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Axos Financial

American Bank holding company

Axos Financial, Inc. is an American bank holding company based in Las Vegas, Nevada, and is the parent of Axos Bank, a direct bank on the list of largest banks in the United States. It also offers registered investment adviser services and an electronic trading platform.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$81.3MRevenue, fiscal 20265
$490.4MNet income, fiscal 20265
1999Founded1

Compare with PROVIDENT FINANCIAL SERVICES INC, NORTHRIM BANCORP INC or BankUnited, or pick any stock.

  • TickerAX on NYSE1
  • Industrybank1
  • HeadquartersSan Diego1
  • Websitewww.bofiholding.com
  • Listed onNasdaq (BOFI), New York Stock Exchange (AX)1
  • Incorporated inDE6
  • Business address9205 West Russell Road, Suite #400, Las Vegas, Nv 891486
  • Filer categoryLarge accelerated filer6
  • Legal formCorporation4
  • LEI529900D8M56422GK9O254
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O NATIONAL REGISTERED AGENTS, INC., 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 30563024

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Axos Financial, Inc. is an American bank holding company based in Las Vegas, Nevada, and is the parent of Axos Bank, a direct bank on the list of largest banks in the United States. It also offers registered investment adviser services and an electronic trading platform.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

603.5%Net margin5
23.5%Revenue growth, 20265
15.5%Return on equity5
0.11×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Advisory Fee Income brought in 44% of the revenue Axos Financial broke down this way in fiscal 2026.

  1. Advisory Fee Income$36.0M544%up 13% from 2025
  2. Broker Dealer Clearing Fees$24.2M530%up 9% from 2025
  3. Card Fees And Other$10.0M512%up 250% from 2025
  4. Deposit Service Fees$8.4M510%up 54% from 2025
  5. Technology and Service Fees$2.6M53%down 24% from 2025
Products and services by year
Products and services202420252026
Advisory Fee Income$31.3M$31.8M$36.0M
Broker Dealer Clearing Fees$20.6M$22.2M$24.2M
Card Fees And Other$2.5M$2.9M$10.0M
Deposit Service Fees$4.3M$5.4M$8.4M
Technology and Service Fees$5.9M$3.5M$2.6M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Interest52¢$710.0M
  • Income tax12¢$156.3M
  • Profit36¢$490.4M

