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Nelnet
NNI
#3223
Rank
$4.59 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$128.15
Share price
-0.63%
Change (1 day)
16.08%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Nelnet
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Nelnet - 10-Q quarterly report FY2025 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, 2025 
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,Nebraska68508
(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, 2025, there were 25,515,182 and 10,658,604 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, 2025







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, 2025December 31, 2024
Assets:  
Loans and accrued interest receivable (net of allowance for loan losses of $125,349 and $114,890, respectively)
$10,155,483 9,992,744 
Cash and cash equivalents:  
Cash and cash equivalents - not held at a related party135,256 48,838 
Cash and cash equivalents - held at a related party90,497 145,680 
Total cash and cash equivalents225,753 194,518 
Investments and notes receivable:
Investments at fair value1,286,729 1,160,320 
Other investments and notes receivable, net818,210 1,040,376 
Total investments and notes receivable2,104,939 2,200,696 
Restricted cash317,958 332,100 
Restricted cash - due to customers258,065 404,402 
Accounts receivable (net of allowance for doubtful accounts of $2,999 and $2,877, respectively)
127,490 159,934 
Goodwill158,029 158,029 
Intangible assets, net33,278 36,328 
Property and equipment, net85,040 95,185 
Other assets245,053 203,817 
Total assets$13,711,088 13,777,753 
Liabilities:  
Bonds and notes payable$7,903,561 8,309,797 
Accrued interest payable19,296 21,046 
Bank deposits1,382,042 1,186,131 
Other liabilities494,387 483,193 
Due to customers429,109 478,469 
Total liabilities10,228,395 10,478,636 
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 25,538,730
     shares and 25,634,748 shares, respectively
255 256 
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding
     10,658,604 shares
107 107 
Additional paid-in capital637 7,389 
Retained earnings3,576,192 3,340,540 
Accumulated other comprehensive (loss) earnings, net(2,208)1,470 
Total Nelnet, Inc. shareholders' equity3,574,983 3,349,762 
Noncontrolling interests(92,290)(50,645)
Total equity3,482,693 3,299,117 
Total liabilities and equity$13,711,088 13,777,753 
Supplemental information - assets and liabilities of consolidated education and other lending variable interest entities:
Loans and accrued interest receivable$8,783,481 9,122,609 
Restricted cash297,566 287,389 
Bonds and notes payable(8,198,240)(8,452,614)
Accrued interest payable and other liabilities(70,575)(88,200)
Net assets of consolidated education and other lending variable interest entities$812,232 869,184 
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,
 2025202420252024
Interest income:  
Loan interest$172,104 202,129 338,543 418,853 
Investment interest40,185 40,737 81,574 92,814 
Total interest income212,289 242,866 420,117 511,667 
Interest expense on bonds and notes payable and bank deposits132,854 176,459 257,968 371,039 
Net interest income79,435 66,407 162,149 140,628 
Less provision for loan losses17,930 3,611 33,267 14,440 
Net interest income after provision for loan losses61,505 62,796 128,882 126,188 
Other income (expense): 
Loan servicing and systems revenue120,724 109,052 241,465 236,252 
Education technology services and payments revenue118,184 116,909 265,515 260,449 
Reinsurance premiums earned26,112 14,851 50,799 27,631 
Solar construction revenue1,259 9,694 5,254 23,420 
Other, net22,976 14,020 46,670 18,103 
Gain (loss) on sale of loans, net— (1,438)909 (1,579)
Gain on partial redemption of ALLO investment175,044 — 175,044 — 
Derivative market value adjustments and derivative settlements, net(3,122)3,182 (8,701)12,903 
Total other income (expense), net461,177 266,270 776,955 577,179 
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs1,845 196 3,478 196 
Cost to provide education technology services and payments39,844 40,222 87,891 88,832 
Cost to provide solar construction services14,050 8,072 21,878 22,300 
Total cost of services55,739 48,490 113,247 111,328 
Salaries and benefits134,699 139,634 272,922 283,509 
Depreciation and amortization7,624 15,142 16,879 31,911 
Reinsurance losses and underwriting expenses25,662 10,988 47,874 22,305 
Other expenses51,306 48,608 99,532 94,136 
Total operating expenses219,291 214,372 437,207 431,861 
Impairment expense and provision for beneficial interests10,288 7,776 11,879 7,813 
Total expenses285,318 270,638 562,333 551,002 
Income before income taxes237,364 58,428 343,504 152,365 
Income tax expense59,510 14,753 84,521 37,936 
Net income177,854 43,675 258,983 114,429 
Net loss attributable to noncontrolling interests3,605 1,416 5,035 4,069 
Net income attributable to Nelnet, Inc.$181,459 45,091 264,018 118,498 
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted$4.97 1.23 7.24 3.22 
Weighted average common shares outstanding - basic and diluted
36,485,605 36,525,482 36,482,035 36,841,227 
    
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,
2025202420252024
Net income$177,854 43,675 258,983 114,429 
Other comprehensive (loss) income:
Net changes related to foreign currency translation adjustments$(131)(21)(147)(16)
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net (657)8,874 (3,425)25,635 
Reclassification of gains recognized in net income, net(595)(1,053)(1,077)(1,605)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity94 51 141 122 
Income tax effect278 (880)(1,890)5,982 1,047 (3,314)(5,797)18,355 
Net changes related to cash flow hedges:
Fair value adjustments during period, net(625)— (625)— 
Income tax effect150 (475)— — 150 (475)— — 
Net changes related to equity method investee's other comprehensive income:
(Loss) gain on cash flow hedge(385)335 340 (632)
Income tax effect92 (293)(80)255 (82)258 152 (480)
Other comprehensive (loss) income(1,779)6,216 (3,678)17,859 
Comprehensive income176,075 49,891 255,305 132,288 
Comprehensive loss attributable to noncontrolling interests3,605 1,416 5,035 4,069 
Comprehensive income attributable to Nelnet, Inc.$179,680 51,307 260,340 136,357 

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 lossNoncontrolling interestsTotal equity
 Class AClass B
Balance as of March 31, 2024—26,055,31410,663,088$— 261 107 1,101 3,304,197 (8,476)(61,470)3,235,720 
Net income (loss)———— — — — 45,091 — (1,416)43,675 
Other comprehensive income———— — — — — 6,216 — 6,216 
Issuance of noncontrolling interests———— — — — — — 6,618 6,618 
Distribution to noncontrolling interests———— — — — — — (19,864)(19,864)
Cash dividends on Class A and Class B common stock - $0.28 per share
———— — — — (10,158)— — (10,158)
Issuance of common stock, net of forfeitures—18,506—— — — 2,171 — — — 2,171 
Compensation expense for stock based awards———— — — 2,733 — — — 2,733 
Repurchase of common stock—(487,980)—— (5)— (5,348)(41,489)— — (46,842)
Acquisition of remaining 20% of GRNE Solar, net of tax
———— — — — (2,340)— 2,093 (247)
Balance as of June 30, 2024—25,585,84010,663,088$— 256 107 657 3,295,301 (2,260)(74,039)3,220,022 
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 

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 lossNoncontrolling interestsTotal equity
Class AClass B
Balance as of December 31, 2023—26,400,63010,663,088$— 264 107 3,096 3,270,403 (20,119)(53,644)3,200,107 
Net income (loss)———— — — — 118,498 — (4,069)114,429 
Other comprehensive income———— — — — — 17,859 — 17,859 
Issuance of noncontrolling interests———— — — — — — 8,151 8,151 
Distribution to noncontrolling interests———— — — — — — (26,570)(26,570)
Cash dividends on Class A and Class B common stock - $0.56 per share
———— — — — (20,528)— — (20,528)
Issuance of common stock, net of forfeitures—69,914—— 1 — 3,297 — — — 3,298 
Compensation expense for stock based awards———— — — 5,834 — — — 5,834 
Repurchase of common stock—(884,704)—— (9)— (11,570)(70,732)— — (82,311)
Acquisition of remaining 20% of GRNE Solar, net of tax
———— — — — (2,340)— 2,093 (247)
Balance as of June 30, 2024—25,585,84010,663,088$— 256 107 657 3,295,301 (2,260)(74,039)3,220,022 
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 

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,
 20252024
Net income attributable to Nelnet, Inc.$264,018 118,498 
Net loss attributable to noncontrolling interests(5,035)(4,069)
Net income258,983 114,429 
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 costs52,406 69,623 
Loan discount and deferred lender fees accretion(42,502)(22,538)
Provision for loan losses33,267 14,440 
Derivative market value adjustments10,190 (9,497)
(Payments to) proceeds from clearinghouse - initial and variation margin, net(4,030)5,716 
Gain on partial redemption of ALLO investment(175,044)— 
(Gain) loss on sale of loans, net(909)1,579 
(Gain) loss on investments, net(19,650)6,985 
Deferred income tax benefit(88,924)(4,814)
Non-cash compensation expense6,513 6,004 
Impairment expense and provision for beneficial interests11,879 7,813 
Changes in operating assets and liabilities:
Decrease in loan and investment accrued interest receivable15,218 150,907 
Decrease in accounts receivable32,523 36,329 
Decrease in other assets23,510 39,667 
Decrease in the carrying amount of ROU asset1,958 1,911 
Decrease in accrued interest payable(6,072)(8,250)
Increase (decrease) in other liabilities65,986 (62,638)
Decrease in the carrying amount of lease liability(3,384)(1,982)
Other1,011 (365)
Total adjustments(86,054)230,890 
Net cash provided by operating activities172,929 345,319 
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		(368,499)(430,575)
Purchases of loans from a related party(136,667)— 
Net proceeds from loan repayments, claims, and capitalized interest881,096 2,125,052 
Proceeds from sale of loans72,626 111,316 
Proceeds from sale of loans to a related party60,181 199,694 
Purchases of available-for-sale securities(240,476)(295,319)
Proceeds from sales of available-for-sale securities109,609 266,547 
Proceeds from beneficial interest in loan securitizations38,235 19,513 
Purchases of other investments and issuance of notes receivable(161,828)(197,440)
Proceeds from other investments and repayments of notes receivable454,829 53,635 
Redemption of held-to-maturity debt securities7,796 5,041 
Purchases of property and equipment(7,074)(33,842)
Net cash provided by investing activities$709,828 1,823,622 
7


NELNET, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
 Six months ended
June 30,
 20252024
Cash flows from financing activities, net of acquisitions:  
Payments on bonds and notes payable$(1,117,852)(2,283,381)
Proceeds from issuance of bonds and notes payable25 37 
Payments of debt issuance costs(3,999)(693)
Increase in bank deposits, net195,911 146,873 
Decrease in due to customers(49,489)(36,642)
Dividends paid(20,322)(20,528)
Repurchases of common stock(25,818)(82,311)
Proceeds from issuance of common stock920 967 
Acquisition of noncontrolling interest(3,944)(325)
Issuance of noncontrolling interests15,580 27,396 
Distribution to noncontrolling interests(3,351)(2,335)
Net cash used in financing activities(1,012,339)(2,250,942)
Effect of exchange rate changes on cash and restricted cash338 (87)
Net decrease in cash, cash equivalents, and restricted cash(129,244)(82,088)
Cash, cash equivalents, and restricted cash, beginning of period931,020 1,025,491 
Cash, cash equivalents, and restricted cash, end of period$801,776 943,403 
Supplemental disclosures of cash flow information:
Cash disbursements made for interest$244,109 355,943 
Cash disbursements made for income taxes, net of refunds and credits received (a)$26,886 11,932 
Cash disbursements made for operating leases$2,604 2,451 
Non-cash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations$6,495 49 
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans$— 13,693 
Distribution to noncontrolling interests$34,055 24,235 
Issuance of noncontrolling interests$9,401 19,245 
(a) The Company utilized $36.6 million and $20.3 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2025 and 2024, respectively.
Supplemental disclosures of non-cash activities regarding the Company's acquisition of certain student loan trusts are contained in note 3.
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, 2025December 31, 2024June 30, 2024December 31, 2023
Total cash and cash equivalents$225,753 194,518 145,478 168,112 
Restricted cash317,958 332,100 538,446 488,723 
Restricted cash - due to customers258,065 404,402 259,479 368,656 
Cash, cash equivalents, and restricted cash
$801,776 931,020 943,403 1,025,491 
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, 2025 and for the three and six months ended June 30, 2025 and 2024 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2024 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, 2025 are not necessarily indicative of the results for the year ending December 31, 2025. 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, 2024 (the "2024 Annual Report").
2.  Partial Redemption of ALLO Investment
Nelnet had both voting and preferred membership interest investments in ALLO Holdings, LLC (referred to collectively with its subsidiary ALLO Communications LLC as "ALLO"). In June 2025, ALLO executed a financing transaction that resulted in gross proceeds to ALLO of $500 million (the “Financing”). In conjunction with the Financing, Nelnet, ALLO, and certain other ALLO investors entered into a Membership Unit Redemption Agreement (the “Redemption Agreement”) pursuant to which ALLO agreed to redeem certain of its membership interests from certain investors in ALLO, including Nelnet (the “Transaction”).
As part of the Transaction, ALLO redeemed all of Nelnet's outstanding preferred membership interests on June 4, 2025, including the preferred return accrued on such membership interests through the Transaction's closing date. In addition, ALLO redeemed a portion of Nelnet’s voting membership interest in ALLO.
Upon closing, Nelnet received cash proceeds of $410.9 million from ALLO for these redemptions and recognized a pre-tax gain of $175.0 million, which is included in "gain on partial redemption of ALLO investment" on the Company's consolidated statements of income.
Following the closing of the Transaction, Nelnet no longer owns any preferred membership interests in ALLO, but maintains a significant voting equity investment in ALLO. Nelnet’s ownership of voting membership interest in ALLO decreased from 45% to 27%. Nelnet will continue to account for its remaining 27% voting membership interest in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting, with the carrying value of such interest remaining at $0.
As part of the ALLO recapitalization transaction completed in December 2020, Nelnet and SDC (a third-party global digital infrastructure investor and member of ALLO) entered into an agreement in which Nelnet has a contingent obligation to pay SDC in the event Nelnet disposes of its voting membership interests in ALLO that it holds, and realizes from such disposition certain targeted return levels. Upon closing of the Transaction described above, Nelnet recalculated its contingent obligation to reflect the reduction in Nelnet's voting membership interests that are subject to the contingency. This resulted in a reduction in the estimated fair value of the contingent payment liability of $4.9 million during the second quarter of 2025, which is included in (and decreased) "other expenses" on the Company's consolidated statements of income. Based on Nelnet's remaining voting membership interests in ALLO, the maximum contingent obligation that Nelnet may owe SDC upon future disposals of Nelnet's voting membership interests in ALLO is $9 million (down from $35 million). The estimated fair value of the contingent payment as of June 30, 2025 is $3.4 million, which is included in "other liabilities" on the consolidated balance sheet.
9


3.  Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 June 30, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,039,136 2,108,960 
Consolidation6,327,949 6,279,604 
Total8,367,085 8,388,564 
Private education loans (a)156,614 221,744 
Consumer and other loans411,470 345,560 
Non-Nelnet Bank loans8,935,169 8,955,868 
Nelnet Bank:
Federally insured loans:
Stafford and other10,040 — 
Consolidation96,515 — 
Total106,555 — 
Private education loans (a)516,663 482,445 
Consumer and other loans204,423 162,152 
Nelnet Bank loans827,641 644,597 
Accrued interest receivable560,927 549,283 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(42,905)(42,114)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(47,627)(49,091)
Private education loans(7,406)(11,130)
Consumer and other loans(48,028)(38,468)
Non-Nelnet Bank allowance for loan losses(103,061)(98,689)
Nelnet Bank:
Federally insured loans(355)— 
Private education loans(12,360)(10,086)
Consumer and other loans(9,573)(6,115)
Nelnet Bank allowance for loan losses(22,288)(16,201)
 $10,155,483 9,992,744 
(a)    During the second quarter of 2025, the Asset Generation and Management operating segment (Non-Nelnet Bank) contributed $42.2 million of private education loans to Nelnet Bank.
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, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans (a)0.57 %0.59 %
Private education loans4.73 %5.02 %
Consumer and other loans11.67 %11.13 %
Nelnet Bank:
Federally insured loans (a)0.33 %— 
Private education loans2.39 %2.09 %
Consumer and other loans4.68 %3.77 %
(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 20.4% and 20.6% as of June 30, 2025 and December 31, 2024, respectively, and for Nelnet Bank was 16.5% as of June 30, 2025.
10


Student Loan Trust Acquisitions
In March 2025, the Company acquired the ownership interests in certain trusts giving the Company rights to the residual interest. The trusts included $646.9 million (par value) of federally insured Stafford and consolidation loans funded to term with $721.3 million (par value) of bonds and notes payable, $32.2 million of cash and restricted cash, and $27.4 million of other net assets. The Company has consolidated these trusts on its consolidated balance sheet as the Company is the primary beneficiary of the trusts. Upon acquisition, the Company recorded the student loans and bonds and notes payable at fair value, resulting in the recognition of a student loan net discount of $6.6 million and a bonds and notes payable discount of $31.1 million. These net discounts will be accreted using the effective interest method over the lives of the underlying assets and liabilities.
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 losses (a)Charge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationBalance at end of period
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 and other loans43,904 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 
Three months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$61,723 (1,970)(5,573)— — 54,180 
Private education loans14,736 — (1,827)156 — 13,065 
Consumer and other loans18,761 (2,255)(2,634)263 — 14,135 
Nelnet Bank:
Private education loans3,660 255 (460)104 — 3,559 
Consumer and other loans7,128 7,519 (2,837)15 — 11,825 
$106,008 3,549 (13,331)538 — 96,764 
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 and other loans38,468 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 
Six months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (3,840)(10,433)— — 54,180 
Private education loans15,750 (265)(2,840)420 — 13,065 
Consumer and other loans11,742 6,335 (4,586)644 — 14,135 
Nelnet Bank:
Private education loans3,347 1,012 (906)106 — 3,559 
Consumer and other loans5,351 11,236 (4,804)42 — 11,825 
$104,643 14,478 (23,569)1,212 — 96,764 
11


