Company: AX
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001299709-25-000159
Chunk: 24

Company: Axos Financial, Inc.
Filing Date: 2025-09-17
Form: 424B5
Chunk 24
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 depend on the earnings or financial condition of our subsidiaries and various business and regulatory considerations. Statutory, regulatory, contractual or other restrictions also limit our subsidiaries’ ability to pay dividends or make distributions, loans or advances to us. For these reasons, we may not have access to any assets or cash flows of our subsidiaries to make interest and principal payments on the Notes.

Our published credit ratings may not reflect all risks of an investment in the Notes.

Our published credit ratings and those of our indebtedness are an assessment by rating agencies of our ability to pay our debts when they come due. These credit ratings do not comment as to market price or suitability for a particular investor, are limited in scope, and do not address all material risks relating to an investment in the Notes, but rather reflect only the view

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of each rating agency at the time the rating is issued. Accordingly, these credit ratings are not recommendations by the rating agency to purchase, hold or sell the Notes. Additionally, the published credit ratings assigned to the Notes may not reflect the potential impact of all risks related to structure and other factors on any trading market for, or trading value of, the Notes. You should consult your own financial and legal advisors as to the risks an investment in the Notes entails and the suitability of investing in the Notes in light of your specific circumstances.

A downgrade in our credit ratings or the ratings of the Bank could have a material adverse impact on us.

Rating agencies continuously evaluate us and our subsidiaries, and their published credit ratings of our and the Bank’s long-term and short-term debt are based on a number of factors, including financial strength, as well as factors not entirely within our or our subsidiaries’, including the Bank’s, control, such as conditions affecting the financial services industry generally. In light of these reviews and the continued focus on the financial services industry generally, we and our subsidiaries, including the Bank, may not be able to maintain our current credit ratings. Ratings downgrades by a rating agency could have a significant and immediate impact on our funding and liquidity through cash obligations, reduced funding capacity, and collateral triggers. A reduction in our or the Bank’s credit ratings could also increase our and the Bank’s borrowing costs and limit access to the capital markets.

Downgrades in the credit or financial strength ratings assigned to the counterparties with whom we transact could create the perception that our financial condition will be adversely impacted as a result of potential future defaults by such counterparties. Additionally, we could be adversely affected by