Company: AX
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001299709-25-000125
Chunk: 19

Company: Axos Financial, Inc.
Filing Date: 2025-08-21
Form: 10-K
Item: Item 8
Chunk 19
---
 and are based on the Company’s current and expected outlook. We identified the weighting of the economic forecast scenarios as a critical audit matter because of the significance of the ACL. Determining whether the weighting of the economic forecast scenarios was reasonable and supportable involved especially subjective and complex judgements. These assumptions required a high degree of auditor judgment and increased extent of effort.

The primary procedures we performed to address this critical audit matter included:

F-1

•Testing the design and operating effectiveness of management’s controls over the weighting of economic forecast scenarios.

•Evaluating the reasonableness of the weighting of economic forecast scenarios by assessing the magnitude and directional consistency of changes, or lack thereof, in the level of adjustments as compared to external information sources.

•Assessing the reasonableness of management’s judgments in determining the economic forecast scenarios by evaluating contradictory evidence by performing a market analysis to evaluate the appropriateness of conclusions reached. 

/s/ BDO USA, P.C.

We have served as the Company’s auditor since 2013.

San Diego, California

August 21, 2025

F-2

AXOS FINANCIAL, INC.

CONSOLIDATED BALANCE SHEETS

At June 30,(Dollars in thousands, except par value)20252024ASSETSCash and cash equivalents$1,933,845 $1,979,979 Restricted cash242,509 205,797 Total cash, cash equivalents and restricted cash2,176,354 2,185,776 Trading securities649 353 Available-for-sale securities66,008 141,611 Stock of regulatory agencies35,163 21,957 Loans held for sale, carried at fair value10,012 16,482 Loans—net of allowance for credit losses of $290,049 as of June 30, 2025 and $260,542 as of June 30, 202421,049,610 19,231,385 Servicing rights, carried at fair value 27,218 28,924 Securities borrowed139,396 67,212 Customer, broker-dealer and clearing receivables252,720 240,028 Goodwill and other intangible assets—net134,502 141,769 Other assets891,446 779,837 TOTAL ASSETS$24,783,078 $22,855,334 LIABILITIES AND STOCKHOLDERS’ EQUITYDeposits