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Nelnet
NNI
#3450
Rank
S$5.78 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
S$161.78
Share price
0.85%
Change (1 day)
-0.17%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Nelnet
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Nelnet - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    
For the transition period from  to . 
Commission File Number: 001-31924
Nelnet_Logo_color.jpg
NELNET, INC.
(Exact name of registrant as specified in its charter)

Nebraska                          84-0748903
(State or other jurisdiction of incorporation or organization)         (I.R.S Employer Identification No.)
121 South 13th Street, Suite 100                
Lincoln, Nebraska                      68508
    (Address of principal executive offices)                     (Zip Code)
(402) 458-2370
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $0.01 per ShareNNINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                    Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                             Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒                    Accelerated filer ☐
Non-accelerated filer ☐                    Smaller reporting company ☐
        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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2026, there were 25,162,763 and 10,616,675 shares of Class A Common Stock and Class B Common Stock, par value $0.01 per share, outstanding, respectively (excluding 11,305,731 shares of Class A Common Stock held by wholly owned subsidiaries).





NELNET, INC.
FORM 10-Q
INDEX
June 30, 2026


2
Item 1.  Financial Statements
2
Item 2.  Management’s Discussion And Analysis Of Financial Condition And Results Of Operations
34
Item 3.  Quantitative And Qualitative Disclosures About Market Risk
64
Item 4.  Controls And Procedures
69
69
Item 1. Legal Proceedings
69
Item 1a.  Risk Factors
69
Item 2.  Unregistered Sales Of Equity Securities And Use Of Proceeds
69
Item 5.  Other Information
70
Item 6.  Exhibits
70
71








PART I. FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(unaudited)
As of
As of
June 30, 2026December 31, 2025
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $165,065 and $132,078, respectively)
$9,802,215 10,006,695 
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party46,783 128,142 
Cash and cash equivalents - held at a related party125,647 167,841 
Total cash and cash equivalents172,430 295,983 
Investments and notes receivable:
Investments at fair value1,701,392 1,414,636 
Other investments and notes receivable, net967,352 933,335 
Total investments and notes receivable2,668,744 2,347,971 
Restricted cash285,845 357,639 
Restricted cash - due to customers508,039 319,924 
Accounts receivable (net of allowance for doubtful accounts of $4,098 and $2,758, respectively)
169,922 193,453 
Goodwill206,835 158,029 
Intangible assets, net96,003 29,283 
Property and equipment, net80,732 75,532 
Other assets284,299 279,274 
Total assets$14,275,064 14,063,783 
Liabilities:
Bonds and notes payable$7,043,156 7,780,927 
Accrued interest payable16,265 20,426 
Bank deposits2,219,249 1,669,173 
Other liabilities521,048 558,184 
Due to customers839,910 457,844 
Total liabilities10,639,628 10,486,554 
Commitments and contingencies
Equity:
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding
— — 
Common stock:
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 25,163,944
     shares and 25,259,718 shares, respectively
252 253 
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding
     10,616,675 shares
106 106 
Additional paid-in capital1,777 1,481 
Retained earnings3,770,251 3,681,333 
Accumulated other comprehensive (loss) earnings, net(1,847)2,619 
Total Nelnet, Inc. shareholders' equity3,770,539 3,685,792 
Noncontrolling interests(135,103)(108,563)
Total equity3,635,436 3,577,229 
Total liabilities and equity$14,275,064 14,063,783 
Supplemental information - assets and liabilities of consolidated education and other lending variable-interest entities:
Loans and accrued interest receivable$7,742,049 8,780,878 
Restricted cash271,573 326,281 
Bonds and notes payable(7,189,895)(8,112,424)
Accrued interest payable and other liabilities(121,220)(133,502)
Net assets of consolidated education and other lending variable-interest entities$702,507 861,233 
See accompanying notes to consolidated financial statements.
2


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share data)
(unaudited)
Three months endedSix months ended
June 30,June 30,
2026202520262025
Interest income:
Loan interest$164,598 172,104 335,622 338,543 
Investment interest40,315 40,185 80,517 81,574 
Total interest income204,913 212,289 416,139 420,117 
Interest expense on bonds and notes payable and bank deposits108,902 132,854 218,485 257,968 
Net interest income96,011 79,435 197,654 162,149 
Less provision for loan losses41,077 17,930 94,321 33,267 
Less provision for beneficial interests2,441 4,977 6,571 6,487 
Net interest income after provision52,493 56,528 96,762 122,395 
Other income (expense):
Loan servicing and systems revenue132,244 120,724 260,086 241,465 
Education technology services and payments revenue118,884 118,184 273,319 265,515 
Reinsurance premiums earned40,625 26,112 63,161 50,799 
Solar construction revenue— 1,259 — 5,254 
Other, net18,399 22,976 28,836 47,579 
Gain on partial redemption of ALLO investment— 175,044 — 175,044 
Derivative market value adjustments and derivative settlements, net3,852 (3,122)6,019 (8,701)
Total other income (expense), net314,004 461,177 631,421 776,955 
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs2,087 1,845 4,174 3,478 
Cost to provide education technology services and payments39,183 39,844 89,136 87,891 
Cost to provide solar construction services— 14,050 — 21,878 
Total cost of services41,270 55,739 93,310 113,247 
Salaries and benefits152,664 134,699 292,035 272,922 
Depreciation and amortization10,142 7,624 19,312 16,879 
Reinsurance losses and underwriting expenses32,809 25,662 56,414 47,874 
Other expenses64,199 56,617 126,038 104,924 
Total operating expenses259,814 224,602 493,799 442,599 
Income before income taxes65,413 237,364 141,074 343,504 
Income tax expense(19,942)(59,510)(40,003)(84,521)
Net income45,471 177,854 101,071 258,983 
Net loss attributable to noncontrolling interests21,191 3,605 36,717 5,035 
Net income attributable to Nelnet, Inc.$66,662 181,459 137,788 264,018 
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted$1.85 4.97 3.82 7.24 
Weighted-average common shares outstanding - basic and diluted
36,037,509 36,485,605 36,057,102 36,482,035 
See accompanying notes to consolidated financial statements.
3


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(unaudited)
Three months ended June 30,Six months ended June 30,
2026202520262025
Net income$45,471 177,854 101,071 258,983 
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments$(1,575)(131)(2,772)(147)
Net changes related to available-for-sale debt securities:
Unrealized holding gains (losses) arising during period, net 4,213 (657)(2,245)(3,425)
Reclassification of gains recognized in net income, net(479)(595)(902)(1,077)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity8 94 13 141 
Income tax effect(898)2,844 278 (880)752 (2,382)1,047 (3,314)
Net changes related to cash flow hedges:
Fair value adjustments during period, net565 (625)867 (625)
Income tax effect(136)429 150 (475)(208)659 150 (475)
Net changes related to equity method investee's other comprehensive income:
Cash flow hedge fair value adjustment during period(15)(385)37 340 
Income tax effect4 (11)92 (293)(8)29 (82)258 
Other comprehensive income (loss)1,687 (1,779)(4,466)(3,678)
Comprehensive income47,158 176,075 96,605 255,305 
Comprehensive loss attributable to noncontrolling interests21,191 3,605 36,717 5,035 
Comprehensive income attributable to Nelnet, Inc.$68,349 179,680 133,322 260,340 

See accompanying notes to consolidated financial statements.
4


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Dollars in thousands, except share data)
(unaudited)
Nelnet, Inc. Shareholders
Preferred stock sharesCommon stock sharesPreferred stockClass A common stockClass B common stockAdditional paid-in capital Retained earningsAccumulated other comprehensive (loss) earningsNoncontrolling interestsTotal equity
Class AClass B
Balance as of March 31, 2025—25,697,58110,658,604$— 257 107 6,649 3,412,939 (429)(56,514)3,363,009 
Net income (loss)———— — — — 181,459 — (3,605)177,854 
Other comprehensive loss———— — — — — (1,779)— (1,779)
Issuance of noncontrolling interests———— — — — — — 3,882 3,882 
Distribution to noncontrolling interests———— — — — — — (30,670)(30,670)
Cash dividends on Class A and Class B common stock - $0.28 per share
———— — — — (10,162)— — (10,162)
Issuance of common stock, net of forfeitures—24,703—— — — 2,153 — — — 2,153 
Compensation expense for stock-based awards———— — — 3,296 — — — 3,296 
Repurchase of common stock—(183,554)—— (2)— (11,461)(9,897)— — (21,360)
Acquisition of remaining 20% of NextGen, net of tax
———— — — — 1,853 — (5,383)(3,530)
Balance as of June 30, 2025—25,538,73010,658,604$— 255 107 637 3,576,192 (2,208)(92,290)3,482,693 
Balance as of March 31, 2026—25,334,87010,616,675$— 253 106 1,535 3,732,931 (3,534)(125,279)3,606,012 
Net income (loss)———— — — — 66,662 — (21,191)45,471 
Other comprehensive income———— — — — — 1,687 — 1,687 
Issuance of noncontrolling interests———— — — — — — 22,557 22,557 
Distribution to noncontrolling interests———— — — — — — (11,190)(11,190)
Cash dividends on Class A and Class B common stock - $0.33 per share
———— — — — (11,820)— — (11,820)
Issuance of common stock, net of forfeitures—19,355—— — — 1,935 — — — 1,935 
Compensation expense for stock-based awards———— — — 5,137 — — — 5,137 
Repurchase of common stock—(190,281)—— (1)— (6,830)(17,522)— — (24,353)
Balance as of June 30, 2026—25,163,94410,616,675$— 252 106 1,777 3,770,251 (1,847)(135,103)3,635,436 
See accompanying notes to consolidated financial statements.

5


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Dollars in thousands, except share data)
(unaudited)
Nelnet, Inc. Shareholders
Preferred stock sharesCommon stock sharesPreferred stockClass A common stockClass B common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive (loss) earningsNoncontrolling interestsTotal equity
Class AClass B
Balance as of December 31, 2024—25,634,74810,658,604$— 256 107 7,389 3,340,540 1,470 (50,645)3,299,117 
Net income (loss)———— — — — 264,018 — (5,035)258,983 
Other comprehensive loss———— — — — — (3,678)— (3,678)
Issuance of noncontrolling interests———— — — — — — 6,179 6,179 
Distribution to noncontrolling interests———— — — — — — (37,406)(37,406)
Cash dividends on Class A and Class B common stock - $0.56 per share
———— — — — (20,322)— — (20,322)
Issuance of common stock, net of forfeitures—126,027—— 1 — 2,816 — — — 2,817 
Compensation expense for stock-based awards———— — — 6,351 — — — 6,351 
Repurchase of common stock—(222,045)—— (2)— (15,919)(9,897)— — (25,818)
Acquisition of remaining 20% of NextGen, net of tax
———— — — — 1,853 — (5,383)(3,530)
Balance as of June 30, 2025—25,538,73010,658,604$— 255 107 637 3,576,192 (2,208)(92,290)3,482,693 
Balance as of December 31, 2025—25,259,71810,616,675$— 253 106 1,481 3,681,333 2,619 (108,563)3,577,229 
Net income (loss)———— — — — 137,788 — (36,717)101,071 
Other comprehensive loss———— — — — — (4,466)— (4,466)
Issuance of noncontrolling interests———— — — — — — 24,395 24,395 
Distribution to noncontrolling interests———— — — — — — (14,183)(14,183)
Cash dividends on Class A and Class B common stock - $0.66 per share
———— — — — (23,655)— — (23,655)
Issuance of common stock, net of forfeitures—220,826—— 2 — 8,477 — — — 8,479 
Compensation expense for stock-based awards———— — — 8,699 — — — 8,699 
Repurchase of common stock—(316,600)—— (3)— (16,880)(23,750)— — (40,633)
Redemption of 10% minority interests of WRCM
———— — — — (1,465)— (35)(1,500)
Balance as of June 30, 2026—25,163,94410,616,675$— 252 106 1,777 3,770,251 (1,847)(135,103)3,635,436 
See accompanying notes to consolidated financial statements.


6


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
Six months ended
June 30,
20262025
Net income attributable to Nelnet, Inc.$137,788 264,018 
Net loss attributable to noncontrolling interests(36,717)(5,035)
Net income101,071 258,983 
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs42,933 52,406 
Loan discount and deferred lender fees accretion(86,264)(42,502)
Provision for loan losses94,321 33,267 
Provision for beneficial interests6,571 6,487 
Derivative market value adjustments(5,273)10,190 
Gain on partial redemption of ALLO investment— (175,044)
Loss (gain) on sale of loans, net132 (909)
Loss (gain) on investments, net25,060 (19,650)
Deferred income tax benefit(12,192)(88,924)
Non-cash compensation expense8,868 6,513 
Impairment expense— 5,392 
Other(1,692)(3,019)
Changes in operating assets and liabilities:
(Increase) decrease in loan and investment accrued interest receivable(23,468)15,218 
Decrease in accounts receivable41,565 32,523 
(Increase) decrease in other assets(50,126)23,510 
Decrease in the carrying amount of ROU asset2,152 1,958 
Decrease in accrued interest payable(4,161)(6,072)
Increase in other liabilities13,951 65,986 
Decrease in the carrying amount of lease liability(2,439)(3,384)
Total adjustments49,938 (86,054)
Net cash provided by operating activities151,009 172,929 
Cash flows from investing activities, net of acquisitions:
Purchases and originations of loans, including cash paid for student loan trusts,
net of cash and restricted cash acquired		(6,140,240)(368,499)
Purchases of loans from a related party(415,039)(136,667)
Proceeds from loan repayments, claims, and capitalized interest, net6,596,556 881,096 
Proceeds from sale of loans262 72,626 
Proceeds from sale of loans to a related party157,861 60,181 
Purchases of available-for-sale securities(408,618)(240,476)
Proceeds from sales of available-for-sale securities148,021 109,609 
Proceeds from beneficial interest in loan securitizations42,193 38,235 
Purchases of other investments and issuance of notes receivable(271,653)(161,828)
Proceeds from other investments and repayments of notes receivable83,476 454,829 
Purchases of held-to-maturity debt securities(2,279)— 
Redemption of held-to-maturity debt securities3,190 7,796 
Purchases of property and equipment(17,875)(7,074)
Business acquisitions, net of cash and restricted cash acquired189,286 — 
Net cash (used in) provided by investing activities$(34,859)709,828 
7


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Six months ended
June 30,
20262025
Cash flows from financing activities, net of acquisitions:
Payments on bonds and notes payable$(995,241)(1,117,852)
Proceeds from issuance of bonds and notes payable255,059 25 
Payments of debt issuance costs(2,181)(3,999)
Increase in bank deposits, net550,076 195,911 
Increase (decrease) in due to customers94,491 (49,489)
Dividends paid(23,655)(20,322)
Repurchases of common stock(40,633)(25,818)
Proceeds from issuance of common stock952 920 
Redemption of noncontrolling interest(1,500)(3,944)
Issuance of noncontrolling interests56,249 15,580 
Distribution to noncontrolling interests(3,276)(3,351)
Net cash used in financing activities(109,659)(1,012,339)
Effect of exchange rate changes on cash and restricted cash(13,723)338 
Net decrease in cash, cash equivalents, and restricted cash(7,232)(129,244)
Cash, cash equivalents, and restricted cash, beginning of period973,546 931,020 
Cash, cash equivalents, and restricted cash, end of period$966,314 801,776 
Supplemental disclosures of cash flow information:
Cash disbursements made for interest$215,947 244,109 
Cash disbursements made for income taxes, net of refunds and credits received (a)$3,900 26,886 
Cash disbursements made for operating leases$2,901 2,604 
Non-cash operating, investing and financing activity:
ROU assets obtained in exchange for lease obligations$5,525 6,495 
Student loans and other assets acquired$— 672,601 
Borrowings and other liabilities assumed in acquisition of student loans$— 705,439 
Distribution to noncontrolling interests$10,907 34,055 
Issuance of noncontrolling interests$31,854 9,401 
(a) The Company utilized $33.1 million and $36.6 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2026 and 2025, respectively.
Supplemental disclosures of non-cash activities regarding the Company's business acquisitions are contained in note 6.
The following table presents a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in the consolidated statements of cash flows:
As ofAs ofAs ofAs of
June 30, 2026December 31, 2025June 30, 2025December 31, 2024
Total cash and cash equivalents$172,430 295,983 225,753 194,518 
Restricted cash285,845 357,639 317,958 332,100 
Restricted cash - due to customers508,039 319,924 258,065 404,402 
Cash, cash equivalents, and restricted cash
$966,314 973,546 801,776 931,020 
See accompanying notes to consolidated financial statements.
8


NELNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise noted)
(unaudited)
1.  Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2025 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report").
2.  Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
June 30, 2026December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a):
Stafford and other$1,744,658 1,772,172 
Consolidation4,748,739 5,665,071 
Total6,493,397 7,437,243 
Private education loans122,818 139,209 
Consumer loans and other financing receivables (b)1,213,556 1,122,717 
Non-Nelnet Bank loans7,829,771 8,699,169 
Nelnet Bank:
Federally insured loans (a):
Stafford and other53,525 23,960 
Consolidation799,816 148,360 
Total853,341 172,320 
Private education loans521,159 518,634 
Consumer and other loans264,597 266,608 
Nelnet Bank loans1,639,097 957,562 
Accrued interest receivable542,799 528,936 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(44,387)(46,894)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(38,173)(42,080)
Private education loans(6,239)(6,894)
Consumer loans and other financing receivables(92,215)(57,360)
Non-Nelnet Bank allowance for loan losses(136,627)(106,334)
Nelnet Bank:
Federally insured loans(3,016)(676)
Private education loans(12,609)(12,932)
Consumer and other loans(12,813)(12,136)
Nelnet Bank allowance for loan losses(28,438)(25,744)
$9,802,215 10,006,695 
9


(a)    During 2026, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) contributed certain student loan securitization trusts to Nelnet Bank that included $716.3 million in federally insured loans.
(b)    Included in "consumer loans and other financing receivables" in the above table are Pay Later receivables that the Company began to purchase in the third quarter of 2025. As of June 30, 2026 and December 31, 2025, the balance of Pay Later receivables was $699.8 million and $744.2 million, respectively.
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios:
As ofAs of
June 30, 2026December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a)0.59 %0.57 %
Private education loans5.08 %4.95 %
Consumer loans and other financing receivables (b)7.60 %5.11 %
Nelnet Bank:
Federally insured loans (a)0.35 %0.39 %
Private education loans2.42 %2.49 %
Consumer and other loans4.84 %4.55 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for Non-Nelnet Bank was 20.1% and 19.3%, and for Nelnet Bank was 17.1% and 17.3%, as of June 30, 2026 and December 31, 2025, respectively.
(b)    The increase in allowance for loan losses as a percentage of the ending loan balance for consumer loans and other financing receivables was driven by (1) a shift in loan mix, reflecting growth in certain consumer loans (non-Pay Later receivables) that carry a higher expected loss rate than the overall portfolio; and (2) the seasoning of Pay Later receivables, which the Company began acquiring in the third quarter of 2025. This increase was not due to a deterioration in credit quality, and delinquency and net charge-off rates remained consistent with management's expectations during the period.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment:
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan sales/contributionsBalance at end of period
Three months ended June 30, 2026
Non-Nelnet Bank:
Federally insured loans$40,043 2,387 (2,687)— — (1,570)38,173 
Private education loans6,385 — (392)246 — — 6,239 
Consumer loans and other financing receivables79,593 38,939 (29,396)3,079 — — 92,215 
Nelnet Bank:
Federally insured loans1,725 (158)(121)— — 1,570 3,016 
Private education loans13,182 572 (1,498)353 — — 12,609 
Consumer and other loans14,263 (717)(829)96 — — 12,813 
$155,191 41,023 (34,923)3,774 — — 165,065 
Three months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans$48,906 2,112 (3,391)— — — 47,627 
Private education loans10,394 (2,760)(523)295 — — 7,406 
Consumer loans and other financing receivables43,904 11,781 (7,967)310 — — 48,028 
Nelnet Bank:
Federally insured loans362 9 (16)— — — 355 
Private education loans9,893 2,839 (1,739)307 1,060 — 12,360 
Consumer and other loans6,617 3,731 (878)103 — — 9,573 
$120,076 17,712 (14,514)1,015 1,060 — 125,349 
10


Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan sales/contributionsBalance at end of period
Six months ended June 30, 2026
Non-Nelnet Bank:
Federally insured loans$42,080 4,459 (5,655)— — (2,711)38,173 
Private education loans6,894 (306)(777)428 — — 6,239 
Consumer loans and other financing receivables57,360 85,639 (55,529)4,745 — — 92,215 
Nelnet Bank:
Federally insured loans676 (191)(180)— — 2,711 3,016 
Private education loans12,932 2,337 (3,291)631 — — 12,609 
Consumer and other loans12,136 2,657 (2,178)198 — — 12,813 
$132,078 94,595 (67,610)6,002 — — 165,065 
Six months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 4,746 (6,210)— — — 47,627 
Private education loans11,130 (2,760)(1,457)493 — — 7,406 
Consumer loans and other financing receivables38,468 22,158 (13,143)545 — — 48,028 
Nelnet Bank:
Federally insured loans— 374 (19)— — — 355 
Private education loans10,086 3,925 (3,134)423 1,060 — 12,360 
Consumer and other loans6,115 4,734 (1,447)171 — — 9,573 
$114,890 33,177 (25,410)1,632 1,060 — 125,349 
During the periods presented above, the primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods.
The increase in provision for loan losses and charge-offs for Non-Nelnet Bank consumer loans and other financing receivables during the three and six month periods ended June 30, 2026 compared with the same periods in 2025 was due to an increase in consumer loans and Pay Later receivables acquired during 2026 as compared with 2025. The Company began to purchase Pay Later receivables in the third quarter of 2025. The increase in provision expense and charge-offs reflects the volume of new loans added to the portfolio rather than a deterioration in credit quality. Credit performance metrics, including delinquency rates and charge-offs, remained consistent with management’s expectations.
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios:
Three months ended June 30,Six months ended June 30,
2026202520262025
Non-Nelnet Bank:
Federally insured loans0.16 %0.16 %0.16 %0.14 %
Private education loans0.46 %0.55 %0.54 %1.02 %
Consumer loans and other financing receivables8.78 %7.62 %8.86 %6.58 %
Nelnet Bank:
Federally insured loans0.07 %0.06 %0.07 %0.06 %
Private education loans0.87 %1.10 %1.00 %1.08 %
Consumer and other loans1.10 %1.71 %1.50 %1.49 %
Annualized net charge-offs as a percentage of average loans for the Company's Non-Nelnet Bank consumer and other financing receivables portfolio increased during the three and six months ended June 30, 2026 compared with the same periods in 2025. This increase was primarily attributable to the cumulative growth in the volume of Pay Later receivables acquired since the
11


third quarter of 2025 and the seasoning of the portfolio, and was not indicative of a deterioration in credit quality. Delinquency and net charge-off rates remained consistent with management's expectations during the period.
Unfunded Loan Commitments
The Company maintains an allowance for unfunded loan commitments that are not unconditionally cancelable, at a level the Company believes is appropriate as of the balance sheet date, to absorb expected credit losses on this exposure. As of June 30, 2026 and December 31, 2025, Nelnet Bank had a liability of approximately $0.5 million and $0.8 million, respectively, related to $79.5 million and $76.5 million, respectively, of unfunded private education, consumer, and other loan commitments. Other than the estimation of the probability of funding, this reserve is estimated in a manner similar to the methodology used for determining reserves for loans included on the consolidated balance sheet. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet. Net adjustments to this reserve are included in "provision for loan losses" on the consolidated income statement. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income:
Three months endedSix months ended
June 30,June 30,
2026202520262025
Provision for loan losses from allowance activity table above$41,023 17,712 94,595 33,177 
Provision expense (negative provision) for unfunded loan commitments, net54 218 (274)90 
Provision for loan losses reported in consolidated statements of income$41,077 17,930 94,321 33,267 
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. The following table presents the Company’s loan status and delinquency amounts:
As of June 30, 2026As of December 31, 2025As of June 30, 2025
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $304,960 4.7 %$336,749 4.5 %$393,460 4.7 %
Loans in forbearance 504,082 7.8 493,277 6.6 555,469 6.6 
Loans in repayment status:
Loans current5,013,702 88.2 %5,701,660 86.3 %6,378,571 86.0 %
Loans delinquent 31-60 days184,769 3.2 234,259 3.5 261,809 3.5 
Loans delinquent 61-90 days126,576 2.2 147,645 2.2 175,562 2.4 
Loans delinquent 91-120 days71,368 1.3 94,765 1.4 111,678 1.5 
Loans delinquent 121-270 days190,828 3.4 280,899 4.3 360,754 4.9 
Loans delinquent 271 days or greater97,112 1.7 147,989 2.3 129,782 1.7 
Total loans in repayment5,684,355 87.5 100.0 %6,607,217 88.9 100.0 %7,418,156 88.7 100.0 %
Total federally insured loans6,493,397 100.0 %7,437,243 100.0 %8,367,085 100.0 %
Accrued interest receivable482,085 506,943 545,288 
Loan discount, net of unamortized premiums and deferred origination costs(26,000)(23,513)(26,523)
Allowance for loan losses(38,173)(42,080)(47,627)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$6,911,309 $7,878,593 $8,838,223 
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As of June 30, 2026As of December 31, 2025As of June 30, 2025
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $2,852 2.3 %$3,094 2.2 %$4,433 2.8 %
Loans in forbearance 2,679 2.2 3,049 2.2 1,530 1.0 
Loans in repayment status:
Loans current114,669 97.8 %130,018 97.7 %147,690 98.0 %
Loans delinquent 31-60 days858 0.7 1,253 0.9 1,246 0.8 
Loans delinquent 61-90 days854 0.7 515 0.4 564 0.4 
Loans delinquent 91 days or greater906 0.8 1,280 1.0 1,151 0.8 
Total loans in repayment117,287 95.5 100.0 %133,066 95.6 100.0 %150,651 96.2 100.0 %
Total private education loans122,818 100.0 %139,209 100.0 %156,614 100.0 %
Accrued interest receivable1,062 1,120 1,299 
Loan discount, net of unamortized premiums(3,474)(4,317)(5,162)
Allowance for loan losses(6,239)(6,894)(7,406)
Total private education loans and accrued interest receivable, net of allowance for loan losses$114,167 $129,118 $145,345 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance$1,489 0.1 %$1,698 0.2 %$1,355 0.3 %
Loans in repayment status:
Loans current1,173,003 96.8 %1,085,883 96.9 %399,263 97.3 %
Loans delinquent 31-60 days15,436 1.3 13,723 1.2 3,731 0.9 
Loans delinquent 61-90 days11,384 0.9 10,797 1.0 3,096 0.8 
Loans delinquent 91 days or greater12,244 1.0 10,616 0.9 4,025 1.0 
Total loans in repayment1,212,067 99.9 100.0 %1,121,019 99.8 100.0 %410,115 99.7 100.0 %
Total consumer loans and other financing receivables1,213,556 100.0 %1,122,717 100.0 %411,470 100.0 %
Accrued interest receivable2,238 1,497 2,260 
Loan discount and deferred lender fees, net of unamortized premiums(20,524)(17,845)(6,296)
Allowance for loan losses(92,215)(57,360)(48,028)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$1,103,055 $1,049,009 $359,406 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$29,991 3.5 %$6,162 3.6 %$2,665 2.5 %
Loans in forbearance43,723 5.1 8,787 5.1 5,550 5.2 
Loans in repayment status:
Loans current713,274 91.5 %141,357 89.9 %88,408 89.9 %
Loans delinquent 30-59 days19,771 2.5 5,686 3.6 2,806 2.9 
Loans delinquent 60-89 days13,982 1.8 2,703 1.7 2,001 2.0 
Loans delinquent 90-119 days6,700 0.9 980 0.6 1,683 1.7 
Loans delinquent 120-270 days18,696 2.4 4,844 3.1 2,495 2.5 
Loans delinquent 271 days or greater7,204 0.9 1,801 1.1 947 1.0 
Total loans in repayment779,627 91.4 100.0 %157,371 91.3 100.0 %98,340 92.3 100.0 %
Total federally insured loans853,341 100.0 %172,320 100.0 %106,555 100.0 %
Accrued interest receivable46,323 10,939 5,194 
Loan premium and deferred origination costs, net of unaccreted discount6,174 910 1,221 
Allowance for loan losses(3,016)(676)(355)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$902,822 $183,493 $112,615 
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As of June 30, 2026As of December 31, 2025As of June 30, 2025
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$69,136 13.3 %$56,667 10.9 %$45,107 8.7 %
Loans in forbearance1,342 0.3 1,684 0.3 1,926 0.4 
Loans in repayment status:
Loans current443,365 98.3 %451,221 98.0 %460,426 98.0 %
Loans delinquent 30-59 days2,639 0.6 4,001 0.9 3,102 0.7 
Loans delinquent 60-89 days2,091 0.5 2,327 0.5 2,710 0.6 
Loans delinquent 90 days or greater2,586 0.6 2,734 0.6 3,392 0.7 
Total loans in repayment450,681 86.4 100.0 %460,283 88.8 100.0 %469,630 90.9 100.0 %
Total private education loans521,159 100.0 %518,634 100.0 %516,663 100.0 %
Accrued interest receivable8,726 6,599 5,540 
Loan discount, net of unamortized premiums and deferred origination costs(3,567)(5,686)(8,589)
Allowance for loan losses(12,609)(12,932)(12,360)
Total private education loans and accrued interest receivable, net of allowance for loan losses$513,709 $506,615 $501,254 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$9,911 3.7 %$10,006 3.8 %$8,538 4.2 %
Loans in repayment status:
Loans current252,216 99.0 %254,448 99.2 %194,507 99.3 %
Loans delinquent 30-59 days985 0.4 1,225 0.5 1,001 0.5 
Loans delinquent 60-89 days935 0.4 560 0.2 193 0.1 
Loans delinquent 90 days or greater550 0.2 369 0.1 184 0.1 
Total loans in repayment254,686 96.3 100.0 %256,602 96.2 100.0 %195,885 95.8 100.0 %
Total consumer and other loans264,597 100.0 %266,608 100.0 %204,423 100.0 %
Accrued interest receivable2,365 1,838 1,346 
Loan premium, net of unaccreted discount3,004 3,557 2,444 
Allowance for loan losses(12,813)(12,136)(9,573)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$257,153 $259,867 $198,640 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores
An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination or purchase. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase:
Nelnet Bank Private Education Loans
Loan balance as of June 30, 2026
Six months ended June 30, 20262025202420232022Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$1,959 6,907 2,641 2,550 3,621 19,626 37,304 7.2 %
705 - 7342,379 12,104 4,444 6,651 15,689 19,047 60,314 11.6 
735 - 7642,948 16,514 5,118 6,536 24,589 29,207 84,912 16.3 
765 - 7944,502 22,812 6,183 4,600 38,357 41,690 118,144 22.7 
Greater than 7949,618 32,452 12,988 10,312 52,963 96,730 215,063 41.2 
No FICO score available or required (a)— — 1,858 3,564 — — 5,422 1.0 
$21,406 90,789 33,232 34,213 135,219 206,300 521,159 100.0 %
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Loan balance as of December 31, 2025
20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$5,540 2,788 2,909 4,061 3,519 18,772 37,589 7.2 %
705 - 7349,056 4,795 7,480 17,048 6,565 14,410 59,354 11.4 
735 - 76412,256 5,534 7,073 26,369 11,066 21,511 83,809 16.2 
765 - 79416,293 6,471 5,035 40,851 20,858 26,025 115,533 22.3 
Greater than 79423,370 14,017 11,819 57,404 40,529 68,618 215,757 41.6 
No FICO score available or required (a)— 2,275 4,317 — — — 6,592 1.3 
$66,515 35,880 38,633 145,733 82,537 149,336 518,634 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of June 30, 2026
Six months ended June 30, 20262025202420232022Prior yearsTotalPercent of total
FICO at origination:
Less than 720$413 12,537 15,245 1,600 — 1,220 31,015 11.7 %
720 - 7692,099 22,707 32,934 3,485 13 10,749 71,987 27.2 
Greater than 7698,285 47,706 43,070 5,371 56 7,421 111,909 42.3 
No FICO score available or required (a)3,108 34,946 10,879 428 272 53 49,686 18.8 
$13,905 117,896 102,128 10,884 341 19,443 264,597 100.0 %
Loan balance as of December 31, 2025
20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$13,054 16,301 1,618 — 275 1,210 32,458 12.2 %
720 - 76924,995 36,292 3,621 15 5,231 6,686 76,840 28.8 
Greater than 76954,681 47,537 5,819 90 5,084 3,161 116,372 43.6 
No FICO score available or required (a)30,719 9,473 431 259 53 3 40,938 15.4 
$123,449 109,603 11,489 364 10,643 11,060 266,608 100.0 %
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of June 30, 2026 and December 31, 2025, was not material.

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Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2026 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20262025202420232022Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — — 226 2,626 2,852 
Loans in forbearance— — — — 68 2,611 2,679 
Loans in repayment status:
Loans current— — — 157 3,203 111,309 114,669 
Loans delinquent 31-60 days— — — — 17 841 858 
Loans delinquent 61-90 days— — — — — 854 854 
Loans delinquent 91 days or greater— — — — 7 899 906 
Total loans in repayment— — — 157 3,227 113,903 117,287 
Total private education loans$— — — 157 3,521 119,140 122,818 
Accrued interest receivable1,062 
Loan discount, net of unamortized premiums(3,474)
Allowance for loan losses(6,239)
Total private education loans and accrued interest receivable, net of allowance for loan losses$114,167 
Gross charge-offs - six months ended June 30, 2026$— — — — 20 757 777 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance$62 171 441 815 — — 1,489 
Loans in repayment status:
Loans current970,862 173,954 15,398 11,232 1,181 376 1,173,003 
Loans delinquent 31-60 days12,195 1,915 730 525 57 14 15,436 
Loans delinquent 61-90 days8,994 1,442 622 312 12 2 11,384 
Loans delinquent 91 days or greater7,409 2,936 995 808 72 24 12,244 
Total loans in repayment999,460 180,247 17,745 12,877 1,322 416 1,212,067 
Total consumer loans and other financing receivables$999,522 180,418 18,186 13,692 1,322 416 1,213,556 
Accrued interest receivable2,238 
Loan discount and deferred lender fees, net of unamortized premiums(20,524)
Allowance for loan losses(92,215)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$1,103,055 
Gross charge-offs - six months ended June 30, 2026$5,794 36,101 9,724 2,949 927 34 55,529 
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment$8,027 34,463 13,978 6,579 3,701 2,388 69,136 
Loans in forbearance— 33 — 84 517 708 1,342 
Loans in repayment status:
Loans current13,280 55,638 18,831 26,815 130,182 198,619 443,365 
Loans delinquent 30-59 days67 222 173 105 467 1,605 2,639 
Loans delinquent 60-89 days15 208 106 422 221 1,119 2,091 
Loans delinquent 90 days or greater17 225 144 208 131 1,861 2,586 
Total loans in repayment13,379 56,293 19,254 27,550 131,001 203,204 450,681 
Total private education loans$21,406 90,789 33,232 34,213 135,219 206,300 521,159 
Accrued interest receivable8,726 
Loan discount, net of unamortized premiums and deferred origination costs(3,567)
Allowance for loan losses(12,609)
Total private education loans and accrued interest receivable, net of allowance for loan losses$513,709 
Gross charge-offs - six months ended June 30, 2026$20 240 325 559 494 1,653 3,291 
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Six months ended June 30, 20262025202420232022Prior yearsTotal
Consumer and other loans - Nelnet Bank:
Loans in deferment$5,687 4,107 117 — — — 9,911 
Loans in repayment status:
Loans current8,218 112,636 101,003 10,659 341 19,359 252,216 
Loans delinquent 30-59 days— 274 600 107 — 4 985 
Loans delinquent 60-89 days— 696 162 — — 77 935 
Loans delinquent 90 days or greater— 183 246 118 — 3 550 
Total loans in repayment8,218 113,789 102,011 10,884 341 19,443 254,686 
Total consumer and other loans$13,905 117,896 102,128 10,884 341 19,443 264,597 
Accrued interest receivable2,365 
Loan premium, net of unaccreted discount3,004 
Allowance for loan losses(12,813)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$257,153 
Gross charge-offs - six months ended June 30, 2026$— 518 1,360 71 — 229 2,178 
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3.  Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
As of June 30, 2026
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices$5,520,346 
3.99% - 5.76%
10/25/33 - 11/27/90
Bonds and notes based on auction10,915 
4.74%
8/25/37
Total FFELP variable-rate bonds and notes5,531,261 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations277,696 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility469,041 
4.72% / 4.73%
7/30/27
Consumer loan warehouse and other facilities752,435 
4.92% - 5.42%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations27,414 
5.15% / 5.88%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization20,534 
7.15%
11/25/53
Unsecured line of credit— —3/31/31
Participation agreements796 
4.37% - 5.82%
5/4/27 / 7/28/32
7,079,177 
Discount on bonds and notes payable and debt issuance costs(36,021)
Total$7,043,156 
As of December 31, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices$6,448,212 
4.35% - 5.85%
3/22/32 - 11/27/90
Bonds and notes based on auction24,150 
0.01% - 5.10%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,472,362 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations302,791 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility213,982 
4.83% / 4.84%
1/29/27
Consumer loan warehouse and other facilities767,951 
5.01% - 5.67%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations35,770 
5.15% / 6.12%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization27,391 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements1,322 
4.53% - 5.82%
5/4/26 / 7/28/32
7,821,569 
Discount on bonds and notes payable and debt issuance costs(40,642)
Total$7,780,927 
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Warehouse and Other Facilities
The Company funds a portion of its loan acquisitions through the use of warehouse and other secured facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse and other facilities as of June 30, 2026:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$500,000 469,041 30,959 7/31/20267/30/2027note (b)$30,143 
Consumer loans and other financing receivables$925,000 752,435 172,565 
11/13/2026 - 7/31/2027
11/13/2027 - 2/29/2028
50% - 90%
$107,953 
(a)    On January 30, 2026, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2026 and July 30, 2027, respectively. On May 5, 2026, the Company decreased the maximum financing amount from $800 million to $500 million. On July 31, 2026, the Company extended the liquidity provisions and final maturity date to September 30, 2026 and September 30, 2027, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
Unsecured Line of Credit
On March 31, 2026, the Company entered into a new $435.0 million unsecured line of credit. In conjunction with entering into the new line of credit, the Company terminated its $495.0 million line of credit which had a scheduled maturity date of September 22, 2026. There was no outstanding balance on the $495.0 million line of credit on the date of termination.
Borrowings by the Company under the new line of credit will bear interest at rates that will vary based on market conditions, the Company's credit rating, interest elections by the Company under the agreement, and other factors at the time of the borrowings. The maturity date of the new line of credit is March 31, 2031.
The new line of credit contains affirmative and negative covenants, including, but not limited to, certain financial covenants related to maintenance of a minimum consolidated net worth, a limitation on recourse indebtedness to adjusted EBITDA, a limitation on permitted investments, and an asset quality test related to non-FFELP loans held by the Company and its consolidated subsidiaries. Any violation of these covenants could lead to an event of default under the agreement. The Company's obligations under the agreement are guaranteed by certain subsidiaries of the Company.
As of June 30, 2026, no amount was outstanding on the new line of credit and $435.0 million was available for future use.
Debt Repurchases
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market or retained such instruments upon initial issuance. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of June 30, 2026, the Company holds $111.5 million (par value) of its own FFELP asset-backed securities. Upon sale, these notes would be shown as "bonds and notes payable" in the Company's consolidated balance sheet.
4.  Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used are described in note 6 of the notes to consolidated financial statements included in the 2025 Annual Report.
Non-Nelnet Bank Derivatives
Basis Swaps
The following table summarizes the Company’s Basis Swaps outstanding as of June 30, 2026 and December 31, 2025 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. The Company has entered into basis swaps
19


in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements.
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge federally insured loans held by the Asset Generation and Management operating segment (Non-Nelnet Bank) that are earning fixed-rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
As of June 30, 2026As of December 31, 2025
MaturityNotional amountWeighted-average fixed rate paid by the CompanyNotional amountWeighted-average fixed rate paid by the Company
2026$— — %$200,000 3.92 %
202850,000 3.56 50,000 3.56 
202950,000 3.17 50,000 3.17 
2030100,000 3.63 100,000 3.63 
$200,000 3.50 %$400,000 3.71 %
Nelnet Bank Derivatives
Nelnet Bank uses derivative instruments to hedge exposure to variability in cash flows from variable-rate intercompany and third-party deposits to minimize volatility from future changes in interest rates.
Interest Rate Swaps - Intercompany Deposits
Nelnet Bank's derivatives used to hedge intercompany deposits are structured so that each is economically effective; however, because these derivatives are hedging intercompany deposits, the derivative instruments are not eligible for hedge accounting in the consolidated financial statements. The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of June 30, 2026 and December 31, 2025 to hedge intercompany deposits. For these derivatives, the Company receives monthly or quarterly payments based on SOFR that reset daily.
MaturityNotional amountWeighted-average fixed rate paid by the Company
2028$40,000 3.33 %
202925,000 3.37 
203050,000 3.06 
2032 (a)25,000 4.03 
203325,000 3.90 
2035 (b)30,000 3.79 
$195,000 3.50 %
(a)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(b)    This $30 million notional amount derivative has a forward effective start date in May 2028.
20


Interest Rate Swaps - Third-Party Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of June 30, 2026 and December 31, 2025 to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.
MaturityNotional amountWeighted-average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
$50,000 3.72 %
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Certain derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of these derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2026As of December 31, 2025As of June 30, 2026As of December 31, 2025
Nelnet Bank interest rate swaps - intercompany deposits$2,379 614 295 1,243 
Nelnet Bank interest rate swaps - third-party deposits (cash flow hedges)383 — — 484 
Other derivative instruments14 — — — 
$2,776 614 295 1,727 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:
Three months ended June 30,Six months ended June 30,
2026202520262025
Settlements:
Basis swaps$154 154 307 307 
Interest rate swaps - floor income hedges(65)427 (114)855 
Interest rate swaps - Nelnet Bank intercompany deposits77 163 116 327 
Other derivative instruments— — 437 — 
Total settlements - income166 744 746 1,489 
Change in fair value:
Basis swaps(150)(143)(298)(281)
Interest rate swaps - floor income hedges2,108 (2,022)3,750 (5,680)
Interest rate swaps - Nelnet Bank intercompany deposits1,714 (1,701)2,714 (4,229)
Other derivative instruments14 — (893)— 
Total change in fair value - income (expense)3,686 (3,866)5,273 (10,190)
Derivative market value adjustments and derivative settlements, net - income (expense)$3,852 (3,122)6,019 (8,701)
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5.  Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of June 30, 2026As of December 31, 2025
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments at fair value:
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$43,466 2,878 (146)46,198 36,824 2,950 (129)39,645 
FFELP loan and other debt securities - restricted (a)192,387 3,045 (662)194,770 172,739 3,384 (323)175,800 
Private education loan (b)177,299 90 (12,258)165,131 197,568 20 (13,436)184,152 
Other debt securities114,801 2,628 (70)117,359 55,874 2,528 — 58,402 
Total Non-Nelnet Bank527,953 8,641 (13,136)523,458 463,005 8,882 (13,888)457,999 
Nelnet Bank:
FFELP loan244,004 6,109 (778)249,335 258,208 6,513 (798)263,923 
Private education loan11,815 — (35)11,780 13,623 — (37)13,586 
Other debt securities797,091 721 (4,045)793,767 569,528 1,433 (1,481)569,480 
Total Nelnet Bank1,052,910 6,830 (4,858)1,054,882 841,359 7,946 (2,316)846,989 
Total available-for-sale asset-backed securities$1,580,863 15,471 (17,994)1,578,340 1,304,364 16,828 (16,204)1,304,988 
Equity securities and funds measured at net asset value123,052 109,648 
Total investments at fair value1,701,392 1,414,636 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities - FFELP loan210,908 211,299 
Venture capital, funds, and other:
Measurement alternative236,062 227,962 
Equity method258,331 248,253 
Total venture capital and funds494,393 476,215 
Real estate equity method272,713 233,167 
ALLO:
Voting interest/equity method— — 
Preferred membership interest23,500 10,148 
Total interest in ALLO23,500 10,148 
Beneficial interest in loan securitizations (c):
Consumer and private education loans, net of allowance for credit losses of $55,123 and $50,802 as of June 30, 2026 and December 31, 2025, respectively
173,752 180,262 
Federally insured student loans15,100 14,568 
Total beneficial interest in loan securitizations, net of allowance188,852 194,830 
Solar (d)(286,992)(240,370)
Notes receivable41,772 32,085 
Tax liens, affordable housing, and other22,206 15,961 
Total other investments and notes receivable (not measured at fair value)967,352 933,335 
Total investments and notes receivable$2,668,744 $2,347,971 
(a)Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.
(b)As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The Company must retain these investment securities until the aggregate outstanding loan or bond balances in the securitization are met, at which time the Company can sell its investment securities (bonds) to a third party. The bonds purchased to satisfy the risk retention requirement are included in the above table and as of June 30, 2026, the amortized cost and fair value of these securities was $177.1 million and $164.9 million, respectively.
22


