Navient Corp (NAVI) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Navient second quarter, 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Navient 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jen Earyes, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係主管 Jen Earyes。請繼續。

Hello, good morning, and welcome to Navient's earnings call for the second quarter of 2025. With me today are David Yowan, Navient's CEO, and Joe Fisher, Navient's CFO. After the prepared remarks, we will open up the call for questions. Today's discussion is accompanied by a presentation which you can find on navient.com/investors.

大家好，早安，歡迎參加 Navient 2025 年第二季財報電話會議。今天與我一起的還有 Navient 的執行長 David Yowan 和 Navient 的財務長 Joe Fisher。準備好的發言結束後，我們將開始提問。今天的討論附有演示文稿，您可以在 navient.com/investors 上找到。

Before we begin, keep in mind our discussion will contain predictions, expectations, forward-looking statements, and other information about our business that is based on management's current expectations as of the date of this presentation. Actual results in the future may be materially different from those discussed here. This could be due to a variety of factors. Listeners should refer to the discussion of those factors on the company's Form 10-K and other filings with the SEC.

在我們開始之前，請記住我們的討論將包含預測、期望、前瞻性陳述以及有關我們業務的其他信息，這些信息基於管理層截至本演示文稿發布之日的當前期望。未來的實際結果可能與此處討論的結果有重大差異。這可能由多種因素造成。聽眾應該參考該公司 10-K 表格和向美國證券交易委員會提交的其他文件中對這些因素的討論。

During this conference call, we will refer to non-GAAP financial measures, including core earnings, adjust the tangible equity ratio, and various other non-GAAP financial measures that are derived from core earnings. Our GAAP results, description of our non-GAAP financial measures, and a reconciliation of core earnings to GAAP results can be found in Navient's second quarter 2025 earnings release, which is posted on our website.

在本次電話會議中，我們將參考非公認會計準則財務指標，包括核心收益、調整有形權益比率以及其他源自核心收益的各種非公認會計準則財務指標。我們的 GAAP 結果、非 GAAP 財務指標的描述以及核心收益與 GAAP 結果的對帳可在 Navient 的 2025 年第二季度收益報告中找到，該報告已發佈在我們網站上。

Thank you, and I now will turn the call over to Dave.

謝謝，現在我會把電話轉給戴夫。

Thanks, Jen. Good morning, everyone. Thank you for joining the call and for your interest in Navient. This morning, we reported results to demonstrate our ability to generate high quality loan growth, efficiently finance our lending activities, and deliver on our commitment to improve our operating efficiency. Also during the quarter, revision expenses are elevated due to several factors. Joe will take you through these results in a few minutes.

謝謝，Jen。大家早安。感謝您參加電話會議並對 Navient 感興趣。今天上午，我們報告了業績，證明了我們有能力實現高品質的貸款成長、有效地為我們的貸款活動提供資金，並履行我們提高營運效率的承諾。此外，在本季度，由於多種因素，修訂費用有所增加。喬將在幾分鐘內向您介紹這些結果。

Before I turn it over to him, let me touch on a few highlights in the quarter. First, we delivered another strong quarter of loan origination growth. We originated $443 million in refinance loans this quarter. This is twice the volume from the same period last year. As a result, our total refi originations for the first half of the year have more than doubled, even while benchmark rates were generally comparable to the year ago period. These strong originations underscore our ability to attract high quality and high average balances.

在將時間交給他之前，請允許我先談談本季的一些亮點。首先，我們又一個季度實現了強勁的貸款發放成長。本季我們發放了 4.43 億美元的再融資貸款。這是去年同期的兩倍。因此，儘管基準利率與去年同期基本持平，但我們上半年的再融資總額卻增加了一倍以上。這些強勁的發起凸顯了我們吸引高品質和高平均餘額的能力。

Second, I'd like to comment on recent legislation passed into law earlier this month. This legislation introduced changes to federal student loan programs, which will take effect over time, and we believe will expand our opportunities with our targeted customer segment across our product sector. The change that has received most of the headlines is the way the government will lend to graduate students. The bill will eliminate the Grad PLUS loan program at the end of June next year.

第二，我想對本月早些時候通過的最新立法發表評論。該法案對聯邦學生貸款計劃進行了修改，並將逐步生效，我們相信這將擴大我們產品領域目標客戶群的機會。最受關注的變化是政府向研究生提供貸款的方式。該法案將於明年6月底取消Grad PLUS貸款計畫。

Grad PLUS originations were roughly $14 billion. The private in-school graduate market in which we participate was roughly 10% of the grad plus originations. The elimination of Grad PLUS is one important change in the federal loan ecosystem that increases our future opportunities in a customer segment we know well. The bill also changes borrowing limits across federal loan programs.

Grad PLUS 的發起金額約為 140 億美元。我們參與的私立在校畢業生市場約佔畢業生總數的 10%。取消 Grad PLUS 是聯邦貸款生態系統的重要變化，它增加了我們在熟悉的客戶群中未來的機會。該法案還改變了聯邦貸款計劃的借款限額。

Although there are several moving parts, it is clear that demand for private in school graduate loans will increase significantly over time. We've been leaning into graduate segments with high quality borrowers and higher average loan balances across our in-school and refund products. In fact, for our in-school product, graduate students represented 48% of our 2024 volume and 56% of our year-to-date volume.

儘管存在多種變化因素，但很明顯，隨著時間的推移，對私人在校畢業生貸款的需求將大幅增加。我們一直傾向於研究生群體，我們的在校和退款產品擁有高品質的借款人和更高的平均貸款餘額。事實上，對於我們的在校產品而言，研究生占我們 2024 年招生數量的 48%，占我們年初至今招生數量的 56%。

In refi, 41% of our 2024 volume and 57% of our year-to-date volume were made to graduate students. There are a number of other changes to the federal loan system. Some changes are a result of the bill, and others are due to modifications to the federal loan portfolio, including the resumption of loan payments post pandemic and changes to loan forgiveness programs. These changes could significantly benefit Navient given our portfolio and product.

在再融資方面，我們 2024 年融資額的 41% 和年初至今融資額的 57% 都提供給了研究生。聯邦貸款系統還有許多其他變化。一些變化是該法案的結果，其他變化則是由於聯邦貸款組合的修改，包括疫情後恢復貸款支付和貸款減免計劃的變化。考慮到我們的產品組合和產品，這些變化將使 Navient 受益匪淺。

For example, the bill simplifies federal student loan repayment plans. We expect the repayment plan changes will reduce self-consolidation activity. Lower self pre-payments, increase life to loan and income and cash flows. The lifetime net income and cash flow increases are accompanied by increases in provision, but some loans that would have prepaid will default.

例如，該法案簡化了聯邦學生貸款還款計畫。我們預計還款計畫的改變將減少自我整合活動。降低自我預付款，增加貸款期限、收入和現金流。終身淨收入和現金流的增加伴隨著撥備的增加，但一些本來應該預付的貸款將會違約。

You can see these impacts in our results this quarter. We expect the low level of consolidation to persist over the medium term. The changes might also increase the attractiveness of our private refinanced product to federal loan borrowers.

您可以在本季的業績中看到這些影響。我們預計低水準的盤整將在中期內持續下去。這些變化也可能增加我們的私人再融資產品對聯邦貸款借款人的吸引力。

For example, federal borrowers enrolled in the same plan will begin to accrue and pay interest on their loans beginning August 1. We believe this upcoming change is a proximate cause of an increase in top of the tunnel traffic for our refi product over the last few weeks. We're working to convert this traffic into high-quality loans. It's too soon to know whether this increased interest is temporary or part of a larger and longer trend.

例如，參加同一計劃的聯邦借款人將從 8 月 1 日開始累積並支付貸款利息。我們相信，這項即將發生的變化是過去幾週我們的再融資產品隧道流量增加的直接原因。我們正在努力將這些流量轉化為高品質的貸款。現在還無法判斷這種興趣的增加是暫時的還是更大、更長期趨勢的一部分。

Third, I want to highlight our recent ADS issue. I typically do not call out capital market transactions on earnings calls, but the financing transaction completed in the second quarter is worth spending some time on from an equity and cost to capital perspective. In June, we issued our inaugural in-school ABS deal. This securitization was backed by a representative mix of earnest in-stool originations.

第三，我想強調我們最近的 ADS 問題。我通常不會在收益電話會議上提及資本市場交易，但從股權和資本成本的角度來看，第二季完成的融資交易值得花一些時間。六月，我們發布了首個校內 ABS 協議。此次證券化得到了一系列代表性的認真的票據發起機構的支持。

We believe this transaction was also the first student loan ABS with a significant graduate component representing 45% of the pool balance. Investors responded with enthusiasm to this offering, which was nearly 6 times oversubscribed. More significantly, through the issuance and related private financing, we raised total gross cash proceeds of roughly 98% of loan principal, while retaining, as we typically have done, a substantial economic interest in the pool.

我們相信，這筆交易也是第一筆以畢業生為主成分的學生貸款 ABS，佔資金池餘額的 45%。投資者對本次發行反應熱烈，超額認購近6倍。更重要的是，透過發行和相關的私人融資，我們籌集了約佔貸款本金 98% 的總現金收益，同時像我們通常做的那樣，保留了資金池中的大量經濟利益。

This highly capital efficient financing structure compares quite favorably to our historical student loan ABS financing transactions. We believe the success of this transaction was driven in large part by the high quality of our loans and the substantial proportion of graduate loans. Thus, we are very well positioned to benefit from increased market opportunities in refi and in-school products with the graduate school customer segment.

這種高度資本高效的融資結構與我們的歷史學生貸款 ABS 融資交易相比非常有利。我們相信，此次交易的成功很大程度上得益於我們貸款的高品質以及畢業生貸款的較大比例。因此，我們完全有能力從研究生院客戶群的再融資和校內產品增加的市場機會中獲益。

We have a differentiated value proposition through the strength of our earnest brand, tailored products, payment flexibility, operating leverage, and positive customer experiences. We also have the operational and financial capacity to support higher volumes.

