SLM Corp 8-K

What Happened
On March 9, 2026, SLM Corporation announced an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC under which SLM will purchase $200 million of its common stock. Goldman Sachs is expected to deliver a substantial majority of the shares shortly after the agreement date, with final settlement expected before or during Q2 2026. The number of shares delivered will be based on a discount to the Rule 10b-18 volume-weighted average price (VWAP) during the term of the agreement, and final settlement may involve additional share delivery or a cash payment.

Key Details

• Agreement date: March 9, 2026; counterparty: Goldman Sachs & Co. LLC.
• Purchase amount: $200 million of SLM common stock under the ASR.
• Timing: Initial delivery shortly after March 9, 2026; final settlement expected before/during Q2 2026.
• Prior 2026 repurchases: SLM repurchased approximately $91 million of common stock earlier in 2026.
• Terms: Final share count tied to a discount to Rule 10b-18 VWAP; agreement includes customary adjustments and termination rights (Goldman may terminate on certain extraordinary events).

Why It Matters
This ASR is a capital allocation move that will reduce shares outstanding once settled, which can boost earnings per share (EPS) and return capital to shareholders. The $200 million commitment (in addition to ~$91 million already repurchased in 2026) signals continued share buyback activity but carries execution variability: the exact number of shares received and the timing depend on market pricing and potential termination provisions. Investors should note the expected settlement window (by Q2 2026) and that final share counts or a cash settlement may differ from initial estimates.