Out of $81.3M in revenue.5

Where each dollar of operating cash went, fiscal 2026

  • Share buybacks4¢$22.0M
  • Kept or used elsewhere96¢$535.6M

Out of $557.6M of cash from operations.5

Financial statements

Revenue9101112135$81.3M in 2026+194% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $27.6M$27.6M20192020: $26.8M$26.8M2020−3%2021: $31.3M$31.3M2021+17%2022: $59.4M$59.4M2022+90%2023: $65.3M$65.3M2023+10%2024: $64.6M$64.6M2024−1%2025: $65.8M$65.8M2025+2%2026: $81.3M$81.3M2026+24%
Net income14101112135$490.4M in 2026+216% since 2019
0$200.0M$400.0M$600.0M2019: $155.1M$155.1M20192020: $183.4M$183.4M2020+18%2021: $215.7M$215.7M2021+18%2022: $240.7M$240.7M2022+12%2023: $307.2M$307.2M2023+28%2024: $450.0M$450.0M2024+47%2025: $432.9M$432.9M2025−4%2026: $490.4M$490.4M2026+13%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2026-06-302025-06-302024-06-30
Loans, including fees$1.8B$1.7B$1.5B
Securities borrowed and customer receivables$31.9M$25.5M$22.4M
Investments and other$93.6M$135.2M$133.6M
Total interest and dividend income$2.0B$1.8B$1.7B
Deposits$646.4M$667.8M$670.6M
Advances from the Federal Home Loan Bank$17.6M$1.7M$3.1M
Securities loaned$974.0K$1.8M$2.2M
Other borrowings$45.1M$16.5M$18.3M
Total interest expense$710.0M$687.7M$694.2M
Net interest income$1.2B$1.1B$961.4M
Provision for credit losses$101.1M$55.7M$32.5M
Net interest income, after provision for credit losses$1.1B$1.1B$928.9M
Broker-dealer fee income$45.3M$45.2M$48.1M
Advisory fee income$36.0M$31.8M$31.3M
Banking and service fees$139.8M$38.2M$35.7M
Mortgage banking and servicing rights income$6.1M$13.0M$10.0M
Prepayment penalty fee income$6.4M$2.8M$5.1M
Gain on acquisition$0$0$92.4M
Total non-interest income$233.6M$131.1M$222.7M
Salaries and related costs$323.0M$298.0M$250.9M
Data and operational processing$91.9M$80.4M$69.4M
Depreciation and amortization$80.6M$29.0M$27.1M
Advertising and promotional$49.1M$47.8M$42.8M
Professional services$42.8M$37.6M$36.5M
Occupancy and equipment$22.4M$17.7M$16.7M
FDIC and regulatory fees$27.7M$27.6M$20.5M
Broker-dealer clearing charges$17.7M$17.1M$18.3M
General and administrative expense$77.4M$34.6M$33.9M
Total non-interest expense$732.7M$589.7M$516.1M
INCOME BEFORE INCOME TAXES$646.7M$613.4M$635.5M
INCOME TAXES$156.3M$180.5M$185.5M
NET INCOME$490.4M$432.9M$450.0M
Basic earnings per common share (in dollars per share)$8.66$7.61$7.82
Diluted earnings per common share (in dollars per share)$8.48$7.43$7.66

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Corporate structure

Axos Financial sits at the top of its group. 34 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Axos Financial

  • Axos Financial Las Vegas, Nevada, United States
    • ASI Trust Subsidiary · Delaware, United States
    • Axfin Mortgage Trust 2019-1 Subsidiary · New York, United States
    • Axos Bank Subsidiary · San Diego, California, United States
      • AXOS SECURITIES, LLC Subsidiary · Las Vegas, Nevada, United States
        • AXOS SECURITIES INVESTMENTS, LLC Subsidiary · Las Vegas, Nevada, United States
    • Axos Business Center Corp. Subsidiary · Philippines
    • Axos Capital, LLC Subsidiary · Nevada, United States
    • Axos Clearing LLC Subsidiary · Delaware, United States
    • Axos CLO Investments, LLC Subsidiary · Delaware, United States
    • Axos Commercial Lending Services LLC Subsidiary · Nevada, United States
    • Axos Community Infrastructure, LLC Subsidiary · Nevada, United States
    • Axos Digital Assets LLC Subsidiary · Delaware, United States
    • Axos Fund I, LLC Subsidiary · Delaware, United States
    • Axos Intellectual Property, LLC Subsidiary · Nevada, United States
    • Axos Invest LLC Subsidiary · Delaware, United States
    • Axos Nevada Holding, LLC Subsidiary · Nevada, United States
    • Axos Nevada, LLC Subsidiary · Nevada, United States
    • Axos Securities Investments, LLC Subsidiary · Nevada, United States
    • Axos Securities, LLC Subsidiary · Nevada, United States
    • Axos Services, LLC Subsidiary · Nevada, United States
    • BlueFin CLO LLC Subsidiary · Delaware, United States
    • BofI Trust I Subsidiary · Delaware, United States
    • LASFin Commercial Mortgage Trust 2023 Subsidiary · New York, United States
    • Sabre Springs Amenities, LLC Subsidiary · Delaware, United States
    • Sabre Springs Real Estate, LLC Subsidiary · Delaware, United States
    • Verdant ATT, LLC Subsidiary · Delaware, United States
    • Verdant Commercial Capital Titling Trust Subsidiary · Delaware, United States
    • and 6 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Axos Financial reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$307.8M5 Jun 30, 2026$238.4M5 Jun 30, 2025+29.1%
Accumulated depreciation$163.0M5 Jun 30, 2026$133.3M5 Jun 30, 2025+22.3%
Property and equipment, net$144.8M5 Jun 30, 2026$105.1M5 Jun 30, 2025+37.8%
Operating-lease assets (leased space)$50.8M5 Jun 30, 2026$53.4M5 Jun 30, 2025−4.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.1B5 Jun 30, 2026$1.9B5 Jun 30, 2025−42.7%
Loans, net of allowance$25.6B5 Jun 30, 2026$21.0B5 Jun 30, 2025+21.6%
Deposits held (banks)$24.6B5 Jun 30, 2026$20.8B5 Jun 30, 2025+17.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$144.3M5 Jun 30, 2026$97.7M5 Jun 30, 2025+47.8%
Intangible assets, net (excluding goodwill)$105.0M5 Jun 30, 2026$36.8M5 Jun 30, 2025+185.1%
Accumulated amortization$78.1M5 Jun 30, 2026$65.2M5 Jun 30, 2025+19.8%