我們憑藉著真誠的品牌、客製化產品、支付彈性、經營槓桿和積極的客戶體驗，擁有差異化的價值主張。我們還擁有支援更大產量的營運和財務能力。

Fourth, let me shift to our expense base. This quarter, we achieved two more significant milestones in our strategic initiatives to reduce operating expenses. We completed the transition service agreements that followed last year's outsourcing and servicing and the sale of our healthcare business. These were completed on schedule, leading to the wind down of associated activities and planned expense reductions. We continue to provide TSA support related to the Q1 sale of our government services business.

第四，讓我轉到我們的費用基礎。本季度，我們在降低營運費用的策略性措施中又取得了兩個重要的里程碑。我們完成了去年外包和服務以及出售醫療保健業務之後的過渡服務協議。這些工作均按計劃完成，從而導致相關活動的結束和計劃費用的減少。我們將繼續為 TSA 提供與第一季政府服務業務出售相關的支援。

Last quarter we indicated that the completion of that agreement. And the related wind down activities would occur during the first half of next year. We now expect to complete the TSA earlier than planned, allowing us to accelerate the remaining wind down and expense reductions. These milestones are among the final steps in our phase one transformation.

上個季度我們表示該協議已經完成。相關的清理活動將在明年上半年進行。我們現在預計將比計劃更早完成 TSA，這使我們能夠加快剩餘的削減和費用削減。這些里程碑是我們第一階段轉型的最後步驟。

Well, we are not across the goal line yet in simplifying and streamlining Navient. I'm proud of the incredible work our teams across the organization have done to achieve the savings we are realizing. Their determination to complete the job gives me confidence that we will meet the ambitious $400 million expense corruption targets we established 18 months ago.

嗯，在簡化和精簡 Navient 方面，我們尚未跨越目標線。我為我們整個組織的團隊為實現節約所做的出色工作感到自豪。他們完成這項工作的決心讓我相信，我們一定能夠實現 18 個月前製定的 4 億美元反腐敗費用宏偉目標。

Fifth, changes in the external environment are reflected in our results for the quarter. We continue to experience low levels of self-consolidation activity, which enhance interest margins and increase lifetime cash flows. These low levels of prepayments are primarily driven to changes in the federal loan forgiveness programs that pursued under the prior administration. The provision expense for the quarter reflects the higher level of refi originations.

第五，外部環境的變化反映在本季的業績上。我們繼續經歷低水準的自我整合活動，這提高了利息不佳並增加了終生現金流。預付款比例較低主要是由於前政府推行的聯邦貸款減免計畫發生變化。本季的撥備費用反映了再融資發起水準的提高。

As well as a weakening in both the macroeconomic scenarios we use to estimate life of loan defaults, as well as this quarter's trends in delinquency rates. The quarter end delinquency metrics reflect in part the impact of borrowers exiting forbearance programs we offer borrowers impacted by natural disasters. It also reflects in part changes in federal loan repayment and student loan repayment behavior in general.

我們用來估計貸款違約期限的宏觀經濟情景以及本季的拖欠率趨勢都在減弱。季度末拖欠指標在一定程度上反映了借款人退出我們為受自然災害影響的借款人提供的寬容計劃的影響。這也一定程度反映了聯邦貸款償還和學生貸款償還行為的整體變化。

The macroeconomic outlook and delinquency trends contributed roughly equally to the provision expense on previously originated private and self loans.

宏觀經濟前景和拖欠趨勢對先前發放的私人貸款和自有貸款的撥備費用的貢獻大致相同。

During the quarter, we purchased $24 million of shares under existing authority. We will continue to balance the opportunity to purchase future value at a discounted book value with opportunities to invest in growth. Finally, we are making good progress developing Phase 2 of our transformation. We continue to analyze opportunities to grow more rapidly and to identify additional significant expense reductions. As we indicated in January, we plan to provide an update by the end of the year.

本季度，我們根據現有授權購買了價值 2,400 萬美元的股票。我們將繼續平衡以折扣帳面價值購買未來價值的機會和投資成長的機會。最後，我們在轉型的第二階段取得了良好的進展。我們將繼續分析更快成長的機會並尋找其他顯著的開支削減措施。正如我們在一月份所指出的，我們計劃在年底前提供更新。

Joe will share a revised for your outlook shortly. It reflects an increase in our first half and expected loan originations and the upfront costs associated with them. Low levels of felt prepayments and the provision expense associated with them. And the elevated provision expense we recorded in the first half of the year. It also reflects our disciplined operating expense.

喬很快就會與您分享修改後的觀點。這反映了我們上半年和預期貸款發放量以及相關前期成本的成長。預付款和與之相關的撥備費用水準較低。我們在上半年記錄了增加的撥備費用。這也反映了我們嚴格的營運費用。

In summary, our operating results reflect our ability to drive meaningful loan growth, generate strong revenue and cash flows from our legacy assets, our capacity to efficiently finance our loans. Significantly reduce operating expenses, and invest in future growth, all while continuing to return capital to shareholders. I want to acknowledge and thank our colleagues in the organization who delivered these strong results.

總而言之，我們的經營業績反映了我們推動貸款大幅成長的能力、從遺留資產中產生強勁收入和現金流的能力、以及我們高效融資貸款的能力。大幅削減營運費用，並投資未來成長，同時繼續向股東返還資本。我要承認並感謝我們組織中取得這些出色成果的同事。

With that, let me turn it over to Joe.

說完這些，讓我把話題交給喬。

Thank you, Dave, and everyone on today's call for your interest in Navient. In the second quarter, we reported poor earnings per share of $0.20. Adjusting for regulatory and restructuring expenses, we earn $0.21 on a core basis. In the quarter we demonstrated strong loan origination growth experience continued low prepayment speeds on our portfolio and reduced our operating expenses in line with our long-term efficiency initiatives.

謝謝 Dave 以及今天電話會議上的所有人對 Navient 的關注。第二季度，我們每股盈餘不佳，僅0.20美元。扣除監管和重組費用後，我們的核心每股收益為0.21美元。本季度，我們表現出強勁的貸款發放成長經驗，繼續保持較低的貸款預付速度，並根據我們的長期效率計劃降低了營運費用。

Provision expense in the quarter reflects a less benign macroeconomic outlook and this quarter's trends in delinquency rates. I'll provide further detail on our results by segment, beginning with the federal education loan segment on slide 6. The net interest margin for Q2 was 70 basis points, 9 basis points higher than the first quarter. This exceeded the high end of our guided range of 45 basis points to 60 basis points. We now expect our full year NIM to range between 55 basis points and 65 basis points.

本季的撥備支出反映了較不樂觀的宏觀經濟前景和本季的拖欠率趨勢。我將按部分提供我們的結果的更多詳細信息，從第 6 張幻燈片上的聯邦教育貸款部分開始。二季淨利差為70個基點，較一季上升9個基點。這超過了我們指導範圍的高端（45個基點至60個基點）。我們現在預計全年淨利差將在 55 個基點至 65 個基點之間。

The increase in the quarter was driven by a stable rate in the environment and historically low pre-payment activity. Pre-payments were $228 million in the quarter compared to $2.5 billion a year ago. Compared to the prior year, our greater than 90 day delinquency rates increased to 10.1%. The charge-off rate remained flat at 14 basis points, and forbearance rates decreased to 12.8%. The provision expense for the quarter for the self portfolio is largely driven by the increase in delinquencies and the expected extension of the portfolio as the prepayments remain at historically low levels.

本季的成長是由環境利率穩定和歷史低位預付款活動所推動的。本季預付款為 2.28 億美元，去年同期為 25 億美元。與前一年相比，我們的 90 天以上拖欠率上升至 10.1%。沖銷率維持在 14 個基點不變，寬容率下降至 12.8%。本季自營投資組合的撥備費用主要是由於拖欠率增加以及由於預付款仍處於歷史低位，投資組合預期延長所致。

Now let's turn to our consumer lending segment on slide 7. Total loan origination in the first half of the year doubled to just over $1 billion compared to a year ago. This is a strong start to the year driven by the substantial growth in refi originations. These trends, including additional tailwinds we're seeing early in the quarter, less confidence in revising a full year origination forecast from $1.8 billion to $2.2 billion.

現在讓我們轉到幻燈片 7 上的消費貸款部分。今年上半年的貸款發放總額較去年同期翻了一番，達到 10 多億美元。這是今年的一個強勁開端，得益於再融資發放的大幅成長。這些趨勢，包括我們在本季初看到的額外順風，使得我們將全年發起額預測從 18 億美元修改為 22 億美元的信心降低。

As Dave highlighted, we are well positioned for expanded future opportunities in the private education loan market. Net interest margin in this segment was 232 basis points in the quarter compared to 276 basis points in the first quarter. The pressure on net interest income this quarter was largely related to $112 million of loan that entered 91 plus days delinquency in the quarter that were previously in a disaster foreground status.

正如戴夫所強調的，我們已做好準備，在私人教育貸款市場中拓展未來的機會。本季該部門的淨利差為 232 個基點，而第一季為 276 個基點。本季淨利息收入的壓力主要與本季 1.12 億美元貸款拖欠 91 天以上有關，這些貸款之前處於災難前景狀態。

For these loans in the first 90 days of delinquency, we record an accrued interest receivable as we recognize that interest income. If these loans become 91 days delinquent, the accrued interest receivable is reduced in its entirety by an accrued interest reserve, which reduces net interest income. The establishment of this reserve, related to loans becoming 91 days delinquent, created an additional drag of 32 basis points compared to the first quarter.