(a) Once a loan is classified as held for sale, any allowance for loan losses that existed immediately prior to the reclassification to held for sale is reversed through provision. The following table presents the reduction to provision for loan losses as a result of the contribution of Non-Nelnet Bank private education loans to Nelnet Bank during the second quarter of 2025 and the consumer and other loan sales during 2024:
    
Provision for current periodReduction to provisionProvision
(negative provision) for loan losses
Three months ended June 30, 2025
Non-Nelnet Bank
Private education loans$(994)(1,766)(2,760)
Three months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$10,340 (12,595)(2,255)
Six months ended June 30, 2025
Non-Nelnet Bank
Private education loans$(994)(1,766)(2,760)
Six months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$19,030 (12,695)6,335 
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,
2025202420252024
Non-Nelnet Bank:
Federally insured loans0.16 %0.22 %0.14 %0.19 %
Private education loans0.55 %2.64 %1.02 %1.85 %
Consumer and other loans7.62 %4.62 %6.58 %4.98 %
Nelnet Bank:
Federally insured loans0.06 %— 0.06 %— 
Private education loans1.10 %0.40 %1.08 %0.44 %
Consumer and other loans (a)1.71 %7.44 %1.49 %7.66 %
(a)    Decrease in annualized net charge-offs as a percentage of average loans was due to a change in mix of consumer loan portfolios that resulted in a portfolio of loans with an overall higher credit quality in 2025 compared with 2024 and Nelnet Bank exiting a consumer loan program in December 2024 that had previously incurred significant charge-offs.
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. Provision for loan losses was also impacted by the reversal of provision for consumer and other loans sold in 2024. The Company recorded a negative provision for loan losses for its federally insured loan portfolio in 2024 due to an increase in prepayment assumptions.
Unfunded Loan Commitments
As of June 30, 2025 and December 31, 2024, Nelnet Bank had a liability of approximately $416,000 and $326,000, respectively, related to $62.2 million and $40.7 million, respectively, of unfunded private education, consumer, and other loan commitments. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet by recording a provision for loan losses. When the loan is funded, the Company transfers the liability to the allowance for loan losses. 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,
2025202420252024
Provision for loan losses from allowance activity table above$17,712 3,549 33,177 14,478 
Provision (negative provision) for unfunded loan commitments218 62 90 (38)
Provision for loan losses reported in consolidated statements of income$17,930 3,611 33,267 14,440 
12


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 (but for purposes of the following tables, do not include those loans while they are in forbearance). The following table presents the Company’s loan status and delinquency amounts:
As of June 30, 2025As of December 31, 2024As of June 30, 2024
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $393,460 4.7 % $376,765 4.5 % $440,891 4.6 %
Loans in forbearance 555,469 6.6  586,412 7.0  702,539 7.4 
Loans in repayment status:  
Loans current6,378,571 86.0 %6,374,897 85.9 %7,012,655 84.1 %
Loans delinquent 31-60 days261,809 3.5 243,348 3.3 339,262 4.1 
Loans delinquent 61-90 days175,562 2.4 166,474 2.2 234,746 2.8 
Loans delinquent 91-120 days111,678 1.5 113,838 1.5 151,447 1.8 
Loans delinquent 121-270 days360,754 4.9 380,823 5.1 377,660 4.5 
Loans delinquent 271 days or greater129,782 1.7 146,007 2.0 224,533 2.7 
Total loans in repayment7,418,156 88.7 100.0 %7,425,387 88.5 100.0 %8,340,303 88.0 100.0 %
Total federally insured loans8,367,085 100.0 % 8,388,564 100.0 % 9,483,733 100.0 %
Accrued interest receivable545,288 540,272 612,374 
Loan discount, net of unamortized premiums and deferred origination costs(26,523)(21,513)(24,222)
Allowance for loan losses(47,627)(49,091)(54,180)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$8,838,223 $8,858,232 $10,017,705 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $4,433 2.8 %$5,997 2.7 %$7,906 3.2 %
Loans in forbearance 1,530 1.0 2,089 0.9 2,248 0.9 
Loans in repayment status:
Loans current147,690 98.0 %206,825 96.8 %230,512 97.1 %
Loans delinquent 31-60 days1,246 0.8 3,424 1.6 2,814 1.2 
Loans delinquent 61-90 days564 0.4 1,275 0.6 1,395 0.6 
Loans delinquent 91 days or greater1,151 0.8 2,134 1.0 2,562 1.1 
Total loans in repayment150,651 96.2 100.0 %213,658 96.4 100.0 %237,283 95.9 100.0 %
Total private education loans156,614 100.0 % 221,744 100.0 % 247,437 100.0 %
Accrued interest receivable1,299 2,019 2,407 
Loan discount, net of unamortized premiums(5,162)(6,350)(7,194)
Allowance for loan losses(7,406)(11,130)(13,065)
Total private education loans and accrued interest receivable, net of allowance for loan losses$145,345 $206,283 $229,585 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$1,355 0.3 %$150 0.0 %$122 0.1 %
Loans in repayment status:
Loans current399,263 97.3 %335,355 97.1 %174,295 97.2 %
Loans delinquent 31-60 days3,731 0.9 3,667 1.1 2,100 1.2 
Loans delinquent 61-90 days3,096 0.8 2,143 0.6 1,857 1.0 
Loans delinquent 91 days or greater4,025 1.0 4,245 1.2 1,073 0.6 
Total loans in repayment410,115 99.7 100.0 %345,410 100.0 100.0 %179,325 99.9 100.0 %
Total consumer and other loans411,470 100.0 %345,560 100.0 %179,447 100.0 %
Accrued interest receivable2,260 1,868 763 
Loan discount and deferred lender fees, net of unamortized premiums(6,296)(10,713)(9,205)
Allowance for loan losses(48,028)(38,468)(14,135)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$359,406 $298,247 $156,870 
13


As of June 30, 2025As of December 31, 2024As of June 30, 2024
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$2,665 2.5 %
Loans in forbearance5,550 5.2 
Loans in repayment status:
Loans current88,408 89.9 %
Loans delinquent 30-59 days2,806 2.9 
Loans delinquent 60-89 days2,001 2.0 
Loans delinquent 90-119 days1,683 1.7 
Loans delinquent 120-270 days2,495 2.5 
Loans delinquent 271 days or greater947 1.0 
Total loans in repayment98,340 92.3 100.0 %
Total federally insured loans106,555 100.0 %
Accrued interest receivable5,194 
Loan premium1,221 
Allowance for loan losses(355)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$112,615 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$45,107 8.7 %$31,674 6.6 %$41,394 11.7 %
Loans in forbearance1,926 0.4 3,061 0.6 1,985 0.6 
Loans in repayment status:
Loans current460,426 98.0 %439,569 98.2 %308,591 99.2 %
Loans delinquent 30-59 days3,102 0.7 4,327 1.0 934 0.3 
Loans delinquent 60-89 days2,710 0.6 1,497 0.3 444 0.2 
Loans delinquent 90 days or greater3,392 0.7 2,317 0.5 1,064 0.3 
Total loans in repayment469,630 90.9 100.0 %447,710 92.8 100.0 %311,033 87.7 100.0 %
Total private education loans516,663 100.0 %482,445 100.0 %354,412 100.0 %
Accrued interest receivable5,540 4,103 2,709 
Loan discount, net of unamortized premiums and deferred origination costs(8,589)(4,581)5,501 
Allowance for loan losses(12,360)(10,086)(3,559)
Total private education loans and accrued interest receivable, net of allowance for loan losses$501,254 $471,881 $359,063 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$8,538 4.2 %$5,186 3.2 %$1,414 0.8 %
Loans in repayment status:
Loans current194,507 99.3 %155,772 99.2 %181,558 97.3 %
Loans delinquent 30-59 days1,001 0.5 803 0.5 1,516 0.8 
Loans delinquent 60-89 days193 0.1 243 0.2 1,814 1.0 
Loans delinquent 90 days or greater184 0.1 148 0.1 1,637 0.9 
Total loans in repayment195,885 95.8 100.0 %156,966 96.8 100.0 %186,525 99.2 100.0 %
Total consumer and other loans204,423 100.0 %162,152 100.0 %187,939 100.0 %
Accrued interest receivable1,346 1,021 1,219 
Loan premium, net of unaccreted discount2,444 1,043 (1,037)
Allowance for loan losses(9,573)(6,115)(11,825)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$198,640 $158,101 $176,296 
(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.

14


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, 2025
Six months ended June 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$2,057 2,986 3,197 4,408 3,857 22,149 38,654 7.5 %
705 - 7342,753 5,017 8,301 18,528 7,076 15,980 57,655 11.2 
735 - 7644,251 5,693 7,795 27,968 11,821 23,990 81,518 15.8 
765 - 7944,260 6,576 5,416 43,694 22,369 29,537 111,852 21.6 
Greater than 7946,154 14,728 13,632 62,114 44,955 77,929 219,512 42.5 
No FICO score available or required (a)— 2,367 5,105 — — — 7,472 1.4 
$19,475 37,367 43,446 156,712 90,078 169,585 516,663 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$2,566 3,578 4,759 4,182 331 15,485 30,901 6.4 %
705 - 7343,736 8,874 19,666 7,531 426 12,349 52,582 10.9 
735 - 7644,398 8,629 29,918 12,775 1,286 17,920 74,926 15.5 
765 - 7944,600 6,115 46,340 24,073 1,105 23,867 106,100 22.0 
Greater than 7949,971 15,471 67,454 49,408 4,406 63,258 209,968 43.5 
No FICO score available or required (a)2,476 5,492 — — — — 7,968 1.7 
$27,747 48,159 168,137 97,969 7,554 132,879 482,445 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of June 30, 2025
Six months ended June 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$6,132 17,946 1,627 — 295 1,463 27,463 13.4 %
720 - 76912,060 39,184 3,981 17 5,770 7,662 68,674 33.6 
Greater than 76928,891 52,873 6,252 98 5,597 3,566 97,277 47.6 
No FICO score available or required (a)2,124 8,123 434 274 54 — 11,009 5.4 
$49,207 118,126 12,294 389 11,716 12,691 204,423 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination:
Less than 720$19,264 1,762 — 376 675 1,170 23,247 14.3 %
720 - 76941,217 4,502 19 6,152 5,448 3,105 60,443 37.3 
Greater than 76957,323 6,577 103 5,834 2,755 1,165 73,757 45.5 
No FICO score available or required (a)3,936 437 277 55 — — 4,705 2.9 
$121,740 13,278 399 12,417 8,878 5,440 162,152 100.0 %
(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.
15


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, 2025 and December 31, 2024, was not material.
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, 2025 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 of the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20252024202320222021Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — 332 2,124 1,977 4,433 
Loans in forbearance— — — 29 375 1,126 1,530 
Loans in repayment status:
Loans current— — 185 3,868 5,031 138,606 147,690 
Loans delinquent 31-60 days— — — 23 31 1,192 1,246 
Loans delinquent 61-90 days— — — — 5 559 564 
Loans delinquent 91 days or greater— — — — 84 1,067 1,151 
Total loans in repayment— — 185 3,891 5,151 141,424 150,651 
Total private education loans$— — 185 4,252 7,650 144,527 156,614 
Accrued interest receivable1,299 
Loan discount, net of unamortized premiums(5,162)
Allowance for loan losses(7,406)
Total private education loans and accrued interest receivable, net of allowance for loan losses$145,345 
Gross charge-offs - six months ended June 30, 2025$— — — — 52 1,405 1,457 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 453 902 — — — 1,355 
Loans in repayment status:
Loans current191,184 174,221 31,379 1,891 307 281 399,263 
Loans delinquent 31-60 days423 2,348 751 190 19 — 3,731 
Loans delinquent 61-90 days254 1,750 865 224 — 3 3,096 
Loans delinquent 91 days or greater9 3,019 706 291 — — 4,025 
Total loans in repayment191,870 181,338 33,701 2,596 326 284 410,115 
Total consumer and other loans$191,870 181,791 34,603 2,596 326 284 411,470 
Accrued interest receivable2,260 
Loan discount and deferred lender fees, net of unamortized premiums(6,296)
Allowance for loan losses(48,028)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$359,406 
Gross charge-offs - six months ended June 30, 2025$3,774 4,426 4,745 184 9 5 13,143 
16


Six months ended June 30, 20252024202320222021Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$8,171 20,707 8,999 5,413 354 1,463 45,107 
Loans in forbearance— 25 262 414 165 1,060 1,926 
Loans in repayment status:
Loans current11,189 16,157 33,073 150,025 88,331 161,651 460,426 
Loans delinquent 30-59 days66 246 364 268 184 1,974 3,102 
Loans delinquent 60-89 days— 31 305 290 289 1,795 2,710 
Loans delinquent 90 days or greater49 201 443 302 755 1,642 3,392 
Total loans in repayment11,304 16,635 34,185 150,885 89,559 167,062 469,630 
Total private education loans$19,475 37,367 43,446 156,712 90,078 169,585 516,663 
Accrued interest receivable5,540 
Loan discount, net of unamortized premiums and deferred origination costs(8,589)
Allowance for loan losses(12,360)
Total private education loans and accrued interest receivable, net of allowance for loan losses$501,254 
Gross charge-offs - six months ended June 30, 2025$— 191 498 335 259 1,851 3,134 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$5,092 3,446 — — — — 8,538 
Loans in repayment status:
Loans current44,054 113,832 12,180 389 11,468 12,584 194,507 
Loans delinquent 30-59 days61 573 114 — 156 97 1,001 
Loans delinquent 60-89 days— 183 — — — 10 193 
Loans delinquent 90 days or greater— 92 — — 92 — 184 
Total loans in repayment44,115 114,680 12,294 389 11,716 12,691 195,885 
Total consumer and other loans$49,207 118,126 12,294 389 11,716 12,691 204,423 
Accrued interest receivable1,346 
Loan premium, net of unaccreted discount2,444 
Allowance for loan losses(9,573)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$198,640 
Gross charge-offs - six months ended June 30, 2025$— 784 283 — 214 166 1,447 
(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.
17


4.  Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of June 30, 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$6,611,844 
4.69% - 6.43%
8/26/30 - 9/25/69
Bonds and notes based on auction321,880 
5.42% - 6.92%
3/22/32 - 11/1/47
Total FFELP variable-rate bonds and notes6,933,724 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		324,392 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities553,313 
5.19% - 5.31%
7/31/26 / 5/1/27
Consumer loan warehouse facilities68,026 
5.69% - 6.43%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations44,793 
5.90% / 6.56%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations35,152 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements2,051 
5.06% - 5.82%
5/4/26 / 7/28/32
7,961,451   
Discount on bonds and notes payable and debt issuance costs(57,890)
Total$7,903,561 
 As of December 31, 2024
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$6,923,824 
4.89% - 6.45%
8/26/30 - 9/25/69
Bonds and notes based on auction36,395 
5.71% - 5.72%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,960,219 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
346,359 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities853,165 
4.41% - 4.69%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,000 
4.46% / 4.57%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations54,973 
5.90% / 6.82%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations50,415 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements3,320 
5.27% - 5.82%
5/4/25 / 1/30/33
8,358,451   
Discount on bonds and notes payable and debt issuance costs(48,654)
Total$8,309,797 
18


Warehouse Facilities
The Company funds a portion of its loan acquisitions through the use of warehouse 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 facilities as of June 30, 2025:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$600,000 403,872 196,128 7/31/20257/31/2026note (b)$30,511 
FFELP (c)375,000 149,441 225,559 5/1/20265/1/202792 %12,574 
$975,000 553,313 421,687 $43,085 
Consumer$100,000 3,001 96,999 11/13/202611/13/202770 %$1,394 
Consumer (d)125,000 65,000 60,000 7/31/20272/29/2028
60% - 80%
21,071 
Consumer (e)2,000 25 1,975 7/15/20271/15/2028
50% - 90%
5 
$227,000 68,026 158,974 $22,470 
(a)    On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively. On July 17, 2025, the Company increased the maximum financing amount from $600 million to $800 million and extended the liquidity provisions and final maturity date to January 30, 2026 and January 29, 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.
(c)    On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.
(d)    On June 16, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2027 and February 29, 2028, respectively.
(e)    The Company closed on this facility on May 15, 2025.
Unsecured Line of Credit
The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of June 30, 2025, no amount was outstanding on the line of credit and $495.0 million was available for future use.
Debt Repurchases
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended June 30,Six months ended June 30,
2025202420252024
Purchase price$(141,998)(4,199)(142,869)(4,199)
Par value142,396 4,190 143,320 4,190 
Remaining unamortized cost of issuance(10)— (12)— 
Gain (loss), net$388 (9)439 (9)
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 or redeem the notes at par as cash is generated by the trust estate. 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, 2025, the Company holds $238.8 million (par value) of its own FFELP asset-backed securities.
19


5.  Derivative Financial Instruments
Non-Nelnet Bank Derivatives
The Company uses settled-to-market derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2024 Annual Report.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of June 30, 2025 and December 31, 2024 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. For these derivative instruments, 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").
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 as of June 30, 2025 and December 31, 2024 to economically hedge loans earning fixed rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
MaturityNotional amountWeighted average fixed rate paid by the Company
2026$200,000 3.92 %
202850,000 3.56 
2029 (a)50,000 3.17 
2030 (b)100,000 3.63 
 $400,000 3.71 %
(a)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(b)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
20