Properties, in its own words

Our principal offices are located at 9205 West Russell Road, Suite 400, Las Vegas, NV 89148. Our Banking Business Segment and Securities Business Segment both conduct business at this location. Among other additional locations, we have office space located in San Diego, California totaling approximately 203,000 square feet. Additionally, the Company owns a commercial office complex located in San Diego, California, which is presently leased and offered for lease to third parties. At a future date, the Bank intends to occupy this property as its headquarters.

Item 2 of the 10-K filed Aug 20, 2026.18

The story

Axos was founded in 1999 as BofI Holding, Inc., by Jerry Englert, the founder of Bank of Del Mar, and Gary Lewis Evans, president of La Jolla Bank, with $14 million of startup capital. It began operations as Bank of Internet on July 4, 2000. The start date of July 4 was purposely chosen because it showed that the bank would be open on a day that other banks were closed due to Independence Day and because the internet bank represented "Independence from traditional banking".

BofI became a public company via an initial public offering on March 15, 2005. It offered 3,052,745 shares of common stock at a price of $11.50 per share.

Gregory Garrabrants, previously senior vice president at IndyMac Bancorp, was appointed CEO in October 2007. In 2018, Garrabrants earned $34.5 million, making him the highest paid bank CEO of that year.

On October 1, 2018, BofI Holding re-branded as Axos Financial, and switched its stock exchange listing from NASDAQ to the NYSE. Bank of Internet was rebranded as Axos Bank.

From Wikipedia’s article on Axos Financial, shared under CC BY-SA 4.0.7

Leadership

Who has led Axos Financial, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gregory Garrabrants2007–now

President

  1. Gregory Garrabrants2010–2026
  2. Brian D. Swanson2026–now

Chief financial officer

  1. Andrew J. Micheletti2006–2021
  2. Gregory Garrabrants2010
  3. Derrick Walsh2021–now

Chief operating officer

  1. Raymond D. Matsumoto2026–now
200020052010201520202025
Board members and other officers (32)

Products and brands

  • online banking

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ASI Trust Delaware8
  • Axfin Mortgage Trust 2019-1 New York8
  • Axos Business Center Corp. Philippines8
  • Axos CLO Investments, LLC Delaware8
  • Axos Capital, LLC Nevada8
  • Axos Clearing LLC Delaware8
  • Axos Commercial Lending Services LLC Nevada8
  • Axos Community Infrastructure, LLC Nevada8
  • Axos Digital Assets LLC Delaware8
  • Axos Fund I, LLC Delaware8
  • Axos Intellectual Property, LLC Nevada8
  • Axos Invest LLC Delaware8
  • Axos Invest, Inc. Delaware8
  • Axos Nevada Holding, LLC Nevada8
  • Axos Nevada, LLC Nevada8
  • Axos Securities Investments, LLC Nevada8
  • Axos Securities, LLC Nevada8
  • Axos Services, LLC Nevada8
  • BlueFin CLO LLC Delaware8
  • BofI Trust I Delaware8
  • LASFin Commercial Mortgage Trust 2023 New York8
  • Sabre Springs Amenities, LLC Delaware8
  • Sabre Springs Real Estate, LLC Delaware8
  • Verdant ATT, LLC Delaware8
All 31 listed subsidiaries
  • Verdant Commercial Capital Titling Trust Delaware8
  • Verdant Commercial Capital, LLC Delaware8
  • Verdant Receivables 2022-1, LLC Delaware8
  • Verdant Receivables 2023-1, LLC Delaware8
  • Verdant Receivables 2024-1, LLC Delaware8
  • Verdant Receivables 2025-1, LLC Delaware8
  • Zenith Information Systems, Inc. California8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • BofI Holding, Inc.Dec 16, 2004 to Sep 12, 20186

