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美国

证券交易委员会

华盛顿特区20549

表格 10-Q

 

（标记1）

☑    根据1934年证券交易所法案第13或15(d)条，提交季度报告

截至季度结束日期的财务报告2024年9月30日

或者

☐    根据1934年证券交易所法案第13或15(d)条，提交过渡报告

过渡期从              到             

委托文件编号：001-39866001-13251

 

学贷美优先股borganization

(根据其章程规定的发行人的确切名称)

 

特拉华州									52-2013874
（国家或其他管辖区的 公司成立或组织）									（IRS雇主 唯一识别号码）
300 Continental Drive			纽瓦克			特拉华州			19713
，（主要行政办公地址）									(邮政编码)

(302) 451-0200

（如果自上次报告以来有变化，则填上其曾用名或旧地址）

（原名称、地址及上一个财政年度，如自上次报告以来发生更改）

在法案第12(b)条的规定下注册的证券：

每一类的名称			交易标志			在其上注册的交易所的名称
普通股，每股面值为$0.20			SLM			纳斯达克全球精选市场
浮动利率不积累优先股，b系列，每股面值为$0.20			SLMBP			纳斯达克全球精选市场

请勾选表示登记者是否：(1) 在过去12个月(或登记者需要提交这些报告的较短期间)内已提交《1934年证券交易所法》第13或第15(d)条所要求提交的所有报告，和(2)在过去90天内一直遵守这些申报要求。是  ☑    否  ☐

检查标记注明注册人是否在过去12个月内（或对于注册人需要提交此类文件的较短期限内）按照《规则S-T》405条所规定的每个互动数据文件都提交了。是  ☑    否  ☐

请用复选标记指示注册公司是大型加速申报人、加速申报人、非加速申报人、较小的报告公司还是新兴增长公司。请参阅《交易所法案》规则120亿.2中对“大型加速申报人”、“加速申报人”、“较小的报告公司”和“新兴增长公司”的定义。

 

大型加速报告人

☑

加速文件申报人

☐

非加速文件提交人

☐

宏观经济环境，包括供应链限制、上升的利率和通胀的经济影响，仍然给我们的综合经营结果带来了重大的不确定性，可能对我们的财务状况、经营结果和流动性产生不利影响。我们正在积极监测全球宏观经济环境的变化，并评估这些挑战可能对我们的财务状况、经营结果和流动性产生的潜在影响。我们还关注这些情况可能对我们的客户和供应商产生的影响。尽管存在这些挑战和不确定性，我们相信迄今为止我们已经有效地管理了客户和供应商的供应链需求。

更小的报告公司

☐

新兴成长公司

☐

如果是新兴成长型企业，请勾选复选标记，表明注册者已选择不使用延长过渡期来符合根据证券交易法第13(a)条规定提供的任何新财务会计准则。 ☐

请勾选是否为可披露公司（根据交易所法案120亿.2中的定义）。 是☐ 否☑ 

截至2024年9月30日， 212,330,467股普通股。

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SLM公司

基本报表

指数

第一部分。基本报表
项目1。			基本报表						2
项目1。			财务报表注释						11
事项二			分销计划						55
第3项。			市场风险的定量和定性披露						84
事项4。			控制和程序						87
第二部分。其他信息
项目1。			法律诉讼						88
项目1A。			风险因素						88
事项二			未注册的股票股权销售和筹款用途						88
第3项。			对优先证券的违约						89
事项4。			矿山安全披露						89
项目5。			其他信息						90
项目6。			展示资料						90

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联合资产负债表（未经审计）
						2020年9月30日						12月31日
(以千美元为单位，除每股股数和每股股价外)						2024						2023
资产
现金及现金等价物						$	4,489,539					$	4,149,838
投资：
Trading investments at fair value (cost of $43,373 和 $43,412）						54,840						54,481
可供出售的投资按公允价值计量（成本为$2,113,257 和 $2,563,984）						2,022,605						2,411,622
其他投资						114,210						91,567
投资合计						2,191,655						2,557,670
持有待售贷款（减免损失净额为$1,413,621 和 $1,339,772）						20,459,933						20,306,357
待售贷款						485,701						—
限制性现金						170,984						149,669
其他利息收益资产						5,820						9,229
应计利息应收款						1,537,594						1,379,904
资产和设备净值						122,972						129,501
商誉及已获取的无形资产净额						64,877						68,711
应收所得税款，净额						428,778						366,247
其他						54,914						52,342
总资产						$	30,012,767					$	29,169,468
负债
存款						$	21,445,457					$	21,653,188
长期借款						6,036,527						5,227,512
其他负债						397,033						407,971
负债合计						27,879,017						27,288,671
承诺和 contingencies
股权
优先股，面值$0.20每股股票价格为20已授权发行一百万股：
B轮： 2.5500万股，并且总成本（包括佣金和消费税）分别为$2.5 各自以面值$发行了百万股100。						251,070						251,070
普通股，每股面值 $，授权股数：百万股；发行股数：分别为2024年6月30日和2023年12月31日：百万股；流通股数：分别为2024年6月30日和2023年12月31日：百万股0.20每股股票价格为1.125 已授权开多亿股： 440.5和438.2 已发行开多万股						88,106						87,647
额外实收资本						1,185,187						1,148,689
累计其他综合损失（税后效益（$16,210）和（$24,176其他综合损益累计余额：						(50,339)						(75,104)
保留盈余						4,034,640						3,624,859
货币资金及其他流动资产						5,508,664						5,037,161
减：已购入库存的普通股 228.2和217.9各自有2,697,690万和2,071,289万股						(3,374,914)						(3,156,364)
股东权益总计						2,133,750						1,880,797
负债和所有者权益总额						$	30,012,767					$	29,169,468

有关合并财务报表的附注请参阅。

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合并营业收入表（未经审计）
（以千美元为单位，除每股金额外）						截至2022年1月31日三个月的期间结束 2021年9月30日												九个月截至 2021年9月30日
						2024						2023						2024						2023
利息收入：
贷款						$	565,046					$	581,080					$	1,726,991					$	1,732,206
投资						16,299						13,268						45,945						36,636
现金及现金等价物						71,294						57,902						184,737						154,911
总利息收入						652,639						652,250						1,957,673						1,923,753
利息支出:
存款						225,749						209,921						657,480						584,859
短期借款利息支出						3,467						3,576						10,339						9,893
长期借款利息支出						64,020						54,125						171,263						152,674
总利息支出						293,236						267,622						839,082						747,426
净利息收入						359,403						384,628						1,118,591						1,176,327
减少：信贷损失准备						271,465						198,023						300,336						329,864
减少信贷损失准备后的净利息收入						87,938						186,605						818,255						846,463
非息收入：
贷款销售的收益（损失）净额						(31)						(5)						254,937						124,740
证券交易的收益（损失）净额						(3,836)						1,490						385						1,988
其他收入						28,390						22,753						85,164						63,275
总非利息收入						24,523						24,238						340,486						190,003
非利息收入:
营业费用：
薪酬和福利						87,566						83,577						269,303						249,459
FDIC评估费用						12,973						12,283						38,012						33,663
其他营业费用						70,259						71,542						181,122						192,983
营业费用总计						170,798						167,402						488,437						476,105
已收购无形资产摊销费用						1,225						2,834						3,834						7,351
总非利息支出						172,023						170,236						492,271						483,456
所得税费用（收益）前的收入（亏损）						(59,562)						40,607						666,470						553,010
所得税费用（收益）						(14,410)						11,242						169,698						140,062
						(45,152)						29,365						496,772						412,948
优先股股息						4,648						4,642						13,929						12,979
归属于SLm公司普通股的净利润（亏损）						$	(49,800)					$	24,723					$	482,843					$	399,969
每股普通股基本盈利（亏损）						$	(0.23)					$	0.11					$	2.21					$	1.71
平均普通股份流通量						214,873						226,120						218,059						234,170
每股普通股摊薄盈利（亏损）						$	(0.23)					$	0.11					$	2.18					$	1.69
普通股和普通等价股平均流通股数						214,873						228,800						221,553						236,593
每股普通股宣布的股息						$	0.11					$	0.11					$	0.33					$	0.33

有关合并财务报表的附注请参阅。

3

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综合收益表（未经审计）
(以千美元计)						截至2022年1月31日三个月的期间结束 2021年9月30日												九个月截至 2021年9月30日
						2024						2023						2024						2023
						$	(45,152)					$	29,365					$	496,772					$	412,948
其他综合收益（损失）：
投资的未实现收益(亏损)						53,748						(17,686)						61,150						3,358
现金流量套期收益(损失)						(16,110)						(5,767)						(28,419)						(13,191)
未实现利润（损失）总额						37,638						(23,453)						32,731						(9,833)
所得税费用（收益）						(9,168)						5,702						(7,966)						2,388
其他综合收益（损失），净税后（费用）利益						28,470						(17,751)						24,765						(7,445)
总综合收益（损失）						$	(16,682)					$	11,614					$	521,537					$	405,503

有关合并财务报表的附注请参阅。

4

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合并股东权益变动表（未经审计）
												普通股股份
（以千为单位，除股份数量和每股金额外）						优先股股份						已发行						国库						未偿还金额						优先股						普通股						资本公积金						累积的 其他 综合 损失						未分配利润						库存股						总股本
2023年6月30日的余额						2,510,696						437,993,893						(211,913,035)						226,080,858						$	251,070					$	87,599					$	1,129,537					$	(83,564)					$	3,485,732					$	(3,064,010)					$	1,806,364
净收入						—						—						—						—						—						—						—						—						29,365						—						29,365
其他综合损失，净额						—						—						—						—						—						—						—						(17,751)						—						—						(17,751)
总综合收益						—						—						—						—						—						—						—						—						—						—						11,614
现金分红宣布:
普通股($共发行和流通)0.11每股)						—						—						—						—						—						—						—						—						(24,879)						—						(24,879)
优先股，b系列 ($1.85每股)						—						—						—						—						—						—						—						—						(4,642)						—						(4,642)
普通股发行						—						200,886						—						200,886						—						40						2,590						—						(1)						—						2,629
股票补偿费用						—						—						—						—						—						—						8,472						—						—						—						8,472
已回购普通股						—						—						—						—						—						—						—						—						—						(161)						(161)
与员工股权报酬计划相关的回购股份						—						—						(10,687)						(10,687)						—						—						—						—						—						(173)						(173)
2023年9月30日结余						2,510,696						438,194,779						(211,923,722)						226,271,057						$	251,070					$	87,639					$	1,140,599					$	(101,315)					$	3,485,575					$	(3,064,344)					$	1,799,224

有关合并财务报表的附注请参阅。

5

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合并权益变动报表（未经审计）
												普通股
（以千计，股票和每股金额除外）						优先股						已发行						财政部						杰出						优先股						普通股						额外的实收资本						累积 其他 综合收入 （损失）						留存收益						国库股						权益总额
截至 2024 年 6 月 30 日的余额						2,510,696						440,279,647						(222,818,287)						217,461,360						$	251,070					$	88,056					$	1,173,735					$	(78,809)					$	4,107,980					$	(3,258,794)					$	2,283,238
净亏损						—						—						—						—						—						—						—						—						(45,152)						—						(45,152)
其他综合收益，扣除税款						—						—						—						—						—						—						—						28,470						—						—						28,470
综合损失总额						—						—						—						—						—						—						—						—						—						—						(16,682)
申报的现金分红：
普通股 ($)0.11 每股）						—						—						—						—						—						—						—						—						(23,529)						—						(23,529)
优先股，b系列（美元）1.85 每股）						—						—						—						—						—						—						—						—						(4,648)						—						(4,648)
普通股的发行						—						249,049						—						249,049						—						50						3,078						—						(11)						—						3,117
股票薪酬支出						—						—						—						—						—						—						8,374						—						—						—						8,374
回购普通股						—						—						(5,345,026)						(5,345,026)						—						—						—						—						—						(115,338)						(115,338)
回购的股票与员工股票薪酬计划有关						—						—						(34,916)						(34,916)						—						—						—						—						—						(782)						(782)
截至 2024 年 9 月 30 日的余额						2,510,696						440,528,696						(228,198,229)						212,330,467						$	251,070					$	88,106					$	1,185,187					$	(50,339)					$	4,034,640					$	(3,374,914)					$	2,133,750

有关合并财务报表的附注请参阅。

6

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合并权益变动报表（未经审计）
												普通股
（以千计，股票和每股金额除外）						优先股						已发行						财政部						杰出						优先股						普通股						额外的实收资本						累积 其他 全面 损失						留存收益						国库股						权益总额
截至2022年12月31日的余额						2,510,696						435,121,140						(194,445,696)						240,675,444						$	251,070					$	87,025					$	1,109,072					$	(93,870)					$	3,163,640					$	(2,789,967)					$	1,726,970
净收入						—						—						—						—						—						—						—						—						412,948						—						412,948
扣除税款的其他综合亏损						—						—						—						—						—						—						—						(7,445)						—						—						(7,445)
综合收入总额						—						—						—						—						—						—						—						—						—						—						405,503
申报的现金分红：
普通股 ($)0.33 每股）						—						—						—						—						—						—						—						—						(76,817)						—						(76,817)
优先股，b系列（美元）5.17 每股）						—						—						—						—						—						—						—						—						(12,979)						—						(12,979)
普通股的发行						—						3,073,639						—						3,073,639						—						614						3,227						—						(1,217)						—						2,624
股票薪酬支出						—						—						—						—						—						—						28,300						—						—						—						28,300
回购普通股						—						—						(16,389,696)						(16,389,696)						—						—						—						—						—						(257,563)						(257,563)
回购的股票与员工股票薪酬计划有关						—						—						(1,088,330)						(1,088,330)						—						—						—						—						—						(16,814)						(16,814)
截至 2023 年 9 月 30 日的余额						2,510,696						438,194,779						(211,923,722)						226,271,057						$	251,070					$	87,639					$	1,140,599					$	(101,315)					$	3,485,575					$	(3,064,344)					$	1,799,224

有关合并财务报表的附注请参阅。

7

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合并权益变动报表（未经审计）
												普通股
（以千计，股票和每股金额除外）						优先股						已发行						财政部						杰出						优先股						普通股						额外的实收资本						累积 其他 全面 收入（亏损）						留存收益						国库股						权益总额
截至2023年12月31日的余额						2,510,696						438,230,416						(217,886,532)						220,343,884						$	251,070					$	87,647					$	1,148,689					$	(75,104)					$	3,624,859					$	(3,156,364)					$	1,880,797
净收入						—						—						—						—						—						—						—						—						496,772						—						496,772
其他综合收益，扣除税款						—						—						—						—						—						—						—						24,765						—						—						24,765
综合收入总额						—						—						—						—						—						—						—						—						—						—						521,537
申报的现金分红：
普通股 ($)0.33 每股）						—						—						—						—						—						—						—						—						(71,834)						—						(71,834)
优先股，b系列（美元）5.55 每股）						—						—						—						—						—						—						—						—						(13,929)						—						(13,929)
普通股的发行						—						2,298,280												2,298,280						—						459						4,757						—						(1,228)						—						3,988
股票薪酬支出						—						—						—						—						—						—						31,741						—						—						—						31,741
回购普通股						—						—						(9,585,395)						(9,585,395)						—						—						—						—						—						(203,996)						(203,996)
回购的股票与员工股票薪酬计划有关						—						—						(726,302)						(726,302)						—						—						—						—						—						(14,554)						(14,554)
截至 2024 年 9 月 30 日的余额						2,510,696						440,528,696						(228,198,229)						212,330,467						$	251,070					$	88,106					$	1,185,187					$	(50,339)					$	4,034,640					$	(3,374,914)					$	2,133,750

有关合并财务报表的附注请参阅。

8

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合并现金流量表（未经审计）
						九个月截至 2021年9月30日
(以千美元计)						2024						2023
经营活动
净收入						$	496,772					$	412,948
调整净利润以便于(使用于)经营活动的现金流量:
信用损失准备						300,336						329,864
所得税费用						169,698						140,062
代理存款安置费的摊销						8,101						8,818
担保借款设施前期费用的摊销						1,762						2,149
未实现贷款发行成本和贷款溢价/(折价)的摊销，净额						9,203						9,831
投资折价的净摊销						(1,480)						(2,012)
税务补偿应收款增加						—						(129)
房地产和设备的折旧						13,489						13,404
已收购无形资产摊销费用						3,834						7,351
股票补偿费用						31,741						28,300
衍生工具和套期交易活动的未实现收益（损失），净额						62						(280)
贷款出售收益，净额						(254,937)						(124,740)
证券收益，净额						(385)						(1,988)
收购交易成本，净额						—						997
对净利润的其他调整，净额						8,856						12,279
经营性资产和负债变动:
应计的利息增加						(829,087)						(777,125)
非流动证券增加						(10,553)						(853)
其他计息资产减少						3,409						75
其他资产增加						(41,899)						(31,211)
所得税应付款减少，净额						(234,743)						(163,077)
应计利息减少（增加）						(6,121)						27,829
其他负债减少						(1,992)						(9,988)
调整总计						(830,706)						(530,444)
经营活动产生的现金流量净额						(333,934)						(117,496)
投资活动
已获得和发起的贷款						(6,071,409)						(5,600,123)
来自用于投资和待售贷款销售的净收益						3,761,691						2,157,024
来自FFELP贷款索赔支付的款项						27,579						39,836
投资及待售贷款净减少（不包括收购和发起的贷款以及贷款销售）						2,021,627						2,338,426
可供出售证券购买						(76,963)						(70,790)
可供出售证券出售和到期收回的收益						744,798						215,042
收购子公司净额（扣除取得现金）						—						(14,654)
投资活动现金流入量合计						407,323						(935,239)
筹资活动
经纪存款放置费						(5,906)						(6,904)
存单净增额						508,686						886,475
其他存款净减额						(727,932)						(796,218)
抵押借款发行成本						—						(15)
抵押在证券化信托中的贷款担保的借款-已发行						1,529,461						1,135,054
抵押在证券化信托中的贷款担保的借款-已偿还						(727,688)						(863,230)
担保借款设施支付的费用						(2,333)						(2,850)
2021						(71,834)						(76,817)
支付的优先股股息						(13,929)						(12,979)
已回购普通股						(200,898)						(259,331)
融资活动提供的总净现金						287,627						3,185
现金，现金等价物和受限现金净增加（减少）						361,016						(1,049,550)
期初现金、现金等价物及受限制的现金余额						4,299,507						4,772,836

9

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期末现金、现金等价物及受限制的现金余额						$	4,660,523					$	3,723,286
现金支出项目包括：
利息						$	824,375					$	691,632
所得税已付款项						$	235,675					$	171,022
所得税退款						$	(1,251)					$	(8,157)
将综合现金流量表与综合资产负债表进行调节：
现金及现金等价物						$	4,489,539					$	3,548,225
受限现金						170,984						175,061
现金、现金等价物和受限制的现金总额						$	4,660,523					$	3,723,286

有关合并财务报表的附注请参阅。

10

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1. 重要会计政策

报告前提

SLm公司(以下简称“Sallie Mae”、“SLm”、“公司”、“我们”或“我们”)的附注未经审计的合并财务报表，已按照美国通用会计准则(“GAAP”)为中期财务信息编制。因此，它们不包括GAAP对完整合并财务报表所要求的所有信息和脚注。合并财务报表包括SLm公司及其多数拥有和控制子公司的账户，消除了公司间账户和交易的影响。在管理层的意见中，已纳入了为了公正反映中期期间业绩所需的所有调整。按照GAAP规定的财务报表的编制要求管理层进行可能影响合并财务报表和附注中报告金额的估计和假设。实际结果可能与这些估计不同。截至2024年9月30日三个月和九个月的营运业绩并不一定代表结束于2024年12月31日的年度业绩或任何其他时期的业绩。这些未经审计的财务报表应与我们2023年度10-K表(Form 10-K)中包含的经审计财务报表和相关注释一同阅读。

整合

合并基本报表包括公司及其多数持有和控制子公司的账户，在消除公司间账户和交易影响后。

我们合并任何变量利益实体（"VIE"），在我们确定自己是主要受益人的情况下。主要受益人是具有以下两者的实体：（i）有权指导最显著影响VIE经济绩效的活动的能力；以及（ii）有义务吸收可能对VIE有重大影响的实体的损失或收益。

信用减值准备

我们在报告日期（"CECL"）对我们投资组合中贷款的预期寿命信贷损失以及未来贷款承诺维持信贷损失准备金。

在确定我们的私人教育贷款组合贷款部分的预期信用损失寿命时，我们使用折现现金流量法。这种方法需要我们对这些组合中的贷款未来的本金和利息现金流做出预测。

为了估计未来的预期现金流量，我们使用考虑贷款的生命周期期望值以判断每个资产负债表日期的准确性的统计贷款级别模型来考虑拖欠、预付款、收回和任何其他被认为必要的定性调整。 这些现金流量以贷款的有效利率折现，以计算这些现金流量的现值。 管理层调整用于折现预期现金流量的有效利率以纳入预期预付款。 这些现金流量的现值与基础贷款的摊销成本基础之间的差额是信贷损失准备。 根据预期未来现金流量现值计量信贷损失的实体被允许将整个现值变动报告为信贷损失费用，但也可以将由于时间流逝而发生的现值变动报告为利息收入。 我们选择将整个现值变动报告为信贷损失费用。

我们估计未来违约率，使用基于历史损失经验、当前借款人特征、当前情况和经济因素预测的合理和可支持期间的贷款级别。在合理和可支持的预测期结束时，我们立即将我们预测的经济因素恢复到长期历史平均水平。

我们在贷款级别上使用历史预付经验、当前借款人特征、当前条件和经济因素来估计我们在当前预期信贷损失中使用的未来预付速度，这些经济因素是在一个合理和可支持的期间内预测的。在合理和可支持的预测期结束时，我们立即将我们的预测经济因素回归到长期历史平均水平。

合理可支持的预测期限旨在代表我们认为可以估计预测经济因素对预期损失影响的期间。我们使用两年的合理可支持的预测期限，尽管这一期限可能会随着我们对于可以合理预测经济状况以估计未来损失的能力看法的演变而发生变化。

11

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1.			重要会计政策（续）

在估算未来违约率和预付速度的当前预期信贷损失中，我们使用预期经济情景与历史经验相结合来得出一个调整后的基准情况，考虑任何定性因素（如下所述）。我们还制定逆境和有利的经济情景。在每个报告日期，我们根据当前经济情况和对替代结果风险的看法，确定这些替代情景的适当权重。这些期望的权重用于计算每个周期记录的当前预期信贷损失。

在估计回收时，我们既使用了对违约贷款出售所得的估计，也使用历史借款人付款行为来估计核销贷款未来回收的时间和金额。

除了上述建模方法之外，我们在计算信贷损失拨备时还考虑了其他一些定性因素，这可能会导致管理层进行调整（增加或减少信贷损失拨备）。这些管理层调整可以涵盖一系列模型输入未涵盖的因素，包括但不限于，借贷政策和程序的变化，包括批准标准的变化，服务政策和催收管理实践的变化，可能影响服务和收集实践的州法律变化，未包括在分析中的销账，尚未包括在分析中的回收款，其他外部因素（如法律和监管要求）对估计的预期信贷损失水平的影响，模型随时间的性能与实际损失之间的差异，以及可能影响我们对未来损失估计的任何其他操作性或监管变化。

信用损失准备金的评估本质上是主观的，因为它需要进行可能受到重大变化影响的实质性估计。如果未来实际表现在拖欠、核销和收回方面与估计有显着不同，或者管理假设或做法发生变化，这可能会对信用损失准备金的估计、确认损失的时间以及我们的综合损益表中与信用损失有关的计提产生重大影响。

在计算我们的信贷损失准备金和未担保承诺的责任时，我们会纳入多个因素，这些因素可能会在不同的时间段发生变化。这些因素包括但不限于，CECL模型输入以及管理层认为必要的任何覆盖层。其中最具影响力的CECL模型输入包括：

•经济预测;

•经济预测的权重; 和

•恢复率。

在上述列出的模型输入中，经济预测、经济预测的权重以及回收率存在估计不确定性，这些输入的变化可能对我们的信贷损失准备金和相关信贷损失准备金产生重大影响。

在2024年第二季度，我们实施了一个包括当前投资组合特征、实际国内生产总值和大学毕业生失业率预测的贷款级未来违约率模型。在2024年第二季度，我们还实施了一个未来偿还速度模型，包括实际国内生产总值、零售销售额、担保隔夜融资利率（“SOFR”）和美国10年期国债利率的预测。与先前的违约率和偿还速度模型相比，这些模型减少了对某些定性叠加的依赖。在这些更改之前，我们的损失模型使用了大学毕业生失业率、零售销售额、房价指数和家庭收入中位数的预测。未来违约率模型和未来偿还速度模型都用于确定信贷损失准备金的充足性。在实施这些模型增强以及相关定性叠加变更之后，对我们信贷损失准备金的整体水平没有产生实质影响。

我们从穆迪分析获得我们损失模型输入的预测。 穆迪分析为每个输入提供各种可能性发生的预测区间。 我们判断我们将在信贷损失拨备估算中包含哪些预测，以及这些输入的相关权重。 截至2024年9月30日、2023年12月31日和2023年9月30日，我们使用基准（发生可能性50th分位）/S1（更强的近期增长情景-发生可能性10%）/S3（不利（或下行）情景-发生可能性10%）并分别给予40%、30%和30%的权重。管理层每个季度审查这两种情景及其各自的权重，以确定信贷损失拨备。

最近发布的会计声明

2023年11月，财务会计准则委员会（“FASB”）发布了财务会计准则更新（“ASU”）第2023-07号，分部报告（主题280）：改进可报告分部披露。该ASU

12

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1.			重要会计政策（续）

经改进的报告分部披露要求，主要通过增强对重要分部费用的披露来实现。具体来说，新指导要求按年度和中期披露向首席经营决策者定期提供的重要分部费用，以及按报告分部列明其他分部项目的金额，并描述其构成。此外，修订案为仅具有一个报告分部的实体提供了新的分部披露要求。该标准将于2023年12月15日后开始的财政年度和2024年12月15日后开始的财政年度内的中期生效。我们预计此修订不会对我们的合并财务报表产生实质影响。

