Form 8-K

8-K — NAVIENT CORP

Accession: 0001140361-26-040389

Filed: 2026-10-21

Period: 2026-10-21

CIK: 0001593538

SIC: 6211 (SECURITY BROKERS, DEALERS & FLOTATION COMPANIES)

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — ef20084105_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20084105_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (ef20084105_ex99-2.htm)

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8-K

8-K (Primary)

Filename: ef20084105_8k.htm · Sequence: 1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2026

Navient Corporation

(Exact name of registrant as specified in its charter)

Delaware

001-36228

42-4701395

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

13865 Sunrise Valley Drive

Herndon, Virginia

20171

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area

Code: 302 283-8000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the

following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR

230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR

240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange

Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange

Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common stock, par value $0.01 per share

NAVI

The NASDAQ Global Select Market

6% Senior Notes due December 15, 2043

JSM

The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this

chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to

use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Explanatory Note

On October 21, 2026, Navient Corporation (the “Company”) announced plans to implement a new holding company pursuant to an internal reorganization (the

“Reorganization”) during the fourth quarter of 2026 by executing a tax-free merger of the Company with and into Relay Merger Sub LLC (“Merger Sub”), a subsidiary of Navient Holdings, Inc. (“Navient Holdings”), with Merger Sub continuing as the

surviving entity with the name Navient LLC.

As a result of the Reorganization, Navient Holdings is expected to become the new holding company of Navient LLC and E Parent, Inc. The Company’s common stock would be

exchanged on a one-for-one basis for Navient Holdings’ common stock, and Navient Holdings’ common stock would continue to trade under the symbol “NAVI” on the Nasdaq Global Select Market. Accordingly, upon consummation of the Reorganization, the

Company’s stockholders immediately prior to the consummation of the Reorganization would become stockholders of Navient Holdings. The stockholders of the Company would not recognize gain or loss for U.S. federal income tax purposes upon the

conversion of their shares of common stock of the Company for shares of common stock of Navient Holdings. Upon the completion of the reorganization, Navient LLC will assume the obligations of the listed notes currently held at the Company and

continue to be a reporting company.

The Reorganization will be conducted pursuant to Section 251(g) of the General Corporation Law of the State of Delaware, which permits an internal reorganization to

implement a holding company without a vote of the stockholders of the constituent corporation. Immediately after consummation of the Reorganization, Navient Holdings would have, on a consolidated basis, the same directors, assets, businesses and

operations as the Company had immediately prior to the consummation of the Reorganization. The directors of the Company and their committee memberships and titles would be the same as the directors of the Company immediately prior to the

Reorganization. The executive officers and officers of Navient Holdings would be the same as the executive officers and officers, respectively, of the Company immediately prior to the Reorganization.

The Company may determine not to implement the Reorganization, or the completion of the Reorganization could be delayed beyond the currently anticipated timeframe,

including due to factors beyond the Company’s control.

Item 7.01

Regulation FD Disclosure.

On October 21, 2026, the Company issued a press release announcing the Reorganization (as defined above) and an accompanying investor presentation including additional

information related to the planned Reorganization. A copy of the press release and the investor presentation are furnished as Exhibits 99.1 and 99.2, respectively, hereto and are incorporated herein by reference.

The information furnished under this Item 7.01, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act

of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange

Act, except as expressly set forth by specific reference in such a filing.

Item 8.01

Other Events.

The information set forth in the Explanatory Note of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.

Cautionary Note Regarding Forward-Looking Statements.

This Current Report on Form 8-K includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act and Section

21E of the Exchange Act. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such

forward-looking statements include, without limitation, statements regarding the Reorganization and other risks and uncertainties contained in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the

Company’s most recently filed Annual Report on Form 10-K. By their nature, forward-looking statements address matters that are subject to risks and uncertainties.

These forward-looking statements speak only as of the date of this Current Report on Form 8-K, and the Company undertakes no obligation to publicly update or revise

any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Press Release, dated October 21, 2026.

99.2

Investor Presentation, dated October 21, 2026.

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

NAVIENT CORPORATION

Dated: October

21, 2026

/s/ Matthew Sheldon

Matthew Sheldon, Senior Vice President & General Counsel

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20084105_ex99-1.htm · Sequence: 2

Exhibit 99.1

NEWS RELEASE

For immediate release

Navient to establish new holding company structure

HERNDON, Va., Oct. 21, 2026—Navient

Corporation (Nasdaq: NAVI) today announced it intends to establish a new holding company structure. Under the new structure, the new parent company, named Navient Holdings, Inc., will become the new holding company of Navient LLC and E Parent,

Inc. (Earnest). Upon completion of the reorganization, Navient LLC will assume the obligations of the listed notes currently held at Navient Corporation and continue to be a reporting company.

