SEC Filing Summary: BofI Holding, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by BofI Holding, Inc. on May 14, 2018. The filing discloses the entry into material definitive agreements regarding the company's principal executive offices in San Diego, California. The registrant is the parent company of BofI Federal Bank.
Key Financial Metrics and Obligations
The filing details a new long-term debt obligation in the form of lease agreements. The filing text does not provide current revenue, profit, cash flow, or margin data, as this is a current report focused on a specific event rather than a periodic financial statement.
- Lease Term: Effective until June 30, 2030.
- Space: Approximately 136,000 square feet.
- Base Rent: Ranges from approximately $460,904 per month in the first year to $648,365 per month in the final year.
- Rent Escalation: Increases by approximately 3.5% annually.
- Tenant Improvement Allowance: $6,776,965.
- Rent Abatements: Up to six months of rent abatement available in the first year.
Material Changes
The company entered into a new lease agreement commencing in December 2018 and amended an existing lease to extend the term. Previously, the existing lease at this location was scheduled to expire on June 30, 2020. This action extends the company's occupancy at its principal executive offices by an additional decade.
Outlook, Risks, and Management Commentary
The company has secured long-term occupancy for its headquarters through 2030. The filing classifies these lease agreements as a material direct financial obligation. No specific guidance, risks, or contingencies beyond the lease terms are disclosed in this document.
Key Facts for Investor Verification
- Verify the total capitalized lease liability impact on the balance sheet in the next quarterly report.
- Confirm the commencement date of the new lease (December 2018) and the timing of rent payments.
- Review the full text of the lease agreements (Exhibits 10.1 and 10.2) for specific termination clauses or additional financial covenants.
- Note that the filing references "Axos Financial, Inc." in the request metadata, but the document explicitly identifies the registrant as "BofI Holding, Inc." (which later rebranded to Axos Financial).