Company: AX
Filing Date: 2025-09-16
Form Type: 424B5
Source: 0001299709-25-000147
Chunk: 14

Company: Axos Financial, Inc.
Filing Date: 2025-09-16
Form: 424B5
Chunk 14
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 period, which could adversely affect the return on, value of, and market for the Notes. Further, there is no assurance that the characteristics of any Benchmark Replacement will be similar to the then-current Benchmark that it is replacing, or that any Benchmark Replacement will produce the economic equivalent of the then-current Benchmark that it is replacing.

The secondary trading markets for SOFR-lined subordinated notes may be limited.

Since SOFR is a relatively new market index, the secondary trading market for SOFR-linked debt securities may face challenges including volatility and limited liquidity. Market terms for securities that are linked to SOFR, such as the spread over the base rate reflected in the interest rate provisions, may continue to evolve over time, and as a result, trading prices of SOFR-linked subordinated notes may be lower than those of later-issued securities that are linked to SOFR. Similarly, if SOFR does not prove to be widely used in securities that are similar or comparable to the Notes, the trading price of the Notes may be lower than those of securities that are linked to rates that are more widely used. You may not be able to sell the Notes at all or may not be able to sell the Notes at prices that will provide you with a yield comparable to similar investments that have a more established secondary market, and may consequently suffer from increased pricing volatility and market risk.

A change in the Benchmark interest rate may be treated as a significant modification of the Notes for tax purposes, which could result in taxable gain or loss to holders.

If a term of the Notes, such as the interest rate, is altered such that the Notes are impacted to a degree that is economically significant, the Notes will be treated as exchanged for the modified notes for federal tax purposes. A deemed exchange of the Notes could result in gain or loss to the holders. Thus, if the Benchmark interest rate is replaced with a rate other than the Three-Month Term SOFR, such replacement could adversely affect the holders of the Notes.

Because the Notes may be redeemed at our option under certain circumstances prior to their maturity, you may be subject to reinvestment risk.

Subject to the prior approval of the Federal Reserve, to the extent that such approval is then required, we may redeem the Notes at our option (i) in whole but not in part beginning with the interest payment date of , 2030, and on any interest payment date thereafter. In addition, at any time at which any Notes remain outstanding, subject to the prior approval of the Federal Reserve, to the extent that such approval is