Affirm Holdings, Inc.

AFRM • NASDAQ

Affirm Holdings, Inc. is a software - infrastructure company in the technology sector on NASDAQ, led by Max Roth Levchin, with a market cap of $23.7B. As of Q3 2025, 69% of shares are held by 593 institutional investors, with VANGUARD GROUP INC as the largest holder at 7.5%.

CEOMax Roth Levchin

Market Cap$23.7B

Software - Infrastructure

Technology

Employees2.2K

Websiteaffirm.com

Country

United States of America

Overview

Overview of institutional ownership in AFRM as of Q3 2025 with a market cap of $23.8B

All Institutions

Institutions: 593
Value Held: $16.5B
Shares Held: 225.9M
Avg Position: $27.8M
Median Position: $929.7K

Hedge Funds

Hedge Funds: 73
Value Held: $1.7B
Shares Held: 23.9M
Avg Position: $23.9M
Median Position: $6.7M

Ownership Breakdown

Institutional (non-HF)

62.06%

$14.8B

Hedge Funds

7.33%

$1.7B

Retail & Other

30.61%

$7.3B

Based on market cap of $23.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in AFRM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.8B 0.03% of portfolio	7.50% 24.4M shares	Q1 2021 Held for 4y 9m	$6.69T
Capital Research Global Investors RIA/Wealth	Maria Alejandra Herrera CIO	$1.7B 0.32% of portfolio	7.08% 23.0M shares	Q1 2021 Held for 4y 9m	$532.36B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.7B 0.10% of portfolio	7.05% 23.0M shares	Q1 2021 Held for 4y 9m	$1.65T
C Capital World Investors Institution	-	$1.5B 0.21% of portfolio	6.51% 21.2M shares	Q1 2023 Held for 2y 9m	$730.00B
BlackRock, Inc. Institution	Laurence D. Fink CEO	$1.3B 0.02% of portfolio	5.44% 17.7M shares	Q1 2021 Held for 4y 9m	$5.67T
FMR LLC Institution	-	$894.5M 0.05% of portfolio	3.76% 12.2M shares	Q1 2021 Held for 4y 9m	$1.92T
Durable Capital Partners LP Hedge Fund•Long/Short	Henry Martin Ellenbogen CIO	$458.1M 3.39% of portfolio	1.92% 6.3M shares	Q3 2024 Held for 1y 3m	$13.5B
B BAILLIE GIFFORD & CO Institution	-	$430.8M 0.32% of portfolio	1.81% 5.9M shares	Q1 2021 Held for 4y 9m	$134.80B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$412.3M 0.01% of portfolio	1.73% 5.6M shares	Q1 2021 Held for 4y 9m	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$376.9M 0.02% of portfolio	1.59% 5.2M shares	Q1 2021 Held for 4y 9m	$1.57T

Net Capital Flow

Institutional buying and selling activity for AFRM in Q3 2025

Traded: +$523.0M
Buyers: 365
Sellers: 244
Total Bought: +$2.4B
Total Sold: −$1.8B
Avg Position: $24.3M

Biggest Buyers

Institution	Net Bought	Current Position
Invesco Ltd. ETF Provider	+$236.4M +3.2M shares	$316.7M 4.3M shares
Marshall Wace LLP Institution	+$218.8M +3.0M shares	$326.4M 4.5M shares
FMR LLC Institution	+$190.8M +2.6M shares	$894.5M 12.2M shares
BlackRock, Inc. Institution	+$151.2M +2.1M shares	$1.3B 17.7M shares
LORD, ABBETT & CO. LLC Long Only Manager	+$104.2M +1.4M shares	$115.6M 1.6M shares
STATE STREET CORP Institution	+$86.8M +1.2M shares	$412.3M 5.6M shares
G GCIC Ltd. Institution	+$66.9M +915.0K shares	$170.9M 2.3M shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	+$65.6M +897.3K shares	$85.2M 1.2M shares
Q Qube Research & Technologies Ltd Institution	+$64.0M +875.8K shares	$156.8M 2.1M shares
MORGAN STANLEY RIA/Wealth	+$58.5M +800.5K shares	$1.7B 23.0M shares

Biggest Sellers

Institution	Net Sold	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$189.6M −2.6M shares	$48.8M 667.9K shares
Atreides Management, LP Hedge Fund•Long/Short	−$129.3M −1.8M shares	$15.2M 207.9K shares
B BAILLIE GIFFORD & CO Institution	−$119.6M −1.6M shares	$430.8M 5.9M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$88.4M −1.2M shares	$67.2M 919.4K shares
W Whale Rock Capital Management LLC Hedge Fund•Long/Short	−$88.2M −1.3M shares	Sold Off 0 shares
Durable Capital Partners LP Hedge Fund•Long/Short	−$81.9M −1.1M shares	$458.1M 6.3M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$76.6M −1.0M shares	$95.9M 1.3M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$75.2M −1.0M shares	$22.7M 311.1K shares
Foxhaven Asset Management, LP Hedge Fund•Long/Short	−$70.5M −964.4K shares	$141.2M 1.9M shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	−$55.3M −800.5K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited AFRM in Q3 2025

