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  "documentTitle": "Morgan Stanley Investor Presentation",
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  "notes": "Includes two charts: a line chart for cumulative defaults by vintage and a combo bar/line chart for consolidation volume and trends.",
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      "kind": "callout",
      "text": "Announced a 2023 second-quarter dividend on common stock of $0.11 per share, to be paid on June 15th, 2023, to stockholders of record at the close of business on June 2nd, 2023.",
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      "text": "Smart Option Student Loans - Serviced Portfolio: Total Portfolio Cumulative Defaults by P&I Repayment Vintage",
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      "text": "Consolidation Trends: Year-to-Date consolidations through May 2023 are the lowest they have been since year-to-date through May 2018, representing only 8.3% of loans in P&I repayment.",
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      "text": "P&I Cohort Default Trends: Based on regularly published P&I cohort data updated through May 31, 2023, we believe the portfolio is tracking in line with expected Cumulative Defaults. Annualized net charge-off rate through May 2023 is 2.38%. Entry to delinquency rate continues to be lower than 2022 levels.",
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      "text": "Confidential and proprietary information. © 2022 Sallie Mae Bank. All rights reserved.",
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      "text": "Year-to-Date 2023 Highlights as of 5/31/2023",
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