Operator

Good morning, and welcome to the Navient First Quarter 2026 Earnings Conference Call. This call is being recorded. [Operator Instructions]. At this time, I will turn the call over to Jen Earyes, Head of Investor Relations.

Jen Earyes
Head of Investor Relations

Hello, good morning, and welcome to Navient's earnings call for the first quarter of 2026. With me today are David Yowan, Navient's CEO; and Steve Hauber, Navient's CFO. After the prepared remarks, we will open up the call for questions. Today's discussion is accompanied by a presentation, which you can find on navient.com/investors. Before we begin, keep in mind our discussion will contain predictions, expectations, forward-looking statements and other information about our business that is based on management's current expectations as of the date of this presentation.

Actual results in the future may be materially different from those discussed here. This could be due to a variety of factors. Listeners should refer to the discussion of those factors on the company's Form 10-K and other filings with the SEC. During this conference call, we will refer to non-GAAP financial measures, including core earnings, adjusted tangible equity ratio and various other non-GAAP financial measures that are derived from core earnings. Our GAAP results, description of our non-GAAP financial measures and a reconciliation of core earnings to GAAP results can be found in Navient's first quarter 2026 earnings release, which is posted on our website. Thank you. And now I will turn