Nelnet Bank Derivatives
Nelnet Bank uses non-centrally cleared 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. Nelnet Bank has designated all of its derivative instruments as cash flow hedges; however, the derivatives that hedge intercompany deposits are not eligible for hedge accounting in the consolidated financial statements.
Interest Rate Swaps - Intercompany Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge intercompany deposits. For these derivative instruments, the Company receives monthly or quarterly payments based on SOFR that reset daily.
As of June 30, 2025As of December 31, 2024
MaturityNotional amountWeighted average fixed rate paid by the CompanyNotional amountWeighted average fixed rate paid by the Company
2028$40,000 3.33 %$40,000 3.33 %
202925,000 3.37 25,000 3.37 
2030 (a)50,000 3.06 50,000 3.06 
2032 (b)25,000 4.03 25,000 4.03 
2033 (c)25,000 3.90 25,000 3.90 
2035 (d)30,000 3.79 — — 
 $195,000 3.50 %$165,000 3.44 %
(a)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(b)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(c)    This $25 million notional amount derivative has a forward effective start date in November 2025.
(d)    This $30 million notional amount derivative has a forward effective start date in May 2028.
Interest Rate Swaps - Third-Party Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.
As of June 30, 2025
MaturityNotional amountWeighted average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
 $50,000 3.72 %

Changes in the fair value of derivatives that hedge third-party deposits and qualify as cash flow hedges in the consolidated financial statements are recognized in other comprehensive income, net of tax. Derivative settlements for cash flow hedges are included in "interest expense" on the consolidated statements of income, which were not material for the three and six months ended June 30, 2025.
21


Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's 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 the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2025As of December 31, 2024As of June 30, 2025As of December 31, 2024
Interest rate swaps - intercompany deposits$402 3,232 1,452 53 
Interest rate swaps - third-party deposits (cash flow hedges)— — 625 — 
$402 3,232 2,077 53 
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,
 2025202420252024
Settlements:  
Basis swaps$154 249 307 614 
Interest rate swaps - floor income hedges427 1,193 855 2,383 
Interest rate swaps - intercompany deposits163 207 327 409 
Total settlements - income744 1,649 1,489 3,406 
Change in fair value:  
Basis swaps(143)(232)(281)(586)
Interest rate swaps - floor income hedges(2,022)1,168 (5,680)7,228 
Interest rate swaps - intercompany deposits(1,701)597 (4,229)2,855 
Total change in fair value - (expense) income(3,866)1,533 (10,190)9,497 
Derivative market value adjustments and derivative settlements, net - (expense) income$(3,122)3,182 (8,701)12,903 
22


6.  Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of June 30, 2025As of December 31, 2024
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$128,213 3,977 (3,056)129,134 188,386 5,804 (896)193,294 
FFELP loan and other debt securities - restricted (a)119,014 3,350 (450)121,914 98,914 3,151 (78)101,987 
Private education loan (b)216,233 52 (16,339)199,946 237,288 — (18,118)219,170 
Other debt securities44,617 2,245 (15)46,847 32,552 2,500 — 35,052 
Total Non-Nelnet Bank508,077 9,624 (19,860)497,841 557,140 11,455 (19,092)549,503 
Nelnet Bank:
FFELP loan234,438 5,862 (714)239,586 231,543 6,060 (270)237,333 
Private education loan15,250 — (1)15,249 1,596 — — 1,596 
Other debt securities451,116 1,309 (2,121)450,304 296,944 1,775 (1,325)297,394 
Total Nelnet Bank700,804 7,171 (2,836)705,139 530,083 7,835 (1,595)536,323 
Total available-for-sale asset-backed securities$1,208,881 16,795 (22,696)1,202,980 1,087,223 19,290 (20,687)1,085,826 
Equity securities and funds measured at net asset value83,749 74,494 
Total investments at fair value1,286,729 1,160,320 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities
FFELP loan201,806 203,439 
Private education loan1,785 7,335 
Total Nelnet Bank held-to-maturity asset-backed securities203,591 210,774 
Venture capital, funds, and other:
Measurement alternative (c)207,086 200,782 
Equity method172,935 170,258 
Total venture capital and funds380,021 371,040 
Real estate equity method176,411 131,745 
Investment in ALLO (d):
Voting interest/equity method— — 
Preferred membership interests and accrued and unpaid preferred return— 225,614 
Total investment in ALLO— 225,614 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $41,008 and $38,590 as of June 30, 2025 and December 31, 2024, respectively
127,729 142,764 
Private education loans, net of allowance for credit losses of $4,970 and $901 as of June 30, 2025 and December 31, 2024, respectively
44,502 52,824 
Federally insured student loans18,622 18,221 
Total beneficial interest in loan securitizations, net of allowance190,853 213,809 
Solar (f)(200,784)(155,048)
Notes receivable54,603 32,258 
Tax liens, affordable housing, and other13,515 10,184 
Total other investments and notes receivable (not measured at fair value)818,210 1,040,376 
Total investments and notes receivable$2,104,939 $2,200,696 
23


(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 bonds purchased to satisfy the risk retention requirement are included in the above table. The Company must retain these investment securities 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 its investment securities (bonds) to a third party.
(c)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”). During the first quarter of 2025, the Company acquired additional ownership interests in Hudl for $3.8 million from existing Hudl investors. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. As of June 30, 2025, the carrying amount of the Company's investment in Hudl was $172.5 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(d)    On June 4, 2025, the Company redeemed a portion of its voting membership interests in ALLO and all its outstanding preferred membership interests, including the preferred return accrued on such membership interests through June 3, 2025. See note 2 for additional information. The Company's voting membership interest in ALLO is accounted for using the HLBV method of accounting. Using the HLBV method of accounting, the Company recognized $10.7 million of losses during the three months ended March 31, 2024, reducing the carrying value of the voting membership interest investment to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO. The Company recognized income on its ALLO preferred membership interests of $6.0 million and $4.2 million during the three months ended June 30, 2025 and 2024, respectively, and $14.4 million and $6.6 million during the six months ended June 30, 2025 and 2024, respectively. The income statement activity from the Company's investment in ALLO is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2025, the Company's ownership correlates to approximately $1.00 billion, $420 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. The Company recorded a $1.5 million and $5.0 million allowance for credit losses (and related provision expense) during the first and second quarters of 2025, respectively, on these investments. This expense is included in "impairment expense and provision for beneficial interests" on the consolidated statements of income.
(f)    The Company invests in solar tax equity investments through investment partnerships. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the third-party co-investor’s portion being presented as noncontrolling interests. As of June 30, 2025, the Company has invested a total of $300.6 million and its third-party investors have invested $285.8 million in tax equity investments that remain outstanding in renewable energy solar partnerships that support the development and operations of solar projects. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. As of June 30, 2025, the Company and its third-party co-investors have earned $334.2 million and $290.7 million, respectively, of tax credits on those projects that remain outstanding. The solar investment negative carrying value on the consolidated balance sheet of $200.8 million as of June 30, 2025 represents the sum of total tax credits earned on solar projects placed in service through June 30, 2025 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of June 30, 2025, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $97.7 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized HLBV losses and gains recognized from sales of certain investments at the end of the contractual agreement (typically five years), which include losses and gains attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses and gains attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net gain excluding amounts attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company):
Three months ended June 30,Six months ended June 30,
2025202420252024
Losses from HLBV accounting (gross)$(6,463)(6,818)(9,079)(4,038)
Gains from sales (gross)4,961 4,208 8,033 4,208 
(Losses) gains from solar investments, net(1,502)(2,610)(1,046)170 
Less: (losses) gains attributable to noncontrolling members, net(3,159)8 (4,204)(1,633)
Net gain (loss), excluding amounts attributed to noncontrolling interest investors$1,657 (2,618)3,158 1,803 
24


The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of June 30, 2025:
As of June 30, 2025
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$— 204 2,520 125,489 128,213 
FFELP loan and other debt securities - restricted— 5,500 15,081 98,433 119,014 
Private education loan— — — 216,233 216,233 
Other debt securities— 4,819 12,281 27,517 44,617 
Total Non-Nelnet Bank— 10,523 29,882 467,672 508,077 
Fair value— 10,632 29,921 457,288 497,841 
Nelnet Bank:
FFELP loan51,575 13,304 27,983 141,576 234,438 
Private education loan— — 14,210 1,040 15,250 
Other debt securities— 39,249 75,189 336,678 451,116 
Total Nelnet Bank51,575 52,553 117,382 479,294 700,804 
Fair value51,214 52,572 117,649 483,704 705,139 
Total available-for-sale asset-backed securities at amortized cost$51,575 63,076 147,264 946,966 1,208,881 
Total available-for-sale asset-backed securities at fair value$51,214 63,204 147,570 940,992 1,202,980 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan$— 2,632 11,730 187,444 201,806 
Private education loan— — — 1,785 1,785 
Total held-to-maturity asset-backed securities at amortized cost$— 2,632 11,730 189,229 203,591 
Total held-to-maturity asset-backed securities at fair value$— 2,686 11,576 194,202 208,464 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 190,853 
Fair value$— — — — 201,025 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
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, 2025:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$203,591 5,523 (650)208,464 
Beneficial interest in loan securitizations190,853 11,643 (1,471)201,025 
25


The following table presents securities classified as available-for-sale that have gross unrealized losses as of June 30, 2025 and the fair value of such securities as of June 30, 2025. 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, 2025
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$(245)9,992 (2,811)45,914 (3,056)55,906 
FFELP loan and other debt securities - restricted(129)21,535 (321)8,014 (450)29,549 
Private education loan— — (16,339)175,268 (16,339)175,268 
Other debt securities(15)1,985 — — (15)1,985 
Total Non-Nelnet Bank(389)33,512 (19,471)229,196 (19,860)262,708 
Nelnet Bank:
FFELP loan(481)58,186 (233)16,216 (714)74,402 
Private education loan(1)14,208 — — (1)14,208 
Other debt securities(975)169,486 (1,146)13,778 (2,121)183,264 
Total Nelnet Bank(1,457)241,880 (1,379)29,994 (2,836)271,874 
Total available-for-sale asset-backed securities$(1,846)275,392 (20,850)259,190 (22,696)534,582 
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,
2025202420252024
Gross proceeds from sales$34,828 113,173 109,609 266,547 
Gross realized gains$622 1,516 1,555 2,571 
Gross realized losses(27)(463)(478)(966)
Net gains$595 1,053 1,077 1,605 
26


7. Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
June 30, 2025 (months)
As ofAs of
June 30, 2025December 31, 2024
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $55,723 and $54,644, respectively)
92$32,121 34,960 
Trade name (net of accumulated amortization of $244 and $205, respectively)
82526 565 
Computer software (net of accumulated amortization of $1,089 and $917, respectively)
22631 803 
Total amortizable intangible assets, net90$33,278 36,328 
The Company recorded amortization expense on its intangible assets of $1.5 million and $2.1 million for the three months ended June 30, 2025 and 2024, respectively, and $3.1 million and $4.3 million during the six months ended June 30, 2025 and 2024, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2025, the Company estimates it will record amortization expense as follows:
2025 (July 1 - December 31)$3,049 
20266,012 
20275,714 
20285,354 
20294,008 
2030 and thereafter9,141 
 $33,278 
8. Goodwill
The following table presents the carrying amount of goodwill as of June 30, 2025 and December 31, 2024 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
27


9.  Impairment Expense and Provision for Beneficial Interests
The following table presents the impairment charges and provision for beneficial interests by asset and reportable operating segment recognized by the Company. These expense items are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended June 30, 2025
Investments - beneficial interest in loan securitizations (a)$— — 4,977 — — — 4,977 
Leases, buildings, and associated improvements (b)— — — — — 3,269 3,269 
Property and equipment - solar facilities (c)— — — — — 1,902 1,902 
Investments - venture capital— — — — — 140 140 
$— — 4,977 — — 5,311 10,288 
Three months ended June 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 5,911 — — — 5,911 
Property and equipment - solar facilities (c)— — — — — 1,170 1,170 
Other assets - solar inventory (c)— — — — — 695 695 
$— — 5,911 — — 1,865 7,776 
Six months ended June 30, 2025
Investments - beneficial interest in loan securitizations (a)$— — 6,487 — — — 6,487 
Leases, buildings, and associated improvements (b)— — — — 81 3,269 3,350 
Property and equipment - solar facilities (c)— — — — — 1,902 1,902 
Investments - venture capital— — — — — 140 140 
$— — 6,487 — 81 5,311 11,879 
Six months ended June 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 5,911 — — — 5,911 
Property and equipment - solar facilities (c)— — — — — 1,170 1,170 
Other assets - solar inventory (c)— — — — — 695 695 
Investments - venture capital— — — — — 37 37 
$— — 5,911 — — 1,902 7,813 
(a)     The Company recorded a non-cash allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations due primarily to an increase in cumulative loss expectations. See note 6 for additional information.
(b)    The Company recorded non-cash impairment charges related to operating lease assets and associated leasehold improvements as a result of the Company consolidating office space.
(c)    In the second quarter of 2025, the Company received notification of a customer contract cancellation. As a result, the Company recorded an impairment charge related to construction in progress for a solar facility.
In April 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and discontinued its residential solar operations. As a result, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.

28


10.  Bank Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
June 30, 2025December 31, 2024
Retail and other savings$1,092,175 916,475 
Brokered CDs, net of brokered deposit fees269,058 247,872 
Retail and other CDs, net of issuance fees20,809 21,784 
Total interest-bearing deposits$1,382,042 1,186,131 
As of June 30, 2025 and December 31, 2024, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $149.9 million and $68.5 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 certificates of deposit remaining maturities as of June 30, 2025:
One year or less$149,010 
After one year to two years74,863 
After two years to three years454 
After three years to four years42,910 
After four years to five years1,579 
After five years21,051 
Total$289,867 
Retail and other savings deposits included deposits from Educational 529 College Savings and Health Savings plans, retirement savings plans, Short Term Federal Investment Trust (STFIT), and FDIC sweep deposits. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Deposits that exceeded the FDIC insurance limits as of June 30, 2025 were $44.3 million, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries. Union Bank, a related party, is the program manager for certain of the Educational 529 College Savings plans and trustee for the STFIT.
29


11.  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,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$178,170 3,289 181,459 44,239 852 45,091 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,824,313 661,292 36,485,605 35,835,387 690,095 36,525,482 
Earnings per share - basic and diluted$4.97 4.97 4.97 1.23 1.23 1.23 
Six months ended June 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$259,158 4,860 264,018 116,178 2,320 118,498 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,810,499 671,536 36,482,035 36,119,876 721,351 36,841,227 
Earnings per share - basic and diluted$7.24 7.24 7.24 3.22 3.22 3.22 

30


12.  Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2024 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, 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 
Net interest income after provision for loan losses624 5,417 38,742 7,269 52,052 7,442 2,010 — 61,505 
Other income (expense):
LSS revenue120,724 — — — 120,724 — — — 120,724 
Intersegment revenue5,603 65 — — 5,668 — — (5,668)— 
ETSP revenue— 118,184 — — 118,184 — — — 118,184 
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 (loss) on sale of loans, net— — — — — — — — — 
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 11,695 11,969 51,306 
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 11,809 (5,668)219,291 
Impairment expense and provision for beneficial interests— — 4,977 — 4,977 — 5,311 — 10,288 
Total expenses107,105 100,124 17,272 6,588 231,089 28,728 31,170 (5,668)285,318 
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 includes:
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


Three months ended June 30, 2024
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$— — 193,707 8,422 202,129 — — — 202,129 
Investment interest1,258 5,715 13,709 10,811 31,493 15,880 2,646 (9,282)40,737 
Total interest income1,258 5,715 207,416 19,233 233,622 15,880 2,646 (9,282)242,866 
Interest expense— — 171,632 10,769 182,401 2,606 733 (9,282)176,459 
Net interest income1,258 5,715 35,784 8,464 51,221 13,274 1,913 — 66,407 
Less provision (negative provision) for loan losses— — (4,225)7,836 3,611 — — — 3,611 
Net interest income after provision for loan losses1,258 5,715 40,009 628 47,610 13,274 1,913 — 62,796 
Other income (expense):
LSS revenue109,052 — — — 109,052 — — — 109,052 
Intersegment revenue6,106 56 — — 6,162 — — (6,162)— 
ETSP revenue— 116,909 — — 116,909 — — — 116,909 
Reinsurance premiums earned— — — — — 14,851 — — 14,851 
Solar construction revenue— — — — — — 9,694 — 9,694 
Other, net685 — 1,337 775 2,797 851 10,372 — 14,020 
Gain (loss) on sale of loans, net— — (1,438)— (1,438)— — — (1,438)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 1,442 207 1,649 — — — 1,649 
Derivative market value adjustments, net— — 936 597 1,533 — — — 1,533 
Total other income (expense), net115,843 116,965 2,277 1,579 236,664 15,702 20,066 (6,162)266,270 
Cost of services and expenses:
Total cost of services196 40,222 — — 40,418 — 8,072 — 48,490 
Salaries and benefits70,631 40,736 1,113 2,798 115,278 374 24,786 (804)139,634 
Depreciation and amortization5,342 2,712 — 341 8,395 — 6,748 — 15,142 
Reinsurance losses and underwriting expenses— — — — — 10,988 — — 10,988 
Postage expense9,277 9,277 (9,277)— 
Servicing fees8,541 193 8,734 (8,734)— 
Other expenses (a)11,188 8,600 1,139 2,002 22,929 841 12,842 11,996 48,608 
Intersegment expenses, net18,224 4,811 1,272 591 24,898 248 (25,803)657 — 
Total operating expenses114,662 56,859 12,065 5,925 189,511 12,451 18,573 (6,162)214,372 
Impairment expense and provision for beneficial interests— — 5,911 — 5,911 — 1,865 — 7,776 
Total expenses114,858 97,081 17,976 5,925 235,840 12,451 28,510 (6,162)270,638 
Income (loss) before income taxes2,243 25,599 24,310 (3,718)48,434 16,525 (6,531)— 58,428 
Income tax (expense) benefit(538)(6,150)(5,835)916 (11,607)(3,935)788 — (14,753)
Net income (loss)1,705 19,449 18,475 (2,802)36,827 12,590 (5,743)— 43,675 
Net (income) loss attributable to noncontrolling interests— 29 — — 29 (129)1,516 — 1,416 
Net income (loss) attributable to Nelnet, Inc.$1,705 19,478 18,475 (2,802)36,856 12,461 (4,227)— 45,091 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 13,242,970 1,038,068 778,549 (558,394)14,501,193 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.


