secwatch.observer — SEC 8-K summary
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Issuer:     Axos Financial, Inc. (AX)
CIK:        0001299709
Form:       8-K
Filed at:   2023-12-07T23:59:59+00:00
Accession:  0001299709-23-000315
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Axos Bank buys $1.25B performing CRE loan portfolios from FDIC at 63% of par; $463.7M discount
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- Purchase price of ~63% of par value on $1.253B unpaid principal balance; discount totals $463.7M.
- All 58 loans current; weighted-average yield 6.9% before discount accretion; avg LTV 59.3%.
- Interest rate swaps convert borrowers' fixed 3.8% average to Axos's variable 6.9% note rate.
- Portfolio comprises $578.6M CRE loans (6.8% yield, 50.2% LTV) and $674.6M multifamily loans (7.0% yield, 67.0% LTV).
- Transaction paid in cash; expected to be accretive to net interest margin and net interest income.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1299709/000129970923000315/0001299709-23-000315-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1299709/000129970923000315/ax-20231207.htm
  HTML page:      https://secwatch.observer/filing/0001299709-23-000315

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