Axos Financial, Inc.

Stockholders and Board of Directors

Axos Financial, Inc.

Las Vegas, Nevada

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Axos Financial, Inc. (the “Company”) as of June 30, 2025 and 2024, the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the three years in the period ended June 30, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated August 21, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Allowance for credit losses

As discussed in Note 5 to the Company’s consolidated financial statement, the Company reported an allowance for credit losses (“ACL”) of $290,049 as of June 30, 2025. As described in Note 1 to the Company’s consolidated financial statements, the ACL methodology considers many factors including, but not limited to, historical loss experience, when available, estimated defaults based on portfolio trends, changes in collateral values, portfolio composition and loan concentration, and current lending policies and the effects of any new policies.

Management makes significant judgments regarding the weighting of the economic forecast scenarios within the Commercial Real Estate (including construction lending) and Commercial & Industrial loan portfolio segments including economic forecasts, which are subject to uncertainty 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:

•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