(c)The Company has partial ownership in certain securitizations. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2026, the Company's ownership correlates to approximately $950 million, $350 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
The Company has recorded an allowance for credit losses (and related provision expense) related to certain loan securitizations, due primarily to an increase in cumulative loss expectations, of $2.4 million and $5.0 million during the three months ended June 30, 2026 and 2025, respectively, and $6.6 million and $6.5 million during the six months ended June 30, 2026 and 2025, respectively, which is included in “provision for beneficial interests” on the consolidated statements of income.
(d)As of June 30, 2026, the Company has contributed a total of $367.6 million and its third-party partners have contributed $469.7 million in tax equity to renewable energy solar partnerships that remain outstanding. The Company's carrying value in a solar project is reduced by tax credits earned when the solar project is placed in service. As of June 30, 2026, the Company and its third-party partners have earned $423.1 million and $464.2 million, respectively, of tax credits on those projects that remain outstanding. The Company’s negative carrying value related to solar tax partnerships on the consolidated balance sheet of $287.0 million as of June 30, 2026 represents the sum of total tax credits earned on solar projects placed in service and the calculated hypothetical liquidation at book value ("HLBV") cumulative net losses through June 30, 2026 being larger than the total contributions made by the Company and its syndication partners on such projects. The negative carrying value as of June 30, 2026, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $131.4 million.
The following table presents (i) HLBV losses recognized by the Company and gains recognized upon the sale of partnership interests, including amounts attributable to third-party noncontrolling interest partners (syndication partners), which are included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses attributed to noncontrolling interest partners included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the recognized pre-tax net (loss) gain attributable to the Company:
Three months ended June 30,Six months ended June 30,
2026202520262025
Losses from HLBV accounting (gross)$(29,351)(6,463)(51,882)(9,079)
Gains from sales (gross)6,854 4,961 6,854 8,033 
Losses from solar investments (gross)(22,497)(1,502)(45,028)(1,046)
Less: losses attributable to noncontrolling members(19,491)(3,159)(32,936)(4,204)
Net (loss) gain attributable to the Company$(3,006)1,657 (12,092)3,158 
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities:
As of June 30, 2026
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 206 2,543 40,717 43,466 
FFELP loan and other debt securities - restricted— 6,158 54,040 132,189 192,387 
Private education loan— — 215 177,084 177,299 
Other debt securities100 — 11,687 103,014 114,801 
Total Non-Nelnet Bank100 6,364 68,485 453,004 527,953 
Fair value100 6,446 68,319 448,593 523,458 
Nelnet Bank:
FFELP loan40,757 11,913 17,536 173,798 244,004 
Private education loan— — 11,720 95 11,815 
Other debt securities— 17,436 130,261 649,394 797,091 
Total Nelnet Bank40,757 29,349 159,517 823,287 1,052,910 
Fair value40,472 29,292 159,507 825,611 1,054,882 
Total available-for-sale asset-backed securities at amortized cost$40,857 35,713 228,002 1,276,291 1,580,863 
Total available-for-sale asset-backed securities at fair value$40,572 35,738 227,826 1,274,204 1,578,340 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan - amortized cost$— 2,337 12,404 196,167 210,908 
FFELP loan - fair value$— 2,336 12,201 200,436 214,973 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 188,852 
Fair value$— — — — 202,812 
(a) The Company's beneficial interest in loan securitizations is not due at a single maturity date.
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The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of June 30, 2026:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$210,908 4,869 (804)214,973 
Beneficial interest in loan securitizations188,852 14,885 (925)202,812 
The following table presents securities classified as available-for-sale that have gross unrealized losses as of June 30, 2026 and the fair value of such securities as of June 30, 2026. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of June 30, 2026
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(10)7,921 (136)2,408 (146)10,329 
FFELP loan and other debt securities - restricted(379)95,553 (283)16,719 (662)112,272 
Private education loan(7)208 (12,251)134,648 (12,258)134,856 
Other debt securities(70)17,401 — — (70)17,401 
Total Non-Nelnet Bank(466)121,083 (12,670)153,775 (13,136)274,858 
Nelnet Bank:
FFELP loan(154)38,238 (624)53,641 (778)91,879 
Private education loan(1)149 (34)11,536 (35)11,685 
Other debt securities(2,446)434,731 (1,599)41,695 (4,045)476,426 
Total Nelnet Bank(2,601)473,118 (2,257)106,872 (4,858)579,990 
Total available-for-sale asset-backed securities$(3,067)594,201 (14,927)260,647 (17,994)854,848 
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities:
Three months endedSix months ended
June 30,June 30,
2026202520262025
Gross proceeds from sales$100,488 34,828 148,021 109,609 
Gross realized gains$535 622 966 1,555 
Gross realized losses(56)(27)(64)(478)
Net gains$479 595 902 1,077 
24


Equity securities and funds measured at net asset value
The following table summarizes the unrealized gains and losses related to equity securities and funds measured at net asset value held at June 30, 2026 and 2025. Realized and unrealized gains/losses are included in "other, net" in "other income (expense)" on the consolidated statements of income.
Three months endedSix months ended
June 30,June 30,
2026202520262025
Unrealized gains recognized during the period, net$10,489 2,752 2,688 4,134 
Less: realized losses on securities sold during the period, net421 — 1,879 — 
Unrealized gains on securities still held as of the reporting date, net$10,068 2,752 809 4,134 
6. Business Combination
Nelnet Diversified Services Canada, Inc.
On February 2, 2026, the Company acquired 100 percent of the outstanding stock of a wholly owned subsidiary of DH Corporation. The acquired entity was subsequently renamed Nelnet Diversified Services Canada, Inc. ("NDS Canada"). During the three months ended June 30, 2026, the Company finalized the post-closing working capital adjustment. As a result, consideration transferred increased by CAD $2.6 million (USD $1.8 million) from the preliminary amount previously reported. Accordingly, the purchase price was revised from CAD $144.2 million (USD $105.8 million) to CAD $146.8 million (USD $107.6 million). The increase was recorded as a measurement period adjustment and resulted in a corresponding increase to goodwill.
NDS Canada is a Canadian student loan servicing business that services Canadian student loans for governments and a financial institution, providing assistance programs that include loan origination, disbursement, servicing, customer support, delinquency management, and reporting. The acquisition of NDS Canada has expanded the Company's portfolio of loans it services. The operating results of NDS Canada are included in the Loan Servicing and Systems operating segment.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended June 30, 2026, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The impact of these adjustments had no impact on operating results.
Restricted cash - due to customers$302,901 
Accounts receivable17,590 
Other assets336 
Intangible assets69,805 
Excess cost over fair value of net assets acquired (goodwill)47,814 
Other liabilities(27,898)
Due to customers(302,901)
Net assets acquired$107,647 
The $69.8 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 6 years. The intangible assets that made up this amount include customer relationships of $43.5 million (7-year useful life) and software of $26.3 million (5-year useful life).
The $47.8 million of goodwill was assigned to the Loan Servicing and Systems operating segment and is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to expected future economic benefits associated with the Company's servicing expertise and scale supporting NDS Canada's ongoing operations, along with the deferred tax liability related to the differences between the carrying amounts and tax bases of acquired identifiable intangible assets.
NDS Canada's assets acquired and liabilities assumed were recorded by the Company at their respective fair values at the date of acquisition, and NDS Canada's operating results from the date of acquisition forward are included in the Company's consolidated operating results. The pro forma impacts of the NDS Canada acquisition on the Company's historical results prior to the acquisition were not material.
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7. Intangible Assets
Intangible assets consisted of the following:
Weighted-average remaining useful life as of
June 30, 2026 (months)
As ofAs of
June 30, 2026December 31, 2025
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $64,445 and $58,561, respectively)
78$70,815 29,283 
Computer software (net of accumulated amortization of $2,344)
5425,188 — 
Total amortizable intangible assets, net72$96,003 29,283 
The Company recorded amortization expense on its intangible assets of $4.7 million and $1.5 million for the three months ended June 30, 2026 and 2025, respectively, and $8.4 million and $3.1 million during the six months ended June 30, 2026 and 2025, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2026, the Company estimates it will record amortization expense as follows:
2026 (July 1 - December 31)$9,363 
202718,657 
202818,412 
202915,596 
203015,377 
2031 and thereafter18,598 
$96,003 
8. Goodwill
The change in the carrying amount of goodwill by reportable operating segment was as follows:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Goodwill as of December 31, 2025$23,639 92,507 41,883 — — — 158,029 
Goodwill acquired during the period (NDS Canada)46,969 — — — — — 46,969 
Foreign currency translation(1,068)— — — — — (1,068)
Goodwill as of March 31, 202669,540 92,507 41,883 — — — 203,930 
Goodwill acquired during the period (a)— 3,017 — — — — 3,017 
NDS Canada purchase price allocation adjustment845 — — — — — 845 
Foreign currency translation(845)(112)— — — — (957)
Goodwill as of June 30, 2026$69,540 95,412 41,883 — — — 206,835 
(a)    On April 30, 2026, the Company acquired 100 percent of the outstanding stock of Australia‑based Invision Digital Pty Ltd, which was subsequently renamed Invision Marketing Services PTY Ltd and is the owner of the Passtab brand. Passtab is a leading school visitor, contractor, and compliance management platform, expanding Nelnet's global education technology offerings.
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9.  Bank Deposits
The following table summarizes Nelnet Bank’s deposits, excluding intercompany deposits:
As ofAs of
June 30, 2026December 31, 2025
Retail and other savings$1,435,278 1,337,873 
Brokered CDs, net of brokered deposit fees759,032 311,015 
Retail and other CDs, net of issuance fees24,939 20,285 
Total interest-bearing deposits$2,219,249 1,669,173 
As of June 30, 2026 and December 31, 2025, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $285.8 million and $93.8 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table presents the remaining maturities of certificates of deposit as of June 30, 2026:
One year or less$618,698 
After one year to two years8,842 
After two years to three years61,935 
After three years to four years20,588 
After four years to five years19,850 
After five years54,058 
Total$783,971 
Deposits that exceeded the FDIC insurance limits as of June 30, 2026 were $40.9 million, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries.
10.  Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Three months ended June 30,
20262025
Numerator:
Net income attributable to Nelnet, Inc.$65,433 1,229 66,662 178,170 3,289 181,459 
Denominator:
Weighted-average common shares outstanding - basic and diluted
35,373,041 664,468 36,037,509 35,824,313 661,292 36,485,605 
Earnings per share - basic and diluted$1.85 1.85 1.85 4.97 4.97 4.97 
Six months ended June 30,
20262025
Numerator:
Net income attributable to Nelnet, Inc.$135,287 2,501 137,788 259,158 4,860 264,018 
Denominator:
Weighted-average common shares outstanding - basic and diluted
35,402,521 654,581 36,057,102 35,810,499 671,536 36,482,035 
Earnings per share - basic and diluted$3.82 3.82 3.82 7.24 7.24 7.24 
27


11.  Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2025 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:
Three months ended June 30, 2026
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 140,264 24,334 164,598 — — — 164,598 
Investment interest868 4,732 10,327 18,614 34,541 7,809 2,165 (4,200)40,315 
Total interest income868 4,732 150,591 42,948 199,139 7,809 2,165 (4,200)204,913 
Interest expense286 — 87,425 23,657 111,368 1,170 564 (4,200)108,902 
Net interest income582 4,732 63,166 19,291 87,771 6,639 1,601 — 96,011 
Less provision (negative provision) for loan losses— — 41,326 (249)41,077 — — — 41,077 
Less provision for beneficial interests— — 2,441 — 2,441 — — — 2,441 
Net interest income after provision582 4,732 19,399 19,540 44,253 6,639 1,601 — 52,493 
Other income (expense):
LSS revenue132,244 — — — 132,244 — — — 132,244 
ETSP revenue— 118,884 — — 118,884 — — — 118,884 
Intersegment revenue4,798 74 — — 4,872 — — (4,872)— 
Reinsurance premiums earned— — — — — 40,625 — — 40,625 
Solar construction revenue— — — — — — — — — 
Other, net(57)1,902 19,765 564 22,174 11,122 (14,913)16 18,399 
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 89 77 166 — — — 166 
Derivative market value adjustments, net— — 1,972 1,714 3,686 — — — 3,686 
Total other income (expense), net136,985 120,860 21,826 2,355 282,026 51,747 (14,913)(4,856)314,004 
Cost of services and expenses:
Total cost of services2,087 39,183 — — 41,270 — — — 41,270 
Salaries and benefits74,924 45,596 1,883 3,589 125,992 1,568 25,110 (6)152,664 
Depreciation and amortization5,071 2,442 — 306 7,819 — 2,323 — 10,142 
Reinsurance losses and underwriting expenses— — — — — 32,809 — — 32,809 
Postage expense8,237 8,237 (8,237)— 
Servicing fees7,752 1,635 9,387 (9,387)— 
Other expenses (a)15,193 12,714 1,000 1,842 30,749 1,662 18,954 12,833 64,199 
Intersegment expenses, net17,233 6,293 1,396 695 25,617 486 (26,028)(75)— 
Total operating expenses120,658 67,045 12,031 8,067 207,801 36,525 20,359 (4,872)259,814 
Income (loss) before income taxes14,822 19,364 29,194 13,828 77,208 21,861 (33,671)16 65,413 
Income tax (expense) benefit(3,557)(4,648)(7,005)(3,310)(18,520)(5,247)3,825 — (19,942)
Net income (loss)11,265 14,716 22,189 10,518 58,688 16,614 (29,846)16 45,471 
Net (income) loss attributable to noncontrolling interests— — (9)— (9)3 21,213 (16)21,191 
Net income (loss) attributable to Nelnet, Inc.$11,265 14,716 22,180 10,518 58,679 16,617 (8,633)— 66,662 
Total assets as of June 30, 2026$704,764 519,834 8,877,882 2,997,294 13,099,774 1,093,814 681,431 (599,955)14,275,064 
(a)    Other expenses for each reportable segment consist primarily of the following:
LSS - occupancy, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.
AGM - trustee fees, professional fees, and travel.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, travel, and management fee expense.
28


Three months ended June 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 157,300 14,804 172,104 — — — 172,104 
Investment interest624 5,417 12,641 13,934 32,616 8,870 2,661 (3,963)40,185 
Total interest income624 5,417 169,941 28,738 204,720 8,870 2,661 (3,963)212,289 
Interest expense— — 120,066 14,672 134,738 1,428 651 (3,963)132,854 
Net interest income624 5,417 49,875 14,066 69,982 7,442 2,010 — 79,435 
Less provision (negative provision) for loan losses— — 11,133 6,797 17,930 — — — 17,930 
Less provision for beneficial interests— — 4,977 — 4,977 — — — 4,977 
Net interest income after provision624 5,417 33,765 7,269 47,075 7,442 2,010 — 56,528 
Other income (expense):
LSS revenue120,724 — — — 120,724 — — — 120,724 
ETSP revenue— 118,184 — — 118,184 — — — 118,184 
Intersegment revenue5,603 65 — — 5,668 — — (5,668)— 
Reinsurance premiums earned— — — — — 26,112 — — 26,112 
Solar construction revenue— — — — — — 1,259 — 1,259 
Other, net113 — 7,507 392 8,012 5,265 9,603 96 22,976 
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 581 163 744 — — — 744 
Derivative market value adjustments, net— — (2,165)(1,701)(3,866)— — — (3,866)
Total other income (expense), net126,440 118,249 5,923 (1,146)249,466 31,377 185,906 (5,572)461,177 
Cost of services and expenses:
Total cost of services1,845 39,844 — — 41,689 — 14,050 — 55,739 
Salaries and benefits65,549 41,598 1,469 2,791 111,407 539 22,784 (30)134,699 
Depreciation and amortization1,821 2,505 — 352 4,678 — 2,946 — 7,624 
Reinsurance losses and underwriting expenses— — — — — 25,662 — — 25,662 
Postage expense9,551 9,551 (9,551)— 
Servicing fees7,102 824 7,926 (7,926)— 
Other expenses (a)11,099 9,904 2,464 1,969 25,436 2,206 17,006 11,969 56,617 
Intersegment expenses, net17,240 6,273 1,260 652 25,425 321 (25,616)(130)— 
Total operating expenses105,260 60,280 12,295 6,588 184,423 28,728 17,120 (5,668)224,602 
Income (loss) before income taxes19,959 23,542 27,393 (465)70,429 10,091 156,746 96 237,364 
Income tax (expense) benefit(4,790)(5,650)(6,569)101 (16,908)(2,395)(40,207)— (59,510)
Net income (loss)15,169 17,892 20,824 (364)53,521 7,696 116,539 96 177,854 
Net (income) loss attributable to noncontrolling interests— — (23)— (23)(114)3,838 (96)3,605 
Net income (loss) attributable to Nelnet, Inc.$15,169 17,892 20,801 (364)53,498 7,582 120,377 — 181,459 
Total assets as of June 30, 2025$168,435 533,317 10,036,454 1,767,193 12,505,399 1,077,523 541,471 (413,305)13,711,088 
(a)    Other expenses for each reportable segment consist primarily of the following:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.

