Company: AX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001299709-25-000184
Chunk: 62

Company: Axos Financial, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 financings issued by variable interest entities (“VIEs”) consolidated by the Company, see Note 14— “Variable Interest Entities,” and for additional information on other borrowings, see Note 13—“Borrowings, Subordinated Notes and Debentures” in the 2025 Form 10-K.

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13.        OTHER ASSETS

“Other Assets” in the Consolidated Balance Sheets primarily comprises bank-owned life insurance (“BOLI”), accrued interest receivable, derivatives, net deferred income tax assets, furniture, equipment and software, right-of-use lease assets, LIHTC investments and other receivables. For additional information on other assets, see Note 9—“Other Assets” in the 2025 Form 10-K. For additional information on accrued interest receivable, see Note 5—“Loans & Allowance for Credit Losses,” and for additional information on derivatives, see Note 6—“Derivatives.”LIHTC Investments. The Company recognized the following income and tax benefits for its LIHTC investments.For the Three Months Ended September 30, (Dollars in thousands)20252024Tax credits recognized$2,282 $1,420 Other tax benefits recognized1,090 312 Amortization(2,564)(1,406)Net benefit (expense) included in income tax expense808 326 Other income (loss) included in banking and service fees9 — Net benefit (expense) included in the Consolidated Statements of Income$817 $326 The Company recognized the following investments on its balance sheets.(Dollars in thousands)As of September 30, 2025As of June 30, 2025LIHTC investments$82,311 $84,875 LIHTC unfunded commitments1$43,555 $47,381 1LIHTC unfunded commitments are included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets.For the three months ended September 30, 2025 and 2024, there have been no significant modifications or events that resulted in the change in the nature of the LIHTC investments or any changes in the relationship with the underlying project.For the three months ended September 30, 2025 and 2024, there has been no impairment loss recognized from the forfeiture or ineligibility of income tax credits.

14.        VARIABLE INTEREST ENTITIES

The Company consolidated the results