Max R. Levchin - 05 Jan 2026 Form 4 Insider Report for Affirm Holdings, Inc. (AFRM)

Reporting relationship: Chief Executive Officer, Director, 10%+ Owner
Issuer ticker: AFRM
Reported as of: 05 Jan 2026
Net transaction value: -$21,081,180
SEC form: 4
Accepted by SEC: 07 Jan 2026, 18:01:22 UTC
Prior SEC filing: 27 Oct 2025
Next SEC filing: 03 Apr 2026
Source filing: View source filing
Reporting owner signature: /s/ Josh Samples, Attorney-in-Fact

Key filing fact

Max R. Levchin filed Form 4 for Affirm Holdings, Inc. (AFRM) on 07 Jan 2026.

Key facts

This page summarizes Max R. Levchin's Form 4 filing for Affirm Holdings, Inc. (AFRM).
4 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 07 Jan 2026, 18:01.

Change

Previous filing in this sequence was filed on 27 Oct 2025.
Current net transaction value: -$21,081,180.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001539853 Primary reporting owner

Levchin Max R

Relationship: Chief Executive Officer, Director, 10%+ Owner
Address: C/O AFFIRM HOLDINGS, INC., 650 CALIFORNIA STREET, SAN FRANCISCO
Signature: /s/ Josh Samples, Attorney-in-Fact
Signature date: 07 Jan 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

AFRM transaction

Class A Common Stock

Options Exercise

Transaction value: $32,666,634
Shares: +666,666
Change %
Price: $49.00
Shares after: 666,666
Date: 05 Jan 2026
Ownership: Direct
Footnotes: F1

AFRM transaction

Class A Common Stock

Sale

Transaction value: $44,572,168
Shares: -553,554
Change %: -83%
Price: $80.52
Shares after: 113,112
Date: 05 Jan 2026
Ownership: Direct
Footnotes: F1, F2

AFRM transaction

Class A Common Stock

Sale

Transaction value: $9,175,645
Shares: -113,112
Change %: -100%
Price: $81.12
Shares after: 0
Date: 05 Jan 2026
Ownership: Direct
Footnotes: F1, F3

AFRM holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 735,294
Date: 05 Jan 2026
Ownership: By Levchin 2012 Irrevocable Trust
Footnotes: F4

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

AFRM transaction Derivative

Performance Based Stock Options

Options Exercise

Transaction value: $0
Shares: -666,666
Change %: -6%
Price: $0.000000
Shares after: 10,500,002
Date: 05 Jan 2026
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 666,666
Exercise price: $49.00
Footnotes: F1, F5

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Rule 10b5-1 trading plan

These transactions were reported as open-market trades under a Rule 10b5-1 plan. The plan lets an insider set trading instructions in advance, which can reduce the risk of trading while in possession of material nonpublic information.

Original filing language: transaction made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1(c).

Explanation of responses 5 footnotes

Footnote F1

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 17, 2025.

Footnote F2

Represents the weighted average sale price of the shares sold from $80.00 to $80.997 per share. The Reporting Person will provide, upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F3

Represents the weighted average sale price of the shares sold from $81.00 to $81.40 per share. The Reporting Person will provide, upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F4

As joint settlors of the Levchin 2012 Irrevocable Trust, the Reporting Person and his spouse jointly have the right to acquire the shares held by the trust but do not have voting or investment power over such shares. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.

Footnote F5

The Reporting Person was granted a multi-year performance-based stock option (the "Value Creation Award") on January 12, 2021. The Value Creation Award is divided into ten tranches which the Reporting Person may earn by satisfying a performance condition within a five-year period from the date of grant, subject to the Reporting Person's continued service to the Issuer. The earned tranches of the Value Creation Award becomes vested and exercisable upon the satisfaction of a time condition. Any portion of the Value Creation Award that has not been earned by the fifth anniversary of the grant date will be forfeited. As of January 5, 2026, the Reporting Person has earned 4,000,000 stock options, all of which have vested.