Affirm

Management has prioritized product expansion and distribution over near-term GAAP margins, which we view as appropriate given the network opportunity.

Capex is mainly software development and infrastructure rather than fixed assets: FY2025 property, equipment, and software additions were about 192 million, and nine months FY2026 additions were about 171.5 million. Affirm opportunistically reduced some financing costs in FY2025 through early extinguishment of convertible debt.

There are no dividends or buybacks, and stock-based compensation remains meaningful. Overall, reinvestment has been sensible, with discipline improving as unit economics strengthen.