Company: AX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001299709-25-000184
Chunk: 38

Company: Axos Financial, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 for sale and derivatives can be found in Note 3—“Fair Value” in the 2025 Form 10-K. The fair value of off-balance sheet items is not considered material.

4.            AVAILABLE-FOR-SALE SECURITIES

The amortized cost and fair value of available-for-sale securities were:September 30, 2025(Dollars in thousands)AmortizedCostUnrealizedGainsUnrealizedLossesFairValueMortgage-backed securities (MBS):Agency1$47,845 $389 $(1,628)$46,606 Non-agency29,901 1,330 (39)11,192 Total mortgage-backed securities57,746 1,719 (1,667)57,798 Total available-for-sale securities$57,746 $1,719 $(1,667)$57,798 June 30, 2025(Dollars in thousands)AmortizedCostUnrealizedGainsUnrealizedLossesFairValueMortgage-backed securities (MBS):Agency1$48,229 $327 $(1,799)$46,757 Non-agency214,395 1,232 (58)15,569 Total mortgage-backed securities62,624 1,559 (1,857)62,326 Municipal3,682 — — 3,682 Total available-for-sale securities$66,306 $1,559 $(1,857)$66,008 1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option adjustable rate mortgages.

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The Company evaluates available-for-sale securities in an unrealized loss position based on an analysis of a number of factors, including, but not limited to: (1) the credit characteristics of the securities, such as the forecasted cash flows, credit ratings, credit enhancement, and government agency or government-sponsored enterprise backing, as applicable; and (2) whether the Company intends to sell or will be required to sell any of the securities before recovering the amortized cost basis. Based on its analysis, the Company determined the unrealized losses on available-for-sale securities