2023年12月，FASB发布了ASU No. 2023-09，所得税（主题740）：改进所得税披露。该ASU要求实体披露有效税率调和中的特定类别，并为调和项目提供额外信息，其中这些调和项目的影响等于或大于按适用法定所得税率乘以税前收入/亏损计算的金额的5％。此外，实体还被要求按司法管辖区细分披露截至当年的所得税支付金额（扣除已收到的退款）。该标准适用于2024年12月15日后开始的财政年度。我们预计这项修正对我们的合并财务报表不会产生重大影响。

2. 投资

交易投资

我们定期通过证券化交易卖出私人教育贷款（以下简称），其中我们必须保留一个 五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 百分点的垂直风险留存利益（即 五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 百分比的证券化发行类的每个部分）。我们将这些与交易相关的垂直风险留存利益分类为可供出售的投资，除了剩余类中的利益，我们将其分类为以公允价值记录的交易投资，其变动通过损益记录。截至2024年9月30日和2023年12月31日，我们分别拥有551百万美元和54 百万美元，作为交易投资分类。

可供出售的投资

可供出售证券的摊销成本和公允价值如下：

截至2024年9月30日 （以千美元为单位）						摊余成本						信贷损失准备金(1)						未实现的总收益额						毛额未实现亏损						估算公允价值
可供出售：
抵押支持证券						$	515,923					$	—					$	1,664					$	(54,875)					$	462,712
犹他州住房公司债券						2,849						—						—						(318)						2,531
美国政府支持的企业和国债						997,530						—						—						(31,323)						966,207
其他证券						596,955						—						7,024						(12,824)						591,155
总						$	2,113,257					$	—					$	8,688					$	(99,340)					$	2,022,605
截至2023年12月31日 （以千美元为单位）						摊余成本						信贷损失准备金(1)						未实现的总收益额						毛额未实现亏损						估算公允价值
可供出售：
抵押支持证券						$	468,204					$	—					$	703					$	(62,480)					$	406,427
犹他州住房公司债券						3,408						—						—						(279)						3,129
美国政府支持的企业和国债						1,645,609						—						—						(66,870)						1,578,739
其他证券						446,763						—						603						(24,039)						423,327
总						$	2,563,984					$	—					$	1,306					$	(153,668)					$	2,411,622

(1) 反映已在综合资产负债表中确认的因信贷因素导致的损失金额（作为可供出售证券的信用损失支出）。该金额不包括与非信贷因素相关的未实现损失。

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2.			投资（续）

以下表格总结了我们可供出售证券的毛未实现损失金额，以及处于未实现损失头寸的证券的估计公允价值，按证券处于未实现损失头寸的时间长短分类：

(以千美元计)						不超过12个月												12个月或更长时间												总费用
						毛利 未实现的 损失						预计 公正价值						毛利 未实现的 损失						预计 公正价值						毛利 未实现的 损失						预计 公正价值
截至2024年9月30日：
抵押支持证券						$	(101)					$	34,601					$	(54,774)					$	309,842					$	(54,875)					$	344,443
犹他州住房公司债券						—						—						(318)						2,531						(318)						2,531
美国政府支持的企业和国债						—						—						(31,323)						966,207						(31,323)						966,207
其他证券						(123)						22,933						(12,701)						206,952						(12,824)						229,885
总费用						$	(224)					$	57,534					$	(99,116)					$	1,485,532					$	(99,340)					$	1,543,066
截至2023年12月31日:
抵押支持证券						$	(531)					$	51,391					$	(61,949)					$	300,318					$	(62,480)					$	351,709
犹他州住房公司债券						—						—						(279)						3,129						(279)						3,129
美国政府支持的企业和国债						—						—						(66,870)						1,578,739						(66,870)						1,578,739
其他证券						(2,221)						90,725						(21,818)						241,253						(24,039)						331,978
总费用						$	(2,752)					$	142,116					$	(150,916)					$	2,123,439					$	(153,668)					$	2,265,555

在2024年9月30日和2023年12月31日， 19416.6%278和页面。21316.6%248分别计入未实现损失位置的可供出售证券。

减值损失

对于可供出售的证券处于未实现损失的情况，我们首先评估我们是否打算出售，或者很可能需要在证券的摊销成本回收之前卖出，。如果满足这两个标准中的任何一个，则将证券的摊销成本基础减记至公允价值以计入净利润。对于未实现损失的证券，如果不符合这些标准，我们将评估公允价值下降是否来源于信用损失或其他因素。在进行这一评估时，我们将考虑公允价值低于摊销成本的程度、评级机构对证券评级的任何变化、特定于该证券的不利条件，以及可能适用于该证券的任何担保（例如美国政府的担保）。如果该评估表明存在信用损失，损失的与信贷相关部分将记录为该证券的准备损失。

我们的投资组合包含由Ginnie Mae、Fannie Mae和Freddie Mac发行的抵押支持证券，以及犹他州住房公司债券。我们持有这些证券是为了满足《社区再投资法案》（CRA）的要求。我们还投资于由联邦住房贷款银行、房利美及联邦农业信贷银行发行的其他美国政府支持企业证券。我们持有的由Ginnie Mae计划发行的抵押支持证券得到美国政府的全额信用担保。净损失的剩余抵押支持证券分别得到房利美或Freddie Mac的本息担保。我们持有的国债和其他美国政府支持企业债券分别被穆迪投资者服务评为Aaa级或标准普尔评为AA+。我们有意愿和能力持有这些债券一段足以使市场价格恢复至至少调整后摊销成本的时间。基于这一定性分析，我们已确定不存在信用减值。

我们定期通过证券化交易出售私人教育贷款，在这些交易中，我们被要求保留一个百分之 五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。垂直风险留存利益。我们将非残余垂直风险保留利益分类为可供出售的投资。我们有意愿和能力持有这些债券，直到市场价格恢复至至少安全-半导体的调整摊销成本。我们预计会收到与这些投资相关的所有合同现金流，并不认为存在信用损失。

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2.			投资（续）

截至2024年9月30日，按合同到期日摊销成本和公允价值的证券概述如下。 由于提前还款的影响，合同到期日与实际到期日可能有所不同。

截至 2024 年 9 月 30 日 到期年份 （以千美元计）						摊销成本						估计公允价值
2024						$	49,998					$	49,922
2025						299,564						296,634
2026						549,052						522,070
2027						98,916						97,582
2038						66						68
2039						561						563
2042						2,152						1,914
2043						3,813						3,512
2044						4,125						3,867
2045						4,567						4,170
2046						7,014						6,318
2047						6,980						6,339
2048						1,706						1,597
2049						14,973						13,648
2050						102,417						84,272
2051						146,699						119,429
2052						59,033						53,601
2053						312,243						310,480
2054						132,881						128,397
2055						75,043						73,470
2056						200,334						202,800
2058						41,120						41,952
总计						$	2,113,257					$	2,022,605

部分按揭支持债券和部分政府证券已被质押给联邦储备银行（“FRB”）作为对FRB主要信贷融资计划下任何提款和应计利息的抵押，我们在2024年9月30日和2023年12月31日分别向这一借款机构质押了$610万美元和612 百万美元的证券面值，具体讨论请参阅基本报表附注第9条“借款”在此表格10-Q中。

其他投资

非流通证券投资

我们持有非上市证券投资，并以成本减值计提之外加上或减去相同或相似发行人的证券可观察价格变动。市场价值变动记录在收入表内。由于这些为非上市证券，我们使用相同或相似发行人的证券可观察价格变动，或者在无法获得可观察价格时，使用类似实体的市场数据来确定证券价值的任何变动。在2024年第三季度，我们为一个我们之前未购买过证券的发行人的非上市证券投资提供资金。截至2024年9月30日和2023年12月31日，我们在非上市证券的总投资额为$24万美元和14百万。

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2.			投资（续）

低收入住房税收抵免投资

我们投资于符合低收入住房税收抵免计划（LIHTC）资格的经济适用房项目，该计划旨在促进私人开发低收入住房。这些投资主要通过联邦税收抵免的实现和基础物业净营运亏损的税收优惠来获得回报。LIHTC投资的总账面价值为$84 百万美元，在2024年9月30日为$72 百万美元，在2023年12月31日为$33百万美元。在投资期间，我们周期性地需要提供额外的财务支持。未拨款承诺的负债在2024年9月30日为$30 百万美元，在2023年12月31日为$

关于这些投资，我们通过税项（利润）支出的形式确认了税收抵免和其他税收优惠，金额为$2百万，在2024年9月30日；$11 百万，在2023年12月31日。税收抵免和其他税收优惠被视为我们年度有效税率的一部分，用于判断给定季度的税收支出。因此，在任何给定季度中确认的全年预期税收优惠的比例可能会有所不同。 25截至2024年3月31日，版权责任反映了5.0%的有效收益。

3. 投资持有的贷款

投资持有的贷款包括私人教育贷款。我们使用“私人教育贷款”指的是向学生或其家庭提供的教育贷款，该贷款不是由任何州或联邦政府提供、保险或担保的。私人教育贷款不包括根据先前的联邦家庭教育贷款计划（FFELP）保险或担保的贷款。2024年9月30日，我们将剩余的FFELP贷款组合转移到持售贷款中。有关更多信息，请参阅综合财务报表附注第4节“持售贷款”。

我们的私人教育贷款主要用于填补高等教育费用与通过助学金、政府贷款和客户资源获得的金额之间的差距。私人教育贷款承担客户的全部信用风险。我们通过风险绩效核保策略和合格的共同签署者管理这种风险。私人教育贷款可以是固定利率，也可以是按照SOFR，即担保隔夜融资利率，指数化的浮动利率。截至2024年9月30日和2023年12月31日， 24 百分比和 33 百分比，我们所有私人教育贷款中分别以SOFR作为基准。我们为客户提供激励，鼓励他们在贷款中加入共同签署者，我们的贷款组合中绝大部分私人教育贷款均有共同签署。我们还鼓励客户在学校期间进行还款。

FFELP贷款在违约情况下，其本金和应计利息的保险，根据贷款发放日期的风险分担水平而定。这些保险责任得到了针对美国政府的合同权利支持。对于2006年7月1日或之后发放的贷款，我们收到百分之*保费的所有符合条件的报销。 97 对于1993年10月1日之后、2006年7月1日之前发放的贷款，我们收到*百分比的所有符合条件的报销。 98 对于1993年10月1日之前发放的贷款，我们收到*百分比的所有符合条件的报销。 100 对于1993年10月1日之前发放的贷款，我们收到*百分比的所有符合条件的报销。

在 2024 年的前九个月中，我们认可了 $255出售约美元可获得百万美元的收益3.69十亿美元的私人教育贷款，包括美元3.42十亿美元的本金和美元274向非关联第三方支付百万美元资本利息。在 2023 年的前九个月中，我们认可了 $128出售约美元可获得百万美元的收益2.10十亿美元的私人教育贷款，包括美元1.96十亿美元的本金和美元144向无关联的第三方支付百万美元的资本利息。在执行某些贷款销售时创建了VIE；但是，根据我们的合并分析，我们不是这些VIE的主要受益者。这些交易符合出售待遇条件，并在相应的结算日期从我们的资产负债表中扣除了贷款余额。根据与销售相关的适用服务协议，我们仍然是这些贷款的服务提供商。有关更多信息，请参阅本10-Q表格中的合并财务报表附注9，“借款——未合并的VIE”。

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3.			投资持有的贷款（续）

投资持有的贷款总结如下：

						2020年9月30日						12月31日
(以千美元计)						2024						2023
私人教育贷款：
固定利率						$	16,510,149					$	13,985,791
可变利率						5,267,317						7,040,053
私人教育贷款总额，毛值						21,777,466						21,025,844
递延发放成本和未摊销的溢价/(折扣)						96,088						81,554
信贷损失准备金						(1,413,621)						(1,335,105)
净私人教育贷款总额						20,459,933						19,772,293
联邦家长加固贷款计划贷款(1)						—						537,401
递延发行成本和未摊销的溢价/(贴水)						—						1,330
信贷损失准备金						—						(4,667)
净联邦家长加固贷款总额						—						534,064
持有投资贷款净额资产						$	20,459,933					$	20,306,357

 (1) FFELP贷款于2024年9月30日转移到待售贷款。

我们投资组合中教育贷款的预计加权平均寿命分别约为 5.4年和5.0 年，分别是2024年9月30日和2023年12月31日。

我们投资组合中持有的贷款的平均余额（净溢价/（折扣））和相应的加权平均利率如下所示：

						2024												2023
截至9月30日的三个月 （以千美元为单位）						平均余额						加权平均利率						平均余额						加权平均利率
私人教育贷款						$	20,497,173					10.79		%				$	20,649,663					10.96		%
联邦家庭教育贷款计划贷款(1)						—						—						563,502						7.35
总投资组合						$	20,497,173											$	21,213,165

						2024												2023
截至9月30日的九个月 （以千美元为单位）						平均余额						加权平均利率						平均余额						加权平均利率
私人教育贷款						$	20,805,777					10.90		%				$	21,032,541					10.80		%
联邦教育贷款计划贷款(1)						—						—						583,427						7.10
总投资组合						$	20,805,777											$	21,615,968

(1) FFELP贷款于2024年9月30日转让为待售贷款。

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4. 待售贷款

我们从产品销售（专有软件许可证，第三方硬件和操作系统）、订阅和维护以及专业服务中获得并报告营业收入。2024年6月30日结束的三个月中，产品销售营业收入总计为$百万，2019年和2018年相应为$百万。4862024年9月30日，我们持有的贷款金额为百万美元， 否 2023年12月31日的贷款持有额。2024年9月30日的余额包括我们的FFELP贷款组合。2024年9月30日，我们对这一贷款组合进行了减值，使其调整为估计公允价值，金额为$8股票回购活动以及因员工基于股票的补偿目的而重新发行国库股的情况如下：

5. 信贷损失拨备

我们的信贷损失准备金代表维持充足以吸收持有的投资贷款组合中预期信用损失的预期费用。信贷损失准备金的评估在本质上是主观的，因为它需要可能会受到显著变化的重要估计。我们认为信贷损失准备金足以覆盖贷款组合中预期的终身损失。有关联合财务报表附注，请查看我们2023年第10-k表格中“重要会计政策 - 信贷损失准备金 - 私人教育贷款损失准备金，- 联邦家庭教育贷款计划（FFELP）损失准备金”的第二部分，以获取更详细的讨论。

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5.			信贷损失准备金（续）

资产信用损失准备指标

2024年9月30日止三个月 （以千美元为单位）						FFELP 贷款						私人教育 贷款												总费用
信用减值准备
期初余额						$	4,060					$	1,265,592											$	1,269,652
从未拨款承诺责任转移(1)						—						115,421												115,421
规定：
本期计提						4,368						109,196												113,564
总准备金(2)						4,368						109,196												113,564
净核销：
核销						(131)						(87,737)												(87,868)
康复						—						11,149												11,149
净核销额						(131)						(76,588)												(76,719)
转让贷款至待售产生的减值准备(3)						(8,297)						—												(8,297)
期末余额						$	—					$	1,413,621											$	1,413,621
津贴(4):
期末余额：集体进行减值测试						$	—					$	1,413,621											$	1,413,621
贷款(4):
期末余额：集体进行减值测试						$	—					$	21,777,466											$	21,777,466
应计利息待资本化(4):
期末余额：集体进行减值测试						$	—					$	1,390,774											$	1,390,774
年化偿还中净核销占平均贷款的百分比(5)						—		%				2.08		%
拨备占期末总贷款余额和应资本化利息的百分比(6)						—		%				6.10		%
拨备占期末偿还及应资本化利息的贷款余额的百分比(5)(6)						—		%				8.91		%
净核销的拨备覆盖率（年化）						—						4.61
期末总贷款总额，总额						$	—					$	21,777,466
偿还中的平均贷款(5)						$	—					$	14,708,205
偿还中的期末贷款(5)						$	—					$	15,360,255
应 capitalization 在偿还贷款的利息(7)						$	—					$	513,121

(1) 请查看本10-Q表格中“未融资贷款承诺”第6条款，了解未拨款贷款承诺准备金和余额的概况。

(2) 以下是财务报表中报告的信贷损失准备金的调解情况。当进行新的贷款承诺时，我们会记录CECL准备金作为未拨资贷款承诺的负债，通过记录信贷损失准备金。当贷款拨款后，我们将该负债转移到信用损失准备金。

截至2020年6月30日和2019年6月30日三个月和六个月的营业额 信用损失准备金协调
2024年9月30日结束的三个月（金额以千美元计）
私人教育贷款损失准备金：
贷款损失准备金						$	109,196
未拨款贷款承诺准备金						157,901
私人教育贷款损失准备金总额						267,097
对信用损失准备金的其他影响：
联邦家长加固贷款计划贷款						4,368
总费用						4,368
信贷损失准备金在综合损益表中报告						$	271,465

(3) 代表转移到持有待售贷款的公平值调整。

(4) 截至2024年9月30日，没有对信用损失、贷款或应计利息进行资本化余额进行逐笔评估。

(5) 处于偿还状态的贷款包括借款人只支付利息或固定付款的贷款，以及进入全额本息偿还状态的贷款，经过任何适用宽限期后（但出于表格目的，不包括处于宽限期中的贷款）。

(6) 应将应计利息资本化仅适用于私人教育贷款。

(7) 应资本化的待偿贷款利息包括处于偿还但尚未进入完全本金和利息偿还状态的贷款利息，在任何适用宽限期之后（但就表格而言，不包括贷款处于宽限期时的利息）。

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5.			信贷损失准备金（续）

2023年9月30日止三个月 （以千美元为单位）						FFELP 贷款						私有的 教育 贷款												总费用
信用减值准备
期初余额						$	4,422					$	1,360,294											$	1,364,716
从未拨款承诺责任转移(1)						—						101,687												101,687
规定：
本期计提						666						44,423												45,089
总准备金(2)						666						44,423												45,089
净核销：
核销						(272)						(104,865)												(105,137)
康复						—						9,693												9,693
净核销额						(272)						(95,172)												(95,444)
期末余额						$	4,816					$	1,411,232											$	1,416,048
津贴(3):
期末余额：集体进行减值测试						$	4,816					$	1,411,232											$	1,416,048
贷款(3):
期末余额：集体进行减值测试						$	554,309					$	21,680,867											$	22,235,176
应计利息待资本化(3):
期末余额：集体进行减值测试						$	—					$	1,283,388											$	1,283,388
年化偿还中净核销占平均贷款的百分比(4)						0.25		%				2.53		%
拨备占期末总贷款余额和应资本化利息的百分比(5)						0.87		%				6.15		%
拨备占期末偿还及应资本化利息的贷款余额的百分比(4)(5)						1.15		%				8.84		%
净核销的拨备覆盖率（年化）						4.43						3.71
期末总贷款总额，总额						$	554,309					$	21,680,867
偿还中的平均贷款(4)						$	428,028					$	15,023,993
偿还中的期末贷款(4)						$	418,022					$	15,505,145
应 capitalization 在偿还贷款的利息(6)						$	—					$	464,807

(1) 请参阅本10-Q表格中的第6条“未拨款贷款承诺”注解，了解未拨款贷款承诺准备金活动和余额的摘要。

(2) 以下是在综合收益表中报告的信贷损失准备金的对账情况。当作出新的贷款承诺时，我们会将CECL准备金记录为未融资贷款承诺的负债，通过记录信贷损失准备金形成准备金。当贷款得到融资时，我们会将该负债转移至信贷损失准备金。

截至2020年6月30日和2019年6月30日三个月和六个月的营业额 信贷损失准备金对账
2023年9月30日结束的三个月（金额以千美元计）
私人教育贷款信贷损失准备金：
贷款损失准备金						$	44,423
未拨款贷款承诺准备金						152,934
私人教育贷款信贷损失总额						197,357
信贷损失准备金的其他影响：
联邦家长加固贷款计划贷款						666
总费用						666
在综合损益表中报告的信贷损失准备金						$	198,023

(3) 截至2023年9月30日的三个月内，没有针对信贷损失、贷款或应计利息而进行资本化评估的余额被单独评估为受损。

(4) 处于偿还阶段的贷款包括仅付利息或固定付款的贷款，以及在适用的宽限期后进入全额本金和利息偿还状态的贷款（但出于表格目的，不包括处于宽限期中的贷款）。

(5) 应将应计利息资本化仅适用于私人教育贷款。

(6) 应资本化的待偿贷款利息包括处于偿还但尚未进入完全本金和利息偿还状态的贷款利息，在任何适用宽限期之后（但就表格而言，不包括贷款处于宽限期时的利息）。

l

20

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5.			信贷损失准备金（续）

2024年9月30日止九个月 （以千美元为单位）						FFELP 贷款						私人教育 贷款												总费用
信用减值准备
期初余额						$	4,667					$	1,335,105											$	1,339,772
从未拨款承诺责任转移(1)						—						276,750												276,750
规定：
本期计提						4,010						276,534												280,544
贷款出售减少以提供						—						(235,955)												(235,955)
总准备金(2)						4,010						40,579												44,589
净核销：
核销						(380)						(272,653)												(273,033)
康复						—						33,840												33,840
净核销额						(380)						(238,813)												(239,193)
转让贷款至待售产生的减值准备(3)						(8,297)						—												(8,297)
期末余额						$	—					$	1,413,621											$	1,413,621
津贴(4):
期末余额：集体进行减值测试						$	—					$	1,413,621											$	1,413,621
贷款(4):
期末余额：集体进行减值测试						$	—					$	21,777,466											$	21,777,466
应计利息待资本化(4):
期末余额：集体进行减值测试						$	—					$	1,390,774											$	1,390,774
年化偿还中净核销占平均贷款的百分比(5)						—		%				2.13		%
拨备占期末总贷款余额和应资本化利息的百分比(6)						—		%				6.10		%
拨备占期末偿还及应资本化利息的贷款余额的百分比(5)(6)						—		%				8.91		%
净核销的拨备覆盖率（年化）						—						4.44
期末总贷款总额，总额						$	—					$	21,777,466
偿还中的平均贷款(5)						$	—					$	14,944,421
偿还中的期末贷款(5)						$	—					$	15,360,255
应 capitalization 在偿还贷款的利息(7)						$	—					$	513,121

(1) 请参阅本10-Q表格中的第6条“未融资贷款承诺”注释，分别概述未融资贷款承诺拨备活动和余额。

(2) 以下是财务报表中报告的信贷损失准备金的调解情况。当进行新的贷款承诺时，我们会记录CECL准备金作为未拨资贷款承诺的负债，通过记录信贷损失准备金。当贷款拨款后，我们将该负债转移到信用损失准备金。

截至2020年6月30日和2019年6月30日三个月和六个月的营业额 信用损失准备金协调
2024年9月30日截止的九个月（单位：千美元）
私人教育贷款损失准备金：
贷款损失准备金						$	40,579
未拨款贷款承诺准备金						255,747
私人教育贷款损失准备金总额						296,326
对信用损失准备金的其他影响：
联邦家长加固贷款计划贷款						4,010
总费用						4,010
信贷损失准备金在综合损益表中报告						$	300,336

(3) 代表转移到持有待售贷款的公平值调整。

(4) 截至2024年9月30日的九个月结束时，没有对逾搞的资产准备金、贷款或应计利息作出个别评估来确定其资产减值。

(5) 处于偿还状态的贷款包括借款人只支付利息或固定付款的贷款，以及进入全额本息偿还状态的贷款，经过任何适用宽限期后（但出于表格目的，不包括处于宽限期中的贷款）。

(6) 应将应计利息资本化仅适用于私人教育贷款。

(7) 应资本化的待偿贷款利息包括处于偿还但尚未进入完全本金和利息偿还状态的贷款利息，在任何适用宽限期之后（但就表格而言，不包括贷款处于宽限期时的利息）。

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5.			信贷损失准备金（续）

2023年9月30日止九个月 （以千美元为单位）						FFELP 贷款						私有的 教育 贷款												总费用
信用减值准备
期初余额						$	3,444					$	1,353,631											$	1,357,075
从未拨款承诺责任转移(1)						—						278,388												278,388
规定：
本期计提						2,225						196,859												199,084
贷款销售减少为准备金						—						(136,531)												(136,531)
总准备金(2)						2,225						60,328												62,553
净核销：
核销						(853)						(314,500)												(315,353)
康复						—						33,385												33,385
净核销额						(853)						(281,115)												(281,968)
期末余额						$	4,816					$	1,411,232											$	1,416,048
津贴(3):
期末余额：集体进行减值测试						$	4,816					$	1,411,232											$	1,416,048
贷款(3):
期末余额：集体进行减值测试						$	554,309					$	21,680,867											$	22,235,176
应计利息待资本化(3):
期末余额：集体进行减值测试						$	—					$	1,283,388											$	1,283,388
年化偿还中净核销占平均贷款的百分比(4)						0.26		%				2.44		%
拨备占期末总贷款余额和应资本化利息的百分比(5)						0.87		%				6.15		%
拨备占期末偿还及应资本化利息的贷款余额的百分比(4)(5)						1.15		%				8.84		%
净核销的拨备覆盖率（年化）						4.23						3.77
期末总贷款总额，总额						$	554,309					$	21,680,867
偿还中的平均贷款(4)						$	440,716					$	15,358,596
偿还中的期末贷款(4)						$	418,022					$	15,505,145
应 capitalization 在偿还贷款的利息(6)						$	—					$	464,807

(1) 请参阅本10-Q表格中“未担保贷款承诺”第6条款，了解未担保贷款承诺准备金活动情况和余额。

(2) 以下是在综合收益表中报告的信贷损失准备金的对账情况。当作出新的贷款承诺时，我们会将CECL准备金记录为未融资贷款承诺的负债，通过记录信贷损失准备金形成准备金。当贷款得到融资时，我们会将该负债转移至信贷损失准备金。

截至2020年6月30日和2019年6月30日三个月和六个月的营业额 信用损失准备金协调
2023年9月30日截至的九个月（单位：千美元）
私人教育贷款损失准备金：
贷款损失准备金						$	60,328
未拨款贷款承诺准备金						267,311
私人教育贷款损失准备金总额						327,639
对信用损失准备金的其他影响：
联邦家长加固贷款计划贷款						$	2,225
总费用						2,225
信贷损失准备金在综合损益表中报告						$	329,864

(3) 截至2023年9月30日止九个月的期间，没有针对逐笔评估减值的信贷损失准备金、贷款或应计利息应资本化余额。

(4) 处于偿还状态的贷款包括借款人只支付利息或固定付款的贷款，以及进入全额本息偿还状态的贷款，经过任何适用宽限期后（但出于表格目的，不包括处于宽限期中的贷款）。