Existing shares of Navient Corporation will automatically convert on a one-for-one basis into shares of common stock of Navient Holdings. Trading is expected to

continue uninterrupted under the symbol “NAVI” on the Nasdaq Global Select Market.

“Over the past several years, we have reshaped Navient around the businesses that represent our future growth while strengthening the company’s financial and

operating foundation,” said Edward Bramson, Navient’s CEO and chair of the board. “This reorganization builds on that work by creating a clearer and more efficient organizational framework that we believe will support disciplined execution, improve

strategic flexibility, and enhance long-term shareholder value.”

The new corporate structure is expected to be in effect during the fourth quarter of 2026. Navient Corporation’s board of directors and its executive officers

will continue in their same roles.

The reorganization will be conducted pursuant to Section 251(g) of the Delaware General Corporation Law and no action will be required by Navient Corporation

stockholders.

Webcast Details

Navient will host an audio webcast to discuss the reorganization on Thursday, Oct. 22, 2026, at 8:30 a.m. Eastern Time. The presentation will be led by Edward

Bramson with Steve Hauber, CFO, and Roger Yankoupe, SVP, treasurer and investor relations, also participating.

The webcast will be available on Navient.com/investors; a replay of the webcast will be available on the site. Supplemental materials will

also be available on the website prior to the meeting

* * *

About Navient

Navient (Nasdaq: NAVI) creates long-term value for customers and investors with responsible lending, flexible refinancing, trusted

servicing oversight, and decades of education finance and portfolio management expertise. Through our Earnest business, we help customers confidently achieve financial success through digital financial services. Our employees thrive in a culture of

belonging, where they are supported and proud to deliver meaningful outcomes. Learn more on Navient.com.

Contact:

Media: Cate Fitzgerald, 703-831-6347, catherine.fitzgerald@navient.com

Investors: Micah Andrews, 571-415-5413, micah.andrews@navient.com

Roger Yankoupe, 571-592-8569, roger.yankoupe@navient.com

# # #

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: ef20084105_ex99-2.htm · Sequence: 3

Exhibit 99.2

October 21, 2026 Corporate Reorganization 1

Forward-Looking Statements and Non-GAAP Financial Measures The following

information is current as of June 30, 2026 (unless otherwise noted) and should be read in connection with Navient Corporation’s (“Navient”) Annual Report on 2025 Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”), filed by

Navient with the Securities and Exchange Commission (the “SEC”) on February 26, 2026 and subsequent reports filed by Navient with the SEC. Definitions for capitalized terms in this presentation not defined herein can be found in the 2025 Form

10-K. This presentation contains “forward-looking statements,” within the meaning of the federal securities laws, about our business, and prospectus and other information that is based on management’s current expectations as of the date of

this presentation. Statements that are not historical facts, including statements about our beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements and often contain

words such as “expect,” “anticipate,” “assume,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “may,” “could,” “should,” “goals,” or “target.” Such statements are based on management's expectations as of the date of this release

and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. For Navient, these factors include, among other things: • general

economic conditions, including the potential impact of inflation and interest rates on Navient and its clients and customers and on the creditworthiness of third parties; and • increased defaults on education loans held by us. The

company could also be affected by, among other things: • unanticipated repayment trends on education loans including prepayments or deferrals resulting from new interpretations or the timing of the execution and implementation of current

laws, rules or regulations or future laws, executive orders or other policy initiatives that operate to encourage or require consolidation, abolish existing or create additional income-based repayment or debt forgiveness programs or establish

other policies and programs or extensions of previously announced deadlines which may increase or decrease the prepayment rates on education loans and accelerate or slow down the repayment of the bonds in our securitization trusts; • a

reduction in our credit ratings; • changes to applicable laws, rules, regulations and government policies and expanded regulatory and governmental oversight; • changes in the general interest rate environment, including the availability of

any relevant money-market index rate or the relationship between the relevant money-market index rate and the rate at which our assets are priced; • the interest rate characteristics of our assets do not always match those of our funding

arrangements; • adverse market conditions or an inability to effectively manage our liquidity risk or access liquidity could negatively impact us; • the cost and availability of funding in the capital markets; our ability to earn Floor

