7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2015-03-31 2011-06-30 2011-03-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 2008-03-31 2007-12-31 2007-09-30 2007-06-30 2007-03-31 2006-12-31 2006-09-30 2005-03-31 
      
    		                                                    
      operating activities
    		                                                    
      net income
    		135,850,000 71,272,000 304,540,000 111,553,000 -45,152,000 251,993,000 289,931,000 168,443,000 29,365,000 265,065,000 118,518,000 -77,043,000 75,172,000 342,073,000 128,812,000 306,265,000 72,840,000 140,201,000 641,207,000 432,700,000 171,028,000 -85,211,000 362,173,000 141,352,000 128,458,000 150,277,000 158,189,000 147,512,000 103,878,000 109,832,000 126,254,000 47,699,000 -5,648,000 174,694,000 -494,886,000 337,951,000 240,280,000 -15,369,015 159,308,000 -122,509,000 -21,105,000 -216,017,000 -158,541,000 162,035,804 -103,804 -1,635,258,000 -343,760,000 966,471,000 116,153,000 18,105,000 263,472,000 223,384,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                    
      provisions for credit losses
    		179,462,000 148,718,000 23,286,000 108,179,000 271,465,000 16,830,000 12,041,000 15,599,000 198,023,000 17,729,000 114,112,000 297,260,000 207,598,000 30,545,000 98,050,000 -15,309,000 138,442,000 69,677,000 -225,767,000 -316,372,000 -3,640,000 351,887,000 61,258,000 97,558,000 99,526,000 93,375,000 63,790,000 57,619,000 70,047,000 63,267,000 53,931,000                      
      income tax expense
    		49,963,000 16,362,000 98,579,000  -14,410,000 86,554,000 97,554,000  11,242,000 91,482,000 37,338,000  29,551,000 114,296,000 37,356,000  19,392,000 53,174,000 203,525,000  55,189,000 -30,664,000 121,481,000  40,701,000 33,801,000 56,296,000  -53,667,000 40,074,000 40,997,000                      
      amortization of brokered deposit placement fee
    		1,857,000 2,160,000 2,213,000 2,428,000 2,617,000 2,681,000 2,803,000 2,863,000 2,832,000 2,865,000 3,121,000 3,147,000 3,182,000 3,150,000 3,425,000 3,584,000 3,738,000 3,887,000 4,307,000 4,520,000 4,753,000 4,935,000 5,193,000 5,496,000 4,667,000 4,070,000 3,555,000 3,677,000 3,531,000 3,058,000 2,789,000 2,695,000                     
      amortization of secured borrowing facility upfront fee
    		705,000 624,000 584,000 597,000 588,000 461,000 713,000 720,000 708,000 718,000 723,000 704,000 712,000 649,000 569,000 570,000 359,000 713,000 773,000 817,000 813,000 820,000 526,000 279,000 279,000 282,000 277,000                          
      amortization of deferred loan origination costs and loan premium/(discounts)
    		3,692,000 3,663,000 3,806,000 3,680,000 2,943,000 3,031,000 3,229,000 2,752,000 3,429,000 2,981,000 3,421,000 3,185,000 3,433,000 3,731,000 4,455,000 4,252,000 3,868,000 3,967,000 4,016,000 4,025,000 3,907,000 3,979,000 12,241,000 3,299,000 3,324,000 3,242,000 3,184,000 2,866,000 2,924,000 2,508,000 2,607,000                      
      net amortization of discount on investments
    		-106,000 -64,000 -327,000 -292,000 -433,000 -446,000 -601,000 -714,000 -695,000 -695,000 -622,000 -699,000 -220,000 57,000 965,000 1,408,000 1,823,000 1,918,000 2,161,000 2,095,000 1,704,000 1,941,000 610,000 757,000 819,000 304,000 189,000 368,000 359,000 510,000 475,000 324,000                     
      depreciation of premises and equipment
    		4,032,000 3,968,000 3,953,000 4,163,000 4,222,000 4,562,000 4,705,000 4,407,000 4,259,000 4,621,000 4,524,000 4,491,000 4,351,000 4,300,000 4,189,000 4,598,000 3,900,000 3,830,000 3,715,000 3,680,000 3,709,000 3,822,000 3,855,000 3,819,000 3,882,000 3,382,000 3,586,000 3,852,000 3,502,000 3,358,000 3,117,000 1,659,000                     
      acquired intangible assets amortization expense
    		846,000 898,000 1,021,000  1,225,000 1,394,000 1,215,000  2,834,000 2,245,000 2,272,000 2,301,000 2,328,000 2,417,000 733,000                                      
      stock-based compensation expense
    		8,936,000 9,335,000 13,272,000 8,255,000 8,374,000 9,577,000 13,790,000 8,080,000 8,472,000 8,292,000 11,536,000 7,309,000 6,856,000 8,375,000 11,921,000 6,395,000 6,686,000 6,444,000 11,124,000 6,211,000 9,244,000 7,399,000 13,610,000 5,759,000 5,368,000 5,582,000 13,891,000 5,696,000 5,567,000 5,516,000 14,745,000 6,140,000 12,069,000 24,992,000                   
      unrealized (gains) losses on derivatives and hedging activities
    		1,000 1,000 -6,000  19,000 23,000 20,000  59,000 -283,000 -56,000  274,000 -342,000 315,000  3,625,000 6,937,000 10,872,000            -3,879,000                      
      gains on sales of loans
    		-135,958,000 13,000 -187,735,000  31,000    5,000    -74,978,000 -239,997,000 -9,881,000  10,000 -3,679,000 -399,111,000  4,000 369,000 -238,935,000      0                        
      losses (gains) on securities
    		                                                    
      other adjustments to net income
    		3,563,000 3,344,000 4,093,000 3,707,000 3,254,000 2,663,000 2,939,000 3,933,000 3,396,000 5,820,000 3,063,000 1,039,000 2,278,000 3,661,000 7,235,000 5,819,000 1,981,000 -33,788,000 2,578,000 3,421,000 1,577,000 2,238,000 1,574,000 6,171,000 -6,298,000 1,933,000 1,918,000 2,018,000 2,132,000 1,533,000 1,763,000                      
      changes in operating assets and liabilities:
    		                                                    