對於這些貸款在拖欠後的前 90 天，我們會在確認利息收入時記錄應計應收利息。如果這些貸款拖欠 91 天，應計利息將全部減少應計利息準備金，從而減少淨利息收入。這項準備金的設立與貸款拖欠 91 天有關，與第一季相比，這又造成了 32 個基點的拖累。

We expect the NIM for the full year to range between 255 basis points and 265 basis points. Weight stage or 91 plus day delinquency rates increased from 2.6% in the first quarter to 3% driven in part by disaster forbearance volumes. At the end of the second quarter, earlier stage delinquency rates, both 31 to 60 days and 61 to 90 days, are lower than they were at the end of the first quarter, also driven in part by the migration of disaster forbearance volumes to later stage buckets.

我們預計全年淨利差將在 255 個基點至 265 個基點之間。加權階段或 91 天以上拖欠率從第一季的 2.6% 上升至 3%，部分原因是災難寬容量。截至第二季末，早期階段的拖欠率（包括 31 至 60 天和 61 至 90 天）均低於第一季末的水平，部分原因也是由於災難寬容量轉移到後期階段。

Delinquency rates, even accounting for disaster forbearance volumes, remain higher than expected. Our allowance for loan loss, excluding expected future recoveries on previously charged off loans for our entire education loan portfolio is $702 million which is highlighted on slide 8.

即使考慮到災難承受量，拖欠率仍然高於預期。我們的貸款損失準備金（不包括我們整個教育貸款組合中先前已註銷貸款的預期未來回收額）為 7.02 億美元，如第 8 張投影片所示。

The $8 million provision for self loans and the $29 million provision for private education loans are driven by a variety of factors, including new originations, macroeconomic outlook changes. Changes in student loan borrowed behavior, higher than expected delinquency rates, and the extension of the cell portfolio.

800 萬美元的自貸撥備和 2,900 萬美元的私人教育貸款撥備受到多種因素的影響，包括新貸款發放、宏觀經濟前景變化。學生貸款借貸行為的變化、高於預期的拖欠率以及單元組合的擴展。

Slide 9 shows the results from our business processing segment. In February, we completed the sale of the government services business. Under the terms of the sale, we agreed to provide transition services to the BPS businesses for a period of time. In the quarter, we completed all transition services for our healthcare business.

幻燈片 9 展示了我們業務處理部門的結果。二月份，我們完成了政府服務業務的出售。根據銷售條款，我們同意在一段時間內為 BPS 企業提供過渡服務。本季度，我們完成了醫療保健業務的所有過渡服務。

The expenses and revenues from all of our transition services agreements or TSAs are reported in the other segment. Compared to a year ago, our total core earnings expenses for the quarter declined by $82 million to $100 million. The changes can be seen in greater detail on slide 10. The substantial decrease was driven by our focused efforts to significantly reduce our expense base.

我們所有過渡服務協議或 TSA 的費用和收入均在其他部門報告。與去年同期相比，本季我們的核心獲利支出總額下降了 8,200 萬美元，至 1 億美元。在第 10 張投影片上可以更詳細地看到這些變化。大幅下降的原因是，我們集中精力大幅削減了開支基礎。

The sale of our business processing services business contributed $62 million of the reduction. And we continue to focus efforts to greatly reduce corporate shared service expenses. We remain highly confident in our ability to meet our overall expense reduction targets.

我們的業務處理服務業務的出售貢獻了 6,200 萬美元的減幅。我們將繼續集中精力大幅降低企業共享服務費用。我們對實現整體費用削減目標的能力仍然充滿信心。

To turn to our capital allocation and financing activity that is highlighted on slide 11. The first half of the year has been the most active period since 2021 for our capital markets team. In the quarter, we issued $500 million of unsecured debt near all-time tights to treasuries. We also raised over $500 million to the issuance of our first asset-backed transaction that consisted entirely of our earnest standard in-school loans.

轉向投影片 11 中突出顯示的資本配置和融資活動。上半年是我們資本市場團隊自2021年以來最為活躍的時期。本季度，我們發行了 5 億美元的無擔保債券，接近歷史最高水準。我們還籌集了超過 5 億美元，用於發行我們的第一筆資產支援交易，該交易完全由我們的誠意標準校內貸款組成。

As Dave mentioned, the high advance rate we achieved from this financing demonstrated the high quality of the underlying loan and was significantly better than any previous in-school loan transaction in our history. Most transactions were met with significant demand and demonstrate our expertise generating high credit quality assets, as well as executing cost-effective financing.

正如戴夫所提到的，我們從這筆融資中獲得的高預付率證明了基礎貸款的高質量，並且明顯優於我們歷史上任何一次校內貸款交易。大多數交易都滿足了巨大的需求，並展示了我們在創造高信用品質資產以及執行具有成本效益的融資方面的專業知識。

In the quarter, we will purchase 1.9 million shares for $24 million as our shares remain significantly below tangible book value. Our balance sheet remains strong, with an adjusted tangible equity ratio of 9.8% compared to 8.2% a year ago. In total, we returned $40 million to shareholders who share repurchases and dividends.

本季度，我們將以 2,400 萬美元的價格購買 190 萬股股票，因為我們的股票仍遠低於有形帳面價值。我們的資產負債表依然強勁，調整後的有形權益比率為 9.8%，而一年前為 8.2%。總體而言，我們向股票回購和股利的股東返還了 4,000 萬美元。

Our current cash and capital positions provide ample capacity to distribute capital and invest in strong loan origination growth. Our results for the first half of the year have been characterized by faster loan origination growth. Higher filled in, and better operating expense efficiency, offset by provisions related to higher than expected delinquency rates.

我們目前的現金和資本狀況提供了充足的能力來分配資本並投資於強勁的貸款發放成長。我們上半年的業績特色是貸款發放量成長較快。填補額更高，營運費用效率更高，但被高於預期的拖欠率相關的撥備所抵消。

Assuming the faster loan growth, higher felt new and operating expense trends will continue into the second half of the year. Along with moderately lower interest rates, we are revising our full year guidance by $0.15 to a range of $0.95 to [$1.05]. A revised guidance incorporates the upfront provision and variable costs associated with the revised loan origination volume. This range estimate includes $0.24 of net expense on a full year basis that are not part of our continuing operations.

假設貸款成長更快，更高的新支出和營運支出趨勢將持續到今年下半年。隨著利率適度降低，我們將全年指導價提高 0.15 美元，至 0.95 美元至[1.05美元]。修訂後的指南納入了修訂後的貸款發放量相關的前期準備金和變動成本。此範圍估計包括全年 0.24 美元的淨支出，不屬於我們的持續經營業務。

Before I turn it over to questions, I'd like to thank all of our Navient team members for their contributions to the quarter.

在開始提問之前，我想感謝所有 Navient 團隊成員對本季的貢獻。

Thank you for your time, and I will now open the call for any questions.

感謝您抽出時間，現在我將開始回答任何問題。

(Operator Instructions)

（操作員指示）

Bill Ryan, Seaport Research Partners.

比爾·瑞安（Bill Ryan），海港研究合作夥伴。

First question obviously kind of relates to the reserve trip that you took in the quarter. Investors are kind of questioning, at this point, do you think you have everything kind of encompassed in the reserve rate, what's the possibility we might see some additional troops in the future and, kind of correlate that if you can to the delinquency because you felt delinquency is 30 plus actually improved a little bit quarter to quarter, the consumer looks, I believe it was flat quarter to quarter, so maybe we can talk about what you're seeing in terms of inflows as well.

第一個問題顯然與您本季進行的預備旅行有關。投資者有點懷疑，在這一點上，您是否認為儲備利率已經涵蓋了所有因素，未來我們可能看到更多軍隊，以及，如果您可以將其與拖欠率聯繫起來，因為您覺得拖欠率是 30 以上，實際上每個季度都有所改善，消費者看起來，我相信它每個季度都持平，所以也許我們可以談談您在資金流入方面看到的情況。

Yeah, thank you, Bill, and you're correct. We are seeing positive trends in our early stage delinquencies, so you mentioned the 30 plus, but both on the private side and the self side in the 30 to 60 days and the 60 to 90, we saw improvements across the board there. So obviously a lot piece of what we saw happening in both the 90 plus day delinquencies and the private 90 plus day delinquencies as a result of the disaster forbearance. Having said that, we did see elevated levels of delinquencies versus our own internal expectations, and it's something that we'll continue to monitor, but at this point, we feel appropriately provided from an allowance perspective.

是的，謝謝你，比爾，你是對的。我們在早期拖欠方面看到了積極的趨勢，所以你提到了 30 多天，但無論是在私人方面還是在自我方面，在 30 到 60 天和 60 到 90 天，我們都看到了全面改善。因此，很顯然，我們看到的 90 天以上拖欠和私人 90 天以上拖欠的很多情況都是災難寬容的結果。話雖如此，我們確實看到拖欠率高於我們自己的內部預期，這是我們將繼續監控的事情，但目前，我們認為從津貼的角度來看，這是適當的。

So the only thing I would add is, there's also a a change this quarter in the macroeconomic outlook, we get those scenarios as many firms do from a third party provider. Those are a little weaker than they were in the first quarter. That's about, half of the back book provision expense in the quarter. And so, obviously that's another variable in what the going forward expenses can pay.

因此，我唯一要補充的是，本季宏觀經濟前景也發生了變化，我們和許多公司一樣，從第三方提供者那裡獲得了這些情境。這些比第一季略弱。這大約佔本季帳面準備金支出的一半。因此，顯然這是未來費用可以支付的另一個變數。

Okay, and just as a follow-up question, in terms of the EPS guidance, you sort of look at it kind of applies $0.50 to $0.60 in the second half of the year if we consensus right now it's about 52%. The TSA costs are $0.24 for the full year. Now that's down from $0.26 that you highlighted in Q1, but as I remember, Mojila and Healthcare were slightly accretive to earnings, revenues offsetting more than offsetting expenses slightly. So I believe the drag if you will, on the TSA is going to be a bit higher than '24 in the back half of the year and if you could maybe quantify that amount because I think investors would like to know what a potential exit earnings run rate might look like.