Timeline

  1. Sep 21, 20268-K Completed an acquisition or sale57
  2. Aug 6, 20268-K Regulation FD disclosure58
  3. Jul 30, 20268-K Results of operations; Other events59
  4. Jul 7, 20268-K Other events60
  5. Jun 9, 20268-K Other events61
  6. May 4, 20268-K Completed an acquisition or sale62
  7. May 4, 20268-K Regulation FD disclosure63
  8. Apr 30, 20268-K Results of operations64
  9. Apr 23, 20268-K Entered a material agreement65
  10. Mar 23, 20268-K Other events66
  11. Feb 12, 20268-K Entered a material agreement67
  12. Feb 2, 20268-K Regulation FD disclosure68
  13. Nov 27, 2007New chief executive Gregory Garrabrants becomes CEO19
  14. 1999Founded Founded1

Calendar

Coming up

  1. Oct 29, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $2.07 a share, on Oct 30, 2025.69

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results59
  2. Apr 30, 2026Reported quarterly or annual results64
  3. Jan 29, 2026Reported quarterly or annual results70
  4. Oct 30, 2025Reported quarterly or annual results71
  5. Jul 30, 2025Reported quarterly or annual results72
  6. Apr 30, 2025Reported quarterly or annual results73
  7. Jan 28, 2025Reported quarterly or annual results74
  8. Oct 30, 2024Reported quarterly or annual results75

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

598 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 77 major events, 407 insider forms, 16 large holders, 78 other. The latest 20:

  1. Sep 24, 2026ARS EDGAR
  2. Sep 24, 2026DEFA14A EDGAR
  3. Sep 24, 2026DEF 14A EDGAR
  4. Sep 21, 20268-K EDGAR
  5. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  7. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  8. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  9. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  10. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  11. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  12. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  13. Sep 16, 20264/A PRIMARY DOCUMENT EDGAR
  14. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  15. Sep 4, 20264 PRIMARY DOCUMENT EDGAR
  16. Aug 25, 20268-A12B EDGAR
  17. Aug 25, 2026CERT NYSE TEXAS CERTIFICATION EDGAR
  18. Aug 20, 202610-K EDGAR
  19. Aug 7, 20264 PRIMARY DOCUMENT EDGAR
  20. Aug 7, 2026SCHEDULE 13G EDGAR

