One gathers Helix Partners Management LP has decided to redistribute its affections – or, more accurately, its 200,000 shares in SLM Corporation. A tidy $5.54 million transaction, completed in the fourth quarter. One assumes they’ve found a more stimulating investment. Though, frankly, what isn’t tiresome these days?
A Modest Reassessment
The divestiture, officially recorded with the SEC on February 13th, 2026, isn’t exactly a shock. One doesn’t need a crystal ball to observe that the market occasionally…adjusts. And Helix, it seems, prefers to adjust before being forced.
The Portfolio, Darling
- NASDAQ:CORZ: $81.54 million (a rather substantial holding, wouldn’t you agree?)
- NYSE:GNL: $30.96 million (perfectly adequate)
- NASDAQ:SATS: $26.09 million (one hopes it’s as stimulating as it sounds)
- NYSE:CNK: $6.97 million (a mere trifle)
- NYSE:PDM: $5.21 million (almost an afterthought)
As of February 12th, 2026, SLM shares were languishing at $24.76 – a 14.6% decline over the past year. Underperforming the S&P 500 by a rather gloomy 27.5 percentage points. One suspects the champagne isn’t flowing freely in those boardrooms.
A Glimpse Behind the Curtain
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.98 billion |
| Net Income (TTM) | $744.85 million |
| Dividend Yield | 2.16% |
| Price (as of market close 2/12/26) | $24.76 |
SLM Corporation, for those unfamiliar, peddles private education loans, along with the usual retail deposit accounts and credit card arrangements. They seem to thrive on the anxieties of students and their families. A rather cynical business model, if you ask me.
What Does it All Mean?
Trimming exposure to a specialist lender after a year of mixed fortunes? It suggests a certain…prudence. Sallie Mae closed 2025 with $3.46 in GAAP diluted EPS and a 5.21% net interest margin. Not disastrous, certainly. And the authorization of a $500 million share repurchase program is a rather flamboyant gesture. Though, one wonders if it’s simply rearranging the deck chairs on the Titanic.
Delinquencies, predictably, are creeping up – 4.0% of loans in repayment, compared to 3.7% a year earlier. Guidance suggests net charge-offs of $345 to $385 million in 2026. “Normalization,” they call it. One suspects it’s a polite term for “trouble.”
Within a portfolio dominated by Core Scientific (50% of assets – a rather alarming concentration, wouldn’t you agree?) and some REIT exposure, reducing a 3.18% position in SLM to a paltry 0.70% speaks volumes. Long-term investors should observe capital returns and credit metrics, naturally. But the trade itself is a rather clear signal. The business remains profitable, yes. But whether growth accelerates enough to justify sticking around? That, my dear, is the question.
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2026-02-14 19:32