Company: AX
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001299709-25-000159
Chunk: 16

Company: Axos Financial, Inc.
Filing Date: 2025-09-17
Form: 424B5
Chunk 16
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 FRBNY or any successor thereto (such as the ARRC), (ii) the International Swaps and Derivatives Association (“ISDA”) or (iii) in certain circumstances, the calculation agent. In addition, the Benchmark Transition Provisions expressly authorize the calculation agent to make

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certain changes, which are defined in the terms of the Notes as “Benchmark Replacement Conforming Changes,” with respect to, among other things, the determination of interest periods, and the timing and frequency of determining rates and making payments of interest. The application of a Benchmark Replacement and Benchmark Replacement Adjustment, and any implementation of Benchmark Replacement Conforming Changes, could result in adverse consequences to the amount of interest that accrues on the Notes during the floating rate period, which could adversely affect the return on, value of, and market for the Notes. Further, there is no assurance that the characteristics of any Benchmark Replacement will be similar to the then-current Benchmark that it is replacing, or that any Benchmark Replacement will produce the economic equivalent of the then-current Benchmark that it is replacing.

The secondary trading markets for SOFR-lined subordinated notes may be limited.

Since SOFR is a relatively new market index, the secondary trading market for SOFR-linked debt securities may face challenges including volatility and limited liquidity. Market terms for securities that are linked to SOFR, such as the spread over the base rate reflected in the interest rate provisions, may continue to evolve over time, and as a result, trading prices of SOFR-linked subordinated notes may be lower than those of later-issued securities that are linked to SOFR. Similarly, if SOFR does not prove to be widely used in securities that are similar or comparable to the Notes, the trading price of the Notes may be lower than those of securities that are linked to rates that are more widely used. You may not be able to sell the Notes at all or may not be able to sell the Notes at prices that will provide you with a yield comparable to similar investments that have a more established secondary market, and may consequently suffer from increased pricing volatility and market risk.

A change in the Benchmark interest rate may be treated as a significant modification of the Notes for tax purposes, which could result in taxable gain or loss to holders.

If a term of the Notes, such as the interest rate, is altered such that the Notes are impacted to a degree that is economically significant, the Notes will be treated as exchanged for the modified notes for federal tax purposes. A deemed