32


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 
Net interest income after provision for loan losses1,345 12,356 78,666 17,333 109,700 15,492 3,689 — 128,882 
Other income (expense):
LSS revenue241,465 — — — 241,465 — — — 241,465 
Intersegment revenue11,287 129 — — 11,416 — — (11,416)— 
ETSP revenue— 265,515 — — 265,515 — — — 265,515 
Reinsurance premiums earned— — — — — 50,799 — — 50,799 
Solar construction revenue— — — — — — 5,254 — 5,254 
Other, net225 — 11,502 534 12,261 6,376 27,840 193 46,670 
Gain (loss) on sale of loans, net— — 909 — 909 — — — 909 
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 2,978 27,281 21,711 99,532 
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 52,434 29,668 (11,416)437,207 
Impairment expense and provision for beneficial interests— — 6,487 — 6,487 81 5,311 — 11,879 
Total expenses215,851 206,995 29,052 12,478 464,376 52,515 56,857 (11,416)562,333 
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 includes:
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.

33


Six months ended June 30, 2024
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$— — 403,335 15,518 418,853 — — — 418,853 
Investment interest3,152 13,580 35,544 20,779 73,055 31,495 6,461 (18,197)92,814 
Total interest income3,152 13,580 438,879 36,297 491,908 31,495 6,461 (18,197)511,667 
Interest expense— — 362,537 20,266 382,803 5,024 1,409 (18,197)371,039 
Net interest income3,152 13,580 76,342 16,031 109,105 26,471 5,052 — 140,628 
Less provision (negative provision) for loan losses— — 2,230 12,210 14,440 — — — 14,440 
Net interest income after provision for loan losses3,152 13,580 74,112 3,821 94,665 26,471 5,052 — 126,188 
Other income (expense):
LSS revenue236,252 — — — 236,252 — — — 236,252 
Intersegment revenue12,991 106 — — 13,097 — — (13,097)— 
ETSP revenue— 260,449 — — 260,449 — — — 260,449 
Reinsurance premiums earned— — — — — 27,631 — — 27,631 
Solar construction revenue— — — — — — 23,420 — 23,420 
Other, net1,395 — 6,321 1,150 8,866 1,013 8,224 — 18,103 
Gain (loss) on sale of loans, net— — (1,579)— (1,579)— — — (1,579)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 2,997 409 3,406 — — — 3,406 
Derivative market value adjustments, net— — 6,642 2,855 9,497 — — — 9,497 
Total other income (expense), net250,638 260,555 14,381 4,414 529,988 28,644 31,644 (13,097)577,179 
Cost of services and expenses:
Total cost of services196 88,832 — — 89,028 — 22,300 — 111,328 
Salaries and benefits147,353 80,903 2,308 5,518 236,082 732 48,307 (1,611)283,509 
Depreciation and amortization10,450 5,395 — 601 16,446 — 15,464 — 31,911 
Reinsurance losses and underwriting expenses— — — — — 22,305 — — 22,305 
Postage expense19,883 19,883 (19,883)— 
Servicing fees17,492 426 17,918 (17,918)— 
Other expenses (a)20,119 16,158 2,246 3,113 41,636 1,327 26,243 24,928 94,136 
Intersegment expenses, net37,555 9,612 2,481 1,148 50,796 465 (52,648)1,387 — 
Total operating expenses235,360 112,068 24,527 10,806 382,761 24,829 37,366 (13,097)431,861 
Impairment expense and provision for beneficial interests— — 5,911 — 5,911 — 1,902 — 7,813 
Total expenses235,556 200,900 30,438 10,806 477,700 24,829 61,568 (13,097)551,002 
Income (loss) before income taxes18,234 73,235 58,055 (2,571)146,953 30,286 (24,872)— 152,365 
Income tax (expense) benefit(4,376)(17,585)(13,933)657 (35,237)(7,209)4,511 — (37,936)
Net income (loss)13,858 55,650 44,122 (1,914)111,716 23,077 (20,361)— 114,429 
Net (income) loss attributable to noncontrolling interests— 46 — — 46 (249)4,272 — 4,069 
Net income (loss) attributable to Nelnet, Inc.$13,858 55,696 44,122 (1,914)111,762 22,828 (16,089)— 118,498 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 13,242,970 1,038,068 778,549 (558,394)14,501,193 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, computer services and subscriptions, FDIC insurance, and management fee expense.
34


13. 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,
 2025202420252024
Government loan servicing$85,737 87,014 173,100 192,490 
Private education and consumer loan servicing22,733 12,959 45,426 25,577 
FFELP loan servicing2,241 3,245 4,873 6,624 
Software services9,452 4,879 16,444 9,420 
Outsourced services561 955 1,622 2,141 
Loan servicing and systems revenue$120,724 109,052 241,465 236,252 
Education Technology Services and Payments
 Three months ended June 30,Six months ended June 30,
 2025202420252024
Tuition payment plan services$36,013 34,164 76,085 73,043 
Payment processing37,515 34,326 89,051 82,113 
Education technology services44,481 47,205 100,177 103,227 
Other175 1,214 202 2,066 
Education technology services and payments revenue$118,184 116,909 265,515 260,449 
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,
2025202420252024
Investment activity, net$8,852 217 14,012 (1,082)
ALLO preferred return5,985 4,160 14,400 6,569 
Borrower late fee income1,642 2,584 3,231 5,718 
Investment advisory services (WRCM)1,504 1,524 2,977 3,033 
Administration/sponsor fee income1,293 1,482 2,598 3,028 
Loss from ALLO voting membership interest investment— — — (10,693)
(Loss) gain from solar investments, net(1,502)(2,610)(1,046)170 
Other5,202 6,663 10,498 11,360 
Other, net$22,976 14,020 46,670 18,103 
35


14.  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,
2025202420252024
Premiums written:
Assumed$55,798 41,264 110,404 72,151 
Ceded(16,916)(20,550)(36,965)(35,993)
Net premiums written$38,882 20,714 73,439 36,158 
Premiums earned:
Assumed$44,079 29,889 91,803 55,393 
Ceded(17,967)(15,038)(41,004)(27,762)
Net premiums earned$26,112 14,851 50,799 27,631 
Loss reserve, commissions, and broker fees:
Assumed$45,100 21,675 87,741 44,517 
Ceded(19,438)(10,687)(39,867)(22,212)
Reinsurance losses and underwriting expenses$25,662 10,988 47,874 22,305 
The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $57.1 million and $33.1 million as of June 30, 2025 and December 31, 2024, respectively, which is included in "other liabilities" on the consolidated balance sheets.
15.  Major Customer
Government Loan Servicing
The Company earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by the Company related to this contract was $85.7 million and $87.0 million for the three months ended June 30, 2025 and 2024, respectively, and $173.1 million and $192.5 million for the six months ended June 30, 2025 and 2024, respectively.
The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract which replaced the legacy Department student loan servicing contract.
The USDS contract became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers was allocated by the Department to the Company and four other third-party servicers that were awarded a USDS contract. Servicing under the USDS contract went live on April 1, 2024 and the Company recognized revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024. The Company earns less revenue from the Department on a per-borrower blended basis under the new USDS servicing contract as compared with the legacy servicing contract.
36


16.  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, 2025As of December 31, 2024
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,202,880 1,202,980 100 1,085,726 1,085,826 
Equity securities1,100 — 1,100 455 — 455 
Equity securities measured at net asset value (a)82,649 74,039 
Total investments1,200 1,202,880 1,286,729 555 1,085,726 1,160,320 
Derivative instruments— 402 402 — 3,232 3,232 
Total assets$1,200 1,203,282 1,287,131 555 1,088,958 1,163,552 
Liabilities:
Derivative instruments$— 2,077 2,077 — 53 53 
Total liabilities$— 2,077 2,077 — 53 53 
(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.
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 2024 Annual Report.
 As of June 30, 2025
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$9,990,823 9,594,556 — — 9,990,823 
Accrued loan interest receivable560,927 560,927 — 560,927 — 
Cash and cash equivalents225,753 225,753 225,753 — — 
Investments at fair value1,286,729 1,286,729 1,200 1,202,880 — 
Investments - held-to-maturity asset-backed securities208,464 203,591 — 208,464 — 
Notes receivable54,603 54,603 — 54,603 — 
Beneficial interest in loan securitizations201,025 190,853 — — 201,025 
Restricted cash317,958 317,958 317,958 — — 
Restricted cash – due to customers258,065 258,065 258,065 — — 
Derivative instruments402 402 — 402 — 
Financial liabilities:  
Bonds and notes payable7,847,907 7,903,561 — 7,847,907 — 
Accrued interest payable19,296 19,296 — 19,296 — 
Bank deposits1,368,830 1,382,042 919,731 449,099 — 
Due to customers429,109 429,109 429,109 — — 
Derivative instruments2,077 2,077 — 2,077 — 
37


 As of December 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,008,165 9,443,461 — — 10,008,165 
Accrued loan interest receivable549,283 549,283 — 549,283 — 
Cash and cash equivalents194,518 194,518 194,518 — — 
Investments at fair value1,160,320 1,160,320 555 1,085,726 — 
Investments - held-to-maturity asset-backed securities216,164 210,774 — 216,164 — 
Notes receivable32,258 32,258 — 32,258 — 
Beneficial interest in loan securitizations229,510 213,809 — — 229,510 
Restricted cash332,100 332,100 332,100 — — 
Restricted cash – due to customers404,402 404,402 404,402 — — 
Derivative instruments3,232 3,232 — 3,232 — 
Financial liabilities:  
Bonds and notes payable8,343,565 8,309,797 — 8,343,565 — 
Accrued interest payable21,046 21,046 — 21,046 — 
Bank deposits1,172,707 1,186,131 744,721 427,986 — 
Due to customers478,469 478,469 478,469 — — 
Derivative instruments53 53 — 53 — 
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, 2025 and 2024. 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 should be read in conjunction with the Company’s consolidated financial statements included in the 2024 Annual Report.
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,” “forecast,” “future,” “intend,” “may,” “plan,” “potential,” “predict,” “scheduled,” “should,” “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” sections of the 2024 Annual Report and this 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, 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 investment 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;
38


•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 investment 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 investments and solar construction business, 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 to pursue additional strategic investments (and anticipated income therefrom) including venture capital and real estate investments, reinsurance, acquisitions, and other activities (including risks associated with errors that occasionally occur in converting loan servicing portfolios to a new servicing platform), 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 and maintaining compliance with the extensive regulatory requirements applicable to the Company's businesses, including changes to the regulatory environment from the change in presidential administration, 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.
39


OVERVIEW
The Company is a diversified hybrid holding company with primary businesses being consumer lending, loan servicing, payments, and technology – with many of these businesses serving customers in the education space. The largest operating businesses engage in loan servicing, and education technology services and payments. A significant portion of the Company's revenue is net interest income earned on a portfolio of federally insured student loans. The Company also makes and manages investments to further diversify both within and outside of its historical core education-related businesses including, but not limited to, investments in a fiber communications company (ALLO), early-stage and emerging growth companies (venture capital investments), real estate, reinsurance, and renewable energy (solar). In the Nelnet Financial Services division, which includes Nelnet Bank, the Company is also actively expanding its private education, consumer, and other loan portfolios.
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,
2025202420252024
GAAP net income attributable to Nelnet, Inc.$181,459 45,091 264,018 118,498 
Realized and unrealized derivative market value adjustments (a)3,866 (1,533)10,190 (9,497)
Tax effect (b)(928)368 (2,446)2,279 
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$184,397 43,926 271,762 111,280 
Earnings per share:
GAAP net income attributable to Nelnet, Inc.$4.97 1.23 7.24 3.22 
Realized and unrealized derivative market value adjustments (a)0.11 (0.04)0.28 (0.26)
Tax effect (b)(0.03)0.01 (0.07)0.06 
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$5.05 1.20 7.45 3.02 
(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 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.
40


Recent Development - Partial Redemption of ALLO Investment
Nelnet had both voting and preferred membership interest investments in ALLO. On June 4, 2025, Nelnet redeemed a portion of its voting membership interests in ALLO and all its outstanding preferred membership interests, including the preferred return accrued on such membership interests through June 3, 2025. The Company received cash proceeds of $410.9 million from ALLO and recognized a pre-tax gain of $175.0 million as a result of this transaction. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information about this transaction.
Operating Segments
The Company's reportable operating segments are described in note 1 of the notes to consolidated financial statements included in the 2024 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. Other operating segments included in the NFS division include the Company's U.S. Securities and Exchange Commission (SEC)-registered investment advisor subsidiary, property and casualty reinsurance activities, investment activities in real estate, and investment debt securities (primarily student loan and other asset-backed securities) and interest expense incurred on debt used to finance such investments.
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 also includes interest income earned on cash balances held at the corporate level and interest expense incurred on unsecured corporate related debt transactions, certain investment activities including its investment in ALLO, early-stage and emerging growth companies (venture capital investments), solar tax equity investments, the operating results of the Company's solar engineering, procurement, and construction business, and certain shared service activities that are allocated to each operating segment based on estimated use of such activities and services. In addition, Corporate includes corporate costs and overhead functions not allocated to operating segments, including executive management, investments in innovation, and other holding company organizational costs.
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, 2025 and 2024. 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.

41


Three months ended June 30,Six months ended June 30,Certain Items Impacting Comparability
(All dollar amounts below are pre-tax)
2025202420252024
NDS$19,959 2,243 38,471 18,234 
•An increase in before tax operating margin due to an increase in private education and consumer loan servicing volume and a decrease in total expenses obtained through cost-saving measures. This was partially offset for the six months ended June 30, 2025 compared with the same period in 2024 due to lower revenue earned on a per-borrower blended basis under the new government servicing contract (which the Company recognized revenue under beginning April 1, 2024) as compared with the legacy government contract.
NBS23,542 25,599 71,005 73,235 
•ETSP revenue increased to $118.2 million and $265.5 million for the three and six months ended June 30, 2025 compared with $116.9 million and $260.4 million for the same periods in 2024. However, NBS experienced a decrease in before tax operating margin due to a decrease in FACTS education services revenue and an increase in operating expenses to support the growth in the customer base and investments in the development of new technologies. Net income and before tax operating margin will continue to be impacted by these items throughout 2025 compared with 2024.
Nelnet Financial Services division:
AGM27,393 24,310 57,226 58,055 
•The recognition of $11.1 million in provision for loan losses and $4.2 million in negative provision for loan losses for the three months ended June 30, 2025 and 2024, respectively, and $24.1 million and $2.2 million in provision for loan losses for the six months ended June 30, 2025 and 2024, respectively. Increase was due to an increase of loan acquisitions in the first half of 2025.
•A decrease of $1.1 million and $10.1 million in investment interest income for the three and six months ended June 30, 2025 compared with the same periods in 2024 due to a decrease of interest earned on restricted cash driven by lower balances and a decrease in interest rates, which, for the three month period, was partially offset by an increase of interest income from beneficial interest investments.
•A net loss of $2.2 million compared to net income of $0.9 million, and a net loss of $6.0 million compared to net income of $6.6 million, for the three and six months ended June 30, 2025 and 2024, respectively, related to changes in the fair values of derivative instruments that do not qualify for hedge accounting.
•An increase in net loan interest income of $10.1 million and $26.6 million for the three and six months ended June 30, 2025 compared with the same periods in 2024 due to an increase in loan spread driven by an increase in loans funded with operating cash (versus funded with debt), partially offset by a decrease in the average balance of loans.
Nelnet Bank(465)(3,718)1,487 (2,571)
•An increase of $5.6 million and $10.4 million in net interest income for the three and six months ended June 30, 2025 compared with the same periods in 2024 due to an increase in the average balance of loans and investments and an increase in net interest margin.
•A net loss of $1.7 million compared to net income of $0.6 million, and a net loss of $4.2 million compared to net income of $2.9 million, for the three and six months ended June 30, 2025 and 2024, respectively, related to changes in the fair values of derivative instruments that do not qualify for hedge accounting.
NFS other operating segments10,091 16,525 20,152 30,286 
•Net interest income earned on investment debt securities (primarily student loan and other asset-backed securities) was $6.4 million and $13.2 million for the three and six months ended June 30, 2025, respectively, compared with $12.2 million and $24.4 million for the same periods in 2024. This decrease was due to a decrease in the average balance of investments outstanding and a decrease in interest rates.
Corporate:
Unallocated corporate costs(11,923)(9,056)(21,911)(19,101)
•During the second quarter 2025, the Company recognized a non-cash impairment charge of $3.3 million related to operating lease assets as a result of the Company consolidating office space.
Solar tax equity investments(1,892)(2,580)(686)(266)
•Includes operating results of the Company's tax equity investments in renewable energy solar partnerships. These results include results attributable to third-party noncontrolling interest investors. See note 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
42


