SLM's Improving Loan Management and Positive Trends Justify Buy RatingWe provide our thoughts on SLM's August 2025 monthly trust data. While delinquencies were up, we note that early stage were stable, last month's early stage roll through, but roll rates, particularly to NCO are improving. Overall, August delinquencies were up 21 bps m/m, higher (worse) than the seasonal (+14 bps) performance for August, driven by a 23 bps increase in late stage delinquencies as July's increase rolls through. Early stage DQs were down 2 bps m/m. As a % of loans in full P&I, DQs rose 47 bps from July (+39 bps from late stage), higher (worse) than the seasonals of 29 bps.