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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-13251

SLM Corporation

(Exact name of registrant as specified in its charter)


Delaware			52-2013874
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

300 Continental Drive	Newark,	Delaware	19713
(Address of principal executive offices)			(Zip Code)

(302) 451-4911

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $.20 per share	SLM	The NASDAQ Global Select Market
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share	SLMBP	The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

(Do not check if a smaller reporting company)

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of June 30, 2026, there were 187,946,958 shares of common stock outstanding.

SLM CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS

INDEX


PART I. Financial Information
Item 1.	Financial Statements	2
	Notes to the Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	77
Item 4.	Controls and Procedures	79
PART II. Other Information
Item 1.	Legal Proceedings	80
Item 1A.	Risk Factors	80
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	80
Item 3.	Defaults Upon Senior Securities	80
Item 4.	Mine Safety Disclosures	80
Item 5.	Other Information	81
Item 6.	Exhibits	81


CONSOLIDATED BALANCE SHEETS (Unaudited)
	June 30,		December 31,
(Dollars in thousands, except share and per share amounts)	2026		2025
Assets
Cash and cash equivalents	$	4,588,129	$	4,241,265
Investments:
Trading investments at fair value (cost of $37,986 and $37,606, respectively)	55,938		49,250
Available-for-sale investments at fair value (cost of $1,775,289 and $1,812,408, respectively)	1,716,712		1,758,070
Other investments	107,088		115,394
Total investments	1,879,738		1,922,714
Loans held for investment (net of allowance for losses of $1,354,014 and $1,430,318, respectively)	19,531,493		20,332,124
Loans held for sale	172,466		933,256
Restricted cash	206,858		177,263
Other interest-earning assets	77		120
Accrued interest receivable	1,602,311		1,562,811
Premises and equipment, net	123,433		122,193
Goodwill and acquired intangible assets, net	58,546		59,974
Income taxes receivable, net	373,056		347,260

Other assets	43,304		47,315
Total assets	$	28,579,411	$	29,746,295

Liabilities
Deposits	$	19,894,501	$	21,060,151
Short-term borrowings	—		498,415
Long-term borrowings	5,844,116		5,362,494

Other liabilities	366,125		373,877
Total liabilities	26,104,742		27,294,937
Commitments and contingencies
Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070		251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 445.7 million and 443.2 million shares issued, respectively	89,136		88,650
Additional paid-in capital	1,261,748		1,240,250
Accumulated other comprehensive loss (net of tax benefit of ($14,669) and ($13,446), respectively)	(43,790)		(40,128)
Retained earnings	5,041,088		4,734,313
Total SLM Corporation stockholders’ equity before treasury stock	6,599,252		6,274,155
Less: Common stock held in treasury at cost: 257.7 million and 244.0 million shares, respectively	(4,124,583)		(3,822,797)
Total equity	2,474,669		2,451,358
Total liabilities and equity	$	28,579,411	$	29,746,295

See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest income:
Loans	$	539,936	$	597,609	$	1,142,198	$	1,196,376
Investments	17,124		13,710		32,092		28,456
Cash and cash equivalents	44,995		45,440		77,074		88,017
Total interest income	602,055		656,759		1,251,364		1,312,849
Interest expense:
Deposits	191,078		201,478		391,687		405,617
Interest expense on short-term borrowings	2,737		3,613		7,865		7,014
Interest expense on long-term borrowings	75,419		74,848		143,580		148,428

Total interest expense	269,234		279,939		543,132		561,059
Net interest income	332,821		376,820		708,232		751,790
Less: provisions for credit losses	125,663		148,718		114,197		172,004
Net interest income after provisions for credit losses	207,158		228,102		594,035		579,786
Non-interest income:
Gains (losses) on sales of loans, net	14,939		(13)		161,252		187,722
Gains (losses) on securities, net	8,001		(2,641)		5,603		(13,019)

Other income	45,346		29,430		86,008		58,117
Total non-interest income	68,286		26,776		252,863		232,820
Non-interest expenses:
Operating expenses:
Compensation and benefits	100,253		84,900		203,699		175,730
FDIC assessment fees	5,143		9,782		9,584		22,185
Other operating expenses	88,900		71,664		151,374		122,019
Total operating expenses	194,296		166,346		364,657		319,934
Acquired intangible assets amortization expense	687		898		1,427		1,919

Total non-interest expenses	194,983		167,244		366,084		321,853
Income before income tax expense	80,461		87,634		480,814		490,753
Income tax expense	21,936		16,362		114,335		114,941
Net income	58,525		71,272		366,479		375,812
Preferred stock dividends	3,581		3,972		7,136		7,928
Net income attributable to SLM Corporation common stock	$	54,944	$	67,300	$	359,343	$	367,884
Basic earnings per common share	$	0.29	$	0.32	$	1.87	$	1.75
Average common shares outstanding	188,576		209,282		191,999		209,978
Diluted earnings per common share	$	0.29	$	0.32	$	1.85	$	1.72
Average common and common equivalent shares outstanding	190,384		213,220		194,109		214,098
Declared dividends per common share	$	0.13	$	0.13	$	0.26	$	0.26

See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	58,525	$	71,272	$	366,479	$	375,812
Other comprehensive income:
Unrealized (losses) gains on investments	(7,641)		(2,540)		(4,172)		16,620
Unrealized losses on cash flow hedges	(24)		(4,952)		(713)		(10,753)
Total unrealized (losses) gains	(7,665)		(7,492)		(4,885)		5,867
Income tax (expense) benefit	1,924		2,290		1,223		(839)
Other comprehensive income (loss), net of tax (expense) benefit	(5,741)		(5,202)		(3,662)		5,028
Total comprehensive income	$	52,784	$	66,070	$	362,817	$	380,840

See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
		Common Stock Shares
(In thousands, except share and per share amounts)	Preferred Stock Shares	Issued	Treasury	Outstanding	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Equity
Balance at March 31, 2025	2,510,696	442,829,605	(232,090,760)	210,738,845	$	251,070	$	88,566	$	1,209,017	$	(55,631)	$	4,386,169	$	(3,478,335)	$	2,400,856
Net income	—	—	—	—	—		—		—		—		71,272		—		71,272
Other comprehensive loss, net of tax	—	—	—	—	—		—		—		(5,202)		—		—		(5,202)
Total comprehensive income	—	—	—	—	—		—		—		—		—		—		66,070
Cash dividends declared:
Common stock ($0.13 per share)	—	—	—	—	—		—		—		—		(27,153)		—		(27,153)
Preferred Stock, Series B ($1.58 per share)	—	—	—	—	—		—		—		—		(3,972)		—		(3,972)