好的，作為後續問題，就每股收益指引而言，如果我們目前的共識是，您可以看到它在下半年的應用範圍為 0.50 美元至 0.60 美元，約為 52%。TSA 全年費用為 0.24 美元。現在，這比您在第一季度強調的 0.26 美元有所下降，但我記得，Mojila 和醫療保健業務對收益的貢獻略有增加，收入抵消的金額略大於支出抵消的金額。因此，我相信，如果你願意的話，TSA 受到的拖累在今年下半年會比 24 年略高一些，如果你能量化這個數額，因為我認為投資者想知道潛在的退出盈利運行率是什麼樣的。

Yeah, so I'll try to answer that, and if you have a follow up to my answer, please feel free. So in terms of the TSA expenses for this quarter, we had $13 million related to the TSAs, of which that's offset by $14 million of revenues to your points. The healthcare services, TSA did end in the quarter as well as it was related to Mojila. So going forward, the way I think about that is just a little over half of that expenses and revenues is actually.

是的，所以我會盡力回答這個問題，如果您對我的回答有疑問，請隨時提出。因此，就本季的 TSA 費用而言，我們有 1300 萬美元與 TSA 有關，其中 1400 萬美元的收入抵消了您的積分。醫療保健服務、TSA 也在本季結束，因為它與 Mojila 有關。因此，展望未來，我的想法是，實際上只有一半多一點的支出和收入。

Associated with the government services TSAs, so we call it about $8 million to $9 million going forward and that's offset by the revenue. So we still anticipate that to occur through the back half of this year. Obviously both parties are working to exit that TSA as efficiently as possible, and it's a benefit to both sides. But for modeling purposes, I would assume to just keep that through the back half of the year.

與政府服務 TSA 相關，因此我們稱其未來支出約為 800 萬至 900 萬美元，這將由收入抵消。因此我們仍然預計這將在今年下半年發生。顯然，雙方都在努力盡可能有效率地退出 TSA，這對雙方都有好處。但出於建模目的，我假設只需在下半年保持這一水平。

As it relates to the $0.24 versus the $0.26 last quarter, that's because we have achieved some of those expense savings already into this quarter. And so, as Dave mentioned, we set out with ambitious operating expense reduction targets. We have achieved some of that, and that's reflected in the update of the $0.24. But if you think about that going forward of what's going to come out, ultimately that $0.24 will all be taken out.

這與上一季的 0.24 美元和 0.26 美元有關，這是因為我們在本季度已經實現了部分費用節省。因此，正如戴夫所提到的，我們制定了雄心勃勃的營運費用削減目標。我們已經實現了部分目標，這體現在0.24美元的更新上。但如果你考慮到未來會發生什麼，最終那0.24美元將全部被取消。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I guess the first question is, can we talk about the Grad PLUS reform and sort of the specific opportunities that you guys see arising from that? Wha's your first cut at it?

我想第一個問題是，我們可以談談 Grad PLUS 改革以及你們認為由此產生的具體機會嗎？您第一次嘗試的是哪一種方法？

Yeah, so, good morning, Sanjay. Let me try to synthesize and elaborate on some of the remarks that I made in my opening remarks. Grad PLUS elimination is a substantial and significant expansion of opportunities that we have with graduate students. There's different perspectives about the timing, size, and the customer mix of that opportunity.

是的，早安，桑傑。請容許我嘗試綜合並詳細闡述我在開場白中提出的一些言論。Grad PLUS 的取消對我們為研究生提供的機會而言是一個實質性且重大的擴展。對於這一機會的時機、規模和客戶組合有不同的看法。

But it seems clear to us that the expansion is in terms of integer multiples, not percentage of the current opportunity that we're presenting. We have leaned into the graduate population, both in our in-school and refi products, and they represent roughly half of our loan origination volume. I think it was a year ago that I got a question about an exit of a large competitor from the private space.

但對我們來說，很明顯的是，擴張是整數倍，而不是我們所呈現的當前機會的百分比。無論是在校產品或再融資產品，我們都傾向於畢業生群體，他們約占我們貸款發放的一半。我想大約在一年前，我曾被問到有關一家大型競爭對手退出私人領域的問題。

And when asked about our capacity or willingness to pursue some of that volume, I talked about being in our swim line, right? The graduate student is our swim line, and so that swim lane has gotten deeper or wider, whatever way you want to describe it. We've got the products, the loan distribution channels, and the customer experience that we know attract grad students.

當被問及我們是否有能力或願意追求其中的一些數量時，我談到了我們的游泳路線，對嗎？研究生就是我們的泳線，所以無論你想如何描述它，這條泳道都可以變得更深或更寬。我們擁有吸引研究生的產品、貸款分銷管道和客戶體驗。

We also have this quarter's ABS issue once, I think clear demonstration of strong investor demand for those originations as well. If you look at, there's about 80% of grad school lending occurs at roughly 200 schools. We've been working since we re-entered the loan origination business to get on the preferred lending list, many schools. And we're on roughly two-thirds the preferred diving list on roughly two-thirds of those schools.

本季我們也發行過一次 ABS，我認為這也清楚地顯示了投資者對這些發行產品的強勁需求。如果你看一下，你會發現大約 80% 的研究生貸款發生在約 200 所學校。自從我們重新進入貸款發放業務以來，我們一直致力於進入許多學校的首選貸款名單。在這些學校中，大約有三分之二的學校將我們列為首選跳水運動員。

There are a couple dozen schools, graduate schools that don't have private lending lists. They retire -- they rely entirely on red plus currently. So besides that opportunity. I think it's yet to be determined, but it could be substantial and significant. In addition to being on the vending list, we have easy to use, direct to consumer digital channels that are more favored by many grad students as opposed to undergraduate students.

有幾十所學校、研究所沒有私人借貸名單。他們退休了——他們目前完全依賴紅色加號。所以除了那個機會。我認為這還有待確定，但它可能是實質的和重要的。除了在自動販賣清單上之外，我們還擁有易於使用、直接面向消費者的數位管道，這些管道更受研究生而非本科生的青睞。

On top of that, there's other changes that are occurring in the federal loan ecosystem that we think present substantial and significant opportunities across our product, and that goes to the changes in repayment options and the absence in this administration of loan forgiveness proposals. So we've more than doubled refi volume in the first half of this year.

除此之外，我們認為聯邦貸款生態系統正在發生的其他變化為我們的產品帶來了重大機遇，這些變化包括還款方式的變化以及本屆政府缺乏貸款減免提案。因此，今年上半年我們的再融資量增加了一倍以上。

And the share of that volume that comes from federal borrowers is more than double the year ago period. It remains below where it was prior to the pandemic. The safe program, which is a repayment program that was found invalid by a court earlier this month. And that ruling has been appealed, but that enjoyment means that interest will begin to accrue on federal loans for borrowers who have been in the same program beginning August 1.

其中來自聯邦借款人的貸款份額較去年同期增加了一倍多。它仍然低於疫情之前的水平。安全計劃是一項還款計劃，本月稍早被法院裁定無效。儘管該裁決已被上訴，但這種享受意味著從 8 月 1 日起，參加同一計劃的借款人的聯邦貸款將開始產生利息。

And we think that development has led to an increase in top of the funnel traffic that we've seen just since the announcement on July 9, that interest will begin to accrue on those federal loans. These are highly engaged borrowers who are really close to what's going to happen to their loan. So a significant percentage of that traffic is coming from graduate students as well. We're working hard to convert those opportunities into loans, and we don't know how long, or how big that trend may be in the future.

我們認為，自 7 月 9 日宣布以來，這一發展已經導致漏斗頂部流量的增加，這些聯邦貸款的利息將開始累積。這些都是高度參與的借款人，他們非常清楚自己的貸款將會如何發展。因此，其中很大一部分流量也來自研究生。我們正在努力將這些機會轉化為貸款，但我們不知道這種趨勢會持續多久，或者未來會有多大。

And then lastly, the change in the repayment programs on federal loans and the absence of loan forgiveness proposals extends all the things equal, the life of our failed portfolio. You can see that in our NIM results, that's lower premium amortization, a number of other factors to drive that. It also increases the lifetime cash flows from that.

最後，聯邦貸款償還計畫的改變以及貸款減免提案的缺失，在所有條件相同的情況下延長了我們失敗投資組合的壽命。您可以在我們的 NIM 結果中看到，這是較低的保費攤銷，還有許多其他因素推動了這一結果。它還會增加終生現金流。

It comes with a little bit of provision expense as well, because essentially, if you think about the way the model works, a loan that doesn't pre-pay has a probability of defaulting and so every time we extend the portfolio, we also increase provision expense by an amount to reflect that.

它還帶有一點撥備費用，因為本質上，如果你考慮模型的工作方式，不提前償還的貸款就有違約的可能性，所以每次我們擴大投資組合時，我們也會增加撥備費用以反映這一點。

So Sanjay, it's it's about Grad PLUS is a significant substantial opportunity. We think there's other changes in the federal loan ecosystem that we're actually seeing today that could also present substantial and significant opportunities, and we think our products that being both in school and refi leaves us incredibly well positioned to take advantage of those.

所以 Sanjay，Grad PLUS 是一個重要且實質的機會。我們認為，我們今天實際看到的聯邦貸款生態系統的其他變化也可能帶來重大而重要的機遇，而且我們認為，我們的產品既可用於學校又可用於再融資，這讓我們處於非常有利的位置來利用這些機會。

No, that's great. I guess that leads me to my second question on the strategic actions update. I know, you guys are expecting Phase 2 update in the second half. I mean, does that kind of encourage you more towards the side of leaning in and sort of invest it towards growth initiatives because I'm just trying to think through these opportunities and like how much more muscle you need to build in order to take advantage of them. Do you have that capability inside of what you have right now or would you need to make investments to sort of address that this opportunity?