Income and our ability to enter into hedges relative to that Floor Income are dependent on the future interest rate environment and therefore is variable; • our use of derivatives exposes us to credit and market risk; • our ability to

continually and effectively align our cost structure with our business operations; • a failure or breach of our operating systems, infrastructure or information technology systems; • failure by any third party providing us material services

or products or a breach or violation of law by one of these third parties; • our current or previous work with government clients exposes us to additional risks inherent in the government contracting environment; • acquisitions, strategic

initiatives and investments or divestitures that we pursue; • shareholder activism; reputational risk and social factors; and • the other factors that are described in the “Risk Factors” section of Navient’s Annual Report on Form 10-K for

the year ended December 31, 2025, and in our other reports filed with the SEC. The preparation of our consolidated financial statements also requires management to make certain estimates and assumptions including estimates and assumptions

about future events. These estimates or assumptions may prove to be incorrect and actual results could differ materially. All forward-looking statements contained in this release are qualified by these cautionary statements and are made only

as of the date of this release. The company does not undertake any obligation to update or revise these forward-looking statements except as required by law. Navient reports financial results on a GAAP basis and also provides certain

non-GAAP performance measures, including Core Earnings, Adjusted Tangible Equity Ratio, and various other non-GAAP financial measures derived from Core Earnings. When compared to GAAP results, Core Earnings exclude the impact of: (1)

mark-to-market gains/losses on derivatives; and (2) goodwill and acquired intangible asset amortization and impairment. Navient provides Core Earnings measures because this is what management uses when making management decisions regarding

Navient’s performance and the allocation of corporate resources. Navient Core Earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. For additional information, see Core

Earnings in Navient’s second quarter 2026 earnings release for a complete reconciliation between GAAP net income and Core Earnings. 2

New corporate structure Legacy business: Navient LLC(1) Holds all legacy loans

(FFELP and Legacy Private) and all Earnest loans originated through December 31, 2026 Files standalone financial statements with SEC Debt securities remain SEC-registered Separates Legacy and Continuing businesses into two subsidiaries,

each wholly-owned by a newly formed holding company – Navient Holdings, Inc. Continuing business: Earnest(2) Originates and services new loans Navient Holdings, Inc. Holds all shares of subsidiaries Files consolidated financial

statements with SEC Equity securities are SEC-registered Existing Navient Corporation becomes Navient LLC as a result of corporate reorganization E Parent, Inc. 3

Illustrative post-reorganization balance sheets at 6/30/26(3) Figures in $

millions (1) E Parent, Inc. (2) Earnest numbers exclude any required working capital (3) Navient Holdings, Inc.’s net assets agree to Navient’s June 30, 2026 total equity. Earnest’s net assets are the net assets that reside in the legal

entities of Earnest as of June 30, 2026 as well as a preliminary estimate of the goodwill that would be allocated to such business based on the relative fair value of the related businesses that will reside at Earnest and Navient LLC. The

Navient LLC net assets are the difference between the net assets at Navient Holdings, Inc. and Earnest. 4 Goodwill $46 Other, net $16 Net Assets(2) $62 Navient Holdings, Inc. 100% Ownership 100% Ownership Investment

in Consolidated Subsidiaries $2,398 Net Assets $2,398 Cash $770 Net Assets $2,336 Earnest(1) Navient LLC

(1) Also includes Earnest loans originated through December 31, 2026 Objectives

of new corporate structure 5 Legacy business Focus on maximizing cash flow generation from Navient’s portfolio of non-strategic legacy assets that we no longer originate(1) Principal metric: cash after unsecured debt service Continuing

business Focus more attention on Earnest, which has attractive growth characteristics and lower capital intensity Principal metric: long-term return on attributable equity Facilitate separation of businesses if / when appropriate

Legacy business: Navient LLC Large portfolio, majority comprised of legacy

assets that we no longer originate Run-off depresses earnings and ROE trends Run-off portfolios projected to generate robust discretionary cash Available for distribution to Holdings for growth or shareholder distributions As of June

30, 2026 Projections are based on internal estimates and assumptions and are subject to ongoing review and modification. Projections are forecasted as of June 30, 2026, are through 2045 after repayment of secured borrowings, use a SOFR

forward curve, are agnostic to timing discrepancies, and assume funding spreads remain static. These projections may prove to be incorrect. Outsourced servicing function on a variable expense basis beginning in 2024 6 ($

billions) December 31, 2024 June 30, 2026 FFELP $30.9 $26.6 Private – Legacy 6.5 5.4 Subtotal Non-Strategic Loan Assets $37.4 $31.9 Earnest (through 12/31/26) 9.2 10.3 Total Loan Assets $46.6 $42.2 ($ billions) As of June