      increase in accrued interest receivable
    		-296,047,000 -294,455,000 -296,543,000 -281,347,000 -278,156,000 -263,931,000 -287,000,000 -276,946,000 -266,036,000 -253,201,000 -257,888,000 -239,254,000 -208,250,000 -187,160,000 -185,294,000 -187,614,000 -186,800,000 -186,175,000 -183,168,000 -208,600,000 -203,812,000 -228,009,000 -236,282,000 -244,330,000 -240,669,000 -239,706,000 -239,180,000 -235,502,000 -221,146,000 -206,037,000 -201,776,000 -121,815,000   -180,320,000 10,604,000 -158,066,000                
      decrease in trading investments
    		                                                    
      increase in non-marketable securities
    		-275,000   -783,000 -10,270,000 0 -283,000 -403,000 -162,000   0 -1,058,000 0 -992,000 -554,000 -804,000 -8,294,000 -317,000     0                             
      decrease in other interest-earning assets
    		1,264,000 1,281,000 1,497,000            328,000                                      
      increase in other assets
    		15,427,000 -6,130,000 -46,659,000 35,368,000 -18,510,000 -343,000 -23,046,000 -7,691,000 6,362,000 -10,941,000 -26,632,000   -22,333,000 -17,529,000 -12,427,000 -14,588,000 -44,586,000 -51,667,000 -4,260,000 16,303,000 -29,623,000 -32,874,000 7,183,000 18,023,000 -27,616,000 -681,000 -8,874,000 -9,452,000 -15,735,000 -35,716,000 -2,079,000                     
      decrease in income taxes payable
    		-3,932,000 -126,381,000 -11,493,000  -70,807,000    -88,481,000    -99,185,000 -114,481,000 -4,243,000  2,052,000 -231,854,000 -270,000  -220,254,000 -22,887,000 -710,000  -52,741,000 -128,303,000 -3,947,000  -48,529,000 -106,814,000 -1,159,000                      
      decrease in accrued interest payable
    		  -26,984,000                                                  
      decrease in other liabilities
    		15,892,000 -3,448,000 -42,714,000  25,750,000 1,278,000 -29,020,000  7,313,000 6,469,000 -23,770,000                -39,049,000   10,585,000 -18,873,000     -127,466,000 -3,366,000                
      total adjustments
    		-185,187,000 -210,001,000 -450,591,000 -107,014,000 -68,269,000 -395,795,000 -366,642,000 -195,584,000 -88,715,000 -332,099,000 -109,630,000 76,168,000 -71,804,000 -402,362,000 -66,024,000 -260,663,000 11,969,000 -365,886,000 -595,455,000 -406,218,000 -318,034,000 -121,348,000 -217,759,000 -79,592,000 -142,815,000 -230,036,000 -141,474,000 -157,853,000 -116,784,000 -175,168,000 -140,412,000 -66,880,000 613,866,000 584,225,000     -5,197,236,000 -3,288,257,000 -5,447,053,000 -2,566,601,000 -3,134,117,000 214,667,533 326,467 977,836,000 1,259,500,000 -1,465,902,000 73,663,000    
      total net cash from operating activities
    		-49,337,000 -138,729,000 -146,051,000 4,539,000 -113,421,000 -143,802,000 -76,711,000 -27,141,000 -59,350,000 -67,034,000 8,888,000 -875,000 3,368,000 -60,289,000 62,788,000 45,602,000 84,809,000   26,482,000 -147,006,000 -206,559,000 144,414,000 61,760,000 -14,357,000 -79,759,000 16,715,000 -10,341,000 -12,906,000 -65,336,000 -14,158,000 -19,181,000 608,218,000 758,919,000 -85,183,000 -3,017,973,000 -5,549,416,000                
      investing activities
    		                                                    
      loans acquired and originated
    		-2,956,709,000 -690,858,000 -2,783,336,000 -992,821,000 -2,779,631,000 -698,485,000 -2,593,293,000 -852,076,000 -2,468,048,000 -668,717,000 -2,463,358,000 -846,494,000 -2,377,484,000 -641,453,000 -2,215,958,000 -767,633,000 -2,116,156,000 -551,421,000 -2,076,635,000 -641,979,000 -1,911,454,000 -514,677,000 -2,310,173,000 -802,119,000 -2,416,597,000 -665,765,000 -2,253,624,000 -923,172,000 -2,407,431,000 -862,629,000 -2,300,135,000 -1,663,149,000                     
      net proceeds from sales of loans held for investment and loans held for sale
    		1,960,127,000 -13,000 2,208,600,000 484,911,000 -31,000 1,611,948,000 2,149,774,000 1,041,478,000 -4,000                                            
      proceeds from ffelp loan claim payments
    		   0 7,545,000 9,215,000 10,819,000 10,309,000 13,359,000 15,203,000 11,274,000  7,945,000 9,048,000 5,594,000                                      
      net decrease in loans held for investment and loans held for sale
    		708,150,000 650,085,000 774,483,000 703,846,000 640,913,000 629,594,000 751,120,000 707,638,000 733,134,000                                            
      purchases of available-for-sale securities
    		0 -32,088,000 -38,174,000 -14,918,000 -16,951,000 -34,222,000 -25,790,000 -35,180,000 -26,008,000 -39,790,000 -4,992,000 0 0 -216,496,000 -536,633,000 -97,462,000 -654,663,000 -304,288,000 -200,716,000 -185,750,000 -341,427,000 -1,493,332,000 -62,752,000 -50,542,000 -145,555,000 -126,834,000 -33,483,000 -7,962,000 -5,000,000   -8,178,000 -39,082,000 -70,534,000 -3,916,248,000 -9,196,936,000 -18,688,583,000 104,535,332,802 -38,601,369,000 -45,540,708,000 -20,521,734,000 -7,353,392,000 -21,715,615,000 -72,036,930,180 -34,649,820 -24,265,259,000 -41,900,523,000 -8,473,071,000 -15,448,651,000    
      proceeds from sales and maturities of available-for-sale securities
    		34,645,000 37,881,000 335,355,000 87,652,000 333,963,000 131,135,000 279,700,000 50,610,000 66,950,000 74,740,000 73,352,000 147,303,000 71,653,000 54,253,000 686,806,000 66,573,000 217,103,000 376,723,000 205,367,000 277,935,000 271,507,000 86,237,000 18,836,000 18,633,000 21,653,000 6,059,000 4,570,000 7,054,000 8,606,000 51,866,000 10,371,000 6,630,000                     
      total net cash from investing activities
    		-253,787,000 -34,993,000 496,928,000 268,670,000 -1,814,192,000 1,649,185,000 572,330,000 922,779,000 -1,695,271,000 2,231,084,000 -1,471,052,000 63,191,000 -343,795,000 2,346,863,000 -988,867,000 1,422,781,000 -1,605,298,000 396,828,000 2,390,362,000 334,436,000 -464,127,000 -1,041,201,000 2,118,222,000 278,544,000 -1,541,809,000 150,228,000 -1,193,677,000 -39,602,000 -1,626,279,000 -48,016,000 -1,540,966,000 -1,367,878,000 2,848,692,000 2,458,263,000                   
      financing activities
    		                                                    