(5) 应将应计利息资本化仅适用于私人教育贷款。

(6) 应资本化的待偿贷款利息包括处于偿还但尚未进入完全本金和利息偿还状态的贷款利息，在任何适用宽限期之后（但就表格而言，不包括贷款处于宽限期时的利息）。

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5.			信贷损失准备金（续）

信用减值准备

2024年第二季度，我们实施了一个贷款级未来违约率模型，包括当前投资组合特征和对实际国内生产总值、大学毕业生失业率的预测。在2024年第二季度，我们还实施了一个未来提前偿还速度模型，包括对实际国内生产总值、零售销售额、SOFR和美国10年期国债利率的预测。这些模型相对于以往的违约率和提前偿还速度模型减少了对某些定性覆盖的依赖。在这些变化之前，我们的损失模型使用了对大学毕业生失业率、零售销售额、房屋价格指数和家庭收入中位数的预测。未来违约率模型和未来提前偿还速度模型均用于确定信贷损失准备金的充足性。实施这些模型增强和相关定性覆盖变化后的联合影响对我们信贷损失准备金的整体水平没有产生实质影响。

我们从穆迪分析获得我们损失模型输入的预测。穆迪分析为每个输入提供了一系列预测，各种发生可能性。我们判断哪些预测将包括在我们对信贷损失拨备的估算中，并确定各个输入的权重。2024年9月30日、2023年12月31日和2023年9月30日，我们使用基准（发生可能性为50%）/S1（更强的近期增长情景-发生可能性为10%）/S3（不利（或下行）情景-发生可能性为10%），并将它们分别加权为40%、30%和30%。每季度管理层都会审查这两种情景及其各自的权重，以确定信贷损失准备金。

2024年9月30日结束的九个月内，信贷损失准备金减少了$30百万美元，与去年同期相比。2024年9月30日结束的九个月内，信贷损失准备金主要受到$236百万美元的负准备金的影响，这是由于2024年头九个月间$3.69亿美元的私人教育贷款销售，改善的经济前景，管理覆盖层和回收率变化的影响，抵消了新的贷款承诺，净额过期承诺，以及由于我们对历史长期平均预付速度的估计在两年合理且可支持期间结束后而导致的准备金增加。在去年同期，信贷损失准备金主要受到新的贷款承诺，净额过期承诺，较慢的预付率，管理覆盖层和经济前景变化的影响，这些影响被$137百万美元的负准备金所抵消，这是由于2023年头九个月间$2.10亿美元的私人教育贷款销售和回收率增加。

作为结束对信贷损失拨备充分性的一部分，我们审查关键的拨备和贷款指标。 其中最重要的指标是净核销比率的拨备覆盖率； 拨备占期末总贷款的百分比和待资本化的应计利息以及处于偿还状态的期末贷款和待资本化的应计利息； 以及逾期和宽限比例。

借款人遇到财务困难的贷款修改

信用损失准备金包括预期信用损失的寿命估计，并在资产原始或获取时记录在每个资产上。 信用损失准备金估计的起点是历史信息，其中包括来自处于经济困难中的借款人的应收款项修改导致的损失。 我们使用折现现金流模型来判断信用损失准备金。 对借款人是否处于经济困难中的评估是在修改日期进行的。

由于用于估计准备金的计量方法已经包含了对面临财务困难的借款人进行的大多数贷款修改的影响，因此未来现金流的预测会随着贷款修改的发生而更新。

当我们认为这些更改将有助于帮助我们的客户管理他们的学生贷款责任并取得更好的学生结果，并提高贷款的可收回性时，我们会调整某些借款人的贷款条款。 这些更改通常采取暂停还款的形式，暂时或永久降低利率，暂时或永久降低利率并永久延长贷款期限，以及/或提供短期延期偿还的替代方案。 针对那些及时还款的借款人，我们会未来授予宽限期，对于某些拖欠的借款人，可能会回溯授予宽限期。

当我们为面临财务困难的借款人提供我们的计划中的利率减免时，我们会评估他们偿还能力，并根据他们的财务状况提供定制的还款条件。在2024年第三季度之前，作为证明偿还能力和愿意付款的一部分，借款人需要连续做三个月的减免金额支付才能有资格参加修改计划，并且如果适用，贷款才能重新核定并变成当前状态。从2024年第三季度开始，我们在这个领域改进了我们的做法，当我们判断借款人的偿还能力并且他们同意修改后，贷款就会被修改

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5.			信贷损失准备金（续）

立即。修改后，借款人仍须按照减少的还款金额连续支付三个月的款项，以便贷款重新计息并处于当前状态，如果符合条件的话。根据我们的惯例，任何已经接受过利率减免或永久展期的贷款，在修改后通常不再具备重新计息的资格。在这种情况下，修改后，贷款将继续处于拖欠状态，直到所有逾期款项被支付并且贷款被处理为当前状态。

根据我们的程序，我们将贷款最终到期日的永久延期仅限制为贷款寿命内一次，并将利率降低的次数限制为贷款寿命内两次。在适当的情况下，只要借款人符合条件，我们将允许连续两次降低利率。我们相信通过根据借款人当前的财务状况量身定制修改计划，而非采取一刀切的方式，可以增加借款人能够支付修改后款项并避免违约的可能性。给予正在经历更严重困境的不同借款人不同的利率优惠的这种做法还有助于我们更好地管理向借款人提供的整体援助。

在私人教育贷款组合中，我们认为逾期天数超过的贷款为不良。 90 天未偿还的FFELP贷款被视为不良。FFELP贷款的本金和应计利息在违约情况下至少得到联邦政府的担保，因此，我们不会考虑FFELP贷款存在信用风险的不良情况，在申领付款之前该类贷款仍然会产生利息。 97 在私人教育贷款组合中，我们认为超过天的贷款为不良。FFELP贷款的本金和应计利息至少得到联邦政府的保证，因此在可能索赔前，我们并不认为FFELP贷款存在信用风险，并会继续为这些贷款计提利息至索赔日期。

有关更多信息，请参阅我们2023年10-K表格中的基本报表附注，注2“重大会计政策-信贷损失准备”和注7“信贷损失准备”部分。

根据我们目前的宽限做法，一般会在借款人暂缓支付期间的两个月内给予暂缓，贷款的整个期限内最长可达四个月，每次暂缓之间需要借款人连续偿还四个月的正常还款表现（也就是借款人需要累计偿还等同于贷款月还款额的金额）。详情请参阅基本报表附注第5页，“投资持有贷款 - 私人教育贷款”的相关注释，在我们公司2023年度10-k表中。 之一至每次暂缓期一般以两个月为单位，贷款期限内最长可达四个月，在借款人需连续表现积极还款的四个月之间给予暂缓（意味着借款人需支付累计金额相当于贷款要求的月还款数）。请参阅基本报表附注第5页，“投资持有贷款 - 私人教育贷款”和我们2023年度10-k表中基本报表附注第2页，“重要会计政策”中的相关内容。 根据我们目前的宽限做法，借款人一般可连续获得两个月的暂缓，贷款期内最多达四个月，要求借款人在暂缓之间有四个月的正面支付表现（意味着借款人需支付相当于贷款月还款金额的累计金额）。详情请参阅基本报表附注第5页，“投资持有贷款 — 私人教育贷款”和我们2023年度10-K表中的相关说明。 12 根据我们目前的宽限措施，借款人一般可在贷款期内的四个月内获得两个月的暂缓，要求借款人在每次暂缓之间连续有四个月的积极支付表现（即借款人需支付的累积金额相当于贷款期间的月还款金额）。详情请参阅基本报表附注第5页，“投资持有贷款 - 私人教育贷款”中的相关注释，在我们2023年度10-k表中。 12 根据我们目前的宽限做法，借款人通常在四个月内取得暂缓，贷款期间需实现正面支付表现四个月，每次暂缓间必须有借款人支付相当于四个月贷款要求金额的累积款项。详情请参阅基本报表附注第5页，“投资持有贷款 — 私人教育贷款”和我们2023年度10-k表中的相关情况记录。 12 根据我们目前的宽限做法，通常会给予借款人暂缓支付的次数不会超过显著性门槛，因此我们认为给予的暂缓不会被视为贷款调整，这是由于借款人受到暂缓次数的限制。请参阅我们2023年度10-K表中基本报表附注第2页，“重要会计政策”和基本报表附注第5页，“投资持有贷款 — 私人教育贷款”有关ASU No. 2022-02的采纳。依据ASU No. 2022-02条例，若债务已曾重组，实体在确定当前重组导致的延迟支付是否微不足道时，必须考虑过去12个月内进行的重组的累积效应。

上述关于宽限期授权限制的描述适用于困难宽限期。 我们提供其他行政宽限期（例如，因死亡和残疾、破产、军工-半导体服务、灾难宽限和学校援助而需要的宽限期），这些宽限期要么是法律要求的（例如《军人民事救济法》），要么被视为与我们的主动损失缓解计划相分离，因此不被视为根据ASU No. 2022-02要求进行披露的贷款调整。此外，我们可能有限地提供贷款人期限延长、利率降低或二者结合的选择，以减少合并活动。 对于本披露，我们不认为这些是向面临财务困难的借款人贷款的修改，因此它们不包括在下表中。

2023年第四季度，我们开发了额外的修改计划，根据个体借款人的财务状况定制。根据这些额外的修改计划，对于我们遇到最严重财务困境的借款人，我们目前可能将贷款的合约利率降低至低至 2 的剩余存续期间，并且永久延长贷款的最终到期日。其他遇到严重困难的借款人可能不需要那么多帮助，然而，考虑到他们的情况，在这种情况下，我们可能将贷款的合约利率降低至高于 2 的比率，最高可达 8 的短期内，并且在某些情况下还可能永久延长贷款的最终到期日。这些新的计划反映在下面的表格中。 两个至公司使用资产和负债的会计方法来计算所得税。根据这种方法，根据资产和负债的金融报表及税基之间的暂时区别，使用实施税率来决定递延税资产和递延税负债，该税率适用于预期差异将反转的年份。税法的任何修改对递延税资产和负债的影响将于生效日期在财务报告期内确认在汇总的综合收益报表上。

作为2023年第四季度推出的额外修改计划的一部分，我们还提供了一个为期短暂时间的永久期限延长计划，不降低利率。该计划于2023年第四季度结束。该计划的摊销成本总计为$8.2存入资金 0.04 私人教育贷款组合总额的百分比。该计划使贷款的平均寿命延长了 6.7 年。截至2024年9月30日，其中有$6.8 百万的这些贷款处于正常或延期状态，$0.7 百万的这些贷款逾期30-59天，$0.3 百万的这些贷款逾期60-89天，以及$0.4 百万的这些贷款逾期90天或更长时间。截至2024年9月30日止三个月内，有$0.5百万笔修改贷款1 （含$0.5百万

1 代表截至2024年9月30日适用的私人教育贷款的摊销成本基础。

24

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5.			信贷损失准备金（续）

此计划中出现了在接受期限延期后的12个月内逾期60天的未偿本金余额为的发生的$0.2在接受期限延期后的12个月内冲销的百万美元贷款。截至2024年9月30日的九个月中，有$1.1 百万美元修改过的贷款2 （贷款逾期60天时的未偿本金余额为$1.2 此计划中出现了在接受期限延期后的12个月内逾期60天的未偿本金余额为的发生的$0.3 在接受期限延期后的12个月内冲销的百万美元贷款。

以下表格显示了期末调整后的摊销成本基础，根据贷款人在贷款期间经历财务困难而进行的修改，按融资应收款类别和修改类型细分。当我们在学年初批准一项私人教育贷款时，我们并不总是在批准时就发放全部贷款金额，而是有义务在以后的某个日期资助部分贷款（通常在第二学期或随后学期的开始）。我们认为，在他们离开学校并且难以按计划还本付息时，借款人处于财务困境。2024年9月30日结束的三个月和九个月内，贷款修改的增加与去年同期比较主要是由于2023年第四季度实施了额外的修改计划，以及对这些计划的细化，如前述。

						对于遇到财务困难的借款人进行贷款修改
2024年9月30日止三个月 （以千美元为单位）						降低利率												组合-利率降低和期限延长
贷款类型:						摊销成本基础						财务应收账款总额的百分比						摊销成本基础						财务应收账款总额的百分比
私人教育贷款						$	21,159					0.09		%				$	449,484					1.92		%
总费用						$	21,159					0.09		%				$	449,484					1.92		%

						对于遇到财务困难的借款人进行贷款修改
2023年9月30日止三个月 （以千美元为单位）						降低利率												组合-利率降低和期限延长
贷款类型:						摊销成本基础						财务应收账款总额的百分比						摊销成本基础						财务应收账款总额的百分比
私人教育贷款						$	16,620					0.07		%				$	90,193					0.39		%
总费用						$	16,620					0.07		%				$	90,193					0.39		%

						对于遇到财务困难的借款人进行贷款修改
2024年9月30日止九个月 （以千美元为单位）						降低利率												组合 - 利率减少和期限延长
贷款类型:						摊销成本基础						财务应收账款总额的百分比						摊销成本基础						财务应收账款总额的百分比
私人教育贷款						$	28,633					0.12		%				$	937,723					4.01		%
总费用						$	28,633					0.12		%				$	937,723					4.01		%

2 代表截至2024年9月30日适用的私人教育贷款的摊销成本基础。

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5.			信贷损失准备金（续）

						对于遇到财务困难的借款人进行贷款修改
2023年9月30日止九个月 （以千美元为单位）						降低利率												组合-利率减少和期限延长
贷款类型:						摊销成本基础						财务应收账款总额的百分比						摊销成本基础						财务应收账款总额的百分比
私人教育贷款						$	39,263					0.17		%				$	254,639					1.10		%
总费用						$	39,263					0.17		%				$	254,639					1.10		%

以下表格描述了对贷款进行的修改所产生的财务影响，借款人正在经历财务困难：

2024年9月30日止三个月

降低利率

组合-利率 降低和期限延长

贷款类型

财务影响

贷款类型

财务影响

私人教育贷款

从降低平均合同利率开始 13.16可以降低至0.75%每年3.59%

私人教育贷款

增加了加权平均 9.42 将贷款寿命延长至多年 从降低平均合同利率开始 12.58可以降低至0.75%每年3.51%

2023年9月30日止三个月

降低利率

组合-利率 减少和延长期限

贷款类型

财务影响

贷款类型

财务影响

私人教育贷款

从降低平均合同利率开始 13.57可以降低至0.75%每年4.00%

私人教育贷款

增加了加权平均 10.22 年份至贷款寿命 从降低平均合同利率开始 13.12可以降低至0.75%每年4.00%

2024年9月30日止九个月

降低利率

组合 - 利率 减少和期限延长

贷款类型

财务影响

贷款类型

财务影响

私人教育贷款

从降低平均合同利率开始 13.18可以降低至0.75%每年3.59%

私人教育贷款

新增加权平均 9.21 年增加贷款寿命 从降低平均合同利率开始 12.69可以降低至0.75%每年3.60%

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5.			信贷损失准备金（续）

2023年9月30日止九个月

降低利率

组合 - 利率 减少和期限延长

贷款类型

财务影响

贷款类型

财务影响

私人教育贷款

降低了平均合同利率从 13.29可以降低至0.75%每年4.00%

私人教育贷款

增加了加权平均 10.24 年到贷款的寿命 降低了平均合同利率从 12.84可以降低至0.75%每年4.00%

私人教育贷款通常会在贷款到期月末被计提坏账准备 120 逾期天数达到固定天数或者贷款被我们或监管机构列为损失时，私人教育贷款的摊销成本会减少不可收回金额，信用损失准备金也会相应减少。请参阅2023年10-k表格中我们基本报表附注2“重要会计政策 — 信用损失准备金 — 私人教育贷款损失准备和 — FFELP贷款损失准备”了解更详细的讨论。

在呈现的周期内，以下表格提供了在展示期间任何时点发生过贷款更改的折旧成本基础和未偿本金基础。 60 在贷款获得贷款更改后的12个月内，呈现期间有超过多少天逾期的贷款，并在贷款获得贷款更改后的12个月内总结呈现期间发生的核销。 2024年9月30日结束的三个月和九个月内，贷款更改的增加与去年同期相比，主要是由于在2023年第四季度实施的先前描述的额外修改计划和对这些计划的调整。以下表格不包括在2023年第四季度延长没有利率降低的永久条件的贷款，这些已经在上面讨论过。

						截至2022年1月31日三个月的期间结束 2024年9月30日																		截至2022年1月31日三个月的期间结束  2023年9月30日
(以千美元计)						修改后的贷款(1)(2)						付款违约(4)						核销(5)						修改贷款(1)(2)						付款违约(4)						核销(5)
贷款类型:
私人教育贷款						$	87,722					$	86,969					$	18,056					$	14,546					$	14,129					$	4,534
总费用						$	87,722					$	86,969					$	18,056					$	14,546					$	14,129					$	4,534

						九个月截至 2024年9月30日																		九个月截至  2023年9月30日
(以千美元计)						修改后的贷款(1)(3)						付款违约(4)						核销(5)						修改后的贷款(1)(3)						付款违约(4)						核销(5)
贷款类型:
私人教育贷款						$	121,032					$	123,127					$	20,564					$	26,449					$	27,672					$	6,428
总费用						$	121,032					$	123,127					$	20,564					$	26,449					$	27,672					$	6,428

(1) 代表在报告期末处于逾期状态并在获得修改后的12个月内的贷款的摊销成本基础。 60 报告期内逾期天数为多少天并处于收到修改的12个月内。

(2) 截至2024年9月30日止三个月，经修改的贷款中包括$83.1百万美元的利率降低和期限延长贷款修改，以及$4.6百万美元的仅利率降低贷款修改。截至2023年9月30日止三个月，经修改的贷款中包括$12.4百万美元的利率降低和期限延长贷款修改，以及$2.1百万美元的仅利率降低贷款修改。

(3) 截至2024年9月30日的九个月，改贷款包括$115.4百万美元的利率减免和期限延长贷款修改，以及$5.7百万美元的仅利率减免贷款修改。截至2023年9月30日的九个月，改贷款包括$23.0百万美元的利率减免和期限延长贷款修改，以及$3.4百万美元的仅利率减免贷款修改。

(4) 代表修改贷款时的未偿本金余额 60 经过贷款修改后的12个月内，贷款已逾期 days 或以上。

(5) 代表了核销时的未偿本金余额。

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5.			信贷损失准备金（续）

我们密切监控向遇到财务困难的借款人提供修改的贷款表现，以了解修改措施的有效性。 以下表格分别描述了在2024年9月30日前九个月内、在2024年9月30日前十二个月内以及在2023年12月31日前十二个月内进行了修改的贷款表现。 在2023年第四季度未接受永久性合同延期并没有利率降低的贷款不包括在下表中，但已在上文讨论过。

						九个月结束 2024年9月30日									12个月结束。 2024年9月30日									12个月结束。 2023年12月31日
(以千美元计)						余额			%						余额			%						余额			%
支付状态（摊销成本基础）：
延期中的贷款修改(1)						$	24,946								$	28,327								$	6,843
还款中的贷款修改：
贷款目前正常(2)(3)						766,273			81		%				837,473			82		%				334,967			90		%
贷款逾期30-59天(2)(3)						74,279			8		%				77,145			8		%				17,205			4		%
贷款逾期60-89天(2)(3)						43,208			5		%				44,846			4		%				7,689			2		%
逾期90天或更久的贷款(2)(3)						57,650			6		%				61,399			6		%				13,822			4		%
还款方案总计的贷款修改						941,410			100		%				1,020,863			100		%				373,683			100		%
私人教育贷款修改总数						$	966,356								$	1,049,190								$	380,526

(1) 延期包括已返校学习或从事其他允许的教育活动，并且尚未被要求全额偿还贷款本金和利息的客户（例如，医学生的住院期或律师考试准备期的宽限期）。延期还包括在贷款修改获准后进入宽限期的贷款。

(2) 代表处于偿还状态的贷款，包括在适用宽限期之后进入全额本息偿还状态的贷款（但是，为了表格的目的，在暂停偿还期间不包括这些贷款）。

（3）逾期期限是基于合同约定的逾期天数。

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5.			信贷损失准备金（续）

投资持有的私人教育贷款-关键信用质量因子

FFELP贷款至少存在还款担保 97 万一违约，FFELP贷款的本金和应计利息至少有%的担保；因此，与FFELP贷款相关的关键信用质量因子是不存在的。

对于私人教育贷款，关键的信贷质量因子包括FICO分数、是否有共同签署人、贷款状态和贷款调味品。 FICO分数在最初批准时进行评估，并通过贷款期限定期刷新/更新。 以下表格突出了我们私人教育贷款组合（持有投资），按原始批准年份分层的总本金余额，排列在关键信贷质量因子下。

截至2024年9月30日 （以千美元为单位）						私人教育贷款持有的投资-信用质量因子
批准原始年份						2024(1)						2023(1)						2022(1)						2021(1)						2020(1)						2019年及以前(1)						总费用(1)						余额的百分比
共同借款人:
有联合签署人						$	3,734,881					$	4,740,192					$	2,775,372					$	1,792,296					$	1,185,946					$	4,854,732					$	19,083,419					88		%
无联合签署人						410,127						623,056						454,404						321,490						233,207						651,763						2,694,047						12
总费用						$	4,145,008					$	5,363,248					$	3,229,776					$	2,113,786					$	1,419,153					$	5,506,495					$	21,777,466					100		%
原始批准时的FICO评分(2):
低于670						$	246,464					$	394,068					$	261,780					$	156,049					$	96,605					$	495,359					$	1,650,325					8		%
670-699						509,488						751,734						450,549						288,455						201,741						937,664						3,139,631						14
700-749						1,256,692						1,649,606						1,010,936						673,104						463,935						1,861,249						6,915,522						32
大于或等于750						2,132,364						2,567,840						1,506,511						996,178						656,872						2,212,223						10,071,988						46
总费用						$	4,145,008					$	5,363,248					$	3,229,776					$	2,113,786					$	1,419,153					$	5,506,495					$	21,777,466					100		%
FICO更新(2)(3):
小于670						$	350,534					$	634,599					$	460,995					$	304,198					$	195,926					$	866,117					$	2,812,369					13		%
670-699						530,612						722,522						411,258						247,461						142,707						599,235						2,653,795						12
700-749						1,240,651						1,541,321						904,821						581,250						371,047						1,464,960						6,104,050						28
大于或等于750						2,023,211						2,464,806						1,452,702						980,877						709,473						2,576,183						10,207,252						47
总费用						$	4,145,008					$	5,363,248					$	3,229,776					$	2,113,786					$	1,419,153					$	5,506,495					$	21,777,466					100		%
调味品(4):
1-12期付款						$	2,276,316					$	2,140,723					$	420,171					$	247,167					$	149,269					$	353,135					$	5,586,781					25		%
13-24期付款						—						1,056,273						1,277,280						192,430						127,669						374,514						3,028,166						14
25-36期付款						—						—						619,637						855,419						116,659						484,079						2,075,794						10
37-48期付款						—						—						—						380,010						524,320						453,928						1,358,258						6
超过48次付款						—						—						—						—						276,001						3,336,669						3,612,670						17
尚未开始偿还						1,868,692						2,166,252						912,688						438,760						225,235						504,170						6,115,797						28
总费用						$	4,145,008					$	5,363,248					$	3,229,776					$	2,113,786					$	1,419,153					$	5,506,495					$	21,777,466					100		%
2024年当前期间(5) 总核销						$	(672)					$	(16,359)					$	(48,389)					$	(38,496)					$	(27,088)					$	(141,649)					$	(272,653)
2024年当前期间(5) 收回						37						1,268						4,876						4,317						2,886						20,456						33,840
2024年当前期间(5) 净核销						$	(635)					$	(15,091)					$	(43,513)					$	(34,179)					$	(24,202)					$	(121,193)					$	(238,813)
按原始发行年份累计应计利息						$	104,376					$	452,478					$	350,208					$	226,175					$	126,965					$	269,612					$	1,529,814
(1)余额代表持有待投资的毛额私人教育贷款。 (2)代表共同借款人或借款人更高的信用评分。 (3)代表截至2024年第三季度更新的FICO评分。 (4)计划还款期间的活跃还款月数（无论是仅利息支付、固定支付，还是全额本金和利息支付状态）需设置付款。 (5)当前期间指2024年1月1日至2024年9月30日。

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5.			信贷损失准备金（续）

截至2023年12月31日 （以千美元为单位）						投资持有的私人教育贷款-信贷质量因子
审批产生年份						2023(1)						2022(1)						2021(1)						2020(1)						2019(1)						2018年及以前(1)						总费用(1)						余额的百分比
共同借款人:
有共同签署人						$	3,903,676					$	4,428,163					$	2,516,380					$	1,535,308					$	1,378,699					$	4,529,768					$	18,291,994					87		%
无共同签署人						586,443						660,576						421,042						283,781						253,601						528,407						2,733,850						13
总费用						$	4,490,119					$	5,088,739					$	2,937,422					$	1,819,089					$	1,632,300					$	5,058,175					$	21,025,844					100		%
初始批准时FICO评分(2):
低于670						$	328,199					$	395,526					$	208,696					$	118,935					$	137,494					$	451,613					$	1,640,463					8		%
670-699						635,642						704,642						400,744						254,762						257,840						868,777						3,122,407						15
700-749						1,383,779						1,586,783						934,033						590,401						545,333						1,709,299						6,749,628						32
大于或等于750						2,142,499						2,401,788						1,393,949						854,991						691,633						2,028,486						9,513,346						45
总费用						$	4,490,119					$	5,088,739					$	2,937,422					$	1,819,089					$	1,632,300					$	5,058,175					$	21,025,844					100		%
刷新后的FICO评分(2)(3):
少于670						$	495,451					$	638,381					$	379,738					$	217,956					$	214,665					$	791,875					$	2,738,066					13		%
670-699						616,684						672,777						365,674						193,462						176,963						564,245						2,589,805						12
700-749						1,347,094						1,477,310						836,747						498,414						445,244						1,361,073						5,965,882						28
大于或等于750						2,030,890						2,300,271						1,355,263						909,257						795,428						2,340,982						9,732,091						47
总费用						$	4,490,119					$	5,088,739					$	2,937,422					$	1,819,089					$	1,632,300					$	5,058,175					$	21,025,844					100		%
调味品(4):
1-12期付款						$	2,514,079					$	740,450					$	440,293					$	245,631					$	208,941					$	332,608					$	4,482,002					21		%
13-24期付款						—						2,675,956						303,045						167,532						165,577						384,760						3,696,870						18
25-36期付款						—						—						1,524,834						195,091						129,571						456,448						2,305,944						11
37-48期付款						—						—						—						902,938						208,521						446,350						1,557,809						7
超过48次付款						—						—						—						116						706,097						2,985,015						3,691,228						18
尚未开始偿还						1,976,040						1,672,333						669,250						307,781						213,593						452,994						5,291,991						25
总费用						$	4,490,119					$	5,088,739					$	2,937,422					$	1,819,089					$	1,632,300					$	5,058,175					$	21,025,844					100		%
2023年当前时期(5) 总的核销						$	(1,812)					$	(31,032)					$	(70,331)					$	(49,624)					$	(50,585)					$	(216,711)					$	(420,095)
2023年当前时期(5) 回收款项						172						2,342						6,496						4,923						5,260						27,175						46,368
2023年当前时期(5) 净核销款项						$	(1,640)					$	(28,690)					$	(63,835)					$	(44,701)					$	(45,325)					$	(189,536)					$	(373,727)
按原始年份分组计算的累积利息总额						$	177,959					$	408,800					$	269,978					$	152,094					$	116,618					$	229,116					$	1,354,565