Issuance of common shares	—	128,761	—	128,761	—		26		228		—		(94)		—		160
Stock-based compensation expense	—	—	—	—	—		—		9,335		—		—		—		9,335

Common stock repurchased	—	—	(2,366,356)	(2,366,356)	—		—		—		—		—		(69,724)		(69,724)
Shares repurchased related to employee stock-based compensation plans	—	—	(19,870)	(19,870)	—		—		—		—		—		(585)		(585)
Balance at June 30, 2025	2,510,696	442,958,366	(234,476,986)	208,481,380	$	251,070	$	88,592	$	1,218,580	$	(60,833)	$	4,426,222	$	(3,548,644)	$	2,374,987

See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
		Common Stock Shares
(In thousands, except share and per share amounts)	Preferred Stock Shares	Issued	Treasury	Outstanding	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Equity
Balance at March 31, 2026	2,510,696	445,427,729	(256,844,939)	188,582,790	$	251,070	$	89,086	$	1,224,442	$	(38,049)	$	5,010,721	$	(4,099,638)	$	2,437,632
Net income	—	—	—	—	—		—		—		—		58,525		—		58,525
Other comprehensive loss, net of tax	—	—	—	—	—		—		—		(5,741)		—		—		(5,741)
Total comprehensive income	—	—	—	—	—		—		—		—		—		—		52,784
Cash dividends declared:
Common stock ($0.13 per share)	—	—	—	—	—		—		—		—		(24,522)		—		(24,522)
Preferred Stock, Series B ($1.43 per share)	—	—	—	—	—		—		—		—		(3,581)		—		(3,581)


Issuance of common shares	—	251,232	—	251,232	—		50		2,633		—		(55)		—		2,628
Stock-based compensation expense	—	—	—	—	—		—		11,821		—		—		—		11,821

Common stock repurchased	—	—	(880,970)	(880,970)	—		—		22,852		—		—		(24,684)		(1,832)
Shares repurchased related to employee stock-based compensation plans	—	—	(6,094)	(6,094)	—		—		—		—		—		(261)		(261)
Balance at June 30, 2026	2,510,696	445,678,961	(257,732,003)	187,946,958	$	251,070	$	89,136	$	1,261,748	$	(43,790)	$	5,041,088	$	(4,124,583)	$	2,474,669

See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
		Common Stock Shares
(In thousands, except share and per share amounts)	Preferred Stock Shares	Issued	Treasury	Outstanding	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Equity
Balance at December 31, 2024	2,510,696	440,604,795	(230,222,501)	210,382,294	$	251,070	$	88,121	$	1,193,753	$	(65,861)	$	4,114,446	$	(3,421,609)	$	2,159,920
Net income	—	—	—	—	—		—		—		—		375,812		—		375,812
Other comprehensive loss, net of tax	—	—	—	—	—		—		—		5,028		—		—		5,028
Total comprehensive income	—	—	—	—	—		—		—		—		—		—		380,840
Cash dividends declared:
Common stock ($0.26 per share)	—	—	—	—	—		—		—		—		(54,619)		—		(54,619)
Preferred Stock, Series B ($3.16 per share)	—	—	—	—	—		—		—		—		(7,928)		—		(7,928)


Issuance of common shares	—	2,353,571	—	2,353,571	—		471		2,220		—		(1,489)		—		1,202
Stock-based compensation expense	—	—	—	—	—		—		22,607		—		—		—		22,607

Common stock repurchased	—	—	(3,403,747)	(3,403,747)	—		—		—		—		—		(100,480)		(100,480)
Shares repurchased related to employee stock-based compensation plans	—	—	(850,738)	(850,738)	—		—		—		—		—		(26,555)		(26,555)
Balance at June 30, 2025	2,510,696	442,958,366	(234,476,986)	208,481,380	$	251,070	$	88,592	$	1,218,580	$	(60,833)	$	4,426,222	$	(3,548,644)	$	2,374,987

See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
		Common Stock Shares
(In thousands, except share and per share amounts)	Preferred Stock Shares	Issued	Treasury	Outstanding	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Equity
Balance at December 31, 2025	2,510,696	443,247,432	(243,979,114)	199,268,318	$	251,070	$	88,650	$	1,240,250	$	(40,128)	$	4,734,313	$	(3,822,797)	$	2,451,358
Net income	—	—	—	—	—		—		—		—		366,479		—		366,479
Other comprehensive loss, net of tax	—	—	—	—	—		—		—		(3,662)		—		—		(3,662)
Total comprehensive income	—	—	—	—	—		—		—		—		—		—		362,817
Cash dividends declared:
Common stock ($0.26 per share)	—	—	—	—	—		—		—		—		(50,118)		—		(50,118)
Preferred Stock, Series B ($2.84 per share)	—	—	—	—	—		—		—		—		(7,136)		—		(7,136)


Issuance of common shares	—	2,431,529		2,431,529	—		486		4,565		—		(2,450)		—		2,601
Stock-based compensation expense	—	—	—	—	—		—		26,621		—		—		—		26,621
Common stock repurchased	—	—	(12,911,950)	(12,911,950)	—		—		(9,688)		—		—		(283,404)		(293,092)
Shares repurchased related to employee stock-based compensation plans	—	—	(840,939)	(840,939)	—		—		—		—		—		(18,382)		(18,382)
Balance at June 30, 2026	2,510,696	445,678,961	(257,732,003)	187,946,958	$	251,070	$	89,136	$	1,261,748	$	(43,790)	$	5,041,088	$	(4,124,583)	$	2,474,669

See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Six Months Ended June 30,
(Dollars in thousands)	2026		2025
Operating activities
Net income	$	366,479	$	375,812
Adjustments to reconcile net income to net cash used in operating activities:
Provisions for credit losses	114,197		172,004
Income tax expense	114,335		114,941
Amortization of brokered deposit placement fee	3,868		4,373
Amortization of Secured Borrowing Facility upfront fee	1,324		1,208
Amortization of deferred loan origination costs and loan premium/(discounts), net	7,836		7,469
Net amortization of discount on investments	(249)		(391)