29


Six months ended June 30, 2026
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 292,616 43,006 335,622 — — — 335,622 
Investment interest2,008 10,851 20,987 35,178 69,024 16,326 5,300 (10,133)80,517 
Total interest income2,008 10,851 313,603 78,184 404,646 16,326 5,300 (10,133)416,139 
Interest expense834 — 182,981 41,064 224,879 2,544 1,195 (10,133)218,485 
Net interest income1,174 10,851 130,622 37,120 179,767 13,782 4,105 — 197,654 
Less provision (negative provision) for loan losses— — 89,792 4,529 94,321 — — — 94,321 
Less provision for beneficial interests— — 6,571 — 6,571 — — — 6,571 
Net interest income after provision1,174 10,851 34,259 32,591 78,875 13,782 4,105 — 96,762 
Other income (expense):
LSS revenue260,086 — — — 260,086 — — — 260,086 
ETSP revenue— 273,319 — — 273,319 — — — 273,319 
Intersegment revenue9,804 145 — — 9,949 — — (9,949)— 
Reinsurance premiums earned— — — — — 63,161 — — 63,161 
Solar construction revenue— — — — — — — — — 
Other, net(267)1,902 46,012 2,122 49,769 7,536 (28,493)24 28,836 
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 193 116 309 — 437 — 746 
Derivative market value adjustments, net— — 3,466 2,714 6,180 — (907)— 5,273 
Total other income (expense), net269,623 275,366 49,671 4,952 599,612 70,697 (28,963)(9,925)631,421 
Cost of services and expenses:
Total cost of services4,174 89,136 — — 93,310 — — — 93,310 
Salaries and benefits142,545 88,292 3,511 6,504 240,852 3,081 48,125 (23)292,035 
Depreciation and amortization9,073 4,811 — 658 14,542 — 4,770 — 19,312 
Reinsurance losses and underwriting expenses— — — — — 56,414 — — 56,414 
Postage expense17,043 17,043 (17,043)— 
Servicing fees15,904 2,862 18,766 (18,766)— 
Other expenses (a)29,386 24,474 2,051 3,120 59,031 2,923 38,056 26,028 126,038 
Intersegment expenses, net33,952 12,326 2,748 1,352 50,378 943 (51,176)(145)— 
Total operating expenses231,999 129,903 24,214 14,496 400,612 63,361 39,775 (9,949)493,799 
Income (loss) before income taxes34,624 67,178 59,716 23,047 184,565 21,118 (64,633)24 141,074 
Income tax (expense) benefit(8,309)(16,123)(14,325)(5,416)(44,173)(5,086)9,256 — (40,003)
Net income (loss)26,315 51,055 45,391 17,631 140,392 16,032 (55,377)24 101,071 
Net (income) loss attributable to noncontrolling interests— — (27)— (27)72 36,696 (24)36,717 
Net income (loss) attributable to Nelnet, Inc.$26,315 51,055 45,364 17,631 140,365 16,104 (18,681)— 137,788 
Total assets as of June 30, 2026$704,764 519,834 8,877,882 2,997,294 13,099,774 1,093,814 681,431 (599,955)14,275,064 
(a)    Other expenses for each reportable segment consist primarily of the following:
LSS - occupancy, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.
AGM - trustee fees, professional fees, and travel.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
30


Six months ended June 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 311,768 26,775 338,543 — — — 338,543 
Investment interest1,345 12,356 25,411 26,430 65,542 17,690 4,973 (6,632)81,574 
Total interest income1,345 12,356 337,179 53,205 404,085 17,690 4,973 (6,632)420,117 
Interest expense— — 234,369 26,749 261,118 2,198 1,284 (6,632)257,968 
Net interest income1,345 12,356 102,810 26,456 142,967 15,492 3,689 — 162,149 
Less provision (negative provision) for loan losses— — 24,144 9,123 33,267 — — — 33,267 
Less provision for beneficial interests— — 6,487 — 6,487 — — — 6,487 
Net interest income after provision1,345 12,356 72,179 17,333 103,213 15,492 3,689 — 122,395 
Other income (expense):
LSS revenue241,465 — — — 241,465 — — — 241,465 
ETSP revenue— 265,515 — — 265,515 — — — 265,515 
Intersegment revenue11,287 129 — — 11,416 — — (11,416)— 
Reinsurance premiums earned— — — — — 50,799 — — 50,799 
Solar construction revenue— — — — — — 5,254 — 5,254 
Other, net225 — 12,411 534 13,170 6,376 27,840 193 47,579 
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 1,162 327 1,489 — — — 1,489 
Derivative market value adjustments, net— — (5,961)(4,229)(10,190)— — — (10,190)
Total other income (expense), net252,977 265,644 7,612 (3,368)522,865 57,175 208,138 (11,223)776,955 
Cost of services and expenses:
Total cost of services3,478 87,891 — — 91,369 — 21,878 — 113,247 
Salaries and benefits135,123 83,339 2,690 5,607 226,759 1,017 45,279 (134)272,922 
Depreciation and amortization4,474 4,936 — 691 10,101 — 6,778 — 16,879 
Reinsurance losses and underwriting expenses— — — — — 47,874 — — 47,874 
Postage expense17,127 17,127 (17,127)— 
Servicing fees14,013 1,491 15,504 (15,504)— 
Other expenses (a)21,931 18,952 3,352 3,327 47,562 3,059 32,592 21,711 104,924 
Intersegment expenses, net33,718 11,877 2,510 1,362 49,467 565 (49,670)(362)— 
Total operating expenses212,373 119,104 22,565 12,478 366,520 52,515 34,979 (11,416)442,599 
Income (loss) before income taxes38,471 71,005 57,226 1,487 168,189 20,152 154,970 193 343,504 
Income tax (expense) benefit(9,233)(17,052)(13,725)(333)(40,343)(4,779)(39,398)— (84,521)
Net income (loss)29,238 53,953 43,501 1,154 127,846 15,373 115,572 193 258,983 
Net (income) loss attributable to noncontrolling interests— 45 (40)— 5 (238)5,461 (193)5,035 
Net income (loss) attributable to Nelnet, Inc.$29,238 53,998 43,461 1,154 127,851 15,135 121,033 — 264,018 
Total assets as of June 30, 2025$168,435 533,317 10,036,454 1,767,193 12,505,399 1,077,523 541,471 (413,305)13,711,088 
(a)    Other expenses for each reportable segment consist primarily of the following:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.

31


12. Disaggregated Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments:
Loan Servicing and Systems
Three months ended June 30,Six months ended June 30,
2026202520262025
Department of Education loan servicing$74,639 85,737 150,759 173,100 
Canada student loans (a)17,685 — 29,016 — 
Private education and consumer loan servicing26,114 22,733 51,775 45,426 
FFELP loan servicing1,968 2,241 4,222 4,873 
Software services11,384 9,452 23,147 16,444 
Outsourced services454 561 1,167 1,622 
Loan servicing and systems revenue$132,244 120,724 260,086 241,465 
(a)    On February 2, 2026, the Company acquired a Canadian student loan servicing business, NDS Canada. The operating results of NDS Canada are included in the Company's consolidated operating results beginning on the acquisition date of February 2, 2026. See note 6 for additional information.
Education Technology Services and Payments
Three months ended June 30,Six months ended June 30,
2026202520262025
Tuition payment plan services$37,005 36,013 78,859 76,085 
Payment processing39,409 37,515 95,297 89,051 
Education technology services42,312 44,481 98,426 100,177 
Other158 175 737 202 
Education technology services and payments revenue$118,884 118,184 273,319 265,515 
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended June 30,Six months ended June 30,
2026202520262025
Investment activity, net$19,643 14,837 35,794 28,412 
Borrower late fee income7,791 1,642 16,249 3,231 
Administration/sponsor fee income1,606 1,293 3,155 2,598 
Investment advisory services (WRCM)1,380 1,504 2,715 2,977 
Loss from solar investments, net(22,497)(1,502)(45,028)(1,046)
Other10,476 5,202 15,951 11,407 
Other, net$18,399 22,976 28,836 47,579 
32


13.  Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:
Three months endedSix months ended
June 30,June 30,
2026202520262025
Premiums written:
Assumed$59,131 55,798 103,902 110,404 
Ceded(17,159)(16,916)(32,009)(36,965)
Net premiums written$41,972 38,882 71,893 73,439 
Premiums earned:
Assumed$55,467 44,079 95,792 91,803 
Ceded(14,842)(17,967)(32,631)(41,004)
Net premiums earned$40,625 26,112 63,161 50,799 
Loss reserve, commissions, and broker fees:
Assumed$46,312 45,100 86,287 87,741 
Ceded(13,503)(19,438)(29,873)(39,867)
Reinsurance losses and underwriting expenses$32,809 25,662 56,414 47,874 
The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $92.1 million and $72.3 million as of June 30, 2026 and December 31, 2025, respectively, which is included in "other liabilities" on the consolidated balance sheets.
14.  Major Customer
The Company earns loan servicing revenue from a servicing contract with the U.S. Department of Education (the "Department") that became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. Revenue earned by the Company related to this contract was $74.6 million and $85.7 million for the three months ended June 30, 2026 and 2025, respectively, and $150.8 million and $173.1 million for the six months ended June 30, 2026 and 2025, respectively.
15.  Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
As of June 30, 2026As of December 31, 2025
Level 1Level 2TotalLevel 1Level 2Total
Assets:
Investments:
Asset-backed debt securities - available-for-sale$100 1,578,240 1,578,340 100 1,304,888 1,304,988 
Equity securities24,659 — 24,659 22,107 — 22,107 
Equity securities measured at net asset value (a)98,393 87,541 
Total investments24,759 1,578,240 1,701,392 22,207 1,304,888 1,414,636 
Derivative instruments— 2,776 2,776 — 614 614 
Total assets$24,759 1,581,016 1,704,168 22,207 1,305,502 1,415,250 
Liabilities:
Derivative instruments$— 295 295 — 1,727 1,727 
Total liabilities$— 295 295 — 1,727 1,727 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
33


The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2025 Annual Report.
As of June 30, 2026
Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:
Loans receivable$9,718,535 9,259,416 — — 9,718,535 
Accrued loan interest receivable542,799 542,799 — 542,799 — 
Cash and cash equivalents172,430 172,430 172,430 — — 
Investments at fair value1,701,392 1,701,392 24,759 1,578,240 — 
Investments - held-to-maturity asset-backed securities214,973 210,908 — 214,973 — 
Notes receivable41,772 41,772 — 41,772 — 
Beneficial interest in loan securitizations202,812 188,852 — — 202,812 
Restricted cash285,845 285,845 285,845 — — 
Restricted cash – due to customers508,039 508,039 508,039 — — 
Derivative instruments2,776 2,776 — 2,776 — 
Financial liabilities:
Bonds and notes payable7,065,938 7,043,156 — 7,065,938 — 
Accrued interest payable16,265 16,265 — 16,265 — 
Bank deposits2,206,275 2,219,249 1,187,152 1,019,123 — 
Due to customers839,910 839,910 839,910 — — 
Derivative instruments295 295 — 295 — 
As of December 31, 2025
Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:
Loans receivable$9,978,262 9,477,759 — — 9,978,262 
Accrued loan interest receivable528,936 528,936 — 528,936 — 
Cash and cash equivalents295,983 295,983 295,983 — — 
Investments at fair value1,414,636 1,414,636 22,207 1,304,888 — 
Investments - held-to-maturity asset-backed securities215,722 211,299 — 215,722 — 
Notes receivable32,085 32,085 — 32,085 — 
Beneficial interest in loan securitizations211,398 194,830 — — 211,398 
Restricted cash357,639 357,639 357,639 — — 
Restricted cash – due to customers319,924 319,924 319,924 — — 
Derivative instruments614 614 — 614 — 
Financial liabilities:
Bonds and notes payable7,784,936 7,780,927 — 7,784,936 — 
Accrued interest payable20,426 20,426 — 20,426 — 
Bank deposits1,658,675 1,669,173 1,040,077 618,598 — 
Due to customers457,844 457,844 457,844 — — 
Derivative instruments1,727 1,727 — 1,727 — 
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Management’s Discussion and Analysis of Financial Condition and Results of Operations is for the three and six months ended June 30, 2026 and 2025. All dollars are in thousands, except per share amounts, unless otherwise noted.)
The following discussion and analysis provides information that the Company’s management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of the Company. The discussion and analysis should be read in conjunction with the Company’s consolidated financial statements included in the 2025 Annual Report.
34


Forward-looking and cautionary statements
This report contains forward-looking statements and information that are based on management's current expectations as of the date of this document. Statements that are not historical facts, including statements about the Company's plans and expectations for future financial condition, results of operations or economic performance, or that address management's plans and objectives for future operations, and statements that assume or are dependent upon future events, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “ensure,” “estimate,” “expect,” "focus," “forecast,” “future,” “intend,” “may,” "objective," “plan,” “potential,” “predict,” "pursue," “scheduled,” “should,” "strategy," “will,” “would,” and similar expressions, as well as statements in future tense, are intended to identify forward-looking statements.
The forward-looking statements are based on assumptions and analyses made by management in light of management's experience and its perception of historical trends, current conditions, expected future developments, and other factors that management believes are appropriate under the circumstances. These statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in the “Risk Factors” section of the 2025 Annual Report and include such risks and uncertainties as:
•risks related to the ability to successfully maintain and increase allocated volumes of student loans serviced by the Company under existing and future servicing contracts with the Department, risks related to unfavorable contract modifications or interpretations, risks related to consistently meeting service requirements to avoid the assessment of performance penalties, and risks related to the Company's ability to comply with agreements with third-party customers for the servicing of Federal Direct Loan Program, Canadian, FFEL Program, private education, and consumer loans;
•loan portfolio risks such as credit risk, prepayment risk, interest rate basis and repricing risk, risks related to the use of derivatives to manage exposure to interest rate fluctuations, uncertainties regarding the expected benefits from purchased securitized and unsecuritized FFELP, private education, consumer, and other loans, or residual interests therein, and initiatives to purchase additional FFELP, private education, consumer, and other loans;
•financing and liquidity risks, including risks of changes in the interest rate environment;
•risks from changes in the terms of education loans and in the educational credit and services markets resulting from changes in applicable laws, regulations, and government programs and budgets;
•risks related to a breach of or failure in the Company's operational or information systems or infrastructure, or those of third-party vendors, including disclosure of confidential or personal information and/or damage to reputation resulting from cyber breaches;
•risks related to use of artificial intelligence;
•uncertainties inherent in forecasting future cash flows from student loan assets, including residual interests therein, and related asset-backed securitizations;
•risks related to the ability of Nelnet Bank to achieve its business objectives and effectively deploy loan and deposit strategies and achieve expected market penetration;
•risks related to the Company's solar tax equity partnerships, including risks of not being able to realize tax credits which remain subject to recapture by taxing authorities and risks from the impact of the enactment of the One Big Beautiful Bill that accelerates the expiration and phase out of solar energy credits;
•risks and uncertainties related to other initiatives (and anticipated income therefrom) including venture capital, real estate, reinsurance, acquisitions, and other activities, including activities that are intended to diversify the Company both within and outside of its historical core education-related businesses;
•risks and uncertainties associated with climate change; and
•risks and uncertainties associated with litigation matters, maintaining compliance with the extensive regulatory requirements applicable to the Company's businesses, and uncertainties inherent in the estimates and assumptions about future events that management is required to make in the preparation of the Company’s consolidated financial statements.
All forward-looking statements contained in this report are qualified by these cautionary statements and are made only as of the date of this document. Although the Company may from time to time voluntarily update or revise its prior forward-looking statements to reflect actual results or changes in the Company's expectations, the Company disclaims any commitment to do so except as required by law.
35


OVERVIEW
The Company is an operating holding company with primary businesses in consumer lending, loan servicing, payments, and technology-enabled services, many of which are focused on serving customers in the education sector. The Company conducts these activities both directly and through its wholly owned and majority-owned subsidiaries, and actively manages and operates its businesses on an integrated basis. Nelnet’s largest operating and technology platforms support loan servicing and education-related technology and payment solutions. A significant portion of the Company’s revenue is derived from net interest income earned on a portfolio of federally insured student loans, a substantial portion of which is serviced by the Company.
The Company has also broadened its operating business mix both within and beyond its historical education-focused activities. These businesses include banking and other financial services conducted through the Company’s bank and other subsidiaries, asset management and related customer-facing servicing, real estate development and management, reinsurance operations, renewable energy development, and selected strategic interests in early-stage, emerging growth, and other operating enterprises. The Company actively manages such businesses and holds interests in them for strategic and operational purposes.
GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments
The Company prepares its financial statements and presents its financial results in accordance with GAAP. However, it also provides additional non-GAAP financial information related to specific items management believes to be important in the evaluation of its operating results and performance. A reconciliation of the Company's GAAP net income to Non-GAAP net income excluding derivative market value adjustments, and a discussion of why the Company believes providing this additional information is useful to investors, are provided below.
Three months ended June 30,Six months ended June 30,
2026202520262025
GAAP net income attributable to Nelnet, Inc.$66,662 181,459 137,788 264,018 
Realized and unrealized derivative market value adjustments (a)(3,686)3,866 (5,273)10,190 
Tax effect (b)885 (928)1,266 (2,446)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$63,861 184,397 133,781 271,762 
Earnings per share:
GAAP net income attributable to Nelnet, Inc.$1.85 4.97 3.82 7.24 
Realized and unrealized derivative market value adjustments (a)(0.10)0.11 (0.15)0.28 
Tax effect (b)0.02 (0.03)0.04 (0.07)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$1.77 5.05 3.71 7.45 
(a) "Derivative market value adjustments" includes both the realized portion of gains and losses (corresponding to variation margin received or paid on derivative instruments that are settled daily at a central clearinghouse) and the unrealized portion of gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP. "Derivative market value adjustments" does not include "derivative settlements" that represent the cash paid or received during the respective period to settle with derivative instrument counterparties the economic effect of the Company's derivative instruments based on their contractual terms.

The accounting for derivatives requires that changes in the fair value of derivative instruments be recognized currently in earnings, with no fair value adjustment of the hedged item, unless specific hedge accounting criteria are met. Management has structured all of the Company’s derivative transactions with the intent that each is economically effective; however, the majority of the Company’s derivative instruments do not qualify for hedge accounting in the consolidated financial statements. As a result, the change in fair value for the derivative instruments that do not qualify for hedge accounting is reported in current period earnings with no consideration for the corresponding change in fair value of the hedged item. Under GAAP, the cumulative net realized and unrealized gain or loss caused by changes in fair values of derivatives in which the Company plans to hold to maturity will generally equal zero over the life of the contract. However, the net realized and unrealized gain or loss during any given reporting period fluctuates significantly from period to period.

The Company believes these point-in-time estimates of asset and liability values related to its derivative instruments that are subject to interest rate fluctuations are subject to volatility mostly due to timing and market factors beyond the control of management, and affect the period-to-period comparability of the results of operations. Accordingly, the Company’s management utilizes operating results excluding these items for comparability purposes when making decisions regarding the Company’s performance and in presentations with credit rating agencies, lenders, and investors. Consequently, the Company reports this non-GAAP information because the Company believes that it provides additional information regarding operational and performance indicators that are closely assessed by management and represents what earnings would have been had these derivatives qualified for hedge accounting. There is no comprehensive, authoritative guidance for the presentation of such non-GAAP information, which is only meant to supplement GAAP results by providing additional information that management utilizes to assess performance.
(b)The tax effects are calculated by multiplying the realized and unrealized derivative market value adjustments by the applicable statutory income tax rate.
36


Operating Segments
The Company's reportable operating segments are described in note 1 of the notes to consolidated financial statements included in the 2025 Annual Report. They include:
•Loan Servicing and Systems (LSS) - referred to as Nelnet Diversified Services (NDS)
•Education Technology Services and Payments (ETSP) - referred to as Nelnet Business Services (NBS)
•Asset Generation and Management (AGM), part of the Nelnet Financial Services (NFS) division
•Nelnet Bank, part of the NFS division
The Company earns fee-based revenue through its NDS and NBS reportable operating segments. The Company earns net interest income on its loan portfolio, consisting primarily of FFELP loans, through its AGM reportable operating segment. This segment is expected to generate significant amounts of cash as the FFELP portfolio amortizes. The Company actively works to maximize the amount and timing of cash flows generated from its FFELP portfolio and seeks to acquire additional loan assets to leverage its servicing scale and expertise to generate incremental earnings and cash flow. Nelnet Bank operates as an internet industrial bank franchise focused on the private education and unsecured consumer loan markets, with a home office in Salt Lake City, Utah.
In addition to AGM and Nelnet Bank being part of the NFS division, NFS's other operating segments that are not reportable include the operating results of:
•Nelnet Insurance Services, which primarily includes multiple reinsurance treaties on property and casualty policies
•Whitetail Rock Capital Management, LLC (WRCM), the Company's U.S. Securities and Exchange Commission (SEC)-registered investment advisor subsidiary
•The Company’s ownership and activities in real estate
•The Company’s ownership and management of its bond portfolio (primarily student loan and other asset-backed securities) and certain marketable equity securities
Other business activities and operating segments that are not reportable and not part of the NFS division are combined and included in Corporate and Other Activities ("Corporate"). Corporate includes the following items:
•Shared service activities related to human resources, accounting, legal, enterprise risk management, information technology, occupancy, and marketing. These costs are allocated to each operating segment based on estimated use of such activities and services
•Corporate costs and overhead functions not allocated to operating segments, including executive management, innovation initiatives, and other holding company organizational costs
•The operating results of the Company’s participation in renewable energy solar developments through tax equity structures and administrative and management services provided by the Company on solar tax equity investments made by third parties
•The operating results of Nelnet Renewable Energy (NRE), a solar engineering, procurement, and construction business, which the Company sold during the fourth quarter of 2025, but retained a limited number of construction contracts to complete following the sale
•The operating results of certain of the Company’s investment activities, including its ownership in ALLO and early-stage and emerging growth companies (venture capital)
•Interest income earned on cash balances held at the corporate level
•Other product and service offerings that are not considered reportable operating segments
37