The 598 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

74 open-market trades by officers, directors and large owners since October 2021: 4 buys and 70 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 5, 2026Santi Roque ADirectorSale500$105.30$52.6KForm 4
Jun 8, 2026Constantine Thomas MSale1,994$88.55$176.6KForm 4
May 19, 2026Watson Michael JamesSale1,653$83.77$138.5KForm 4
May 8, 2026Santi Roque ADirectorSale500$87.77$43.9KForm 4
Feb 17, 2026Nick MosichDirectorSale1,275$98.00$125.0KForm 4
Feb 17, 2026Nick MosichDirectorSale1,275$98.00$125.0KForm 4
Feb 11, 2026Nick MosichDirectorSale1,000$97.00$97.0KForm 4
Feb 6, 2026Constantine Thomas MSale3,260$100.00$326.0KForm 4
Feb 6, 2026Walsh DerrickEVP, Chief Financial OfficerSale4,846$101.21$490.5KForm 4
Feb 6, 2026COURT JAMES JOHNDirectorSale11,163$101.01$1.1MForm 4
Feb 4, 2026Garrabrants GregoryPresident and CEOSale43,294$99.10$4.3MForm 4
Dec 8, 2025Bohlig Tamara NDirectorSale2,145$86.23$185.0KForm 4
Dec 5, 2025Ratinoff Edward JamesDirectorSale2,145$84.59$181.4KForm 4
Sep 10, 2025Constantine Thomas MSale1,476$92.00$135.8KForm 4
Sep 3, 2025THIELE CANDACE LSale700$90.14$63.1KForm 4
Sep 3, 2025Nick MosichDirectorSale620$90.50$56.1KForm 4
Sep 2, 2025Nick MosichDirectorSale4,380$90.01$394.2KForm 4
Aug 4, 2025Micheletti Andrew JEVP, FinanceSale13,960$85.38$1.2MForm 4
May 14, 2025Constantine Thomas MSale1,717$72.81$125.0KForm 4
May 5, 2025Grinberg PaulDirectorSale30,000$68.09$2.0MForm 4

All 74 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026Gregory Garrabrants$700.0K$12.1M83
2026Brian Swanson$550.0K$1.7M83
2026Raymond Matsumoto$420.0K$1.5M83
2026Eshel Bar-Adon$370.0K$1.5M83
2026Derrick K. Walsh$360.0K$1.5M83
2025President andChief Executive Officer$700.0K$11.7M83
2025PresidentHead of Consumer Bank$355.0K$2.0M83
2025Executive Vice PresidentChief Operating Officer$415.0K$1.6M83
2024President andChief Executive Officer$700.0K$13.9M83
2024Executive Vice PresidentChief Operating Officer$400.0K$1.6M83

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.8,389,477$817.1M0.0%+68,179
Vanguard Portfolio Management LLC3,136,801$305.5M0.0%+46,026
State Street Corp3,023,908$294.5M0.0%+207,211
Fmr LLC2,969,246$289.2M0.0%+531,572
American Century Companies Inc2,705,653$263.5M0.1%+195,246
Vanguard Capital Management LLC2,466,744$240.2M0.0%+12,670
Dimensional Fund Advisors LP2,197,135$214.0M0.0%+20,132
Geode Capital Management, LLC1,967,141$194.1M0.0%+8,711
Davis Asset Management, L.P.1,535,219$149.5M3.8%No change
Charles Schwab Investment Management Inc751,934$73.2M0.0%+19,853
Franklin Resources Inc714,462$69.6M0.0%−40,532
Northern Trust Corp710,371$69.2M0.0%+25,659
Ameriprise Financial Inc654,362$63.7M0.0%−54,127
Invesco Ltd.617,610$60.1M0.0%+71,304
Morgan Stanley591,123$57.6M0.0%+47,496
Emerald Advisers, LLC536,162$52.2M1.2%+39,930
Wasatch Advisors LP515,576$50.2M0.3%−100,805
Geneva Capital Management LLC477,009$46.5M1.1%−131,072
Wellington Management Group Llp470,586$45.8M0.0%−367,267
Goldman Sachs Group Inc453,375$44.2M0.0%+99,686
Boston Partners433,647$42.3M0.0%+20,495
First Eagle Investment Management, LLC426,624$41.5M0.0%+262,012
Kennedy Capital Management LLC426,294$41.5M0.7%+194,907
Arrowstreet Capital, Limited Partnership409,682$39.9M0.0%+286,794
Vanguard Fiduciary Trust Co379,189$36.9M0.0%+10,948