      brokered deposit placement fee
    		   -2,069,000    -937,000 -4,270,000 0 -2,634,000 -3,023,000 -4,357,000 -1,583,000 -2,207,000 -1,383,000 -10,469,000   0 -1,505,000 -1,543,000 -1,762,000 -8,179,000 -4,419,000 -13,882,000 -1,498,000 -681,000 -6,219,000 -11,830,000 -7,055,000                      
      net increase in certificates of deposit
    		  -889,195,000 -420,242,000   31,555,000 66,937,000   515,909,000        -686,344,000 -625,553,000 -742,810,000 -1,129,702,000 69,971,000 1,666,891,000 895,339,000 1,383,390,000 404,121,000 571,396,000 1,006,207,000 252,455,000 694,982,000                      
      net increase in other deposits
    		29,657,000       25,733,000 -3,150,000 -625,232,000 -167,836,000 -41,704,000 258,345,000 -190,261,000 543,767,000 405,478,000 -828,185,000 -34,395,000 850,408,000 202,539,000 281,796,000 275,091,000 -55,044,000 11,808,000 538,533,000 82,821,000 290,631,000 459,948,000 126,546,000 8,312,000 323,614,000 -22,415,000                     
      issuance costs for collateralized borrowings
    		0 -22,000 -20,000     0    0                                         
      borrowings collateralized by loans in securitization trusts - issued
    		-226,000   677,243,000 864,392,000   -18,000 565,541,000 -358,000 569,871,000 0    531,492,000 524,380,000   1,098,000 704,238,000 -227,000 633,532,000 0 0 654,466,000 451,128,000 115,000 540,325,000 682,739,000 667,848,000                      
      borrowings collateralized by loans in securitization trusts - repaid
    		-274,225,000 -275,920,000 -288,840,000 -276,429,000 -233,527,000 -240,985,000 -253,176,000 -291,039,000 -266,538,000 -303,572,000 -293,120,000 -289,678,000 -271,944,000 -335,556,000 -381,005,000 -313,712,000 -295,744,000 -262,159,000 -272,123,000 -254,027,000 -207,935,000 -260,279,000 -281,086,000 -249,830,000 -262,297,000 -269,812,000 -260,953,000 -249,450,000 -227,286,000 -211,657,000 -200,247,000                      
      issuance costs for unsecured debt offering
    		0 -333,000 -1,609,000         0 -15,000 0 -360,000 -1,215,000 0 0 -325,000                                  
      unsecured debt issued
    		0 0 493,885,000                                                  
      unsecured debt repaid
    		0 0 -500,000,000                                                  
      borrowings under secured borrowing facility
    		                       0                             
      fees paid on secured borrowing facility
    		-34,000   -24,000 0   -18,000 0 -2,834,000 -16,000  -5,000    0 -13,000 -2,833,000  0 -68,000 -3,183,000  0 -51,000 -1,065,000                          
      common stock dividends paid
    		-26,901,000 -27,153,000 -27,466,000 -27,338,000 -23,529,000 -24,027,000 -24,278,000 -24,416,000 -24,879,000 -25,303,000 -26,635,000 -26,742,000 -27,643,000 -28,083,000 -30,493,000 -31,358,000 -8,934,000 -9,264,000 -10,906,000 -11,254,000 -11,253,000 -11,249,000 -12,595,000 -12,629,000 -12,661,000 -12,804,000 -13,020,000                          
      preferred stock dividends paid
    		-3,994,000 -3,972,000 -3,956,000 -4,367,000 -4,648,000 -4,628,000 -4,653,000 -4,726,000 -4,642,000 -4,274,000 -4,063,000 -3,466,000 -2,531,000 -1,757,000 -1,275,000 -1,177,000 -1,166,000 -1,192,000 -1,201,000 -1,734,000 -2,058,000 -2,478,000 -3,464,000 -3,885,000 -4,153,000 -4,331,000 -4,468,000 -4,199,000 -4,124,000 -3,920,000 -3,397,000 -4,823,000                     
      common stock repurchased
    		-143,518,000 -71,705,000 -29,696,000 -47,070,000 -114,393,000 -61,048,000 -25,457,000 -90,933,000 0 -255,326,000 -4,005,000 -157,590,000 -10,109,000 -376,176,000 -169,322,000 -254,002,000 -249,383,000 -476,508,000 -550,790,000 0 0 0 -558,167,000 -9,604,000 -37,477,000 -60,120,000 -60,000,000                   -2,079,467,000 -100,190,000 -34,071,000 -8,666,000    
      total net cash from financing activities
    		-220,618,000 561,387,000 -1,356,576,000  1,183,458,000 167,473,000 -1,063,304,000  1,451,564,000 -2,035,850,000 587,471,000  1,568,343,000 -1,940,374,000 -168,710,000  -247,551,000                                    
      net increase in cash, cash equivalents and restricted cash
    		-523,742,000   213,737,000    576,221,000   -874,693,000 -251,835,000 1,227,916,000 346,200,000 -1,094,789,000   -1,710,444,000 1,762,000,000 96,216,000 -590,660,000 -2,378,215,000 1,761,608,000 1,726,306,000 -145,501,000   727,183,000 -203,736,000                        
      cash, cash equivalents and restricted cash at beginning of period
    		0 0 4,874,260,000  0 0 4,299,507,000  0 0 4,772,836,000    4,545,344,000  0    0 0 5,720,760,000  0 0 2,681,895,000  0 0 1,636,175,000                      
      cash, cash equivalents and restricted cash at end of period
    		  3,868,561,000   1,672,856,000 3,731,822,000        3,450,555,000  -1,768,040,000    -590,660,000 -2,378,215,000 7,482,368,000  -145,501,000 1,830,146,000 2,309,809,000  -203,736,000                        
      cash disbursements made for:
    		                                                    