The information below presents the operating results (net income (loss) before taxes) for each of the Company's reportable and certain other operating segments reconciled to the consolidated financial statements for the three and six months ended June 30, 2026 and 2025. See "Results of Operations" for additional detail regarding each reportable operating segment, the NFS operating segments, and Corporate and Other Activities under this Item 2.
Three months ended June 30,Six months ended June 30,
2026202520262025
NDS$14,822 19,959 34,624 38,471 
NBS19,364 23,542 67,178 71,005 
Nelnet Financial Services division:
AGM29,194 27,393 59,716 57,226 
Nelnet Bank13,828 (465)23,047 1,487 
NFS other operating segments21,861 10,091 21,118 20,152 
Corporate:
Unallocated shared services and corporate costs(13,596)(11,923)(24,703)(21,911)
Solar tax equity(21,642)(1,892)(43,966)(686)
Nelnet Renewable Energy - solar construction(390)(17,601)(2,571)(24,175)
Other corporate operating segments1,973 188,258 6,631 201,935 
Net income before taxes65,413 237,364 141,074 343,504 
Income tax expense(19,942)(59,510)(40,003)(84,521)
Net loss attributable to noncontrolling interests21,191 3,605 36,717 5,035 
Net income$66,662 181,459 137,788 264,018 
Impact of Transactions on 2026 Operating Results
Operating results for the three and six months ended June 30, 2026 compared to the same periods in 2025 were influenced by several transactions that significantly affected certain components of income. The impacts of these items are summarized below to provide additional context for the Company’s financial performance during the period.
Nelnet Bank
In its initial years, Nelnet Bank incurred operating losses as it invested in the personnel and infrastructure needed to support future growth. As the bank has matured, operating expenses have stabilized while loan and deposit balances have continued to expand. This operating leverage has contributed to increased net interest income and net income for the three and six months ended June 30, 2026, compared with the corresponding periods in 2025.
During 2026, the Company’s AGM operating segment contributed certain student loan trusts to Nelnet Bank, including $716.3 million of federally insured loans. Following these contributions, Nelnet Bank repaid the related securitization debt and funded the loans with deposits. These transactions were a significant contributor to the increase in Nelnet Bank's loan balance during 2026.
NFS Other Operating Segments
During the three and six months ended June 30, 2026, the Company recognized an unrealized gain of $8.6 million and an unrealized loss of $1.1 million, respectively, from changes in the fair value of certain marketable equity securities. These fair value adjustments were a significant driver of the increase in income before income taxes for the NFS other operating segments in the second quarter of 2026 compared with the prior-year period; however, they had only a limited impact on the year-to-date comparison. Operating results may continue to fluctuate and be impacted in future periods by fair value adjustments of marketable equity securities.
Solar Tax Equity
During the three and six months ended June 30, 2026, the Company recognized $22.5 million and $45.0 million of losses related to its solar tax equity partnerships, respectively. These losses reflect the accounting treatment required under the HLBV method and were influenced by contributions made to these partnerships in recent periods. The HLBV method commonly results in the recognition of accelerated losses in the early years of a partnership. The Company consolidates its solar tax equity partnerships because it holds management and control rights, with third‑party investor interests reflected as noncontrolling interests. Losses attributable to noncontrolling interest partners totaled $19.5 million and $32.9 million for the three and six
38


months ended June 30, 2026, and are included in “net loss attributable to noncontrolling interests” in the table above. See note 5 of the notes to consolidated financial statements in this report for additional information.
Nelnet Renewable Energy (NRE)
NRE was the Company’s solar construction subsidiary, providing full‑service engineering, procurement, and construction services. Following its acquisition, NRE experienced low and, in certain cases, negative project margins. In addition, changes in legislation reducing clean energy tax incentives, tariff uncertainty, and rising construction costs adversely affected NRE's revenue and operating results. As a result of these factors, the Company sold NRE in November 2025. Although the Company retained a limited number of construction contracts to complete following the sale, the Company does not expect the operating results from such contracts to be significant in future periods.
ALLO Investment
During the three months ended June 30, 2025, the Company recognized a $175.0 million gain on a partial redemption of the Company's voting membership interests in ALLO. In addition, ALLO redeemed all of the Company's preferred membership interests in ALLO that were outstanding at that time. Included in the Company's operating results for the three and six months ended June 30, 2025 was $6.0 million and $14.4 million of ALLO preferred return, respectively. The operating results from the Company's investment in ALLO is included in "other corporate operating segments" in the table above.
CONSOLIDATED RESULTS OF OPERATIONS
An analysis of the Company's consolidated operating results for the three and six months ended June 30, 2026 compared with the same periods in 2025 is provided below.
The Company operates as distinct reportable operating segments as described above. For a reconciliation of the reportable segment operating results to the consolidated results of operations, see note 11 of the notes to consolidated financial statements included under Part I, Item 1 of this report. Since the Company monitors and assesses its operations and results based on these segments, the discussion following the consolidated results of operations is presented on a reportable segment basis.
Three months endedSix months ended
June 30,June 30,
2026202520262025Additional information
Loan interest$164,598 172,104 335,622 338,543 Decrease was due to a decrease in the average consolidated balance of FFELP loans and gross yield earned on loans, partially offset by an increase in loan discount accretion and the average balance of consumer and other loans held within the AGM and Nelnet Bank operating segments.
Investment interest40,315 40,185 80,517 81,574 Includes income from operating cash, investments, and restricted cash in asset-backed securitizations. Decrease was due to a decrease in interest rates and interest earned on restricted cash in asset-backed securitizations due to lower balances. These decreases were partially offset by an increase in the average balance of other investments.
Total interest income204,913 212,289 416,139 420,117 
Interest expense108,902 132,854 218,485 257,968 Decrease was due to a decrease in the average balance of debt outstanding and decrease in cost of funds. These decreases were partially offset by an increase in interest expense on larger deposit balances at Nelnet Bank.
Net interest income96,011 79,435 197,654 162,149 
Less provision for loan losses41,077 17,930 94,321 33,267 
Represents the current period provision to reflect the lifetime expected credit losses related to the Company's loan portfolio. The increase was driven by the establishment of an initial allowance for loans originated and acquired during the periods, including the significant increase in the volume of Pay Later receivables acquired since the third quarter of 2025. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Less provision for beneficial interests2,441 4,977 6,571 6,487 
Represents the current period provision expense related to the Company’s beneficial interest in certain loan securitizations. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Net interest income after provision52,493 56,528 96,762 122,395 
Other income (expense):
LSS revenue132,244 120,724 260,086 241,465 See LSS operating segment - results of operations.
ETSP revenue118,884 118,184 273,319 265,515 
See ETSP operating segment - results of operations.
Reinsurance premiums earned40,625 26,112 63,161 50,799 Represents premiums earned, net of ceded portion, from reinsurance treaties on primarily property and casualty policies. Increase was primarily due to timing of premium recognition under certain reinsurance treaties.
Solar construction revenue— 1,259 — 5,254 
Represents revenue earned from NRE providing solar construction services. The Company sold NRE in November 2025.
39


Other, net18,399 22,976 28,836 47,579 
See table below for the components of "other, net."
Gain on partial redemption of ALLO investment— 175,044 — 175,044 Represents a gain recognized from the partial redemption of the Company's ALLO investment.
Derivative settlements, net166 744 746 1,489 
The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility.
Derivative market value adjustments, net3,686 (3,866)5,273 (10,190)
Includes the realized and unrealized gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP.
Total other income (expense), net314,004 461,177 631,421 776,955 
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs2,087 1,845 4,174 3,478 
Represents primarily the amortization of previously capitalized contract fulfillment costs.
Cost to provide education technology services and payments39,183 39,844 89,136 87,891 
Represents direct costs to provide payment processing and instructional services in ETSP. See ETSP operating segment - results of operations.
Cost to provide solar construction services— 14,050 — 21,878 Represents direct costs related to NRE providing solar construction services. The Company sold NRE in November 2025.
Total cost of services41,270 55,739 93,310 113,247 
Salaries and benefits152,664 134,699 292,035 272,922 
Increase was primarily due to the acquisition of NDS Canada during the first quarter of 2026 and higher headcount at the ETSP operating segment to support the growth of its customer base and the investment in the development of new technologies.
Depreciation and amortization10,142 7,624 19,312 16,879 Includes depreciation of property and equipment and the amortization of intangibles from prior business acquisitions. Increase was primarily driven by an increase in amortization due to the acquisition of NDS Canada during the first quarter of 2026.
Reinsurance losses and underwriting expenses32,809 25,662 56,414 47,874 Represents case reserve, estimated loss reserve, and amortization of acquisition costs, which consist primarily of commissions and brokerage expenses, net of ceded portion, from reinsurance treaties on primarily property and casualty policies.
Other expenses64,199 56,617 126,038 104,924 Includes expenses such as postage and distribution, consulting and professional fees, servicing fees, marketing, travel, communications, certain information technology-related costs, and impairment charges. Increase was primarily due to higher legal and transition service costs related to closing the NDS Canada acquisition and subsequent integration activities, as well as increased expenses related to certain information technology activities to support development of new technologies.
Total operating expenses259,814 224,602 493,799 442,599 
Income before income taxes65,413 237,364 141,074 343,504 
Income tax expense(19,942)(59,510)(40,003)(84,521)
The effective tax rate was 23.03% and 24.70% for the three months ended June 30, 2026 and 2025, respectively and 22.50% and 24.25% for the six months ended June 30, 2026 and 2025, respectively. The decrease in the effective tax rate in 2026 as compared with 2025 was impacted by the state effective tax rate. The Company expects its effective tax rate will range between 22.5% and 24.5% for the remainder of 2026.
Net income45,471 177,854 101,071 258,983 
Net loss attributable to noncontrolling interests21,191 3,605 36,717 5,035 Represents the net loss attributable to the holders of noncontrolling membership interests, the majority of which are related to renewable energy solar developments.
Net income attributable to Nelnet, Inc.$66,662 181,459 137,788 264,018 
Additional information:See "Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments" above for additional information about non-GAAP financial information.
Net income attributable to Nelnet, Inc.$66,662 181,459 137,788 264,018 
Derivative market value adjustments, net(3,686)3,866 (5,273)10,190 
Tax effect885 (928)1,266 (2,446)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$63,861 184,397 133,781 271,762 

40


The following table summarizes the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended June 30,Six months ended June 30,
2026202520262025Additional information
Investment activity, net (a)$19,643 14,837 35,794 28,412 See note (b) below for additional information.
Borrower late fee income 7,791 1,642 16,249 3,231 See NFS division - results of operations - AGM operating segment.
Administration/sponsor fee income 1,606 1,293 3,155 2,598 See NFS division - results of operations - AGM operating segment.
Investment advisory services (WRCM) 1,380 1,504 2,715 2,977 See NFS division - results of operations - NFS other operating segments.
Loss from solar investments, net (22,497)(1,502)(45,028)(1,046)See Corporate - results of operations and note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Other 10,476 5,202 15,951 11,407 
Other, net$18,399 22,976 28,836 47,579 
(a)    The Company anticipates fluctuations in future periodic earnings resulting from investment purchases, sales, and valuation adjustments.
(b)    Investment activity by operating segment and investment type follows:
Real EstateVenture Capital and FundsEquity SecuritiesBondsTotalReal EstateVenture Capital and FundsEquity SecuritiesBondsTotal
Three months ended June 30,
20262025
NFS - AGM$— 8,649 — (20)8,629 — 4,213 — — 4,213 
NFS - Nelnet Bank— (15)— 470 455 — (65)— 149 84 
NFS - Other Operating Segments(1,034)— 8,629 1,191 8,786 453 — 654 1,686 2,793 
Corporate— 1,316 457 — 1,773 — 7,747 — — 7,747 
$(1,034)9,950 9,086 1,641 19,643 453 11,895 654 1,835 14,837 
Six months ended June 30,
20262025
NFS - AGM$— 24,011 — (20)23,991 — 5,260 — — 5,260 
NFS - Nelnet Bank— 1,053 — 803 1,856 — (127)— 435 308 
NFS - Other Operating Segments1,698 — (1,050)2,872 3,520 (1,190)— 645 2,735 2,190 
Corporate— 7,097 (670)— 6,427 — 20,654 — — 20,654 
$1,698 32,161 (1,720)3,655 35,794 (1,190)25,787 645 3,170 28,412 
41


LOAN SERVICING AND SYSTEMS OPERATING SEGMENT – RESULTS OF OPERATIONS
On February 2, 2026, the Company acquired a Canadian student loan servicing business. NDS Canada delivers technology-enabled student loan servicing for governments and a financial institution, managing 2.7 million borrowers on proprietary platforms. Beginning on the acquisition date, the operating results of NDS Canada are included in the Loan Servicing and Systems reportable operating segment. See note 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Summary and Comparison of Operating Results
Three months ended June 30,Six months ended June 30,
2026202520262025
Interest income, net$582 624 1,174 1,345 
Loan servicing and systems revenue (see disaggregated revenue by service offering below)
132,244 120,724 260,086 241,465 
Intersegment servicing revenue4,798 5,603 9,804 11,287 
Other income(57)113 (267)225 
Total other income136,985 126,440 269,623 252,977 
Contract fulfillment and acquisition costs2,087 1,845 4,174 3,478 
Salaries and benefits74,924 65,549 142,545 135,123 
Depreciation and amortization5,071 1,821 9,073 4,474 
Postage expense8,237 9,551 17,043 17,127 
Other expenses15,193 11,099 29,386 21,931 
Intersegment expenses17,233 17,240 33,952 33,718 
Total operating expenses120,658 105,260 231,999 212,373 
Income before income taxes14,822 19,959 34,624 38,471 
Income tax expense(3,557)(4,790)(8,309)(9,233)
Net income$11,265 15,169 26,315 29,238 
GAAP before tax operating margin11.0 %16.0 %13.0 %15.4 %
Amortization expense related to acquired intangibles from NDS Canada acquisition2.1 — 1.8 — 
Non-GAAP before tax operating margin, excluding amortization expense (a)13.1 %16.0 %14.8 %15.4 %
(a)    Before tax operating margin, excluding amortization expense, is a non-GAAP measure of before tax operating profitability as a percentage of revenue, and for the LSS segment is calculated as income before income taxes less amortization expense related to the acquired intangibles from the NDS Canada acquisition ($2.8 million and $4.7 million for the three and six months ended June 30, 2026, respectively), divided by the total of loan servicing and systems revenue (net of contract fulfillment and acquisition costs), intersegment servicing revenue, and other income. The Company uses this metric to monitor and assess the segment’s performance, manage operating costs, identify and evaluate business trends affecting the segment, and make strategic decisions, and believes that it provides additional information to facilitate an understanding of the operating performance of the segment and provides a meaningful comparison of the results of operations between periods.
Before‑tax operating margin, excluding amortization expense, decreased in 2026 compared with 2025 due to a decrease in Department loan servicing revenue, primarily driven by a decrease in the number of borrowers and further explained in the disaggregated revenue table below. This was partially offset by lower salaries and benefits (excluding the impact of employees added through the NDS Canada acquisition) reflecting ongoing cost-efficiency initiatives and headcount reductions, as well as lower postage expense (which was also driven by a decrease in Department borrowers).
42


Loan Servicing Volumes
As of
June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024
Servicing volume (dollars in millions):
Department of Education$423,605 431,049 434,479 458,679 465,689 482,786 489,877 
Canada student loans42,942 42,692 — — — — — 
FFELP10,853 11,195 11,594 11,982 12,386 12,826 13,260 
Private and consumer41,815 40,785 40,088 38,060 38,018 46,728 29,226 
Total$519,215 525,721 486,161 508,721 516,093 542,340 532,363 
Number of servicing borrowers:
Department of Education10,679,141 11,048,314 11,426,789 12,387,665 12,694,386 13,453,127 14,049,550 
Canada student loans2,681,563 2,708,392 — — — — — 
FFELP429,298 443,028 463,109 482,696 502,205 524,421 549,861 
Private and consumer1,360,744 1,327,471 1,349,414 1,325,037 1,326,451 1,350,999 1,168,293 
Total15,150,746 15,527,205 13,239,312 14,195,398 14,523,042 15,328,547 15,767,704 
Number of remote hosted borrowers:2,681,324 2,824,963 2,886,458 2,839,493 2,056,358 1,427,800 842,200 
Loan servicing and systems revenue
The following table presents disaggregated revenue by service offering for each reporting period:
Three months ended June 30,Six months ended June 30,
2026202520262025Additional information
Department of Education loan servicing$74,639 85,737 150,759 173,100 
Represents revenue from the Company’s servicing contract with the Department. The decrease was primarily attributable to a reduction in the number of borrowers serviced. Borrower volume declined throughout 2025 as servicing volume was transferred, at the Department’s direction, from the Company to its remote-hosted servicing customer to support the stand‑up of a new servicer. The Company does not expect to transfer additional volume to this servicer in 2026. In addition, borrower volume declined beginning in the fourth quarter of 2025 as certain borrowers exiting the CARES Act forbearance period failed to resume payment activity and were transferred to the Department’s Debt Management and Collections System for management of defaulted federal student loans.
Canada student loans17,685 — 29,016 — 
Represents revenue from NDS Canada's student loan servicing contract with the Government of Canada, including direct agreements with three provinces and a program administered through a financial institution. NDS Canada earns a monthly servicing fee based on borrower volume. The Company also earns additional revenue for approved change requests related to platform enhancements, achieving delinquency and default performance targets, and certain transactional servicing activities, including disbursements, application processing, and postage. Canada loan servicing revenue was recognized by the Company beginning February 2, 2026, the date the Company acquired NDS Canada.
Private education and consumer loan servicing26,114 22,733 51,775 45,426 
Increase was due to an increase in loan servicing volume from the continued conversion of Discover Financial Services and SoFi Lending Corp. loan portfolios during the first quarter of 2025. Over time, revenue earned on the Discover Financial Services portfolio will decrease as borrowers pay off their loans.
FFELP loan servicing1,968 2,241 4,222 4,873 
Represents revenue from servicing third-party customers' FFELP portfolios. Over time, FFELP servicing revenue will decrease as third-party customers' FFELP portfolios pay off.
Software services11,384 9,452 23,147 16,444 
Represents revenue from providing remote hosted servicing software, primarily to one of the Department’s servicers, as well as diversified technology services. The increase was driven primarily by higher revenue from the Company's Department remote hosted servicing customer, as the Company transferred borrower volume to this new servicer throughout 2025 at the Department’s direction to establish initial volume. The Company does not expect to transfer additional volume to this servicer in 2026.
Outsourced services454 561 1,167 1,622 
Represents revenue from providing contact center and back office operational outsourcing services.
Loan servicing and systems revenue$132,244 120,724 260,086 241,465 
43


EDUCATION TECHNOLOGY SERVICES AND PAYMENTS OPERATING SEGMENT – RESULTS OF OPERATIONS
As discussed further in the Company's 2025 Annual Report, this segment of the Company’s business is subject to seasonal fluctuations which correspond, or are related to, the traditional school year. Based on the timing of revenue recognition and when expenses are incurred, revenue and before tax operating margin are higher in the first quarter compared with the remainder of the year.
Summary and Comparison of Operating Results
Three months ended June 30,Six months ended June 30,
2026202520262025
Interest income$4,732 5,417 10,851 12,356 
Education technology services and payments revenue (see disaggregated revenue by service offering below)
118,884 118,184 273,319 265,515 
Intersegment revenue74 65 145 129 
Other income1,902 — 1,902 — 
Total income120,860 118,249 275,366 265,644 
Cost of services (see disaggregated revenue by service offering below)39,183 39,844 89,136 87,891 
Salaries and benefits45,596 41,598 88,292 83,339 
Depreciation and amortization2,442 2,505 4,811 4,936 
Other expenses12,714 9,904 24,474 18,952 
Intersegment expenses, net6,293 6,273 12,326 11,877 
Total operating expenses67,045 60,280 129,903 119,104 
Income before income taxes19,364 23,542 67,178 71,005 
Income tax expense(4,648)(5,650)(16,123)(17,052)
Net income14,716 17,892 51,055 53,953 
Net loss attributable to noncontrolling interests— — — 45 
Net income$14,716 17,892 51,055 53,998 
GAAP before tax operating margin24.3 %30.0 %36.5 %40.0 %
Net interest income(5.9)(6.9)(5.9)(7.0)
Non-GAAP before tax operating margin, excluding net interest income (a)18.4 %23.1 %30.6 %33.0 %
(a)    Before tax operating margin, excluding net interest income, is a non-GAAP measure of before tax operating profitability as a percentage of revenue, and for the ETSP segment is calculated as income before income taxes less net interest income divided by net revenue. The Company uses this metric to monitor and assess the segment’s performance, manage operating costs, identify and evaluate business trends affecting the segment, and make strategic decisions, and believes that it facilitates an understanding of the operating performance of the segment and provides a meaningful comparison of the results of operations between periods.
ETSP before tax operating margin decreased in 2026 compared with 2025 due to an increase in operating expenses to support the growth in the customer base and investments in the development of new technologies.
44


Education technology services and payments revenue
The following table presents disaggregated revenue by service offering for each reporting period:
Three months ended June 30,Six months ended June 30,
2026202520262025Additional information
Tuition payment plan services$37,00536,01378,85976,085
Increase was due to a higher number of payment plans in the K-12 and higher education markets for both new and existing customers.
Payment processing39,40937,51595,29789,051
Increase was due to an increase in payment volumes for both the K-12 and higher education markets due to new customers and an increase in volume from existing customers.
Education technology services42,31244,48198,426100,177
Decrease during the three months ended June 30, 2026 compared with the same period in 2025 was primarily due to a decrease in professional development. The timing and amount of revenue recognition for professional development depends on both the availability of government funding to schools and each school's decision regarding when and how to use those funds. The decrease during the six months ended June 30, 2026 compared with the same period in 2025 was also driven by a decline in FACTS education services revenue, reflecting the end of economic aid provided to private schools ("EANS program") in response to the COVID-19 pandemic. Revenue recognized under the EANS program totaled $1.7 million for the six months ended June 30, 2025. The decrease was partially offset by growth in student information system revenue.
Other158175737202
Education technology services and payments revenue118,884118,184273,319265,515
Cost of services39,18339,84489,13687,891
Represents direct costs to provide payment processing revenue and such costs decrease/increase in relationship to payment volumes. Costs to provide instructional services are also a component of this expense and decrease/increase in relationship to instructional services revenues.
Net revenue$79,70178,340184,183177,624


45


NELNET FINANCIAL SERVICES DIVISION - RESULTS OF OPERATIONS
Asset Generation and Management Operating Segment
Loan Portfolio
As of June 30, 2026, the AGM operating segment had a $7.83 billion loan portfolio, consisting primarily of federally insured loans. For a summary of the Company’s loan portfolio as of June 30, 2026 and December 31, 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Activity
The following table sets forth the activity of loans in the AGM operating segment:
FFELPPrivateConsumer loans and other financing receivablesTotal
Three months ended June 30, 2026
Balance as of March 31, 2026$7,065,363 130,217 1,213,599 8,409,179 
Loan acquisitions (a)115,737 — 3,067,022 3,182,759 
Repayments, claims, capitalized interest, participations, and other, net(198,656)(7,112)(3,066,989)(3,272,757)
Loans lost to external parties(18,864)(287)— (19,151)
Loans sold(49,892)— (76)(49,968)
Loans contributed to Nelnet Bank(420,291)— — (420,291)
Balance as of June 30, 2026$6,493,397 122,818 1,213,556 7,829,771 
Three months ended June 30, 2025
Balance as of March 31, 2025$8,670,284 208,507 381,215 9,260,006 
Loan acquisitions626 — 142,503 143,129 
Repayments, claims, capitalized interest, participations, and other, net(236,813)(8,920)(112,248)(357,981)
Loans lost to external parties(66,771)(800)— (67,571)
Loans sold(241)— — (241)
Loans contributed to Nelnet Bank— (42,173)— (42,173)
Balance as of June 30, 2025$8,367,085 156,614 411,470 8,935,169 
Six months ended June 30, 2026
Balance as of December 31, 2025$7,437,243 139,209 1,122,717 8,699,169 
Loan acquisitions (a)415,286 — 6,102,945 6,518,231 
Repayments, claims, capitalized interest, participations, and other, net(423,977)(15,359)(6,011,712)(6,451,048)
Loans lost to external parties(61,010)(1,032)— (62,042)
Loans sold(157,861)— (394)(158,255)
Loans contributed to Nelnet Bank(716,284)— — (716,284)
Balance as of June 30, 2026$6,493,397 122,818 1,213,556 7,829,771 
Six months ended June 30, 2025
Balance as of December 31, 2024$8,388,564 221,744 345,560 8,955,868 
Loan acquisitions703,425 — 272,290 975,715 
Repayments, claims, capitalized interest, participations, and other, net(467,370)(21,455)(206,232)(695,057)
Loans lost to external parties(125,535)(1,502)— (127,037)
Loans sold(131,999)— (148)(132,147)
Loans contributed to Nelnet Bank— (42,173)— (42,173)
Balance as of June 30, 2025$8,367,085 156,614 411,470 8,935,169 
(a)    The Company began to acquire Pay Later receivables during the third quarter of 2025. Consumer loan acquisitions excluding Pay Later receivables was $205.5 million and $387.5 million during the three and six months ended June 30, 2026, respectively.
46