不，那太好了。我想這就引出了我關於策略行動更新的第二個問題。我知道，你們期待下半年的第二階段更新。我的意思是，這是否會鼓勵你更傾向於投入並將其投資於成長計劃，因為我只是試著思考這些機會，以及你需要建立多少力量才能利用它們。您是否具備目前所擁有的能力，或者您是否需要進行投資來抓住這個機會？

Yeah, so I think, I'll go back to what we said in January, what Ed and Joe and I talked about in January. The face to transformation review is focused on really three things. One is, what are our opportunities to grow. There's a cost of equity valuation question that I think we've talked about before. It's a bit of a chicken and egg exercise almost, with the current valuation of our shares, investing $1 and having them be worth less than $1 isn't very exciting, but we also understand that if we generate some growth and create a narrative and a story and demonstrate to people that we have an opportunity to grow and grow in a profitable way and in an accelerated way that could also reduce our cost of equity.

是的，所以我認為，我會回顧我們在一月份說過的內容，以及我和 Ed、Joe 在一月份談論的內容。面對轉型的審查主要集中在三件事。一是，我們的成長機會有哪些。我認為我們之前已經討論過股權估值成本問題。這幾乎有點像先有雞還是先有蛋的問題，以我們股票的當前估值，投資 1 美元而其價值卻不到 1 美元並不是很令人興奮，但我們也明白，如果我們實現一些增長並創造一個敘述和一個故事，並向人們展示我們有機會以有利可圖的方式和加速的方式成長，這也可以降低我們的股權成本。

And then we think there's still opportunities for us to take out additional expenses. And so before the year is out, we're planning to come back to you and share that with you. In terms of the opportunities that I just talked about in the graduate loan space, we've got -- we have that infrastructure in place. Most of what's required there is is what I'd say variable expense. There's expense to originate loan as that has a short-term impact on profitability, but a long term impact on value, we would think.

然後我們認為我們仍然有機會承擔額外的開支。因此，在今年結束之前，我們計劃回來與你們分享這一點。就我剛才談到的畢業生貸款領域的機會而言，我們已經擁有了——我們已經建立了相應的基礎設施。我所說的大部分所需都是變動費用。我們認為，發放貸款需要費用，因為這會對獲利能力產生短期影響，但會對價值產生長期影響。

And so the build out for that is it would not be large at all. To the extent there's other opportunities we might pursue that may require some other. Some buildouts, but we feel incredibly well placed with what we have to take advantage of the opportunities that are in front of us.

因此，其建設規模根本不會很大。在某種程度上，我們可能會追求其他機會，而這些機會可能需要其他一些。雖然有一些擴建，但我們感覺自己已經做好了充分的準備，可以利用擺在我們面前的機會。

Mark DeVries, Deutsche Bank.

德意志銀行的馬克‧德弗里斯。

I was hoping to press you for a little more detail on the opportunity created by the federal student loan reform. Do you do you have a guess as to how much incremental demand for private, in-school private student lending this will create? And also just some thoughts on on your share of that of the grad market and your ability to kind of retain that. I think we've our understanding is you're close to 20% market share. You just discuss confidence in being able to grab a similar market share of a of an expanded market.

我希望您能更詳細地了解聯邦學生貸款改革所創造的機會。您是否猜測這將為私人、校內私人學生貸款帶來多少增量需求？另外，我還想談談您對畢業生市場所佔份額以及您保留這些份額的能力的看法。我認為我們的理解是你們的市佔率接近 20%。您只是討論能夠在擴大的市場中搶佔類似市場份額的信心。

Look, I think, as we look at a couple of things, I think one is, the data and information on Grad PLUS or not as robust as maybe you'd like it to be and so that that creates a little bit of that creates some uncertainty about exactly what's going to happen to that population. I'd say the other changes in the other loan limits, etc.

看，我認為，當我們看幾件事時，我認為其中一件事是，Grad PLUS 上的數據和資訊可能不像你希望的那樣豐富，因此這會產生一些不確定性，讓我們不知道究竟會發生什麼。我想說的是其他貸款限額等方面的其他變化。

Exactly how consumers, parents, and students are going to respond to that is uncertain. We all can have a way of looking at the numbers on a macro level and how all that might shake out, but it's really going to depend on at the micro level, each individual family and each individual student, depending on how they're going to finance their education. So there's a bunch of uncertainty there.

消費者、家長和學生究竟會如何應對這一點尚不確定。我們都可以從宏觀層面來看待這些數字以及它們可能產生的影響，但實際上，這取決於微觀層面，取決於每個家庭和每個學生，取決於他們如何支付教育費用。因此，存在著許多不確定性。

There's some other uncertainties about the size of the market. For example, we don't participate in for-profit lending currently and so you can see different estimates of the size of the current market that might some include for profit, some don't include for profit. Our estimates don't.

關於市場規模還存在一些其他的不確定性。例如，我們目前不參與營利性貸款，因此您可以看到對當前市場規模的不同估計，有些可能包括營利性，有些可能不包括營利性。我們的估計並非如此。

As we look at the expansion and look at our market share, we have good reason to think that the profile of that expansion is going to look very similar to the market today and so our sort of if the market today is private loan market, it is about $1.4 billion, 10% of the $14 billion, we have, somewhere around 20% of that today, we feel pretty confident of our ability to maintain that, just given what we think the profile is, in terms of the size, there's no doubt it's, as I said, it's integer multiples of what it is today. And I think it's still a year off, it's going to get phased in. We're all going to learn more about it, but it is significant and substantial for us.

當我們審視擴張和我們的市場份額時，我們有充分的理由認為，擴張的概況將與今天的市場非常相似，因此，如果今天的市場是私人貸款市場，規模約為 14 億美元，即 140 億美元的 10%，那麼我們今天就擁有其中的 20% 左右，我們對維持這一規模的能力非常有信心，就考慮到我們今天就擁有數的規模，正如我所說，正如我的能力。我認為還需要一年的時間，它會逐步實施。我們都會對此有更多的了解，但這對我們來說意義重大且意義重大。

Okay, great. And just to follow up on kind of managing balance sheet capacity to meet that opportunity. I mean, it sounds like based on your commentary, the strategy for funding would be to securitize and then retain a lot of the economics. Is that accurate? And if so, do you need to start maybe reducing buybacks and payouts to kind of build capital for the coming opportunity?

好的，太好了。並只是跟進管理資產負債表能力以滿足這一機會。我的意思是，根據您的評論，融資策略似乎是證券化，然後保留大量的經濟效益。這樣準確嗎？如果是這樣，您是否需要開始減少回購和支出，以便為即將到來的機會累積資本？

Yeah, I mean, first I'd say that like it would be a first class challenge, which I know the team is up to the to make sure that we can finance incremental volume that may come our way. That's why I think I spent some time on the ABS transaction that we did in the second quarter, we received the effective advance rate on that of close to 98% of the loan balance, so we raised cash equal to 98%.

是的，我的意思是，首先我想說這將是一項一流的挑戰，我知道團隊已經做好準備，確保我們能夠為可能出現的增量提供資金。這就是為什麼我認為我花了一些時間在我們在第二季度進行的 ABS 交易上，我們獲得了接近貸款餘額 98％ 的有效預付率，因此我們籌集了相當於 98％ 的現金。

Before touching on your debt or equity, for example, in the capital stack. If you look at our balance sheet today, one of the reasons we've got the unsecured debt is that the effective advance rate on the private legacy and some of the other assets we have is not as high, not nearly as high as what we achieved in the most recent deal, and so we've had to, in order to finance those, we have to go to additional sources of financing.

例如，在觸及資本堆疊中的債務或股權之前。如果你看一下我們今天的資產負債表，你會發現，我們擁有無擔保債務的原因之一是，私人遺產和其他一些資產的有效預付率並不高，遠不及我們在最近的交易中取得的水平，因此，為了給這些資產融資，我們必須尋找額外的融資來源。

The efficiency of the secured market for these high quality, high average balance loans, gives us a lot of and the interest we had in that particular deal at 6 times oversubscribed, gives us confidence that there's capacity in a really capital efficient way for us to finance those kinds of those kind of loans.

這些高品質、高平均餘額貸款的擔保市場效率為我們提供了很大的幫助，而且，我們在這筆超額認購 6 倍的特定交易中獲得的興趣，讓我們有信心，我們有能力以真正資本高效的方式為此類貸款提供融資。

We've said and continue to say that our capital allocation between investing in growth and distributing to shareholders is going to depend on the growth opportunities that we see and a function of our ability to buy back future book value, in the second quarter, we were able to do both, invest heavily in growth, distribute. We're going to continue to balance those two things off and continue on that strategy as far as possible. We're not changing that outlook at this point in time, and of course we'll share with you at the end of every quarter, what we did with the capital that we generated to have on hand.

我們曾經說過並將繼續說，我們在投資成長和分配給股東之間的資本配置將取決於我們看到的成長機會以及我們回購未來帳面價值的能力，在第二季度，我們能夠做到這兩點，大量投資於成長，並進行分配。我們將繼續平衡這兩件事，並盡可能地繼續執行這項策略。我們目前不會改變這種觀點，當然，我們會在每個季度末與大家分享我們如何利用手頭上產生的資金。

And Mark, I would just add that from a capacity standpoint in the near term we have $1.9 billion of additional capacity at our disposal, so we're very well positioned, obviously going into this upcoming origination year and have a long history with our providers of increasing the capacity as needed, especially for an attractive asset class such as this.

