal to 5 years, amortized cost	4,851	4,826
Greater than 1 year, less than or equal to 5 years, fair value	4,854	4,743
Amortized Cost	13,372	15,283
Fair Value	13,410	15,159
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	5,147	3,943
Greater than 1 year, less than or equal to 5 years, fair value	5,187	3,953
Amortized Cost	5,147	3,943
Fair Value	5,187	3,953
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	3,129	2,150
Within 1 year, fair value	3,125	2,150
Greater than 1 year, less than or equal to 5 years, amortized cost	0	3,160
Greater than 1 year, less than or equal to 5 years, fair value	0	3,125
Amortized Cost	3,129	5,310
Fair Value	3,125	5,275
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	463,977	465,338
Within 1 year, fair value	464,161	464,298
Greater than 1 year, less than or equal to 5 years, amortized cost	76,288	78,083
Greater than 1 year, less than or equal to 5 years, fair value	77,081	77,750
Amortized Cost	540,265	543,421
Fair Value	541,242	542,048
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	39,387	51,726
Greater than 1 year, less than or equal to 5 years, fair value	38,926	51,670
Amortized Cost	39,387	51,726
Total, amortized cost	39,387	51,726
Fair Value	38,926	51,670
Commercial Paper & Agency Bonds \| Cash and cash equivalents:
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 13,800	$ 61,500

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 303,400	$ 381,800
Equity securities, at cost	35,806		$ 37,806
Equity securities, impairment loss	3,000
Fixed term deposit	$ 21,076		$ 35,203

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 590,507	$ 1,004,589
Derivative Assets	7,587	17,207
Derivative Liabilities	278	38
Derivatives designated as cash flow hedges \| Interest rate contracts - cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0	150,000
Derivative Assets	0	4
Derivative Liabilities	0	0
Derivatives not designated as hedges \| Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	590,507	854,589
Derivative Assets	7,587	17,203
Derivative Liabilities	$ 278	$ 38

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Impact of Cash Flow Hedges on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Expected reclassifications, gain (loss)	$ 300
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	1,407	$ 751
Changes in fair value	(1,268)	1,014
Amounts reclassified into earnings	(224)	(251)
Balance at end of period	$ (85)	$ 1,514

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivatives designated as cash flow hedges \| Funding costs
Derivative Instruments, Gain (Loss) [Line Items]
The effects of cash flow hedging	$ 224	$ 251
Derivatives not designated as hedges \| Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
The effects of derivatives not designated in hedging relationships	$ (3,953)	$ 3,979

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 400	$ 600
Derivative instruments	7,587	17,207
Servicing liabilities	438	743	$ 1,851	$ 1,392
Derivative instruments	278	38
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	1,800	900
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	45,300	33,900
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	173,988	63,389
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	13,815	57,964
Restricted cash	198,358	239,882
Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		3,492
Restricted cash	541,242	538,556
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	26,138	34,473
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	247,299	242,660
Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	13,410	15,159
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	5,187	3,953
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	3,125	5,275
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	38,926	51,670
Servicing assets	435	574
Derivative instruments	7,587	17,207
Total assets	1,314,840	1,308,138
Servicing liabilities	438	743
Performance fee liability	1,541	1,503
Profit share liability	2,015	1,974
Derivative instruments	278	38
Total liabilities	6,073	5,176
Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	1,801	918
Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	45,330	33,884
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	173,988	63,389
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 1 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Restricted cash	0	0
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0	0
Servicing assets	0	0
Derivative instruments	0	0
Total assets	173,988	63,389
Servicing liabilities	0	0
Performance fee liability	0	0
Profit share liability	0	0
Derivative instruments	0	0
Total liabilities	0	0
Level 1 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0	0
Level 1 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	28,890	43,248
Total liabilities	1,074,538	1,124,773
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	13,815	57,964
Restricted cash	198,358	239,882
Level 2 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		3,492
Restricted cash	541,242	538,556
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	26,138	34,473
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	247,299	242,660
Level 2 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	13,410	15,159
Level 2 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	5,187	3,953
Level 2 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	3,125	5,275
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0	0
Servicing assets	0	0
Derivative instruments	7,587	17,207
Total assets	1,056,161	1,158,621
Servicing liabilities	0	0
Performance fee liability	0	0
Profit share liability	0	0
Derivative instruments	278	38
Total liabilities	278	38
Level 2 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0	0
Level 2 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	6,275,319	5,616,973
Total liabilities	5,785,143	4,358,614
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 3 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Restricted cash	0	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	38,926	51,670
Servicing assets	435	574
Derivative instruments	0	0
Total assets	84,691	86,128
Servicing liabilities	438	743
Performance fee liability	1,541	1,503
Profit share liability	2,015	1,974
Derivative instruments	0	0
Total liabilities	5,795	5,138
Level 3 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	1,801	918
Level 3 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 45,330	$ 33,884

