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[Form 4] Affirm Holdings, Inc. Insider Trading Activity

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Reporting person: Christa S. Quarles, a director of Affirm Holdings, Inc. (AFRM). The filing reports two open-market sales on 08/29/2025 totaling 15,000 Class A common shares 鈥� 10,000 shares sold at $92 and 5,000 shares sold at $95. After these transactions the reporting person beneficially owns 122,241 Class A shares directly. The filing indicates the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on September 13, 2024. The Form 4 is signed by an attorney-in-fact on behalf of the reporting person.

Persona che segnala: Christa S. Quarles, membro del consiglio di amministrazione di Affirm Holdings, Inc. (AFRM). La comunicazione riporta due vendite sul mercato aperto effettuate il 29/08/2025 per un totale di 15.000 azioni ordinarie di Classe A 鈥� 10.000 azioni vendute a $92 e 5.000 azioni vendute a $95. Dopo queste operazioni, la persona che segnala detiene direttamente in via beneficiaria 122.241 azioni di Classe A. La nota precisa che le vendite sono state eseguite ai sensi di un piano di negoziazione ai sensi della Regola 10b5-1 adottato il 13 settembre 2024. Il Modulo 4 猫 firmato da un procuratore in nome della persona che segnala.

Persona informante: Christa S. Quarles, directora de Affirm Holdings, Inc. (AFRM). El informe notifica dos ventas en el mercado abierto el 29/08/2025 por un total de 15.000 acciones ordinarias Clase A 鈥� 10.000 acciones vendidas a $92 y 5.000 acciones vendidas a $95. Tras estas transacciones, la persona informante posee beneficiosamente 122.241 acciones Clase A de forma directa. El informe indica que las ventas se realizaron conforme a un plan de negociaci贸n bajo la Regla 10b5-1 adoptado el 13 de septiembre de 2024. El Formulario 4 est谩 firmado por un apoderado en representaci贸n de la persona informante.

鞁犼碃鞚�: Christa S. Quarles, Affirm Holdings, Inc. (AFRM) 鞚挫偓. 鞝滌稖 靹滊鞐愲姅 2025雲� 8鞗� 29鞚检棎 齑� 15,000欤� 韥措灅鞀� A 氤错喌欤�毳� 雽�靸侅溂搿� 頃� 鞛ル偞 毵る弰 2瓯挫澊 氤搓碃霅橃柎 鞛堨姷雼堧嫟 鈥� 10,000欤茧姅 $92鞐�, 5,000欤茧姅 $95鞐� 毵る弰霅橃棃鞀惦媹雼�. 頃措嫻 瓯半灅 頉� 鞁犼碃鞚胳潃 歆侅爲鞝侅溂搿� 122,241欤� 韥措灅鞀� A毳� 鞁れ鞝侅溂搿� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 鞝滌稖靹滊電� 鞚措煬頃� 毵る弰霌れ澊 2024雲� 9鞗� 13鞚� 毂勴儩霅� 攴滌箼 10b5-1 瓯半灅 瓿勴殟鞐� 霐半澕 鞚措（鞏挫鞚岇潉 氚濏瀳瓿� 鞛堨姷雼堧嫟. Form 4電� 鞁犼碃鞚胳潉 雽�鞁犿晿鞐� 鞙勳瀯鞚胳澊 靹滊獏頄堨姷雼堧嫟.

Personne d茅clarante : Christa S. Quarles, administratrice d'Affirm Holdings, Inc. (AFRM). Le dossier signale deux ventes sur le march茅 ouvert dat茅es du 29/08/2025 pour un total de 15 000 actions ordinaires de Classe A 鈥� 10 000 actions vendues 脿 92 $ et 5 000 actions vendues 脿 95 $. Apr猫s ces op茅rations, la personne d茅clarante d茅tient directement 脿 titre b茅n茅ficiaire 122 241 actions de Classe A. Le document pr茅cise que les ventes ont 茅t茅 r茅alis茅es conform茅ment 脿 un plan de n茅gociation 茅tabli en vertu de la r猫gle 10b5-1 adopt茅 le 13 septembre 2024. Le formulaire 4 est sign茅 par un mandataire au nom de la personne d茅clarante.