New Positions: 70
New Value: $89.2M
Exited Positions: 86
Exited Value: $289.0M

New Positions

Institution	Position Value
FEDERATED INVESTORS INC /PA/ Long Only Manager	$19.1M 261.0K shares
A AGF MANAGEMENT LTD Institution	$10.4M 142.1K shares
R Rakuten Investment Management, Inc. Institution	$7.7M 95.9K shares
Polar Securities Inc. Hedge Fund•Multi-Strategy	$6.7M 92.0K shares
R Resona Asset Management Co.,Ltd. Institution	$6.0M 82.1K shares
M Mondrian Capital Management, LLC Hedge Fund•Long/Short	$5.2M 71.0K shares
Gunderson Capital Management Inc. RIA/Wealth	$2.7M 36.4K shares
FLAGSHIP HARBOR ADVISORS, LLC RIA/Wealth	$2.4M 32.9K shares
Silvant Capital Management LLC Long Only Manager	$2.2M 29.9K shares
C CAXTON ASSOCIATES LLP Institution	$2.0M 27.9K shares

Exited Positions

Institution	Previous Position
W Whale Rock Capital Management LLC Hedge Fund•Long/Short	$88.2M 1.3M shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	$55.3M 800.5K shares
S Shannon River Fund Management CO LLC Hedge Fund•Long/Short	$24.7M 356.6K shares
Nishkama Capital, LLC Hedge Fund•Sector	$12.3M 178.0K shares
ALGERT COLDIRON INVESTORS LLC Hedge Fund•Quant	$11.6M 168.3K shares
WESTERLY CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	$10.7M 155.0K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$9.2M 133.6K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$6.9M 100.0K shares
Proem Advisors LLC Hedge Fund•Long/Short	$6.2M 90.1K shares
O One Fin Capital Management LP Hedge Fund•Event Driven	$4.5M 65.0K shares

Options Activity

Institutions with the largest Call and Put options positions in AFRM as of Q3 2025

Call Positions: 38
Call Value: $1.2B
Put Positions: 44
Put Value: $1.4B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$429.7M 58.8K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$246.4M 33.7K contracts
J JANE STREET GROUP, LLC Institution	$177.4M 24.3K contracts
N NOMURA HOLDINGS INC Institution	$53.1M 7.3K contracts
P PEAK6 LLC Institution	$52.1M 7.1K contracts
W WOLVERINE TRADING, LLC Institution	$48.9M 6.4K contracts
Walleye Trading LLC RIA/Wealth	$33.6M 4.6K contracts
D D. E. Shaw & Co., Inc. Institution	$24.5M 3.4K contracts
CITIGROUP INC Institution	$23.4M 3.2K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$16.5M 2.3K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$443.0M 60.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$221.0M 30.2K contracts
J JANE STREET GROUP, LLC Institution	$111.7M 15.3K contracts
D D. E. Shaw & Co., Inc. Institution	$77.8M 10.6K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$70.3M 9.6K contracts
Toroso Investments, LLC ETF Provider	$54.8M 7.5K contracts
P PEAK6 LLC Institution	$43.2M 5.9K contracts
Walleye Trading LLC RIA/Wealth	$41.6M 5.7K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$40.2M 5.5K contracts
W WOLVERINE TRADING, LLC Institution	$35.6M 4.6K contracts

Most Committed Institutions

Institutions with AFRM as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Abdiel Capital Advisors, LP Hedge Fund•Long/Short	Colin Theodore Moran Managing Partner	21.22% $70.1M	0.29% 959.6K shares	Q2 2021 Held for 4y 6m	$330.5M
L Leo Wealth, LLC Institution	-	8.81% $67.6M	0.28% 924.8K shares	Q4 2023 Held for 2 years	$767.3M
OGBORNE CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Michael Patrick Ogborne Managing Partner	7.96% $29.2M	0.12% 400.0K shares	Q3 2024 Held for 1y 3m	$367.0M
F Flight Deck Capital, LP Hedge Fund	Jay R Kahn Managing Partner	7.40% $8.7M	0.04% 118.5K shares	Q3 2024 Held for 1y 3m	$116.9M
D Dilation Capital Management LP Long Only Manager	Brian Lee Eizenstat Managing Partner	6.50% $13.1M	0.06% 179.4K shares	Q1 2025 Held for 9 months	$201.8M
ALLEN OPERATIONS LLC RIA/Wealth	Stuart Bradley Allen Managing Partner	6.30% $52.7M	0.22% 721.4K shares	Q1 2021 Held for 4y 9m	$836.3M
ThornTree Capital Partners LP Hedge Fund•Long/Short	Mark Christopher Moore CIO	4.65% $30.4M	0.13% 415.6K shares	Q2 2024 Held for 1y 6m	$653.4M
CATALYST PRIVATE WEALTH, LLC RIA/Wealth	Brendan Diarmuid Connaughton CEO	4.44% $9.4M	0.04% 128.7K shares	Q2 2021 Held for 4y 6m	$212.0M
Spyglass Capital Management LLC Long Only Manager	James Andrew Robillard President	3.91% $73.4M	0.31% 1.0M shares	Q3 2021 Held for 4y 3m	$1.9B
Foxhaven Asset Management, LP Hedge Fund•Long/Short	Michael (Nmn) Gennaro CFO	3.53% $141.2M	0.59% 1.9M shares	Q4 2024 Held for 1 year	$4.0B

Hedge Fund Spotlight

Discover hedge funds investing in AFRM

D1 Capital Partners L.P.

Hedge Fund • Long/Short

Portfolio ManagerJeremy Louis Katz

Portfolio Value: $9.1B
Positions: 39
Last Reported: Q3 2025

Sector Allocation

Position in Affirm Holdings, Inc.

Market Value: $59.9M
Shares Held: 820.0K
Portfolio Weight: 0.66%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Maplebear Inc. CART	Specialty Retail Consumer Cyclical	$829.2M	9.14%
2 Applovin Corporation APP	Software - Application Technology	$601.3M	6.63%
3 Clean Harbors CLH	Waste Management Industrials	$567.9M	6.26%