Company: AX
Filing Date: 2025-09-16
Form Type: 424B5
Source: 0001299709-25-000147
Chunk: 17

Company: Axos Financial, Inc.
Filing Date: 2025-09-16
Form: 424B5
Chunk 17
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 claims of creditors of that subsidiary. In the event of any such distribution of assets of the Bank, the claims of depositors and other general or subordinated creditors of such subsidiary would be entitled to priority over the claims of ours or holders of the Notes. Accordingly, the Notes are structurally subordinated to all of the existing and future liabilities and obligations of our subsidiaries. Claims on the Bank by creditors other than us include those by holders of our long-term debt and there are substantial obligations with respect to deposit liabilities and federal funds purchased, other short-term borrowings and various other financial obligations. As of June 30, 2025, Axos Clearing had no outstanding borrowings from other banks and the Bank had $21.0 billion of deposits, and $60 million of FHLB advances, to which the Notes will be structurally subordinated.

We are a holding company and banking laws and regulations could limit our access to funds from the Bank with the result that we may not have access to sufficient cash to make payments on the Notes.

We are a legal entity separate and distinct from our subsidiaries, who do not guarantee the Notes. While we, as a holding company, are required to maintain cash positions for our liquidity at the holding company level, our ability to pay dividends, cover operating expenses, and service our debt, including the Notes, depends upon the dividends from the Bank. Interest expense on our holding company debt obligations for the fiscal year ended June 30, 2025 was $14.8 million.

Federal and state banking regulations limit dividends from the Bank to us. Generally, banks are prohibited from paying dividends when doing so would cause them to fall below regulatory minimum capital levels. Additionally, limits exist on banks paying dividends in excess of net income for specified periods. The total amount available for payment of dividends by the Bank was approximately $228.2 million at June 30, 2025 after taking into consideration the amount of capital necessary for the Bank to be considered well capitalized and meet the capital conservation buffer. During the fiscal year ended June 30, 2025, the Bank paid dividends to us on each of September 6, 2024, November 6, 2024, February 12, 2025 and May 30, 2025, in the

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amount of $40 million on each such date. In addition, federal bank regulatory agencies have the authority to prohibit the Bank from engaging in unsafe or unsound practices in conducting their