[8-K] SLM Corporation Reports Material Event

Rhea-AI Filing Summary

AMERISAFE, Inc. (AMSF) filed an 8-K on 24-Jul-2025 to disclose that its Board has reauthorized a share-repurchase program of up to $25.0 million. The new authorization replaces the prior program and carries no expiration date. Repurchases may be executed in the open market or through Rule 10b5-1 trading plans and will be funded with available capital. The Board retains full discretion to modify, suspend, increase or terminate the program at any time, based on market conditions and regulatory factors. The filing contains no earnings data and does not obligate the company to repurchase any specific amount of shares.

Positive

• $25 million share-repurchase authorization renews and potentially expands capital-return capacity, demonstrating Board confidence and offering share-price support.

Negative

• No commitment or timeline—the Board may alter or suspend the program at will, so actual repurchase volume and timing remain uncertain.

Insights

Equity Research Analyst

TL;DR: $25M buyback adds capital-return flexibility and could support EPS, but scale is modest.

The reauthorization signals management’s confidence in cash generation and seeks to offset share dilution or enhance shareholder returns. With no expiry, the Board can time purchases opportunistically, a prudent approach in insurance markets that can be volatile. That said, the filing gives no guidance on execution pace, leaving the actual impact dependent on utilization. Still, at up to $25 million, the program could retire roughly 3-4% of shares outstanding (based on a sub-$700M market cap in recent quarters), providing a mild EPS tailwind if fully deployed.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 24, 2025

SLM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-13251

52-2013874

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

300 Continental Drive

Newark,

Delaware

19713

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (302) 451-0200

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, par value $.20 per share			SLM			The NASDAQ Global Select Market
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share			SLMBP			The NASDAQ Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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 new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 24, 2025, SLM Corporation (the “Company”) reported its financial results for the quarter ended June 30, 2025. A copy of the Company’s press release and related earnings results were made available on www.SallieMae.com/investors, and are also furnished as Exhibit 99.1 hereto and incorporated by reference herein.

The information furnished in this Item 2.02, including Exhibit 99.1 attached hereto and incorporated by reference herein, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, such information, including such Exhibit, shall not be deemed incorporated by reference into any of the Company’s registration statements, reports or other filings with the Securities and Exchange Commission, except as expressly set forth by specific reference in such registration statement, report or other filing.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number						Description
99.1*						Press Release, dated July 24, 2025
104						Cover Page Interactive Data File (formatted as Inline XBRL)

* Furnished herewith.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                        

						SLM CORPORATION
Date: July 24, 2025			By:			/s/ PETER M. GRAHAM
						Peter M. Graham
						Executive Vice President, Chief Financial Officer and Treasurer

FAQ

What did AMERISAFE (AMSF) announce on July 24, 2025?

The Board reauthorized a $25 million share-repurchase program with no expiration date.

Does the new buyback replace a prior program?

Yes. The $25 million authorization replaces the company’s previous repurchase program.

How will AMERISAFE fund the repurchases?

Future share purchases are expected to be funded from available capital.

Is AMERISAFE obligated to repurchase the full $25 million?

No. The program is discretionary; the Board may modify, suspend, or terminate it at any time.

Can AMERISAFE use Rule 10b5-1 trading plans?

Yes. Repurchases may occur under Rule 10b5-1 compliant trading plans.