馬克，我想補充一點，從產能角度來看，短期內我們擁有 19 億美元的額外產能可供使用，因此我們處於非常有利的地位，顯然即將進入即將到來的起源年，並且我們與供應商有著長期的合作歷史，可以根據需要增加產能，特別是對於像這樣有吸引力的資產類別。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

I was just wondering on the expense, kind of your expense expectations kind of long term. I mean, if you look at it, in this quarter you had I think $53 million of expenses between the the consumer lending and federal loan businesses and then another $32 million kind of partially offset by $13 million of transition expenses. So that's like $72 million or just under $290 million at an annual rate, your long term guide is to $204 million. I guess, how do you get there if you're actually trying to grow the consumer business, right? I would assume you don't, you can't spend less money there. So how does that work?

我只是想知道關於支出的問題，您對長期支出的預期是如何的。我的意思是，如果你看一下，你會發現，本季消費者貸款和聯邦貸款業務之間的支出為 5300 萬美元，另外還有 3200 萬美元被 1300 萬美元的過渡費用部分抵消。因此，以年率計算，這相當於 7,200 萬美元或略低於 2.9 億美元，而長期指導價為 2.04 億美元。我想，如果您真的想擴大消費者業務，那麼您該如何實現這一目標？我認為你不會，你不可能在那裡少花錢。那麼它是如何運作的呢？

No, it's a good point, Moshe. When we talk about our long term outlook, you'll notice that we do exclude the expenses related to our earnest brand and the growth in that consumer lending. So the cuts that we've talked about in the past of that $400 million obviously a good portion of that is from the exit of the BPS business, that's just under $300 million. That you see in terms of the takeout there. If you look a year ago quarter versus this quarter, we've taken out $10 million from corporate shared services.

不，這是個好觀點，Moshe。當我們談論我們的長期前景時，您會注意到我們確實排除了與我們的 Earnest 品牌和消費貸款成長相關的費用。因此，我們過去談到的 4 億美元削減顯然其中很大一部分來自 BPS 業務的退出，這略低於 3 億美元。您可以從那裡看到的外賣情況看出這一點。如果將去年同期與本季進行比較，我們會發現我們從企業共享服務中支出了 1,000 萬美元。

So just on an annualized run rate, that's $40 million of savings. To your point, there's another $13 million of TSA expenses that will ultimately go away. So those are a lot of the. In pieces to get us to that $400 million number. I would say in sort of touching back to Bill Ryan's comment about the $0.50 to $0.60 as well, keep in mind between the third quarter and the fourth quarter, we do have those origination costs up front. So much like a year ago where you saw a tick up in the consumer lending, I would anticipate that you would see a similar tick up from the second quarter to the third quarter for those origination costs, much like you've modeled.

因此，僅以年化運行率計算，就可以節省 4,000 萬美元。正如您所說，TSA 的另外 1300 萬美元支出最終將會消失。這些都是很多的。逐步實現 4 億美元這一目標。我想說的是，回顧比爾·瑞安 (Bill Ryan) 關於 0.50 美元到 0.60 美元的評論，請記住在第三季度和第四季度之間，我們確實預先支付了這些發起成本。因此，就像一年前您看到的消費貸款增加一樣，我預計從第二季度到第三季度，您會看到這些發起成本也出現類似的增加，就像您所模擬的那樣。

Got it. Okay, thanks. And just on the lending, on the credit side in consumer lending, I guess I'm a little troubled. I mean you had kind of special or provisions in twice each in '23 and '24, kind of now again one of the two quarters so far in 2025. I mean it just seems like, it's kind of a 50-50 every other quarter. How should we sort of think about, I know, I heard you say before that you, believe that you're adequately reserved. I mean, everyone always believes they're adequately reserved, but can you maybe just expand on that a little, Joe?

知道了。好的，謝謝。就貸款而言，就消費貸款的信貸方面而言，我想我有點擔心。我的意思是，在 23 年和 24 年，你們分別有兩個特殊的規定，現在又是 2025 年迄今為止的兩個季度之一。我的意思是，看起來好像每隔一個季度就會出現 50-50 的情況。我們該如何思考，我知道，我之前聽過你說過，你相信你已經夠保守了。我的意思是，每個人都認為自己足夠內斂，但是喬，你能稍微詳細解釋一下嗎？

Yeah, I'd say one thing that touch back onto it is that from the top provision, the dynamic there of the CPR speeds changing, you've seen some of that volatility in years past where you had a bit of a release related to the pre-payment speeds being much higher than anticipated. Today we're in a very slow pre-payment.

是的，我想說的一件事是，從最高規定來看，CPR 速度的動態變化，在過去幾年中你已經看到了一些波動，當時你有一些與預付費速度相關的釋放，遠高於預期。今天我們的預付款進展非常緩慢。

Just environment, and so I would say that's something that will, continue to monitor there just in terms of as those pre-payments either pick up or tick down, of which we expect them to be relatively flat, will be one of the key factors in terms of the provision for the Phelps side. So just something to monitor on that front.

只是環境，所以我想說，這是需要繼續監控的事情，因為這些預付款是增加還是減少，我們預計它們會相對平穩，這將是菲爾普斯方面提供資金的關鍵因素之一。因此，只需監控這方面的事情即可。

For the private portfolio, as we do, every third quarter as well, we just look at all of our assumptions. So just going back, the past several years, we take a harder look. We've been obviously making those adjustments throughout the year here, but it's something that we do look at in the third quarter from a recovery rate perspective, from a long-term CPR perspective. Those are all things that we take into consideration.

對於私人投資組合，我們每個第三季都會審查所有的假設。因此，回顧過去幾年，我們進行了更仔細的檢視。顯然，我們全年都在進行這些調整，但從復甦率的角度、從長期心肺復甦術的角度來看，這是我們在第三季所考慮的。這些都是我們要考慮的事情。

To your point about feeling comfortable today. I would say we do in terms of what we've reserved. It's something that we're monitoring, as Dave mentioned, we did take the update on the macroeconomic outlook, and so that is something that could fluctuate from quarter to quarter, but overall, the trends we're seeing in the 30 to 60 day buckets, the 60 to 90 day buckets are certainly positive signs, but it's something that we're monitoring.

關於您今天感覺舒服這一點。我想說，我們會照著我們所保留的去做。正如戴夫所提到的，這是我們正在監控的事情，我們確實對宏觀經濟前景進行了更新，因此這可能會在每個季度之間發生波動，但總體而言，我們在 30 到 60 天、60 到 90 天時間段內看到的趨勢肯定是積極的信號，但這是我們正在監控的事情。

Nate Richam, Bank of America.

美國銀行的 Nate Richam。

I just wanted to follow up on Bill and Moshe's question on, credit and delinquency used in general. I appreciate the color that a lot of the weakness in 90 plus day was from, disaster forbearance rolling off, but I recall that and like some of the weakness in previous quarters was due to like the legacy portfolio being a little weaker. So I'm just curious how the legacy portfolio is performing and, with the [Qs] coming higher than initial expectations, is there a civic cohort that's kind of driving that weakness?

我只是想跟進比爾和摩西關於一般信用和拖欠的問題。我很欣賞 90 多天來大量疲軟的現象，災難忍耐力逐漸減弱，但我記得，就像前幾季的一些疲軟現像一樣，是由於遺留投資組合略微疲軟造成的。所以我只是好奇傳統投資組合的表現如何，而且由於 [Qs] 高於最初的預期，是否有某種公民群體在推動這種疲軟？

Well, if you think about the legacy portfolio, all of those loans were made pre 2014, and even within that, nearly 99% of them were made before 2012. So obviously a very well seasoned portfolio. So I wouldn't point to a specific cohort on the legacy side, as it is just very well seasoned at this point. Delinquency rates, while, as I said, improving on the 30 to 60 days and 60 to 90 days, it's something that is still elevated versus our original guidance and forecast for the year. So from that perspective, it's something, as I said, we're monitoring. It's good to see the improvement, but it is still higher than what our expectations were.

好吧，如果你考慮一下遺留投資組合，所有這些貸款都是在 2014 年之前發放的，甚至其中近 99% 都是在 2012 年之前發放的。顯然這是一個非常成熟的投資組合。因此，我不會指出傳統方面的某個特定群體，因為它目前已經非常成熟。正如我所說，拖欠率雖然在 30 至 60 天和 60 至 90 天內有所改善，但與我們最初對今年的指導和預測相比仍然較高。因此從這個角度來看，正如我所說，這是我們正在監控的事情。很高興看到進步，但仍然高於我們的預期。

Okay, got it. And then, switching gears a little bit to origination volumes, they came in quite nice this quarter, and you've already done over a billion year date. So just curious how you're thinking about, your prior guidance of $1.8 billion for the year and how you're thinking of that balance between refinance and in school loans.

好的，明白了。然後，稍微轉到發起量，本季的發起量相當不錯，而且已經完成了超過十億年的日期。所以我很好奇您對於您之前提出的今年 18 億美元的指導意見是如何考慮的，以及您如何看待再融資和學校貸款之間的平衡。

And so we raised our guidance from $1.8 billion to $2.2 billion. If you go back to the original guidance we gave at the beginning of the year when we talked about 30% growth, that incorporated about 10% growth in in school, excuse me. And that gets you to roughly about $400 million of in-school loans and $1.8 billion of refi loans. So the growth so far today that we're seeing in terms of exceeding our expectations is all coming from the refi book early on.

因此我們將預期金額從 18 億美元上調至 22 億美元。如果您回顧我們在年初給出的原始指導，當時我們談到 30% 的增長，其中包括學校方面約 10% 的增長，對不起。這樣你就可以獲得大約 4 億美元的學校貸款和 18 億美元的再融資貸款。因此，我們今天看到的超出預期的成長全部來自早期的再融資帳簿。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Look, the guidance for the year highlights the short term headwinds associated with a pick up in volume. If you look forward to -- from a reserving perspective, I should be clear, if you look forward to the opportunity on the grad side. How will you balance that? Is there an opportunity for you to not only be a make and hold lender, but to offset some of that optical earnings pressure by selling loans as well.

