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Bonds and Notes payable (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Outstanding Debt Obligations

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

			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

 

			As of December 31, 2023
			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			$	9,552,667					5.45% - 7.47%						8/26/30 - 9/25/69
Bonds and notes based on auction			87,360						0.00% - 6.45%						3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes			9,640,027
Fixed-rate bonds and notes issued in FFELP loan asset-backed       securitizations			471,427						1.42% - 3.45%						10/25/67 - 8/27/68
FFELP loan warehouse facilities			1,398,485						5.41% / 5.70%						4/2/25 / 5/22/25
Consumer loan warehouse facility			23,691						5.70%						11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations			80,393						6.90% / 7.57%						6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations			80,130						5.35% / 7.15%						12/28/43 / 11/25/53
Unsecured line of credit			—						—						9/22/26
Participation agreements			10,063						5.58% - 6.08%						3/12/24 / 5/4/24
Repurchase agreement			208,164						6.35% - 6.81%						1/22/24 - 12/20/24
Other - due to related party (a)			5,778						5.00% - 6.05%						3/1/24 - 11/15/30
			11,918,158
Discount on bonds and notes payable and debt issuance costs			(89,765)
Total			$	11,828,393

(a) Union Bank, a related party, provided funding to the Company for certain properties and solar fields. During 2024, all such loans were paid in full.

Outstanding Line of Credit Facilities

The following table summarizes the Company's warehouse facilities as of December 31, 2024.

			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					564,796						35,204						1/31/2025						1/31/2026						note (b)						$	40,769
			FFELP (c)						375,000						288,369						86,631						4/1/2025						4/1/2026						92		%				24,186
									$	975,000					853,165						121,835																								$	64,955
			Consumer (d)						$	100,000					5,000						95,000						11/13/2026						11/13/2027						70		%				$	2,111
			Consumer (e)						125,000						85,000						40,000						1/1/2026						8/1/2026						60% - 80%						20,441
									$	225,000					90,000						135,000																								$	22,552

(a)    During 2024, this facility was amended resulting in a reduction of the maximum financing amount from $1.25 billion to $600 million and extending the expiration of liquidity provisions and final maturity date to January 31, 2025 and January 31, 2026, respectively. 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.

(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)    During 2024, this facility was amended resulting in a reduction of the maximum financing amount from $432 million to $375 million, and extending the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively.

(d)    During 2024, this facility was amended resulting in a reduction of the maximum financing amount from $200 million to $100 million and extending the expiration of liquidity provisions and final maturity date to November 13, 2026 and November 13, 2027, respectively.

(e)    On July 1, 2024, the Company closed on this $125 million consumer loan facility.

Long-term Debt Maturities

Bonds and notes outstanding as of December 31, 2024 are due in varying amounts as shown below.

2025						$	100
2026						938,165
2027						5,000
2028						—
2029						—
2030 and thereafter						7,415,186
						$	8,358,451

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.

			Year ended December 31,
			2024						2023						2022
Purchase price			$	(7,585)					(5,112)						(67,081)
Par value			7,671						5,941						69,133
Remaining unamortized cost of issuance			(32)						(14)						(821)
Gain, net of losses			$	54					815						1,231

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