Impactive Capital LP Amends SLM Corp Filing

TL;DR

Impactive Capital LP updated its SLM Corp stake filing on 11/27/24. Watch this space.

AI Summary

Impactive Capital LP, through an amendment filed on November 27, 2024, has updated its Schedule 13D regarding SLM Corporation. The filing indicates a change in beneficial ownership, though specific new holdings or dollar amounts are not detailed in this excerpt. The amendment pertains to SLM Corporation, also known as SLM Corp, a personal credit institution.

Why It Matters

This filing signals a potential shift in significant stakeholder activity for SLM Corporation, which could influence the company's stock performance and strategic direction.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate changes in activist investor positions, which can lead to increased volatility.

Key Numbers

• 0000921895-24-002834 — Accession Number (Unique identifier for the SEC filing)
• 20241127 — Filing Date (Date the amendment was filed with the SEC)

Key Players & Entities

• Impactive Capital LP (company) — Filing entity
• SLM Corporation (company) — Subject company
• LAUREN TAYLOR WOLFE (person) — Individual associated with filing entity
• CHRISTIAN ASMAR (person) — Individual associated with filing entity

FAQ

Key Financial Figures

• $0.20 — ame of Issuer) Common Stock, par value $0.20 per share (Title of Class of Securiti
• $215,737,643 — by the Impactive Funds is approximately $215,737,643, including brokerage commissions. Item
• $13.69 — d a weighted average reference price of $13.69 1 per Share. The Swap Agreements provid
• $12.21 — d into at reference prices ranging from $12.21 to $23.50 per Share. The Reporting Pers
• $23.50 — reference prices ranging from $12.21 to $23.50 per Share. The Reporting Persons undert

Filing Documents

• sc13da412236005_11272024.htm (SC 13D/A) — 135KB
• 0000921895-24-002834.txt ( ) — 137KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration .

is hereby amended

Item 3 is hereby amended and restated as follows: The 15,407,300 Shares beneficially owned by the Impactive Funds were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 15,407,300 Shares beneficially owned by the Impactive Funds is approximately $215,737,643, including brokerage commissions.

Purpose of Transaction

Item 4. Purpose of Transaction .

is hereby amended to add the following

Item 4 is hereby amended to add the following: The sales of the securities reported herein were undertaken for the purposes of effectuating a portfolio rebalancing and are not an indication of the Reporting Persons’ view on the future prospects of the Issuer.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5(a) – (c) are hereby amended and restated as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 212,330,467 Shares outstanding as of September 30, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 23, 2024. A. Impactive Capital (a) As of the close of business on November 27, 2024, Impactive Capital beneficially owned 15,407,300 Shares held by the Impactive Funds. Percentage: Approximately 7.3% (b) 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 15,407,300 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 15,407,300 (c) The transactions in the Shares by Impactive Capital through the Impactive Funds during the past sixty days are set forth on Schedule A and are incorporated herein by reference. B. Impactive Capital GP (a) As the general partner of Impactive Capital, Impactive Capital GP may be deemed to beneficially own the 15,407,300 Shares held by the Impactive Funds. Percentage: Approximately 7.3% 6 CUSIP No. 78442P106 (b) 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 15,407,300 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 15,407,300 (c) Impactive Capital GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Impactive Capital through the Impactive Funds during the past sixty days are set forth on Schedule A and are incorporated herein by reference. C. Ms. Taylor Wolfe and Mr. Asmar (a) Each of Ms. Taylor Wolfe and Mr. Asmar, as Managing Members of Impactive Capital GP, may be deemed to beneficially own the 15,407,300 Shares held by the Impactive Funds.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

is hereby amended

Item 6 is hereby amended to add the following: Impactive Capital has entered into certain cash-settled total return swap agreements (the “ Swap Agreements ”). The Swap Agreements constitute economic exposure to an aggregate of 1,604,866 notional Shares, representing approximately 0.8% of the outstanding Shares, which swaps have a maturity date of September 29, 2027 and a weighted average reference price of $13.69 1 per Share. The Swap Agreements provide Impactive Capital with economic results that are comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Swap Agreements. The Reporting Persons disclaim beneficial ownership of the Shares that are the subject of the Swap Agreements. 1 The reference price reported for these swaps is a weighted average price. These swaps were entered into at reference prices ranging from $12.21 to $23.50 per Share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of notional shares at each separate reference price for each swap within the range set forth in this footnote 1. 7 CUSIP No. 78442P106

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his or her knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: November 27, 2024 Impactive Capital LP By: Impactive Capital LLC its General Partner By: /s/ Lauren Taylor Wolfe Name: Lauren Taylor Wolfe Title: Managing Member Impactive Capital LLC By: /s/ Lauren Taylor Wolfe Name: Lauren Taylor Wolfe Title: Managing Member /s/ Lauren Taylor Wolfe Lauren Taylor Wolfe /s/ Christian Asmar Christian Asmar 8 CUSIP No. 78442P106 SCHEDULE A Transaction in the Shares of the Issuer during the past Sixty Days Nature of Transaction Amount of Shares (Sold) Price per Share ($) Date of Sale IMPACTIVE CAPITAL LP (through the Impactive Funds) Sale of Common Stock (287,440) 22.2264 10/02/2024 Sale of Common Stock (54,049) 22.0342 10/03/2024 Sale of Common Stock (215,379) 22.6702 10/04/2024 Sale of Common Stock (95,385) 22.5239 10/07/2024 Sale of Common Stock (56,747) 22.8267 10/09/2024 Sale of Common Stock (141,407) 22.7577 10/10/2024 Sale of Common Stock (320,149) 23.2309 10/11/2024 Sale of Common Stock (20) 23.2700 10/14/2024 Sale of Common Stock (106,980) 23.3062 10/15/2024 Sale of Common Stock (195,044) 23.6227 10/16/2024 Sale of Common Stock (179,653) 23.5172 10/17/2024 Sale of Common Stock (540,000) 26.1710 11/22/2024

View Full Filing

View this SC 13D/A filing on SEC EDGAR