Q2 2026 net income rises 79% to $25M; originations up 63%; $528M legacy loans held for sale

Filed August 7, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 30, 2025 · ~2 min read

Key Changes

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  Net income rose 79% to $25M ($0.26 EPS) in Q2 2026 vs $14M ($0.13 EPS) prior year, driven by lower loan-loss provision and operating-expense reductions. Core Earnings net income increased 29% to $27M ($0.29 EPS).

  MD&A: Q2 2026 GAAP and Core Earnings verify on EDGAR →
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  Classified $528M of legacy private education loans as held for sale at June 30, 2026, reversing $19M of allowance through provision and signaling intent to divest non-core assets and focus capital on Earnest origination platform.

  MD&A: Held-for-Sale Classification / Notes: Loans Held for Sale verify on EDGAR →
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  Q2 2026 originations rose 63% to $815M vs $500M prior year; first-half 2026 originations totaled $1.6B, up 62% from $1.0B in H1 2025. Full-year 2025 originations were $2.5B, up 77% from $1.4B in 2024.

  MD&A: Originations Growth verify on EDGAR →