(1)余额代表持有投资私人教育贷款的总额。

(2)代表担保人或借款人更高的信用评分。

(3)代表截至2023年第四季度更新的FICO评分。

(4)计划付款日到期时处于积极还款状态的月份数（无论是仅付利息、固定还款还是全额本息还款状态）。

(5)当前时期指的是2023年1月1日至2023年12月31日。

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5.			信贷损失准备金（续）

拖欠款项 - 持有投资的私人教育贷款

以下表格提供了关于我们的私人教育贷款投资持有的贷款状态信息，按原始批准的年份分类。处于还款阶段的贷款包括借款人仅支付利息或固定还款的贷款，以及在适用的宽限期后已进入全额本金和利息还款状态的贷款（但出于下表的目的，不包括贷款在暂缓还款期间的情况）。

						私人教育贷款投资组合-逾期情况按原始发放年份统计
截至2024年9月30日 （以千美元为单位）						2024						2023						2022						2021						2020						2019年及以前						总费用
在校/宽限期/延期的贷款(1)						$	1,868,692					$	2,166,252					$	912,688					$	438,760					$	225,235					$	504,170					$	6,115,797
处于展期期间的贷款(2)						4,394						60,324						67,024						40,094						28,002						101,576						301,414
处于偿还期的贷款:
当前贷款						2,264,429						3,081,961						2,166,187						1,564,016						1,116,464						4,613,926						14,806,983
贷款逾期30-59天(3)						5,536						31,829						41,997						34,974						23,902						147,233						285,471
贷款逾期60-89天(3)						1,314						15,492						24,717						20,840						14,467						72,268						149,098
贷款逾期90天或更长时间(3)						643						7,390						17,163						15,102						11,083						67,322						118,703
在还款中的私人教育贷款总额						2,271,922						3,136,672						2,250,064						1,634,932						1,165,916						4,900,749						15,360,255
私人教育贷款总额，毛值						4,145,008						5,363,248						3,229,776						2,113,786						1,419,153						5,506,495						21,777,466
私人教育贷款递延发行成本和未摊销的溢价/（贴现）						37,794						26,654						11,375						6,512						4,325						9,428						96,088
私人教育贷款总额						4,182,802						5,389,902						3,241,151						2,120,298						1,423,478						5,515,923						21,873,554
私人教育贷款损失准备金						(212,169)						(313,135)						(235,225)						(155,737)						(95,729)						(401,626)						(1,413,621)
私人教育贷款净额						$	3,970,633					$	5,076,767					$	3,005,926					$	1,964,561					$	1,327,749					$	5,114,297					$	20,459,933
私人教育贷款占还款比例						54.8		%				58.5		%				69.7		%				77.3		%				82.2		%				89.0		%				70.5		%
逾期的私人教育贷款占还款比例						0.3		%				1.7		%				3.7		%				4.3		%				4.2		%				5.9		%				3.6		%
展期贷款占还款和展期贷款比例						0.2		%				1.9		%				2.9		%				2.4		%				2.3		%				2.0		%				1.9		%

(1)宽限期包括那些已经返回学校或从事其他允许的教育活动，并且还没有被要求偿还贷款的客户（例如，医学生的住院期或备考司法考试的宽限期）。

(2)在职业过渡期间要求延长宽限期的客户，或因困境或其他因素暂时停止全额付款的客户，应符合已建立的贷款计划服务政策和程序。

(3)拖欠期是基于合同约定的逾期天数。

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5.			信贷损失准备金（续）

						用于投资的私人教育贷款-按起始时间划分的拖欠情况
截至2023年12月31日 （以千美元为单位）						2023						2022						2021						2020						2019						2018年及以前						总费用
在校内/宽限期/延期的贷款(1)						$	1,976,040					$	1,672,333					$	669,250					$	307,781					$	213,593					$	452,994					$	5,291,991
处于暂缓还款状态的贷款(2)						19,265						93,079						58,438						35,450						31,818						85,989						324,039
处于还款状态的贷款:
贷款目前正常						2,469,817						3,254,534						2,131,040						1,416,069						1,323,825						4,213,986						14,809,271
贷款逾期30-59天(3)						17,599						34,627						37,147						28,020						31,432						149,926						298,751
贷款逾期60-89天(3)						5,720						17,227						20,077						16,614						15,482						75,897						151,017
逾期90天或更久的贷款(3)						1,678						16,939						21,470						15,155						16,150						79,383						150,775
在还款中的私人教育贷款总额						2,494,814						3,323,327						2,209,734						1,475,858						1,386,889						4,519,192						15,409,814
私人教育贷款总额，毛值						4,490,119						5,088,739						2,937,422						1,819,089						1,632,300						5,058,175						21,025,844
私人教育贷款延期发起成本和未摊销保险额/(折让)						35,616						18,556						9,465						5,809						3,556						8,552						81,554
私人教育贷款总额						4,525,735						5,107,295						2,946,887						1,824,898						1,635,856						5,066,727						21,107,398
私人教育贷款损失准备金						(269,642)						(335,090)						(194,104)						(118,755)						(100,111)						(317,403)						(1,335,105)
私人教育贷款净额						$	4,256,093					$	4,772,205					$	2,752,783					$	1,706,143					$	1,535,745					$	4,749,324					$	19,772,293
私人教育贷款占还款总额的百分比						55.6		%				65.3		%				75.2		%				81.1		%				85.0		%				89.3		%				73.3		%
拖欠的私人教育贷款占还款总额的百分比						1.0		%				2.1		%				3.6		%				4.1		%				4.5		%				6.8		%				3.9		%
展期贷款占还款及展期贷款总额的百分比						0.8		%				2.7		%				2.6		%				2.3		%				2.2		%				1.9		%				2.1		%

(1)延期包括那些已经回到学校或参加其他允许的教育活动，并且还不需要偿还贷款的客户（例如，医学生的住院期或备考律师考试的宽限期）。

(2)针对已请求宽限期延长的客户提供贷款，通常是在就业过渡期间或由于困难或其他因素暂时停止全额付款，符合已建立的贷款计划服务政策和程序。

(3)逾期时期是基于合约规定的逾期天数。

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5.			信贷损失准备金（续）

 250,000

以下表格提供了关于我们私人教育贷款应计利息的信息。表格还披露了逾期贷款的应计利息金额，与我们为全额利息付款的贷款拨备相比。总应计利息中，大部分是推迟贷款的应计利息，其中学生在校期间不需付款，以及固定付款贷款，借款人每月支付的金额小于当月贷款利息。这些贷款的应计利息将在借款人从学校离校后退出宽限期时资本化到贷款余额，而将资本化的应计利息的当前预期信贷损失已包含在我们的信贷损失拨备中。 90 days or greater past due as compared to our allowance for uncollectible interest on loans making full interest payments. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school, and the current expected credit losses on accrued interest that will be capitalized is included in our allowance for credit losses.

						私人教育贷款
						250,000
(以千美元计)						应收利息总额						逾期90天或以上						坏账利息准备(1)(2)
2024年9月30日						$	1,529,814					$	5,534					$	7,426
2023年12月31日						$	1,354,565					$	8,373					$	9,897

(1)截至2024年9月30日的无法收回的利息备抵表示与还款贷款的应计应收利息部分相关的预期损失（美元）139百万美元的应计利息（应收账款），预计不会资本化。预计资本化的应计应收利息 ($)1.4十亿）保留在信贷损失备抵金中。逾期 90 天或更长时间的贷款的应计应收利息包括 $4.6那些尚未偿还但预计不会资本化的贷款的应计应收利息的百万美元和美元0.9百万美元，预计将资本化。

(2)2023年12月31日的坏账准备代表了与应还贷款中应计利息部分相关的预期损失（未被资本化的应计利息金额为$151百万）。预期被资本化的应计利息为（$1.2十亿）已在信贷损失准备金中预留。贷款逾期90天或更长时间应收的应计利息包括未被资本化的应计利息为$7.7百万，而预期被资本化的应计利息为$0.6百万。

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6. 未融资的贷款承诺

当我们在学年初批准一笔私人教育贷款时，该批准可能覆盖整个学年的借款。因此，我们并不总是在批准时全额拨款，而是有一个承诺在以后的某个时间资助部分贷款（通常在第二学期或后续学期开始时）。我们估计在合同期内的预期信用损失，我们通过一项合同义务暴露于信用风险，并有义务延长信用，除非我们能无条件取消此义务。请参阅2023年Form 10-k中我们的【基本报表】附注2“重要会计政策-信用损失准备金-用于合同贷款承诺的表外敞口”中的补充信息。

在2024年9月30日，我们有$2.5 的未偿还合同贷款承诺，预计将在2024/2025学年余下期间进行资助。 下表总结了记录在合并资产负债表的“其他负债”中以覆盖未拨款承诺的预期终身信用损失的活动，以及未拨款承诺余额的活动。

			2024												2023
截至9月30日的三个月 （以千美元为单位）			津贴						未资助承诺						津贴						未资助承诺
期初余额			$	49,479					$	1,300,393					$	62,600					$	1,562,856
Provision/New commitments - net(1)			157,901						3,934,921						152,934						3,258,234
转账 - 资助贷款(2)			(115,421)						(2,758,529)						(101,687)						(2,451,203)
期末余额			$	91,959					$	2,476,785					$	113,847					$	2,369,887

			2024												2023
截至9月30日的九个月 （以千美元为单位）			津贴						未资助承诺						津贴						未资助承诺
期初余额			$	112,962					$	2,221,077					$	124,924					$	1,995,808
Provision/New commitments - net(1)			255,747						6,287,149						267,311						5,912,418
转让 - 资助贷款(2)			(276,750)						(6,031,441)						(278,388)						(5,538,339)
期末余额			$	91,959					$	2,476,785					$	113,847					$	2,369,887

(1)     扣除到期未使用承诺。同时包括对新承诺的额外拨备和对现有承诺拨备的调整。

(2)     当贷款承诺被落实时，与之相关的信用损失责任（最初记载为未拨备承诺准备金）将被转移至信用损失准备金。

上述披露的未融资承诺金额代表每个期末未偿还的未融资承诺总额。然而，历史上，并非所有这些承诺都会在承诺到期前融资。我们在计算未融资承诺准备金时估计预计会融资的承诺金额。我们预计将为其融资并用于计算未融资承诺准备金的金额将根据基础承诺的贷款特征每个时期而变。

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7. 商誉和取得的无形资产

商誉

我们将收购价格超过作为一部分收购的可识别资产和负债的估计公允价值的部分记作商誉 收购主要用于或持有的以硝基学院（“Nitro”）名义开展业务的Epic Research Education Services, LLC的资产， 在2022年第一季度，并于2023年第三季度收购了舒利公司（“Scholly”）的关键资产。商誉不摊销，但会定期进行减值测试。我们每年在第四季度对商誉进行减值测试，如果我们认为存在减值指标，则更频繁地进行减值测试。在 2024 年 9 月 30 日和 2023 年 12 月 31 日， 我们有 $56商誉总额为百万美元。有关我们收购Nitro和Scholly的更多详细信息，请参阅我们的2023年10-k表格中的合并财务报表附注2 “重要会计政策——业务合并”。

已获取的无形资产

我们的无形资产包括收购的商标和商标、客户关系、开发的科技和合作伙伴关系。每当事件或情况的改变表明这些资产的账面价值可能无法收回时，我们会对我们的长期资产进行减值检讨。

已取得的无形资产包括以下内容：

												2024年9月30日																		2023年12月31日
(以千美元计)						加权平均有用寿命 （年）(1)						成本基础						累计摊销						净利						成本基础						累计摊销						净利
商标和商号(2)						4.0						$	6,040					$	(1,762)					$	4,278					$	6,040					$	(629)					$	5,411
客户关系						4.6						8,920						(5,931)						2,989						8,920						(4,013)						4,907
开发的科技资产						3.5						2,590						(1,473)						1,117						2,590						(908)						1,682
合作伙伴关系						2.5						730						(340)						390						730						(122)						608
总计已取得的无形资产												$	18,280					$	(9,506)					$	8,774					$	18,280					$	(5,672)					$	12,608

(1)     与Nitro收购相关的无形资产的加权平均有用寿命是 4.6 年，与Scholly收购相关的无形资产的加权平均有用寿命是 3.9年。

(2) 2023年，我们完全减记了$的硝基商标资产56股票回购活动以及因员工基于股票的补偿目的而重新发行国库股的情况如下：

我们在2024年9月30日结束的三个月和九个月内，总共录得取得的无形资产摊销约为$11百万美元和4百万，分别为2023年9月30日结束的三个月和九个月，大约为$31百万美元和7百万。我们将继续按照其剩余预期可用生命周期对确定有限可用生命周期的无形资产进行摊销。我们估计与这些无形资产相关的摊销费用约为$5$百万。4$百万。3$400万、$300万和$500万。1分别是2024年、2025年、2026年和2027年的一百万美元。

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8. 存款

以下表格总结了2024年9月30日和2023年12月31日的存款总额。

						2020年9月30日						12月31日
(以千美元计)						2024						2023
存款-利息人形机器人-轴承						$	21,444,710					$	21,651,657
存款-非利息人形机器人-轴承						747						1,531
存款总额						$	21,445,457					$	21,653,188

我们的总存款为$21.4 亿美元，其中包括$9.8 亿美元的经纪存款和$11.6 亿美元的零售及其他存款，截至2024年9月30日，相比之下，总存款达$21.7 亿美元，其中包括$10.3 亿美元的经纪存款和$11.4 亿美元的零售及其他存款，截至2023年12月31日。

截至2024年9月30日和2023年12月31日，利息-人形机器人-轴承存款包括散户和经纪人的非到期储蓄存款、散户和经纪人的非到期货币市场存款（“MMDAs”）以及散户和经纪人的定期存单（“CDs”）。计入利息的存款还包括来自教育529和健康储蓄计划的存款，这些计划有助于多样化我们的资金来源，我们认为它们是核心的。这些和其他大额总账户，汇总了许多个人存款人的存款，分别代表了2024年9月30日和2023年12月31日的存款总额的$7.0私人股权和其他投资的金额分别为52.27亿美元和53.98亿美元，截至2023年7月31日和2023年1月31日。7.6十亿。总账户的结构使得个人存款人有权获得存款保险保障（受联邦存款保险公司（“FDIC”）规定和限制的约束），这些存款大部分具有合约规定的最低余额和到期条款。

我们的一些存入资金产品由第三方供应商提供服务。与经纪CD相关的存放费用使用有效利率法摊销到利息费用中。我们在截至2024年9月30日的三个月中分别确认了100万美元的存放费用支出3万美元和3 和分别在截至2024年9月30日的九个月中确认了100万美元的存放费用支出81百万美元和9分别为截至2024年9月30日的三个月和2019年9月30日向经纪CD支付的第三方经纪费用分别为100万美元和第三方经纪费用6万美元和4向第三方经纪支付的与经纪CD相关的经纪费用分别为100万美元61百万美元和72024年9月30日和2023年9月30日结束的九个月，分别为 百万。

2024年9月30日和2023年12月31日的利息人形机器人-轴承存款总结如下：

 

						2024年9月30日												2023年12月31日
(以千美元计)						数量						季末 已授予和预期于2021年1月2日授予股份 平均 名义利率(1)						数量						年终 已授予和预期于2021年1月2日授予股份 平均数 名义利率(1)
货币市场						$	9,499,233					4.66		%				$	10,258,292					4.85		%
储蓄						985,036						4.32						945,000						4.35
定期存单						10,960,441						4.17						10,448,365						3.69
存款-人形机器人-轴承						$	21,444,710											$	21,651,657

    (1) 在有效的套期关系中包括利率互换的效果。

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8.			存款（续）

存款凭证剩余到期期限汇总如下:

(以千美元计)						2024年9月30日						2023年12月31日
一年或更短时间						$	6,018,238					$	3,937,766
一年到两年之后						3,318,933						4,112,902
两年到三年之后						712,443						1,881,371
三年到四年之后						258,183						327,295
四年到五年之后						652,413						188,802
五年后						231						229
总费用						$	10,960,441					$	10,448,365

截至2024年9月30日和2023年12月31日，存款分别超过了FDIC保险限额。513万美元和478 百万美元，存款上的应计利息为$70百万和$91 2014年9月30日和2013年12月31日，相关的预估未来续保佣金的契约资产分别为$百万。

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9. 借款

未偿债务包括通过我们的期限资产抵押证券化（“ABS”）计划和我们的私人教育贷款多家贷款人担保借款设施（“担保借款设施”）发行的无抵押债务和有抵押债务。有关我们债务的更多信息，请参阅基本财务报表附注, 第12注“借款” 在我们2023年第10-k表格中。 以下表格总结了我们在2024年9月30日和2023年12月31日的借款。

						2024年9月30日																		2023年12月31日
(以千美元计)						短期						长期						总费用						短期						长期						总费用
未担保借款：
无担保债务（固定利率）						$	—					$	994,614					$	994,614					$	—					$	992,200					$	992,200
总未担保借款						—						994,614						994,614						—						992,200						992,200
担保借款：
私人教育贷款期限证券化：
固定利率						—						4,204,755						4,204,755						—						3,585,254						3,585,254
可变利率						—						837,158						837,158						—						650,058						650,058
总私人教育贷款期限证券化						—						5,041,913						5,041,913						—						4,235,312						4,235,312
担保借款设施						—						—						—						—						—						—
总担保借款						—						5,041,913						5,041,913						—						4,235,312						4,235,312
总费用						$	—					$	6,036,527					$	6,036,527					$	—					$	5,227,512					$	5,227,512

短期借款

在2024年5月7日和2024年6月14日，我们修改了我们的担保借款设施，延长了该设施的到期日。根据该设施可以借款的金额为$2十亿。我们在担保借款设施信托中持有 100 的剩余利益百分比。在担保借款设施下，我们需要支付未使用借款额度和未偿还借款的融资成本。修改后的担保借款设施延长了我们可以借款、偿还和重新借款的循环期限，直至2025年6月13日。预定的分期偿还期限要求在2026年6月13日之前偿还担保借款设施下的余额（如果发生某些重大不利事件，偿还期限可能提前）。截至2024年9月30日和2023年12月31日，担保借款设施下有 否 笔未偿还借款。

长期借款

融资保障

2024年交易

2024 年 5 月 15 日，我们执行了我们的美元668百万中小企业私人教育贷款信托基金2024-C期限ABS交易，该交易被记作担保融资。我们卖了 $668向第三方发放了数百万张票据并保留了 100 证券化中发行的剩余证书的利息百分比，筹集了约美元668百万的总收益。A类和b类票据的加权平均寿命为 5.36 年份，按加权平均SOFR等值成本定价 1.19 百分比。2024 年 9 月 30 日，美元716我们的百万笔私人教育贷款，包括 $656百万本金和美元60由于这笔交易，数百万美元的资本化利息被抵押。

2024 年 8 月 14 日，我们执行了我们的美元868百万中小企业私人教育贷款信托基金2024-E期限ABS交易，该交易被记作担保融资。我们卖了 $868向第三方发放了数百万张票据并保留了 100 证券化中发行的剩余证书的利息百分比，筹集了约美元868百万的总收益。A类和b类票据的加权平均寿命为 5.17 年份，按加权平均SOFR等值成本定价 1.42 百分比。2024 年 9 月 30 日，美元933我们的百万笔私人教育贷款，包括 $855百万本金和美元78由于这笔交易，数百万美元的资本化利息被抵押。

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9.			Borrowings (Continued)

Secured Financings at Issuance

The following table summarizes our secured financings issued in the year ended December 31, 2023 and in the nine months ended September 30, 2024.

Issue						Date Issued						Total Issued						Weighted Average Cost of Funds(1)						Weighted Average Life  (in years)
(Dollars in thousands)
Private Education Loans:
2023-A						March 2023						$	579,000					SOFR plus 1.53%						5.06
2023-C						August 2023						568,000						SOFR plus 1.69%						4.93
Total notes issued in 2023												$	1,147,000
Total loan and accrued interest amount securitized at inception in 2023(2)												$	1,292,507
2024-C						May 2024						$	668,000					SOFR plus 1.19%						5.36
2024-E						August 2024						868,000						SOFR plus 1.42%						5.17
Total notes issued in 2024												$	1,536,000
Total loan and accrued interest amount securitized at inception in 2024(3)												$	1,678,289

(1) Represents SOFR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.

(2) At September 30, 2024, $1.11 billion of our Private Education Loans, including $1.02 billion of principal and $85 million in capitalized interest, were encumbered related to these transactions.

(3) At September 30, 2024, $1.65 billion of our Private Education Loans, including $1.51 billion of principal and $138 million in capitalized interest, were encumbered related to these transactions.

Consolidated Funding Vehicles

We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.

As of September 30, 2024 (dollars in thousands)						Debt Outstanding																		Carrying Amount of Assets Securing Debt Outstanding
						Short-Term						Long-Term						Total						Loans						Restricted Cash						Other Assets(1)						Total
Secured borrowings:
Private Education Loan term securitizations						$	—					$	5,041,913					$	5,041,913					$	6,344,419					$	170,982					$	419,945					$	6,935,346
Secured Borrowing Facility						—						—						—						—						—						1,636						1,636
Total						$	—					$	5,041,913					$	5,041,913					$	6,344,419					$	170,982					$	421,581					$	6,936,982

As of December 31, 2023						Debt Outstanding																		Carrying Amount of Assets Securing Debt Outstanding
						Short-Term						Long-Term						Total						Loans						Restricted Cash						Other Assets(1)						Total
Secured borrowings:
Private Education Loan term securitizations						$	—					$	4,235,312					$	4,235,312					$	5,539,964					$	149,412					$	311,697					$	6,001,073
Secured Borrowing Facility						—						—						—						—						—						1,066						1,066
Total						$	—					$	4,235,312					$	4,235,312					$	5,539,964					$	149,412					$	312,763					$	6,002,139

(1) Other assets primarily represent accrued interest receivable.

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9.			Borrowings (Continued)

Unconsolidated VIEs

Private Education Loan Securitizations

Unconsolidated VIEs include variable interests that we hold in certain securitization trusts created by the sale of our Private Education Loans to unaffiliated third parties. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales, and we are also the administrator of these trusts. Additionally, we own five percent of the securities issued by the trusts to meet risk retention requirements. We were not required to consolidate these entities because the fees we receive as the servicer/administrator are commensurate with our responsibility, so the fees are not considered a variable interest. Additionally, the five percent vertical interest we maintain does not absorb more than an insignificant amount of the VIE’s expected losses, nor do we receive more than an insignificant amount of the VIE’s expected residual returns.

2024-A Transaction

On March 13, 2024, we closed an SMB Private Education Loan Trust 2024-A term ABS transaction (the “2024-A Transaction”), in which an unaffiliated third party sold to the trust approximately $2.0 billion of Private Education Loans that the third-party seller previously purchased from us on February 1, 2024. Sallie Mae Bank sponsored the 2024-A Transaction, is the servicer and administrator, and was the seller of an additional $105 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2024-A Transaction and we recorded a $7 million gain on sale associated with this transaction. In connection with the 2024-A Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2024-A Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2024-R1 Transaction

On April 9, 2024, we closed an SMB Private Education Loan Trust 2024-R1 term ABS transaction (the “2024-R1 Transaction”), in which an unaffiliated third party sold to the trust approximately $69 million of Private Education Loan residual flows from our 2020-PTA and 2020-PTB transactions through a re-securitization. Sallie Mae Bank sponsored the 2024-R1 Transaction and is the administrator of the trust. In connection with the 2024-R1 Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2024-R1 Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2024-B Transaction

On April 11, 2024, we closed an SMB Private Education Loan Trust 2024-B term ABS transaction (the “2024-B Transaction”), in which unaffiliated third parties sold to the trust approximately $191 million of Private Education Loans that the third-party sellers previously purchased from us in 2020 and 2021. Sallie Mae Bank sponsored the 2024-B Transaction, is the servicer and administrator, and was the seller of an additional $10 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2024-B Transaction and we recorded a less than $1 million gain on sale associated with this transaction. In connection with the 2024-B Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2024-B Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2024-D Transaction

On June 28, 2024, we closed an SMB Private Education Loan Trust 2024-D term ABS transaction (the “2024-D Transaction”), in which an unaffiliated third party sold to the trust approximately $1.5 billion of Private Education Loans that the third-party seller previously purchased from us on May 23, 2024. Sallie Mae Bank sponsored the 2024-D Transaction, is the servicer and administrator, and was the seller of an additional $79 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2024-D Transaction and we recorded a $6 million gain on sale associated with this transaction. In connection with the 2024-D Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to

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9.			Borrowings (Continued)

the 2024-D Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

The table below provides a summary of our exposure related to our unconsolidated VIEs.

						September 30, 2024																		December 31, 2023
(Dollars in thousands)						Debt Interests(1)						Equity Interests(2)						Total Exposure						Debt Interests(1)						Equity Interests(2)						Total Exposure
Private Education Loan term securitizations						$	591,155					$	54,840					$	645,995					$	423,327					$	54,481					$	477,808

(1) Vertical risk retention interest classified as available-for-sale investment.

(2) Vertical risk retention interest classified as trading investment.

