v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Event
2026 Loan Sales
On July 22, 2026, we sold approximately $175 million of our Private Education Loans to our strategic partner, including $172 million in principal, $3 million in capitalized interest and $0.2 million in accrued interest. The loan sale included the amounts that were classified as held for sale as of June 30, 2026, which consisted of newly originated loans, some of which were not fully-disbursed. Some of these loans had disbursements between June 30, 2026 and the date of the loan sale, resulting in the amount sold being larger than the $172 million of loans held for sale in the consolidated balance sheets.
As the loan sale included newly originated loans that were not fully-disbursed, the resulting gain on sale expressed as a percentage was in the low single-digits. The gain will be recognized in the third quarter 2026 consolidated statements of income. The transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date. We will continue to service these loans and provide loan program management pursuant to the terms of the applicable transaction documents.