Depreciation of premises and equipment	8,424		7,921
Acquired intangible assets amortization expense	1,427		1,919
Stock-based compensation expense	26,621		22,607
Unrealized (gains) losses on derivatives and hedging activities, net	—		(5)
Gains on sales of loans, net	(161,252)		(187,722)
Losses on securities, net	(5,603)		13,019

Other adjustments to net income, net	4,614		7,437
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(544,150)		(590,998)
Increase in trading investments	—		(812)
Increase in non-marketable securities	(414)		(234)
Decrease in other interest-earning assets	43		2,778

Increase in other assets	(21,407)		(52,789)
Decrease in income taxes payable, net	(132,127)		(137,874)
(Decrease) increase in accrued interest payable	(320)		719

Increase (decrease) in other liabilities	5,560		(46,162)
Total adjustments	(577,273)		(660,592)
Total net cash used in operating activities	(210,794)		(284,780)
Investing activities
Loans acquired and originated	(3,486,438)		(3,474,194)
Net proceeds from sales of loans held for investment and loans held for sale	3,749,042		2,208,587

Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales)	1,631,995		1,424,568
Purchases of available-for-sale securities	(59,399)		(70,262)
Proceeds from sales and maturities of available-for-sale securities	294,132		373,236

Total net cash provided by investing activities	2,129,332		461,935
Financing activities

Brokered deposit placement fee	(5,212)		—
Net increase (decrease) in certificates of deposit	(613,819)		(751,530)
Net decrease in other deposits	(550,434)		159,229
Issuance costs for collateralized borrowings	—		(42)
Borrowings collateralized by loans in securitization trusts - issued	615,244		536,836
Borrowings collateralized by loans in securitization trusts - repaid	(631,417)		(564,760)
Issuance costs for unsecured debt offering	—		(1,942)
Unsecured debt issued	493,470		493,885
Unsecured debt repaid	(498,851)		(500,000)


Fees paid on Secured Borrowing Facility	(1)		(2,917)

Common stock dividends paid	(50,118)		(54,619)
Preferred stock dividends paid	(7,136)		(7,928)
Common stock repurchased	(293,805)		(101,401)
Total net cash used in financing activities	(1,542,079)		(795,189)
Net increase (decrease) in cash, cash equivalents and restricted cash	376,459		(618,034)
Cash, cash equivalents and restricted cash at beginning of period	4,418,528		4,874,260


Cash, cash equivalents and restricted cash at end of period	$	4,794,987	$	4,256,226
Cash disbursements made for:
Interest	$	532,699	$	547,032
Income taxes paid	$	131,684	$	137,974
Income taxes refunded	$	(73)	$	(550)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	$	4,588,129	$	4,092,465
Restricted cash	206,858		163,761
Total cash, cash equivalents and restricted cash	$	4,794,987	$	4,256,226
Supplemental non-cash investing activities:
Accrued interest capitalized during the period	$	289,563	$	268,759
Trading investments received in consideration for loans sold	$	2,299	$	—
Available-for-sale investments received in consideration for loans sold	$	195,161	$	—

See accompanying notes to consolidated financial statements.

1. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

Consolidation

The consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the consolidated statements of income. The guidance in this standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of this standard is not expected to have an impact on our consolidated financial position, results of operations, or cash flows but may lead to additional disclosures about expenses in our consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The ASU can be applied on a prospective, modified transition, or retrospective basis. We do not expect the adoption of the standard to have a material impact on our consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The ASU is intended to improve the hedge accounting model to better portray the results of risk management activities in the financial statements. The ASU is effective for fiscal reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. Adoption is on a prospective basis. We are currently evaluating the impact of the ASU on our consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The standard is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. We are currently evaluating the impact of the ASU on our consolidated financial statements.

2. Investments

Trading Investments

We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitizations). We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings. At June 30, 2026 and December 31, 2025, we had $56 million and $49 million, respectively, classified as trading investments.

Available-for-Sale Investments

The amortized cost and fair value of securities available for sale are as follows:


As of June 30, 2026 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	573,620	$	—	$	1,057	$	(56,793)	$	517,884
Utah Housing Corporation bonds	2,246		—		—		(229)		2,017
U.S. government-sponsored enterprises and Treasuries	449,531		—		—		(3,115)		446,416
Other securities	749,892		—		9,297		(8,794)		750,395
Total	$	1,775,289	$	—	$	10,354	$	(68,931)	$	1,716,712

As of December 31, 2025 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	545,550	$	—	$	3,045	$	(54,371)	$	494,224
Utah Housing Corporation bonds	2,490		—		—		(334)		2,156
U.S. government-sponsored enterprises and Treasuries	649,087		—		—		(9,581)		639,506
Other securities	615,281		—		14,344		(7,441)		622,184
Total	$	1,812,408	$	—	$	17,389	$	(71,727)	$	1,758,070

(1) Represents the amount of impairment that has resulted from credit-related factors and that was recognized in the consolidated balance sheets (as a credit loss expense on available-for-sale securities). The amount excludes unrealized losses related to non-credit factors.


2.			Investments (Continued)

The following table summarizes the amount of gross unrealized losses for our available-for-sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position:


(Dollars in thousands)	Less than 12 months				12 months or more				Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
As of June 30, 2026:
Mortgage-backed securities	$	(1,908)	$	146,688	$	(54,885)	$	260,353	$	(56,793)	$	407,041
Utah Housing Corporation bonds	—		—		(229)		2,017		(229)		2,017
U.S. government-sponsored enterprises and Treasuries	—		—		(3,115)		446,416		(3,115)		446,416
Other securities	(1,145)		152,469		(7,649)		96,174		(8,794)		248,643
Total	$	(3,053)	$	299,157	$	(65,878)	$	804,960	$	(68,931)	$	1,104,117

As of December 31, 2025:
Mortgage-backed securities	$	(164)	$	10,896	$	(54,207)	$	275,703	$	(54,371)	$	286,599
Utah Housing Corporation bonds	—		—		(334)		2,156		(334)		2,156
U.S. government-sponsored enterprises and Treasuries	—		—		(9,581)		639,506		(9,581)		639,506
Other securities	(31)		11,913		(7,410)		119,191		(7,441)		131,104
Total	$	(195)	$	22,809	$	(71,532)	$	1,036,556	$	(71,727)	$	1,059,365

At June 30, 2026 and December 31, 2025, 214 of 306 and 179 of 295, respectively, of our available-for-sale securities were in an unrealized loss position.