Nelnet Renewable Energy - solar construction(17,601)(4,752)(24,175)(8,788)
•Includes the operating results of Nelnet Renewable Energy (NRE), the Company’s solar construction business that provides full-service engineering, procurement, and construction (EPC) services to commercial entities. Since the acquisition of GRNE Solar in 2022, NRE has incurred low and, in many cases, negative margins on legacy projects. The Company has a handful of remaining legacy construction contracts that it is obligated to complete, down from over 30 at the beginning of 2024. During the second quarter 2025, NRE recognized $12.9 million in contract loss reserves that represents NRE's estimate of costs it will incur to complete the remaining legacy contracts. In addition, uncertain economic conditions and legislation activity have impacted new construction projects being initiated which has adversely impacted and will continue to adversely impact revenue. See Part II, Item 1A "Risk Factors" of this report for additional information on the adverse impacts on NRE's business related to the enactment of the One Big Beautiful Bill.
ALLO investment185,236 3,940 193,651 (4,653)
•The recognition of a $175.0 million gain in the three months ended June 30, 2025 on a partial redemption of the Company's investment in ALLO.
•The recognition of no loss in the six months ended June 30, 2025 compared with a loss of $10.7 million for the same period in 2024 related to the Company's ALLO voting membership interest investment. The loss recognized in the first quarter of 2024 reduced the Company's carrying value of its voting membership interest to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO.
•The recognition of income of $6.0 million and $14.4 million for the three and six months ended June 30, 2025 compared with $4.2 million and $6.6 million for the same periods in 2024 on the Company's preferred membership interests in ALLO. All preferred membership interests were redeemed as part of the second quarter 2025 redemption transaction; thus, no preferred return will be recognized in future periods.
Venture capital investments1,340 3,417 5,560 2,711 
•Includes operating results of the Company's venture capital investments. These investments may create volatility in earnings from recognizing results of certain equity method investees, periodic adjustment of certain fund investments to their respective fair value, and, when applicable, observable price changes on certain measurement alternative investments.    
Other corporate activities1,586 2,500 2,531 5,225 

Eliminations/reclassifications96 — 193 — 
Net income before taxes237,364 58,428 343,504 152,365 
Income tax expense(59,510)(14,753)(84,521)(37,936)
Net loss attributable to noncontrolling interests3,605 1,416 5,035 4,069 
•The majority of noncontrolling interests represents losses attributed to noncontrolling membership interests related to the Company’s solar tax equity investments.
Net income$181,459 45,091 264,018 118,498 
CONSOLIDATED RESULTS OF OPERATIONS
An analysis of the Company's consolidated operating results for the three and six months ended June 30, 2025 compared with the same periods in 2024 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 12 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,
 2025202420252024Additional information
Loan interest$172,104 202,129 338,543 418,853 Decrease was due to a decrease in the average balance of loans and gross yield earned on loans.
Investment interest40,185 40,737 81,574 92,814 Includes income from unrestricted interest-earning deposits and investments, and restricted cash in asset-backed securitizations. Decrease was due to a decrease in interest earned on restricted cash in asset-backed securitizations due to lower balances and a decrease in interest rates. The decrease was partially offset for the three month period due to an increase in interest earned on the Company's partial ownership in loan securitizations that are accounted for as held-to-maturity beneficial interest investments.
Total interest income212,289 242,866 420,117 511,667 
43


Interest expense132,854 176,459 257,968 371,039 Decrease was due to a decrease in the average balance of debt outstanding and decrease in cost of funds, partially offset by an increase in interest expense on a larger deposit balance at Nelnet Bank.
Net interest income79,435 66,407 162,149 140,628 
Less provision for loan losses17,930 3,611 33,267 14,440 
Represents the current period provision to reflect the lifetime expected credit losses related to the Company's loan portfolio. See note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report for the factors impacting provision for loan losses for the periods presented.
Net interest income after provision for loan losses61,505 62,796 128,882 126,188 
Other income (expense):    
LSS revenue120,724 109,052 241,465 236,252 See LSS operating segment - results of operations.
ETSP revenue118,184 116,909 265,515 260,449 
See ETSP operating segment - results of operations.
Reinsurance premiums earned26,112 14,851 50,799 27,631 Represents premiums earned, net of ceded portion, from reinsurance treaties on property and casualty policies. Increase was primarily due to an increase in overall property volume and new business.
Solar construction revenue1,259 9,694 5,254 23,420 
Represents revenue earned from NRE providing solar EPC services. Uncertain economic conditions and legislation activity have impacted new construction projects being initiated which has adversely impacted and will continue to adversely impact revenue. See Part II, Item 1A "Risk Factors" of this report for additional information on the adverse impacts on NRE's business related to the enactment of the One Big Beautiful Bill.
Other, net22,976 14,020 46,670 18,103 
See table below for the components of "other, net."
Gain (loss) on sale of loans, net— (1,438)909 (1,579)
The Company recognizes gains/losses from selling loans. See NFS division - results of operations - AGM operating segment.
Gain on partial redemption of ALLO investment175,044 — 175,044 — 
Represents a gain recognized from the partial redemption of the ALLO investment. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Derivative settlements, net744 1,649 1,489 3,406 
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 settlements for each applicable period should be evaluated with the Company's net interest income. See NFS division - results of operations - AGM and Nelnet Bank operating segments - for additional information.
Derivative market value adjustments, net(3,866)1,533 (10,190)9,497 
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. The majority of the derivative market value adjustments during the periods presented related to the changes in fair value of the Company's floor income interest rate swaps and derivatives at Nelnet Bank. Such changes reflect that a decrease in the forward yield curve during a reporting period results in a decrease in the fair value of the Company's floor income interest rate swaps, and an increase in the forward yield curve during a reporting period results in an increase in the fair value of such swaps.
Total other income (expense), net461,177 266,270 776,955 577,179 
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs1,845 196 3,478 196 
Represents primarily the amortization of previously capitalized contract fulfillment costs. The costs were pre-contract costs incurred to enhance the resources of the Company to satisfy future performance obligations.
Cost to provide education technology services and payments39,844 40,222 87,891 88,832 
Represents direct costs to provide payment processing and instructional services in ETSP. See ETSP operating segment - results of operations.
Cost to provide solar construction services14,050 8,072 21,878 22,300 
Represents direct costs related to NRE providing solar construction services. Since the acquisition of GRNE Solar, NRE has incurred low and, in many cases, negative margins on legacy projects. The Company has a handful of remaining legacy construction contracts it is obligated to complete, down from over 30 at the beginning of 2024. During the second quarter 2025, NRE recognized $12.9 million in contract loss reserves that represents NRE's estimate of costs it will incur to complete the remaining legacy contracts.
Total cost of services55,739 48,490 113,247 111,328 
Salaries and benefits134,699 139,634 272,922 283,509 
Decrease was primarily due to staff reductions announced in June 2024 in LSS after the completion of required servicing platform enhancements for the new government servicing contract and the transfer of direct loan servicing volume to one platform. These staff reductions took place during the second half of 2024.
Depreciation and amortization7,624 15,142 16,879 31,911 Includes depreciation of property and equipment and the amortization of intangibles from prior business acquisitions. Decrease was primarily due to (i) reduction in depreciation as a result of prior year non-cash impairment charges recognized for lease, buildings, and associated improvements as the Company consolidated office space; and (ii) certain information technology activities moved to cloud computing and such expenses classified as other expenses.
Reinsurance losses and underwriting expenses25,662 10,988 47,874 22,305 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 property and casualty policies. Increase was primarily due to an increase in overall property volume and new business.
Other expenses51,306 48,608 99,532 94,136 Includes expenses such as postage and distribution, consulting and professional fees, servicing fees, marketing, travel, communications, and certain information technology-related costs.
44


Total operating expenses219,291 214,372 437,207 431,861 
Impairment expense and provision for beneficial interests10,288 7,776 11,879 7,813 
Represents the provision expense of recognized non-cash allowances for the Company's beneficial interest in certain loan securitizations due primarily to an increase in cumulative loss expectations and impairment expenses primarily related to operating lease assets. See note 9 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Total expenses285,318 270,638 562,333 551,002 
Income before income taxes237,364 58,428 343,504 152,365 
Income tax expense59,510 14,753 84,521 37,936 
The effective tax rate was 24.70% for the three months ended June 30, 2025 compared with 24.65% for the same period in 2024 and 24.25% for each of the six months ended June 30, 2025 and 2024, respectively. The Company expects its tax rate will range between 23% and 25% for the remainder of 2025.
Net income177,854 43,675 258,983 114,429 
Net loss attributable to noncontrolling interests3,605 1,416 5,035 4,069 Represents the net income/loss attributable to the holders of noncontrolling membership interests. The majority is attributed to noncontrolling membership interests related to the Company's solar tax equity investments.
Net income attributable to Nelnet, Inc.$181,459 45,091 264,018 118,498 
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.$181,459 45,091 264,018 118,498 
Derivative market value adjustments, net3,866 (1,533)10,190 (9,497)
Tax effect(928)368 (2,446)2,279 
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$184,397 43,926 271,762 111,280 
45


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,
 2025202420252024Additional information
Investment activity, net (a)$8,852 217 14,012 (1,082)See note (b) below for additional information.
ALLO preferred return 5,985 4,160 14,400 6,569 See Corporate - results of operations.
Borrower late fee income 1,642 2,584 3,231 5,718 See NFS division - results of operations - AGM operating segment.
Investment advisory services (WRCM) 1,504 1,524 2,977 3,033 See NFS division - results of operations - NFS other operating segments.
Administration/sponsor fee income 1,293 1,482 2,598 3,028 See NFS division - results of operations - AGM operating segment.
Loss from ALLO voting membership interest investment — — — (10,693)See Corporate - results of operations.
(Loss) gain from solar investments, net (1,502)(2,610)(1,046)170 See Corporate - results of operations and note 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Other 5,202 6,663 10,498 11,360 
Other, net$22,976 14,020 46,670 18,103 
(a)    The Company anticipates fluctuations in future periodic earnings resulting from investment purchases, sales, and valuation adjustments.
(b)    Investment activity by operating segment and investment type follows:
Real EstateVenture Capital and FundsEquity / BondsTotalReal EstateVenture Capital and FundsEquity / BondsTotal
Three months ended June 30,
20252024
NFS - AGM$— 4,213 — 4,213 — (2,700)— (2,700)
NFS - Nelnet Bank— (65)149 84 — (10)756 746 
NFS - Other Operating Segments453 — 2,340 2,793 (1,832)— 312 (1,520)
Corporate— 1,762 — 1,762 — 3,691 — 3,691 
$453 5,910 2,489 8,852 (1,832)981 1,068 217 
Six months ended June 30,
20252024
NFS - AGM$— 5,260 — 5,260 — (2,378)— (2,378)
NFS - Nelnet Bank— (127)435 308 — (189)1,285 1,096 
NFS - Other Operating Segments(1,190)— 3,380 2,190 (3,626)— 524 (3,102)
Corporate— 6,254 — 6,254 — 3,302 — 3,302 
$(1,190)11,387 3,815 14,012 (3,626)735 1,809 (1,082)
46


LOAN SERVICING AND SYSTEMS OPERATING SEGMENT – RESULTS OF OPERATIONS
Loan Servicing Volumes
As of
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Servicing volume (dollars in millions):
Government$465,689 482,786 489,877 492,142 489,298 495,409 494,691 
FFELP12,386 12,826 13,260 13,745 14,576 15,783 17,462 
Private and consumer38,018 46,728 29,226 20,666 19,876 21,015 20,493 
Total$516,093 542,340 532,363 526,553 523,750 532,207 532,646 
Number of servicing borrowers:
Government12,694,386 13,453,127 14,049,550 14,114,468 14,096,152 14,328,013 14,503,057 
FFELP502,205 524,421 549,861 574,979 610,745 656,814 725,866 
Private and consumer1,326,451 1,350,999 1,168,293 851,747 829,072 882,256 894,703 
Total14,523,042 15,328,547 15,767,704 15,541,194 15,535,969 15,867,083 16,123,626 
Number of remote hosted borrowers:2,056,358 1,427,800 842,200 662,075 133,681 65,295 70,580 
Summary and Comparison of Operating Results
 Three months ended June 30,Six months ended June 30,
 2025202420252024Additional information
Interest income$6241,2581,3453,152
Represents interest income on cash balances primarily collected from borrower remittances that are subsequently disbursed to servicing customers (lenders). Decrease was due to a decrease in average balance of loan repayment funds held in custody for lenders and a decrease in interest rates.
Loan servicing and systems revenue120,724109,052241,465236,252See table below for additional information.
Intersegment servicing revenue5,6036,10611,28712,991Represents revenue earned by LSS from servicing loans for AGM and Nelnet Bank. Decrease was due to the continued amortization of AGM's FFELP portfolio. Intersegment servicing revenue will continue to decrease as AGM's FFELP portfolio pays off.
Other income1136852251,395
Represents revenue earned from providing administrative support services.
Total other income126,440115,843252,977250,638
Contract fulfillment and acquisition costs1,8451963,478196
Represents primarily the amortization of previously capitalized contract fulfillment costs. The costs were pre-contract costs incurred to enhance the resources of the Company to satisfy future performance obligations.
Salaries and benefits65,54970,631135,123147,353
Decrease was due to staff reductions announced in June 2024 after the completion of required servicing platform enhancements for the new government servicing contract and the transfer of direct loan servicing volume to one platform. These staff reductions took place during the second half of 2024.
Depreciation1,8215,3424,47410,450Decrease was due to certain information technology activities moved to cloud computing and incurred at the corporate level and such costs are classified as other expenses and intercompany expenses, respectively.
Postage expense9,5519,27717,12719,883Increase during the three months ended June 30, 2025 compared with the same period in 2024 was primarily due to an increase in consumer loan servicing volume from the conversion of Discover Financial Services and SoFi Lending Corp. during the fourth quarter of 2024 and first quarter of 2025 and higher postage rates. The decrease in the six months ended June 30, 2025 compared with the same period in 2024 was due to a non-recurring volume-based credit earned from the Company's mail provider and recognized in the first quarter of 2025.
Other expenses11,09911,18821,93120,119
The total of other expenses and intercompany expenses decreased due to moving to one platform in 2024 and continued focus on expense reductions. Intersegment expenses represents costs for certain corporate activities and services that are allocated to each operating segment based on estimated use of such activities and services.
Intersegment expenses17,24018,22433,71837,555
Total operating expenses105,260114,662212,373235,360
Total expenses107,105114,858215,851235,556
Income before income taxes19,9592,24338,47118,234
Income tax expense(4,790)(538)(9,233)(4,376)Represents income tax expense at an effective tax rate of 24%.
Net income$15,1691,70529,23813,858

47


Before tax operating margin16.0 %1.9 %15.4 %7.3 %
Before tax operating margin is a measure of before tax operating profitability as a percentage of revenue, and for LSS is calculated as income before income taxes divided by the total of loan servicing and systems revenue (less 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 increased due to an increase in private education and consumer loan servicing volume and a decrease in total expenses obtained through cost-saving measures executed primarily in 2024. This was partially offset for the six months ended June 30, 2025 compared with the same period in 2024 due to lower revenue earned on a per-borrower blended basis under the new government servicing contract (which the Company recognized revenue under beginning April 1, 2024) as compared with the legacy government contract.
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,
 2025202420252024Additional information
Government loan servicing$85,737 87,014 173,100 192,490 Represents revenue from the Company's servicing contract with the Department. Decrease was due to a decrease in the number of borrowers serviced, and for the six months ended June 30, 2025 compared to the same period in 2024 was also due to lower revenue earned on a per-borrower blended basis under the new government servicing contract (which the Company recognized revenue under beginning April 1, 2024) as compared with the legacy government contract. The Company expects the number of borrowers serviced under this contract will continue to decrease through the fourth quarter of 2025 as volume is transferred from the Company to its remote hosted servicing customer at the Department's direction to stand-up and establish the new servicer. In addition, volume is expected to decrease beginning in the fourth quarter of 2025 due to borrowers exiting the CARES forbearance period that have not made payments. These borrowers are expected to be transferred to the Debt Management and Collections System who is responsible for managing and facilitating the collection of defaulted federal student loans.
Private education and consumer loan servicing22,733 12,959 45,426 25,577 
Increase was due to an increase in loan servicing volume from the conversion of Discover Financial Services and SoFi Lending Corp. loan portfolios during the fourth quarter of 2024 and first quarter of 2025. Over time, revenue earned on the Discover Financial Services portfolio will decrease as borrowers pay off their loans.
FFELP loan servicing2,241 3,245 4,873 6,624 
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 services9,452 4,879 16,444 9,420 
Represents revenue from providing remote hosted servicing software to certain Department and other servicers and providing diversified technology services. Increase was primarily due to the Company's recognition of revenue beginning in the second quarter of 2024 from a new remote hosted servicing customer awarded a USDS contract. The Company expects software services revenue to increase through the fourth quarter of 2025 as additional volume is transferred from the Company to this new remote hosted servicing customer at the Department's direction to stand-up and establish the new servicer.
Outsourced services561 955 1,622 2,141 Represents revenue from providing contact center and back office operational outsourcing services.
Loan servicing and systems revenue$120,724 109,052 241,465 236,252 
48


EDUCATION TECHNOLOGY SERVICES AND PAYMENTS OPERATING SEGMENT – RESULTS OF OPERATIONS
As discussed further in the Company's 2024 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,
 2025202420252024Additional information
Interest income$5,417 5,715 12,356 13,580 
Represents interest income on tuition funds held in custody for schools. Decrease was due to a decrease in interest rates partially offset by higher balances.
Education technology services and payments revenue
118,184 116,909 265,515 260,449 See table below for additional information.
Intersegment revenue65 56 129 106 
Total other income118,249 116,965 265,644 260,555 
Cost of services39,844 40,222 87,891 88,832 See table below for additional information.
Salaries and benefits41,598 40,736 83,339 80,903 Increase was due to an increase in headcount to support the growth of the customer base and the investment in the development of new technologies.
Depreciation and amortization2,505 2,712 4,936 5,395 
Other expenses9,904 8,600 18,952 16,158 Increase was due to an increase in professional fees and technology services.
Intersegment expenses, net6,273 4,811 11,877 9,612 Represents 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 expenses60,280 56,859 119,104 112,068 
Total expenses100,124 97,081 206,995 200,900 
Income before income taxes23,542 25,599 71,005 73,235 
Income tax expense(5,650)(6,150)(17,052)(17,585)Represents income tax expense at an effective tax rate of 24%.
Net income17,892 19,449 53,953 55,650 
Net loss attributable to noncontrolling interests— 29 45 46 Amounts for noncontrolling interests reflect the net loss attributable to the holders of minority membership interests in NextGen. In April 2025, the Company acquired the remaining 20.0% of NextGen for $3.9 million.
Net income$17,892 19,478 53,998 55,696 The Company expects net income to be impacted in 2025 compared with 2024 due to a decrease in contribution from FACTS education services as a result of the end of funding of the EANS program in 2024 as described in the revenue table below and an increase in operating expenses to support the growth in the customer base and investments in the development of new technologies.
49


