Company: AX
Filing Date: 2025-09-16
Form Type: 424B5
Source: 0001299709-25-000147
Chunk: 1

Company: Axos Financial, Inc.
Filing Date: 2025-09-16
Form: 424B5
Chunk 1
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 subject to the receipt of the approval of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to the extent then required under applicable laws or regulations, including capital regulations.

The Notes will be general unsecured obligations. The Notes will rank junior to all of our existing and future senior indebtedness. In addition, the Notes will be effectively subordinated to all of our secured indebtedness to the extent of the value of the assets securing such indebtedness. The Notes will be structurally subordinated to all of the existing and future liabilities and obligations of our subsidiaries, including the deposit liabilities and claims of other creditors of our bank subsidiary, Axos Bank (the “Bank”). The Notes will rank equal in right of payment with our existing and future subordinated indebtedness, including our 4.00% subordinated fixed-to-floating rate notes due 2032 (our “2032 Notes”) and, to the extent not redeemed, our 4.875% subordinated fixed-to-floating rate notes due 2030 (the “2030 Notes”). The Notes will be obligations of Axos Financial, Inc. only, and will not be obligations of, and will not be guaranteed by, any of our subsidiaries.

The Notes will not be listed on any securities exchange or included in any automated dealer quotation system. There is currently no public market for the Notes.

|                       |     | PUBLIC OFFERING 
 PRICE(1)        |     | UNDERWRITINGDISCOUNTSAND COMMISSIONS(2) |     | PROCEEDS, BEFOREEXPENSES, TO US(1) |
| Per subordinated note |     | —%              |     | —%                                      |     | —%                                 |
| Total                 |     | $—              |     | $—                                      |     | $—                                 |

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(1) Plus accrued interest from September , 2025 if settlement occurs after that date.

(2) We have agreed to reimburse the underwriter for certain expenses in connection with this offering. See “ Underwriting ” in this prospectus supplement for details.

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The underwriter expects to deliver the Notes in book-entry only form on or about September , 2025.

Investing in the Notes involves certain risks. Please read “

#### Risk Factors

#### ” beginning on page S-8
of this prospectus supplement, on page 6 of the accompanying prospectus, and those risk factors in the documents incorporated by reference in this prospectus