Axos Financial is a branchless digital bank operating through Axos Bank, a federally chartered savings bank. Axos acquires customers digitally, through affinity partners, and through a commercial sales force. The core business is lending: Axos originates single-family jumbo mortgages, multifamily and commercial real estate, C&I loans (including asset-based lending, fund finance, equipment leasing, and leveraged cash flow loans), and consumer loans such as auto and unsecured personal loans. Axos funds its loan book with a diversified deposit base spanning retail, commercial cash management, and specialty verticals like title, escrow, and HOA deposits. Roughly 70% of the loan book is floating rate, so Axos reprices assets and liabilities in tandem with rate movements. The company makes money primarily on net interest income — the spread between loan yields and deposit costs — and targets a net interest margin in the 4.25%–4.35% range. Axos also operates a Securities Business segment through Axos Clearing, which provides clearing and recordkeeping to broker-dealers, and Axos Advisor Services, which provides custody and a technology platform to RIAs, with $39.4B of assets under custody. The Securities segment also generates low-cost sweep deposits that fund the bank's loan growth. Axos's branch-free, technology-first model gives it a structurally lower cost base than traditional banks. Axos grows organically by expanding lending verticals and adding commercial banking teams, and is evaluating M&A in specialty finance, fee income, and wealth and custody businesses.