Impairment

For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the security’s amortized cost basis is written down to fair value through net income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, as well as any guarantees (e.g., guarantees by the U.S. Government) that may be applicable to the security. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security.

Our investment portfolio contains mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, as well as Utah Housing Corporation bonds. We own these securities to meet our requirements under the Community Reinvestment Act (“CRA”). We also invest in other U.S. government-sponsored enterprise securities issued by the Federal Home Loan Banks, Freddie Mac, and the Federal Farm Credit Bank. Our mortgage-backed securities that were issued under Ginnie Mae programs carry a full faith and credit guarantee from the U.S. Government. The remaining mortgage-backed securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. Our Treasury and other U.S. government-sponsored enterprise bonds are rated Aaa by Moody’s Investors Service or AA+ by Standard and Poor’s. We have the intent and ability to hold these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. Based on this qualitative analysis, we have determined that no credit impairment exists.

We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest. We classify the non-residual vertical risk retention interests as available-for-sale investments. We have the intent and ability to hold each of these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. We expect to receive all contractual cash flows related to these investments and do not consider a credit impairment to exist.


2.			Investments (Continued)

As of June 30, 2026, the amortized cost and fair value of securities, by contractual maturities, are summarized below. Contractual maturities versus actual maturities may differ due to the effect of prepayments.


As of June 30, 2026 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2026	$	349,905	$	347,731
2027	99,626		98,685
2038	61		61
2039	491		482
2042	1,598		1,397
2043	3,112		2,804
2044	3,364		3,072
2045	4,098		3,661
2046	6,214		5,475
2047	5,716		5,104
2048	1,634		1,532
2049	12,673		11,270
2050	91,084		73,038
2051	128,469		101,505
2052	47,647		42,118
2053	254,273		254,067
2054	223,676		220,255
2055	223,206		222,778
2056	289,349		291,837
2058	29,093		29,840
Total	$	1,775,289	$	1,716,712

Some of the mortgage-backed securities and a portion of the government securities have been pledged to the Federal Reserve Bank (the “FRB”) as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $642 million and $641 million par value of securities pledged to this borrowing facility at June 30, 2026 and December 31, 2025, respectively, as discussed further in Note 8, “Borrowings” in this Form 10-Q.

Other Investments

Investments in Non-Marketable Securities

We hold investments in non-marketable securities and account for these investments at cost, less impairment, plus or minus observable price changes of identical or similar securities of the same issuer. Changes in market value are recorded through earnings. Because these are non-marketable securities, we use observable price changes of identical or similar securities of the same issuer, or when observable prices are not available, use market data of similar entities, in determining any changes in the value of the securities. In the first quarter of 2025, we recognized an impairment on certain of our other non-marketable equity securities, related to our former credit card platform, resulting in a loss of $10 million, which is net of a valuation adjustment on a trading investment with the same issuer. As of June 30, 2026 and December 31, 2025, our total investment in non-marketable securities was $10 million and $12 million, respectively.


2.			Investments (Continued)

Low Income Housing Tax Credit Investments

We invest in affordable housing projects that qualify for the low-income housing tax credit (“LIHTC”), which is designed to promote private development of low-income housing. These investments generate a return mostly through realization of federal tax credits and tax benefits from net operating losses on the underlying properties. Total carrying value of the LIHTC investments was $90 million at June 30, 2026 and $96 million at December 31, 2025. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $34 million at June 30, 2026 and $36 million at December 31, 2025.

Related to these investments, we recognized tax credits and other tax benefits through tax expense of $2 million at June 30, 2026 and $14 million at December 31, 2025. Tax credits and other tax benefits are recognized as part of our annual effective tax rate used to determine tax expense in a given quarter. Accordingly, the portion of a year’s expected tax benefits recognized in any given quarter may differ from 25 percent.

3. Loans Held for Investment

Loans held for investment consist solely of Private Education Loans as of June 30, 2026. We use “Private Education Loans” to mean education loans to students or their families that are not made, insured, or guaranteed by any state or federal government.

Our Private Education Loans are made largely to bridge the gap between the cost of higher education and the amount funded through financial aid, government loans, and customers’ resources. Private Education Loans bear the full credit risk of the customer. We manage this risk through risk-performance underwriting strategies and qualified cosigners. Private Education Loans may be fixed-rate or may carry a variable interest rate indexed to the Secured Overnight Financing Rate (“SOFR”). As of both June 30, 2026 and December 31, 2025, 22 percent of all our Private Education Loans were indexed to SOFR. We provide incentives for customers to include a cosigner on the loan, and the vast majority of Private Education Loans in our portfolio are cosigned. We also encourage customers to make payments while in school.

The following table summarizes our Private Education Loan sales to unaffiliated third parties for the periods presented. We did not sell any Private Education Loans in the three months ended June 30, 2025.


	Three Months Ended June 30,		Six Months Ended June 30,
(Dollars in millions)	2026		2026		2025
Loan principal	$	399	$	3,530	$	1,840
Capitalized interest	21		222		163
Total Private Education Loans sold	$	420	$	3,752	$	2,003

Gain on sale of loans, net	$	15	$	161	$	188

There were VIEs created in the execution of certain of these loan sales; however, based on our consolidation analysis, we are not the primary beneficiary of those VIEs. These transactions qualified for sale treatment and removed the balance of the loans from our balance sheet on the respective settlement dates. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales. For additional information, see Note 8, “Borrowings - Unconsolidated Funding Vehicles” in this Form 10-Q.

Certain of these loans sales were a component of a larger transaction that included fees paid to us as a decision maker or service provider. Based on our analysis, we determined that the fees are not variable interests in VIEs. For additional information, see Note 2, “Significant Accounting Policies — Variable Interest Entities (“VIEs”)” in our 2025 Form 10-K for additional information.


3.			Loans Held for Investment (Continued)

Loans held for investment are summarized as follows:


	June 30,		December 31,
(Dollars in thousands)	2026		2025
Loans Held for Investment, net:
Fixed-rate	$	16,205,940	$	16,952,620
Variable-rate	4,585,557		4,707,814
Total Private Education Loans, gross	20,791,497		21,660,434
Deferred origination costs and unamortized premium/(discount)	94,010		102,008
Allowance for credit losses	(1,354,014)		(1,430,318)
Loans held for investment, net	$	19,531,493	$	20,332,124

The estimated weighted average life of education loans in our portfolio was approximately 5.7 years at both June 30, 2026 and December 31, 2025.