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 2,800,000	$ 2,200,000
Unpaid principal balance on serviced sold loans	5,200,000		$ 5,100,000
Servicing income	25,983	20,157
Servicing assets	400		600
Servicing liabilities	$ 400		700
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Other income, net
Economic risk retention	5%
Notional Amount	$ 590,507		1,004,589
Derivative Assets	7,587		17,207
Derivative Liabilities	278		38
Credit Risk Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount	5,600,000		4,200,000
Loss sharing arrangement, maximum exposure to losses	101,500		81,200
Risk Sharing Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss sharing arrangement, maximum exposure to losses	56,200
Risk Sharing Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss sharing arrangement, maximum exposure to losses	45,300
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	45,300		33,900
Senior Notes and Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	38,926	13,983	51,670	$ 18,913
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	1,801	$ 471	918	$ 0
Derivative Liabilities	$ 1,800		$ 900

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 574	$ 880
Initial transfers of financial assets	0	0
Subsequent changes in fair value	(139)	(311)
Fair value at end of period	$ 435	$ 569

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 743	$ 1,392
Initial transfers of financial liabilities	0	1,389
Subsequent changes in fair value	(305)	(930)
Fair value at end of period	$ 438	$ 1,851

Fair Value of Financial Asset_7

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Servicing Assets and Liabilities (Details)	Sep. 30, 2024	Jun. 30, 2024
Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Adequate compensation \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0200	0.0200
Servicing liability, measurement input	0.0200	0.0200
Adequate compensation \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0200	0.0200
Servicing liability, measurement input	0.0200	0.0200
Adequate compensation \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0200	0.0200
Servicing liability, measurement input	0.0200	0.0200
Gross default rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1291	0.0989
Servicing liability, measurement input	0.0292	0.0258
Gross default rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.2793	0.2272
Servicing liability, measurement input	0.0461	0.0412
Gross default rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1344	0.1084
Servicing liability, measurement input	0.0343	0.0300

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Gross default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ 1	$ 1
Servicing asset, effect of 50% increase in measurement input	1	1
Servicing liability, effect of 25% increase in measurement input	0	(1)
Servicing liability, effect of 50% increase in measurement input	0	(1)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 10% increase in measurement input	(674)	(980)
Servicing asset, effect of 20% increase in measurement input	(1,347)	(1,961)
Servicing liability, effect of 10% increase in measurement input	3,428	3,153
Servicing liability, effect of 20% increase in measurement input	6,856	6,305
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(16)	(23)
Servicing asset, effect of 50% increase in measurement input	(31)	(44)
Servicing liability, effect of 25% increase in measurement input	(10)	(19)
Servicing liability, effect of 50% increase in measurement input	$ (19)	$ (37)

Fair Value of Financial Asset_9

Fair Value of Financial Assets and Liabilities - Fair Value of Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,503	$ 1,581
Purchases of loans	523	376
Settlements paid	(477)	(484)
Subsequent changes in fair value	(8)	(46)
Fair value at end of period	$ 1,541	$ 1,427

Fair Value of Financial Asse_10

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Sep. 30, 2024	Jun. 30, 2024
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0813	0.0850
Minimum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Minimum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0129	0.0138
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Maximum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Maximum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0465	0.0465
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0968	0.0981
Weighted Average \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Weighted Average \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0298	0.0294

