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Axos Financial, Inc.

For the period ended Jun 30, 2026. Filed Aug 20, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2026 · Filed Aug 20, 2026

AX$93.92+1.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

. Variable Interest Entities

  1. VARIABLE INTEREST ENTITIES

The Company consolidated the results of operations and financial position ofthree lending-related entities, which it considers VIEs. The Company consolidated these VIEs because it or its subsidiaries is deemed to be the primary beneficiary since the Company or its subsidiaries has the power to direct the loan servicing or portfolio management activities, which are the activities that most significantly affect the VIEs’ economic performance, and the Company or its subsidiaries has the obligation to absorb the majority of the losses or benefits through ownership of all of the secured financings issued by the trusts. For these VIEs, the loans transferred to the VIEs are pledged as collateral to the related secured financings.

In addition, through its acquisition of Verdant, the Company acquired additional variable interests in certain securitization trusts. Following the acquisition, the Company performed an assessment and determined it continues to direct the activities that most significantly affect the acquired VIEs’ economic performance, and the Company has the obligation to absorb the majority of the losses or benefits of such acquired variable interests. As a result, the Company determined it is the primary beneficiary and continues to consolidate the VIEs as of June 30, 2026.

For these VIEs, including those acquired in the Verdant acquisition, the loans transferred to the VIEs are pledged as collateral to the related secured financings.

The following table provides a summary of the assets and liabilities of consolidated VIEs in the Company’s Consolidated Balance Sheets.

(Dollars in thousands)As of June 30, 2026As of June 30, 2025
Restricted cash$30,306$—
Loans—net of allowance for credit losses1,347,6701,276,101
Other assets156,584—
Secured financings576,680—
Accounts payable and other liabilities25,929—

As part of its securitization activities, Verdant issued a series of notes to provide additional financing to its business. The notes outstanding as of June 30, 2026 are included in “Secured financings” in the Company’s Consolidated Balance Sheet and are summarized in the below table:

SeriesClassesInterest Rate RangeFinal Maturity Date / RangeOutstanding Principal at June 30, 2026(Dollars in thousands)
2022-01Class A, B, C, D6.59% to 8.67%February 2030$8,494
2023-01Class A-2, B, C, D6.05% to 7.75%January 203190,837
2024-01Class A-2, B, C, D5.68% to 7.23%December 2031162,041
2025-01Class A-2, A-3, B, C, D4.85% to 6.49%March 2028 to May 2033307,166
Total$568,538

The following table presents the maturities of the Company’s secured financings:

(Dollars in thousands)June 30, 2026
Within one year$200,681
After one but within two years161,408
After two but within three years119,329
After three but within four years64,732
After four but within five years17,893
After five years4,495
Total$568,538

For additional information on the Verdant acquisition, see Note 2, “Acquisitions.”

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.