The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:


	2026				2025
Three Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,119,086	10.25	%	$	22,561,636	10.62	%


Total portfolio	$	21,119,086			$	22,561,636


	2026				2025
Six Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	22,226,216	10.36	%	$	22,738,295	10.61	%


Total portfolio	$	22,226,216			$	22,738,295

See Note 5, “Loans Held for Investment — Certain Collection Tools — Private Education Loans” in our 2025 Form 10-K for additional information.

4. Loans Held for Sale

We had $172 million and $933 million of loans held for sale as of June 30, 2026 and December 31, 2025, respectively. At June 30, 2026, we reversed $2 million through the provisions for credit losses related to these loans, when the loans were transferred from held for investment to held for sale. On July 22, 2026, we sold approximately $175 million of our Private Education Loans, including $172 million of principal, $3 million in capitalized interest, and $0.2 million in accrued interest to the strategic partner. See Note 16, “Subsequent Events” in this Form 10-Q for additional information.

5. Allowance for Credit Losses and Unfunded Loan Commitments

Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb lifetime expected credit losses in the held for investment loan portfolio and unfunded loan commitments. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for credit losses is appropriate to cover lifetime expected losses incurred in the loan portfolio.

When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. The allowance is recorded in “Other Liabilities” on the consolidated balance sheet. When the loan is funded, we transfer that liability to the allowance for loan losses.

The majority of the total accrued interest receivable on our Private Education Loan portfolio represents accrued interest on deferred loans where no payments are due while the borrower is in school and on fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accrued on the loan in that month. The allowance for credit losses considers the collectability of both principal and accrued interest. The allowance for uncollectible interest estimates the additional uncollectible interest that is not captured in the allowance for credit losses. See “— Accrued Interest Receivable” in this Note 5 for further discussion.

See Note 2, “Significant Accounting Policies — Allowance for Credit Losses” in our 2025 Form 10-K for a more detailed discussion on our allowance for credit losses accounting policies.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)

Allowance for Credit Losses Metrics

The following tables provide a summary of the activity in the allowance for loan losses and the allowance for unfunded loan commitments during the three and six months ended June 30, 2026 and 2025.


Three Months Ended June 30, 2026 (dollars in thousands)	Private Education Loans
Allowance for loan losses, beginning balance	$	1,383,166
Transfer from allowance for unfunded loan commitments	28,209
Provisions:
Provision for current period	68,330
Loan sale reduction to provision	(10,826)
Loans transferred to held for sale	(2,311)
Total provisions(1)	55,193
Net charge-offs:
Charge-offs	(122,216)
Recoveries	9,662
Net charge-offs	(112,554)


Allowance for loan losses, ending balance	$	1,354,014
Allowance for unfunded loan commitments, beginning balance(2)	23,754
Provision(1)(3)	70,470
Transfer to allowance for loan losses	(28,209)
Allowance for unfunded loan commitments, ending balance(2)	66,015
Total allowance for credit losses, ending balance	$	1,420,029








Net charge-offs as a percentage of average loans in repayment (annualized)(4)	2.95		%
Allowance for loan losses coverage of net charge-offs (annualized)	3.01
Total Allowance Percentage of Private Education Loan Exposure(5)(6)	5.89		%


Ending total loans, gross	$	20,791,497
Average loans in repayment(4)	$	15,287,312
Ending loans in repayment(4)	$	15,366,596
Unfunded loan commitments for loans held for investment(6)	$	1,700,089
Total accrued interest receivable	$	1,604,848

(1) See “—Provisions for Credit Losses” below in this Note 5 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(2) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheet. See “—Unfunded Loan Commitments” in this Note 5 for further discussion.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.

(4) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include loans in the “loans in forbearance” metric).

(5) The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.

(6) Unfunded loan commitments for loans held for investment and the calculation of the Total Allowance Percentage of Private Education Loan Exposure do not include $28 million of unfunded loan commitments associated with loans classified as held for sale at June 30, 2026. Due to the near-term timing of the loan sale and credit quality of the loans, we believe there is no risk of credit loss and are not recording an allowance for the unfunded loan commitments related to the loans classified as held for sale.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)


Three Months Ended June 30, 2025 (dollars in thousands)	Private Education Loans
Allowance for loan losses, beginning balance	$	1,443,715
Transfer from allowance for unfunded loan commitments	27,878
Provisions:
Provision for current period	92,189


Total provisions(1)	92,189
Net charge-offs:
Charge-offs	(106,866)
Recoveries	12,593
Net charge-offs	(94,273)

Allowance for loan losses, ending balance	$	1,469,509
Allowance for unfunded loan commitments, beginning balance(2)	23,890
Provision(1)(3)	56,529
Transfer to allowance for loan losses	(27,878)
Allowance for unfunded loan commitments, ending balance(2)	52,541
Total allowance for credit losses, ending balance	$	1,522,050








Net charge-offs as a percentage of average loans in repayment (annualized)(4)	2.36		%
Allowance for loan losses coverage of net charge-offs (annualized)	3.90
Total Allowance Percentage of Private Education Loan Exposure(5)	5.95		%

Ending total loans, gross	$	22,525,817
Average loans in repayment(4)	$	15,991,357
Ending loans in repayment(4)	$	16,231,194
Unfunded loan commitments for loans held for investment	$	1,358,163
Total accrued interest receivable	$	1,701,944

(1) See “—Provisions for Credit Losses” below in this Note 5 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)


Six Months Ended June 30, 2026 (dollars in thousands)	Private Education Loans
Allowance for loan losses, beginning balance	$	1,430,318
Transfer from allowance for unfunded loan commitments	127,503
Provisions:
Provision for current period	141,526
Loan sale reduction to provision	(130,912)
Loans transferred to held for sale	(12,803)
Total provisions(1)	(2,189)
Net charge-offs:
Charge-offs	(225,049)
Recoveries	23,431
Net charge-offs	(201,618)

Allowance for loan losses, ending balance	$	1,354,014
Allowance for unfunded loan commitments, beginning balance(2)	77,132
Provision(1)(3)	116,386
Transfer to allowance for loan losses	(127,503)
Allowance for unfunded loan commitments, ending balance(2)	66,015
Total allowance for credit losses, ending balance	$	1,420,029








Net charge-offs as a percentage of average loans in repayment (annualized)(4)	2.55		%
Allowance for loan losses coverage of net charge-offs (annualized)	3.36
Total Allowance Percentage of Private Education Loan Exposure(5)(6)	5.89		%


