Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 65

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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 interest receivable, see Note 4—“Loans & Allowance for Credit Losses,” for additional information on derivatives, see Note 5—“Derivatives.”BOLI. The Company purchased $100 million of BOLI policies on the lives of certain executives of the Company during the nine months ended March 31, 2025. The Company is the owner and sole beneficiary of the policies.LIHTC Investments. The Company recognized the following income and tax benefits for its LIHTC investments.For the Three Months Ended March 31, For the Nine Months Ended March 31, (Dollars in thousands)2025202420252024Tax credits recognized$1,476 $854 $4,282 $2,562 Other tax benefits recognized485 269 953 713 Amortization(1,747)(826)(4,400)(2,349)Net benefit (expense) included in income tax expense214 297 835 926 Other income (loss) included in banking and service fees— — — 2 Net benefit (expense) included in the Consolidated Statements of Income$214 $297 $835 $928 

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The Company recognized the following investments on its balance sheets.(Dollars in thousands)As of March 31, 2025As of June 30, 2024LIHTC investments$61,472 $65,873 LIHTC unfunded commitments1$28,980 $40,617 1LIHTC unfunded commitments are included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets.For the three and nine months ended March 31, 2025 and 2024, there have been no significant modifications or events that resulted in the change in the nature of the LIHTC investments or any changes in the relationship with the underlying project.For the three and nine months ended March 31, 2025 and 2024, there has been no impairment loss recognized from the forfeiture or ineligibility of income tax credits.

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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion provides information about the results of operations, financial condition, liquidity, and capital resources of Axos Financial, Inc. and subsidiaries (collectively, “we”, “us” or the “Company”). This information is intended to facilitate the understanding and assessment