      interest
    		      284,041,000 271,628,000    197,348,000    98,479,000 68,266,000   115,293,000 98,032,000   176,419,000 166,321,000   144,661,000 119,926,000   25,368,000 612,522,000 612,519,000 618,290,000 595,424,000 549,075,000 -3,066,692,455 767,204,000 899,287,000 1,403,858,000 1,354,569,000 1,239,598,000 3,125,371,994 1,869,006 1,931,524,000 1,883,630,000 1,604,844,000 1,477,775,000 1,395,652,000 1,050,209,000 437,243,000 
      income taxes paid
    		       20,668,000    52,965,000    23,591,000 5,597,000   1,000 220,460,000   16,654,000 53,102,000   66,826,000 50,075,000   17,811,000 198,928,000 165,243,000                   
      income taxes refunded
    		       -44,000    -20,000    -1,004,000 -6,561,000   -2,195,000 -8,000   0 -135,000   -8,275,000 -1,384,000                        
      reconciliation of the consolidated statements of cash flows to the consolidated balance sheets:
    		                                                    
      cash and cash equivalents
    		       601,613,000    -230,637,000    1,616,851,000 -1,779,558,000   104,247,000 -637,916,000   1,712,269,000 -146,906,000   720,052,000 -204,735,000                        
      restricted cash
    		       -25,392,000    -21,198,000    35,268,000 11,518,000   -8,031,000 47,256,000   14,037,000 1,405,000   7,131,000 999,000                        
      total cash, cash equivalents and restricted cash
    		       576,221,000    -251,835,000    1,652,119,000 -1,768,040,000   96,216,000 -590,660,000   1,726,306,000 -145,501,000   727,183,000 -203,736,000                        
      supplemental non-cash investment activities:
    		                                                    
      accrued interest capitalized during the period
    		                                                    
      trading investments received in consideration for loans sold
    		                                                    
      available-for-sale investments received in consideration for loans sold
    		                                                    
      (gains) losses on securities
    		 2,641,000 10,378,000     -690,000 -1,490,000 1,213,000 -1,711,000                                          
      increase in trading investments
    		 0 -812,000         -53,000                                         
      increase in accrued interest payable
    		   9,544,000 -549,000 10,166,000 -15,738,000 5,651,000 17,396,000 -9,925,000 20,358,000 -321,000   14,779,000 -17,825,000   -9,081,000 -14,640,000 11,950,000 -30,522,000 18,610,000 -8,014,000 14,794,000 -368,000 7,405,000 -1,286,000 15,970,000 261,000 11,034,000 6,541,000 -75,820,000 145,645,000 -17,953,000 -45,156,000 79,833,000     -8,166,000 -25,851,000 -166,340,741 -143,259 57,319,000 -46,293,000 96,192,000 107,183,000 110,199,000 64,806,000 7,195,000 
      net decrease in certificates of deposit
    		            1,054,002,000 -1,004,125,000 -127,815,000  621,950,000               -74,457,000                     
      net decrease in other deposits
    		  -109,679,000  16,900,000 42,463,000 -787,295,000                                              
      net decrease in cash, cash equivalents and restricted cash
    		  -1,005,699,000   1,672,856,000 -567,685,000                    -372,086,000    -80,442,000                      
      deferred tax provision
    		                                                    
      reduction of tax indemnification receivable
    		                           6,736,000                         
      acquired intangible assets impairment and amortization expense
    		                                                    
      unrealized (gains) losses on derivative and hedging activities
    		                                                    
      gains on sale of loans
    		                                                    
      acquisition transaction costs
    		       -45,000    1,000 0 91,000 2,511,000                                      
      increase in other interest-earning assets
    		         1,079,000 -1,869,000 -137,000 -842,000        21,094,000 18,066,000 -40,404,000 22,106,000 -9,483,000 -33,266,000 -4,764,000 4,914,000 -3,686,000 3,252,000 -10,051,000                      
      increase in income tax payable
    		                                                    
      increase in other liabilities
    		           8,998,000   -34,808,000 1,941,000   8,759,000 -45,860,000 -32,944,000 24,928,000 134,661,000 -10,542,000 -11,999,000   11,702,000    -10,629,000             -63,415 -1,539,738,000   197,456,000 -548,727,000 597,057,000  
      purchase of subsidiary, net of cash acquired
    		       0    0 -86,000 134,000 -127,702,000                                      
      net cash from financing activities
    		                  -674,114,000 -264,702,000 20,473,000 -1,130,455,000 -501,028,000 1,386,002,000 1,410,665,000 1,759,677,000 804,876,000 777,126,000 1,435,449,000 716,067,000 1,474,682,000 -97,099,000 -3,183,652,000 -3,688,033,000 -2,583,173,000 1,054,953,000 4,766,678,000 -15,541,316,331 3,826,672,000 7,907,101,000 3,825,146,000 2,724,531,000 3,832,705,000 6,295,368,580 1,003,420 4,895,053,000 15,888,954,000 5,627,425,000 9,857,046,000 8,555,890,000 3,531,394,000 207,505,000 
      cash, cash equivalents and restricted cash at beginning of year
    		                                                    