Ending total loans, gross	$	20,791,497
Average loans in repayment(4)	$	15,786,152
Ending loans in repayment(4)	$	15,366,596
Unfunded loan commitments for loans held for investment(6)	$	1,700,089
Total accrued interest receivable	$	1,604,848

(1) See “—Provisions for Credit Losses” below in this Note 5 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)


Six Months Ended June 30, 2025 (dollars in thousands)	Private Education Loans
Allowance for loan losses, beginning balance	$	1,435,920
Transfer from allowance for unfunded loan commitments	133,012
Provisions:
Provision for current period	187,478
Loan sale reduction to provision	(116,459)

Total provisions(1)	71,019
Net charge-offs:
Charge-offs	(193,769)
Recoveries	23,327
Net charge-offs	(170,442)

Allowance for loan losses, ending balance	$	1,469,509
Allowance for unfunded loan commitments, beginning balance(2)	84,568
Provision(1)(3)	100,985
Transfer to allowance for loan losses	(133,012)
Allowance for unfunded loan commitments, ending balance(2)	52,541
Total allowance for credit losses, ending balance	$	1,522,050








Net charge-offs as a percentage of average loans in repayment (annualized)(4)	2.11		%
Allowance for loan losses coverage of net charge-offs (annualized)	4.31
Total Allowance Percentage of Private Education Loan Exposure(5)(6)	5.95		%


Ending total loans, gross	$	22,525,817
Average loans in repayment(4)	$	16,146,239
Ending loans in repayment(4)	$	16,231,194
Unfunded loan commitments for loans held for investment	$	1,358,163
Total accrued interest receivable	$	1,701,944

(1) See “—Provisions for Credit Losses” below in this Note 5 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)

Provisions for Credit Losses

Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2026		2025		2026		2025
Provisions for credit losses:
Provisions for loan losses	$	55,193	$	92,189	$	(2,189)	$	71,019
Provisions for unfunded loan commitments	70,470		56,529		116,386		100,985
Provisions for credit losses reported in consolidated statements of income	$	125,663	$	148,718	114,197		172,004

Provision for credit losses for the six months ended June 30, 2026 decreased by $58 million, compared with the year-ago period. During the six months ended June 30, 2026, the provision for credit losses was primarily affected by $131 million in negative provisions recorded as a result of the $3.75 billion in Private Education Loan sales during the first six months of 2026 and changes in economic outlook, offset by new loan commitments, net of expired commitments. In the year-ago period, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, and changes in economic outlook, offset by $116 million in negative provisions recorded as a result of the $2.00 billion Private Education Loan sale during the first six months of 2025.

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical information, which includes losses from modifications of receivables whose borrowers are experiencing financial difficulty. We use a discounted cash flow model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made as of the date of a modification.

The effect of most modifications of loans made to borrowers who are experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance. The forecast of expected future cash flows is updated as the loan modifications occur.

As part of concluding on the adequacy of the allowance for credit losses, we review key allowance and loan metrics. The most significant of the metrics considered are the allowance coverage of net charge-offs ratio; the allowance as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable (which we refer to as the “Total Allowance Percentage of Private Education Loan Exposure”); and delinquency and forbearance percentages.

Within the Private Education Loan portfolio, we deem loans greater than 90 days past due as nonperforming.

For additional information, see Note 1, “Significant Accounting Policies — Allowance for Credit Losses” in this Form 10-Q and Note 7, “Allowance for Credit Losses and Unfunded Loan Commitments” in our 2025 Form 10-K.

Forbearance

Under our current forbearance practices, temporary forbearance of payments is generally granted in one-to-two month increments, for up to 12 months over the life of the loan, with 12 months of positive payment performance by a borrower required between grants (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan). During the first six months following a borrower’s grace period, the borrower may be eligible for extended grace forbearance in one six-month increment (which would also count towards the 12-month forbearance cap). Due to our current forbearance practices, including the limitations on forbearances offered to borrowers, we do not believe the granting of forbearances will exceed the significance threshold under our accounting policy and, therefore, we do not consider the forbearances as loan modifications for the purposes of the tables below.

For additional information on our forbearance and modification programs, see Note 5, “Loans Held for Investment —Certain Collection Tools — Private Education Loans” in our 2025 Form 10-K. The tables below provide information about modifications to borrowers experiencing financial difficulty.

We offer certain administrative forbearances (e.g., death and disability, bankruptcy, military service, disaster forbearance, and in school assistance) that are required by law (such as by the Servicemembers Civil Relief Act), are considered separate from our active loss mitigation programs, or do not exceed the significance threshold and therefore are not considered to be loan modifications requiring disclosure. In addition, we may offer on a limited basis term


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)

extensions or rate reductions or a combination of both to borrowers to reduce consolidation activities. We do not consider them modifications of loans to borrowers experiencing financial difficulty and they therefore are not included in the tables below.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The following tables show the amortized cost basis at the end of the respective reporting periods of the loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification. When we approve a Private Education Loan at the beginning of an academic year, we do not always disburse the full amount of the loan at the time of approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended June 30, 2026 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	8,532	0.04	%	$	190,630	0.85	%
Total	$	8,532	0.04	%	$	190,630	0.85	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended June 30, 2025 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	7,093	0.03	%	$	134,398	0.55	%
Total	$	7,093	0.03	%	$	134,398	0.55	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Six Months Ended June 30, 2026 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	16,248	0.07	%	$	371,829	1.65	%
Total	$	16,248	0.07	%	$	371,829	1.65	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Six Months Ended June 30, 2025 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	13,195	0.05	%	$	265,624	1.09	%
Total	$	13,195	0.05	%	$	265,624	1.09	%


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)

The following tables summarize the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Three Months Ended June 30,

2026

2025

Interest Rate Reduction

Combination -
Interest Rate Reduction and Term Extension

Interest Rate Reduction

Combination -
Interest Rate Reduction and Term Extension

Financial Effect:

Reduced average contractual rate from 12.42% to 4.25%

Added a weighted average 9.47 years to the life of loans

Reduced average contractual rate from 11.85% to 2.94%

Reduced average contractual rate from 12.87% to 4.32%

Added a weighted average 9.32 years to the life of loans

Reduced average contractual rate from 12.29% to 3.98%

Six Months Ended June 30,

2026

2025

Interest Rate Reduction

Combination -
Interest Rate Reduction and Term Extension

Interest Rate Reduction

Combination -
Interest Rate Reduction and Term Extension

Financial Effect:

