Core Insights - Affirm Holdings, Inc. has renewed its long-term capital partnership with Moore Specialty Credit, extending the agreement through May 2027, which reflects ongoing confidence in Affirm's lending model [1][9] - The partnership is crucial for Affirm as it ensures reliable, long-term funding to support growing loan originations, allowing the company to maintain its zero late fee model while scaling [2] - Affirm has handled over $33 billion in gross merchandise volume in the past year, with a funding capacity of $23.3 billion, supported by 24 asset-backed securitizations totaling $12.25 billion [3][9] Funding and Partnerships - The renewed partnership with Moore Specialty Credit signifies a decade of collaboration, with Moore having invested nearly $5 billion in Affirm's assets since 2017 [1][9] - Affirm has also deepened its partnership with PGIM Fixed Income by launching a new $3 billion revolving pass-through loan sale facility, enhancing its access to diversified, off-balance-sheet funding [4] Market Position and Performance - Affirm's shares have gained 7.8% year to date, underperforming the broader industry but outperforming the S&P 500 Index [7] - The company trades at a forward price-to-sales ratio of 5.40X, which is lower than the industry average, and carries a Value Score of F [11] - The Zacks Consensus Estimate for Affirm's fiscal 2025 earnings implies a 100.6% improvement year over year, indicating strong growth potential [13]