Schedule of Outstanding Debt Obligations |
The following tables summarize the Company’s outstanding debt obligations by type of instrument: | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | Carrying amount | | Interest rate range | | Final maturity | Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: | | | | | | Bonds and notes based on indices | $ | 6,611,844 | | | 4.69% - 6.43% | | 8/26/30 - 9/25/69 | Bonds and notes based on auction | 321,880 | | | 5.42% - 6.92% | | 3/22/32 - 11/1/47 | Total FFELP variable-rate bonds and notes | 6,933,724 | | | | | | Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations | 324,392 | | | 1.42% - 3.45% | | 10/25/67 - 8/27/68 | FFELP loan warehouse facilities | 553,313 | | | 5.19% - 5.31% | | 7/31/26 / 5/1/27 | | | | | | | Consumer loan warehouse facilities | 68,026 | | | 5.69% - 6.43% | | 11/13/27 - 2/29/28 | Variable-rate bonds and notes issued in private education loan asset-backed securitizations | 44,793 | | | 5.90% / 6.56% | | 6/25/49 / 11/25/53 | Fixed-rate bonds and notes issued in private education loan asset-backed securitizations | 35,152 | | | 7.15% | | 11/25/53 | Unsecured line of credit | — | | | — | | 9/22/26 | Participation agreements | 2,051 | | | 5.06% - 5.82% | | 5/4/26 / 7/28/32 | | | | | | | | | | | | | | | | | | | | 7,961,451 | | | | | | Discount on bonds and notes payable and debt issuance costs | (57,890) | | | | | | Total | $ | 7,903,561 | | | | | |
| | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Carrying amount | | Interest rate range | | Final maturity | Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: | | | | | | Bonds and notes based on indices | $ | 6,923,824 | | | 4.89% - 6.45% | | 8/26/30 - 9/25/69 | Bonds and notes based on auction | 36,395 | | | 5.71% - 5.72% | | 3/22/32 - 8/25/37 | Total FFELP variable-rate bonds and notes | 6,960,219 | | | | | | Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations | 346,359 | | | 1.42% - 3.45% | | 10/25/67 - 8/27/68 | FFELP loan warehouse facilities | 853,165 | | | 4.41% - 4.69% | | 1/31/26 / 4/1/26 | | | | | | | Consumer loan warehouse facilities | 90,000 | | | 4.46% / 4.57% | | 8/1/26 / 11/13/27 | Variable-rate bonds and notes issued in private education loan asset-backed securitizations | 54,973 | | | 5.90% / 6.82% | | 6/25/49 / 11/25/53 | Fixed-rate bonds and notes issued in private education loan asset-backed securitizations | 50,415 | | | 5.35% / 7.15% | | 12/28/43 / 11/25/53 | Unsecured line of credit | — | | | — | | 9/22/26 | Participation agreements | 3,320 | | | 5.27% - 5.82% | | 5/4/25 / 1/30/33 | | | | | | | | | | | | | | | | | | | | 8,358,451 | | | | | | Discount on bonds and notes payable and debt issuance costs | (48,654) | | | | | | Total | $ | 8,309,797 | | | | | |
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Schedule of Outstanding Line of Credit Facilities |
The following table summarizes the Company's warehouse facilities as of June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Type of loans | | Maximum financing amount | | Amount outstanding | | Amount available | | Expiration of liquidity provisions | | Final maturity date | | Advance rate | | Advanced as equity support | | FFELP (a) | | $ | 600,000 | | | 403,872 | | | 196,128 | | | 7/31/2025 | | 7/31/2026 | | note (b) | | $ | 30,511 | | | FFELP (c) | | 375,000 | | | 149,441 | | | 225,559 | | | 5/1/2026 | | 5/1/2027 | | 92 | % | | 12,574 | | | | | $ | 975,000 | | | 553,313 | | | 421,687 | | | | | | | | | $ | 43,085 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consumer | | $ | 100,000 | | | 3,001 | | | 96,999 | | | 11/13/2026 | | 11/13/2027 | | 70 | % | | $ | 1,394 | | | Consumer (d) | | 125,000 | | | 65,000 | | | 60,000 | | | 7/31/2027 | | 2/29/2028 | | 60% - 80% | | 21,071 | | | Consumer (e) | | 2,000 | | | 25 | | | 1,975 | | | 7/15/2027 | | 1/15/2028 | | 50% - 90% | | 5 | | | | | $ | 227,000 | | | 68,026 | | | 158,974 | | | | | | | | | $ | 22,470 | |
(a) On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively. On July 17, 2025, the Company increased the maximum financing amount from $600 million to $800 million and extended the liquidity provisions and final maturity date to January 30, 2026 and January 29, 2027, respectively. (b) This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility. (c) On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively. (d) On June 16, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2027 and February 29, 2028, respectively. (e) The Company closed on this facility on May 15, 2025.
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Schedule Of Debt Repurchased |
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income. | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | Purchase price | $ | (141,998) | | | (4,199) | | | (142,869) | | | (4,199) | | Par value | 142,396 | | | 4,190 | | | 143,320 | | | 4,190 | | Remaining unamortized cost of issuance | (10) | | | — | | | (12) | | | — | | Gain (loss), net | $ | 388 | | | (9) | | | 439 | | | (9) | |
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