The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations that are accounted for as held-to-maturity beneficial interest investments and included in "other investments and notes receivable, net" in the Company's consolidated financial statements. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2026, the Company’s ownership correlates to approximately $1.58 billion of loans included in these securitizations. The loans held in these securitizations are not included in the above table. Investment interest income earned by the Company from the beneficial interest in loan securitizations is included in "investment interest" on the Company's consolidated statements of income and is not a component of the Company's loan interest income.
The Company also has ownership interests in certain entities whose primary business is to acquire, own, and manage loan assets which are accounted for as equity method investments and included in "other investments and notes receivable, net" in the Company's consolidated financial statements. As of June 30, 2026, the Company's ownership in these entities correlates to approximately $1.20 billion of loans included in these entities. The loans held in these entities are not included in the above table. The ownership interests in these entities are recorded at cost and subsequently increased or decreased by the amount of the Company's proportionate share of the net earnings or losses of each entity. During the three months ended June 30, 2026 and 2025 and six months ended June 30, 2026 and 2025, the Company recognized income of $8.6 million and $4.2 million, respectively, and $24.0 million and $5.3 million, respectively, related to these businesses that is included in "other, net" in "other income (expense)" on the consolidated statements of income and is not a component of the Company's loan interest income.
Allowance for Loan Losses, Loan Delinquencies, and Loan Charge-offs
For a summary of the allowance as a percentage of the ending balance, loan status, delinquency amounts, and other key credit quality indicators for each of AGM’s loan portfolios as of June 30, 2026 and December 31, 2025; and the activity in AGM's allowance for loan losses and net charge-offs as a percentage of average loans for the three and six months ended June 30, 2026 and 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Spread Analysis
The following table analyzes the loan spread on AGM’s portfolio of loans, which represents the spread between the yield earned on loan assets and the costs of the liabilities used to fund the assets. The spread amounts included in the following table are calculated by using the notional dollar values found in the table under the caption "Net loan interest income" below, divided by the average balance of loans or debt outstanding.
Three months ended June 30,Six months ended June 30,
2026202520262025
Variable loan yield, gross6.58 %7.77 %6.68 %7.59 %
Consolidation rebate fees(0.75)(0.82)(0.77)(0.80)
Discount accretion, net of premium and deferred origination costs amortization1.09 (0.15)1.16 (0.14)
Variable loan yield, net6.92 6.80 7.07 6.65 
Loan cost of funds - interest expense(4.67)(5.60)(4.75)(5.50)
Variable loan spread2.25 1.20 2.32 1.15 
Fixed-rate floor income, gross0.08 0.04 0.08 0.05 
Loan spread2.33 %1.24 %2.40 %1.20 %
Average balance of AGM's loans$8,039,243 9,215,579 8,260,332 9,379,948 
Average balance of AGM's debt outstanding7,375,706 8,439,800 7,585,788 8,445,716 
Variable loan spread was higher during the three and six months ended June 30, 2026 compared with the same periods in 2025 due to an increase in consumer loans as a percentage of AGM’s overall loan portfolio. Consumer loans earn a higher yield than FFELP loans. Variable loan spread was also impacted by the increase in discount accretion primarily from Pay Later receivables the Company began to purchase during the third quarter of 2025 at a discount that have a short estimated life. The difference between variable loan spread and loan spread is fixed-rate floor income earned on a portion of AGM's federally insured student loan portfolio. See Item 3, “Quantitative and Qualitative Disclosures About Market Risk - Interest Rate Risk - AGM Operating Segment,” which provides additional detail on AGM's federally insured student loans earning fixed-rate floor income.
The relationship between the indices in which AGM earns interest on its loans and funds such loans has a significant impact on loan spread. See Item 3, “Quantitative and Qualitative Disclosures About Market Risk - Interest Rate Risk - AGM Operating Segment,” which provides additional detail on AGM’s FFELP student loan assets and related funding for those assets.
47


Summary and Comparison of Operating Results
Three months ended June 30,Six months ended June 30,
2026202520262025Additional information
Interest income:
Loan interest$140,264 157,300 292,616 311,768 See table below for additional analysis.
Investment interest:
Residual interest6,215 7,741 12,659 16,407 
Represents residual interest earned on beneficial interest investments. Decrease is due to a decrease in the investment balance.
Other investment interest4,112 4,900 8,328 9,004 
Represents investment interest earned on restricted cash included in student loan securitizations and other secured borrowings.
Total investment interest10,327 12,641 20,987 25,411 
Total interest income150,591 169,941 313,603 337,179 
Loan interest expense85,823 117,843 178,375 230,254 See table below for additional analysis.
Intercompany interest expense1,602 2,223 4,606 4,115 Represents interest paid by AGM to Nelnet, Inc. (parent company) related to (i) internal borrowings to fund equity advances on certain AGM debt facilities; and (ii) AGM-issued bonds held by Nelnet, Inc. Intercompany interest is eliminated for consolidated financial reporting purposes.
Total interest expense87,425 120,066 182,981 234,369 
Net interest income63,166 49,875 130,622 102,810 
Less provision for loan losses41,326 11,133 89,792 24,144 
The increase was driven by the establishment of an initial allowance for loans acquired during the periods, including the significant increase in the volume of Pay Later receivables acquired since the third quarter of 2025. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Less provision for beneficial interests2,441 4,977 6,571 6,487 During the periods presented, the Company recorded an allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations.
Net interest income after provision19,399 33,765 34,259 72,179 
Other income, net19,765 7,507 46,012 12,411 Represents primarily borrower late fees, income from providing administration activities for third parties, sponsor fee income, and income/losses from AGM's investment in joint ventures. Increase in 2026 compared with 2025 was due to an increase in income from AGM's joint ventures and borrower late fee income. See "Overview - Consolidated Results of Operations" for further detail included in other income.
Derivative settlements, net89 581 193 1,162 
The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility.
Derivative market value adjustments, net1,972 (2,165)3,466 (5,961)
Includes the realized and unrealized gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP.
Total other income, net21,826 5,923 49,671 7,612 
Salaries and benefits1,883 1,469 3,511 2,690 

Servicing fees7,752 7,102 15,904 14,013 
Represents servicing fees paid to third parties and LSS for the servicing of AGM’s loans. Increase was due to an increase in volume of Pay Later receivables the Company began to purchase during the third quarter of 2025, partially offset by the amortization of the FFELP student loan portfolio, the majority of which is serviced by LSS. Intercompany servicing expense of $3.7 million and $4.8 million during the three months ended June 30, 2026 and 2025, respectively, and $7.9 million and $9.7 million during the six months ended June 30, 2026 and 2025, respectively, was eliminated for consolidated financial reporting purposes.
Other expenses1,000 2,464 2,051 3,352 

Intersegment expenses1,396 1,260 2,748 2,510 Includes costs for certain corporate activities and services that are allocated to each operating segment based on estimated use of such activities and services.
Total operating expenses12,031 12,295 24,214 22,565 
Income before income taxes29,194 27,393 59,716 57,226 
Income tax expense(7,005)(6,569)(14,325)(13,725)Represents income tax expense at an effective tax rate of 24%.
Net income22,189 20,824 45,391 43,501 
48


Net income attributable to noncontrolling interests(9)(23)(27)(40)
Net income$22,180 20,801 45,364 43,461 
Additional information:
GAAP net income$22,180 20,801 45,364 43,461 See "Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments" above for additional information about non-GAAP financial information.
Derivative market value adjustments, net(1,972)2,165 (3,466)5,961 
Tax effect473 (520)832 (1,431)
Non-GAAP net income, excluding derivative market value adjustments$20,681 22,446 42,730 47,991 
Net loan interest income
The following table summarizes the components of "loan interest" and "loan interest expense" from the table above.
Three months ended June 30,Six months ended June 30,
2026202520262025Additional information
Variable interest income, gross$131,894 178,606 273,746 353,912 Decrease was due to a decrease in the average balance of loans and gross yield earned on loans.
Consolidation rebate fees(14,988)(18,897)(31,706)(37,645)Decrease was due to a decrease in the average consolidation loan balance.
Discount accretion, net of premium and deferred origination costs amortization21,836 (3,406)47,490 (6,471)
Increase in discount accretion was due to a forward flow agreement of Pay Later receivables the Company began to purchase during the third quarter of 2025 at a discount that have a short estimated life.
Variable interest income, net138,742 156,303 289,530 309,796 
Interest on bonds and notes payable(85,823)(117,843)(178,375)(230,254)Decrease was due to a decrease in the average balance of debt outstanding and cost of funds.
Variable loan interest margin52,919 38,460 111,155 79,542 
Fixed-rate floor income1,522 997 3,086 1,972 Increase was due to lower interest rates.
Net loan interest income$54,441 39,457 114,241 81,514 
Factors Affecting Operating Results
•AGM began to acquire Pay Later receivables during the third quarter of 2025. These receivables are generally purchased at a discount and have a short expected duration. As of June 30, 2026, the balance of Pay Later receivables was $699.8 million. Growth in Pay Later receivable volumes contributed to increased loan interest income, higher provision for loan losses, and increased borrower late fee income.
•AGM holds interests in certain joint ventures engaged in the acquisition, ownership, and management of loan portfolios. During the three and six months ended June 30, 2026, AGM recognized $8.6 million and $24.0 million of income from these joint ventures, respectively, compared with $4.2 million and $5.3 million in the same periods of 2025, respectively. Such amounts are included in “Other income, net” in the above table titled “Summary and Comparison of Operating Results.”
•During 2026, AGM contributed certain student loan trusts to Nelnet Bank that included $716.3 million of federally insured loans. The contribution of these loans to Nelnet Bank has resulted in a decrease in loan interest income for the three and six months ended June 30, 2026 compared with the same periods in 2025.
49


Nelnet Bank Operating Segment
Loan Portfolio
As of June 30, 2026, Nelnet Bank had a $1.64 billion loan portfolio. For a summary of Nelnet Bank’s loan portfolio as of June 30, 2026 and December 31, 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Activity
The following table sets forth the activity of loans in the Nelnet Bank operating segment:
FFELPPrivateConsumer and otherTotal
Three months ended June 30, 2026
Balance as of March 31, 2026$458,571 539,381 263,498 1,261,450 
Loan acquisitions and originations— 6,580 13,845 20,425 
Repayments(25,521)(24,802)(12,746)(63,069)
Loans contributed from AGM420,291 — — 420,291 
Balance as of June 30, 2026$853,341 521,159 264,597 1,639,097 
Three months ended June 30, 2025
Balance as of March 31, 2025$110,187 489,451 161,995 761,633 
Loan acquisitions and originations38 8,354 50,175 58,567 
Repayments(3,670)(23,315)(7,747)(34,732)
Loans contributed from AGM— 42,173 — 42,173 
Balance as of June 30, 2025$106,555 516,663 204,423 827,641 
Six months ended June 30, 2026
Balance as of December 31, 2025$172,320 518,634 266,608 957,562 
Loan acquisitions and originations— 51,676 25,511 77,187 
Repayments(35,263)(49,151)(27,522)(111,936)
Loans contributed from AGM716,284 — — 716,284 
Balance as of June 30, 2026$853,341 521,159 264,597 1,639,097 
Six months ended June 30, 2025
Balance as of December 31, 2024$— 482,445 162,152 644,597 
Loan acquisitions and originations111,040 37,396 54,730 203,166 
Repayments(4,485)(45,351)(12,459)(62,295)
Loans contributed from AGM— 42,173 — 42,173 
Balance as of June 30, 2025$106,555 516,663 204,423 827,641 
Allowance for Loan Losses, Loan Delinquencies, and Loan Charge-offs
For a summary of the allowance as a percentage of the ending balance, loan status, delinquency amounts, and other key credit quality indicators for each of Nelnet Bank's loan portfolios as of June 30, 2026 and December 31, 2025; and the activity in Nelnet Bank's allowance for loan losses and net charge-offs as a percentage of average loans for the three and six months ended June 30, 2026 and 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Investments
As of June 30, 2026, Nelnet Bank had a $1.29 billion investment portfolio, consisting primarily of asset-backed securities. For a summary of Nelnet Bank's asset-backed securities investments as of June 30, 2026 and December 31, 2025, see note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Deposits
As of June 30, 2026, Nelnet Bank had $2.51 billion of deposits, which included $285.8 million of intercompany deposits from Nelnet, Inc. (parent company) and its subsidiaries, and thus have been eliminated for consolidated financial reporting purposes. For a summary of deposits as of June 30, 2026 and December 31, 2025, see note 9 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
50


Average Balance Sheet
The following table reflects average daily balances and the annualized rates earned on interest-earning assets and paid on interest-bearing liabilities:
Three months ended June 30,
Six months ended June 30,
2026202520262025
BalanceRateBalanceRateBalanceRateBalanceRate
Average assets
Federally insured student loans$708,027 5.39 %$108,235 6.14 %$490,549 5.42 %$67,156 6.21 %
Private education loans530,455 6.30 519,858 6.37 534,894 6.36 504,619 6.24 
Consumer and other loans266,072 9.78 181,821 10.79 266,138 9.82 172,265 10.64 
Cash and investments1,333,171 5.60 923,233 6.05 1,250,762 5.67 858,743 6.21 
Total interest-earning assets2,837,725 6.07 %1,733,147 6.65 %2,542,343 6.20 %1,602,783 6.69 %
Non-interest-earning assets57,563 13,504 46,065 14,071 
Total assets$2,895,288 $1,746,651 $2,588,408 $1,616,854 
Average liabilities and equity
Brokered deposits$596,888 3.79 %$269,112 2.11 %$451,111 3.37 %$259,240 2.03 %
Intercompany deposits 205,099 3.60 158,465 3.99 200,483 3.65 115,887 3.81 
Retail and other deposits1,478,354 3.83 1,073,322 4.24 1,419,501 3.82 1,018,443 4.22 
Federal funds purchased and other borrowed money184,044 4.28 13,258 5.45 137,394 4.24 11,839 5.12 
Total interest-bearing liabilities2,464,385 3.84 %1,514,157 3.84 %2,208,489 3.74 %1,405,409 3.79 %
Non-interest-bearing liabilities14,128 10,037 14,824 9,323 
Equity416,775 222,457 365,095 202,122 
Total liabilities and equity$2,895,288 $1,746,651 $2,588,408 $1,616,854 
Net interest margin2.74 %3.29 %2.95 %3.37 %


51


Summary and Comparison of Operating Results
Three months ended June 30,Six months ended June 30,
2026202520262025
Interest income:
Loan interest$24,334 14,804 43,006 26,775 
Investment interest18,614 13,934 35,178 26,430 
Total interest income42,948 28,738 78,184 53,205 
Interest expense23,657 14,672 41,064 26,749 
Net interest income 19,291 14,066 37,120 26,456 
(Negative provision) provision for loan losses(249)6,797 4,529 9,123 
Net interest income after provision for loan losses19,540 7,269 32,591 17,333 
Other income, net564 392 2,122 534 
Derivative settlements, net77 163 116 327 
Derivative market value adjustments, net1,714 (1,701)2,714 (4,229)
Total other income, net2,355 (1,146)4,952 (3,368)
Salaries and benefits3,589 2,791 6,504 5,607 
Depreciation306 352 658 691 
Servicing fees1,635 824 2,862 1,491 
Other expenses1,842 1,969 3,120 3,327 
Intersegment expenses695 652 1,352 1,362 
Total operating expenses8,067 6,588 14,496 12,478 
Income (loss) before income taxes13,828 (465)23,047 1,487 
Income tax (expense) benefit(3,310)101 (5,416)(333)
Net income (loss)$10,518 (364)17,631 1,154 
Additional information:
GAAP net income (loss)$10,518 (364)17,631 1,154 
Derivative market value adjustments, net(1,714)1,701 (2,714)4,229 
Tax effect411 (408)651 (1,015)
Non-GAAP net income, excluding derivative market value adjustments$9,215 929 15,568 4,368 
Factors Affecting Operating Results
•Nelnet Bank’s growth was driven by higher loan and investment balances, funded primarily through increased deposit balances. During 2026, the Company’s Asset Generation and Management operating segment contributed certain student loan trusts to Nelnet Bank that included $716.3 million of federally insured loans. Following these contributions, Nelnet Bank repaid the related securitization debt and funded the loans with deposits. These transactions were a significant contributor to the increase in loan balances during 2026.
In its initial years, Nelnet Bank incurred operating losses as it invested in the personnel and infrastructure needed to support future growth. As the bank has matured, operating expenses have stabilized while loan and deposit balances have continued to expand. This operating leverage has contributed to increased net interest income and net income for the three and six months ended June 30, 2026, compared with the corresponding periods in 2025.
52


NFS Other Operating Segments
The following table summarizes the operating results of other operating segments included in NFS that are not reportable. Income taxes are allocated based on 24% of income (loss) before taxes for each activity.
Summary and Comparison of Operating Results
Nelnet Insurance ServicesWRCMReal estateBond portfolio and marketable equity securitiesTotal
Three months ended June 30, 2026
Investment interest$3,594 4 — 4,211 7,809 
Interest expense(1,169)— — (1)(1,170)
Net interest income2,425 4 — 4,210 6,639 
Reinsurance premiums earned40,625 — — — 40,625 
Other income, net1,068 1,416 (1,034)9,672 11,122 
Salaries and benefits(534)(34)(1,000)— (1,568)
Reinsurance losses and underwriting expenses(32,809)— — — (32,809)
Other expenses(1,451)(78)(132)(1)(1,662)
Intersegment expenses, net(197)(5)(252)(32)(486)
Income (loss) before income taxes9,127 1,303 (2,418)13,849 21,861 
Income tax (expense) benefit(2,190)(313)580 (3,324)(5,247)
Net loss (income) attributable to noncontrolling interests— — 3 — 3 
Net income (loss)$6,937 990 (1,835)10,525 16,617 
Three months ended June 30, 2025
Investment interest$2,464 4 — 6,402 8,870 
Interest expense(1,427)— — (1)(1,428)
Net interest income1,037 4 — 6,401 7,442 
Reinsurance premiums earned26,112 — — — 26,112 
Other income, net1,073 1,506 453 2,233 5,265 
Salaries and benefits(296)(30)(213)— (539)
Reinsurance losses and underwriting expenses(25,662)— — — (25,662)
Other expenses(2,113)(63)(29)(1)(2,206)
Intersegment expenses, net(182)(4)(103)(32)(321)
Income (loss) before income taxes(31)1,413 108 8,601 10,091 
Income tax (expense) benefit8 (305)(33)(2,065)(2,395)
Net loss (income) attributable to noncontrolling interests— (141)27 — (114)
Net income (loss)$(23)967 102 6,536 7,582 
53


Nelnet Insurance ServicesWRCMReal estateBond portfolio and marketable equity securitiesTotal
Six months ended June 30, 2026
Investment interest$6,454 7 — 9,865 16,326 
Interest expense(2,542)— — (2)(2,544)
Net interest income3,912 7 — 9,863 13,782 
Reinsurance premiums earned63,161 — — — 63,161 
Other income, net1,502 2,754 1,698 1,582 7,536 
Salaries and benefits(1,133)(68)(1,880)— (3,081)
Reinsurance losses and underwriting expenses(56,414)— — — (56,414)
Other expenses(2,543)(171)(205)(4)(2,923)
Intersegment expenses, net(343)(11)(527)(62)(943)
Income (loss) before income taxes8,142 2,511 (914)11,379 21,118 
Income tax (expense) benefit(1,954)(603)202 (2,731)(5,086)
Net loss (income) attributable to noncontrolling interests— — 72 — 72 
Net income (loss)$6,188 1,908 (640)8,648 16,104 
Six months ended June 30, 2025
Investment interest$4,457 7 — 13,226 17,690 
Interest expense(2,196)— — (2)(2,198)
Net interest income2,261 7 — 13,224 15,492 
Reinsurance premiums earned50,799 — — — 50,799 
Other income, net1,647 2,980 (1,190)2,939 6,376 
Salaries and benefits(546)(62)(409)— (1,017)
Reinsurance losses and underwriting expenses(47,874)— — — (47,874)
Other expenses(2,790)(125)(141)(3)(3,059)
Intersegment expenses, net(291)(7)(202)(65)(565)
Income (loss) before income taxes3,206 2,793 (1,942)16,095 20,152 
Income tax (expense) benefit(770)(603)456 (3,862)(4,779)
Net loss (income) attributable to noncontrolling interests— (279)41 — (238)
Net income (loss)$2,436 1,911 (1,445)12,233 15,135 
Factors Affecting Operating Results
•Nelnet Insurance Services: The increase in reinsurance premiums earned in the three and six months ended June 30, 2026 compared with the same periods in 2025 was primarily due to timing of premium recognition under certain reinsurance treaties. Net income was positively impacted in 2026 as compared to 2025 due to an increase in interest income from the float earned on cash premiums and improved underwriting margins.
•Bond portfolio and marketable equity securities: During the three and six months ended June 30, 2026, the Company recognized an unrealized gain of $8.6 million and an unrealized loss of $1.1 million, respectively, resulting from changes in the fair value of certain marketable equity securities. These amounts are included in "other income, net" in the table above. Operating results may continue to fluctuate and be impacted in future periods by fair value adjustments of marketable equity securities.