看看，今年的指導方針強調了與交易量回升相關的短期阻力。如果您期待——從保留的角度來看，我應該清楚，如果您期待畢業方面的機會。您將如何平衡這一點？您是否有機會不僅成為一家製造並持有貸款的公司，而且還能透過出售貸款來抵銷部分光收益壓力？

No, absolutely, Rick. So I think it's a good problem to have if we see the origination levels that certainly have been put in a number of of those on the call in terms of their forecast. So if we see that occur, I think you'd see a significant rise in that graduate origination and for us, the attractiveness that Dave mentioned in terms of the last deal that we saw, the investor interest, that's also there in terms of buying those loans.

不，絕對不，瑞克。因此，我認為，如果我們看到在預測中肯定已將起源水平納入電話會議的許多方面，那麼這是一個好問題。因此，如果我們看到這種情況發生，我認為你會看到畢業生貸款發放量顯著增加，對我們來說，戴夫在我們看到的最後一筆交易中提到的吸引力，投資者的興趣，在購買這些貸款方面也存在。

So I think there is a possibility to offset that through selling those loans. It's something that, as we've done in the past in terms of being more opportunistic, but I would say in this environment, it's certainly an attractive opportunity for us, especially for the the high coupon, high credit quality that comes with graduate loans.

所以我認為有可能透過出售這些貸款來抵消這一影響。正如我們過去所做的那樣，這是一種更具機會主義的做法，但我想說，在這種環境下，這對我們來說無疑是一個有吸引力的機會，尤其是對於畢業生貸款帶來的高息票和高信用品質而言。

Follow up on that and something we're wrestling with, do graduate loans because of the higher income associated with graduates and the potential to repay more quickly, does that impact pricing on loan sales because of the potentially shorter durations?

繼續跟進這個問題，我們正在努力解決的問題是，由於畢業生收入較高，還款能力較強，因此畢業生貸款是否會因為期限較短而影響貸款銷售定價？

And that is factored in and you can see that in terms of the the last deal how people view just the mix of the traditional undergraduate loans versus graduate loans and the pre-pay speeds they associate with them.

考慮到這一點，您可以看到，就最後一筆交易而言，人們如何看待傳統本科生貸款與研究生貸款的組合以及與之相關的預付速度。

[Jordan Heimowitz, Philadelphia Financial Management of San Francisco.]

[喬丹·海莫維茨，舊金山費城金融管理公司。 ]

A couple of questions. So if you have a 20% a share, and right now the grad and parent plus market is $20 billion to $25 billion, I mean, some competitors have talked about it, $8 billion is eligible market, some have talked about a $10 billion plus eligible market. I mean, do you have any, what is your best ballpark guess on where that eligible market is? Because if it's $10 billion and you're 20% of it, then it could be a $2 billion dollar origination market what I'm saying?

有幾個問題。因此，如果你擁有 20% 的份額，而現在畢業生和家長加市場規模為 200 億至 250 億美元，我的意思是，一些競爭對手已經談論過這個問題，80 億美元是合格市場，一些競爭對手已經談論過 100 億美元以上的合格市場。我的意思是，您對合格市場的最佳估計是什麼？因為如果它是 100 億美元而你只佔其中的 20%，那麼它可能是一個 20 億美元的起源市場，我的意思是什麼？

Yeah, thanks for the question, Jordan. I'll go back to what I said earlier. It's still a little premature to say exactly what the size is going to be for some of the reasons I described earlier. It's very clear and substantial and significant, and we think that growth is going to have a significant representation of the kind of customers that are attracted to our products through our distribution channels, etc.

是的，謝謝你的提問，喬丹。我將回到我之前說過的話。由於我之前描述的一些原因，現在確切地說其規模還為時過早。它非常清晰、實質且意義重大，我們認為成長將在很大程度上體現出透過我們的分銷管道等被我們的產品吸引的客戶類型。

You've added Parent PLUS onto Grad PLUS. Our estimates and our remarks are focused at the moment on the Grad PLUS elimination because that's the capacity that we have in place today. That's just putting more volume through the pipes that we've already built that we feel, really confident in.

您已將 Parent PLUS 新增至 Grad PLUS 。目前的估計和評論主要集中在 Grad PLUS 的消除上，因為這是我們目前所擁有的能力。這只是透過我們已經建立的管道增加更多的容量，我們對此非常有信心。

And then to follow up on Rick's very thoughtful question, if you're going to sell, or at least potentially sell some, I mean the the gain on some margins have rated anywhere from 5% to 13% in the undergrad market over the past 10 years or so that [Sally's] been selling. Do you think the grad loans are similar? They're better credit but shorter term? Have there been any loan sales at the same period of time to know what the range is on that?

然後，為了回答 Rick 提出的非常深思熟慮的問題，如果你要出售，或者至少可能出售一些，我的意思是，在過去 10 年左右的時間裡，[Sally] 在本科生市場上出售的一些產品，其利潤率的收益在 5% 到 13% 之間。您認為研究生貸款類似嗎？他們的信用較好但期限更短？在同一時期是否有任何貸款銷售，以了解其範圍為何？

Yeah, I'm not aware of any sales, but I think you've got the dynamics correct, which is graduate loans in general have higher credit quality, shorter lives because of higher credit quality is all compared to the sort of average undergrad pool or the pool that has predominantly undergrad. And lower coupons, the ABS issuance was kind of a good test in a financing, not a sale of how investors looked at that piece at that asset class. So I think it's TBD where it is, but if you, it's going to be the confluence of lower coupon, higher credit quality, generally shorter life than the undergrad, the median undergrad pool.

是的，我不知道有任何銷售情況，但我認為你的動態是正確的，即研究生貸款通常具有更高的信用質量，由於信用質量較高，期限較短，這是與普通本科生貸款池或以本科生為主的貸款池相比的。較低的票面利率，ABS 發行是融資的一種良好測試，而不是投資者如何看待該資產類別的銷售。所以我認為它在哪裡還有待確定，但如果你這樣做，它將會是較低息票、較高信用品質、通常比本科生、中位數本科生池更短的壽命的融合。

And lastly, can you talk about your mode a little bit because a 20% share in the grad market is arguably as stronger remote as the undergrad market because it's much tougher to get into those schools, is it not? And hence the ability to disintermediate some of that percentage is quite higher than if you had a 20% share in the undergrad.

最後，您能否稍微談談您的模式，因為研究生市場 20% 的份額可以說與本科市場一樣強大，因為進入這些學校要困難得多，不是嗎？因此，與本科生佔 20% 相比，消除部分中介作用的能力要高得多。

Yeah, so this is where we built a set of products and a set of distribution channels, the graduate market is much more heavily online and digital than the financial aid office and undergrad is. We've got a set of customer experiences that Ernest has developed that based on all the work that we do, surprises and delights customers, this is a different customer base than the undergrad, and so we feel really good about the capabilities that we've built and ready to -- are competing against others in that space and competing very successfully and we're confident we could continue to do that in an expanded market.

是的，這就是我們建立一套產品和一套分銷管道的地方，研究生市場比財政援助辦公室和本科生市場更注重線上和數位化。我們有一套由 Ernest 基於我們所做的所有工作而開發的客戶體驗，它能給客戶帶來驚喜和愉悅，這是一個與本科生不同的客戶群，因此我們對我們已經建立並準備好的能力感到非常滿意——在該領域與其他人競爭，並且競爭非常成功，我們有信心我們可以在擴大的市場中繼續這樣做。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Unfortunately I think Jordan took, most of my questions already, but maybe just to sort of circle back, gave on your comment about you think that the market expansion should be similar, in profile to where it is today, but I guess like one of the questions we get is why there's even really a meaningful graduate in school market today. Can you maybe just discuss.

不幸的是，我認為喬丹已經回答了我的大部分問題，但也許只是為了回到過去，關於你認為市場擴張應該與今天的情況類似的評論，但我想我們得到的一個問題是，為什麼今天的學校市場真的有一個有意義的畢業生。能討論一下嗎？

Why that is what that profile looks like, and is that just like a combination of higher credit quality borrowers who are able to get a better rate in the private market and maybe some schools who aren't accepted in the federal loan program and. I guess the question on top of that is if we do suddenly see this influx or when we do suddenly see this influx of, students with medical debt and law school debt, that does strike me as a different borrower with a different distribution than today. So I guess what gives you confidence that, you can sort of maintain that 20% share.

為什麼該資料看起來是這樣的，這是否就像是能夠在私人市場上獲得更優惠利率的較高信用品質借款人的組合，以及可能一些未被聯邦貸款計劃接受的學校的組合。我想最重要的問題是，如果我們突然看到這種湧入，或者當我們突然看到背負醫療債務和法學院債務的學生湧入時，我確實會覺得這是一個與今天不同的借款人，其分佈也不同。所以我想什麼能讓您有信心維持 20% 的份額？

Yeah, so I'll hear that one, Jeff, and it's a good question because you think about the $1 billion or $1.4 billion market versus 14 -- that $14 billion market historically also had debt forgiveness associated with it. So if you are a medical student or other profession where you thought that at some point you're going to get this loan forgiveness, that's obviously a very attractive option to versus a private product.

是的，傑夫，我會聽取這個問題，這是一個很好的問題，因為你考慮一下 10 億美元或 14 億美元的市場與 140 億美元的市場——140 億美元的市場歷史上也與債務減免有關。因此，如果你是醫學生或其他專業人士，你認為在某個時候你會獲得這筆貸款減免，那麼與私人產品相比，這顯然是一個非常有吸引力的選擇。

And so where I would say that we captured a lot of our volume and some and our competitors as well, is from those more savvy borrowers that felt that they may not get loan forgiveness, but they were looking to rate shop and compare in terms of the rate that they would get from either working posts. Their undergraduate degree had built up a credit score and went out and sort of shopped their loan versus what the government was offering as a rate.

