Company: AX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001299709-25-000184
Chunk: 69

Company: Axos Financial, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 69
---
ant acquisition.

We define “tangible book value,” a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share, a non-GAAP financial measure, is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses.

Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value (Non-GAAP):

(Dollars in thousands, except per share data)September 30, 2025June 30,2025September 30, 2024Common stockholders’ equity$2,793,121 $2,680,677 $2,405,728 Less: servicing rights, carried at fair value26,243 27,218 27,335 Less: goodwill and other intangible assets—net205,747 134,502 139,215 Tangible common stockholders’ equity (Non-GAAP)$2,561,131 $2,518,957 $2,239,178 Common shares outstanding at end of period56,643,547 56,483,617 57,092,216 Book value per common share49.31 47.46 42.14 Less: servicing rights, carried at fair value per common share0.46 0.48 0.48 Less: goodwill and other intangible assets—net per common share3.63 2.38 2.44 Tangible book value per common share (Non-GAAP)$45.22 $44.60 $39.22 

32

SELECTED FINANCIAL INFORMATION

(Dollars in thousands, except per share data)September 30, 2025June 30, 2025September 30, 2024Selected Balance Sheet Data:Total assets$27,431,817$24,783,078$23,569,084Loans—net of allowance for credit losses22,635,13721,049,61019,280,609Loans held for sale, carried at fair value12,20210,01214,566Allowance for credit losses307,431290,049