      cash, cash equivalents and restricted cash at end of year
    		                                                    
      supplemental non-cash operating and investing activities:
    		                                                    
      increase in tax indemnification receivable
    		        -43,000 -44,000 -42,000            -169,000    -3,917,000                          
      gains on securities
    		    3,836,000 -2,103,000 -2,118,000                                              
      decrease (increase) in other interest-earning assets
    		     1,210,000 1,657,000         2,236,000 6,224,000 5,477,000 19,282,000             14,900,000                     
      (gains) losses on sales of loans
    		      -143,039,000    9,000                                          
      increase in income taxes payable
    		      -6,463,000    2,483,000                                          
      net proceeds from sales of loans held for investment
    		          -9,000 -1,231,000 1,127,570,000 2,287,459,000 45,729,000 1,206,430,000 -10,000 -306,000 3,436,391,000 -247,000 592,945,000 -369,000 3,283,408,000     0 0 44,012,000 820,000 6,387,000                     
      net decrease in loans held for investment
    		          912,681,000 753,003,000 826,607,000 853,918,000 1,153,297,000 1,010,140,000 943,050,000 871,447,000 1,021,353,000 878,331,000 919,047,000 858,024,000 1,177,589,000 1,101,177,000 988,572,000 926,999,000 1,077,273,000 868,311,000 766,054,000 706,733,000 735,894,000 243,990,000                     
      gain on sale of upromise subsidiary
    		                   0 0                                
      decrease in upromise member accounts due to sale
    		                   0 0                                
      proceeds from claim payments
    		               4,733,000 5,378,000 4,673,000 4,602,000 6,146,000 5,255,000 5,994,000 11,314,000 11,395,000 10,118,000 9,769,000 11,587,000 16,167,000 11,492,000 14,916,000 12,084,000 46,442,000                     
      proceeds for sale of upromise subsidiary
    		                                                    
      repayment of borrowings under secured borrowing facility
    		                   0 0 0 -289,230,000                              
      fees paid - secured borrowing facility
    		                                                    
      repurchase of series b preferred stock
    		                                                    
      (increase) reduction in tax indemnification receivable
    		            -124,000        -131,000                                
      decrease (increase) in other assets
    		                                                    
      reduction (increase) in tax indemnification receivable
    		              -108,000  357,000 2,835,000 2,814,000                                  
      unrealized gain on investments
    		                    -390,000                                
      proceeds from sale of upromise subsidiary
    		                    0                                
      total net provided by operating activities
    		                  45,752,000                                  
      losses on sales of securities
    		                           0 0                        
      decrease in tax indemnification receivable
    		                           8,998,000 8,997,000   13,154,000                     
      decrease in income tax payable
    		                               -23,049,000                     
      unrealized gains on derivatives and hedging activities
    		                    12,890,000 8,443,000 -43,195,000  -3,007,000 -17,923,000 -4,027,000                          
      unrealized loss on investments
    		                      1,191,000                              
      deferred tax benefit
    		                                                    
      redemption of series a preferred stock
    		                                                    
      increase (reduction) in tax indemnification receivable
    		                                                    
      unrealized losses (gains) on derivative and hedging activities
    		                                                    
      amortization of abcp facility upfront fee
    		                            276,000 274,000 301,000                      
      amortization of acquired intangibles
    		                            92,000 92,000 92,000                      
      unrealized losses on derivatives and hedging activities
    		                            4,890,000                        
      decrease in payable due to entity that is a subsidiary of navient
    		                            87,000   -1,655,000                     
      borrowings under abcp facility
    		                            0 0 300,000,000                      
      repayment of borrowings under abcp facility
    		                            0 0 -300,000,000                      
      fees paid on abcp facility
    		                            0 -32,000 -1,063,000                      
      redemption of preferred stock series a
    		                                                    
      income on tax indemnification receivable
    		                             -2,222,000 -1,231,000                      
      increase in payable due to entity that is a subsidiary of navient
    		                              422,000                      
      amortization of deferred loan origination costs and fees
    		                               641,000                     
      loss (income) on tax indemnification receivable
    		                                                    
      net decrease in loans held for sale
    		                               55,000                     
      origination of loans held for sale
    		                               -55,000                     
      decrease (increase) in restricted cash and investments
    		                                                    
      increase in restricted cash and investment - variable interest entities
    		                                                    
      net increase increase in certificates of deposit
    		                                                    
      borrowings collateralized by loans in securitization - repaid
    		                                                    
      fees paid - abcp facility
    		                                                    
      net increase in cash and cash equivalents
    		                                273,258,000 -470,851,000 -391,529,000 -573,863,000 770,889,000 -1,114,995,989 -952,959,000   174,149,000 -1,227,348,000 -2,455,069,997 -3,760,003 -212,923,000 5,114,731,000 -998,885,000 1,057,886,000    
      cash and cash equivalents at beginning of year
    		                                                    
      cash and cash equivalents at end of year
    		                                                    
      benefit from loan losses
    		                               16,618,000                     
      tax provision
    		                               31,722,000                     
      amortization and impairment of acquired intangibles
    		                               370,000                     
      unrealized (gains)/losses on derivative and hedging activities
    		                               -2,417,000 339,442,000 56,796,000 139,049,000 -322,688,000 -122,044,000  -5,717,000 512,634,000 -15,273,000            
      net decrease in deposits with entity that is a subsidiary of navient
    		                                                    