Other Borrowing Sources

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at September 30, 2024. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing and is payable daily. We did not utilize these lines of credit in the nine months ended September 30, 2024 nor in the year ended December 31, 2023.

We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At September 30, 2024 and December 31, 2023, the value of our pledged collateral at the FRB totaled $2.3 billion and $1.6 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the nine months ended September 30, 2024 nor in the year ended December 31, 2023.

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10. Derivative Financial Instruments

Risk Management Strategy

We maintain an overall interest rate risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate changes. Our goal is to manage interest rate sensitivity by modifying the repricing frequency and underlying index characteristics of certain balance sheet assets or liabilities so any adverse impacts related to movements in interest rates are managed within low to moderate limits. As a result of interest rate fluctuations, hedged balance sheet positions will appreciate or depreciate in market value or create variability in cash flows. Income or loss on the derivative instruments linked to the hedged item will generally offset the effect of this unrealized appreciation or depreciation or volatility in cash flows for the period the item is being hedged. We view this strategy as a prudent management of interest rate risk. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2023 Form 10-K for a full discussion of our risk management strategy.

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of September 30, 2024, $855 million notional of our derivative contracts were cleared on the CME and $88 million were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 90.6 percent and 9.4 percent, respectively, of our total notional derivative contracts of $943 million at September 30, 2024.

For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of September 30, 2024 was $(20) million and $(1) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses).

Our exposure to the counterparty is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At September 30, 2024 and December 31, 2023, we had a net positive exposure (derivative gain/loss positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $6 million and $9 million, respectively.

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10.			Derivative Financial Instruments (Continued)

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments at September 30, 2024 and December 31, 2023, and their impact on earnings and other comprehensive income for the nine months ended September 30, 2024 and September 30, 2023. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2023 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities.

Impact of Derivatives on the Consolidated Balance Sheets
									Cash Flow Hedges												Fair Value Hedges												Trading												Total
									September 30,						December 31,						September 30,						December 31,						September 30,						December 31,						September 30,						December 31,
(Dollars in thousands)									2024						2023						2024						2023						2024						2023						2024						2023
Fair Values(1)			Hedged Risk Exposure
Derivative Assets:(2)
Interest rate swaps			Interest rate						$	600					$	—					$	—					$	—					$	—					$	—					$	600					$	—
Derivative Liabilities:(2)
Interest rate swaps			Interest rate						—						(339)						(84)						(31)												—						(84)						(370)
Total net derivatives									$	600					$	(339)					$	(84)					$	(31)					$	—					$	—					$	516					$	(370)

 

(1)    Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.

(2)    The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:

    

						Other Assets												Other Liabilities
						September 30,						December 31,						September 30,						December 31,
(Dollars in thousands)						2024						2023						2024						2023
Gross position(1)						$	600					$	—					$	(84)					$	(370)
Impact of master netting agreement						(84)						—						84						—
Derivative values with impact of master netting agreements (as carried on balance sheet)						516						—						—						(370)
Cash collateral pledged(2)						5,821						9,228						—						—
Net position						$	6,337					$	9,228					$	—					$	(370)

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Notional Values
						Cash Flow												Fair Value												Trading												Total
(Dollars in thousands)						September 30,						December 31,						September 30,						December 31,						September 30,						December 31,						September 30,						December 31,
						2024						2023						2024						2023						2024						2023						2024						2023
Interest rate swaps						$	661,765					$	1,203,783					$	281,520					$	702,309					$	—					$	—					$	943,285					$	1,906,092
Net total notional						$	661,765					$	1,203,783					$	281,520					$	702,309					$	—					$	—					$	943,285					$	1,906,092

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10.			Derivative Financial Instruments (Continued)

As of September 30, 2024 and December 31, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:

(Dollars in thousands)						Carrying Amount of the Hedged Assets/(Liabilities)												Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included:						September 30,						December 31,						September 30,						December 31,
						2024						2023						2024						2023
Deposits						$	(277,739)					$	(689,137)					$	3,589					$	12,910

Impact of Derivatives on the Consolidated Statements of Operations
						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Dollars in thousands)						2024						2023						2024						2023
Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives						$	(3,275)					$	(6,701)					$	(12,379)					$	(19,086)
Hedged items recorded in interest expense						(3,648)						(4,346)						(9,321)						(10,504)
Derivatives recorded in interest expense						3,669						4,265						9,378						10,596
Total						$	(3,254)					$	(6,782)					$	(12,322)					$	(18,994)
Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense						$	9,719					$	12,813					$	34,475					$	34,917
Total						$	9,719					$	12,813					$	34,475					$	34,917
Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings						$	—					$	—					$	—					$	—
Total						—						—						—						—
Total						$	6,465					$	6,031					$	22,153					$	15,923

    

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10.			Derivative Financial Instruments (Continued)

Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
						Three Months Ended												Nine Months Ended
						September 30,												September 30,
(Dollars in thousands)						2024						2023						2024						2023
Amount of gain (loss) recognized in other comprehensive income (loss)						$	(6,391)					$	7,046					$	6,056					$	21,726
Less: amount of gain (loss) reclassified in interest expense						9,719						12,813						34,475						34,917
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit						$	(16,110)					$	(5,767)					$	(28,419)					$	(13,191)

    

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate deposits. During the next 12 months, we estimate that $20 million will be reclassified as a decrease to interest expense.

Cash Collateral

As of September 30, 2024, cash collateral held and pledged excludes amounts that represent legal settlement of the derivative contracts held with the CME and LCH. There was no cash collateral held by us related to derivative exposure between us and our derivatives counterparties at September 30, 2024 and December 31, 2023, respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged by us related to derivative exposure between us and our derivatives counterparties was $6 million and $9 million at September 30, 2024 and December 31, 2023, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

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11. Stockholders’ Equity

The following table summarizes our common share repurchases and issuances.

 

						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Shares and per share amounts in actuals)						2024						2023						2024						2023
Common stock repurchased under repurchase programs(1)						5,345,026						—						9,585,395						16,389,696
Average purchase price per share(2)						$	21.58					$	—					$	21.28					$	15.71
Shares repurchased related to employee stock-based compensation plans(3)						34,916						10,687						726,302						1,088,330
Average purchase price per share						$	22.41					$	16.14					$	20.04					$	15.45
Common shares issued(4)						249,049						200,886						2,298,280						3,073,639

 

(1) Common shares purchased under our share repurchase programs. The 2022 Share Repurchase Program expired on January 25, 2024. There was $448 million of capacity remaining under the 2024 Share Repurchase Program at September 30, 2024.

(2) Average purchase price per share includes purchase commission costs and excise taxes.

(3) Comprised of shares withheld from stock option exercises and the vesting of restricted stock, restricted stock units, and performance stock units for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

(4)  Common shares issued under our various compensation and benefit plans.

 

The closing price of our common stock on the NASDAQ Global Select Market on September 30, 2024 was $22.87.

Common Stock Dividends

In both September 2024 and September 2023, we paid a common stock dividend of $0.11 per common share.

Share Repurchases

On January 26, 2022, we announced a share repurchase program (the “2022 Share Repurchase Program”), which was effective upon announcement and expired on January 25, 2024, and permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion. We did not repurchase shares of common stock under the 2022 Share Repurchase Program in the nine months ended September 30, 2024. Under the 2022 Share Repurchase Program, we did not repurchase shares of common stock in the three months ended September 30, 2023, and we repurchased 16.4 million shares of common stock for $257 million in the nine months ended September 30, 2023.

On January 24, 2024, we announced a new share repurchase program (the "2024 Share Repurchase Program"), which became effective on January 26, 2024 and expires on February 6, 2026, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $650 million. Under the 2024 Share Repurchase Program, we repurchased 5.3 million shares of common stock for $115 million in the three months ended September 30, 2024, and 9.6 million shares of common stock for $204 million in the nine months ended September 30, 2024. We had $448 million of capacity remaining under the 2024 Share Repurchase Program at September 30, 2024.

Under the 2024 Share Repurchase Program, repurchases may occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions. The timing and volume of any repurchases will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2024 Share Repurchase Program.

Share Repurchases under Rule 10b5-1 trading plans

During the three months ended September 30, 2024, we repurchased 5.3 million shares of our common stock at a total cost of $115 million. During the three months ended September 20, 2023, we did not repurchase shares of our common stock under any share repurchase program. During the nine months ended September 30, 2024 and 2023, we repurchased 9.6 million and 16.4 million shares, respectively, of our common stock at a total cost of $204 million and $257 million, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.

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12. Earnings (Loss) per Common Share

Basic earnings (loss) per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.

						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Dollars in thousands, except per share data)						2024						2023						2024						2023
Numerator:
Net income (loss)						$	(45,152)					$	29,365					$	496,772					$	412,948
Preferred stock dividends						4,648						4,642						13,929						12,979
Net income (loss) attributable to SLM Corporation common stock						$	(49,800)					$	24,723					$	482,843					$	399,969
Denominator:
Weighted average shares used to compute basic EPS						214,873						226,120						218,059						234,170
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)						—						2,680						3,494						2,423
Weighted average shares used to compute diluted EPS						214,873						228,800						221,553						236,593
Basic earnings (loss) per common share						$	(0.23)					$	0.11					$	2.21					$	1.71
Diluted earnings (loss) per common share						$	(0.23)					$	0.11					$	2.18					$	1.69

            

(1)     Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

(2)      For the three months ended September 30, 2024 and 2023, securities covering approximately 6 million shares and 1 million shares, respectively, and for the nine months ended September 30, 2024 and 2023, securities covering approximately less than 1 million shares and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

 

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13. Fair Value Measurements

We use estimates of fair value in applying various accounting standards for our consolidated financial statements.

We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair value and the hierarchical framework, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2023 Form 10-K.

During the nine months ended September 30, 2024, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments.

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.

						Fair Value Measurements on a Recurring Basis
						September 30, 2024																								December 31, 2023
(Dollars in thousands)						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Trading investments						$	—					$	—					$	54,840					$	54,840					$	—					$	—					$	54,481					$	54,481
Available-for-sale investments						—						2,019,695						2,910						2,022,605						—						2,411,622						—						2,411,622
Held for sale loans						—						485,701						—						485,701						—						—						—						—
Derivative instruments						—						600						—						600						—						—						—						—
Total						$	—					$	2,505,996					$	57,750					$	2,563,746					$	—					$	2,411,622					$	54,481					$	2,466,103
Liabilities:
Derivative instruments						$	—					$	(84)					$	—					$	(84)					$	—					$	(370)					$	—					$	(370)
Total						$	—					$	(84)					$	—					$	(84)					$	—					$	(370)					$	—					$	(370)

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13.			Fair Value Measurements (Continued)

The following table summarizes the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis.

						Nine Months Ended September 30,
						2024																		2023
						Investments																		Investments
(Dollars in thousands)						Available For Sale - Debt Securities						Trading - Residual Interests						Total						Available For Sale - Debt Securities						Trading - Residual Interests						Total
Balance, beginning of period						$	—					$	54,481					$	54,481					$	—					$	50,786					$	50,786
Total gains/(losses):
Included in earnings (or changes in net assets)(1)						14						398						412						—						2,016						2,016
Included in other comprehensive income						83						—						83						—						—						—
Settlements						2,813						(39)						2,774						—						(241)						(241)
Transfers into level 3						—						—						—						—						—						—
Transfers out of level 3						—						—						—						—						—						—
Balance, end of period						$	2,910					$	54,840					$	57,750					$	—					$	52,561					$	52,561
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period						$	83					$	—					$	83					$	—					$	—					$	—
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period(2)						$	—					$	398					$	398					$	—					$	2,016					$	2,016

(1) Included in earnings (or changes in net assets) is comprised of the amounts recorded in the specified line item in the consolidated statements of income:

						Nine Months Ended September 30,
(Dollars in thousands)						2024						2023
Interest Income - Investments						$	14					$	—
Gains (losses) on securities, net						398						2,016
Total						$	412					$	2,016

(2) Recorded in "gains (losses) on securities, net" in the consolidated statements of income.

The following table presents the significant unobservable inputs used in the recurring valuations of the level 3 financial instruments detailed above.

(Dollars in thousands)

Fair Value at 9/30/2024

Valuation Technique

Unobservable Input

Range (Average)

Debt Securities

$

2,910

Discounted cash flow

Constant Prepayment Rate

7.1%-11.1% (8.5%)

Probability of default

4.0%-17.0% (11.5%)

Residual Interests

54,840

Discounted cash flow

Constant Prepayment Rate

7.1%-11.1% (8.5%)

Probability of default

4.0%-17.0% (11.5%)

Total

$

57,750

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13.			Fair Value Measurements (Continued)

The significant inputs detailed in the above table would be expected to have the following impacts to the valuations:

•A decrease in CPR would result in a longer weighted average life of the trust, resulting in a decrease to the valuation due to the delay in residual cash flows with the increased term. The opposite is true for an increase in the CPR.

•A decrease in the probability of defaults means increased principal receipts, resulting in an increase to the valuation due to the increase in residual cash flow.

•Conversely, an increase in the probability of defaults means decreased principal receipts, resulting in a decrease to the valuation due to the decrease in residual cash flow.

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.

						September 30, 2024																		December 31, 2023
(Dollars in thousands)						Fair Value						Carrying Value						Difference						Fair Value						Carrying Value						Difference
Earning assets:
Loans held for investment, net:
Private Education Loans						$	23,812,201					$	20,459,933					$	3,352,268					$	22,229,045					$	19,772,293					$	2,456,752
FFELP Loans						—						—						—						542,775						534,064						8,711
Loans held for sale						485,701						485,701						—						—						—						—
Cash and cash equivalents						4,489,539						4,489,539						—						4,149,838						4,149,838						—
Trading investments						54,840						54,840						—						54,481						54,481						—
Available-for-sale investments						2,022,605						2,022,605						—						2,411,622						2,411,622						—
Accrued interest receivable						1,667,539						1,537,594						129,945						1,448,766						1,379,904						68,862
Derivative instruments						600						600						—						—						—						—
Total earning assets						$	32,533,025					$	29,050,812					$	3,482,213					$	30,836,527					$	28,302,202					$	2,534,325
Interest-bearing liabilities:
Money-market and savings accounts						$	10,477,366					$	10,484,269					$	6,903					$	11,134,883					$	11,203,292					$	68,409
Certificates of deposit						11,027,258						10,960,441						(66,817)						10,380,684						10,448,365						67,681
Long-term borrowings						5,889,769						6,036,527						146,758						4,873,690						5,227,512						353,822
Accrued interest payable						98,945						98,945						—						105,066						105,066						—
Derivative instruments						84						84						—						370						370						—
Total interest-bearing liabilities						$	27,493,422					$	27,580,266					$	86,844					$	26,494,693					$	26,984,605					$	489,912
Excess of net asset fair value over carrying value																		$	3,569,057																	$	3,024,237

Please refer to Notes to Consolidated Financial Statements, Note 17, “Fair Value Measurements” in our 2023 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

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14. Regulatory Capital

    

Sallie Mae Bank (the “Bank”) is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our business, results of operations, and financial position. Under the FDIC’s regulations implementing the Basel III capital framework (“U.S. Basel III”) and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors.

The Bank is subject to the following minimum capital ratios under U.S. Basel III: a Common Equity Tier 1 risk-based capital ratio of 4.5 percent, a Tier 1 risk-based capital ratio of 6.0 percent, a Total risk-based capital ratio of 8.0 percent, and a Tier 1 leverage ratio of 4.0 percent. In addition, the Bank is subject to a Common Equity Tier 1 capital conservation buffer of greater than 2.5 percent. Failure to maintain the buffer will result in restrictions on the Bank’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. Including the buffer, the Bank is required to maintain the following capital ratios under U.S. Basel III in order to avoid such restrictions: a Common Equity Tier 1 risk-based capital ratio of greater than 7.0 percent, a Tier 1 risk-based capital ratio of greater than 8.5 percent, and a Total risk-based capital ratio of greater than 10.5 percent.

To qualify as “well capitalized” under the prompt corrective action framework for insured depository institutions, the Bank must maintain a Common Equity Tier 1 risk-based capital ratio of at least 6.5 percent, a Tier 1 risk-based capital ratio of at least 8.0 percent, a Total risk-based capital ratio of at least 10.0 percent, and a Tier 1 leverage ratio of at least 5.0 percent.

In July 2023, the federal banking agencies proposed a rule to implement significant changes to the U.S. Basel Ill regulatory capital requirements. The proposed changes to the regulatory capital requirements generally would amend or introduce approaches and methodologies that would apply to banking organizations with total consolidated assets of $100 billion or more or to banking organizations with significant trading activity. The proposed rule therefore would not affect the Bank's capital requirements or the calculation of its capital ratios.

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopted CECL during the 2020 calendar year, including the Bank, could elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. On each of January 1, 2022, 2023, and 2024, 25 percent of the adjusted transition amounts were phased in for regulatory capital purposes. On January 1, 2025, the remaining 25 percent of the adjusted transition amounts will be phased in for regulatory capital purposes, with the phased in amounts included in regulatory capital at the beginning of the year. The Bank’s January 1, 2020 CECL transition amounts increased our allowance for credit losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

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14.			Regulatory Capital (Continued)

At September 30, 2024, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:

						Adjusted Transition Amounts						Phase-In Amounts for the Year Ended						Phase-In Amounts for the Year Ended						Phase-In Amounts for the Nine Months Ended						Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)						December 31, 2021						December 31, 2022						December 31, 2023						September 30, 2024						September 30, 2024
Retained earnings						$	836,351					$	(209,088)					$	(209,088)					$	(209,088)					$	209,087
Allowance for credit losses						1,038,145						(259,536)						(259,536)						(259,536)						259,537
Liability for unfunded commitments						104,377						(26,094)						(26,094)						(26,095)						26,094
Deferred tax asset						306,171						(76,542)						(76,542)						(76,543)						76,544

The Bank’s required and actual regulatory capital amounts and ratios, including applicable capital conservation buffers, under U.S. Basel III are shown in the following table. The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital. At September 30, 2024 and December 31, 2023, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $69 million and $115 million, net of tax of $22 million and $37 million, respectively. The capital ratios would remain above the well capitalized thresholds, including applicable capital conservation buffers, if the unrealized loss became fully recognized into capital.

(Dollars in thousands)						Actual									U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
						Amount			Ratio						Amount						Ratio
As of September 30, 2024(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)						$	2,985,360		11.6		%				$	1,803,995		>			7.0		%
Tier 1 Capital (to Risk-Weighted Assets)						$	2,985,360		11.6		%				$	2,190,566		>			8.5		%
Total Capital (to Risk-Weighted Assets)						$	3,318,657		12.9		%				$	2,705,993		>			10.5		%
Tier 1 Capital (to Average Assets)						$	2,985,360		10.1		%				$	1,185,423		>			4.0		%
As of December 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)						$	3,019,973		12.3		%				$	1,719,621		>			7.0		%
Tier 1 Capital (to Risk-Weighted Assets)						$	3,019,973		12.3		%				$	2,088,111		>			8.5		%
Total Capital (to Risk-Weighted Assets)						$	3,334,140		13.6		%				$	2,579,432		>			10.5		%
Tier 1 Capital (to Average Assets)						$	3,019,973		10.2		%				$	1,184,213		>			4.0		%

             

(1)    Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.

(2)    The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

(3)    For both September 30, 2024 and December 31, 2023, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2024 and 2023.

Bank Dividends

The Bank is chartered under the laws of the State of Utah and its deposits are insured by the FDIC. The Bank’s ability to pay dividends is subject to the laws of Utah and the regulations of the FDIC. Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividend, the Bank’s capital and surplus would not be impaired. The Bank declared $116 million and $414 million in dividends to the Company for the three and nine months ended September 30, 2024, respectively, and $100 million and $400 million in dividends to the Company for the three and nine months ended September 30, 2023, respectively, with the proceeds primarily used to fund share repurchase programs and stock dividends. In the future, we expect that the Bank will pay dividends to the Company as may be necessary to enable the

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14.			Regulatory Capital (Continued)

Company to pay any declared dividends on its Series B Preferred Stock and common stock and to consummate any common share repurchases by the Company under its share repurchase programs.

15. Commitments, Contingencies and Guarantees

Commitments

When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such 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 estimate expected credit losses over the contractual period that we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At September 30, 2024, we had $2.5 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2024/2025 academic year. At September 30, 2024, we had a $92 million reserve recorded in “Other Liabilities” to cover expected losses that may occur during the one-year loss emergence period on these unfunded commitments. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2023 Form 10-K and Note 6, “Unfunded Loan Commitments” in this Form 10-Q for additional information.

Regulatory Matters

In May 2014, the Bank received a Civil Investigative Demand (“CID”) from the Consumer Financial Protection Bureau (the “CFPB”) as part of the CFPB’s separate investigation relating to customer complaints, fees, and charges assessed in connection with the servicing of student loans and related collection practices of pre-Spin-Off SLM by entities now subsidiaries of Navient Corporation (“Navient”) during a time period prior to the Spin-Off (the “CFPB Investigation”). To the extent requested, the Bank has been cooperating fully with the CFPB. Given the timeframe covered by the CID and the CFPB Investigation, and the focus on practices and procedures previously conducted by Navient and its servicing subsidiaries prior to the Spin-Off, Navient is leading the response to these investigations. Consequently, we have no basis from which to estimate either the duration or ultimate outcome of this investigation.

We note that on January 18, 2017, the CFPB filed a complaint in federal court in Pennsylvania against Navient, along with its subsidiaries, Navient Solutions, Inc. and Pioneer Credit Recovery, Inc. The complaint alleges these Navient entities, among other things, engaged in deceptive practices with respect to their historic servicing and debt collection practices. Neither SLM, the Bank, nor any of their current subsidiaries are named in, or otherwise a party to, the lawsuit and are not alleged to have engaged in any wrongdoing. The CFPB’s complaint asserts Navient’s assumption of these liabilities under the Separation and Distribution Agreement for alleged conduct that predated the Spin-Off.

On September 12, 2024, the federal court in Pennsylvania in the above-referenced lawsuit entered a Stipulated Final Judgment and Order that was agreed to by the CFPB and the Navient defendants to settle and resolve all matters in dispute arising from Navient’s conduct alleged in the lawsuit. Neither SLM, the Bank, nor any of their current subsidiaries were named in, or otherwise a party to, that lawsuit, and no claims were asserted against them. The Company and the Bank were not parties to the settlement and have not contributed any of the relief to be provided in the settlement.

For additional information regarding our regulatory matters, see Notes to Consolidated Financial Statements, Note 21, “Commitments, Contingencies and Guarantees” in our 2023 Form 10-K. See also the section labeled “History” on page 3 of our 2023 Form 10-K for definitions and discussion regarding the “Spin Off” and “pre-Spin-Off SLM.”

Contingencies

In the ordinary course of business, we and our subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment, and other laws. In certain of these actions and proceedings, claims for substantial monetary damage may be asserted against us and our subsidiaries.

It is common for the Company, our subsidiaries, and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests.

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15.			Commitments, Contingencies and Guarantees (Continued)

We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves.

Based on current knowledge, management does not believe there are loss contingencies, if any, arising from pending investigations, litigation, or regulatory matters for which reserves should be established.

16. Subsequent Event

Declaration of Fourth Quarter 2024 Common Stock Dividend

A 2024 fourth-quarter common stock dividend of $0.13 per share has been declared and will be paid on December 16, 2024 to shareholders of record at the close of business on December 5, 2024.

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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

Through this discussion and analysis, we intend to provide the reader with some narrative context for how our management views our consolidated financial statements, additional context within which to assess our operating results, and information on the quality and variability of our earnings, liquidity, and cash flows.

The following information should be read in connection with SLM Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 (filed with the Securities and Exchange Commission (the “SEC”) on February 22, 2024) (the “2023 Form 10-K”), and subsequent reports filed with the SEC. Definitions for capitalized terms used in this report not defined herein can be found in the 2023 Form 10-K.

References in this Form 10-Q to “we,” “us,” “our,” “Sallie Mae,” “SLM,” and the “Company” refer to SLM Corporation and its subsidiaries, except as otherwise indicated or unless the context otherwise requires.

This report contains “forward-looking statements” and information based on management’s current expectations as of the date of this report. Statements that are not historical facts, including statements about the Company’s beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to: strategies; goals and assumptions of the Company; the Company’s expectation and ability to execute loan sales and share repurchases; statements regarding future developments surrounding COVID-19 or any other pandemic, including, without limitation, statements regarding the potential impact of any such pandemic on the Company’s business, results of operations, financial condition, and/or cash flows; the Company’s expectation and ability to pay a quarterly cash dividend on our common stock in the future, subject to the approval of our Board of Directors; the Company’s 2024 guidance; the Company’s three-year horizon outlook; the impact of acquisitions we have made or may make in the future; the Company’s projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of credit administration practices changes, including the results of simulations or other behavioral observations.

Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the control of the Company, which may cause actual results to be materially different from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A. “Risk Factors” and elsewhere in the Company’s most recently filed Annual Report on Form 10-K and subsequent filings with the SEC; the societal, business, and legislative/regulatory impact of pandemics and other public heath crises; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws or regulations; our ability to timely develop new products and services and the acceptance of those products and services by potential and existing customers; changes in accounting standards and the impact of related changes in significant accounting estimates, including any regarding the measurement of our allowance for credit losses and the related provision expense; any adverse outcomes in any significant litigation to which the Company is a party; credit risk associated with the Company’s exposure to third parties, including counterparties to the Company’s derivative transactions; the effectiveness of our risk management framework and quantitative models; and changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws). We could also be affected by, among other things: changes in our funding costs and availability; reductions to our credit ratings; cybersecurity incidents, cyberattacks, and other failures or breaches of our operating systems or infrastructure, including those of third-party vendors; damage to our reputation; risks associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on our business; changes in the demand for educational financing or in financing preferences of lenders, educational institutions, students, and their families; changes in law and regulations with respect to the student lending business and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; the creditworthiness of our customers, or any change related thereto; changes in the general interest rate environment, including the rate relationships among relevant money-market instruments and those of our earning assets versus our funding arrangements; rates of prepayments on the loans owned by us; changes in general economic conditions and our ability to successfully effectuate any acquisitions; and other strategic initiatives. The preparation of our consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect.

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All oral and written forward-looking statements attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing cautionary statements, and are made only as of the date of this report or, where the statement is oral, as of the date stated. We do not undertake any obligation to update or revise any forward-looking statements to conform to actual results or changes in our expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties, and assumptions, you should not put undue reliance on any forward-looking statements discussed.