Education technology services and payments revenue
The following table presents disaggregated revenue by service offering and before tax operating margin for each reporting period:
 Three months ended June 30,Six months ended June 30,
 2025202420252024Additional information
Tuition payment plan services$36,01334,16476,08573,043
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 processing37,51534,32689,05182,113Increase 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 services44,48147,205100,177103,227
Decrease was due to a decrease in FACTS education services revenue which resulted from the winding down of economic aid provided to private schools in response to the COVID-19 pandemic. Instructional services revenue provided to private schools has been funded by the Emergency Assistance to Non-Public Schools (EANS) program. The EANS II program funding ended on September 30, 2024. Although schools still have allocated funds to spend, future instructional services revenue will be adversely impacted compared to recent historical results due to the EANS funding ending in 2024. Revenue earned under the EANS program was $0.1 million and $1.7 million for the three and six months ended June 30, 2025 compared with $8.8 million and $18.9 million for the same periods in 2024. This decrease was partially offset by an increase in revenue from the Company’s professional development services, financial aid management, enrollment services, and instructional services from non-EANS funding sources.
Other1751,2142022,066
Education technology services and payments revenue118,184116,909265,515260,449
Cost of services39,84440,22287,89188,832Represents 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$78,34076,687177,624171,617
GAAP before tax operating margin30.0 %33.4 %40.0 %42.7 %
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.
Before tax operating margin, excluding net interest income, decreased due to a decrease in FACTS education services revenue and an increase in operating expenses to support the growth in the customer base and investments in the development of new technologies. Before tax operating margin will continue to be impacted by these items throughout 2025 compared with 2024.
Net interest income(6.9)(7.5)(7.0)(7.9)
Non-GAAP before tax operating margin, excluding net interest income23.1 %25.9 %33.0 %34.8 %
50


NELNET FINANCIAL SERVICES DIVISION - RESULTS OF OPERATIONS
Asset Generation and Management Operating Segment
Loan Portfolio
As of June 30, 2025, the AGM operating segment had an $8.9 billion loan portfolio, consisting primarily of federally insured loans. For a summary of the Company’s loan portfolio as of June 30, 2025 and December 31, 2024, see note 3 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 and otherTotal
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 
Three months ended June 30, 2024
Balance as of March 31, 2024$10,383,052 261,582 155,308 10,799,942 
Loan acquisitions— — 195,279 195,279 
Repayments, claims, capitalized interest, participations, and other, net(325,263)(13,367)(37,352)(375,982)
Loans lost to external parties(574,056)(778)— (574,834)
Loans sold— — (133,788)(133,788)
Balance as of June 30, 2024$9,483,733 247,437 179,447 9,910,617 
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 
Six months ended June 30, 2024
Balance as of December 31, 2023$11,686,207 277,320 85,935 12,049,462 
Loan acquisitions— — 276,009 276,009 
Repayments, claims, capitalized interest, participations, and other, net(650,216)(27,958)(48,304)(726,478)
Loans lost to external parties(1,352,564)(1,925)— (1,354,489)
Loans sold(199,694)— (134,193)(333,887)
Balance as of June 30, 2024$9,483,733 247,437 179,447 9,910,617 
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, 2025, the Company’s ownership correlates to approximately $1.70 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.
51


Beginning in late 2021, the Company experienced accelerated run-off of its FFELP portfolio due to FFELP borrowers consolidating their loans into Federal Direct Loan Program loans as a result of the CARES Act payment pause on Department-held loans and the initiatives offered by the Department for FFELP borrowers to consolidate their loans to qualify for loan forgiveness under various programs. However, the Company has experienced a significant decrease in FFELP borrowers consolidating their loans into the Federal Direct Loan Program since August 2024 that has resulted in prepayment rates on the Company’s FFELP portfolio being more consistent with longer-term historical rates.
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, 2025 and December 31, 2024; 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, 2025 and 2024, see note 3 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 and derivative instruments 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, including settlements on derivatives" below, divided by the average balance of loans or debt outstanding.
 Three months ended June 30,Six months ended June 30,
2025202420252024
Variable loan yield, gross7.77 %8.16 %7.59 %8.07 %
Consolidation rebate fees(0.82)(0.81)(0.80)(0.80)
Premium and deferred origination costs amortization, net of discount accretion(0.15)0.07 (0.14)0.07 
Variable loan yield, net6.80 7.42 6.65 7.34 
Loan cost of funds - interest expense(5.60)(6.50)(5.50)(6.50)
Loan cost of funds - derivative settlements (a) (b)0.010.010.010.01
Variable loan spread1.21 0.93 1.16 0.85 
Fixed rate floor income, gross0.04 0.01 0.05 0.01 
Fixed rate floor income - derivative settlements (a) (c)0.02 0.04 0.02 0.04 
Fixed rate floor income, net of settlements on derivatives0.06 0.05 0.07 0.05 
Core loan spread1.27 %0.98 %1.23 %0.90 %
Average balance of AGM's loans$9,215,579 10,484,458 9,379,948 11,022,981 
Average balance of AGM's debt outstanding8,439,800 10,168,761 8,445,716 10,778,080 
(a)    Derivative settlements 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. Derivative accounting requires that net settlements with respect to derivatives that do not qualify for "hedge treatment" under GAAP be recorded in a separate income statement line item below net interest income. The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility. As such, management believes derivative settlements for each applicable period should be evaluated with the Company’s net interest income (loan spread) as presented in this table. 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. 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. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information on the Company's Non-Nelnet Bank derivative instruments, including the net settlement activity recognized by the Company for each type of derivative for the 2025 and 2024 periods presented in the table under the caption "Consolidated Financial Statement Impact Related to Derivatives - Statements of Income" in note 5 and in this table.
52


A reconciliation of core loan spread, which includes the impact of derivative settlements on loan spread, to loan spread without derivative settlements follows.
Three months ended June 30,Six months ended June 30,
2025202420252024
Core loan spread1.27 %0.98 %1.23 %0.90 %
Derivative settlements (basis swaps)(0.01)(0.01)(0.01)(0.01)
Derivative settlements (fixed rate floor income)(0.02)(0.04)(0.02)(0.04)
Loan spread1.24 %0.93 %1.20 %0.85 %
(b)    Derivative settlements consist of net settlements received related to the Company’s basis swaps.
(c)    Derivative settlements consist of net settlements received related to the Company’s floor income interest rate swaps.
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. 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.
Variable loan spread was higher during the three and six months ended June 30, 2025 compared with the same periods in 2024 due to an increase in loans funded by the Company with operating cash (versus funded with debt). As of June 30, 2025, AGM had $576.1 million (par value) of unencumbered federally insured, private education, consumer, and other loans (as compared to $253.5 million, $194.1 million, and $77.0 million as of December 31, 2024, June 30, 2024, and December 31, 2023, respectively). The difference between variable loan spread and core 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.
Summary and Comparison of Operating Results
Three months ended June 30,Six months ended June 30,
 2025202420252024Additional information
Interest income:
Loan interest$157,300 193,707 311,768 403,335 See table below for additional analysis.
Investment interest12,641 13,709 25,411 35,544 Represents primarily investment interest earned on beneficial interest investments and restricted cash included in student loan securitizations and other secured borrowings. Decrease was due to a decrease of interest earned on restricted cash due to lower balances and a decrease in interest rates, which was partially offset for the three months period by an increase of interest earned on beneficial interest investments. AGM earned $7.7 million and $3.8 million of interest income on beneficial interest investments for the three months ended June 30, 2025 and 2024, respectively, and $16.4 million and $17.0 million for the six months ended June 30, 2025 and 2024, respectively.
Total interest income169,941 207,416 337,179 438,879 
Loan interest expense117,843 164,315 230,254 348,460 See table below for additional analysis.
Intercompany interest expense2,223 7,317 4,115 14,077 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. Decrease was due to a decrease in interest rates and a decrease in the weighted average balance of outstanding AGM issued bonds held by Nelnet, Inc. Intercompany interest is eliminated for consolidated financial reporting purposes.
Net interest income49,875 35,784 102,810 76,342 
Less provision (negative provision) for loan losses11,133 (4,225)24,144 2,230 
See note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report for factors impacting provision (negative provision) for loan losses for the periods presented.
Net interest income after provision for loan losses38,742 40,009 78,666 74,112 
53


Other income, net7,507 1,337 11,502 6,321 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. See "Overview - Consolidated Results of Operations" for further detail included in other income. Increase was due to an increase in income from investments, partially offset by a decrease in borrower late fees due to the continued amortization of the Company's FFELP portfolio.
(Loss) gain on sale of loans, net— (1,438)909 (1,579)
The Company recognizes gains/losses from selling portfolios of loans. See above under "Loan Activity" for loans sold during the three and six months ended June 30, 2025 and 2024.
Derivative settlements, net581 1,442 1,162 2,997 
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 settlements for each applicable period should be evaluated with the Company's net interest income as reflected in the table below.
Derivative market value adjustments, net(2,165)936 (5,961)6,642 
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. The majority of the derivative market value adjustments during the periods presented related to the changes in fair value of the Company's floor income interest rate swaps. Such changes reflect that a decrease in the forward yield curve during a reporting period results in a decrease in the fair value of the Company's floor income interest rate swaps, and an increase in the forward yield curve during a reporting period results in an increase in the fair value of such swaps.
Total other income, net5,923 2,277 7,612 14,381 
Salaries and benefits1,469 1,113 2,690 2,308 Increase was due to an increase in headcount as the Company actively expands into new asset loan classes.
Servicing fees7,102 8,541 14,013 17,492 
Represents servicing fees paid to (i) third parties and (ii) LSS for the servicing of AGM’s loans. The amounts paid to LSS exceed the actual cost of servicing the loans. Decrease was due to the amortization of the FFELP student loan portfolio, the majority of which is serviced by LSS. Intercompany servicing expense of $4.8 million and $5.9 million during the three months ended June 30, 2025 and 2024, respectively, and $9.7 million and $12.5 million during the six months ended June 30 2025 and 2024, respectively, was eliminated for consolidated financial reporting purposes.
Other expenses2,464 1,139 3,352 2,246 Increase was due to an increase in costs associated with the Company actively expanding into new asset loan classes.
Intersegment expenses1,260 1,272 2,510 2,481 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 expenses12,295 12,065 22,565 24,527 
Total operating expenses were 53 and 46 basis points of the average balance of loans for the three months ended June 30, 2025 and 2024, respectively, and 48 and 45 for the six months ended June 30, 2025 and 2024, respectively. Increase in expenses compared to the average balance of loans is due to upfront costs associated with the Company actively expanding into new asset classes.
Provision for beneficial interests4,977 5,911 6,487 5,911 
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. See note 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Total expenses17,272 17,976 29,052 30,438 
Income before income taxes27,393 24,310 57,226 58,055 
Income tax expense(6,569)(5,835)(13,725)(13,933)Represents income tax expense at an effective tax rate of 24%.
Net income20,824 18,475 43,501 44,122 
Net income attributable to noncontrolling interests(23)— (40)— 
Net income$20,801 18,475 43,461 44,122 
Additional information:
GAAP net income$20,801 18,475 43,461 44,122 See "Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments" above for additional information about non-GAAP financial information. Increase in net income, excluding derivative market value adjustments, was due to an increase in net loan interest income and a decrease in intercompany interest expense, partially offset by a decrease in investment interest income and an increase in provision for loan losses.
Derivative market value adjustments, net2,165 (936)5,961 (6,642)
Tax effect(520)225 (1,431)1,594 
Non-GAAP net income, excluding derivative market value adjustments$22,446 17,764 47,991 39,074 
54


Net loan interest income, including settlements on derivatives
The following table summarizes the components of "loan interest," "loan interest expense," and "derivative settlements, net:"
 Three months ended June 30,Six months ended June 30,
 2025202420252024Additional information
Variable interest income, gross$178,606 212,969 353,912 443,185 Decrease was due to a decrease in the average balance of loans and gross yield earned on loans.
Consolidation rebate fees(18,897)(21,126)(37,645)(44,182)Decrease was due to a decrease in the average consolidation loan balance.
Premium and deferred origination costs amortization, net of discount accretion(3,406)1,705 (6,471)3,994 Net premium amortization in the three and six months ended June 30, 2025 was due to consumer and other loans purchased at a premium during 2024 and the first half of 2025 that have a short estimated life, offset by purchases of loans at a net discount over the last several years that have substantially longer estimated lives. Net discount accretion for the three and six months ended June 30, 2024 was due to the Company's purchases of loans at a net discount over the last several years.
Variable interest income, net156,303 193,548 309,796 402,997 
Interest on bonds and notes payable(117,843)(164,315)(230,254)(348,460)Decrease was due to a decrease in the average balance of debt outstanding and cost of funds.
Derivative settlements, net (a)154 249 307 614 Represents net derivative settlements received related to the Company’s basis swaps.
Variable loan interest margin, net of settlements on derivatives38,614 29,482 79,849 55,151 
Fixed rate floor income, gross997 159 1,972 338 Increase was due to lower interest rates.
Derivative settlements, net (a)427 1,193 855 2,383 
Represents net derivative settlements received related to the Company's floor income interest rate swaps.
Fixed rate floor income, net of settlements on derivatives1,424 1,352 2,827 2,721 
Net loan interest income, including derivative settlements (core loan interest income) (a)$40,038 30,834 82,676 57,872 
(a)    Net loan interest income, including derivative settlements (core loan interest income) is a non-GAAP financial measure. For an explanation of GAAP accounting for derivative settlements and the reasons why the Company reports these non-GAAP measures (and the limitations thereof), see footnote (a) to the table immediately under the caption “Loan Spread Analysis” above. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information on the Company's derivative instruments, including the net settlement activity recognized by the Company for each type of derivative referred to in the "Additional information" column of this table, for the 2025 and 2024 periods presented in the table under the caption "Consolidated Financial Statement Impact Related to Derivatives - Statements of Income" in note 5 and in this table.
55


Nelnet Bank Operating Segment
Loan Portfolio
As of June 30, 2025, Nelnet Bank had an $827.6 million loan portfolio. For a summary of the Company’s loan portfolio as of June 30, 2025 and December 31, 2024, see note 3 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, 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$106,555 516,663 204,423 827,641 
Three months ended June 30, 2024
Balance as of March 31, 2024$— 364,766 118,957 483,723 
Loan acquisitions and originations— 1,390 82,998 84,388 
Repayments— (11,744)(14,016)(25,760)
Balance as of June 30, 2024$— 354,412 187,939 542,351 
Six months ended June 30, 2025
Balance as of December 31, 2024$— 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$106,555 516,663 204,423 827,641 
Six months ended June 30, 2024
Balance as of December 31, 2023$— 360,520 72,352 432,872 
Loan acquisitions and originations— 18,106 139,843 157,949 
Repayments— (24,214)(24,256)(48,470)
Balance as of June 30, 2024$— 354,412 187,939 542,351 
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, 2025 and December 31, 2024; 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, 2025 and 2024, see note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Deposits
As of June 30, 2025, Nelnet Bank had $1.53 billion of deposits, which included $149.9 million from Nelnet, Inc. (parent company) and its subsidiaries (intercompany), and thus have been eliminated for consolidated financial reporting purposes. For a summary of deposits as of June 30, 2025 and December 31, 2024, see note 10 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
56


Average Balance Sheet
The following table reflects the rates earned on interest-earning assets and paid on interest-bearing liabilities:
Three months ended June 30, (a)
Six months ended June 30, (a)
2025202420252024
BalanceRateBalanceRateBalanceRateBalanceRate
Average assets
Federally insured student loans$108,235 6.14 %$— — %$67,156 6.21 %$— — %
Private education loans519,858 6.37 359,486 4.35 504,619 6.24 363,172 4.31 
Consumer and other loans181,821 10.79 152,232 11.97 172,265 10.64 124,684 12.46 
Cash and investments923,233 6.05 625,123 6.96 858,743 6.21 601,535 6.95 
Total interest-earning assets1,733,147 6.65 %1,136,841 6.80 %1,602,783 6.69 %1,089,391 6.70 %
Non-interest-earning assets13,504 17,857 14,071 15,312 
Total assets$1,746,651 $1,154,698 $1,616,854 $1,104,703 
Average liabilities and equity
Brokered deposits$269,112 2.11 %$236,517 1.82 %$259,240 2.03 %$220,584 1.62 %
Intercompany deposits 158,465 3.99 146,788 4.82 115,887 3.81 153,568 4.86 
Retail and other deposits1,073,322 4.24 621,241 5.01 1,018,443 4.22 582,688 4.96 
Federal funds purchased and other borrowed money13,258 5.45 — — 11,839 5.12 — — 
Total interest-bearing liabilities1,514,157 3.84 %1,004,546 4.23 %1,405,409 3.79 %956,840 4.17 %
Non-interest-bearing liabilities10,037 6,369 9,323 7,424 
Equity222,457 143,783 202,122 140,439 
Total liabilities and equity$1,746,651 $1,154,698 $1,616,854 $1,104,703 
Net interest margin3.29 %3.07 %3.37 %3.03 %
(a) Calculated using average daily balances.