Reduced average contractual rate from 12.54% to 4.40%

Added a weighted average 9.50 years to the life of loans

Reduced average contractual rate from 11.92% to 2.94%

Reduced average contractual rate from 12.98% to 4.35%

Added a weighted average 9.35 years to the life of loans

Reduced average contractual rate from 12.23% to 3.99%

Private Education Loans are charged off at the end of the month in which they reach 120 days delinquent or otherwise when the loans are classified as a loss by us or our regulator. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses” in our 2025 Form 10-K for a more detailed discussion.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)

For the periods presented, the following table presents the defaulted amount and period-end amortized cost basis, by modification category, of loans that defaulted during the period and were modified for borrowers experiencing financial difficulty during the 12 months preceding default. Solely for the purpose of the below table, our definition of payment default is two missed consecutive post-modification payment obligations. As such, defaulted amount represents the principal amount of modified loans at the time the borrower missed two consecutive post-modification payment obligations during the period. Loans that were modified during the twelve months ended June 30, 2026 and subsequently charged-off during the three and six months ended June 30, 2026 are not included in the period-end amortized cost basis and had an amortized cost basis of $16.0 million and $28.2 million at the time of charge-off, respectively.



	Three Months Ended June 30,
	2026				2025
(Dollars in thousands)	Defaulted Amount		Period-end Amortized Cost Basis		Defaulted Amount		Period-end Amortized Cost Basis
Loan Type:
Private Education Loans
Interest Rate Reduction	$	2,697	$	2,385	$	2,503	$	2,222
Combination - Interest Rate Reduction and Term Extension	38,048		33,356		50,033		45,210
Total	$	40,745	$	35,741	$	52,536	$	47,432



	Six Months Ended June 30,
	2026				2025
(Dollars in thousands)	Defaulted Amount		Period-end Amortized Cost Basis		Defaulted Amount		Period-end Amortized Cost Basis
Loan Type:
Private Education Loans
Interest Rate Reduction	$	3,825	$	2,973	$	3,887	$	3,196
Combination - Interest Rate Reduction and Term Extension	57,977		47,211		79,426		66,964
Total	$	61,802	$	50,184	$	83,313	$	70,160


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)

We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts. The following table depicts the performance of loans that were modified within the six months prior to June 30, 2026, the 12 months prior to June 30, 2026, and the 12 months prior to December 31, 2025, respectively.


	Six Months Ended June 30, 2026				Twelve Months Ended June 30, 2026				Twelve Months Ended December 31, 2025
(Dollars in thousands)	Balance		%		Balance		%		Balance		%
Payment Status (Amortized Cost Basis at June 30, 2026)(1):
Loan modifications in deferment(2)	$	5,245			$	15,081			$	14,680
Loan modifications in repayment:
Loans current(3)(4)	270,708		71	%	479,762		76	%	358,054		70	%
Loans delinquent 30-59 days(3)(4)	46,125		12	%	63,325		10	%	68,823		13	%
Loans delinquent 60-89 days(3)(4)	28,841		7	%	39,100		6	%	41,592		8	%
Loans 90 days or greater past due(3)(4)	37,158		10	%	48,165		8	%	46,485		9	%
Total loan modifications in repayment	382,832		100	%	630,352		100	%	514,954		100	%
Total Private Education Loan modifications	$	388,077			$	645,433			$	529,634

(1) Loans that were modified during the twelve months ended June 30, 2026 and subsequently charged-off during the six months ended June 30, 2026 are excluded from the table and had an amortized cost basis of $28.2 million. Loans that were both modified and subsequently charged-off during the twelve months ended June 30, 2026 are excluded from the table and had an amortized cost basis of $42.1 million. Loans that were both modified and subsequently charged-off during the twelve months ended December 31, 2025 are excluded from the table and had an amortized cost basis of $39.1 million.

(2) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). Deferment also includes loans that have entered a forbearance after the loan modification was granted.

(3) Represents loans in repayment, which include loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include loans in the “loans in forbearance” metric).

(4) The period of delinquency is based on the number of days scheduled payments are contractually past due.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)

Private Education Loans Held for Investment - Key Credit Quality Indicators

For Private Education Loans, the key credit quality indicators are FICO scores, the existence of a cosigner, the loan status, and loan seasoning. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination approval/first disbursement, stratified by key credit quality indicators.


As of June 30, 2026 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination Approval	2026(1)		2025(1)		2024(1)		2023(1)		2022(1)		2021 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	991,815	$	4,964,770	$	3,514,495	$	1,914,043	$	1,737,913	$	5,342,004	$	18,465,040	89	%
Without cosigner	139,919		383,182		366,416		309,050		296,202		831,688		2,326,457		11
Total	$	1,131,734	$	5,347,952	$	3,880,911	$	2,223,093	$	2,034,115	$	6,173,692	$	20,791,497	100	%

FICO at Origination Approval(2):
Less than 670	$	80,803	$	341,876	$	232,357	$	182,582	$	180,764	$	535,805	$	1,554,187	7	%
670-699	144,145		636,273		468,996		325,694		294,838		1,002,040		2,871,986		14
700-749	333,733		1,523,655		1,175,230		690,110		637,923		2,063,592		6,424,243		31
Greater than or equal to 750	573,053		2,846,148		2,004,328		1,024,707		920,590		2,572,255		9,941,081		48
Total	$	1,131,734	$	5,347,952	$	3,880,911	$	2,223,093	$	2,034,115	$	6,173,692	$	20,791,497	100	%

FICO Refreshed(2)(3):
Less than 670	$	110,992	$	539,681	$	468,192	$	401,074	$	382,117	$	1,143,614	$	3,045,670	15	%
670-699	146,910		643,119		456,775		276,655		240,804		673,845		2,438,108		12
700-749	325,063		1,429,228		1,047,784		565,306		508,485		1,545,467		5,421,333		26
Greater than or equal to 750	548,769		2,735,924		1,908,160		980,058		902,709		2,810,766		9,886,386		47
Total	$	1,131,734	$	5,347,952	$	3,880,911	$	2,223,093	$	2,034,115	$	6,173,692	$	20,791,497	100	%

