Recent Updates — JSM

Navient Corporation announced plans to implement a corporate reorganization during the fourth quarter of 2026 by merging with and into Relay Merger Sub LLC, a subsidiary of Navient Holdings, Inc. The surviving entity will be renamed Navient LLC. Existing shares of Navient Corporation will automatically convert on a one-for-one basis into shares of common stock of Navient Holdings, which will continue to trade under the symbol "NAVI" on the Nasdaq Global Select Market. No vote by stockholders is required for this internal reorganization under Delaware law. Upon completion, Navient LLC will assume the obligations of the company's listed senior notes and remain a reporting entity. The board of directors and executive officers will continue in their current roles. Navient operates in the education finance sector, providing student loan servicing, refinancing, and portfolio management through its Earnest business.

Navient Corporation appointed Diane E. Offereins to its Board of Directors effective September 24, 2026. Ms. Offereins is an independent director with over 35 years of financial services experience, previously serving as Executive Vice President of Payment Services at Discover Financial Services. She will serve on the Audit Committee and Compensation and Human Resources Committee. This appointment follows the retirement of a board member in June 2026. Navient operates in the education finance and portfolio management industry.