Fair Value of Financial Asse_11

Fair Value of Financial Assets and Liabilities - Fair Value of Senior Notes and Residual Trust Certificates (Details) - Senior Notes and Residual Trust Certificates - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 51,670	$ 18,913
Cash received (due to payments)	(14,383)	(5,261)
Change in unrealized gain (loss)	(31)	185
Accrued interest	2,045	172
Reversal of (impairment on) securities available for sale	(375)	(26)
Fair value at end of period	$ 38,926	$ 13,983

Fair Value of Financial Asse_12

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Senior Notes and Residual Trust Certificated (Details) - Senior Notes and Residual Trust Certificates	Sep. 30, 2024	Jun. 30, 2024
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0533	0.0573
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0122	0.0095
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1200	0.1240
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.3029	0.4141
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0764	0.0698
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.3036	0.2770
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0833	0.0893
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0623	0.0617
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2151	0.2333

Fair Value of Financial Asse_13

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	$ (419)	$ (623)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(821)	(1,223)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(818)	(705)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(1,269)	(1,321)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	34	58
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ 68	$ 116

Fair Value of Financial Asse_14

Fair Value of Financial Assets and Liabilities - Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,974	$ 1,832
Facilitation of loans	1,227	928
Actual performance	(3,028)	1,672
Subsequent changes in fair value	1,842	(3,353)
Fair value at end of period	$ 2,015	$ 1,079

Fair Value of Financial Asse_15

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability	Sep. 30, 2024	Jun. 30, 2024
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Minimum \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0100	0.0032
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Maximum \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0169	0.0101
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Weighted Average \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0164	0.0096

Fair Value of Financial Asse_16

Fair Value of Financial Assets and Liabilities - Fair Value Activity for Risk Sharing Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Risk Sharing Arrangement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 33,884	$ 0
Initial transfers of financial assets	10,377	3,814
Subsequent changes in fair value	1,069	0
Fair value at end of period	45,330	3,814
Risk Sharing Arrangement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	918	0
Subsequent changes in fair value	883	471
Fair value at end of period	$ 1,801	$ 471

Fair Value of Financial Asse_17

Fair Value of Financial Assets and Liabilities - Significant Unobservable Inputs Used in Risk Sharing Arrangement (Details)	Sep. 30, 2024	Jun. 30, 2024
Minimum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Minimum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000	0.2000
Minimum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0343	0.0325
Minimum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0322	0.0300
Minimum \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2181	0.2336
Maximum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Maximum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000	0.2000
Maximum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0538	0.0529
Maximum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0487	0.0469
Maximum \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.3323	0.3329
Weighted Average \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Weighted Average \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000	0.2000
Weighted Average \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0443	0.0428
Weighted Average \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0389	0.0366
Weighted Average \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2788	0.2848

Fair Value of Financial Asse_18

Fair Value of Financial Assets and Liabilities - Effect of Adverse Changes in Estimates on Risk Sharing Arrangements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss rate increase of 25%	$ 30,887	$ 22,333
Loss rate increase of 50%	48,667	41,677
Discount rate increase of 25%	(18)	(19)
Discount rate increase of 50%	(36)	(37)
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepayment rate increase of 25%	3,873	572
Prepayment rate increase of 50%	4,806	1,131
Loss rate increase of 25%	(11,367)	(7,315)
Loss rate increase of 50%	(22,600)	(14,528)
Discount rate increase of 25%	(1,358)	(1,211)
Discount rate increase of 50%	$ (2,588)	$ (2,323)