Selected Financial Information and Ratios

 

(In thousands, except per share data and percentages)						Three Months Ended   September 30,												Nine Months Ended   September 30,
						2024						2023						2024						2023
Net income (loss) attributable to SLM Corporation common stock						$	(49,800)					$	24,723					$	482,843					$	399,969
Diluted earnings (loss) per common share						$	(0.23)					$	0.11					$	2.18					$	1.69
Weighted average shares used to compute diluted earnings per common share						214,873						228,800						221,553						236,593
Return on Assets(1)						(0.6)		%				0.4		%				2.3		%				1.9		%
Other Operating Statistics (Held for Investment)
Ending Private Education Loans, net						$	20,459,933					$	20,348,308					$	20,459,933					$	20,348,308
Ending FFELP Loans, net(2)						—						550,873						—						550,873
Ending total education loans, net						$	20,459,933					$	20,899,181					$	20,459,933					$	20,899,181
Average education loans						$	20,497,173					$	21,213,165					$	20,805,777					$	21,615,968
(1) We calculate and report our Return on Assets as the ratio of (a) GAAP net income (loss) numerator (annualized) to (b) the GAAP total average assets denominator.
(2) FFELP Loans were transferred to loans held for sale at September 30, 2024.

Overview

The following discussion and analysis presents a review of our business and operations as of and for the three and nine months ended September 30, 2024.

Key Financial Measures

Our operating results are primarily driven by net interest income from our Private Education Loan portfolio, gains and losses on loan sales, provision expense for credit losses, and operating expenses. The growth of our business and the strength of our financial condition are primarily driven by our ability to achieve our annual Private Education Loan origination goals while sustaining credit quality and maintaining cost-efficient funding sources to support our originations. A brief summary of our key financial measures (net interest income; loan sales and secured financings; allowance for credit losses; charge-offs and delinquencies; operating expenses; Private Education Loan originations; and funding sources) can be found in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 Form 10-K.

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Strategic Imperatives

To further focus our business and increase shareholder value, we continue to advance our strategic imperatives. Our focus remains on maximizing the profitability and growth of our core private student loan business, while harnessing and optimizing the power of our brand and attractive client base. In addition, we continue to seek to better inform the external narrative about student lending and Sallie Mae. We also strive to maintain a rigorous and predictable capital allocation and return program to create shareholder value. We are focused on driving a mission-led culture that continues to make Sallie Mae a great place to work. We also continue to strengthen our risk and compliance function, enhance and build upon our risk management framework, and assess and monitor enterprise-wide risk.

During the first nine months of 2024, we made the following progress on the above corporate strategic imperatives.

2024-C Securitization

On May 15, 2024, we executed our $668 million SMB Private Education Loan Trust 2024-C term ABS transaction, which was accounted for as a secured financing. We sold $668 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $668 million of gross proceeds. The Class A and Class B notes had a weighted average life of 5.36 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.19 percent.

2024-E Securitization

On August 14, 2024, we executed our $868 million SMB Private Education Loan Trust 2024-E term ABS transaction, which was accounted for as a secured financing. We sold $868 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $868 million of gross proceeds. The Class A and Class B notes had a weighted average life of 5.17 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.42 percent.

2024 Loan Sales and 2024-A, 2024-B, and 2024-D Transactions

In the first nine months of 2024, we recognized $255 million in gains from the sale of approximately $3.69 billion of Private Education Loans, including $3.42 billion of principal and $274 million in capitalized interest, to unaffiliated third parties. The 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 regarding these transactions, see Notes to Consolidated Financial Statements, Note 3, “Loans Held for Investment” and Note 9, “Borrowings - Unconsolidated VIEs” in this Form 10-Q.

FFELP Loan Portfolio Transferred to Held for Sale

At September 30, 2024, we transferred the remaining $486 million FFELP Loan portfolio balance to held for sale because we intend to sell the portfolio to an unaffiliated third party. At September 30, 2024, we wrote down this loan portfolio to its estimated fair value through an adjustment to the allowance for credit losses of $8 million.

Secured Borrowing Facility

On May 7, 2024 and June 14, 2024, we amended our Secured Borrowing Facility to extend the maturity of the facility. The amount that can be borrowed under the facility is $2 billion. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstanding advances. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay, and reborrow funds, until June 13, 2025. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on June 13, 2026 (or earlier, if certain material adverse events occur).

Share Repurchases under our Rule 10b5-1 Trading Plans

During the nine months ended September 30, 2024, we repurchased 9.6 million shares of our common stock at a total cost of $204 million under Rule 10b5-1 trading plans authorized under our 2024 Share Repurchase Program.

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Results of Operations

We present the results of operations below on a consolidated basis in accordance with GAAP.

 

GAAP Consolidated Statements of Operations (Unaudited)

(Dollars in millions, except per share amounts)						Three Months Ended   September 30,												Increase (Decrease)												Nine Months Ended   September 30,												Increase (Decrease)
						2024						2023						$						%						2024						2023						$						%
Interest income:
Loans						$	565					$	581					$	(16)					(3)		%				$	1,727					$	1,732					$	(5)					—		%
Investments						16						13						3						23						46						37						9						24
Cash and cash equivalents						71						58						13						22						185						155						30						19
Total interest income						653						652						—						—						1,958						1,924						34						2
Total interest expense						293						268						25						9						839						747						92						12
Net interest income						359						385						(26)						(7)						1,119						1,176						(57)						(5)
Less: provisions for credit losses						271						198						73						37						300						330						(30)						(9)
Net interest income after provisions for credit losses						88						187						(99)						(53)						818						846						(28)						(3)
Non-interest income:
Gains on sales of loans, net						—						—						—						—						255						125						130						104
Gains (losses) on securities, net						(4)						1						(5)						(500)						—						2						(2)						(100)
Other income						28						23						5						22						85						63						22						35
Total non-interest income						24						24						—						—						340						190						150						79
Non-interest expenses:
Total operating expenses						171						167						4						2						488						476						12						3
Acquired intangible assets amortization expense						1						3						(2)						(67)						4						7						(3)						(43)
Total non-interest expenses						172						170						2						1						492						483						9						2
Income (loss) before income tax expense (benefit)						(59)						41						(100)						(244)						666						553						113						20
Income tax expense (benefit)						(14)						11						(25)						(227)						170						140						30						21
Net income (loss)						(45)						29						(74)						(255)						497						413						83						20
Preferred stock dividends						5						5						—						—						14						13						1						8
Net income (loss) attributable to SLM Corporation common stock						$	(50)					$	25					$	(75)					(300)		%				$	483					$	400					$	82					21		%
Basic earnings (loss) per common share						$	(0.23)					$	0.11					$	(0.34)					(309)		%				$	2.21					$	1.71					$	0.50					29		%
Diluted earnings (loss) per common share						$	(0.23)					$	0.11					$	(0.34)					(309)		%				$	2.18					$	1.69					$	0.49					29		%
Declared dividends per common share						$	0.11					$	0.11					$	—					—		%				$	0.33					$	0.33					$	—					—		%

Note: Due to rounding, amounts in this table may not sum to totals.

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 GAAP Consolidated Earnings Summary

Three Months Ended September 30, 2024 Compared with Three Months Ended September 30, 2023

For the three months ended September 30, 2024, net loss attributable to common stock was $50 million, or $0.23 loss per common share, compared with net income attributable to common stock of $25 million, or $0.11 diluted earnings per common share, for the three months ended September 30, 2023.

The primary drivers of changes in net loss for the current quarter compared with net income in the year-ago quarter are as follows:

•Net interest income decreased by $26 million in the current quarter compared with the year-ago quarter primarily due to a 43-basis point decrease in our net interest margin and a $238 million decrease in our average Private Education Loans and FFELP Loans outstanding. Our net interest margin decreased in the current quarter from the year-ago quarter primarily because the yields on our interest-earning assets decreased but our cost of funds increased. This occurred primarily because the mix of our fixed-rate and variable-rate loans resulted in a higher proportion of fixed-rate loans in the current quarter. In a rising interest rate environment, as we experienced in 2022 and the beginning of 2023, our variable-rate loans repriced at higher rates than our fixed-rate loans. The impacts of the rising interest rate environment on our interest-bearing liabilities are delayed, resulting in a higher cost of funds in the current quarter. Additionally, the average cash and other short-term investments held in the current quarter is $939 million higher than in the year-ago quarter.

•Provision for credit losses in the current quarter was $271 million, compared with $198 million in the year-ago quarter. During the third quarter of 2024, the increase in the provision for credit losses was primarily affected by new loan commitments, net of expired commitments. In the year-ago quarter, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, management overlays, and changes in economic outlook.

•There were no gains on sales of loans, net, in the current quarter or the year-ago quarter, as no loans were sold in either quarter.

•Gains (losses) on securities, net, were $4 million of losses in the current quarter compared with $1 million in gains in the year-ago quarter. The change quarter-over-quarter was due to the change in mark-to-fair value of our trading investments.

•Other income was $28 million in the third quarter of 2024, compared with $23 million in the year-ago quarter. The increase was primarily driven by a $6 million increase in third-party servicing fees compared to the year-ago quarter. The increase in third-party servicing fees was due to an additional $4.7 billion of loans that we sold during the past year where we continue to service on behalf of the owners of the loans.

•Third-quarter 2024 total operating expenses were $171 million, compared with $167 million in the year-ago quarter. The increase in total operating expenses was primarily driven by higher marketing costs and personnel costs, which were partially offset by reduced vendor costs associated with initiative spending.

•During the third quarter of 2024, we recorded $1 million in amortization of acquired intangible assets, down from $3 million in the year-ago quarter. The decrease is a result of the impairment write-down of the Nitro trade name intangible asset taken in the fourth quarter of 2023. For additional information, see Notes to Consolidated Financial Statements, Note 7, “Goodwill and Acquired Intangible Assets” in this Form 10-Q.

•Third-quarter 2024 income tax benefit was $14 million, compared with $11 million income tax expense in the year-ago quarter. Our effective income tax rate decreased to 24.2 percent in the third quarter of 2024 from 27.7 percent in the year-ago quarter. The decrease in the effective rate for the third quarter of 2024 was primarily due to a decrease in state income taxes.

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Nine Months Ended September 30, 2024 Compared with Nine Months Ended September 30, 2023

For the nine months ended September 30, 2024, net income attributable to common stock was $483 million, or $2.18 diluted earnings per common share, compared with net income attributable to common stock of $400 million, or $1.69 diluted earnings per common share, for the nine months ended September 30, 2023.

The primary drivers of changes in net income for the first nine months of 2024 compared with the first nine months of 2023 are as follows:

•Net interest income decreased by $57 million in the first nine months of 2024 compared with the year-ago period primarily due to a 27-basis point decrease in our net interest margin and a $308 million decrease in our average Private Education Loans and FFELP Loans outstanding. Our net interest margin decreased in the current period from the year-ago period primarily because our cost of funds increased more than the yields on our interest-earning assets. This occurred because as interest rates change, changes in the cost of our interest-bearing liabilities tend to lag compared to changes in the yields on our interest-earning assets. In a rising interest rate environment, as we experienced in 2022 and the first part of 2023, our variable-rate interest earning assets repriced faster than our cost of funds. As such, we saw an expansion in our net interest margin throughout most of 2023. As interest rates stabilized in the latter half of 2023 and into the first half of 2024, our cost of funds increased faster than our interest-earning assets yields and reduced our net interest margin.

•Provision for credit losses in the nine months ended September 30, 2024 was $300 million, compared with $330 million in the year-ago period. During the first nine months of 2024, the decrease in the provision for credit losses was primarily affected by $236 million negative provisions resulting from the $3.69 billion Private Education Loan sales during the period, an improved economic outlook, and changes in management overlays and recovery rates, offset by new loan commitments, net of expired commitments, and increases to the provision as a result of decreases in our estimates of the historical long-term average prepayment speeds used after the two-year reasonable and supportable period. In the year-ago period, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, and management overlays, which were offset by negative provisions recorded as a result of Private Education Loan sales during the first nine months of 2023 and an increase in recovery rates.

•Gains on sales of loans, net, were $255 million in the nine months ended September 30, 2024, compared with $125 million in the year-ago period. The increase in gains on sales of loans was primarily the result of selling $3.69 billion of Private Education Loans in the first nine months of 2024, compared with the sale of $2.10 billion of Private Education Loans in the first nine months of 2023. We also sold our Credit Card loan portfolio in May 2023 and recorded a $3.5 million loss on the sale in the nine months ended September 30, 2023.

•Gains (losses) on securities, net, were less than $1 million of gains in the first nine months of 2024 compared with $2 million in gains in the year-ago period. The decrease from the year-ago period was due to the change in mark-to-fair value of our trading investments.

•Other income was $85 million in the first nine months of 2024, compared with $63 million in the year-ago period. In the first nine months of 2024, there was a $17 million increase in third-party servicing fees from the year-ago period. The increase in third-party servicing fees was due to an additional $4.7 billion of loans that we sold during the past year where we continue to service on behalf of the owners of the loans. There was also a $3 million increase in early withdrawal penalty fee income compared with the year-ago period, which was related to a health savings account provider who redeemed its deposits early and paid an early withdrawal penalty in the first quarter of 2024.

•Total operating expenses for the first nine months of 2024 were $488 million, compared with $476 million in the year-ago period. The increase in total operating expenses was primarily driven by higher personnel costs, higher marketing costs, and higher FDIC fees.

•During the first nine months of 2024, we recorded $4 million in amortization of acquired intangible assets, down from $7 million in the year-ago period. The decrease is a result of the impairment write-down of the Nitro trade name intangible asset taken in the fourth quarter of 2023. For additional information, see Notes to Consolidated Financial Statements, Note 7, “Goodwill and Acquired Intangible Assets” in this Form 10-Q.

•Income tax expense for the nine months ending September 30, 2024 was $170 million, compared with $140 million in the year-ago period. Our effective income tax rate increased slightly to 25.5 percent in the first nine months of 2024 from 25.3 percent in the year-ago period. The increase in the effective rate for the first nine months of 2024 was primarily due to an increase in state income taxes.

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Financial Condition

Average Balance Sheets

The following table reflects the rates earned on interest-earning assets and paid on interest-bearing liabilities and reflects our net interest margin on a consolidated basis.

 

						Three Months Ended September 30,																											Nine Months Ended September 30,
						2024												2023															2024												2023
(Dollars in thousands)						Balance						Rate						Balance						Rate									Balance						Rate						Balance						Rate
Average Assets
Private Education Loans						$	20,497,173					10.79		%				$	20,649,663					10.96		%							$	20,805,777					10.90		%				$	21,032,541					10.80		%
FFELP Loans						477,869						7.48						563,502						7.35									502,018						7.48						583,427						7.10
Credit Cards						—						—						—						—									—						—						14,835						14.02
Taxable securities						2,374,419						2.73						2,549,512						2.06									2,401,533						2.56						2,539,391						1.93
Cash and other short-term investments						5,267,092						5.40						4,328,383						5.32									4,589,653						5.40						4,169,291						4.98
Total interest-earning assets						28,616,553						9.07		%				28,091,060						9.21		%							28,298,981						9.24		%				28,339,485						9.08		%
Non-interest-earning assets						605,065												367,179															462,404												271,866
Total assets						$	29,221,618											$	28,458,239														$	28,761,385											$	28,611,351
Average Liabilities and Equity
Brokered deposits						$	10,003,899					4.04		%				$	9,231,432					3.32		%							$	10,137,207					3.83		%				$	9,641,234					3.15		%
Retail and other deposits						11,058,951						4.72						11,892,198						4.66									10,980,171						4.72						11,734,137						4.29
Other interest-bearing liabilities(1)						5,758,235						4.18						5,411,629						3.73									5,376,457						4.00						5,352,499						3.59
Total interest-bearing liabilities						26,821,085						4.35		%				26,535,259						4.00		%							26,493,835						4.23		%				26,727,870						3.74		%
Non-interest-bearing liabilities						206,072												116,645															130,574												71,137
Equity						2,194,461												1,806,335															2,136,976												1,812,344
Total liabilities and equity						$	29,221,618											$	28,458,239														$	28,761,385											$	28,611,351
Net interest margin												5.00		%										5.43		%													5.28		%										5.55		%

 

(1)  Includes the average balance of our unsecured borrowings, as well as secured borrowings and amortization expense of transaction costs related to our term asset-backed securitizations and our Secured Borrowing Facility.

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Rate/Volume Analysis

The following rate/volume analysis shows the relative contribution of changes in interest rates and asset volumes to changes in interest income, interest expense, and net interest income.

 

(Dollars in thousands)						Increase (Decrease)						Change Due To(1)
												Rate						Volume
Three Months Ended September 30, 2024 vs. 2023
Interest income						$	389					$	(9,890)					$	10,279
Interest expense						25,614						23,391						2,223
Net interest income						$	(25,225)					$	(31,183)					$	5,958
Nine Months Ended September 30, 2024 vs. 2023
Interest income						$	33,920					$	34,933					$	(1,013)
Interest expense						91,656						97,652						(5,996)
Net interest income						$	(57,736)					$	(57,190)					$	(546)

(1) Changes in income and expense due to both rate and volume have been allocated in proportion to the relationship of the absolute dollar amounts of the change in each. The changes in income and expense are calculated independently for each line in the table. The totals for the rate and volume columns are not the sum of the individual lines.

Summary of Our Loans Held for Investment Portfolio

Ending Loans Held for Investment Balances, net (FFELP Loans were transferred to loans held for sale at September 30, 2024)

 

As of September 30, 2024 (dollars in thousands)						Private Education Loans
Total loan portfolio:
In-school(1)						$	4,255,608
Grace, repayment and other(2)						17,521,858
Total, gross						21,777,466
Deferred origination costs and unamortized premium/(discount)						96,088
Allowance for credit losses						(1,413,621)
Total loans held for investment portfolio, net						$	20,459,933

(1)      Loans for customers still attending school and who are not yet required to make payments on the loans.

(2)     Includes loans in deferment or forbearance. 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 those loans while they are in forbearance).

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As of December 31, 2023 (dollars in thousands)						Private Education Loans						FFELP Loans(3)						Total Loans Held for Investment
Total loan portfolio:
In-school(1)						$	3,997,092					$	57					$	3,997,149
Grace, repayment and other(2)						17,028,752						537,344						17,566,096
Total, gross						21,025,844						537,401						21,563,245
Deferred origination costs and unamortized premium/(discount)						81,554						1,330						82,884
Allowance for credit losses						(1,335,105)						(4,667)						(1,339,772)
Total loans held for investment portfolio, net						$	19,772,293					$	534,064					$	20,306,357
% of total						97		%				3		%				100		%

(1)      Loans for customers still attending school and who are not yet required to make payments on the loans.

(2)     Includes loans in deferment or forbearance. 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 those loans while they are in forbearance).

(3)     FFELP Loans were transferred to loans held for sale at September 30, 2024.

    

Average Loans Held for Investment Balances (net of unamortized premium/(discount))

 

						Three Months Ended   September 30,																								Nine Months Ended   September 30,
(Dollars in thousands)						2024												2023												2024												2023
Private Education Loans						$	20,497,173					100		%				$	20,649,663					97		%				$	20,805,777					100		%				$	21,032,541					97		%
FFELP Loans(1)						—						—						563,502						3						—						—						583,427						3
Total portfolio						$	20,497,173					100		%				$	21,213,165					100		%				$	20,805,777					100		%				$	21,615,968					100		%

(1) FFELP Loans were transferred to loans held for sale at September 30, 2024.

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Loans Held for Investment, Net — Activity

 

Three Months Ended September 30, 2024 (dollars in thousands)						Private Education Loans						FFELP Loans(1)						Total Loans Held for Investment, net
Beginning balance						$	18,432,600					$	482,733					$	18,915,333
Acquisitions and originations:
Fixed-rate						2,583,116						—						2,583,116
Variable-rate						196,515						—						196,515
Total acquisitions and originations						2,779,631						—						2,779,631
Capitalized interest and deferred origination cost premium amortization						103,407						5,461						108,868
Loan consolidations to third parties						(189,196)						(7,364)						(196,560)
Allowance						(148,029)						4,060						(143,969)
Transfer to loans held for sale						—						(466,168)						(466,168)
Repayments and other						(518,480)						(18,722)						(537,202)
Ending balance						$	20,459,933					$	—					$	20,459,933

(1) FFELP Loans were transferred to loans held for sale at September 30, 2024.

Three Months Ended September 30, 2023 (dollars in thousands)						Private Education Loans						FFELP Loans												Total Loans Held for Investment, net
Beginning balance						$	18,648,904					$	570,614											$	19,219,518
Acquisitions and originations:
Fixed-rate						2,353,735						—												2,353,735
Variable-rate						114,313						—												114,313
Total acquisitions and originations						2,468,048						—												2,468,048
Capitalized interest and deferred origination cost premium amortization						100,151						5,268												105,419
Loan consolidations to third parties						(234,781)						(7,874)												(242,655)
Allowance						(50,937)						(394)												(51,331)
Repayments and other						(583,077)						(16,741)												(599,818)
Ending balance						$	20,348,308					$	550,873											$	20,899,181

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Nine Months Ended September 30, 2024 (dollars in thousands)						Private Education Loans						FFELP Loans(1)						Total Loans Held for Investment, net
Beginning balance						$	19,772,293					$	534,064					$	20,306,357
Acquisitions and originations:
Fixed-rate						5,729,841						—						5,729,841
Variable-rate						341,568						—						341,568
Total acquisitions and originations						6,071,409						—						6,071,409
Capitalized interest and deferred origination cost premium amortization						334,144						16,796						350,940
Sales						(3,430,920)						—						(3,430,920)
Loan consolidations to third parties						(564,373)						(45,467)						(609,840)
Allowance						(78,516)						4,667						(73,849)
Transfer to loans held for sale						—						(466,168)						(466,168)
Repayments and other						(1,644,104)						(43,892)						(1,687,996)
Ending balance						$	20,459,933					$	—					$	20,459,933

(1) FFELP Loans were transferred to loans held for sale at September 30, 2024.

Nine Months Ended September 30, 2023 (dollars in thousands)						Private Education Loans						FFELP Loans												Total Loans Held for Investment, net
Beginning balance						$	19,019,713					$	607,155											$	19,626,868
Acquisitions and originations:
Fixed-rate						4,946,020						—												4,946,020
Variable-rate						628,326						—												628,326
Total acquisitions and originations						5,574,346						—												5,574,346
Capitalized interest and deferred origination cost premium amortization						339,118						16,872												355,990
Sales						(1,964,945)						—												(1,964,945)
Loan consolidations to third parties						(731,656)						(23,033)												(754,689)
Allowance						(57,600)						(1,372)												(58,972)
Repayments and other						(1,830,668)						(48,749)												(1,879,417)
Ending balance						$	20,348,308					$	550,873											$	20,899,181

“Loan consolidations to third parties” and “Repayments and other” are both significantly affected by the volume of loans in our held for investment portfolio in full principal and interest repayment status. The amount of loans in full principal and interest repayment status in our Private Education Loans held for investment portfolio at September 30, 2024 decreased by 0.8 percent compared with September 30, 2023, totaling 38 percent of our Private Education Loans held for investment portfolio at September 30, 2024. The balance of loans held for investment in full principal and interest repayment status was affected in 2023 and in the first nine months of 2024 by loan sales.

“Loan consolidations to third parties” for the three months ended September 30, 2024 total 2.5 percent of our Private Education Loans held for investment portfolio in full principal and interest repayment status at September 30, 2024, or 0.9 percent of our total Private Education Loans held for investment portfolio at September 30, 2024, compared with the year-ago period of 3.0 percent of our Private Education Loans held for investment portfolio in full principal and interest repayment status, or 1.2 percent of our total Private Education Loans held for investment portfolio, respectively. The decrease in consolidations is attributable to higher interest rates in 2024 that made it less competitive for consolidators. Historical experience has shown that loan consolidation activity is heightened in the period when the loan initially enters full principal and interest repayment status and then subsides over time.

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The “Repayments and other” category includes all scheduled repayments, as well as voluntary prepayments, made on loans in repayment (including loans in full principal and interest repayment status) and also includes charge-offs. Consequently, this category can be significantly affected by the volume of loans in repayment.

Private Education Loan Originations

The following table summarizes our Private Education Loan originations. Originations represent loans that were funded or acquired during the period presented.

 

						Three Months Ended   September 30,
(Dollars in thousands)						2024						%						2023						%
Smart Option - interest only(1)						$	523,827					19		%				$	449,141					18		%
Smart Option - fixed pay(1)						906,838						33						821,722						34
Smart Option - deferred(1)						1,091,297						40						1,005,987						41
Graduate Loan(2)						236,567						8						174,563						7
Total Private Education Loan originations						$	2,758,529					100		%				$	2,451,413					100		%
Percentage of loans with a cosigner						92.4		%										90.1		%
Average FICO at approval(4)						754												749

 

						Nine Months Ended   September 30,
(Dollars in thousands)						2024						%						2023						%
Smart Option - interest only(1)						$	1,100,818					18		%				$	1,024,261					18		%
Smart Option - fixed pay(1)						1,994,067						33						1,837,397						33
Smart Option - deferred(1)						2,428,201						40						2,258,488						41
Graduate Loan(2)						508,429						9						423,833						8
Parent Loan(3)						—						—						38						—
Total Private Education Loan originations						$	6,031,515					100		%				$	5,544,017					100		%
Percentage of loans with a cosigner						90.2		%										88.0		%
Average FICO at approval(4)						751												747

(1) Interest only, fixed pay, and deferred describe the payment option while in school or in grace period. See Item 1. “Business - Our Business - Private Education Loans” in the 2023 Form 10-K for a further discussion.

(2) For the three months ended September 30, 2024, the Graduate Loan originations include $10.0 million of Smart Option Loans where the student was in a graduate status. For the three months ended September 30, 2023, the Graduate Loan originations include $9.5 million of Smart Option Loans where the student was in a graduate status. For the nine months ended September 30, 2024, the Graduate Loan originations include $28.3 million of Smart Option Loans where the student was in a graduate status. For the nine months ended September 30, 2023, the Graduate Loan originations include $24.4 million of Smart Option Loans where the student was in a graduate status.

(3) In December 2021, we discontinued offering our Parent Loan product. Applications for those loans received before the offering termination date were processed, and final disbursements under those loans occurred in February 2023.