因此，我想說，我們以及我們的競爭對手的大量客戶都來自那些更精明的借款人，他們覺得自己可能無法獲得貸款減免，但他們希望透過評級商店來比較他們從工作崗位獲得的利率。他們的本科學位已經建立了信用評分，他們可以出去比較貸款利率與政府提供的利率。

And so that's really where you saw us compete today because those borrowers no longer will have that option of that debt forgiveness, and that is no, not a factor really going forward and that's where I think there's a tremendous opportunity for us to expand in that marketplace.

這就是我們今天真正競爭的地方，因為那些借款人將不再有債務減免的選擇，而這並不是真正影響未來的因素，我認為這就是我們在該市場擴張的巨大機會。

And we think that's what's driving some of the increased traffic and refi as well as people that have taken out those loans and now interest will begin to accrue the possibility of loan forgiveness is lower than they might have thought it would be at some point in time. And so now the relative value proposition between the federal loan and the private loan has changed, not because we've changed our value proposition, but because the value proposition for a federal loan has changed.

我們認為這就是推動流量和再融資增加的原因，對於已經獲得這些貸款的人來說，現在利息將開始累積，貸款減免的可能性低於他們在某個時間點可能想到的水平。因此，現在聯邦貸款和私人貸款之間的相對價值主張發生了變化，這並不是因為我們改變了我們的價值主張，而是因為聯邦貸款的價值主張發生了變化。

Okay, that's helpful, thanks. And I guess just to follow up on the balance sheet and retaining of economics strategy going forward, I understand in the near term that's the strategy, but I guess just to be clear, you are evaluating a either loan sale or capitalized strategy in the future or why wouldn't you take a closer look at that? I just want to make sure. I don't think you explicitly said yet that you're looking at that, but, I guess why wouldn't you do that, versus just doing more of a balance sheet growth strategy if you have a lot of demand here it seems like that would be a pretty attractive alternative.

好的，這很有幫助，謝謝。我想只是為了跟進資產負債表並保留未來的經濟戰略，我理解在短期內這就是戰略，但我想明確一點，您正在評估未來的貸款銷售或資本化戰略，或者您為什麼不仔細研究一下呢？我只是想確認一下。我認為您還沒有明確表示您正在考慮這一點，但是，我想您為什麼不這樣做呢，而不是僅僅採取更多的資產負債表增長戰略，如果您在這裡有很多需求，這似乎是一個非常有吸引力的選擇。

Yeah, so we agree. I think what what we're saying is that we always look at, we have a variety of alternatives and options with significant capacity to finance loan origination volume. To date, we have mostly been a make and hold lender, but not always, we've done some loan sales in the last 5 to 7 years for a variety of different reasons. So we're confident in that capability based on the originations that we have.

是的，我們同意。我認為我們要說的是，我們總是在考慮，我們有各種各樣的替代方案和選擇，並且具有強大的融資能力來發放貸款。到目前為止，我們主要是一家製造並持有貸款機構，但並非總是如此，由於各種不同的原因，我們在過去 5 到 7 年內也進行了一些貸款銷售。因此，根據我們所擁有的起源，我們對這種能力充滿信心。

As and if volume increases significantly, then looking at those options, we're going to look harder and longer at those options given balance sheet, giving capacity, as I said earlier, it'll be a first class challenge for our team to look at the best execution to fund the incremental loan volume that we're able to achieve.

如果貸款量大幅增加，那麼在考慮這些選項時，我們會更加努力、更長時間地考慮這些選項，考慮到資產負債表和容量，正如我之前所說，對於我們的團隊來說，這將是一個巨大的挑戰，我們需要尋找最佳的執行方案來為我們能夠實現的增量貸款量提供資金。

Ryan Shelley, Bank of America.

美國銀行的瑞安‧雪萊 (Ryan Shelley)。

Yeah, most of mine have been answered, but I guess just one, kind of bigger picture one. Has there been any notable change in the behavior in your student borrowers over the last six months or so? There's obviously been a ton of changes in federal policy beyond just student loan policy. Has there been any impact, whether that's, delinquency rate or elsewhere, just any changes in behavior you could call out, would be super helpful.

是的，我的大部分問題都已得到解答，但我想只有一個，有點更大的圖景。在過去六個月左右的時間裡，你們的學生借款人的行為有顯著變化嗎？顯然，除了學生貸款政策之外，聯邦政策也發生了大量變化。是否有任何影響，無論是犯罪率還是其他方面，只要您能指出任何行為變化，都會非常有幫助。

Yeah, I would say that, so a couple things that Dave mentioned, I know your focus is more on credit, but certainly from a borrower evaluating their finances, that's a big driver of what we're seeing in terms of the refi growth. So the behavior there from having a, if you have a loan from the direct loan program, you are now evaluating your options, whereas perhaps in the past you were not and the interest rate wasn't as big of a factor because if you think about the last four years, you were paying 0% for a majority of that, and now you're back to your normal stated rates.

是的，我想說的是，戴夫提到的幾件事，我知道你的重點更多地放在信貸上，但從借款人評估他們的財務狀況來看，這是我們在再融資增長方面看到的一大驅動力。因此，如果您從直接貸款計劃獲得貸款，那麼您現在就會評估您的選擇，而過去您可能不會這樣做，而且利率也不是那麼重要的因素，因為如果您考慮過去四年，您大部分時間支付的利率為 0%，而現在您又回到了正常的規定利率。

So we're seeing borrowers evaluate the finances and that and we're taking advantage of that opportunity through obviously offering an attractive refi product and we're seeing the growth there. In terms of just the the delinquencies in the quarter, I would say again pointing back to the fact that we had the large disaster forbearance, that was the significant driver of the increase here. Other factors in terms of the macroeconomic outlook, I think you have to take into consideration that some borrowers are coming back to paying those full payments again from the direct loan side, and that is causing some inflationary pressures such as rising rent that you're seeing impact some of the borrowers.

因此，我們看到借款人正在評估財務狀況，我們正在利用這個機會，透過提供有吸引力的再融資產品，我們看到了那裡的成長。就本季的拖欠情況而言，我想再次指出，我們擁有強大的災難承受能力，這是本季拖欠情況增加的重要驅動因素。至於宏觀經濟前景方面的其他因素，我認為你必須考慮到一些借款人又開始從直接貸款方面全額還款，而這會導致一些通膨壓力，例如租金上漲，你會看到這對一些借款人產生了影響。

But overall, what we've seen, I think historically is a benefit from, obviously, those borrowers that are going from 0% back to their original stated rates is creating an opportunity for us for growth. And then from a pressure point, it's something that will continue to monitor and just see how those trends occur over the next couple quarters.

但總體而言，我認為從歷史上看，我們看到的是，那些從 0% 回到最初規定利率的借款人顯然受益，這為我們創造了成長機會。然後從壓力點來看，這將繼續監測並觀察這些趨勢在接下來的幾季如何發生。

Bill Ryan, Seaport Research Partners.

比爾·瑞安（Bill Ryan），海港研究合作夥伴。

Thanks. I just have one quick follow up. Could you remind us what the return profile looks like specifically ROE on your in-school loans versus your refinance loans, given your capital capital allocations.

謝謝。我只想快速跟進一下。考慮到您的資本配置，您能否提醒我們，您的在校貸款與再融資貸款的回報情況具體是什麼樣的 ROE？

Yeah, so certainly we target mid low to mid-teens ROEs, and that's what our focus is on going forward. So from a credit quality, obviously very attractive in both the refi and the in-school product, our FICO scores today for the quarter were above 770. So again, it should give you comfort that these are very high quality loans. And I would say that the coupon's going to somewhat fluctuate just with the overall interest rate environment and the funding that we receive, and they did highlight the fact that we received very attractive advance rates at 98%, some of the highest that we've experienced historically.

是的，所以我們的目標 ROE 當然是中低到中等水平，這也是我們未來的重點。因此，從信用品質來看，再融資和校內產品顯然都非常有吸引力，我們本季的 FICO 分數超過了 770。所以，這應該能讓你感到安心，因為這些都是非常高品質的貸款。我想說的是，票面利率會隨著整體利率環境和我們收到的資金而有所波動，他們確實強調了這樣一個事實，即我們獲得了非常有吸引力的 98% 的預付利率，這是我們歷史上經歷過的最高利率之一。

And as I mentioned in terms of our other financing from an unsecured debt perspective, they were at near all the time tights for us from spread to treasury. So I feel very good about our financing capabilities, the coupon we're offering and the credit quality, to achieve that long term target, I could say in the low to mid-teens are always.

正如我從無擔保債務的角度提到的其他融資一樣，從利差到國庫，它們幾乎一直對我們保持緊縮。因此，我對我們的融資能力、我們提供的息票和信用品質感到非常滿意，為了實現這一長期目標，我可以說利率始終在 15% 到 19% 之間。

Okay, thanks. Thank you. I'm showing no further questions at this time. I would now like to turn it back to Jen Earyes for closing remarks.

好的，謝謝。謝謝。我目前沒有其他問題。現在我想請 Jen Earyes 做最後發言。

Thank you, Danielle, and thank you for everybody who joined the call today. Please contact me if we were not able to take your question, and we can set up some time. And please contact me if you have any follow up questions. Thank you. This concludes today's call.

謝謝你，丹妮爾，也感謝今天參加電話會議的所有人。如果我們無法回答您的問題，請與我聯繫，我們可以安排一些時間。如果您有任何後續問題，請與我聯絡。謝謝。今天的電話會議到此結束。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。