Fair Value of Financial Asse_19

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Revolving facilities \| Funding debt
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance cost	$ 12,429	$ 14,800
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		0
Loans held for investment, net	0	0
Other assets	0	0
Total assets	0	0
Convertible senior notes, net	0	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		36
Loans held for investment, net	0	0
Other assets	28,890	43,212
Total assets	28,890	43,248
Convertible senior notes, net	1,074,538	1,124,773
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	1,074,538	1,124,773
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		0
Loans held for investment, net	6,275,319	5,616,973
Other assets	0	0
Total assets	6,275,319	5,616,973
Convertible senior notes, net	0	0
Notes issued by securitization trusts	4,028,898	2,506,929
Funding debt	1,756,246	1,851,685
Total liabilities	5,785,143	4,358,614
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		36
Loans held for investment, net	5,960,228	5,360,959
Other assets	28,890	43,212
Total assets	5,989,118	5,404,207
Convertible senior notes, net	1,202,519	1,341,430
Notes issued by securitization trusts	3,985,484	3,236,873
Funding debt	1,756,469	1,851,699
Total liabilities	6,944,472	6,430,002
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		36
Loans held for investment, net	6,275,319	5,616,973
Other assets	28,890	43,212
Total assets	6,304,208	5,660,221
Convertible senior notes, net	1,074,538	1,124,773
Notes issued by securitization trusts	4,028,898	2,506,929
Funding debt	1,756,246	1,851,685
Total liabilities	$ 6,859,681	$ 5,483,387

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	103,744,702	91,114,872
Available outstanding under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	53,863,501	47,622,117
Available for future grant under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	49,881,201	43,492,755

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2021 $ / shares shares	Sep. 30, 2024 USD ($) class vote	Sep. 30, 2023 USD ($)
Class of Stock [Line Items]
Number of classes of common stock \| class		2
Warrants granted for purchase (in shares) \| shares	22,000,000
Sale of warrants recognized \| $		$ 112.5	$ 106.3
Amortization expense of warrants sold \| $		5.2	10.4
Expenses on sale of warrants \| $		$ 107.3	$ 95.9
Minimum
Class of Stock [Line Items]
Warrants exercise term	3 years 6 months
Second Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares	15,000,000
Class A common stock
Class of Stock [Line Items]
Number of votes per share \| vote		1
Exercise price of warrants (in USD per share) \| $ / shares	$ 100
Class A common stock \| First Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares	7,000,000
Exercise price of warrants (in USD per share) \| $ / shares	$ 0.01
Warrants exercise term	7 years 6 months
Class B common stock
Class of Stock [Line Items]
Number of votes per share \| vote		15

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		46 Months Ended
	Nov. 18, 2020 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 shares	Jan. 14, 2021 vestingCondition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		103,744,702		103,744,702	91,114,872
Weighted-average fair value of employee options granted (in USD per share) \| $ / shares		$ 31.28
Right to purchase shares (in shares)		647,371
Stock-based compensation expense \| $		$ 94,233	$ 112,359
Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		53,863,501		53,863,501	47,622,117
Vesting period		4 years
Non-vested stock options, unrecognized compensation cost \| $		$ 53,300		$ 53,300
Weighted-average compensation expense recognition period		2 years 7 months 6 days
Stock options, including early exercise of options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		12 months
Vesting rights percentage		25%
Stock options, including early exercise of options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Stock options, including early exercise of options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		7 years
Expiration period		3 months
Stock options, including early exercise of options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		10 years
Expiration period		10 years
Performance-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options, unrecognized compensation cost \| $		$ 36,000		36,000
Weighted-average compensation expense recognition period		1 year 3 months 18 days
Right to purchase shares (in shares)		12,500,000
Stock-based compensation expense \| $		$ 12,400	$ 19,600
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period		2 years
Number of vesting conditions \| vestingCondition						2
Non-vested RSUs, unrecognized compensation cost \| $		$ 676,000		$ 676,000
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Employee stock purchase plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase period	6 months
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)		49,881,201		49,881,201	43,492,755
2012 Stock Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		176,604,160		176,604,160
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent	85%
2020 Employee Stock Purchase Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)	16,400,000
Number of common stock issued (in shares)				1,700,000

