Shares of Axos Financial, Inc. (AX) are rising more than 11% Friday morning after the company said its unit Axos Bank has completed the acquisition of two performing commercial real estate loan portfolios.
The two loan portfolios have an aggregate unpaid principal balance of $1.25 billion and reflecting a discount to par value of about 37%.
"We believe that we purchased these performing loans at an attractive valuation that will be accretive to our net interest margin and net interest income," said Greg Garrabrants, President and CEO of Axos.
AX is at $49.85 currently. It has traded in the range of $32.05 - $51.46 in the last 52 weeks.
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