      net capital contributions from entity that is a subsidiary of navient
    		                                                    
      excess tax benefit from the exercise of stock-based awards
    		                               4,596,000 63,000 832,000 12,000 255,000 100,000     0 -1,000 271,331 10,669 781,000 20,703,000 4,501,000 4,331,000 5,540,000   
      net decrease in cash and cash equivalents
    		                               -1,484,158,000         -1,006,201,000            
      cash and cash equivalents at beginning of period
    		                               2,359,780,000 0 4,342,327,000 0 0 6,070,013,000  0 0 4,070,002,000  0 7,574,448,969 7,582,031  0 0 2,621,222,000  0 3,395,487,000 
      cash and cash equivalents at end of period
    		                               875,622,000 273,258,000 3,871,476,000 -391,529,000 -573,863,000 6,840,902,000  -952,959,000 3,076,156,000 3,063,801,000  -1,227,348,000 5,119,378,972 3,822,028  5,114,731,000 -998,885,000 3,679,108,000  -997,864,000 735,869,000 
      amortization of fdic fees
    		                                                    
      net amortization (accretion) of discount on investments
    		                                                    
      interest rate swap
    		                                                    
      gains on sale of loans to affiliates
    		                                                    
      increase in payable due to navient
    		                                                    
      net increase in loans held for investment
    		                                                    
      net (decrease) in brokered certificates of deposit
    		                                                    
      net increase in now account deposits
    		                                                    
      net increase in high yield savings deposits
    		                                                    
      net increase in retail certificates of deposit
    		                                                    
      net increase in mmda deposits
    		                                                    
      special cash contribution from navient
    		                                                    
      net capital contributions (to) from entity that is a subsidiary of navient
    		                                                    
      dividend paid to entity that is a subsidiary of navient
    		                                                    
      (income) income from discontinued operations, net of tax
    		                                                    
      gains on sale of loans and securities
    		                                                    
      gains on debt repurchases
    		                                -323,000 -37,903,000                   
      goodwill and acquired intangible assets impairment and amortization expense
    		                                6,063,000 6,064,000                   
      provisions for loan losses
    		                                290,686,000 303,405,000 358,110,000 382,239,000 359,120,000 -848,399,040 321,127,000 278,112,000 250,279,000 252,415,000 186,909,000 280,188,689 137,311 574,178,000 142,600,000      
      student loans originated for sale
    		                                  -477,701,000 -3,759,759,000 -6,722,387,000 15,826,943,417 -5,674,680,000 -3,759,431,000 -6,411,932,000            
      decrease in restricted cash — other
    		                                -733,000 53,904,000 6,600,000 15,648,000 25,755,000  -8,351,000              
      decrease (increase) in accrued interest receivable
    		                                     -240,483,484      51,994,524 25,476        
      decrease in other assets
    		                                3,311,000 212,287,000                   
      (decrease) in other liabilities
    		                                -145,910,000 -78,761,000      -89,554,000 -60,767,000            
      student loans acquired and originated
    		                                -539,135,000 -1,278,529,000                   
      reduction of student loans:
    		                                                    
      installment payments, claims and other
    		                                2,155,541,000 4,551,933,000 3,482,070,000 3,520,119,000 3,484,121,000 -7,986,734,773 2,848,704,000 2,439,923,000 2,708,857,000            
      proceeds from sales of student loans
    		                                192,445,000 188,520,000 195,909,000 88,553,000 75,493,000 -514,351,779 52,829,000 0 462,311,000 470,339,000 -1,395,000 27,210,522 28,478 235,313,000 828,000 772,970,000 4,184,000 6,634,000  14,709,000 
      other loans — repaid
    		                                15,220,000 14,699,000 16,770,000 18,172,000 82,688,000 -237,718,509 20,423,000 150,371,000 67,186,000            
      other investing activities
    		                                752,873,000 -955,202,000 110,694,000 -363,001,000 80,089,000 676,038,749 59,390,000 -758,720,000 22,718,000 -68,035,000 -8,719,000 -58,248,070 -38,930 -153,575,000 -71,276,000 -75,122,000 -58,236,000    
      proceeds from maturities of available-for-sale securities
    		                                79,900,000 53,444,000 4,109,031,000 9,543,276,000 19,182,117,000 -104,289,321,121 38,801,747,000 44,889,029,000 20,726,497,000 6,606,022,000 23,551,238,000 72,243,530,607 36,121,393 25,138,119,000 39,531,610,000 9,115,782,000 15,567,592,000 25,640,370,000 27,799,036,000 28,955,447,000 
      purchases of other securities
    		                                -81,132,000 -50,063,000 -36,820,000                  
      proceeds from maturities of other securities
    		                                60,550,000 67,394,000                   
      decrease (increase) in restricted cash
    		                                                    
      cash from investing activities — continuing operations
    		                                2,826,181,000 2,429,839,000                   
      cash from investing activities — discontinued operations
    		                                22,511,000 28,424,000                   
      borrowings collateralized by loans in trust — issued
    		                                2,219,170,000 818,447,000 3,195,096,000 1,179,272,000 1,544,073,000 -11,559,594,085 2,531,606,000 7,710,056,000 1,330,930,000            
      borrowings collateralized by loans in trust — repaid
    		                                -3,013,157,000 -2,712,317,000 -3,970,600,000 -2,174,867,000 -2,099,724,000 4,191,199,287 -1,264,601,000 -1,500,153,000 -1,432,135,000            
      asset-backed commercial paper conduits
    		                                792,978,000 -1,237,935,000 -309,062,000 -1,557,859,000 -441,723,000 15,487,886,814               
      ed participation program
    		                                  369,864,000 4,109,569,000 6,740,199,000 -15,479,713,071 5,627,962,000 3,706,539,000 6,164,514,000            
      ed conduit program facility
    		                                -816,723,000 -911,868,000 -446,468,000 1,190,661,000 368,537,000 -14,175,609,163 3,095,178,000              
      other short-term borrowings repaid
    		                                  21,632,000   1,197,226,462 -207,941,000 -778,000,000 -212,720,000 -444,750,000           
      other long-term borrowings issued
    		                                4,000 1,966,802,000 4,000 4,000 1,463,534,000 -4,328,839,819 5,000 3,176,905,000 1,156,263,000 1,125,777,000           
      other long-term borrowings repaid
    		                                -2,318,117,000 -1,814,721,000 -2,715,120,000 -1,970,477,000 -2,541,703,000 8,325,676,733 -3,400,134,000 -1,910,457,000 -3,024,590,000 -1,023,312,000           
      other financing activities
    		                                164,540,000 206,605,000 1,290,141,000 495,359,000 -247,746,000 1,005,509,913 526,965,000 -627,394,000 -905,832,000 88,816,000 199,091,000 -3,240,970 -7,030 15,193,000 -71,347,000 24,952,000 -8,395,000    
      common stock issued
    		                                  0 183,000 11,000 -5,336 1,000   -4,000 1,580,000 4,402,244 756 1,965,279,000 86,612,000 37,797,000 35,423,000 -23,801,000 43,854,000 56,244,000 
      common dividends paid
    		                                             0 0 0 -102,658,000    
      preferred dividends paid
    		                                -4,052,000 -3,878,000 -18,787,000 -18,578,000 -18,517,000 83,799,225 -32,042,000 -25,638,000 -26,235,000 -27,153,000 -27,310,000 -56,064,137 -28,863 -9,458,000 -9,111,000 -8,995,000 -8,933,000    
      noncontrolling interest
    		                                  115,000 -386,000 -363,000  -525,000 -639,000 -7,988,000            
      cash disbursements made (refunds received) for:
    		                                                    