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Number of Options
Beginning balance (in shares)	16,794,697
Granted (in shares)	647,371
Exercised (in shares)	(430,727)
Forfeited, expired or cancelled (in shares)	0
Ending balance (in shares)	17,011,341	16,794,697
Vested and exercisable (in shares)	13,727,701
Vested and exercisable, and expected to vest thereafter (in shares)	16,853,585
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 15.84
Granted (in USD per share)	44.06
Exercised (in USD per share)	8.64
Forfeited, expired or cancelled (in USD per share)	0
Ending balance (in USD per share)	17.09	$ 15.84
Vested and exercisable (in USD per share)	14.07
Vested and exercisable, and expected to vest thereafter (in USD per share)	$ 16.85
Weighted Average Remaining Contractual Term [Abstract]
Weighted Average Remaining Contractual Term (Years)	5 years 6 months 25 days	5 years 7 months 17 days
Vested and exercisable	4 years 10 months 2 days
Vested and exercisable, and expected to vest	5 years 6 months 14 days
Aggregate Intrinsic Value [Abstract]
Vested and exercisable	$ 383,090
Vested and exercisable, and expected to vest	$ 425,468

Equity Incentive Plans - RSU Ac

Equity Incentive Plans - RSU Activity (Details) - Restricted stock units	3 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Beginning balance, Non-vested (in shares) \| shares	18,327,420
Granted (in shares) \| shares	10,670,778
Vested (in shares) \| shares	(3,934,964)
Forfeited, expired or cancelled (in shares) \| shares	(711,074)
Ending balance, Non-vested (in shares) \| shares	24,352,160
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) \| $ / shares	$ 27.68
Granted (in USD per share) \| $ / shares	32.40
Vested (in USD per share) \| $ / shares	29.90
Forfeited, expired or cancelled (in USD per share) \| $ / shares	27.61
Ending balance, Non-vested (in USD per share) \| $ / shares	$ 29.39

Equity Incentive Plans - Compon

Equity Incentive Plans - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 94,233	$ 112,359
Capitalized into property, equipment and software, net	49,478	38,803
Total stock-based compensation	143,711	151,162
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	62,804	70,184
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	25,972	35,135
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	5,195	5,465
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 262	$ 1,575

Restructuring and other - Addit

Restructuring and other - Additional Details (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and other	$ 0	$ 1,700,000

Restructuring and other - Sched

Restructuring and other - Schedule of Restructuring Accrual Activity (Details) - Other Exit and Disposal Activities $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Accrued restructuring and other costs, June 30, 2024	$ 269
Additions	0
Cash paid	(14)
Adjustments	(255)
Accrued restructuring and other costs, September 30, 2024	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,902	$ 1,043

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (100,222)	$ (171,783)
Denominator:
Weighted average shares of common stock - basic (in shares)	318,234,555	303,839,670
Weighted average shares of common stock - diluted (in shares)	318,234,555	303,839,670
Net loss per share:
Basic (in USD per share)	$ (0.31)	$ (0.57)
Diluted (in USD per share)	$ (0.31)	$ (0.57)
Class A common stock
Numerator:
Net loss	$ (86,570)	$ (138,078)
Net loss attributable to common stockholders, basic	(86,570)	(138,078)
Net loss attributable to common stockholders, diluted	$ (86,570)	$ (138,078)
Denominator:
Weighted average shares of common stock - basic (in shares)	274,886,393	244,224,777
Weighted average shares of common stock - diluted (in shares)	274,886,393	244,224,777
Net loss per share:
Basic (in USD per share)	$ (0.31)	$ (0.57)
Diluted (in USD per share)	$ (0.31)	$ (0.57)
Class B common stock
Numerator:
Net loss	$ (13,652)	$ (33,705)
Net loss attributable to common stockholders, basic	(13,652)	(33,705)
Net loss attributable to common stockholders, diluted	$ (13,652)	$ (33,705)
Denominator:
Weighted average shares of common stock - basic (in shares)	43,348,162	59,614,893
Weighted average shares of common stock - diluted (in shares)	43,348,162	59,614,893
Net loss per share:
Basic (in USD per share)	$ (0.31)	$ (0.57)
Diluted (in USD per share)	$ (0.31)	$ (0.57)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	47,308,945	47,066,721
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	24,352,160	21,731,951
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	17,011,341	19,115,091
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	5,734,551	5,743,523
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	210,893	476,156