Schedule 13G: Brave Warrior Advisors Discloses 10.54M SLM Shares (5%)

Rhea-AI Filing Summary

Brave Warrior Advisors, LLC filed a Schedule 13G reporting beneficial ownership of 10,540,905 shares of SLM Corporation common stock, representing 5.0% of the class. The filing states these shares are held with sole voting and dispositive power over all 10,540,905 shares. The filer certifies the holdings were acquired and are held in the ordinary course of business and not to influence control of the issuer.

Positive

• Material disclosure of a 5.0% stake increases transparency about major ownership
• Filing classifies the position as held in the ordinary course of business, indicating a passive posture per the filer

Negative

• None.

Insights

Financial Analyst

TL;DR: A 5.0% stake is material and worth noting for holdings and ownership concentration.

Brave Warrior Advisors reports ownership of 10,540,905 SLM shares (5.0% of the class) with sole voting and dispositive power. For investors, a disclosed 5% ownership meets regulatory thresholds that require public reporting and increases transparency about major holders. The filing explicitly states the position is held in the ordinary course of business and not for control purposes, which suggests a passive investment posture per the filing.

Corporate Governance Expert

TL;DR: The filing documents a material, non-control stake and affirms no intent to change issuer control.

The Schedule 13G classification and the certification indicate Brave Warrior Advisors is filing under passive/ordinary-course rules. The holder reports sole voting and dispositive power for 10,540,905 shares, equal to 5.0% of SLM's outstanding common stock. Because the filer declares the position is not intended to influence control, this disclosure is a governance-level notice rather than an activist signal, based solely on the statements contained in the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SLM Corporation

(Name of Issuer)

Common stock, par value $.20 per share

(Title of Class of Securities)

78442P106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 78442P106

1

Names of Reporting Persons

Brave Warrior Advisors, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,540,905.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,540,905.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,540,905.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SLM Corporation
(b)	Address of issuer's principal executive offices: 300 CONTINENTAL DRIVE, NEWARK, DE, 19713
Item 2.
(a)	Name of person filing: Brave Warrior Advisors, LLC
(b)	Address or principal business office or, if none, residence: 12 East 49th Street, New York, NY 10017
(c)	Citizenship: Delaware, United States
(d)	Title of class of securities: Common stock, par value $.20 per share
(e)	CUSIP No.: 78442P106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 10,540,905
(b)	Percent of class: 5.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 10,540,905
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 10,540,905
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Brave Warrior Advisors, LLC

Signature:	Donna Martel-Downing
Name/Title:	Donna Martel-Downing | Chief Compliance Officer
Date:	08/14/2025

FAQ

What stake in SLM does Brave Warrior Advisors report?

Brave Warrior Advisors reports beneficial ownership of 10,540,905 shares, or 5.0% of SLM common stock.

Does Brave Warrior Advisors have voting power over the reported shares?

Yes. The filing shows sole voting power and sole dispositive power for all 10,540,905 shares.

Is the 13G filing indicating an attempt to influence control of SLM?

No. The filer certifies the shares are held in the ordinary course of business and were not acquired or held to change or influence control, per the filing text.

What document was filed and for which issuer?

A Schedule 13G was filed with respect to SLM Corporation (CUSIP 78442P106).

Who signed the filing and when?

The filing is signed by Donna Martel-Downing, Chief Compliance Officer of Brave Warrior Advisors, LLC, dated 08/14/2025.