Seasoning(4):
1-12 payments	$	625,892	$	2,793,675	$	487,828	$	347,650	$	267,914	$	394,887	$	4,917,846	23	%
13-24 payments	—		532,772		1,968,361		205,184		175,357		343,448		3,225,122		16
25-36 payments	—		—		228,789		983,927		173,699		416,229		1,802,644		9
37-48 payments	—		—		—		190,864		945,077		477,390		1,613,331		8
More than 48 payments	—		—		—		—		140,105		3,996,149		4,136,254		20
Not yet in repayment	505,842		2,021,505		1,195,933		495,468		331,963		545,589		5,096,300		24
Total	$	1,131,734	$	5,347,952	$	3,880,911	$	2,223,093	$	2,034,115	$	6,173,692	$	20,791,497	100	%

2026 Current period(5) gross charge-offs	$	(100)	$	(7,253)	$	(29,820)	$	(40,405)	$	(37,018)	$	(110,453)	$	(225,049)
2026 Current period(5) recoveries	57		540		1,504		3,407		3,125		14,798		23,431
2026 Current period(5) net charge-offs	$	(43)	$	(6,713)	$	(28,316)	$	(36,998)	$	(33,893)	$	(95,655)	$	(201,618)

Total accrued interest by origination approval vintage	$	31,416	$	339,081	$	434,905	$	269,488	$	208,205	$	321,753	$	1,604,848
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the second quarter 2026. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2026 through June 30, 2026.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)


As of December 31, 2025 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination Approval	2025(1)		2024(1)		2023(1)		2022(1)		2021(1)		2020 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	3,983,409	$	4,968,667	$	2,324,100	$	1,950,843	$	1,366,905	$	4,621,467	$	19,215,391	89	%
Without cosigner	347,965		472,054		368,920		331,375		246,687		678,042		2,445,043		11
Total	$	4,331,374	$	5,440,721	$	2,693,020	$	2,282,218	$	1,613,592	$	5,299,509	$	21,660,434	100	%

FICO at Origination Approval(2):
Less than 670	$	263,280	$	321,462	$	214,219	$	199,017	$	127,109	$	464,693	$	1,589,780	7	%
670-699	520,721		654,923		390,691		326,675		227,358		886,853		3,007,221		14
700-749	1,254,937		1,645,649		834,804		716,088		516,516		1,794,886		6,762,880		31
Greater than or equal to 750	2,292,436		2,818,687		1,253,306		1,040,438		742,609		2,153,077		10,300,553		48
Total	$	4,331,374	$	5,440,721	$	2,693,020	$	2,282,218	$	1,613,592	$	5,299,509	$	21,660,434	100	%

FICO Refreshed(2)(3):
Less than 670	$	417,630	$	581,932	$	454,260	$	407,158	$	295,176	$	971,004	$	3,127,160	14	%
670-699	532,758		671,447		343,793		279,168		183,279		569,616		2,580,061		12
700-749	1,204,125		1,512,026		706,188		590,061		407,777		1,330,695		5,750,872		27
Greater than or equal to 750	2,176,861		2,675,316		1,188,779		1,005,831		727,360		2,428,194		10,202,341		47
Total	$	4,331,374	$	5,440,721	$	2,693,020	$	2,282,218	$	1,613,592	$	5,299,509	$	21,660,434	100	%

Seasoning(4):
1-12 payments	$	2,583,918	$	725,720	$	453,904	$	331,804	$	194,121	$	284,210	$	4,573,677	21	%
13-24 payments	—		2,859,837		319,450		205,689		132,671		299,208		3,816,855		18
25-36 payments	—		—		1,260,916		302,417		132,813		371,012		2,067,158		10
37-48 payments	—		—		—		1,039,762		232,301		420,441		1,692,504		8
More than 48 payments	—		—		—		—		706,571		3,471,137		4,177,708		19
Not yet in repayment	1,747,456		1,855,164		658,750		402,546		215,115		453,501		5,332,532		24
Total	$	4,331,374	$	5,440,721	$	2,693,020	$	2,282,218	$	1,613,592	$	5,299,509	$	21,660,434	100	%

2025 Current period(5) gross charge-offs	$	(1,579)	$	(21,763)	$	(73,247)	$	(69,089)	$	(51,038)	$	(182,920)	$	(399,636)
2025 Current period(5) recoveries	101		1,647		6,969		7,858		6,440		30,896		53,911
2025 Current period(5) net charge-offs	$	(1,478)	$	(20,116)	$	(66,278)	$	(61,231)	$	(44,598)	$	(152,024)	$	(345,725)

Total accrued interest by origination approval vintage	$	169,560	$	486,685	$	304,418	$	230,680	$	134,777	$	243,949	$	1,570,069

(1)Balance represents gross Private Education Loans held for investment.

(2)Represents the higher credit score of the cosigner or the borrower.

(3)Represents the FICO score updated as of the fourth quarter 2025.

(4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.

(5)Current period refers to January 1, 2025 through December 31, 2025.


5.			Allowance for Credit Losses and Unfunded Loan Commitments (Continued)

Delinquencies - Private Education Loans Held for Investment

The following tables provide information regarding the loan status of our Private Education Loans held for investment, by year of origination approval/first disbursement. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the following tables, do not include loans in the “loans in forbearance” metric).


	Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
As of June 30, 2026 (dollars in thousands)	2026		2025		2024		2023		2022		2021 and Prior		Total

Loans in-school/grace/deferment(1)	$	505,842	$	2,021,505	$	1,195,933	$	495,468	$	331,963	$	545,589	$	5,096,300
Loans in forbearance(2)	2,295		37,612		82,539		51,364		44,464		110,327		328,601
Loans in repayment:
Loans current	620,435		3,261,987		2,542,458		1,604,502		1,579,515		5,185,377		14,794,274
Loans delinquent 30-59 days(3)	2,267		16,491		30,351		35,301		36,292		169,062		289,764
Loans delinquent 60-89 days(3)	524		6,396		15,295		19,132		21,480		83,297		146,124
Loans 90 days or greater past due(3)	371		3,961		14,335		17,326		20,401		80,040		136,434
Total Private Education Loans in repayment	623,597		3,288,835		2,602,439		1,676,261		1,657,688		5,517,776		15,366,596
Total Private Education Loans, gross	1,131,734		5,347,952		3,880,911		2,223,093		2,034,115		6,173,692		20,791,497
Private Education Loans deferred origination costs and unamortized premium/(discount)	14,208		30,074		21,206		10,434

SLM Corp 10-Q