30, 2026 Unrestricted Cash Balance(1) $0.8 Forecasted Portfolio Cash Inflows(2) 11.8 Forecasted Variable Servicing Expense(3) (0.6) Projected Net Sources of Cash $12.0 Repayment of Unsecured Debt Principal (5.3) Interest Expense

on Unsecured Debt (1.9) Projected Discretionary Cash Before Overhead and Taxes $4.7

Originations are 2026 forecast; direct non-marketing operating expenses as % of

originations is based on forecasted expenses and originations; all other metrics are 2026 actual through June 30, 2026 Weighted average for Refinance and In-School/Grad products Reflects Earnest’s direct non-marketing operating expenses as

represented in Navient's Consumer Lending segment, excluding all sales and marketing costs (primarily loan acquisition) and unallocated shared service expenses (reported in Navient’s “Other” segment). Earnest’s direct non-marketing operating

expenses represent $64M and $84M of 2024 actual expenses and 2026 forecasted expenses, respectively, of Navient’s Consumer Lending segment total expenses of $143M in 2024 and $176M forecasted for 2026. These figures are used to evaluate

non-marketing expenses relative to loan origination volume and to calculate the percentage of such expenses to loans originated and forecasted to be originated in 2024 and 2026. Weighted average for Refinance product Continuing business:

Earnest Increasing growth and credit quality Strong capital and operating efficiency trends Expect to add additional products, over time, that have marketing and cost of acquisition synergies 7 2024 2026(1) Originations ($

millions) $1,401 $3,800F FICO(2) 756 774 % of originations 2024 2026(1) Direct Non-Marketing Operating Expenses(3) 4.6% 2.2% AAA Debt % of Financing(4) 89% 94%

Source: Moody’s, Rating Methodology – Finance Companies (July 18, 2024) As of

June 30, 2026; item is a non-GAAP financial measure. See Appendix for further detail. ATE percentage 8 Adjusted Tangible Equity (“ATE”) percentage is a significant component of Navient’s unsecured debt rating Defined as tangible equity as

a percent of tangible assets Effectively excludes government guaranteed loans GAAP requires consolidation of assets securitized, notwithstanding “true sale” Range of ATE for current rating 8-12%(1) ATE percentage currently 9.0%(2)

Item is a non-GAAP financial measure. See Appendix for further detail.

Reconciliations of forward-looking non-GAAP financial measures are not provided because the company is unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the

occurrence and financial impact of certain items, including, but not limited to, the impact of any mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks Assumes 2027 originations of $3.8

billion, equal to 2026 forecasted originations and adjusted tangible equity remaining unchanged; excludes further growth in originations from 2026 level. Impact of continued growth on ATE percentage(1) Without the corporate reorganization,

ATE percentage would begin to constrain growth in 2027(2) 9

Corporate reorganization improves future ATE trends 10 Starting in 2027, a

portion of newly securitized assets may be held on Holdings’ standalone balance sheet Expect to operate Navient LLC with ATE percentage significantly in excess of minimum

Other items 11 Exploring re-segmentation during 2027 Legacy

activities Continuing activities Considering adopting Fair Value Option for additional products Evaluating further optimization of loan portfolios Classifying an additional $1.4 billion of Legacy loans to Held for Sale in Q3 2026

Appendix 12

Non-GAAP Financial Measures In addition to financial results reported on a GAAP

basis, Navient also provides certain performance measures which are non-GAAP financial measures. The definition for the non-GAAP financial measure and reconciliation found in this presentation is provided below: Adjusted Tangible Equity

Ratio (ATE) - The Adjusted Tangible Equity Ratio measures Navient’s tangible equity, relative to its tangible assets. We adjust this ratio to exclude the assets and equity associated with our FFELP portfolio because FFELP Loans are no longer

originated and the FFELP portfolio bears a 3% maximum loss exposure under the terms of the federal guaranty. Management believes that excluding this portfolio from the ratio enhances its usefulness to investors. To determine Adjusted Tangible

Equity Ratios, we calculate the Adjusted Tangible Equity (GAAP Total Equity less Goodwill & Acquired Intangible Assets less Equity held for FFELP Loans) and divide by Adjusted Tangible Assets (Total Assets less Goodwill & Acquired

Intangible Assets less FFELP Loans). 13

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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