Meldepflichtige Person: Christa S. Quarles, Mitglied des Vorstands von Affirm Holdings, Inc. (AFRM). Die Meldung verzeichnet zwei Verk盲ufe am offenen Markt am 29.08.2025 in H枚he von insgesamt 15.000 Class-A-Stammaktien 鈥� 10.000 Aktien zu $92 und 5.000 Aktien zu $95. Nach diesen Transaktionen besitzt die meldende Person unmittelbar wirtschaftlich 122.241 Class-A-Aktien. In der Meldung wird angegeben, dass die Verk盲ufe im Rahmen eines am 13. September 2024 angenommenen Rule-10b5-1-Handelsplans durchgef眉hrt wurden. Formular 4 ist von einem Bevollm盲chtigten im Namen der meldenden Person unterzeichnet.

Positive
  • None.
Negative
  • Reported sale of 15,000 Class A shares (10,000 at $92 and 5,000 at $95) by a company director, reducing her direct holdings to 122,241 shares

Insights

TL;DR: Director executed routine sales under a pre-established 10b5-1 plan; remaining stake remains material but diluted by these disposals.

The transaction is a straightforward execution of a Rule 10b5-1 plan that sold 15,000 shares on 08/29/2025 at prices of $92 and $95. Such plan-based sales commonly reflect pre-set liquidity or diversification actions rather than company-specific news. The reporting person retains 122,241 Class A shares after the sales, preserving a stake that remains relevant to governance and alignment with shareholders. No derivative transactions or amendments are reported.

TL;DR: Insider sale was executed under a documented 10b5-1 plan, indicating compliance with insider trading policies and reduced signaling risk.

The filing explicitly states the trades were effected under a 10b5-1 plan adopted 09/13/2024, which supports the affirmative defense against insider trading claims. The director continues to hold a significant number of shares (122,241), and there is no indication of accelerated dispositions or abandonment of reporting obligations. From a governance perspective, this is a routine disclosure of director liquidity activity.

Persona che segnala: Christa S. Quarles, membro del consiglio di amministrazione di Affirm Holdings, Inc. (AFRM). La comunicazione riporta due vendite sul mercato aperto effettuate il 29/08/2025 per un totale di 15.000 azioni ordinarie di Classe A 鈥� 10.000 azioni vendute a $92 e 5.000 azioni vendute a $95. Dopo queste operazioni, la persona che segnala detiene direttamente in via beneficiaria 122.241 azioni di Classe A. La nota precisa che le vendite sono state eseguite ai sensi di un piano di negoziazione ai sensi della Regola 10b5-1 adottato il 13 settembre 2024. Il Modulo 4 猫 firmato da un procuratore in nome della persona che segnala.

Persona informante: Christa S. Quarles, directora de Affirm Holdings, Inc. (AFRM). El informe notifica dos ventas en el mercado abierto el 29/08/2025 por un total de 15.000 acciones ordinarias Clase A 鈥� 10.000 acciones vendidas a $92 y 5.000 acciones vendidas a $95. Tras estas transacciones, la persona informante posee beneficiosamente 122.241 acciones Clase A de forma directa. El informe indica que las ventas se realizaron conforme a un plan de negociaci贸n bajo la Regla 10b5-1 adoptado el 13 de septiembre de 2024. El Formulario 4 est谩 firmado por un apoderado en representaci贸n de la persona informante.

鞁犼碃鞚�: Christa S. Quarles, Affirm Holdings, Inc. (AFRM) 鞚挫偓. 鞝滌稖 靹滊鞐愲姅 2025雲� 8鞗� 29鞚检棎 齑� 15,000欤� 韥措灅鞀� A 氤错喌欤�毳� 雽�靸侅溂搿� 頃� 鞛ル偞 毵る弰 2瓯挫澊 氤搓碃霅橃柎 鞛堨姷雼堧嫟 鈥� 10,000欤茧姅 $92鞐�, 5,000欤茧姅 $95鞐� 毵る弰霅橃棃鞀惦媹雼�. 頃措嫻 瓯半灅 頉� 鞁犼碃鞚胳潃 歆侅爲鞝侅溂搿� 122,241欤� 韥措灅鞀� A毳� 鞁れ鞝侅溂搿� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 鞝滌稖靹滊電� 鞚措煬頃� 毵る弰霌れ澊 2024雲� 9鞗� 13鞚� 毂勴儩霅� 攴滌箼 10b5-1 瓯半灅 瓿勴殟鞐� 霐半澕 鞚措（鞏挫鞚岇潉 氚濏瀳瓿� 鞛堨姷雼堧嫟. Form 4電� 鞁犼碃鞚胳潉 雽�鞁犿晿鞐� 鞙勳瀯鞚胳澊 靹滊獏頄堨姷雼堧嫟.