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

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Allowance for Credit Losses

Allowance for Credit Losses Activity

  

Three Months Ended September 30, (dollars in thousands)						2024																		2023
						Private Education Loans						FFELP Loans												Total Portfolio						Private Education Loans						FFELP Loans												Total Portfolio
Beginning balance						$	1,265,592					$	4,060											$	1,269,652					$	1,360,294					$	4,422											$	1,364,716
Transfer from unfunded commitment liability(1)						115,421						—												115,421						101,687						—												101,687
Less:
Charge-offs						(87,737)						(131)												(87,868)						(104,865)						(272)												(105,137)
Write-downs arising from transfer of loans to held for sale(2)						—						(8,297)												(8,297)						—						—												—
Plus:
Recoveries						11,149						—												11,149						9,693						—												9,693
Provisions for credit losses:
Provision, current period						109,196						4,368												113,564						44,423						666												45,089
Total provisions for credit losses(3)						109,196						4,368												113,564						44,423						666												45,089
Ending balance						$	1,413,621					$	—											$	1,413,621					$	1,411,232					$	4,816											$	1,416,048

(1)  See Notes to Consolidated Financial Statements, Note 6, “Unfunded Loan Commitments,” in this Form 10-Q for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

(2)  Represents fair value adjustments on loans transferred to held for sale.

(3)  Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.

Consolidated Statements of Operations Provisions for Credit Losses Reconciliation
Three Months Ended September 30, (dollars in thousands)
						2024						2023
Private Education Loan provisions for credit losses:
Provisions for loan losses						$	109,196					$	44,423
Provisions for unfunded loan commitments						157,901						152,934
Total Private Education Loan provisions for credit losses						267,097						197,357
Other impacts to the provisions for credit losses:
FFELP Loans						4,368						666
Total						4,368						666
Provisions for credit losses reported in consolidated statements of operations						$	271,465					$	198,023

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Nine Months Ended September 30, (dollars in thousands)						2024																		2023
						Private Education Loans						FFELP Loans												Total Portfolio						Private Education Loans						FFELP Loans												Total Portfolio
Beginning balance						$	1,335,105					$	4,667											$	1,339,772					$	1,353,631					$	3,444											$	1,357,075
Transfer from unfunded commitment liability(1)						276,750						—												276,750						278,388						—												278,388
Less:
Charge-offs						(272,653)						(380)												(273,033)						(314,500)						(853)												(315,353)
Write-downs arising from transfer of loans to held for sale(2)						—						(8,297)												(8,297)						—						—												—
Plus:
Recoveries						33,840						—												33,840						33,385						—												33,385
Provisions for credit losses:
Provision, current period						276,534						4,010												280,544						196,859						2,225												199,084
Loan sale reduction to provision						(235,955)						—												(235,955)						(136,531)						—												(136,531)
Total provisions for credit losses(3)						40,579						4,010												44,589						60,328						2,225												62,553
Ending balance						$	1,413,621					$	—											$	1,413,621					$	1,411,232					$	4,816											$	1,416,048

(1)  See Notes to Consolidated Financial Statements, Note 6, “Unfunded Loan Commitments,” in this Form 10-Q for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

(2)  Represents fair value adjustments on loans transferred to held for sale.

(3)  Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.

Consolidated Statements of Operations Provisions for Credit Losses Reconciliation
Nine Months Ended September 30, (dollars in thousands)
						2024						2023
Private Education Loan provisions for credit losses:
Provisions for loan losses						$	40,579					$	60,328
Provisions for unfunded loan commitments						255,747						267,311
Total Private Education Loan provisions for credit losses						296,326						327,639
Other impacts to the provisions for credit losses:
FFELP Loans						4,010						2,225
Total						4,010						2,225
Provisions for credit losses reported in consolidated statements of operations						$	300,336					$	329,864

Private Education Loan Allowance for Credit Losses

In establishing the allowance for Private Education Loan losses as of September 30, 2024, we considered several factors with respect to our Private Education Loan portfolio, in particular, credit quality and delinquency, forbearance, and charge-off trends.

Private Education Loans held for investment in full principal and interest repayment status were 38 percent of our total Private Education Loans held for investment portfolio at both September 30, 2024 and September 30, 2023.

For a more detailed discussion of our policy for determining the collectability of Private Education Loans and maintaining our allowance for Private Education Loans, see Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Allowance for Credit Losses” and Notes to Consolidated Financial Statements, Note 5, “Loans Held for Investment — Certain Collection Tools - Private Education Loans” in the 2023 Form 10-K.

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The table below presents our Private Education Loans held for investment portfolio delinquency trends. Loans in repayment include loans 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 table, do not include those loans while they are in forbearance).

Private Education Loans Held for Investment						2024												2023
September 30, (dollars in thousands)						Balance						%						Balance						%
Loans in-school/grace/deferment(1)						$	6,115,797											$	5,961,879
Loans in forbearance(2)						301,414												213,843
Loans in repayment and percentage of each status:
Loans current						14,806,983						96.4		%				14,938,462						96.3		%
Loans delinquent 30-59 days(3)						285,471						1.8						283,621						1.8
Loans delinquent 60-89 days(3)						149,098						1.0						153,449						1.0
Loans 90 days or greater past due(3)						118,703						0.8						129,613						0.9
Total Private Education Loans in repayment						15,360,255						100.0		%				15,505,145						100.0		%
Total Private Education Loans, gross						21,777,466												21,680,867
Private Education Loans deferred origination costs and unamortized premium/(discount)						96,088												78,673
Total Private Education Loans						21,873,554												21,759,540
Private Education Loans allowance for losses						(1,413,621)												(1,411,232)
Private Education Loans, net						$	20,459,933											$	20,348,308
Percentage of loans in repayment												70.5		%										71.5		%
Delinquencies as a percentage of loans in repayment												3.6		%										3.7		%
Percentage of loans in forbearance:
Percentage of loans in an extended grace period(4)												0.9		%										0.2		%
Percentage of loans in hardship and other forbearances(5)												1.0		%										1.2		%

(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).

(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

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

(4)We calculate the percentage of loans in an extended grace period as the ratio of (a) Private Education Loans in forbearance in an extended grace period numerator to (b) Private Education Loans in repayment and forbearance denominator. An extended grace period aligns with The Office of the Comptroller of the Currency definition of an additional, consecutive, one-time period during which no payment is required for up to six months after the initial grace period. We typically grant this extended grace period to customers who may be having difficulty finding employment before the full principal and interest repayment period starts or once it has begun. Loans in forbearance in an extended grace period were approximately $143 million and $30 million at September 30, 2024 and 2023, respectively. See “— Use of Forbearance and Rate Modifications as a Private Education Loan Collection Tool” below for additional details.

(5)We calculate the percentage of loans in hardship and other forbearances as the ratio of (a) Private Education Loans in hardship and other forbearances (excluding loans in an extended grace period) numerator to (b) Private Education Loans in repayment and forbearance denominator. If the customer is in financial hardship, we work with the customer and/or cosigner and identify any available alternative arrangements designed to reduce monthly payment obligations, which may include a short-term hardship forbearance. Loans in hardship and other forbearances (excluding loans in an extended grace period) were approximately $159 million and $183 million at September 30, 2024 and 2023, respectively. See “— Use of Forbearance and Rate Modifications as a Private Education Loan Collection Tool” below for additional details.

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Changes in Allowance for Private Education Loan Losses

The following table summarizes changes in the allowance for Private Education Loan (held for investment) losses.

 

						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Dollars in thousands)						2024						2023						2024						2023
Beginning balance						$	1,265,592					$	1,360,294					$	1,335,105					$	1,353,631
Transfer from unfunded commitment liability(1)						115,421						101,687						276,750						278,388
Provision for credit losses:
Provision, current period						109,196						44,423						276,534						196,859
Loan sale reduction to provision						—						—						(235,955)						(136,531)
Total provision						109,196						44,423						40,579						60,328
Net charge-offs:
Charge-offs						(87,737)						(104,865)						(272,653)						(314,500)
Recoveries						11,149						9,693						33,840						33,385
Net charge-offs						(76,588)						(95,172)						(238,813)						(281,115)
Ending balance						$	1,413,621					$	1,411,232					$	1,413,621					$	1,411,232
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized						6.10		%				6.15		%				6.10		%				6.15		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(2)(3)						8.91		%				8.84		%				8.91		%				8.84		%
Allowance coverage of net charge-offs (annualized)						4.61						3.71						4.44						3.77
Net charge-offs as a percentage of average loans in repayment (annualized)(2)						2.08		%				2.53		%				2.13		%				2.44		%
Ending total loans, gross						$	21,777,466					$	21,680,867					$	21,777,466					$	21,680,867
Average loans in repayment(2)						$	14,708,205					$	15,023,993					$	14,944,421					$	15,358,596
Ending loans in repayment(2)						$	15,360,255					$	15,505,145					$	15,360,255					$	15,505,145
Accrued interest to be capitalized						$	1,390,774					$	1,283,388					$	1,390,774					$	1,283,388
Accrued interest to be capitalized on loans in repayment(3)						$	513,121					$	464,807					$	513,121					$	464,807

(1) See Notes to Consolidated Financial Statements, Note 6, “Unfunded Loan Commitments,” in this Form 10-Q for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

(2) 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 those loans while they are in forbearance).

(3) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest repayment status after any applicable grace period (but, for purposes of the table, does not include the interest on those loans while they are in forbearance).

As part of concluding on the adequacy of the allowance for credit losses, we review key allowance and loan metrics. The most significant of these metrics considered are the allowance coverage of net charge-offs ratio; the allowance as a percentage of ending total loans and accrued interest to be capitalized and of ending loans in repayment and accrued interest to be capitalized on loans in repayment; and delinquency and forbearance percentages.

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Use of Forbearance and Rate Modifications as a Private Education Loan Collection Tool

We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations and achieve better student outcomes, and increase the collectability of the loans. These changes generally take the form of a temporary forbearance of payments, a temporary or permanent interest rate reduction, a temporary or permanent interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. Forbearance is granted prospectively for borrowers who are current in their payments and may be granted retroactively for certain delinquent borrowers.

Forbearance allows a borrower to not make scheduled payments for a specified period of time. Using forbearance extends the original term of the loan by the term of forbearance taken. Forbearance does not grant any reduction in the total principal or interest repayment obligation. While a loan is in forbearance status, interest continues to accrue and is capitalized (added to principal) at the end of the forbearance. Interest will not capitalize at the end of certain types of forbearance, such as disaster forbearance, however.

We grant forbearance through our servicing centers to borrowers who are current in their payments and through our collections centers to certain borrowers who are delinquent. Our forbearance policies and practices vary depending upon whether a borrower is current or delinquent at the time forbearance is requested, generally with stricter payment requirements for delinquent borrowers. We view the population of borrowers that use forbearance positively because the borrowers are either proactively reaching out to us to obtain assistance in managing their obligations or are working with our collections center to bring their loans current.

Forbearance may be granted through our servicing centers to customers who are exiting their grace period, and to other customers who are current in their payments, to provide temporary payment relief. In these circumstances, a customer’s loan is placed into a forbearance status in limited monthly increments and is reflected in the forbearance status at month-end during this time. At the end of the forbearance period, the customer will enter repayment status as current and is expected to begin making scheduled monthly payments.

Forbearance may also be granted through our collections centers to customers who are delinquent in their payments. If specific payment requirements are met, the forbearance can cure the delinquency and the customer is returned to a current repayment status. Forbearance as a collection tool is used most effectively when applying historical experience and our judgment to a customer’s unique situation. We leverage updated customer information and other decision support tools to best determine who will be granted forbearance based on our expectations as to a customer’s ability and willingness to repay their obligation. This strategy is aimed at assisting customers while mitigating the risks of delinquency and default as well as encouraging resolution of delinquent loans. In most instances, we require one payment, as an indication of a customer’s willingness and ability to repay, before granting forbearance to delinquent borrowers.

Historically, we have utilized disaster forbearance to assist borrowers affected by material events, typically federally-declared disasters, including hurricanes, wildfires, floods, and the COVID-19 pandemic. We typically grant disaster forbearance to affected borrowers in increments of up to three months at a time, but the disaster forbearance granted generally does not apply toward the 12-month forbearance limit described below.

Management continually monitors our credit administration practices, looking for opportunities to enhance and streamline, and may periodically modify these practices based upon performance, industry conventions, and/or regulatory feedback.

Currently, we generally grant forbearance in increments of one to two months at a time, for up to 12 months over the life of the loan, although disaster forbearance and certain assistance we grant to borrowers who are still in school do not apply toward the 12-month limit. We also currently require 12 months of positive payment performance by a borrower (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan) between successive grants of forbearance and between forbearance grants and certain other repayment alternatives. This required period of positive payment performance does not apply, however, to forbearances granted during the first six months following a borrower’s grace period (“extended grace period”) and is not required for a borrower to receive a contractual interest rate reduction. In addition, we currently limit the participation of delinquent borrowers in certain short-term extended or interest-only repayment alternatives to once in 12 months and twice in five years. We also now count the number of months a borrower receives a short-term extended repayment alternative toward the 12-month forbearance limit described above.

We also offer rate and term modifications to customers experiencing more severe hardship. In the fourth quarter of 2023, we developed additional modification programs tailored to the financial condition of individual borrowers. Pursuant to these additional modification programs, for our borrowers experiencing the most severe financial conditions, we

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currently may reduce the contractual interest rate on a loan to as low as 2 percent for the remaining life of the loan and also permanently extend the final maturity of the loan. Other borrowers experiencing severe hardship may not require as much assistance, however, given their circumstances. In those instances, we may reduce the contractual interest rate on a loan to a rate greater than 2 percent, and up to 8 percent, for a temporary period of two to four years, and in some instances may also permanently extend the final maturity of the loan.

When we give a borrower facing financial difficulty an interest rate reduction under our programs, we evaluate their ability to pay and provide customized repayment terms based upon their financial condition. Prior to the third quarter of 2024, as part of demonstrating the ability and willingness to pay, the borrower was required to make three consecutive monthly payments at the reduced payment amount in order to qualify for enrollment in a modification program and, if applicable, for the loan to re-age and be brought current. Beginning in the third quarter of 2024, we refined our practices in this area and, after we determine the borrower’s ability to pay and they agree to the modification, the loan is modified immediately. Following the modification, the borrower is still required to make three consecutive monthly payments at the reduced payment amount in order for the loan to re-age and be brought current, if eligible. It continues to be our practice that any loan that has received a previous rate reduction or permanent extension is generally not re-age eligible following a modification. In that case, following the modification, the loan will remain in delinquency unless and until all past due amounts are paid and the loan is brought current.

Under our programs, we limit the granting of a permanent extension of the final maturity date of a loan to one time over the life of the loan, and limit the number of interest rate reductions to twice over the life of the loan. Where appropriate, we will permit two consecutive rate reductions so long as the borrower qualifies. We believe by tailoring the modification programs to the borrower’s current financial condition and not having a one size fits all approach, we increase the likelihood the borrower will be able to make the modified payments and avoid default. This approach of giving different interest rate reductions to different borrowers experiencing more severe hardship also helps us better manage the overall assistance we provide to borrowers.

We expect to learn more about how our borrowers are reacting to changes in our credit administration practices and, as we analyze such reactions, we will continue to refine our estimates of the impact of those changes on our allowance for credit losses.

As discussed above, we will continue to monitor our credit administration practices and may modify them further from time to time based upon performance, industry conventions, and/or regulatory feedback.

Delinquency Trends by Active Repayment Status

The tables below show the composition and status of the Private Education Loan portfolio held for investment aged by number of months in active repayment status (months for which a scheduled monthly payment was due). Active repayment status includes 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. Our experience shows that the percentage of loans in forbearance status generally decreases the longer the loans have been in active repayment status. At September 30, 2024, for Private Education Loans (held for investment) that have been in active repayment status for fewer than 25 months, loans in forbearance status as a percentage of all loans in repayment and forbearance were 1.5 percent. At September 30, 2024, approximately 76 percent of our Private Education Loans (held for investment) in forbearance status have been in active repayment status fewer than 25 months.

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As of September 30, 2024 (dollars in millions)						Private Education Loans Held for Investment Aged by Number of Months in Active Repayment Status																														Not Yet in Repayment						Total
						0 to 12						13 to 24						25 to 36						37 to 48						More than 48
Loans in-school/grace/deferment						$	—					$	—					$	—					$	—					$	—					$	6,116					$	6,116
Loans in forbearance						181						48						28						17						27						—						301
Loans in repayment - current						5,239						2,888						1,968						1,283						3,430						—						14,808
Loans in repayment - delinquent 30-59 days						87						47						41						29						81						—						285
Loans in repayment - delinquent 60-89 days						49						25						21						15						39						—						149
Loans in repayment - 90 days or greater past due						31						20						18						14						36						—						119
Total						$	5,587					$	3,028					$	2,076					$	1,358					$	3,613					$	6,116					21,778
Deferred origination costs and unamortized premium/(discount)																																										96
Allowance for credit losses																																										(1,414)
Total Private Education Loans, net																																										$	20,460
Loans in forbearance as a percentage of total Private Education Loans in repayment and forbearance						1.16		%				0.30		%				0.18		%				0.11		%				0.17		%				—		%				1.92		%

As of September 30, 2023 (dollars in millions)						Private Education Loans Held for Investment Aged by Number of Months in Active Repayment Status																														Not Yet in Repayment						Total
						0 to 12						13 to 24						25 to 36						37 to 48						More than 48
Loans in-school/grace/deferment						$	—					$	—					$	—					$	—					$	—					$	5,962					$	5,962
Loans in forbearance						118						35						24						15						22						—						214
Loans in repayment - current						5,147						3,180						1,898						1,504						3,209						—						14,938
Loans in repayment - delinquent 30-59 days						86						55						40						31						72						—						284
Loans in repayment - delinquent 60-89 days						48						28						22						14						40						—						152
Loans in repayment - 90 days or greater past due						33						26						20						14						37						—						130
Total						$	5,432					$	3,324					$	2,004					$	1,578					$	3,380					$	5,962					21,680
Deferred origination costs and unamortized premium/(discount)																																										79
Allowance for credit losses																																										(1,411)
Total Private Education Loans, net																																										$	20,348
Loans in forbearance as a percentage of total Private Education Loans in repayment and forbearance						0.75		%				0.22		%				0.15		%				0.10		%				0.14		%				—		%				1.36		%

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Private Education Loans Held for Investment Types

The following table provides information regarding the loans in repayment balance and total loan balance by Private Education Loan held for investment product type at September 30, 2024 and December 31, 2023.

 

As of September 30, 2024 (dollars in thousands)						Signature and Other						Parent Loan(1)						Smart Option						Career Training(2)						Graduate Loan						Total
$ in repayment(3)						$	214,216					$	170,616					$	13,562,896					$	1,518					$	1,411,009					$	15,360,255
$ in total						$	304,638					$	171,475					$	19,269,210					$	1,545					$	2,030,598					$	21,777,466

 

 

As of December 31, 2023 (dollars in thousands)						Signature and Other						Parent Loan(1)						Smart Option						Career Training(2)						Graduate Loan						Total
$ in repayment(3)						$	211,123					$	206,343					$	13,747,153					$	2,066					$	1,243,129					$	15,409,814
$ in total						$	301,265					$	207,448					$	18,764,200					$	2,117					$	1,750,814					$	21,025,844

(1) In December 2021, we discontinued offering our Parent Loan product. Applications for those loans received before the offering termination date continued to be processed, and final disbursements under those loans occurred in February 2023.

(2) In May 2022, we discontinued offering our Career Training loan product. Applications for those loans received before the offering termination date continued to be processed, and final disbursements under those loans occurred in September 2023.

(3) 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 those loans while they are in forbearance).

Accrued Interest Receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans held for investment. The table also discloses the amount of accrued interest on loans 90 days or greater past due as compared to our allowance for uncollectible interest. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school, and the current expected credit losses on accrued interest that will be capitalized is included in our allowance for credit losses.

						Private Education Loans
						Accrued Interest Receivable
(Dollars in thousands)						Total Interest Receivable						90 Days or Greater Past Due						Allowance for Uncollectible Interest(1)(2)
September 30, 2024						$	1,529,814					$	5,534					$	7,426
December 31, 2023						$	1,354,565					$	8,373					$	9,897
September 30, 2023						$	1,429,225					$	6,756					$	8,516

(1)The allowance for uncollectible interest at September 30, 2024 and 2023 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment (at September 30, 2024 and 2023, relates to $139 million and $146 million, respectively, of accrued interest receivable) that is/was not expected to be capitalized. The accrued interest receivable that is/was expected to be capitalized ($1.4 billion and $1.3 billion, at September 30, 2024 and 2023, respectively) is reserved in the allowance for credit losses. The accrued interest receivable for the loans delinquent 90 days or greater includes $4.6 million and $6.3 million of accrued interest receivable on those loans that are in repayment that is/was not expected to be capitalized and $0.9 million and $0.5 million that is/was expected to be capitalized, at September 30, 2024 and 2023, respectively.

(2)The allowance for uncollectible interest at December 31, 2023 represents the expected losses related to the portion of accrued interest receivable on those loans in repayment ($151 million of accrued interest receivable) that was not expected to be capitalized. The accrued interest receivable that was expected to be capitalized ($1.2 billion) was reserved in the allowance for credit losses. The accrued interest receivable for the loans delinquent 90 days or greater includes $7.7 million of accrued interest receivable on those loans that are in repayment that was not expected to be capitalized and $0.6 million that was expected to be capitalized.

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Liquidity and Capital Resources

Funding and Liquidity Risk Management

Our primary liquidity needs include our ongoing ability to fund our businesses throughout market cycles, including during periods of financial stress, our ongoing ability to fund originations of Private Education Loans, and our ability to meet any outflows of our Bank deposits. To achieve these objectives, we analyze and monitor our liquidity needs, and maintain excess liquidity and access to diverse funding sources, such as deposits at the Bank, issuance of secured debt primarily through asset-backed securitizations, other financing facilities, and loan sales.

At September 30, 2024 and December 31, 2023, our sources of liquidity included liquid investments with unrealized losses of $84.9 million and $128.9 million, respectively. It is our policy to manage operations so liquidity needs are fully satisfied through normal operations to avoid unplanned loan or liquid investment sales under all but the most dire emergency conditions. Our liquidity management is governed by policies approved by our Board of Directors. Oversight of these policies is performed in the Asset and Liability Committee, a management-level committee. These policies take into account the volatility of cash flow forecasts, expected asset and liability maturities, anticipated loan demand, and a variety of other factors to establish minimum liquidity guidelines.

Key risks associated with our liquidity relate to our ability to access the capital markets and the markets for bank deposits at reasonable rates. This ability may be affected by our performance, competitive pressures, the macroeconomic environment, and the impact they have on the availability of funding sources in the marketplace. We target maintaining sufficient on-balance sheet and contingent sources of liquidity to enable us to meet all contractual and contingent obligations under various stress scenarios, including severe macroeconomic stresses as well as specific stresses that test the resiliency of our balance sheet. We hold a significant liquidity buffer of cash and securities, which we expect to maintain through 2024. Due to the seasonal nature of our business, our liquidity levels will likely vary from quarter to quarter.

Sources of Liquidity and Available Capacity

Ending Balances

(Dollars in thousands)						September 30, 2024						December 31, 2023
Sources of primary liquidity:
Unrestricted cash and liquid investments:
Holding Company and other non-bank subsidiaries						$	17,190					$	3,224
Sallie Mae Bank(1)						4,472,349						4,146,614
Available-for-sale investments						1,431,450						1,988,295
Total unrestricted cash and liquid investments						$	5,920,989					$	6,138,133

(1) This amount will be used primarily to originate Private Education Loans at the Bank.

Average Balances

 

						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Dollars in thousands)						2024						2023						2024						2023
Sources of primary liquidity:
Unrestricted cash and liquid investments:
Holding Company and other non-bank subsidiaries						$	10,703					$	3,609					$	8,232					$	5,840
Sallie Mae Bank(1)						5,070,733						4,130,488						4,398,998						3,969,493
Available-for-sale investments						1,644,517						1,954,661						1,733,576						1,984,226
Total unrestricted cash and liquid investments						$	6,725,953					$	6,088,758					$	6,140,806					$	5,959,559

(1) This amount will be used primarily to originate Private Education Loans at the Bank.

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Deposits

The following table summarizes total deposits at September 30, 2024 and December 31, 2023.

						September 30,									December 31,
(Dollars in thousands)						2024									2023
Deposits - interest-bearing						$	21,444,710								$	21,651,657
Deposits - non-interest-bearing						747									1,531
Total deposits						$	21,445,457								$	21,653,188

Our total deposits of $21.4 billion were comprised of $9.8 billion in brokered deposits and $11.6 billion in retail and other deposits at September 30, 2024, compared to total deposits of $21.7 billion, which were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits, at December 31, 2023.

Interest-bearing deposits as of September 30, 2024 and December 31, 2023 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity MMDAs, and retail and brokered CDs. Interest-bearing deposits also include deposits from Educational 529 and Health Savings plans that diversify our funding sources and that we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.0 billion and $7.6 billion of our deposit total as of September 30, 2024 and December 31, 2023, respectively. The omnibus accounts are structured in such a way that entitles the individual depositor pass-through deposit insurance (subject to FDIC rules and limitations), and the majority of these deposits have contractual minimum balances and maturity terms.

Some of our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $3 million and $3 million in the three months ended September 30, 2024 and 2023, respectively, and placement fee expense of $8 million and $9 million in the nine months ended September 30, 2024 and 2023, respectively. Fees paid to third-party brokers related to brokered CDs were $6 million and $4 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and fees paid to third-party brokers related to brokered CDs were $6 million and $7 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Interest bearing deposits at September 30, 2024 and December 31, 2023 are summarized as follows:

						September 30, 2024												December 31, 2023
(Dollars in thousands)						Amount						Qtr.-End Weighted Average Stated Rate(1)						Amount						Year-End Weighted Average Stated Rate(1)
Money market						$	9,499,233					4.66		%				$	10,258,292					4.85		%
Savings						985,036						4.32						945,000						4.35
Certificates of deposit						10,960,441						4.17						10,448,365						3.69
Deposits - interest bearing						$	21,444,710											$	21,651,657

(1) Includes the effect of interest rate swaps in effective hedge relationships.

As of September 30, 2024 and December 31, 2023, there were $513 million and $478 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $70 million and $91 million at September 30, 2024 and December 31, 2023, respectively.