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CORPORATE AND OTHER ACTIVITIES – RESULTS OF OPERATIONS
Other business activities and operating segments that are not reportable and not part of the NFS division are combined and included in Corporate and Other Activities (“Corporate”). The following table summarizes the operating results of these activities.
Income taxes are allocated based on 24% of income (loss) before taxes for each activity. The difference between the Corporate income tax expense and the sum of taxes calculated for each activity is included in income taxes under “Other” in the table below.
Summary and Comparison of Operating Results
Shared servicesSolar tax equityNelnet Renewable Energy (NRE)Venture capitalOtherTotal
Three months ended June 30, 2026
Investment interest$— — — — 2,165 2,165 
Interest expense— (2)— — (562)(564)
Net interest income (expense)— (2)— — 1,603 1,601 
Solar construction revenue— — — — — — 
Other income, net482 (20,106)(140)137 4,714 (14,913)
Gain on partial redemption of ALLO investment— — — — — — 
Derivative settlements— — — — — — 
Derivative market value adjustments— — — — — — 
Cost to provide solar construction services— — — — — — 
Salaries and benefits(22,286)(633)(104)(243)(1,844)(25,110)
Depreciation and amortization(1,942)(13)(1)— (367)(2,323)
Other expenses(16,389)(792)(133)(6)(1,634)(18,954)
Intersegment expenses, net26,539 (96)(12)(50)(353)26,028 
(Loss) income before income taxes(13,596)(21,642)(390)(162)2,119 (33,671)
Income tax benefit (expense)3,263 103 94 39 326 3,825 
Net loss attributable to noncontrolling interests— 21,213 — — — 21,213 
Net (loss) income$(10,333)(326)(296)(123)2,445 (8,633)
Three months ended June 30, 2025
Investment interest$— 1 — — 2,660 2,661 
Interest expense— — (2)— (649)(651)
Net interest income (expense)— 1 (2)— 2,011 2,010 
Solar construction revenue— — 1,259 — — 1,259 
Other income, net598 (1,228)— 1,762 8,471 9,603 
Gain on partial redemption of ALLO investment— — — — 175,044 175,044 
Derivative settlements— — — — — — 
Derivative market value adjustments— — — — — — 
Cost to provide solar construction services— — (14,050)— — (14,050)
Salaries and benefits(18,600)(374)(1,850)(229)(1,731)(22,784)
Depreciation and amortization(2,666)— (241)— (39)(2,946)
Other expenses(17,671)(225)(2,309)(148)3,347 (17,006)
Intersegment expenses, net26,416 (66)(408)(45)(281)25,616 
(Loss) income before income taxes(11,923)(1,892)(17,601)1,340 186,822 156,746 
Income tax benefit (expense)2,862 (467)4,224 (321)(46,505)(40,207)
Net loss attributable to noncontrolling interests— 3,838 — — — 3,838 
Net (loss) income$(9,061)1,479 (13,377)1,019 140,317 120,377 
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Shared servicesSolar tax equityNelnet Renewable Energy (NRE)Venture capitalOtherTotal
Six months ended June 30, 2026
Investment interest$— 300 — — 5,000 5,300 
Interest expense— (3)— — (1,192)(1,195)
Net interest income (expense)— 297 — — 3,808 4,105 
Solar construction revenue— — — — — — 
Other income, net993 (41,903)263 4,940 7,214 (28,493)
Gain on partial redemption of ALLO investment— — — — — — 
Derivative settlements— — — — 437 437 
Derivative market value adjustments— — — — (907)(907)
Cost to provide solar construction services— — — — — — 
Salaries and benefits(42,468)(1,196)(284)(447)(3,730)(48,125)
Depreciation and amortization(4,007)(23)(4)— (736)(4,770)
Other expenses(31,509)(955)(2,519)(54)(3,019)(38,056)
Intersegment expenses, net52,288 (186)(27)(110)(789)51,176 
(Loss) income before income taxes(24,703)(43,966)(2,571)4,329 2,278 (64,633)
Income tax benefit (expense)5,929 1,745 617 (1,039)2,004 9,256 
Net loss attributable to noncontrolling interests— 36,696 — — — 36,696 
Net (loss) income$(18,774)(5,525)(1,954)3,290 4,282 (18,681)
Six months ended June 30, 2025
Investment interest$— 6 — — 4,967 4,973 
Interest expense— — (3)— (1,281)(1,284)
Net interest income (expense)— 6 (3)— 3,686 3,689 
Solar construction revenue— — 5,254 — — 5,254 
Other income, net1,217 502 — 6,254 19,867 27,840 
Gain on partial redemption of ALLO investment— — — — 175,044 175,044 
Derivative settlements— — — — — — 
Derivative market value adjustments— — — — — — 
Cost to provide solar construction services— — (21,878)— — (21,878)
Salaries and benefits(37,320)(761)(3,494)(436)(3,268)(45,279)
Depreciation and amortization(6,185)— (517)(1)(75)(6,778)
Other expenses(30,855)(302)(2,730)(171)1,466 (32,592)
Intersegment expenses, net51,232 (131)(807)(86)(538)49,670 
(Loss) income before income taxes(21,911)(686)(24,175)5,560 196,182 154,970 
Income tax benefit (expense)5,259 (1,146)5,802 (1,334)(47,979)(39,398)
Net loss attributable to noncontrolling interests— 5,461 — — — 5,461 
Net (loss) income$(16,652)3,629 (18,373)4,226 148,203 121,033 
Factors Affecting Operating Results
•Solar tax equity: The Company holds equity interests in partnerships that invest in solar tax equity projects intended to promote renewable energy generation. Because the Company has management and control over these partnerships, they are consolidated in the Company’s consolidated financial statements, with third-party interests presented as noncontrolling interests. The Company accounts for its solar tax equity interests using the HLBV method, which commonly results in the recognition of accelerated losses in the early years of a partnership. Based on contributions made to these partnerships in recent periods, the Company recognized losses of $22.5 million and $45.0 million related to its solar tax equity partnerships during the three and six months ended June 30, 2026, respectively, compared with $1.5 million and $1.0 million for the same periods in 2025. These amounts are included in “other income, net” in the tables above. Losses attributable to noncontrolling interest partners were $19.5 million and $32.9 million for the three
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and six months ended June 30, 2026, respectively, compared with $3.2 million and $4.2 million for the same periods in 2025. These amounts are included in “net loss attributable to noncontrolling interests” in the tables above. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
•NRE: NRE was the Company’s solar construction subsidiary, providing full‑service engineering, procurement, and construction services. Following its acquisition, NRE experienced low and, in certain cases, negative project margins. In addition, changes in legislation reducing clean energy tax incentives, tariff uncertainty, and rising construction costs adversely affected NRE's revenue and operating results. As a result of these factors, the Company sold NRE in November 2025. Although the Company retained a limited number of construction contracts to complete following the sale, the Company does not expect the operating results from such contracts to be significant in future periods.
•Gain from partial redemption of ALLO investment: The operating results from the Company's investment in ALLO is included under "Other" in the tables above. In June 2025, the Company recognized a $175.0 million gain on a partial redemption of the Company's voting membership interests in ALLO. In addition, ALLO redeemed all of the Company's preferred membership interests in ALLO that were outstanding at that time. Included in the Company's operating results for the three and six months ended June 30, 2025 was $6.0 million and $14.4 million of ALLO preferred return, respectively. The preferred return is included in "other income, net" in the tables above.

