[Form 3] TFS Financial CORP Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Michael J. Carfagna, Chief Information Officer of TFS Financial Corporation (TFSL), reports beneficial ownership of common stock and equity awards. He directly holds 14,689 shares and indirectly holds 7,409 shares through an ESOP. He also holds 4,000 restricted stock units (convertible to one share each) and stock options for 5,000 shares at $14.74 and 12,000 shares at $12.94, with specified vesting schedules.

Positive

• Direct ownership of 14,689 shares indicates personal stake in TFSL common stock
• Indirect ESOP holdings of 7,409 shares align executive with employee-shareholder interests
• 4,000 RSUs provide clear pathway to additional shares with dividend-equivalent rights
• Stock options totaling 17,000 shares with known exercise prices provide retained upside potential

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Officer disclosure shows direct and indirect ownership plus time‑based equity incentives aligning management with shareholders.

The filing documents the CIO's current equity position in TFSL, combining direct share ownership, ESOP holdings, RSUs and stock options with defined exercise prices and vesting timelines. This is a routine initial beneficial ownership disclosure; the equity awards are typical retention and incentive instruments. No regulatory issues or material transactions are reported beyond standard grants.

Compensation & Equity Analyst

TL;DR: Equity mix includes vested and unvested instruments that provide future upside and retention value for the executive.

The reporting shows 4,000 RSUs convertible to common shares and option grants totaling 17,000 shares with exercise prices of $14.74 and $12.94. Vesting schedules (including full vesting dates) indicate multi‑year retention design. These instruments create potential future dilution when exercised but are standard for executive compensation.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Carfagna Michael J

(Last) (First) (Middle)

7007 BROADWAY AVE

(Street)

CLEVELAND OH 44105

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/01/2025

3. Issuer Name and Ticker or Trading Symbol
TFS Financial CORP [ TFSL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Information Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	14,689	D
Common Stock	7,409	I	ESOP(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(2)	(2)	Common Stock	4,000	(3)	D
Employee Stock Option (right to buy)	(4)	01/05/2028	Common Stock	5,000	$14.74	D
Employee Stock Option (right to buy)	(5)	03/04/2034	Common Stock	12,000	$12.94	D

Explanation of Responses:

1. Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.

2. On March 4, 2024, the reporting person received a grant of 4,000 Restricted Stock Units (RSUs). These RSUs fully vest on December 10, 2026.

3. Each restricted stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted stock units are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock.

4. On January 5, 2018, the reporting person received a grant of 5,000 stock options. These options fully vest on December 10, 2020.

5. On March 4, 2024, the reporting person received a grant of 12,000 stock options. These options fully vest on December 10, 2026.

Remarks:

	/s/ Susanne N. Miller, Pursuant to Power of Attorney	09/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What shares does Michael J. Carfagna own in TFSL?

The filing reports 14,689 shares held directly and 7,409 shares held indirectly through an ESOP.

How many restricted stock units and options does the TFSL CIO hold?

He holds 4,000 RSUs and stock options for 5,000 and 12,000 shares respectively, totaling 17,000 option shares.

What are the exercise prices for the reported TFSL options?

The filing lists option exercise prices of $14.74 for 5,000 shares and $12.94 for 12,000 shares.

Do the RSUs include dividend rights?

Yes, each RSU represents a right to one share and is entitled to dividend equivalent cash payments equal to cash dividends per share.

Are vesting dates disclosed for the equity awards?

Yes, the RSUs and the 12,000-option grant fully vest on December 10, 2026; the 5,000-option grant fully vested on December 10, 2020.