Counterparty Exposure

Counterparty exposure related to financial instruments arises from the risk that a lending, investment, or derivative counterparty will not be able to meet its obligations to us.

Excess cash is generally invested with the FRB on an overnight basis or in the FRB’s Term Deposit Facility, minimizing counterparty exposure on cash balances.

Our investment portfolio is primarily comprised of a small portfolio of mortgage-backed securities issued by government agencies and government-sponsored enterprises that are purchased to meet CRA targets. Additionally, our

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investing activity is governed by Board-approved limits on the amount that is allowed to be invested with any one issuer based on the credit rating of the issuer, further minimizing our counterparty exposure. Counterparty credit risk is considered when valuing investments and considering impairment.

Related to derivative transactions, protection against counterparty risk is generally provided by International Swaps and Derivatives Association, Inc. Credit Support Annexes (“CSAs”), or clearinghouses for over-the-counter derivatives. CSAs require a counterparty to post collateral if a potential default would expose the other party to a loss. All derivative contracts entered into by the Bank are covered under CSAs or clearinghouse agreements and require collateral to be exchanged based on the net fair value of derivatives with each counterparty. Our exposure to the counterparty is limited to the value of the derivative contracts in a gain position, less any collateral held by us and plus collateral posted with the counterparty.

Title VII of the Dodd-Frank Act requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the CME and the LCH. All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of September 30, 2024, $855 million notional of our derivative contracts were cleared on the CME and $88 million were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 90.6 percent and 9.4 percent, respectively, of our total notional derivative contracts of $943 million at September 30, 2024.

For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of September 30, 2024 was $(20) million and $(1) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses).

Our exposure to the counterparty is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At September 30, 2024 and December 31, 2023, we had a net positive exposure (derivative gain/loss positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $6 million and $9 million, respectively.

We have liquidity exposure related to collateral movements between us and our derivative counterparties. Movements in the value of the derivatives, which are primarily affected by changes in interest rates, may require us to return cash collateral held or may require us to access primary liquidity to post collateral to counterparties.

The table below highlights exposure related to our derivative counterparties as of September 30, 2024.

As of September 30, 2024 (dollars in thousands)						SLM Corporation and Sallie Mae Bank Contracts
Total exposure, net of collateral						$	6,337
Exposure to counterparties with credit ratings, net of collateral						$	6,337
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3						—		%
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3						—		%

Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by federal and state banking authorities. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our business, results of operations, and financial condition. Under U.S. Basel III and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors.

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 Capital Management

The Bank intends to maintain at all times regulatory capital levels that meet both the minimum levels required under U.S. Basel III (including applicable buffers) and the levels necessary to be considered “well capitalized” under the FDIC’s prompt corrective action framework, in order to support asset growth and operating needs, address unexpected credit risks, and protect the interests of depositors and the Deposit Insurance Fund administered by the FDIC. The Bank’s Capital Policy requires management to monitor these capital standards and the Bank’s compliance with them. The Board of Directors and management periodically evaluate the quality of assets, the stability of earnings, and the adequacy of the allowance for credit losses for the Bank. The Company is a source of strength for the Bank and will provide additional capital if necessary.

We believe that current and projected capital levels are appropriate for 2024. As of September 30, 2024, the Bank’s risk-based and leverage capital ratios exceed the required minimum ratios and the applicable buffers under the fully phased-in U.S. Basel III standards as well as the “well capitalized” standards under the prompt corrective action framework.

Under U.S. Basel III, the Bank is required to maintain the following minimum regulatory capital ratios: a Common Equity Tier 1 risk-based capital ratio of 4.5 percent, a Tier 1 risk-based capital ratio of 6.0 percent, a Total risk-based capital ratio of 8.0 percent, and a Tier 1 leverage ratio of 4.0 percent. In addition, the Bank is subject to a Common Equity Tier 1 capital conservation buffer of greater than 2.5 percent. Failure to maintain the buffer will result in restrictions on the Bank’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. Including the buffer, the Bank is required to maintain the following capital ratios under U.S. Basel III in order to avoid such restrictions: a Common Equity Tier 1 risk-based capital ratio of greater than 7.0 percent, a Tier 1 risk-based capital ratio of greater than 8.5 percent, and a Total risk-based capital ratio of greater than 10.5 percent.

To qualify as “well capitalized” under the prompt corrective action framework for insured depository institutions, the Bank must maintain a Common Equity Tier 1 risk-based capital ratio of at least 6.5 percent, a Tier 1 risk-based capital ratio of at least 8.0 percent, a Total risk-based capital ratio of at least 10.0 percent, and a Tier 1 leverage ratio of at least 5.0 percent.

In July 2023, the federal banking agencies proposed a rule to implement significant changes to the U.S. Basel Ill regulatory capital requirements. The proposed changes to the regulatory capital requirements generally would amend or introduce approaches and methodologies that would apply to banking organizations with total consolidated assets of $100 billion or more or to banking organizations with significant trading activity. The proposed rule therefore would not affect the Bank's capital requirements or the calculation of its capital ratios.

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopted CECL during the 2020 calendar year, including the Bank, could elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. On each of January 1, 2022, 2023, and 2024, 25 percent of the adjusted transition amounts were phased in for regulatory capital purposes. On January 1, 2025, the remaining 25 percent of the adjusted transition amounts will be phased in for regulatory capital purposes, with the phased in amounts included in regulatory capital at the beginning of the year. The Bank’s January 1, 2020 CECL transition amounts increased our allowance for credit losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

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At September 30, 2024, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:

						Adjusted Transition Amounts						Phase-In Amounts for the Year Ended						Phase-In Amounts for the Year Ended						Phase-In Amounts for the Nine Months Ended						Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)						December 31, 2021						December 31, 2022						December 31, 2023						September 30, 2024						September 30, 2024
Retained earnings						$	836,351					$	(209,088)					$	(209,088)					$	(209,088)					$	209,087
Allowance for credit losses						1,038,145						(259,536)						(259,536)						(259,536)						259,537
Liability for unfunded commitments						104,377						(26,094)						(26,094)						(26,095)						26,094
Deferred tax asset						306,171						(76,542)						(76,542)						(76,543)						76,544

The Bank’s required and actual regulatory capital amounts and ratios, including applicable capital conservation buffers, under U.S. Basel III are shown in the following table. The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital. At September 30, 2024 and December 31, 2023, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $69 million and $115 million, net of tax of $22 million and $37 million, respectively. The capital ratios would remain above the well capitalized thresholds, including applicable capital conservation buffers, if the unrealized loss became fully recognized into capital.

						Actual									U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
(Dollars in thousands)						Amount			Ratio						Amount						Ratio
As of September 30, 2024(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)						$	2,985,360		11.6		%				$	1,803,995		>			7.0		%
Tier 1 Capital (to Risk-Weighted Assets)						$	2,985,360		11.6		%				$	2,190,566		>			8.5		%
Total Capital (to Risk-Weighted Assets)						$	3,318,657		12.9		%				$	2,705,993		>			10.5		%
Tier 1 Capital (to Average Assets)						$	2,985,360		10.1		%				$	1,185,423		>			4.0		%
As of December 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)						$	3,019,973		12.3		%				$	1,719,621		>			7.0		%
Tier 1 Capital (to Risk-Weighted Assets)						$	3,019,973		12.3		%				$	2,088,111		>			8.5		%
Total Capital (to Risk-Weighted Assets)						$	3,334,140		13.6		%				$	2,579,432		>			10.5		%
Tier 1 Capital (to Average Assets)						$	3,019,973		10.2		%				$	1,184,213		>			4.0		%

            

             

(1)    Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.

(2)    The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

(3)    For both September 30, 2024 and December 31, 2023, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2024 and 2023.

 

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Dividends

The Bank is chartered under the laws of the State of Utah and its deposits are insured by the FDIC. The Bank’s ability to pay dividends is subject to the laws of Utah and the regulations of the FDIC. Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividend, the Bank’s capital and surplus would not be impaired. The Bank declared $116 million and $414 million in dividends to the Company for the three and nine months ended September 30, 2024, respectively, and $100 million and $400 million in dividends to the Company for the three and nine months ended September 30, 2023, respectively, with the proceeds primarily used to fund share repurchase programs and stock dividends. In the future, we expect that the Bank will pay dividends to the Company as may be necessary to enable the Company to pay any declared dividends on its Series B Preferred Stock and common stock and to consummate any common share repurchases by the Company under its share repurchase programs.

Borrowings

Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term ABS program and our Secured Borrowing Facility. The issuing entities for those secured borrowings are VIEs and are consolidated for accounting purposes. The following table summarizes our borrowings at September 30, 2024 and December 31, 2023, respectively. For additional information, see Notes to Consolidated Financial Statements, Note 9, “Borrowings” in this Form 10-Q.

						September 30, 2024																		December 31, 2023
(Dollars in thousands)						Short-Term						Long-Term						Total						Short-Term						Long-Term						Total
Unsecured borrowings:
Unsecured debt (fixed-rate)						$	—					$	994,614					$	994,614					$	—					$	992,200					$	992,200
Total unsecured borrowings						—						994,614						994,614						—						992,200						992,200
Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate						—						4,204,755						4,204,755						—						3,585,254						3,585,254
Variable-rate						—						837,158						837,158						—						650,058						650,058
Total Private Education Loan term securitizations						—						5,041,913						5,041,913						—						4,235,312						4,235,312
Secured Borrowing Facility						—						—						—						—						—						—
Total secured borrowings						—						5,041,913						5,041,913						—						4,235,312						4,235,312
Total						$	—					$	6,036,527					$	6,036,527					$	—					$	5,227,512					$	5,227,512

Short-term Borrowings

On May 7, 2024 and June 14, 2024, we amended our Secured Borrowing Facility to extend the maturity of the facility. The amount that can be borrowed under the facility is $2 billion. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstanding advances. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay, and reborrow funds, until June 13, 2025. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on June 13, 2026 (or earlier, if certain material adverse events occur). At both September 30, 2024, and December 31, 2023, there were no secured borrowings outstanding under the Secured Borrowing Facility.

Other Borrowing Sources

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at September 30, 2024. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing and is payable daily. We did not utilize these lines of credit in the nine months ended September 30, 2024 nor in the year ended December 31, 2023.

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We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Window. The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At September 30, 2024 and December 31, 2023, the value of our pledged collateral at the FRB totaled $2.3 billion and $1.6 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the nine months ended September 30, 2024 nor in the year ended December 31, 2023.

Contractual Loan Commitments

When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such 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 estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At September 30, 2024, we had $2.5 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2024/2025 academic year. At September 30, 2024, we had a $92 million reserve recorded in “Other Liabilities” to cover expected losses that may occur during the one-year loss emergence period on these unfunded commitments. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2023 Form 10-K and Note 6, “Unfunded Loan Commitments” in this Form 10-Q for additional information.

Critical Accounting Policies and Estimates

Management’s Discussion and Analysis of Financial Condition and Results of Operations addresses our consolidated financial statements, which have been prepared in accordance with GAAP. In preparing our consolidated financial statements, we have identified certain accounting estimates and assumptions that we consider to be the most critical to an understanding of our financial statements because they involve significant judgments and uncertainties.

The critical accounting estimates we have identified relate to the allowance for credit losses. These estimates reflect our best judgment about current and, for some estimates, including management overlays, future economic and market conditions. These estimates are based on information available as of the date of these financial statements. If conditions change from those expected, it is reasonably possible that these judgments and estimates could change, which may result in a change in the allowance for credit losses or material changes to our consolidated financial statements. A discussion of our critical accounting policies can be found in our 2023 Form 10-K.

Allowance for Credit Losses

We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date.

In determining the lifetime expected credit losses on our Private Education Loan portfolio loan segments, we use a discounted cash flow method. This method requires us to project future principal and interest cash flows on our loans in those portfolios.

To estimate the future expected cash flows, we use statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense.

We estimate future default rates used in our current expected credit losses at a loan level using historical loss experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages.

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We estimate future prepayment speeds used in our current expected credit losses at a loan level using historical prepayment experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages.

The reasonable and supportable forecast period is meant to represent the period in which we believe we can estimate the impact of forecasted economic factors in our expected losses. We use a two-year reasonable and supportable forecast period, although this period is subject to change as our view evolves on our ability to reasonably forecast economic conditions to estimate future losses.

In estimating future default rates and prepayment speeds in our current expected credit losses, we use a combination of expected economic scenarios coupled with our historical experience to derive a base case adjusted for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period.

In estimating recoveries, we use both estimates of what we would receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans.

In addition to the above modeling approach, we also take certain other qualitative factors into consideration when calculating the allowance for credit losses, which could result in management overlays (increases or decreases to the allowance for credit losses). These management overlays can encompass a broad array of factors not captured by model inputs, including, but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could affect our estimate of future losses.

The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses in our consolidated statements of income.

When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include:

•Economic forecasts;

•Weighting of economic forecasts; and

•Recovery rates.

Of the model inputs outlined above, economic forecasts, weighting of economic forecasts, and recovery rates are subject to estimation uncertainty, and changes in these inputs could have a material impact to our allowance for credit losses and the related provision for credit losses.

In the second quarter of 2024, we implemented a loan-level future default rate model that includes current portfolio characteristics and forecasts of real gross domestic product and college graduate unemployment. In the second quarter of 2024, we also implemented a future prepayment speeds model to include forecasts of real gross domestic product, retail sales, SOFR, and the U.S. 10-year treasury rate. These models reduce the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models. Prior to these changes, our loss models used forecasts of college graduate unemployment, retail sales, home price index, and median family income. Both the future default rate model and the future prepayment speeds model are used in determining the adequacy of the allowance for credit losses. The combined impact upon implementation of these model enhancements and the changes in the related qualitative overlays did not have a material impact on the overall level of our allowance for credit losses.

We obtain forecasts for our loss model inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurrence. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At September 30, 2024, December 31, 2023, and September 30, 2023, we used the Baseline (50th percentile likelihood of occurring)/S1

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(stronger near-term growth scenario - 10 percent likelihood of occurring)/S3 (unfavorable (or downside) scenario - 10 percent likelihood of occurring) and weighted them 40 percent, 30 percent, and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses.

To demonstrate the sensitivity of the allowance for credit losses for our Private Education Loan portfolio to a more pessimistic forecast of expected economic outcomes, we considered what our allowance for credit losses would be if we applied a 100 percent probability weighting to the S3 unfavorable (or downside) scenario (with a concomitant 0 percent weighting for both the Baseline and S1 stronger near-term growth scenarios) under the range of scenarios noted above. Excluding consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in our allowance for credit losses as of September 30, 2024 of $175 million or 11.6 percent. This scenario does not reflect our current expectations as of September 30, 2024, nor does it capture other qualitative adjustments or all the potential unknown variables that could arise in the forecast period, but it provides an approximation of a possible outcome under hypothetical pessimistic conditions. The estimated impact was calculated for the two-year reasonable and supportable period, but was not calculated for the remaining periods since long-term assumptions used to calculate the allowance for the remaining periods are based on longer term averages and only change when we determine there is a fundamental change that will affect the long-term rate.

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Item 3.     Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Sensitivity Analysis

Our interest rate risk management program seeks to manage and control interest rate risk, thereby reducing our exposure to fluctuations in interest rates, and achieving consistent and acceptable levels of profit in any rate environment and sustainable growth in net interest income over the long term. We evaluate and monitor interest rate risk through two primary methods:

•Earnings at Risk (“EAR”), which measures the impact of hypothetical changes in interest rates on net interest income; and

•Economic Value of Equity (“EVE”), which measures the sensitivity or change in the economic value of equity to changes in interest rates.

A number of potential interest rate scenarios are simulated using our asset liability management system. The Bank is the primary source of interest rate risk within the Company. At September 30, 2024, a significant portion of the Bank’s earning assets and a large balance of deposits were indexed to 30-day average SOFR. Therefore, 30-day average SOFR is considered a core rate in our interest rate risk analysis. The 30-day average SOFR and other rates are shocked in parallel for shock scenarios unless otherwise indicated. Rates are adjusted up or down via a set of scenarios that includes both rate shocks and ramps. Rate shocks represent an immediate and sustained change in key rates, with the resulting changes in other indices correlated accordingly. Interest rate ramps represent a linear increase in those key rates over the course of 12 months, with the resulting changes in other indices correlated accordingly.

The following table summarizes the potential effect on earnings over the next 24 months and the potential effect on market values of balance sheet assets and liabilities at September 30, 2024 and 2023, based upon a sensitivity analysis performed by management assuming hypothetical increases in market interest rates of 100 and 300 basis points and a decrease of 100 and 300 basis points while credit and funding spreads remain constant. EAR analysis assumes a static balance sheet, with maturities of each product replaced with assumed issuance of new products of the same type. The EVE sensitivity is applied only to financial assets and liabilities, including hedging instruments, that existed at the balance sheet date, and does not reflect any impact of loan sales, new assets, liabilities, commitments, or hedging instruments that may arise in the future.

The EAR results for September 30, 2024 indicate a market risk profile of low sensitivity to rate changes, based on static balance sheet assumptions over the next two years. The higher mix of fixed-rate versus variable-rate loan disbursements continues, which results in our liabilities repricing more quickly than our assets over time. Planned loan sales, which are not included in the static EVE modeling, significantly reduce this exposure. The recent Fed Funds Effective Rate reduction and the corresponding rate decrease in other indices has improved EVE sensitivity as compared to the year-ago period. Management continues to evaluate this trend to determine if and when further actions are necessary to manage EVE sensitivity.

2024

2023

As of September 30,

+300 Basis Points

+100 Basis Points

-100 Basis Points

-300 Basis Points

+300 Basis Points

+100 Basis Points

-100 Basis Points

-300 Basis Points

EAR - Shock

-7.0%

-2.2%

+1.9%

+5.3%

-2.5%

-0.8%

+0.5%

+1.5%

EAR - Ramp

-4.0%

-1.3%

+1.1%

+3.2%

-2.2%

-0.7%

+0.6%

+1.6%

EVE

-21.3%

-7.0%

+6.6%

+20.8%

-25.1%

-8.7%

+8.8%

+26.5%

    

In the preceding tables, the interest rate sensitivity analysis reflects the balance sheet mix of fixed-rate loans and funding as well as fully variable SOFR-based loans, and fully variable funding, including brokered CDs that have been converted to SOFR through derivative transactions. The analysis assumes that retail MMDAs and retail savings balances, while relatively sensitive to interest rate changes, will not correlate 100 percent to the full interest rate shocks or ramps.

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Also considered is the impact of FFELP Loans, which receive floor income in low interest rate environments, and will therefore not reprice fully with interest rate shocks.

Although we believe that these measurements provide an estimate of our interest rate sensitivity, they do not account for potential changes in credit quality, balance sheet mix, and size of our balance sheet. They also do not account for other business developments that could affect net income, or for management actions that could affect net income or could be taken to change our risk profile. Accordingly, we can give no assurance that actual results would not differ materially from the estimated outcomes of our simulations. Further, such simulations do not represent our current view of expected future interest rate movements.

Asset and Liability Funding Gap

The table below presents our assets and liabilities (funding) arranged by underlying indices as of September 30, 2024. In the following GAAP presentation, the funding gap only includes derivatives that qualify as effective hedges (those derivatives which are reflected in net interest income, as opposed to those reflected in the “gains (losses) on derivatives and hedging activities, net” line on the consolidated statements of operations). The difference between the asset and the funding is the funding gap for the specified index. This represents, at a high level, our exposure to interest rate risk in the form of basis risk and repricing risk, which is the risk that the different indices may reset at different frequencies or may not move in the same direction or at the same magnitude. (Note that all fixed-rate assets and liabilities are aggregated into one line item, which does not capture the differences in time due to maturity.)

As of September 30, 2024 (dollars in millions) Index						Frequency of Variable Resets						Assets						Funding (1)						Funding Gap
Fed Funds Effective Rate						daily/weekly/monthly						$	—					$	546.4					$	(546.4)
SOFR Rate						daily/weekly/monthly						5,844.7						4,740.8						1,103.9
3-month SOFR						quarterly						—						251.1						(251.1)
3-month Treasury bill						weekly						75.4						—						75.4
Prime						monthly						0.3						—						0.3
Non-Discrete reset(2)						daily/weekly						4,715.4						3,632.5						1,082.9
Fixed-Rate(3)												19,377.0						20,842.0						(1,465.0)
Total												$	30,012.8					$	30,012.8					$	—

         

(1)     Funding (by index) includes the impact of all derivatives that qualify as effective hedges.

(2)     Assets include restricted and unrestricted cash equivalents and other overnight type instruments. Funding includes liquid retail deposits and the obligation to return cash collateral held related to derivatives exposures.

(3)     Assets include receivables and other assets (including premiums and reserves). Funding includes unswapped time deposits, liquid MMDAs swapped to fixed-rates, and stockholders' equity.

The “Funding Gap” in the above table shows primarily mismatches in the Fed Funds Effective Rate, SOFR rate, 3-month SOFR, Non-Discrete reset, and fixed-rate categories. Changes in the Fed Funds Effective Rate, the Non-Discrete reset, and the daily, weekly, and monthly SOFR, and 3-month SOFR categories are generally quite highly correlated and the rates would be expected to offset each other relatively effectively. The funding in the fixed-rate bucket includes $1.9 billion of equity and $0.4 billion of non-interest bearing liabilities. We consider the overall repricing risk to be moderate, which is supported by other analyses of interest rate sensitivity.

We use interest rate swaps and other derivatives to achieve our risk management objectives. Our asset liability management strategy is to match assets with debt (in combination with derivatives) that have the same underlying index and reset frequency or have interest rate characteristics that we believe are highly correlated. The use of funding with index types and reset frequencies that are different from our assets exposes us to interest rate risk in the form of basis and repricing risk. This could result in our cost of funds not moving in the same direction or with the same magnitude as the yield on our assets. While we believe this risk is low, as all of these indices are short-term with rate movements that are highly correlated over a long period of time, market disruptions (which have occurred in recent years) can lead to a temporary divergence between indices, resulting in a negative impact to our earnings.

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Weighted Average Life

The following table reflects the weighted average lives of our earning assets and liabilities at September 30, 2024.

 

As of September 30, 2024 (averages in years)			Weighted Average Life
Earning assets
Education loans			5.40
Cash and investments			1.27
Total earning assets			4.43
Deposits
Short-term deposits			0.66
Long-term deposits			2.35
Total deposits			0.95
Borrowings
Long-term borrowings			3.55
Total borrowings			3.55

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Item 4.     Controls and Procedures

Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of September 30, 2024. Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2024, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fiscal quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

We and our subsidiaries and affiliates are subject to various claims, lawsuits, and other actions that arise in the normal course of business. It is common for the Company, our subsidiaries, and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests.

On January 18, 2017, the CFPB filed a complaint in federal court in Pennsylvania against Navient, along with its subsidiaries, Navient Solutions, Inc. and Pioneer Credit Recovery, Inc. The complaint alleges these Navient entities, among other things, engaged in deceptive practices with respect to their historic servicing and debt collection practices. Neither SLM, the Bank, nor any of their current subsidiaries are named in, or otherwise a party to, the lawsuit and are not alleged to have engaged in any wrongdoing. The CFPB’s complaint asserts Navient’s assumption of these liabilities under the Separation and Distribution Agreement for alleged conduct that predated the Spin-Off.

On September 12, 2024, the federal court in Pennsylvania in the above-referenced lawsuit entered a Stipulated Final Judgment and Order that was agreed to by the CFPB and the Navient defendants to settle and resolve all matters in dispute arising from Navient’s conduct alleged in the lawsuit. Neither SLM, the Bank, nor any of their current subsidiaries were named in, or otherwise a party to, that lawsuit, and no claims were asserted against them. The Company and the Bank were not parties to the settlement and have not contributed any of the relief to be provided in the settlement.

For additional information regarding our legal proceedings, see Part I, Item 3. “Legal Proceedings” in our 2023 Form 10-K. See also the section labeled “History” on page 3 of our 2023 Form 10-K for definitions and discussion regarding the “Spin Off” and “pre-Spin-Off SLM.”

Item 1A. Risk Factors

Our business activities involve a variety of risks. Readers should carefully consider the risk factors disclosed in Part I, Item 1A. “Risk Factors” of our 2023 Form 10-K.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Share Repurchases

The following table provides information relating to our purchase of shares of our common stock in the three months ended September 30, 2024.

 

(In thousands, except per share data)			Total Number of Shares Purchased(1)						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)(3)						Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs(2)
Period:
July 1 - July 31, 2024			1,574						$	22.40					1,570						$	527,000
August 1 - August 31, 2024			2,003						$	21.17					1,973						$	486,000
September 1 - September 30, 2024			1,803						$	21.33					1,802						$	448,000
Total third-quarter 2024			5,380						$	21.58					5,345

(1)      The total number of shares purchased includes the shares of our common stock tendered to us to satisfy the exercise price in connection with cashless exercises of stock options, and tax withholding obligations in connection with exercises of stock options and vesting of restricted stock, restricted stock units, and performance stock units.

(2)     As of September 30, 2024, we had $448 million in capacity remaining under the 2024 Share Repurchase Program. The 2024 Share Repurchase Program was announced on January 24, 2024, with an effective date of January 26, 2024, and expires on February 6, 2026. See Note 11, “Stockholders’ Equity” to our consolidated financial statements in this Form 10-Q for further discussion.

(3)    In the third quarter of 2024, we repurchased 5.3 million shares under 10b5-1 trading plans. See Note 11, “Stockholders’ Equity” to our consolidated financial statements in this Form 10-Q for further discussion.

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The closing price of our common stock on the NASDAQ Global Select Market on September 30, 2024 was $22.87.

Item 3.    Defaults Upon Senior Securities

Nothing to report.

Item 4.    Mine Safety Disclosures

Not applicable.

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Item 5.    Other Information

Insider Trading Arrangements

In the third quarter of 2024, no director or officer (as defined in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934, as amended) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” for the purchase or sale of securities of the Company, each within the meaning of Item 408 of Regulation S-K.

Item 6.    Exhibits

The following exhibits are furnished or filed, as applicable:

31.1			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			XBRL Taxonomy Extension Schema Document.
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB			XBRL Taxonomy Extension Label Linkbase Document.
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

SLM CORPORATION (Registrant)
By:						/S/ PETER M. GRAHAM
						Peter M. Graham Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

Date: October 23, 2024

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