Company: AX
Filing Date: 2025-09-16
Form Type: 424B5
Source: 0001299709-25-000147
Chunk: 11

Company: Axos Financial, Inc.
Filing Date: 2025-09-16
Form: 424B5
Chunk 11
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, although this historical indicative data inherently involves assumptions, estimates, and approximations. Similarly, certain historical Three-Month Term SOFR data is available from the CME Group. You should not rely on any such historical data, indicative or otherwise, on any historical changes or trends in SOFR or Three-Month Term SOFR as an indicator of the future performance of SOFR or Three-Month Term SOFR.

SOFR may be more volatile than other benchmark or market rates.

Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in comparable benchmark or market rates, and SOFR over time may bear little or no relation to the historical actual or historical indicative data. In addition, the return on and value of the SOFR-linked subordinated notes may fluctuate more than floating rate securities that are linked to other, less volatile rates.

Changes in SOFR could adversely affect the amount of interest that accrues on SOFR-linked subordinated notes and the trading prices for SOFR-linked subordinated notes, including the Notes.

Because SOFR is published by FRBNY based on data received from other sources, we have no control over its determination, calculation or publication. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in SOFR-linked subordinated notes, which includes the Notes. If the manner in which SOFR is calculated is changed, that change may result in a reduction in the amount of interest

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that accrues on SOFR-linked subordinated notes, which may adversely affect the trading prices of SOFR-linked subordinated notes. In addition, the interest rate on SOFR-linked subordinated notes for any day will not be adjusted for any modification or amendment to SOFR for that day that FRBNY may publish if the interest rate for that day has already been determined prior to such publication. There is no assurance that changes in SOFR could not have a material adverse effect on the yield on, value of and market for SOFR-linked subordinated notes, including the Notes.

Under the terms of the Notes, the Benchmark rate on the Notes for each interest period during the floating rate period is expected to be the Three-Month Term SOFR, which is a forward-looking term rate for a tenor of three months that will be based on SOFR, so the Notes would be considered a SOFR-linked subordinate note. A decline in the