Company: AX
Filing Date: 2025-09-16
Form Type: 424B5
Source: 0001299709-25-000147
Chunk: 55

Company: Axos Financial, Inc.
Filing Date: 2025-09-16
Form: 424B5
Chunk 55
---
 If, as of the issue date, the initial fixed rate substitute on the equivalent fixed rate debt instrument (as determined in the manner described above) is equal to or greater than the fixed rate substitute of the floating rate (as determined in the manner described above), the Notes will be presumed not to be redeemed, and the qualified stated interest and OID with respect to the Notes will be calculated as described above. Under such circumstances, the Notes may be issued with OID. If, however, as of the issue date, the initial fixed rate substitute on the equivalent fixed rate debt instrument (as determined in the manner described above) is less than the fixed rate substitute of the floating rate (as determined in the manner described above), the yield on the Notes will be minimized if the Notes are redeemed

<div align='center'>S-31</div>

immediately before the change in the interest rate at the end of the fixed rate period, and, therefore, the Notes will be treated as maturing on such date and issued without OID. This presumption is made solely for purposes of determining whether the Notes are issued with OID for U.S. federal income tax purposes and is not an indication of our intention to redeem or not to redeem the Notes at any time. If, contrary to this presumption, the Notes are not redeemed prior to the change in the interest rate at the end of the fixed rate period, then, solely for OID purposes, the Notes will be deemed to be reissued at their adjusted issue price on the date that they are not redeemed, and therefore as issued without OID. This deemed reissuance should not give rise to taxable gain or loss to U.S. Holders.

#### Payments of Interest
. You will be taxed on interest on your Note as ordinary income in the taxable year in which you receive the interest or in the taxable year in which the interest accrues, depending on your method of accounting for U.S. federal income tax purposes.

#### Purchase, Sale and Retirement of the Notes
. You will generally recognize capital gain or loss on the sale or other disposition or retirement of your Note equal to the difference between the amount you realize on the sale or other disposition or retirement, excluding any amounts attributable to accrued but unpaid interest (which will be treated as interest payments and taxed subject to the rules regarding payments of interest as discussed above), and your tax basis in your subordinated note. Your tax basis in your Note will generally be its cost increased by the amounts of any OID includible in income by the U.S. Holder with