XML 35 R23.htm IDEA: XBRL DOCUMENT v3.25.2
Subsequent Event
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
2025 Securitization
On July 17, 2025, we closed a SMB Private Education Loan Trust 2025-B term ABS transaction (the “2025-B Transaction”), in which an unaffiliated third-party sold to the trust approximately $497 million of Private Education Loans that the third-party seller previously purchased from us in the first quarter of 2025. Sallie Mae Bank sponsored the 2025-B Transaction, is the servicer and administrator, and was the seller of an additional $26 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 2025-B Transaction and we recorded approximately a $2 million gain on sale associated with this transaction. In connection with the 2025-B Transaction settlement, we retained a five percent vertical risk retention interest (i.e., 5 percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2025-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.