57


LIQUIDITY AND CAPITAL RESOURCES
The Company’s Loan Servicing and Systems, and Education Technology Services and Payments operating segments are non-capital intensive and both produce positive operating cash flows. As such, a minimal amount of debt and equity capital is allocated to these segments and any liquidity or capital needs are satisfied using cash flow from operations.
Therefore, the Liquidity and Capital Resources discussion is concentrated on the Company’s liquidity and capital needs to meet existing debt obligations in the Nelnet Financial Services division, which includes the Asset Generation and Management and Nelnet Bank reportable operating segments, and the Company's other initiatives to pursue additional strategic investments.
Sources of Liquidity
As of June 30, 2026, the Company's sources of liquidity included:
Cash and cash equivalents$172,430 
Less: Cash and cash equivalents held at Nelnet Bank (a)(17,546)
Net cash and cash equivalents154,884 
Available-for-sale (AFS) debt securities (investments) - at fair value1,578,340 
Less: AFS debt securities held at Nelnet Bank - at fair value (a)(1,054,882)
AFS private education and consumer loan debt securities - held as risk retention - at fair value (b)(170,705)
Restricted investments - at fair value (c)(194,770)
Unencumbered AFS debt securities (investments) - at fair value157,983 
Unencumbered federally insured, private, consumer, and other loans (Non-Nelnet Bank) - at par423,235 
Unencumbered repurchased Nelnet issued asset-backed debt securities - at par (not included on consolidated financial statements) (d)111,514 
Unused capacity on unsecured line of credit (e)435,000 
Sources of liquidity as of June 30, 2026
$1,282,616 
(a)Cash and investments held at Nelnet Bank are generally not available for Company activities outside of Nelnet Bank.
(b)The Company is sponsor for certain private education and consumer loan securitizations and as sponsor, is required to provide a certain level of risk retention. To satisfy this requirement, the Company has purchased bonds issued in the securitizations. The majority of the purchased bonds reflected in the table above relate to private education loan securitizations. For these securitizations, the Company is required to retain these bonds until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell these bonds to a third party. The Company estimates these bonds will be restricted from trading until approximately the first half of 2027.
(c)The Company is required to hold collateral in third-party trusts related to its reinsurance business.
(d)The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale.
(e)The Company has a $435.0 million unsecured line of credit that matures on March 31, 2031. As of June 30, 2026, there was no amount outstanding on the unsecured line of credit and $435.0 million was available for future use.
The Company intends to use its current and future liquidity position to capitalize on market opportunities, including FFELP, private education, consumer, and other loan acquisitions (or residual interests therein); strategic acquisitions; and capital management initiatives, including stock repurchases, debt repurchases, and dividend distributions. The timing and size of these opportunities will vary and will have a direct impact on the Company's cash and investment balances.
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Cash Flows
The Company has historically generated positive cash flow from operations. During the six months ended June 30, 2026 and 2025, the Company generated $151.0 million and $172.9 million, respectively, in cash from operating activities. The decrease in 2026 compared with 2025 was due to:
•A decrease in net income;
•Adjustments to net income for certain non-cash items, including loan discount and deferred lender fees accretion, derivative market value adjustments, and depreciation and amortization; and
•The impact of changes to other assets, other liabilities, and accrued interest receivable during the six months ended June 30, 2026 compared with the same period in 2025.
These factors were partially offset by:
•Adjustments to net income for certain non-cash items, including the gain on the partial redemption of the Company's ALLO investment, deferred income tax benefit, provision for loan losses, and loss on investments; and
•The impact of changes to accounts receivable during the six months ended June 30, 2026 compared with the same period in 2025.
The primary items included in the statement of cash flows for investing activities are the purchase, origination, repayment, and sale of loans, the purchase and sale of available-for-sale securities, the purchase and sale of other investments, and business acquisitions. The primary items included in financing activities are the payments on and proceeds from bonds and notes payable and the change in deposits at Nelnet Bank used to fund loans and investment activity, the change in due to customers, issuances of noncontrolling interests, and repurchases of common stock. Cash used in investing activities and used in financing activities for the six months ended June 30, 2026 was $34.9 million and $109.7 million, respectively. Cash provided by investing activities and used in financing activities for the six months ended June 30, 2025 was $709.8 million and $1.01 billion, respectively. Investing and financing activities are further addressed in the discussion that follows.
Sources and Needs of Liquidity - AGM Operating Segment
The Company plans to fund additional loan acquisitions (or residual interests therein) through a combination of current cash; cash generated from operating activities and expected future cash flows from loan securitizations; proceeds from the sale of certain investments; borrowings under its unsecured line of credit, Union Bank student loan participation agreement, and Union Bank student loan asset-backed securities participation agreement, or similar secured and unsecured borrowing facilities; utilization of existing warehouse facilities; expansion of capacity under existing and/or establishment of new warehouse facilities; and continued access to the asset-backed securities market.
Sources of Liquidity
Asset-backed Securities Transactions
The Company, through its subsidiaries, has historically funded loans by completing asset-backed securitizations. The majority of AGM’s portfolio of student loans is funded in asset-backed securitizations that are structured to substantially match the maturity of the funded assets, thereby minimizing liquidity risk. Depending on market conditions, the Company anticipates continuing to access the asset-backed securitization market. Such asset-backed securitization transactions would be used to refinance loans included in its warehouse facilities and existing asset-backed securitizations and/or finance loans purchased from third parties and loans that are currently unencumbered.
There were no asset-backed securitization transactions completed during the six months ended June 30, 2026.
Warehouse Facilities
Warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. See note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report for a discussion of the Company's warehouse facilities outstanding as of June 30, 2026.
Union Bank Participation Agreement
The Company maintains an agreement with Union Bank, a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loans. The agreement automatically renews annually and is terminable by either party upon five business days' notice. As of June 30, 2026, $574.4 million of loans
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were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. This agreement provides beneficiaries of Union Bank’s grantor trusts with access to investments in interests in student loans, while providing liquidity to the Company. The Company can sell participation interests in loans to Union Bank to the extent of availability under the grantor trusts, up to $900.0 million or an amount in excess of $900.0 million if mutually agreed to by both parties. Loans participated under this agreement have been accounted for by the Company as loan sales. Accordingly, the participation interests sold are not included on the Company’s consolidated balance sheets.
Liquidity Impact Related to Debt Obligations Secured by Loan Assets and Related Collateral
The following table shows AGM's debt obligations outstanding that are secured by loan assets and related collateral:
As of June 30, 2026
Carrying amount
Final maturity
Bonds and notes issued in asset-backed securitizations$5,856,905 10/25/33 - 11/27/90
FFELP and consumer loan warehouse and other facilities1,221,476 7/30/27 - 2/29/28
$7,078,381 
Warehouse Facilities
Upon termination or expiration of the warehouse and other secured facilities, the Company would expect to access the securitization market, obtain replacement facilities, use operating cash, consider the sale of assets, or transfer collateral to satisfy any remaining obligations.
Bonds and Notes Issued in Asset-backed Securitizations
Cash generated from student loans funded in asset-backed securitizations provides the source of liquidity to satisfy all obligations related to the outstanding bonds and notes issued in such securitizations. In addition, due to (i) the difference between the yield AGM receives on the loans and cost of financing within these transactions, and (ii) the servicing and administration fees AGM earns from these transactions, AGM has created a portfolio that the Company expects to generate earnings and significant cash flow over the life of these transactions. As of June 30, 2026, based on cash flow models developed to reflect management’s current estimate of, among other factors, prepayments, defaults, deferment, forbearance, and interest rates, AGM expects future undiscounted cash flows from its portfolio funded in asset-backed securitizations to be approximately $0.82 billion as detailed below. The actual timing of cash flows released from the securitizations could be impacted based on when and if the Company terminates a securitization by exercising clean-up calls on the underlying securities when the assets in such securitization reach a certain threshold.
The forecasted cash flow presented below includes loans funded in asset-backed securitizations as of June 30, 2026, the majority of which are federally insured student loans. As of June 30, 2026, AGM had $6.1 billion of loans included in asset-backed securitizations, which represented 78.3% of its total loan portfolio. The forecasted cash flow does not include cash flows that the Company expects to receive in relation to loans funded in its warehouse facilities, unencumbered federally insured, private education, consumer, and other loans funded with operating cash, its ownership of beneficial interest in loan securitizations (such beneficial interest investments are classified as "other investments and notes receivable, net" on the Company's consolidated balance sheets), loans acquired subsequent to June 30, 2026, and loans owned by Nelnet Bank.
During 2026, the Company’s AGM operating segment contributed certain asset-backed securitization trusts to Nelnet Bank, including $716.3 million of federally insured loans that included $108.9 million of overcollateralization. Following these contributions, Nelnet Bank repaid the related securitization debt and funded the loans with deposits. These transactions were a significant contributor to the decrease in forecasted future cash flows as disclosed in the prior quarter.
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Asset-backed Securitization Cash Flow Forecast
$0.82 billion
(dollars in millions)
549755823040
The forecasted future undiscounted cash flows of approximately $0.82 billion include approximately $0.62 billion (as of June 30, 2026) of overcollateralization included in the asset-backed securitizations. These excess net asset positions are included in the consolidated balance sheets in the balances of "loans and accrued interest receivable, net" and "restricted cash." The difference between the total estimated future undiscounted cash flows and the overcollateralization of approximately $0.20 billion, or approximately $0.15 billion after income taxes based on the estimated effective tax rate, represents estimated future net interest income (earnings) from the portfolio and is expected to be accretive to the Company's balance of consolidated shareholders' equity from the June 30, 2026 balance.
The Company uses various assumptions, including prepayments and future interest rates, when preparing its cash flow forecast. These assumptions are further discussed below.
Prepayments: The primary variables in establishing a life of loan estimate are the level and timing of prepayments. Prepayment rates equal the amount of loans that prepay annually as a percentage of the beginning-of-period balance, net of scheduled principal payments. A number of factors can affect estimated prepayment rates, including the level of consolidation activity, borrower default rates, and utilization of debt management options such as income-based repayment, deferments, and forbearance. Should any of these factors change, management may revise its assumptions, which in turn would impact the projected future cash flow. The Company’s cash flow forecast above assumes prepayment rates of 6% for both federally insured consolidation and Stafford loans. Prepayment rates for private education loans range from 11% to 20%.
The following table summarizes the estimated impact to the above forecasted cash flows if prepayments were greater than the prepayment rate assumptions used to calculate the forecasted cash flows:
Increase in prepayment rate
Reduction in forecasted cash flow from table above
Forecasted cash flow using increased prepayment rate
2x
$0.05 billion
$0.77 billion
4x
$0.14 billion
$0.68 billion
If the entire AGM student loan portfolio was prepaid, the Company would receive the full amount of overcollateralization included in the asset-backed securitizations of approximately $0.62 billion (as of June 30, 2026); however, the Company would not receive the $0.20 billion ($0.15 billion after tax) of estimated future earnings from the portfolio.
Interest rates: The Company funds a portion of its student loans with variable rate securities that are indexed to 90-day SOFR. Meanwhile, the interest earned on the Company’s student loan assets is indexed primarily to the 30-day average SOFR
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in effect for each day in a calendar quarter. The different interest rate characteristics of the Company’s loan assets and liabilities funding these assets result in basis risk. The Company’s cash flow forecast assumes, for the life of the portfolio, a relationship between the various SOFR indices that is implied by the current forward SOFR curves. If the forecast is computed assuming a spread of an additional 12 basis points between 3-month Term SOFR and 30-day average SOFR for the life of the portfolio, the cash flow forecast would be reduced by approximately $5 million to $15 million.
The Company uses the current forward interest rate yield curve to forecast cash flows. A change in the forward interest rate curve would impact the future cash flows generated from the portfolio. See Item 3, "Quantitative and Qualitative Disclosures About Market Risk — Interest Rate Risk — AGM Operating Segment" for additional information about various interest rate risks which may impact future cash flows from AGM's loan assets.
Liquidity Impact Related to Beneficial Interest in Loan Securitizations
The Company has partial ownership in consumer, private education, and federally insured student loan third-party securitizations that are classified as "beneficial interest in loan securitizations" and included in "other investments and notes receivable, net" on the Company's consolidated balance sheets. These residual interests were acquired by the Company or have been received by the Company as consideration from selling portfolios of loans to unrelated third parties who securitized such loans. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2026, the Company's ownership correlates to approximately $1.58 billion of loans included in these securitizations. Investment interest income earned by the Company from the beneficial interest in loan securitizations is included in "investment interest" on the Company's consolidated statements of income and is not a component of the Company's loan interest income.
As of June 30, 2026, the investment balance on the Company's consolidated balance sheet of its beneficial interest in loan securitizations was $188.9 million. For a summary of this investment balance, see note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
The Company's partial ownership percentage in each loan securitization grants the Company the right to receive the corresponding percentage of cash flows generated by the securitization. As of June 30, 2026, based on cash flow models developed to reflect management’s current estimate of, among other factors, prepayments, defaults, deferment, forbearance, and interest rates, the Company currently expects future undiscounted cash flows from its partial ownership in these securitizations to be approximately $266.0 million. The vast majority of these cash flows are expected to be received over the next 5 years.
The difference between the total estimated future undiscounted cash flows from these residual interests ($266.0 million) and the investment carrying value ($188.9 million) of $77.1 million, or $58.6 million after income taxes based on the estimated effective tax rate, represents estimated future investment interest income (earnings) from these investments and is expected to be accretive to the Company's balance of consolidated shareholders' equity from the June 30, 2026 balance.
The undiscounted future cash flows from the consumer and private education loan securitizations are highly subject to credit risk (defaults). If defaults are higher than management's current estimate, the forecasted cash flows and estimated future investment interest income (earnings) from these securitizations would be adversely impacted.
Sources and Needs of Liquidity - Nelnet Bank
Nelnet Bank’s growth strategy is supported by a combination of parent company capital support, diversified deposit funding, and access to supplemental liquidity sources. Nelnet Bank’s primary liquidity needs relate to funding loan originations and acquisitions while maintaining appropriate capital and liquidity levels.
Nelnet Bank operates under a capital and liquidity maintenance agreement that requires Nelnet, Inc., Nelnet Bank's parent company, to serve as a source of financial strength to Nelnet Bank. Nelnet, Inc. has provided capital contributions to support Nelnet Bank’s growth since inception and expects to continue to provide equity capital as necessary to support balance sheet growth and to meet regulatory capital requirements. Through June 30, 2026, the Company has contributed $431.3 million of initial and ongoing capital to Nelnet Bank. Such capital contributions have included cash, investments, loans, and equity in student loan trusts. During the six months ended June 30, 2026, Nelnet, Inc. contributed seven student loan securitization trusts that included $153.4 million of net assets.
Nelnet Bank funds the majority of its assets through a diversified deposit base, including retail, commercial, institutional, and brokered deposits sourced through direct banking platforms and deposit marketplaces. Deposit products include both liquid and term deposits with varying maturities, which provide funding stability and flexibility. Management expects continued deposit growth to be the primary source of funding for future loan growth.
In addition to deposit funding, Nelnet Bank maintains access to unsecured federal funds lines with correspondent banks and has established borrowing capacity with the Federal Reserve Bank and the Federal Home Loan Bank. These sources provide additional liquidity and funding flexibility as needed.
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Other Sources of Liquidity
Unsecured Line of Credit
On March 31, 2026, the Company entered into a new $435.0 million unsecured line of credit with a maturity date of March 31, 2031. In conjunction with entering into the new line of credit, the Company terminated its $495.0 million line of credit which had a scheduled maturity date of September 22, 2026. There was no outstanding balance on the $495.0 million line of credit on the date of termination. As of June 30, 2026, the new unsecured line of credit had no amount outstanding and $435.0 million was available for future use. Upon the maturity date of the new facility, there can be no assurance that the Company will be able to maintain this line of credit, increase or maintain the amount outstanding under the line, or find alternative funding if necessary.
Union Bank Participation Agreement
The Company has an agreement with Union Bank under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities (bond investments). The agreement automatically renews annually and is terminable by either party upon five business days' notice. The Company can participate FFELP loan asset-backed securities (investments) to Union Bank to the extent of availability under the grantor trusts, up to $400.0 million or an amount in excess of $400.0 million if mutually agreed to by both parties. As of June 30, 2026, $0.1 million (par value) of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement.
Stock Repurchases
The Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2028. As of June 30, 2026, 4,219,239 shares remained authorized for repurchase under the Company's stock repurchase program. Shares may be repurchased from time to time on the open market, in private transactions (including with related parties), or otherwise, depending on various factors, including share prices and other potential uses of liquidity.
Shares repurchased by the Company during the first half of 2026 are shown below. For additional information on stock repurchases during the second quarter of 2026, see "Stock Repurchases" under Part II, Item 2 of this report.
Total shares repurchasedPurchase price (in thousands)Average price of shares repurchased (per share) (a)
Quarter ended March 31, 2026126,319 $16,280 128.88 
Quarter ended June 30, 2026190,281 24,353 127.99 
Total316,600 $40,633 128.34 
(a) The average price of shares repurchased for the quarter ended June 30, 2026 includes excise taxes.
Dividends
On June 15, 2026, the Company paid a second quarter 2026 cash dividend on the Company's Class A and Class B common stock of $0.33 per share. In addition, the Company's Board of Directors has declared a third quarter 2026 cash dividend on the Company's outstanding shares of Class A and Class B common stock of $0.33 per share. The third quarter cash dividend will be paid on September 15, 2026 to shareholders of record at the close of business on September 1, 2026.
The Company plans to continue making regular quarterly dividend payments, subject to future earnings, capital requirements, financial condition, and other factors.
RECENT ACCOUNTING PRONOUNCEMENTS
In November 2024, the FASB issued accounting guidance to increase disclosure requirements primarily through enhanced disclosures about types of expenses (including employee compensation, depreciation, and amortization) in commonly presented expense captions. This guidance will be effective for the Company for fiscal years beginning after December 15, 2026. The guidance is required to be applied prospectively with the option for retrospective application. Management is currently evaluating the impact this guidance will have on disclosures included in the notes to the consolidated financial statements. The Company does not expect the standard to impact the Company's financial condition or results of operations.
There are no other recently issued, but not yet adopted, accounting pronouncements which are expected to have a material impact on the Company's consolidated financial statements and related disclosures.
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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
(All dollars are in thousands, except share amounts, unless otherwise noted)
The Company’s consolidated balance sheets include assets and liabilities whose fair values are subject to market risks, primarily interest rate risk. The following sections address the interest rate risk associated with our relevant business activities.
Interest Rate Risk - AGM Operating Segment
AGM’s primary market risk exposure arises from fluctuations in its lending and borrowing rates, the spread between which could impact AGM due to shifts in market interest rates.
The following table sets forth AGM’s loan assets and debt instruments by rate characteristics:
As of June 30, 2026As of December 31, 2025
DollarsPercentDollarsPercent
Fixed-rate loan assets$1,739,001 22.2 %$1,611,772 18.5 %
Variable-rate loan assets6,090,770 77.8 7,087,397 81.5 
Total$7,829,771 100.0 %$8,699,169 100.0 %
Fixed-rate debt instruments$298,926 4.2 %$331,404 4.2 %
Variable-rate debt instruments6,780,151 95.8 7,490,065 95.8 
Total$7,079,077 100.0 %$7,821,469 100.0 %
FFELP loans originated prior to April 1, 2006 generally earn interest at the higher of the borrower rate, which is fixed over a period of time, or a floating rate based on the special allowance payment (SAP) formula set by the Department. The SAP rate is based on an applicable index plus a fixed spread that depends on loan type, origination date, and repayment status. The Company generally finances its FFELP student loan portfolio with variable-rate debt. In low and/or declining interest rate environments, when the fixed borrower rate is higher than the SAP rate, the Company’s FFELP student loans earn at a fixed rate while the interest on the variable-rate debt typically continues to reflect the low and/or declining interest rates. In these interest rate environments, the Company may earn additional spread income that it refers to as floor income.
Depending on the type of loan and when it was originated, the borrower rate is either fixed to term or is reset to an annual rate each July 1. As a result, for loans where the borrower rate is fixed to term, the Company may earn floor income for an extended period of time, which the Company refers to as fixed-rate floor income, and for those loans where the borrower rate is reset annually on July 1, the Company may earn floor income to the next reset date, which the Company refers to as variable-rate floor income. All FFELP loans first originated on or after April 1, 2006 effectively earn at the SAP rate, since lenders are required to rebate fixed-rate floor income and variable-rate floor income for those loans to the Department.
The Company earned no variable-rate floor income in 2026 or 2025.
The following table shows AGM’s federally insured student loan assets that were earning fixed-rate floor income as of June 30, 2026:
Fixed interest rate rangeBorrower/lender weighted-average yieldEstimated variable conversion rate (a)Loan balance
6.5 - 6.99%6.71%4.07%$89,500 
7.0 - 7.49%7.16%4.52%34,891 
7.5 - 7.99%7.72%5.08%74,222 
8.0 - 8.99%8.18%5.54%177,676 
> 9.0%
9.06%6.42%76,214 
$452,503 
(a) The estimated variable conversion rate is the estimated short-term interest rate at which loans would convert to a variable rate. As of June 30, 2026, the weighted-average estimated variable conversion rate was 5.25% and the short-term interest rate was 380 basis points.
Absent the use of derivative instruments, a rise in interest rates will reduce the amount of floor income received and has an impact on earnings due to interest margin compression caused by increasing financing costs, until such time as the federally insured loans earn interest at a variable rate in accordance with their SAP formulas. In higher interest rate environments, where the interest rate rises above the borrower rate and fixed-rate loans effectively become variable-rate loans, the impact of the rate fluctuations is reduced.
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A summary of fixed-rate floor income earned by the AGM operating segment follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
Fixed-rate floor income, gross$1,522 997 $3,086 1,972 
Derivative settlements (a)(65)427 (114)855 
Fixed-rate floor income, net$1,457 1,424 $2,972 2,827 
(a)    Derivative settlements consist of settlements received related to the Company's derivatives used to hedge student loans earning fixed-rate floor income. See note 4 of the notes to consolidated financial statements included in Part I, Item 1 of this report for a summary of fixed-rate floor derivatives.
AGM is also exposed to interest rate risk in the form of repricing risk and basis risk because the interest rate characteristics of AGM’s assets do not match the interest rate characteristics of the funding for those assets. In a decreasing interest rate environment, student loan spread on FFELP loans decreases in the short term because of the timing of interest rate resets on the Company's assets occurring daily in contrast to the timing of the interest rate resets on the Company's debt occurring either monthly or quarterly. This also results in student loan spread increasing in the short term in an increasing interest rate environment. The following table presents AGM’s FFELP student loan assets and related funding for those assets arranged by underlying indices as of June 30, 2026:
IndexFrequency of variable resetsAssetsFunding of student loan assets
30-day average SOFR (a)Daily$6,066,639 — 
3-month Treasury billDaily215,740 — 
3-month H15 financial commercial paperDaily211,018 — 
30-day average SOFR / 1-month CME Term SOFRMonthly— 4,628,755 
90-day average SOFR / 3-month CME Term SOFR (a)Quarterly— 891,591 
Asset-backed commercial paper / SOFR (b)Varies— 469,041 
Fixed rate—— 277,696 
Auction-rate (c)Varies— 10,915 
Other (d)—638,626 854,025 
$7,132,023 7,132,023 
(a)    The Company has certain basis swaps outstanding in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps"). The Company entered into these derivative instruments to better match the interest rate characteristics on its student loan assets and the debt funding such assets. The following table summarizes the Basis Swaps outstanding as of June 30, 2026:
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
(b)    The interest rates on the Company's FFELP warehouse facility is indexed to asset-backed commercial paper rates and daily SOFR.
(c)    As of June 30, 2026, the Company was sponsor for $10.9 million of outstanding asset-backed securities that were set and provide for interest rates to be periodically reset via a "dutch auction" (the “Auction Rate Securities”). Since the auction feature has essentially been inoperable for substantially all auction rate securities since 2008, the Auction Rate Securities generally pay interest to the holder at a maximum rate as defined by the indenture. While these rates will vary, they will generally be based on a spread to SOFR or Treasury Securities, or the Net Loan Rate as defined in the financing documents.
(d)    Assets include accrued interest receivable and restricted cash. Funding represents overcollateralization (equity) and other liabilities included in FFELP loan asset-backed securitizations and warehouse facilities.
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The following table summarizes the effect on the Company’s consolidated earnings based upon a sensitivity analysis performed on AGM’s variable-rate assets (including loans earning fixed-rate floor income) and liabilities. The sensitivity analysis was performed assuming the funding index increases 10 basis points and 30 basis points while holding the asset index constant, if the funding index is different than the asset index.
Asset and funding index mismatches
Increase of
10 basis points		Increase of
30 basis points		Increase of
10 basis points		Increase of
30 basis points
DollarsPercentDollarsPercentDollarsPercentDollarsPercent
Three months ended June 30, 2026Three months ended June 30, 2025
Effect on earnings:
Increase (decrease) in pre-tax net income before impact of derivative settlements$(571)(0.8)%$(1,712)(2.6)%$(823)(0.3)%$(2,468)(1.0)%
Impact of derivative settlements349 0.5 1,047 1.6 349 0.1 1,047 0.4 
Increase (decrease) in net income before taxes$(222)(0.3)%$(665)(1.0)%$(474)(0.2)%$(1,421)(0.6)%
Increase (decrease) in basic and diluted earnings per share$(0.00)$(0.01)$(0.01)$(0.03)
Six months ended June 30, 2026Six months ended June 30, 2025
Effect on earnings:
Increase (decrease) in pre-tax net income before impact of derivative settlements$(1,214)(0.9)%$(3,642)(2.6)%$(1,584)(0.5)%$(4,750)(1.4)%
Impact of derivative settlements694 0.5 2,083 1.5 694 0.2 2,083 0.6 
Increase (decrease) in net income before taxes$(520)(0.4)%$(1,559)(1.1)%$(890)(0.3)%$(2,667)(0.8)%
Increase (decrease) in basic and diluted earnings per share$(0.01)$(0.03)$(0.02)$(0.06)
Interest Rate Risk - Nelnet Bank
To manage Nelnet Bank's risk from fluctuations in market interest rates, the Company actively monitors interest rates and other interest sensitive components to minimize the impact that changes in interest rates have on the fair value of assets, net income, and cash flow. To achieve this objective, the Company manages and mitigates Nelnet Bank’s exposure to fluctuations in market interest rates through several techniques, including managing the maturity, repricing, and mix of fixed- and variable-rate assets and liabilities and the use of derivative instruments.
The following table presents Nelnet Bank's loan assets, asset-backed security investments, and deposits (including intercompany deposits) by rate characteristics:
As of June 30, 2026As of December 31, 2025
DollarsPercentDollarsPercent
Fixed-rate loan assets$690,380 $630,570 
Fixed-rate investments104,110 83,020 
Total fixed-rate assets794,490 27.4 %713,590 35.4 %
Variable-rate loan assets948,717 326,992 
Variable-rate investments1,161,681 975,268 
Total variable-rate assets2,110,398 72.6 1,302,260 64.6 
Total assets$2,904,888 100.0 %$2,015,850 100.0 %
Fixed-rate deposits$1,036,973 41.4 %$635,293 36.0 %
Variable-rate deposits (a)1,468,033 58.6 1,127,667 64.0 
Total deposits$2,505,006 100.0 %$1,762,960 100.0 %
(a)    Nelnet Bank uses derivative instruments to hedge exposure to variability in cash flows of variable-rate deposits to minimize the exposure to volatility in cash flows from future changes in interest rates. The derivatives are not reflected in the above table. See note 4 of the notes to consolidated financial statements included under Part I, Item 1 of this report for a summary of Nelnet Bank's derivatives outstanding as of June 30, 2026.
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Interest Rate and Market Risk - Investments
The following table presents the rates earned on the Company’s available-for-sale debt securities (investments), excluding securities (investments) held by Nelnet Bank.
Average balanceInterest incomeAverage yieldAverage balanceInterest incomeAverage yield
Three months ended June 30,
20262025
Investments:
Asset-backed securities available-for-sale (a) (b) $597,297 7,865 5.28 %$620,800 8,110 5.24 %
Six months ended June 30,
20262025
Investments:
Asset-backed securities available-for-sale (a) (b) $648,795 16,358 5.08 %$605,050 16,105 5.37 %
(a)The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market or retained such instruments upon initial issuance. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. The table above includes these repurchased bonds.
(b)The majority of the Company’s asset-backed securities earn floating rates with expected returns of approximately SOFR + 50 to 350 basis points to maturity. As of June 30, 2026, $213.5 million (par value) of the Company’s asset-backed securities earn a weighted-average fixed rate of 3.95%.
The Company’s portfolio of asset-backed investment securities has limited liquidity, and the Company could incur a significant loss if the investments were sold prior to maturity at an amount less than the original purchase price. As of June 30, 2026, the gross unrealized loss on the Company’s available-for-sale debt securities (including available-for-sale securities held at Nelnet Bank) was $18.0 million, and the aggregate fair value of available-for-sale debt securities with unrealized losses was $854.8 million. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
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Consolidated Sensitivity Analysis
The following table summarizes the effect on the Company’s consolidated earnings, based upon a sensitivity analysis performed on the Company’s significant interest-earning assets and interest-bearing liabilities assuming hypothetical increases and decreases in interest rates of 100 basis points and 300 basis points, while funding spreads remain constant:
Interest rates
Change from increase of
100 basis points		Change from increase of
300 basis points		Change from decrease of
100 basis points		Change from decrease of
300 basis points
DollarsPercentDollarsPercentDollarsPercentDollarsPercent
Three months ended June 30, 2026
Effect on earnings:
AGM operating segment (a)$(1,276)$(1,107)$2,357 $9,497 
Nelnet Bank operating segment (b)1,453 4,555 (1,355)(3,606)
NFS other operating segments (c)925 2,774 (925)(2,774)
ETSP operating segment (d)1,263 3,789 (1,263)(3,789)
Corporate and Other Activities (d)1,237 3,710 (1,237)(3,710)
Increase (decrease) in net income before taxes$3,602 5.5 %$13,721 21.0 %$(2,423)(3.7)%$(4,382)(6.7)%
Increase (decrease) in basic and diluted earnings per share$0.08 $0.29 $(0.05)$(0.09)
Three months ended June 30, 2025
Effect on earnings:
AGM operating segment (a)$374 $5,253 $373 $3,457 
Nelnet Bank operating segment (b)303 910 (303)(910)
NFS other operating segments (c)975 2,924 (975)(2,924)
ETSP operating segment (d)1,259 3,776 (1,259)(3,776)
Corporate and Other Activities (d)1,232 3,695 (1,232)(3,695)
Increase (decrease) in net income before taxes$4,143 1.7 %$16,558 7.0 %$(3,396)(1.4)%$(7,848)(3.3)%
Increase (decrease) in basic and diluted earnings per share$0.09 $0.34 $(0.07)$(0.16)
Six months ended June 30, 2026
Effect on earnings:
AGM operating segment (a)$(1,738)$223 $4,023 $17,179 
Nelnet Bank operating segment (b)5,339 16,213 (5,241)(15,264)
NFS other operating segments (c)2,097 6,290 (2,097)(6,290)
ETSP operating segment (d)2,864 8,591 (2,864)(8,591)
Corporate and Other Activities (d)967 2,901 (967)(2,901)
Increase (decrease) in net income before taxes$9,529 6.8 %$34,218 24.3 %$(7,146)(5.1)%$(15,867)(11.2)%
Increase (decrease) in basic and diluted earnings per share$0.20 $0.72 $(0.15)$(0.33)
Six months ended June 30, 2025
Effect on earnings:
AGM operating segment (a)$776 $10,520 $728 $6,709 
Nelnet Bank operating segment (b)1,018 3,054 (1,018)(3,054)
NFS other operating segments (c)1,891 5,674 (1,891)(5,674)
ETSP operating segment (d)2,826 8,478 (2,826)(8,478)
Corporate and Other Activities (d)1,312 3,936 (1,312)(3,936)
Increase (decrease) in net income before taxes$7,823 2.3 %$31,662 9.2 %$(6,319)(1.8)%$(14,433)(4.2)%
Increase (decrease) in basic and diluted earnings per share$0.16 $0.66 $(0.13)$(0.30)
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(a)Impact associated with variable-rate restricted cash, variable-rate loans, and variable-rate bonds and notes payable, including the impact of derivative settlements.
(b)Impact associated with variable-rate loans and debt securities (investments) and variable-rate deposits and bonds and notes payable, including the impact of derivative settlements.
(c)Impact associated with variable-rate debt securities (investments).
(d)Impact associated with interest earning operating and restricted cash accounts.
ITEM 4.  CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company’s management, with the participation of the Company's principal executive and principal financial officers, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of June 30, 2026. Based on this evaluation, the Company’s principal executive and principal financial officers concluded that the Company's disclosure controls and procedures were effective as of June 30, 2026.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the fiscal quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There have been no material changes from the information referred to in the Legal Proceedings section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 under Part I, Item 3 of such Form 10-K.
ITEM 1A.  RISK FACTORS
There have been no material changes from the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 in response to Part I, Item 1A of such Form 10-K.
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Stock Repurchases
The following table summarizes the repurchases of Class A common stock during the second quarter of 2026 by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934. Certain share repurchases included in the table below were made pursuant to a trading plan adopted by the Company in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
PeriodTotal number of shares purchased (a)Average price paid per share (b)Total number of shares purchased as part of publicly announced plans or programs (c)Maximum number of shares that may yet be purchased under the plans or programs (c)
April 1 - April 30, 202616,126 $128.31 16,126 4,382,095 
May 1 - May 31, 2026109,695 126.12 109,436 4,272,659 
June 1 - June 30, 202664,460 129.04 53,420 4,219,239 
Total190,281 $127.30 178,982 
(a)The total number of shares includes: (i) shares repurchased pursuant to the stock repurchase program discussed in footnote (c) below; and (ii) shares owned and tendered by employees to satisfy tax withholding obligations upon the vesting of restricted shares. Shares of Class A common stock tendered by employees to satisfy tax withholding obligations included 259 shares in May 2026 and 11,040 shares in June 2026. Unless otherwise indicated, shares owned and tendered by employees to satisfy tax withholding obligations were purchased at the closing price of the Company’s shares on the date of vesting.
(b)The average price of shares repurchased excludes excise taxes.
(c)On May 8, 2025, the Company announced that its Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2028. As of June 30, 2026, 4,219,239 shares remained authorized for repurchase under the Company's stock repurchase program.
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Working capital and dividend restrictions/limitations
The Company's $435.0 million unsecured line of credit, which is available through March 31, 2031, imposes restrictions on the payment of dividends through covenants requiring a minimum consolidated net worth. In addition, trust indentures and other financing agreements governing debt issued by the Company's lending subsidiaries generally have limitations on the amounts of funds that can be transferred to the Company by its subsidiaries through cash dividends at certain times. Further, Nelnet Bank and Nelnet Insurance Services' consolidated captive insurance companies are subject to laws and regulations that restrict the ability to pay dividends to the Company and authorize regulatory authorities to prohibit or limit the payment of dividends by these subsidiaries to the Company. These provisions do not currently materially limit the Company's ability to pay dividends and, based on the Company's current financial condition and recent results of operations, the Company does not currently anticipate that these provisions will materially limit the future payment of dividends.
ITEM 5.  OTHER INFORMATION
Rule 10b5-1 Trading Plans
The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the second quarter of 2026, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans:
Name and TitleDate of Adoption of Rule 10b5-1 Trading PlanScheduled Expiration Date of Rule 10b5-1 Trading Plan (a)Aggregate Number of Securities to Be Purchased or Sold
Timothy Tewes (b)
Former President
6/12/20266/11/2027
Sale of 30,000 shares of Class A common stock
(a)    A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
(b)    Mr. Tewes retired from the Company effective June 30, 2026. The Rule 10b5-1 trading arrangement was adopted on June 12, 2026, while Mr. Tewes was serving as President.
ITEM 6.  EXHIBITS
10.1
31.1*
31.2*
32**
101.INS*Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema Document.
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*Filed herewith
**Furnished herewith
70


SIGNATURES
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 thereunto duly authorized.
NELNET, INC.
Date:August 6, 2026By:/s/ JEFFREY R. NOORDHOEK
Name:Jeffrey R. Noordhoek
Title:
Chief Executive Officer
Principal Executive Officer
Date:August 6, 2026By:/s/ JAMES D. KRUGER
Name:James D. Kruger
Title: 
Chief Financial Officer
Principal Financial Officer and Principal Accounting Officer


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