      income taxes
    		                                -3,958,000 -18,008,000 -248,000 42,281,000 -493,132,000 -291,816,715 114,637,000 164,513,000 12,965,000 2,218,000 132,877,000 564,167,436 101,564 393,134,000 175,438,000 368,806,000 159,962,000 195,784,000 3,728,000 12,384,000 
      income from discontinued operations, net of tax
    		                                 1,730,000                   
      (increase) in accrued interest receivable
    		                                 -103,934,000        -38,176,000    -27,659,000 -340,530,000 -327,481,000 -350,454,000    
      (increase) in restricted cash
    		                                 -91,823,000                   
      gains on sales of loans and securities
    		                                  -1,607,000 3,515,000 -8,653,000                
      stock-based compensation cost
    		                                  5,295,000 13,819,000 12,278,000 -40,021,935 9,929,000 16,901,000 13,243,000 16,334,000 21,857,000 48,059,351 20,649 9,428,000 12,353,000 26,739,000 26,101,000    
      adjustment for non-cash loss related to retained interest
    		                                      -17,380,000 101,498,000 249,833,000            
      cash from operating activities — continuing operations
    		                                  409,703,000 -3,355,924,000 -5,789,696,000                
      cash from operating activities — discontinued operations
    		                                                    
      student loans acquired
    		                                  -2,089,291,000 -2,034,461,000 -2,638,358,000 7,202,271,907 -2,267,405,000 -2,355,187,000 -2,589,083,000 -2,810,337,000 -5,186,911,000 -15,331,176,595 -9,521,405 -8,245,304,000 -10,628,978,000 -8,150,243,000 -12,278,480,000    
      loans purchased from securitized trusts
    		                                     5,024,022 -1,332,000 -1,504,000 -2,194,000 -42,613,000 -646,034,000 -554,747,169 -276,831 -382,221,000 -898,096,000 -1,698,607,000 -1,347,297,000    
      other loans — originated
    		                                     2,815,177 -1,000 34,200,000 -37,017,000            
      proceeds from sales of available-for-sale securities
    		                                     -99,955,944 0 0 100,056,000    8 18,000 2,000 54,000 73,143,000 22,513,000 176,000 841,797,000 
      proceeds from maturities of held-to-maturity securities and other securities
    		                                  39,388,000 32,805,000 39,007,000 -68,911,829 63,000 24,934,000 43,994,000 394,678,000 0 12,492,506 9,494 697,000 424,088,000 3,618,000 7,065,000 628,417,000 189,108,000 155,973,000 
      return of investment from retained interest
    		                                     -16,334,487 0   50,387,000 135,242,000 217,311,458 79,542 77,651,000 54,422,000 82,468,000 62,455,000 73,654,000 11,093,000 73,196,000 
      decrease (increase) in restricted cash — on-balance sheet trusts
    		                                         289,402,000 -245,028,000 873,407,061 621,939        
      net cash from investing activities
    		                                  2,276,827,000 1,389,157,000 1,553,627,000 525,382,051 258,297,000 -1,420,179,000 636,811,000 232,236,000 -1,767,395,000      -8,988,976,000    
      other short-term borrowings issued
    		                                     -297,995,706 0 198,292,000 100,002,000 590,554,000           
      income from discontinued operations, net of tax benefit
    		                                                    
      decrease (increase) in other assets, goodwill and acquired intangible assets
    		                                                    
      increase in restricted cash — on-balance sheet trusts
    		                                   -165,640,000 -52,489,000 1,317,228,725 -654,752,000 -318,878,000 -344,780,000        -379,218,000    
      decrease in other assets, goodwill and acquired intangible assets
    		                                    747,834,000    237,962,000 201,435,000   13,406     370,331,000  53,637,000 
      purchases of held-to-maturity and other securities
    		                                    -10,458,000         -400,000 -329,510,000 0 -540,000    
      loss (income) from discontinued operations, net of tax
    		                                                    
      gains on student loan securitizations
    		                                             0 0 0 -367,300,000    
      losses on loans and securities
    		                                                    
      unrealized (gains)/losses on derivative and hedging activities, excluding equity forwards
    		                                         434,438,000 189,875,000 -64,782,283 364,283 -85,885,000 -3,132,000 -45,706,000 -80,240,000    
      unrealized (gains)/losses on derivative and hedging activities — equity forwards
    		                                             1,484,558,000 457,436,000 -796,175,000 412,206,000    
      decrease (increase) in restricted cash — other
    		                                        35,270,000            
      adjustment for non-cash (income)/loss related to retained interest
    		                                            88,111 137,021,000 152,480,000 57,581,000 -67,836,000 9,876,000 3,819,000  
      increase in other assets, goodwill and acquired intangible assets
    		                                                    
      total net cash (used in) operating activities
    		                                                    
      proceeds from securitization of student loans treated as sales
    		                                             0 0 0 1,976,599,000 0  3,544,305,000 
      purchase of subsidiaries, net of cash acquired
    		                                         0 0 -37,830,132 -37,868        
      net settlements on equity forward contracts
    		                                             -429,424,000 -32,487,000 -30,958,000 -121,348,000    
      preferred stock issued
    		                                         0 0 145,199,655 145,345        
      noncontrolling interest,net
    		                                                    