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Axos Financial is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAxos Financial, Inc.2
  • CIK0001299709
  • Employer ID (EIN)33-086744418
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsJune 302
  • Industry code (SIC)6035 Savings Institution, Federally Chartered2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address9205 West Russell Road, Suite #400, Las Vegas, NV 891482
  • Phone(858) 649-22182
  • Shares outstanding56,734,842 shares as of Aug 7, 202618
  • Public float$3.4B as of Dec 31, 202518
  • AuditorBDO USA, P.C., San Diego, CA PCAOB ID 243; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceDec 16, 20042
  • Filings1,921 in all: 4 (1,156), 8-K (353), 10-Q (64), 3 (42), 144 (41), SC 13G/A (33), SC 13G (30), 10-K (22)2
    All 51 form types

    DEF 14A (22), 4/A (18), UPLOAD (16), 424B5 (14), CORRESP (9), FWP (9), DEFA14A (6), S-8 (6), SC 13D/A (6), 424B2 (5), 5 (5), SCHEDULE 13G (5), ARS (4), PRE 14A (4), S-3ASR (4), SC 13D (4), 8-A12B (3), 8-K/A (3), EFFECT (3), S-1/A (3), 10-K/A (2), 10-Q/A (2), 3/A (2), 305B2 (2), CERT (2), DEFR14A (2), POS AM (2), S-3 (2), 144/A (1), 25 (1), 25-NSE (1), 424B3 (1), 424B4 (1), 8-A12G (1), CERTNAS (1), D (1), NT 10-K (1), POS462B (1), POSASR (1), RW (1), S-1 (1), S-1MEF (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Aug 20, 2026
    Quarterly report (10-Q) Apr 30, 2026
    Proxy statement (DEF 14A) Sep 24, 2026
    Latest 8-K (8-K) Sep 21, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $.01 par valueAXNew York Stock Exchange

From the cover page of the 10-K filed Aug 20, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Axos Financial names in Item 1A of its 10-K filed Aug 20, 2026: 52 risks under these headings, as written.18

