Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 31

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 segment performance and deciding how to allocate resources. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.In December 2023, the FASB issued ASU 2023-09, which requires further granularity on the disclosure of income taxes, including:•Certain prescribed line items in the income tax rate reconciliation presented both in dollar and percentage terms;•Income taxes paid, income before income taxes and income taxes disaggregated by federal, state and foreign taxes; and•Further disaggregation of income taxes paid by any individual jurisdiction equal to or exceeding five percent of total income taxes paid.This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.

9

In November 2024, the FASB issued ASU 2024-03, which requires disaggregation of operating expenses by relevant expense caption on the statement of income into prescribed categories, including employee compensation, depreciation and intangible asset amortization. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.

2.     FAIR VALUE

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2025 and June 30, 2024. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:March 31, 2025(Dollars in thousands)Significant OtherObservableInputs(Level 2)SignificantUnobservableInputs(Level 3)TotalASSETS:Trading securities$346 $— $346 Available-for-sale securities:Agency MBS46,999 — 46,999 Non-Agency MBS— 29,301 29,301 Municipal3,658 — 3,658 Total—Available-for-sale securities:$50,657 $29,301 $79,958 Loans held for sale$15,644 $— $15,644 Servicing rights$— $27,585 $27,