学贷美 2025年季度报告

(Mark One) ☑QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch31, 2025 or TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission File Number:001-13251 SLM Corporation (Exact name of registrant as specified in its charter) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Yes☐No☑ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). As of March31, 2025, there were210,738,845shares of common stock outstanding. SLM CORPORATION CONSOLIDATED FINANCIAL STATEMENTSINDEX PARTI. Financial Information Item 1.Financial StatementsItem 1.Notes to the Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures about Market RiskItem 4.Controls and ProceduresPARTII. Other Information Item 1.Legal ProceedingsItem1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits (Dollars in thousands) (Dollars in thousands) Interest$300,605$284,041Income taxes paid$11,366$7,280Income taxes refunded$(19)$(1,001)Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:Cash and cash equivalents$3,695,076$3,584,013Restricted cash173,485147,809Total cash, cash equivalents and restricted cash$3,868,561$3,731,822Supplemental non-cash investment activities:Accrued interest capitalized during the period$116,022$118,602Trading investments received in consideration for loans sold$—$3,072Available-for-sale investments received in consideration for loans sold$—$111,002 1.Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,”“we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America(“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAPfor complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporationand its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. Inthe opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods havebeen included. The preparation of financial statements in conformity with GAAP requires management to make estimates andassumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual resultscould differ from those estimates. Operating results for the three months ended March31, 2025 are not necessarily indicative ofthe results for the year ending December31, 2025 or for any other period. These unaudited financial statements should be readin conjunction with the audited financial statements and related notes included in our Annual Report on Form10-K for the yearended December31, 2024 (the “2024 Form10-K”). Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned and controlledsubsidiaries after eliminating the effects of intercompany accounts and transactions. We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primarybeneficiary is the entit