Personne d茅clarante : Christa S. Quarles, administratrice d'Affirm Holdings, Inc. (AFRM). Le dossier signale deux ventes sur le march茅 ouvert dat茅es du 29/08/2025 pour un total de 15 000 actions ordinaires de Classe A 鈥� 10 000 actions vendues 脿 92 $ et 5 000 actions vendues 脿 95 $. Apr猫s ces op茅rations, la personne d茅clarante d茅tient directement 脿 titre b茅n茅ficiaire 122 241 actions de Classe A. Le document pr茅cise que les ventes ont 茅t茅 r茅alis茅es conform茅ment 脿 un plan de n茅gociation 茅tabli en vertu de la r猫gle 10b5-1 adopt茅 le 13 septembre 2024. Le formulaire 4 est sign茅 par un mandataire au nom de la personne d茅clarante.

Meldepflichtige Person: Christa S. Quarles, Mitglied des Vorstands von Affirm Holdings, Inc. (AFRM). Die Meldung verzeichnet zwei Verk盲ufe am offenen Markt am 29.08.2025 in H枚he von insgesamt 15.000 Class-A-Stammaktien 鈥� 10.000 Aktien zu $92 und 5.000 Aktien zu $95. Nach diesen Transaktionen besitzt die meldende Person unmittelbar wirtschaftlich 122.241 Class-A-Aktien. In der Meldung wird angegeben, dass die Verk盲ufe im Rahmen eines am 13. September 2024 angenommenen Rule-10b5-1-Handelsplans durchgef眉hrt wurden. Formular 4 ist von einem Bevollm盲chtigten im Namen der meldenden Person unterzeichnet.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Quarles Christa S
(Last) (First) (Middle)
C/O AFFIRM HOLDINGS, INC.
650 CALIFORNIA STREET
(Street)
SAN FRANCISCO CA 94108
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Affirm Holdings, Inc. [ AFRM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 08/29/2025 S 10,000(1) D $92 127,241 D
Class A Common Stock 08/29/2025 S 5,000(1) D $95 122,241 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 13, 2024.
Remarks:
/s/ Josh Samples, Attorney-in-Fact 09/03/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source:

FAQ

What transactions did Christa S. Quarles report in the AFRM Form 4?

The Form 4 reports two sales on 08/29/2025: 10,000 Class A shares sold at $92 and 5,000 Class A shares sold at $95.

Were the AFRM insider sales part of a 10b5-1 plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on 09/13/2024.

How many AFRM shares does the reporting person own after the trades?

After the reported transactions the reporting person beneficially owns 122,241 Class A shares (direct ownership).

Does the Form 4 show any derivative transactions or changes to options?

No. Table II for derivative securities contains no reported transactions; only non-derivative Class A share sales are listed.

Who signed the Form 4 for the reporting person?

The Form 4 is signed by Josh Samples, Attorney-in-Fact on behalf of the reporting person on 09/03/2025.
Stock AFRM logo
Affirm Holdings, Inc.

NASDAQ:AFRM

AFRM Rankings

#442 Ranked by Market Cap
N/A Ranked by Dividends

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[Form 4] Affirm Holdings, Inc. Insider Trading Activity
Sep 3, 2025
[Form 4] Affirm Holdings, Inc. Insider Trading Activity

AFRM Stock Data

29.20B
271.41M
4.67%
83%
5.06%
Software - Infrastructure
Personal Credit Institutions
United States
SAN FRANCISCO