Axos Financial Files 8-K Report

TL;DR

AXOS filed an 8-K, nothing major to see here.

AI Summary

On June 4, 2024, Axos Financial, Inc. filed an 8-K report detailing "Other Events." The filing does not contain specific financial transactions or material business developments beyond its routine reporting status.

Why It Matters

This filing indicates Axos Financial, Inc. is meeting its regulatory reporting obligations with the SEC.

Risk Assessment

Risk Level: low — The filing is a routine 8-K report and does not disclose any new material risks or events.

Key Players & Entities

• Axos Financial, Inc. (company) — Registrant
• June 4, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 33-0867444 (document_id) — IRS Employer Identification Number
• 9205 West Russell Road, Ste 400 Las Vegas, NV 89148 (address) — Address of principal executive offices
• ( 858 ) 649-2218 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value AX New York Stock Exchange
• $5.22 billion — portfolio, CRE Specialty lending, with $5.22 billion dollars of outstanding balances as of M
• $91 million — seller indicated that Axos loaned up to $91 million on a "newly stalled development on 960
• $24.75 million — quity into the project. Axos advanced $24.75 million on a $45.0 million initial advance of a
• $45.0 million — ct. Axos advanced $24.75 million on a $45.0 million initial advance of a loan owned by a ve
• $16 billion — ted by several asset managers with over $16 billion of assets under management. On April 22
• $64 million — , the underlying land was purchased for $64 million dollars representing 38% of the purchas
• $48.2 million — e author indicates that Axos lent up to $48.2 million to build an apartment block in Brooklyn
• $45 billion — Group, a global asset manager with over $45 billion in assets under management. The loan me
• $20M — has a loan allocation of approximately $20MM in this cross-collateralized facility
• $35 million — eller incorrectly stated that Axos lent $35 million to Z.D. Gasper for the development of a
• $24 million — per and it is advanced at approximately $24 million dollars. Bridge City's borrower has rec
• $60.6 million — os outstanding balance is approximately $60.6 million as of June 4 th , 2024 on a project wit
• $179 million — 4 th , 2024 on a project with more than $179 million in historic costs. In November of 2023,
• $10 million — xos received a paydown of approximately $10 million from its borrower, the vehicle managed

Filing Documents

• ax-20240604.htm (8-K) — 40KB
• ax-20240604_g1.jpg (GRAPHIC) — 29KB
• ax-20240604_g2.jpg (GRAPHIC) — 170KB
• 0001299709-24-000098.txt ( ) — 655KB
• ax-20240604.xsd (EX-101.SCH) — 2KB
• ax-20240604_lab.xml (EX-101.LAB) — 21KB
• ax-20240604_pre.xml (EX-101.PRE) — 12KB
• ax-20240604_htm.xml (XML) — 3KB

01 Other Information

Item 8.01 Other Information A recently released report, by a self-described short-seller, made a series of misleading, incomplete, and false allegations centered on the quality of Axos' commercial real estate loan portfolio. This report contains a series of inaccuracies and innuendo that include false, incomplete and misleading allegedly factual information with respect to specific loans, incomplete or inaccurate descriptions of loan structures, failure to accurately describe the Axos lending counterparty, failure to mention guarantors or fund partners that provide significant support to the Axos credit position, as well as inaccurate discussions of loans that that have already been repaid but not represented in the report as having been repaid. We provided a detailed credit update on our last earnings call and there has not been any material change in credit performance as of today. As Axos disclosed in its investor presentation filed as Exhibit 99 to its Form 8-K filed with the Securities and Exchange Commission on May 7, 2024, its largest commercial real estate portfolio, CRE Specialty lending, with $5.22 billion dollars of outstanding balances as of March 31 st , 2024 is a business that works almost exclusively through fund relationships, including many of the largest real estate funds in the world, such as Carlyle, the Related Group, Fortress Investment Group, Madison Realty Capital and others. When working with its fund partners, Axos structures the credits to take the most senior secured position in these loans. As a result of this structure, for Axos to lose any principal on these loans, the Axos fund partners would first have to lose the entire principal value of their position. In other words, the fund partners bear significant risk of loss from their investments prior to any risk of loss to Axos. This structure provides Axos strong collateral protection even in adverse market scenarios. As of March 31, 2024, the weighted average LTV of the Axos CRE S

View Full Filing

View this 8-K filing on SEC EDGAR