      (gains) losses on sales of loans and securities
    		                                                    
      decrease in purchased paper mortgages
    		                                      58,429,000 94,402,000 80,299,000            
      (decrease) in accrued interest payable
    		                                      -30,811,000 -124,886,000 -284,223,000            
      net cash from operating activities
    		                                      -5,037,928,000 -3,410,766,000 -5,468,158,000 -2,782,618,000 -3,292,658,000 376,703,337 222,663 -657,422,000   189,816,000    
      purchase of held-to-maturity and other securities
    		                                                    
      losses on sales of loans and securities
    		                                          43,899,000 78,214,334 34,666  25,163,000      
      decrease in accrued interest receivable
    		                                       23,767,000 458,024,000            
      (increase) in other assets, goodwill and acquired intangible assets
    		                                               -203,138,000 -29,291,000    
      asset-backed commercial paper conduits — net activity
    		                                       -13,137,160,000 682,937,000     682,140,000       
      mortgage loans originated
    		                                        -3,624,000   -35,438,431 -16,569 -18,532,000 -86,865,000 -215,168,000 -226,208,000    
      proceeds from sales of mortgage loans
    		                                        3,856,000   36,380,200 19,800 29,421,000 116,728,000 218,969,000 250,156,000 311,698,000 333,260,000 280,793,000 
      minority interest
    		                                         -498,000 -659,000 -1,516,242 -758 460,000 -1,049,000 1,419,000 -1,609,000    
      decrease (increase) in purchased paper-mortgages
    		                                                    
      (increase) in student loans held-for-sale
    		                                                    
      mortgage loans originated for sale
    		                                                    
      proceeds and repayments from sales of mortgage loans originated for sale
    		                                                    
      decrease (increase) in purchased paper — mortgage loans
    		                                          90,378,000 109,690,930 29,070        
      decrease in restricted cash-other
    		                                          60,081,000          
      adjustment for non-cash loss/(income) related to retained interest
    		                                          81,241,000          
      installment payments
    		                                          2,728,793,000 5,266,334,454 2,661,546  2,802,469,000 2,829,695,000 2,900,029,000   1,419,656,000 
      other loans originated
    		                                          -165,479,000 -931,075,414 -676,586  -1,289,634,000 -712,568,000 -965,223,000    
      repayments of other loans originated for investment
    		                                                    
      borrowings collateralized by loans in trust issued
    		                                          6,396,036,000 11,586,198,474 4,720,526  2,586,159,000 5,163,542,000 11,203,950,000  3,111,672,000  
      borrowings collateralized by loans in trust repaid
    		                                          -1,284,219,000 -3,533,385,522 -1,880,478        
      asset-backed financing facilities — net activity
    		                                          -1,571,961,000 -159,860,243 -1,715,757        
      ed participation program facility
    		                                                    
      other loans repaid
    		                                           1,182,979,046 692,954  1,239,566,000 870,088,000 897,602,000  556,444,000 156,589,000 
      short-term borrowings issued
    		                                           5,992,325,064 3,327,936 2,745,907,000 2,008,321,000 1,815,176,000 1,204,049,000 945,067,000 502,954,000 4,568,130,000 
      short-term borrowings repaid
    		                                           -7,499,860,305 -1,746,695 -1,710,720,000 -4,068,392,000 -1,844,619,000 -957,381,000    
      long-term borrowings issued
    		                                             0 0 0 1,567,602,000 4,040,780,000 3,001,937,000  
      long-term borrowings repaid
    		                                           -2,617,843,011 -1,822,989 -110,020,000 -485,246,000 -1,280,980,000 -1,312,003,000    
      increase in restricted cash-other
    		                                            -182,304        
      net cash (used in) investing activities
    		                                            -4,986,086  -11,689,963,000      
      (increase) in purchased paper-mortgages
    		                                                    
      increase in restricted cash — other
    		                                                    
      (increase) in restricted cash — on-balance sheet trusts
    		                                             402,246,000 -624,931,000      
      decrease (increase) in restricted cash-other
    		                                              -26,932,000 4,857,000 22,202,000    
      net cash (used in) operating activities
    		                                                    
      borrowings collateralized by loans in trust — activity
    		                                               1,781,080,000 -1,638,925,000    
      losses on securities
    		                                                30,967,000 24,458,000   
      provisions for losses
    		                                                150,330,000 92,005,000 67,242,000 46,523,000 
      loss on gse debt extinguishment and defeasance
    		                                                    
      gse debt extinguishment
    		                                                    
      noncash financing activity:
    		                                                    
      transfer of investments to trust to defease gse debt
    		                                                    
      unrealized (gains)/losses on derivative and hedging activities—equity forwards
    		                                                   108,307,000 
      claims and resales
    		                                                   283,186,000 
      borrowings collateralized by loans in trust—activity
    		                                                    
      tax benefit from the exercise of stock-based awards
    		                                                    
      cumulative effect of accounting change
    		                                                    
      loss on investments
    		                                                    
      donation of treasury stock
    		                                                    
      decrease in retained interest in off-balance sheet securitized loans
    		                                                   9,165,000 
      academic facilities financings and other loans—originated
    		                                                    
      academic facilities financings and other loans—repayments
    		                                                    
      borrowings collateralized by loans in trust—issued
    		                                                    
      premiums on equity forward contracts
    		                                                    
      increase in restricted cash
    		                                                    
      other loans made
    		                                                    
      long-term notes issued
    		                                                   1,664,501,000 
      long-term notes repaid
    		                                                    
      borrowings collateralized by loans in trust
    		                                                    
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.