Mondelez Q1 2026 Guidance on Consumer Confidence in Developed Markets

Factors that contributed to SLM’s strong loan originations in Q1 2026

SLM reported $2.9 billion of loan originations in Q1 2026, up 5% year over year. ¹ Management attributed the outperformance primarily to “strength in [the] loan disbursement funnel”. ¹ Below are the key, filing-supported drivers behind that funnel strength and the broader execution context.

1) Strong execution through the loan disbursement funnel

SLM explicitly stated that Q1 2026 originations were driven by “strength in our loan disbursement funnel.” ¹ This is the clearest direct causal factor provided for originations performance in the quarter. ¹

2) Active improvements across the end-to-end delivery system

SLM said it has been preparing for the expected multiyear growth opportunity by implementing improvements across its delivery system, including products/features, enhanced client acquisition strategies, and improved servicing and fulfillment capabilities. ¹ Management noted it had already rolled out several enhancements, including new medical and dental school offerings (with more to come). ¹ These changes are consistent with improving lead generation, conversion, and ultimately disbursement—i.e., strengthening the funnel. ¹

3) Higher-quality credit underwriting and borrower eligibility support (consistent with sustained origination capacity)

While underwriting discipline is often discussed in the context of credit performance, SLM also links performance to maintaining strong originations without loosening credit standards. ² In Q1 2026, SLM reported that credit quality across new originations remained strong, including cosigner rates increasing to 95% and average FICO approval rising to 754. ² Management described these as the result of a deliberate, multiyear focus on enhancing credit quality. ²

4) Favorable credit-cycle context didn’t disrupt originations (and delinquency stayed stable)

SLM reported that net charge-offs and delinquencies were consistent with or slightly better than expectations. ¹ Specifically, net charge-offs were $89 million, driven by continued underwriting discipline and optimization of loss mitigation, collections, and recovery strategies. ¹ It also reported loans 30+ days delinquent were 3.98% of loans in repayment (modestly lower than end of 2025), and later-stage delinquency buckets remained steady at 1%. ² Management further emphasized that delinquency trends were stable. ²³

Although credit performance isn’t identical to originations volume, maintaining stable/modestly better-than-expected credit dynamics typically reduces operational friction (e.g., tightening capacity or changing credit rules) that could otherwise limit originations throughput—supporting the ability to keep the disbursement funnel full. ¹²

5) Portfolio/partner strategy and capital flexibility supported growth execution capacity

SLM also described actions that improved capital flexibility during the quarter, which can support originations by ensuring funding capacity for new production and/or allowing the company to lean into market opportunities. ⁴ In Q1 2026, SLM executed $3.3 billion in loan sales including:

• $1.3 billion of planned new origination sales through strategic partnerships ⁴
• $2.0 billion of a seasoned loan portfolio sale at gains in the mid- to high-single-digit range ⁴

Additionally, management said strong ongoing investor demand in structured finance markets continues to support capacity for both seasoned portfolio sales and the strategic partnerships business. ⁴ This matters because the strategic partnerships platform is part of how SLM routes production and generates capacity to originate/disburse effectively. ⁴

6) Operational groundwork for future volume increases (even if not yet fully reflected)

SLM said performance in Q1 2026 precedes the expected multiyear growth tied to federal reforms, and it believes this could increase originations by up to 70% over the next several years. ¹ To capture that future growth, SLM stated it is already actively preparing and has rolled out enhancements (e.g., medical/dental offerings) during 2026. ¹ While this statement is forward-looking, it provides context for why the disbursement funnel was strong in the quarter. ¹

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Summary (directly answering the “what factors” question)

SLM’s strong Q1 2026 loan originations of $2.9 billion (+5% YoY) were driven primarily by strength in the loan disbursement funnel. ¹ That funnel strength appears to have been supported by improvements across its end-to-end delivery system (products/features, client acquisition, servicing/fulfillment), including new medical and dental school offerings. ¹ In parallel, SLM maintained strong credit quality in new originations (e.g., 95% cosigner rate and 754 average FICO approval) and reported stable delinquency/charge-off outcomes consistent with expectations. ² Finally, loan sales and strategic partnerships—supported by strong investor demand—helped preserve capital flexibility and capacity to originate and disburse. ⁴