57


Summary and Comparison of Operating Results
 Three months ended June 30,Six months ended June 30,
 2025202420252024Additional information
Interest income:
Loan interest$14,804 8,422 26,775 15,518 Represents interest earned on loans. Increase was due to an increase in the balance and mix of loans.
Investment interest13,934 10,811 26,430 20,779 Represents interest earned on cash and investments. Increase was due to an increase of these balances, partially offset by a decrease in interest rates.
Total interest income28,738 19,233 53,205 36,297 
Interest expense14,672 10,769 26,749 20,266 Represents interest expense on deposits. Increase was due to an increase in the balance of deposits, partially offset by a decrease in interest rates.
Net interest income 14,066 8,464 26,456 16,031 
Provision for loan losses6,797 7,836 9,123 12,210 
See note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report for factors impacting provision for loan losses for the periods presented.
Net interest income after provision for loan losses7,269 628 17,333 3,821 
Other income, net392 775 534 1,150 
Represents primarily net gains and income from investments.
Derivative settlements, net163 207 327 409 
Nelnet Bank uses derivatives to hedge its exposure related to variable rate deposits to minimize volatility from future changes in interest rates. Nelnet Bank has designated all of its derivative instruments as cash flow hedges; however, because certain hedged items are intercompany deposits, the corresponding derivative instruments are not eligible for hedge accounting in the consolidated financial statements. Accordingly, changes in fair value of such derivatives are recorded through earnings and presented as "derivative market value adjustments, net" in the statements of operations. "Derivative settlements, net" 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 that do not qualify for hedge accounting based on their contractual terms. For additional information on Nelnet Bank's derivative portfolio, see note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Derivative market value adjustments, net(1,701)597 (4,229)2,855 
Total other income, net(1,146)1,579 (3,368)4,414 
Salaries and benefits2,791 2,798 5,607 5,518 Represents salaries and benefits of Nelnet Bank associates and third-party contract labor.
Depreciation352 341 691 601 
Servicing fees824 193 1,491 426 
Represents primarily fees paid to LSS for servicing certain of Nelnet Bank's loans. Intercompany servicing expense of $0.7 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, and $1.2 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively, was eliminated for consolidated financial reporting purposes.
Other expenses1,969 2,002 3,327 3,113 Represents various expenses such as marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fees.
Intersegment expenses652 591 1,362 1,148 
Intersegment expenses include costs for certain corporate activities and services that are allocated to each operating segment based on estimated use of such activities and services.
Total operating expenses6,588 5,925 12,478 10,806 
(Loss) income before income taxes(465)(3,718)1,487 (2,571)
Income tax benefit (expense)101 916 (333)657 
Represents income tax expense at an effective tax rate of 21.6% and 24.6% for the three months ended June 30, 2025 and 2024, respectively, and 22.4% and 25.6% for the six months ended June 30, 2025 and 2024, respectively.
Net (loss) income$(364)(2,802)1,154 (1,914)
Additional information:
Net (loss) income$(364)(2,802)1,154 (1,914)

See "Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments" above for additional details about non-GAAP financial information.
Derivative market value adjustments, net1,701 (597)4,229 (2,855)
Tax effect(408)143 (1,015)685 
Net income (loss), excluding derivative market value adjustments$929 (3,256)4,368 (4,084)
58


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
WRCM (a)Nelnet Insurance Services (b)Real estate investments (c)Investment securities (d)Total
Three months ended June 30, 2025
Investment interest$4 2,464 — 6,402 8,870 
Interest expense— (1,427)— (1)(1,428)
Net interest income4 1,037 — 6,401 7,442 
Reinsurance premiums earned— 26,112 — — 26,112 
Other income, net1,506 1,073 453 2,233 5,265 
Salaries and benefits(30)(296)(213)— (539)
Reinsurance losses and underwriting expenses— (25,662)— — (25,662)
Other expenses(63)(2,113)(29)(1)(2,206)
Intersegment expenses, net(4)(182)(103)(32)(321)
Income (loss) before income taxes1,413 (31)108 8,601 10,091 
Income tax (expense) benefit(305)8 (33)(2,065)(2,395)
Net (income) loss attributable to noncontrolling interests(141)— 27 — (114)
Net income (loss)$967 (23)102 6,536 7,582 
Three months ended June 30, 2024
Investment interest$4 1,521 145 14,210 15,880 
Interest expense—(589)— (2,017)(2,606)
Net interest income4 932 145 12,193 13,274 
Reinsurance premiums earned— 14,851 — — 14,851 
Other income, net1,531 1,060 (1,832)92 851 
Salaries and benefits(52)(123)(199)— (374)
Reinsurance losses and underwriting expenses— (10,988)— — (10,988)
Other expenses(71)(719)(50)(1)(841)
Intersegment expenses, net(4)(99)(110)(35)(248)
Income (loss) before income taxes1,408 4,914 (2,046)12,249 16,525 
Income tax (expense) benefit(304)(1,179)488 (2,940)(3,935)
Net (income) loss attributable to noncontrolling interests(141)— 12 — (129)
Net income (loss)$963 3,735 (1,546)9,309 12,461 
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WRCM (a)Nelnet Insurance Services (b)Real estate investments (c)Investment securities (d)Total
Six months ended June 30, 2025
Investment interest$7 4,457 — 13,226 17,690 
Interest expense— (2,196)— (2)(2,198)
Net interest income7 2,261 — 13,224 15,492 
Reinsurance premiums earned— 50,799 — — 50,799 
Other income, net2,980 1,647 (1,190)2,939 6,376 
Salaries and benefits(62)(546)(409)— (1,017)
Reinsurance losses and underwriting expenses— (47,874)— — (47,874)
Other expenses(125)(2,790)(60)(3)(2,978)
Intersegment expenses, net(7)(291)(202)(65)(565)
Impairment expense— — (81)— (81)
Income (loss) before income taxes2,793 3,206 (1,942)16,095 20,152 
Income tax (expense) benefit(603)(770)456 (3,862)(4,779)
Net (income) loss attributable to noncontrolling interests(279)— 41 — (238)
Net income (loss)$1,911 2,436 (1,445)12,233 15,135 
Six months ended June 30, 2024
Investment interest$7 2,339 286 28,863 31,495 
Interest expense— (589)— (4,435)(5,024)
Net interest income7 1,750 286 24,428 26,471 
Reinsurance premiums earned— 27,631 — — 27,631 
Other income, net3,009 1,346 (3,626)284 1,013 
Salaries and benefits(107)(237)(388)— (732)
Reinsurance losses and underwriting expenses— (22,305)— — (22,305)
Other expenses(145)(1,059)(120)(3)(1,327)
Intersegment expenses, net(7)(146)(240)(72)(465)
Income (loss) before income taxes2,757 6,980 (4,088)24,637 30,286 
Income tax (expense) benefit(595)(1,675)975 (5,914)(7,209)
Net (income) loss attributable to noncontrolling interests(276)— 27 — (249)
Net income (loss)$1,886 5,305 (3,086)18,723 22,828 
(a)    The Company provides investment advisory services through Whitetail Rock Capital Management, LLC (WRCM), the Company's SEC-registered investment advisor subsidiary, under various arrangements. WRCM earned management and performance fees of $1.5 million for each of the three months ended June 30, 2025 and 2024, respectively, and $3.0 million for each of the six months ended June 30, 2025 and 2024, respectively. Fees earned by WRCM are included in "other income, net" in the table above.
(b)    Represents primarily the operating results of the Company’s reinsurance treaties on property and casualty policies. The increase in reinsurance premiums and associated reinsurance losses and underwriting expenses in the three and six months ended June 30, 2025 compared with the same periods in 2024 was primarily due to an increase in overall property volume and new business. Reinsurance losses and underwriting expenses also increased related to several commercial auto programs, which the Company has exited; however, adverse development of related expenses may continue to be recognized in future periods. All other operating expenses also increased to support the growth of this business.
(c)    Represents the operating results of the Company’s real estate investments and the administrative costs to manage this portfolio. Included in "other income, net" in the table above are primarily the net losses recognized related to the Company's proportionate share of certain real estate investments accounted for under the equity method. Operating results for the three and six months ended June 30, 2025 also includes a realized gain of $1.6 million as a result of the sale of a certain real estate investment during the second quarter.
(d)    Represents interest income earned on investment debt securities (primarily student loan and other asset-backed securities, including Nelnet-owned asset-backed securities which it has repurchased and are eliminated in consolidation), interest income on certain notes receivable, unrealized gains/losses on marketable equity securities, realized gains/losses on marketable equity securities and investment debt securities, and other costs to manage these investments. Also includes interest expense incurred on debt used to finance such investments. The decrease in investment interest income and interest expense in 2025 compared with 2024 was primarily due to a decrease in the average balance of investment debt securities and debt outstanding, respectively, and a decrease in interest rates. As of December 31, 2024, the majority of debt used to finance such investments had been repaid. See Item 3, "Quantitative and Qualitative Disclosures About Market Risk - Interest Rate and Market Risk - Investments," which provides additional detail on NFS's investment debt securities.
60


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 in “other” in the table below.
Summary and Comparison of Operating Results
Shared services (a)Solar tax equity investments (b)Nelnet Renewable Energy (c)ALLO investment (d)Venture capital investments (e)OtherTotal
Three months ended June 30, 2025
Investment interest$— 1 — — — 2,660 2,661 
Interest expense— — (2)— — (649)(651)
Net interest income (expense)— 1 (2)— — 2,011 2,010 
Solar construction revenue— — 1,259 — — — 1,259 
Other income, net598 (1,228)— 5,300 1,762 3,171 9,603 
Gain on partial redemption of ALLO investment— — — 175,044 — — 175,044 
Cost to provide solar construction services— — (14,050)— — — (14,050)
Salaries and benefits(18,600)(374)(1,850)— (229)(1,731)(22,784)
Depreciation and amortization(2,666)— (241)— — (39)(2,946)
Other expenses(14,402)(225)(407)4,892 (8)(1,545)(11,695)
Intersegment expenses, net26,416 (66)(408)— (45)(281)25,616 
Impairment expense(3,269)— (1,902)— (140)— (5,311)
(Loss) income before income taxes(11,923)(1,892)(17,601)185,236 1,340 1,586 156,746 
Income tax benefit (expense)2,862 (467)4,224 (44,457)(321)(2,048)(40,207)
Net loss attributable to noncontrolling interests— 3,838 — — — — 3,838 
Net (loss) income$(9,061)1,479 (13,377)140,779 1,019 (462)120,377 
Three months ended June 30, 2024
Investment interest$— 1 12 — — 2,633 2,646 
Interest expense— — (377)— — (356)(733)
Net interest income (expense)— 1 (365)— — 2,277 1,913 
Solar construction revenue— — 9,694 — — — 9,694 
Other income, net750 (1,635)51 4,193 3,691 3,322 10,372 
Cost to provide solar construction services— — (8,072)— — — (8,072)
Salaries and benefits(19,223)(601)(3,260)— (238)(1,464)(24,786)
Depreciation and amortization(6,359)— (289)— (8)(92)(6,748)
Other expenses(10,441)(197)(343)(250)(10)(1,601)(12,842)
Intersegment expenses, net26,217 (148)(303)(3)(18)58 25,803 
Impairment expense— — (1,865)— — — (1,865)
(Loss) income before income taxes(9,056)(2,580)(4,752)3,940 3,417 2,500 (6,531)
Income tax benefit (expense)2,174 478 917 (946)(820)(1,015)788 
Net loss attributable to noncontrolling interests— 590 926 — — — 1,516 
Net (loss) income$(6,882)(1,512)(2,909)2,994 2,597 1,485 (4,227)
61


Shared services (a)Solar tax equity investments (b)Nelnet Renewable Energy (c)ALLO investment (d)Venture capital investments (e)OtherTotal
Six months ended June 30, 2025
Investment interest$— 6 — — — 4,967 4,973 
Interest expense— — (3)— — (1,281)(1,284)
Net interest income (expense)— 6 (3)— — 3,686 3,689 
Solar construction revenue— — 5,254 — — — 5,254 
Other income, net1,217 502 — 13,715 6,254 6,152 27,840 
Gain on partial redemption of ALLO investment— — — 175,044 — — 175,044 
Cost to provide solar construction services— — (21,878)— — — (21,878)
Salaries and benefits(37,320)(761)(3,494)— (436)(3,268)(45,279)
Depreciation and amortization(6,185)— (517)— (1)(75)(6,778)
Other expenses(27,586)(302)(828)4,892 (31)(3,426)(27,281)
Intersegment expenses, net51,232 (131)(807)— (86)(538)49,670 
Impairment expense(3,269)— (1,902)— (140)— (5,311)
(Loss) income before income taxes(21,911)(686)(24,175)193,651 5,560 2,531 154,970 
Income tax benefit (expense)5,259 (1,146)5,802 (46,476)(1,334)(1,503)(39,398)
Net loss attributable to noncontrolling interests— 5,461 — — — — 5,461 
Net (loss) income$(16,652)3,629 (18,373)147,175 4,226 1,028 121,033 
Six months ended June 30, 2024
Investment interest$— 1 31 — — 6,429 6,461 
Interest expense— — (708)— — (701)(1,409)
Net interest income (expense)— 1 (677)— — 5,728 5,052 
Solar construction revenue— — 23,420 — — — 23,420 
Other income, net1,456 1,242 93 (4,043)3,302 6,174 8,224 
Cost to provide solar construction services— — (22,300)— — — (22,300)
Salaries and benefits(39,243)(1,284)(4,631)— (476)(2,673)(48,307)
Depreciation and amortization(14,727)— (539)— (14)(184)(15,464)
Other expenses(20,332)(368)(1,228)(606)(26)(3,683)(26,243)
Intersegment expenses, net53,745 143 (1,061)(4)(38)(137)52,648 
Impairment expense— — (1,865)— (37)— (1,902)
(Loss) income before income taxes(19,101)(266)(8,788)(4,653)2,711 5,225 (24,872)
Income tax benefit (expense)4,584 (564)1,711 1,117 (651)(1,686)4,511 
Net loss attributable to noncontrolling interests— 2,617 1,655 — — — 4,272 
Net (loss) income$(14,517)1,787 (5,422)(3,536)2,060 3,539 (16,089)
(a)    Includes corporate activities related to internal audit, 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. The amount allocated to operating segments is reflected as “intersegment expenses, net” in the table above. Also includes corporate costs and overhead functions not allocated to operating segments, including executive management, investments in innovation, and other holding company organizational costs. During the second quarter 2025, the Company recognized a non-cash impairment charge of $3.3 million related to operating lease assets as a result of the Company consolidating office space.
(b)    Includes operating results of the Company's tax equity investments in renewable energy solar partnerships. The Company accounts for these investments using the HLBV method of accounting, which commonly results in accelerated losses in the initial years of the investment. In the periods presented, these HLBV net losses are offset by gains recognized from sales of certain investments at the end of the contractual agreement (typically five years). These losses are also offset by revenue earned by the Company related to management, consulting, and performance fees provided on tax equity investments syndicated to third parties. Due to the recognition pattern (accelerated losses in initial years and gains upon sale at the end of the contractual agreement), these investments may create volatility in earnings. For additional information on the results of this operating segment, see note 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
(c)    Nelnet Renewable Energy (NRE) is the Company’s solar construction business that provides full-service engineering, procurement, and construction (EPC) services to commercial entities. The Company entered this business from its acquisition of 80% of GRNE Solar in June 2022. On June 30, 2024, the Company acquired the remaining 20% of GRNE Solar for $0.3 million.
62


Since the acquisition of GRNE Solar, NRE has incurred low and, in many cases, negative margins on legacy projects. The Company has a handful of remaining legacy construction contracts it is obligated to complete, down from over 30 at the beginning of 2024. During the second quarter 2025, NRE recognized $12.9 million in contract loss reserves that represents NRE's estimate of costs it will incur to complete the remaining legacy contracts. The loss reserve expense is included in "costs to provide solar construction services" in the table above. In addition, uncertain economic conditions and legislation activity have impacted new construction projects being initiated which has adversely impacted and will continue to adversely impact revenue. See Part II, Item 1A "Risk Factors" of this report for additional information on the adverse impacts on NRE's business related to the enactment of the One Big Beautiful Bill.
(d)    Represents primarily the Company's share of loss on its voting membership interest and income on its preferred membership interests in ALLO. For additional information on the results of these investments, see note 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
On June 4, 2025, the Company redeemed a portion of its voting membership interests in ALLO and all its outstanding preferred membership interests, including the preferred return accrued on such membership interests through June 3, 2025, and recognized a pre-tax gain of $175.0 million as a result of this transaction. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
(e)    Represents the operating results of the Company’s venture capital investments, including Hudl which the Company accounts for using the measurement alternative method, and the administrative costs to manage this portfolio. These investments may create volatility in earnings from recognizing results of certain equity method investees, periodic adjustment of certain fund investments to their respective fair value, and, when applicable, observable price changes on certain measurement alternative investments.