  • Risks Relating to Macroeconomic Conditions
  • Changes in interest rates could adversely affect our performance.
  • A significant or sustained economic downturn could result in increases in our level of non-performing loans and leases and/or reduce demand for our products and services, which could have an adverse effect on our results of operations.
  • Inflation has negatively impacted, and may continue to negatively impact our business and our profitability.
  • The value of our securities in our investment portfolio may decline in the future.
  • The weakness of other financial institutions or other companies in the financial services industries could adversely affect us.
  • The economy, financial services industry and our business and operating results could be adversely affected by the political environment and governmental fiscal and monetary policies.
  • Changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.
  • Risks Relating to Regulation of our Business
  • Changes in laws, regulations or oversight or increased enforcement activities by regulatory agencies may increase our
  • costs and adversely affect our business and operations.
  • The financial services industry and broader economy may be subject to new or changing regulation or government policy.
The other 42 risks
  • Failure to comply with applicable laws or regulations, or to satisfy our regulators' supervisory expectations, could subject us to supervisory or enforcement action, which could adversely affect our business, financial condition and results of operations.
  • The Company and its subsidiaries are subject to changes in federal and state tax laws and the interpretation of existing laws and examinations and challenges by taxing authorities.
  • Our broker-dealer and investment advisory businesses subject us to regulatory risks.
  • Policies and regulations enacted by the Consumer Financial Protection Bureau may negatively impact our consumer business and increase our compliance burdens.
  • We are subject to numerous laws designed to protect consumers, and failure to comply with these laws could lead to a wide variety of sanctions.
  • Risks Relating to Commercial Loans, Mortgage Loans and Mortgage-Backed Securities
  • Our real estate loan portfolio is subject to certain risks including market, environmental and project-specific risks.
  • Declining real estate values, particularly in California and New York, could reduce the value of our loan and lease portfolio and impair our profitability and financial condition.
  • Many of our mortgage loans are multifamily residential loans and defaults on such loans would harm our business.
  • A decrease in the mortgage buying activity of Fannie Mae, Freddie Mac, and MBS’s guaranteed by Ginnie Mae or a failure by Fannie Mae, Ginnie Mae, and Freddie Mac to satisfy their obligations with respect to their RMBS could have a material adverse effect on our business, financial condition and results of operations.
  • Commercial and industrial and commercial real estate loans may expose our Company to greater financial and credit risk than other loans.
  • Our mortgage origination business is subject to fluctuations based upon seasonal and other factors and, as a result, our results of operations for any given quarter may not be indicative of the results that may be achieved for the full fiscal year.
  • Risks Relating to our Business Operations
  • Our results of operations could vary as a result of the methods, estimates, and judgments that we use in applying our accounting policies, including with respect to our allowance for credit losses.
  • If our allowance for credit losses is not sufficient to cover actual credit losses, our earnings, capital adequacy and overall financial condition may suffer materially.
  • Changes in the value of goodwill and other intangible assets could reduce our earnings.
  • Our risk management processes and procedures may not be effective in mitigating our risks.
  • Higher FDIC assessments could negatively impact profitability.
  • Our broker-dealer and advisory businesses subject us to a variety of risks associated with the securities industry.
  • We are subject to stringent capital requirements and may need to raise additional capital in the future, and that capital may not be available or its cost may be high.
  • Liquidity and access to adequate funding cannot be assured.
  • A reduction in our credit ratings could adversely affect our access to capital and could increase our cost of funds.
  • Our inability to manage our growth or deploy assets profitably could harm our business and decrease our overall profitability, which may cause our stock price to decline.
  • New lines of business, purchased assets or liabilities or new products and services may subject us to additional risks.
  • We depend on the accuracy and completeness of information about customers.
  • We face strong competition for customers and may not succeed in implementing our business strategy.
  • Our business depends on a strong brand, and failing to maintain and enhance our brand could hurt our ability to maintain or expand our customer base.
  • Our reputation and business could be damaged by negative publicity.
  • We could be exposed to fraud risks that affect our operations and reputation.
  • Extreme weather conditions, natural disasters, rising sea levels, acts of war or terrorism, civil unrest, public health issues, or other adverse external events could harm our business.
  • Our success depends in large part on the continuing efforts of key executives. If we are unable to retain these key personnel or attract, hire and retain others to oversee and manage our Company, our business could suffer.
  • We are exposed to risk of environmental liability with respect to properties to which we take title.
  • Our operational tasks are outsourced to a range of third-party vendors, both within our country and internationally which may negatively affect our performance.
  • Technology Risks
  • We rely on technology and information systems that may be disrupted, which would pose operational risks.
  • Privacy concerns relating to our technology could damage our reputation and deter current and potential customers from using our products and services.
  • We have risks of systems failure and disruptions to operations.
  • If our security measures are breached, or if our services are subject to information security incidents that degrade or deny the ability of customers to access our products and services, our products and services may be perceived as not being secure, customers may curtail or stop using our products and services, and we may incur significant legal and financial exposure.
  • We are heavily reliant on technology, and a failure in effectively implementing technology initiatives or anticipating future technology needs or demands could adversely affect our business or financial results.
  • The development and use of new technologies, including AI, present risks and challenges that may adversely impact our business.
  • Risks Associated with our Common Stock
  • The market price of our common stock may be volatile.
  • Provisions in our Certificate of Incorporation, By-laws and Delaware laws might discourage, delay or prevent a change of control of our Company or changes in our management and, therefore, depress the trading price of our common stock.
  • General Risk Factors
  • Our acquisitions involve integration and other risks.
  • As a public company, we face the risk of stockholder lawsuits and other related or unrelated litigation, particularly if we experience declines in the price of our common stock.
  • Our controls and procedures may fail or be circumvented.

Legal proceedings

We may from time to time become a party to other claims or litigation that arise in the ordinary course of business, such as claims to enforce liens, claims involving the origination and servicing of loans, and other issues related to the Company’s operations. None of such matters are expected to have a material adverse effect on the Company’s financial condition, results of operations or business. For additional information on legal proceedings, refer to Note 19—“Commitments, Contingencies and Off-Balance-Sheet Activities” in the Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.18

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