Bonds and Notes Payable (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Outstanding Debt Obligations

The following tables summarize the Company’s outstanding debt obligations by type of instrument:


	As of June 30, 2026
	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	$	5,520,346	3.99% - 5.76%	10/25/33 - 11/27/90
Bonds and notes based on auction	10,915		4.74%	8/25/37
Total FFELP variable-rate bonds and notes	5,531,261
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	277,696		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facility	469,041		4.72% / 4.73%	7/30/27

Consumer loan warehouse and other facilities	752,435		4.92% - 5.42%	11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	27,414		5.15% / 5.88%	6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	20,534		7.15%	11/25/53
Unsecured line of credit	—		—	3/31/31
Participation agreements	796		4.37% - 5.82%	5/4/27 / 7/28/32



	7,079,177
Discount on bonds and notes payable and debt issuance costs	(36,021)
Total	$	7,043,156


	As of December 31, 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	$	6,448,212	4.35% - 5.85%	3/22/32 - 11/27/90
Bonds and notes based on auction	24,150		0.01% - 5.10%	3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes	6,472,362
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	302,791		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facility	213,982		4.83% / 4.84%	1/29/27

Consumer loan warehouse and other facilities	767,951		5.01% - 5.67%	11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	35,770		5.15% / 6.12%	6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	27,391		7.15%	11/25/53
Unsecured line of credit	—		—	9/22/26
Participation agreements	1,322		4.53% - 5.82%	5/4/26 / 7/28/32



	7,821,569
Discount on bonds and notes payable and debt issuance costs	(40,642)
Total	$	7,780,927

Schedule of Outstanding Line of Credit Facilities

The following table summarizes the Company's warehouse and other facilities as of June 30, 2026:


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)	$	500,000	469,041	30,959	7/31/2026	7/30/2027	note (b)	$	30,143







Consumer loans and other financing receivables	$	925,000	752,435	172,565	11/13/2026 - 7/31/2027	11/13/2027 - 2/29/2028	50% - 90%	$	107,953

(a) On January 30, 2026, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2026 and July 30, 2027, respectively. On May 5, 2026, the Company decreased the maximum financing amount from $800 million to $500 million. On July 31, 2026, the Company extended the liquidity provisions and final maturity date to September 30, 2026 and September 30, 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.