Company: AX
Filing Date: 2025-09-16
Form Type: 424B5
Source: 0001299709-25-000147
Chunk: 40

Company: Axos Financial, Inc.
Filing Date: 2025-09-16
Form: 424B5
Chunk 40
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 to comply with SEC requirements in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act; or

• to secure the Notes.

The Subordinated Indenture permits us and the trustee, with the consent of the holders of a majority in aggregate principal amount of each series of the outstanding subordinated notes affected thereby, to modify the Subordinated Indenture in a manner affecting the rights of the holders of the Notes of such series; provided that no modification may, without the consent of the holders of each outstanding note affected:

• change the maturity of the principal of any subordinated note or the timing of an interest payment on a subordinated note;

• reduce the principal amount or the rate of interest of any subordinated note;

• reduce the amount of the principal of any subordinated note which would be due and payable upon a declaration of acceleration;

• change the place of payment where, or the coin or currency in which, any subordinated note principal, premium or interest is payable;

• impair the right to institute suit for the enforcement of any such due and payable obligation;

• modify the provisions of the Subordinated Indenture with respect to the subordination of the Notes in a manner adverse to the subordinated note holders;

• reduce the percentage of any series, the consent of whose holders is required for any such supplemental indenture, or the consent of whose holders is required for any waiver provided for in the Subordinated Indenture; or

• modify such provisions with respect to modification or waiver.

The trustee may, but will not be obligated to, enter into any such supplemental indenture that affects the trustee’s own rights, duties, immunities or liabilities under the Subordinated Indenture or otherwise (including, without limitation, in connection with the adoption of any Benchmark Replacement Conforming Changes). The trustee will not be bound to follow or agree to any amendment or supplement to the Subordinated Indenture (including, without limitation, any Benchmark Replacement Conforming Changes) that would materially change or affect the rights, privileges, duties, obligations or liabilities of the trustee (including without limitation the imposition or expansion of discretionary authority), or would otherwise materially and adversely affect the trustee, in each case, in its reasonable judgment, without the trustee’s express written consent.

Consolidation, Merger, Sale of Assets and Other Transactions

<div align='center'>S-23</div>

We will not consolidate with or merge into any other person or convey, transfer or lease all or substantially all of our