Company: AX
Filing Date: 2025-09-16
Form Type: 424B5
Source: 0001299709-25-000147
Chunk: 12

Company: Axos Financial, Inc.
Filing Date: 2025-09-16
Form: 424B5
Chunk 12
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 Benchmark rate (or an applicable Benchmark Replacement) will decrease the interest payments due under the Notes. Any decrease in SOFR (or an applicable Benchmark Replacement) will lead to a decrease in the Notes’ interest rate. For example, if the Benchmark rate on the Notes during the floating rate period for any interest period declines to zero or becomes negative, interest will only accrue on the Notes at a rate equal to the spread of % per annum with respect to that interest period.

The amount of interest payable on the Notes is variable after , 2030 .

During the fixed rate period, the Notes will bear interest at an initial rate of % per annum. Thereafter, the Notes will bear interest at a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR) plus basis points, subject to the provisions under “ Description of the Notes — Interest. ” The per annum interest rate that is determined at the reference time for each interest period will apply to the entire quarterly interest period following such determination date even if the Benchmark rate increases during that period. Floating rate notes bear additional significant risks not associated with fixed rate debt securities. These risks include fluctuation of the interest rates and the possibility that you will receive an amount of interest that is lower than expected. We have no control over a number of matters that may impact prevailing interest rates, including, without limitation, economic, financial, regulatory and political events that are important in determining the existence, magnitude, and longevity of market volatility, and other risks and their impact on the value of, or payments made on, the Notes. In recent years, interest rates have been volatile, and that volatility may be expected in the future.

Any failure of SOFR to maintain market acceptance could adversely affect the trading prices of SOFR-linked subordinated notes, including the Notes.

SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to the London Interbank Offered Rate (“LIBOR”), in part because it is considered a good representation of general funding conditions in the overnight U.S. Treasury repurchase agreement market. However, as a rate based on transactions secured by U.S. Treasury securities, SOFR does not measure bank-specific credit risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks than LIBOR. This may mean that, in the future, market participants may not consider SOFR to be a suitable substitute or successor for all of the purposes for which U.S. dollar