63


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. On July 4, 2025, the One Big Beautiful Bill (the "Bill") was enacted into law. Among other substantial changes to the tax code, the Bill makes numerous changes to the federal student loan program. Graduate students and parents of undergraduates will be subject to new caps on federal lending. Overall, we expect these changes will boost privatization of student lending and may create opportunities for the Company to expand its private education loan originations and acquisitions.
Sources of Liquidity
As of June 30, 2025, the Company's sources of liquidity included:
Cash and cash equivalents$225,753 
Less: Cash and cash equivalents held at Nelnet Bank (a)(16,741)
Net cash and cash equivalents209,012 
Available-for-sale (AFS) debt securities (investments) - at fair value1,202,980 
Less: AFS debt securities held at Nelnet Bank - at fair value (a)(705,139)
AFS private education and consumer loan debt securities - held as risk retention - at fair value (b)(206,543)
Restricted investments (c)(121,914)
Unencumbered AFS debt securities (investments) - at fair value169,384 
Unencumbered federally insured, private, consumer, and other loans (Non-Nelnet Bank) - at par576,072 
Unencumbered repurchased Nelnet issued asset-backed debt securities - at par (not included on consolidated financial statements) (d)238,840 
Unused capacity on unsecured line of credit (e)495,000 
Sources of liquidity as of June 30, 2025
$1,688,308 
(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 $495.0 million unsecured line of credit that matures on September 22, 2026. As of June 30, 2025, there was no amount outstanding on the unsecured line of credit and $495.0 million was available for future use.
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The Company intends to use its liquidity position to capitalize on market opportunities, including FFELP, private education, consumer, and other loan acquisitions (or investment interests therein); strategic acquisitions and investments; 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.
Recent Development - Partial Redemption of ALLO Investment
Nelnet had both voting and preferred membership interest investments in ALLO. On June 4, 2025, Nelnet redeemed a portion of its voting membership interests in ALLO and all its outstanding preferred membership interests, including the preferred return accrued on such membership interests through June 3, 2025. The Company received cash proceeds of $410.9 million from ALLO and recognized a pre-tax gain of $175.0 million as a result of this transaction. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information about this transaction. The majority of the proceeds from this transaction were used by the Company to pay down third-party debt that was used to fund loan assets and repurchase certain of the Company's own asset-backed securities (bonds and notes payable) in the secondary market.
Cash Flows
The Company has historically generated positive cash flow from operations. During the six months ended June 30, 2025 and 2024, the Company generated $172.9 million and $345.3 million, respectively, in cash from operating activities. The decrease in 2025 compared with 2024 was due to:
•Adjustments to net income for certain non-cash items, including the gain recognized on the partial redemption of the Company's ALLO investment, deferred income tax benefit, loan discount and deferred lender fees accretion, and gain/loss on investments; and
•The impact of changes to accrued interest receivable during the six months ended June 30, 2025 compared with the same period in 2024.
These factors were partially offset by:
•An increase in net income;
•Adjustments to net income for the non-cash change in derivative market value adjustments and provision for loan losses; and
•The impact of changes to other liabilities during the six months ended June 30, 2025 compared with the same period in 2024.
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, and the purchase and sale of other investments. During June 2025, the Company received cash proceeds of $410.9 million from the redemption of its membership interests in ALLO. The proceeds from the ALLO redemption are included in investing activities on the statement of cash flows. The primary items included in financing activities are the payments on bonds and notes payable, the change in deposits at Nelnet Bank used to fund loans and investment activity at Nelnet Bank, and the change in due to customers. 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. Cash provided by investing activities and used in financing activities for the six months ended June 30, 2024 was $1.82 billion and $2.25 billion, respectively. Investing and financing activities are further addressed in the discussion that follows.
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Liquidity Needs and Sources of Liquidity Available to Satisfy Debt Obligations Secured by Loan Assets and Related Collateral - AGM Operating Segment
The following table shows AGM's debt obligations outstanding that are secured by loan assets and related collateral:
 As of June 30, 2025
Carrying amount
Final maturity
Bonds and notes issued in asset-backed securitizations$7,338,061 8/26/30 - 9/25/69
FFELP and consumer loan warehouse facilities621,339 7/31/26 - 2/29/28
 $7,959,400  
Bonds and Notes Issued in 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. 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 that AGM earns from these transactions, AGM has created a portfolio that will generate earnings and significant cash flow over the life of these transactions.
As of June 30, 2025, 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 to be approximately $1.07 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, 2025, the majority of which are federally insured student loans. As of June 30, 2025, AGM had $7.9 billion of loans included in asset-backed securitizations, which represented 88.7% 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, 2025, and loans owned by Nelnet Bank.
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Asset-backed Securitization Cash Flow Forecast
$1.07 billion
(dollars in millions)
abscfforecast2025q2.jpg
The forecasted future undiscounted cash flows of approximately $1.07 billion include approximately $0.74 billion (as of June 30, 2025) 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 $0.33 billion, or approximately $0.25 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, 2025 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%.
Beginning in late 2021, the Company experienced accelerated run-off (prepayments) of its FFELP portfolio due to FFELP borrowers consolidating their loans into Federal Direct Loan Program loans to qualify for loan forgiveness under various initiatives and programs offered by the federal government and the Department. However, the Company has experienced a significant decrease in FFELP borrowers consolidating their loans into the Federal Direct Loan Program since August 2024 that has resulted in prepayment rates on the Company’s FFELP portfolio being more consistent with longer-term historical rates.
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
$0.08 billion
$0.99 billion
4x$0.20 billion
$0.87 billion
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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 $0.74 billion (as of June 30, 2025); however, the Company would not receive the $0.33 billion ($0.25 billion after tax) of estimated future earnings from the portfolio.
Interest rates: The Company funds a portion of its student loans with floating 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 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.
Warehouse Facilities
Warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. For a summary of the Company's warehouse facilities outstanding as of June 30, 2025, see note 4 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Upon termination or expiration of the warehouse facilities, the Company would expect to access the securitization market, obtain replacement warehouse facilities, use operating cash, consider the sale of assets, or transfer collateral to satisfy any remaining obligations.
Asset-backed Securities Transactions
The Company, through its subsidiaries, has historically funded loans by completing asset-backed securitizations. 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, 2025.
Other Uses of Liquidity
Subsequent to the Reconciliation Act of 2010, the Company no longer originates FFELP loans but continues to acquire FFELP loan portfolios from third parties and believes additional loan purchase opportunities exist, including opportunities to purchase private education, consumer, and other loans (or investment interests therein).
The Company plans to fund additional loan acquisitions and related investments using current cash; cash provided by operating activities; proceeds from the sale of certain investments; its unsecured line of credit, its Union Bank student loan participation agreement, and its Union Bank student loan asset-backed securities participation agreement (each as described below), and/or establishing similar secured and unsecured borrowing facilities; using its existing warehouse facilities (as described above); increasing the capacity under existing and/or establishing new warehouse facilities; and continuing to access the asset-backed securities market.
Union Bank Participation Agreements
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. As of June 30, 2025, $583.2 million of loans were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five business days' notice. 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.
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The Company also 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 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. The Company maintains legal ownership of the FFELP loan asset-backed securities and, in its discretion, approves and accomplishes any sale, assignment, transfer, encumbrance, or other disposition of the securities. As such, the FFELP loan asset-backed securities subject to this agreement are included on the Company's consolidated balance sheets as "investments at fair value" and the participation interests outstanding have been accounted for by the Company as a secured borrowing. As of June 30, 2025, $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.
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, 2025, the Company's ownership correlates to approximately $1.70 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, 2025, the investment balance on the Company's consolidated balance sheet of its beneficial interest in loan securitizations was $190.9 million. For a summary of this investment balance, see note 6 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, 2025, 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 $279.7 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 ($279.7 million) and the investment carrying value ($190.9 million) of $88.8 million, or $67.5 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, 2025 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
Sources of Liquidity
Nelnet Bank launched operations in November 2020. Nelnet Bank was funded by the Company with an initial capital contribution of $100 million and the Company made a pledged deposit of $40.0 million with Nelnet Bank, as required under an agreement with the FDIC as discussed below. The Company has contributed an additional $118 million, including $42 million of private education loans, to Nelnet Bank since its inception. Based on Nelnet Bank's business plan for growth and current financial condition, the Company believes it will make additional capital contributions to the bank in future periods. Nelnet Bank also has unsecured Federal Funds lines of credit with correspondent banks and has established accounts at the Federal Reserve Bank and the Federal Home Loan Bank.
The growth of Nelnet Bank is primarily driven by its ability to achieve loan growth goals while sustaining credit quality and maintaining cost-efficient funding sources to support its loan growth.
Deposits
Nelnet Bank utilizes brokered, retail, and other deposits to meet its funding needs and enhance its liquidity position. The deposits can be term or liquid deposits. The term deposits have terms from three months to ten years. Retail, commercial, and institutional deposits are sourced through a direct banking platform and a deposit marketplace and provide diversified funding sources. Brokered deposits are sourced through a network of brokers and provide a stable source of funding. In addition, Nelnet
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Bank accepts certain deposits considered non-brokered that are held in large accounts structured to allow FDIC insurance to flow through to underlying individual depositors. The deposits are diversified with deposits from Educational 529 College Savings and Health Savings plans, STFIT, and FDIC sweep deposits.
Regulatory Capital
Prior to Nelnet Bank’s launch of operations, Nelnet Bank, Nelnet, Inc. (the parent), and Michael S. Dunlap (Nelnet, Inc.’s controlling shareholder) entered into a Capital and Liquidity Maintenance Agreement and a Parent Company Agreement with the FDIC in connection with Nelnet, Inc.’s role as a source of financial strength for Nelnet Bank. As part of the Capital and Liquidity Maintenance Agreement, Nelnet, Inc. is obligated to (i) contribute capital to Nelnet Bank for it to maintain capital levels that meet FDIC requirements for a “well capitalized” bank, including a leverage ratio of capital to total assets of at least 12%; (ii) provide and maintain an irrevocable asset liquidity takeout commitment for the benefit of Nelnet Bank in an amount equal to the greater of either 10% of Nelnet Bank’s total assets or such additional amount as agreed to by Nelnet Bank and Nelnet, Inc.; (iii) provide additional liquidity to Nelnet Bank in such amount and duration as may be necessary for Nelnet Bank to meet its ongoing liquidity obligations; and (iv) establish and maintain a pledged deposit of $40.0 million with Nelnet Bank. As of June 30, 2025, Nelnet Bank's leverage ratio of capital to total assets was 12.8%.
Liquidity Impact Related to Solar Tax Equity Investments
The Company makes solar tax equity investments in renewable energy solar partnerships that support the development and operations of solar projects. As of June 30, 2025, the Company has funded a total of $300.6 million in tax equity investments which remain outstanding for itself and $285.8 million on behalf of its syndication partners, for a funded total of $586.4 million. These investments provide a federal income tax credit under the Internal Revenue Code, currently equaling 30% to 70% of the eligible project cost, with the tax credit available when the project is placed in service. The Company is then allowed to reduce its tax estimates paid to the U.S. Treasury based on the credits earned. In addition to the credits, the Company structures the investments to receive quarterly distributions of cash from the operating earnings of the solar project for a period of at least five years after the project is placed in service. After that period, the contractual agreements typically provide for the Company’s entire interest in the projects to be sold at the fair market value of the discounted forecasted future cash flows allocable to the Company. Based on the timing of when the Company funds a project and decreases its tax estimate to the U.S. Treasury due to earning of the tax credit, the net amount of capital funded to solar tax equity investments at any point in time is not significant and has a minimal impact on the Company’s liquidity. As of June 30, 2025, the Company is committed to fund an additional $63.5 million directly in solar tax equity investments and $115.7 million will be funded by its syndication partners, for a total commitment of $179.2 million.
Liquidity Impact Related to Hedging Activities
The Company utilizes derivative instruments to manage interest rate sensitivity. By using derivative instruments, the Company is exposed to market risk which could impact its liquidity.
All Non-Nelnet Bank over-the-counter derivative contracts executed by the Company are cleared post-execution at a regulated clearinghouse. Clearing is a process by which a third party, the clearinghouse, steps in between the original counterparties and guarantees the performance of both, by requiring that each post liquid collateral on an initial (initial margin) and mark-to-market (variation margin) basis to cover the clearinghouse’s potential future exposure in the event of default. Nelnet Bank derivative contracts have protection against counterparty risk provided by International Swaps and Derivatives Association, Inc. agreements. The agreements require collateral to be exchanged based on the net fair value of derivatives with each counterparty. The Company’s exposure related to the Nelnet Bank derivatives is limited to the value of the derivative contracts in a gain position, less any collateral held by us.
Based on the derivative portfolio outstanding as of June 30, 2025, the Company does not anticipate any movement in interest rates having a material impact on its capital or liquidity profile, nor does the Company expect that any movement in interest rates would have a material impact on its ability to make variation margin payments to its third-party clearinghouse and/or payments to its counterparties for its non-centrally cleared derivatives.
Unsecured Line of Credit
As discussed above, the Company has a $495.0 million unsecured line of credit with a maturity date of September 22, 2026. As of June 30, 2025, the unsecured line of credit had no amount outstanding and $495.0 million was available for future use. Upon the maturity date of this 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.
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Stock Repurchases
In 2022, 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 ended May 8, 2025. That program expired on May 8, 2025. 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. The five million shares authorized under the new program include the remaining unpurchased shares from the prior program, which the new program replaces. As of June 30, 2025, 4,822,191 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 2025 are shown below. Certain of these repurchases were made pursuant to trading plans adopted by the Company in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. For additional information on stock repurchases during the second quarter of 2025, 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, 202538,491 $4,458 115.81 
Quarter ended June 30, 2025183,554 21,360 116.37 
Total222,045 $25,818 116.28 
(a) The average price of shares repurchased for the three months ended June 30, 2025 includes excise taxes.
Dividends
On June 16, 2025, the Company paid a second quarter 2025 cash dividend on the Company's Class A and Class B common stock of $0.28 per share. In addition, the Company's Board of Directors has declared a third quarter 2025 cash dividend on the Company's outstanding shares of Class A and Class B common stock of $0.30 per share. The third quarter cash dividend will be paid on September 16, 2025 to shareholders of record at the close of business on September 2, 2025.
The Company plans to continue making regular quarterly dividend payments, subject to future earnings, capital requirements, financial condition, and other factors.
CRITICAL ACCOUNTING ESTIMATES
This Management’s Discussion and Analysis of Financial Condition and Results of Operations discusses the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of income and expenses during the reporting periods. The Company bases its estimates and judgments on historical experience and on various other factors that the Company believes are reasonable under the circumstances. Actual results may differ from these estimates under varying assumptions or conditions. Note 2 of the notes to consolidated financial statements included in the Company’s 2024 Annual Report includes a summary of the significant accounting policies and methods used in the preparation of the consolidated financial statements.
On an on-going basis, management evaluates its estimates and judgments, particularly as they relate to accounting policies that management believes are most “critical” — that is, they are most important to the portrayal of the Company’s financial condition and results of operations and they require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management has identified the allowance for loan losses as a critical accounting policy and estimate, as discussed further under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates – Allowance for Loan Losses” in the Company’s 2024 Annual Report. For additional information regarding changes in the Company’s allowance for loan losses for the three and six months ended June 30, 2025 and 2024, see the caption “Activity in the Allowance for Loan Losses” in note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report. There have been no material changes to the Company’s critical accounting policy and estimate since December 31, 2024.
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RECENT ACCOUNTING PRONOUNCEMENTS
In December 2023, the FASB issued accounting guidance to address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance will be effective for the Company for the year ending December 31, 2025 annual financial statements, with early adoption permitted. The guidance will be applied on a prospective basis. The Company intends to adopt the standard when it becomes effective for the year ending December 31, 2025. Management is currently evaluating the impact this guidance will have on the disclosures included in the notes to the consolidated financial statements.
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 the disclosures included in the notes to the consolidated financial statements.
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.
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 borrowing and lending 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, 2025As of December 31, 2024
 DollarsPercentDollarsPercent
Fixed-rate loan assets$948,581 10.6 %$814,843 9.1 %
Variable-rate loan assets7,986,588 89.4 8,141,025 90.9 
Total$8,935,169 100.0 %$8,955,868 100.0 %
Fixed-rate debt instruments$361,495 4.5 %$399,994 4.8 %
Variable-rate debt instruments7,599,856 95.5 7,958,357 95.2 
Total$7,961,351 100.0 %$8,358,351 100.0 %
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 2025 or 2024.
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The following table shows AGM’s federally insured student loan assets that were earning fixed rate floor income as of June 30, 2025:
Fixed interest rate rangeBorrower/lender weighted average yieldEstimated variable conversion rate (a)Loan balance
7.0 - 7.49%7.31%4.67%$19,777 
7.5 - 7.99%7.72%5.08%88,309 
8.0 - 8.99%8.18%5.54%216,744 
> 9.0%
9.06%6.42%86,002 
$410,832 
(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, 2025, the weighted average estimated variable conversion rate was 5.58% and the short-term interest rate was 452 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.
A summary of fixed rate floor income earned by the AGM operating segment follows.
Three months ended June 30,Six months ended June 30,
2025202420252024
Fixed rate floor income, gross$997 159 $1,972 338 
Derivative settlements (a)427 1,193 855 2,383 
Fixed rate floor income, net$1,424 1,352 $2,827 2,721 
(a)    Derivative settlements consist of settlements received related to the Company's derivatives used to hedge student loans earning fixed rate floor income.
For further details of the Company’s derivatives used to hedge fixed rate loans, see note 5 of the notes to consolidated financial statements included in Part I, Item 1 of this report.
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. The following table presents AGM’s FFELP student loan assets and related funding for those assets arranged by underlying indices as of June 30, 2025:
IndexFrequency of variable resetsAssetsFunding of student loan assets
30-day average SOFR (a)Daily$7,865,701 — 
3-month Treasury billDaily252,964 — 
3-month H15 financial commercial paperDaily248,420 — 
30-day average SOFR / 1-month CME Term SOFRMonthly— 4,711,755 
90-day average SOFR / 3-month CME Term SOFR (a)Quarterly— 1,900,089 
Asset-backed commercial paper / SOFR (b)Varies— 553,313 
Fixed rate—— 324,392 
Auction-rate (c)Varies— 321,880 
Other (d)—798,880 1,354,536 
  $9,165,965 9,165,965 

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(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, 2025:
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
(b)    The interest rate on the Company's FFELP warehouse facilities is indexed to asset-backed commercial paper rates and daily SOFR.
(c)    As of June 30, 2025, the Company was sponsor for $321.9 million of outstanding asset-backed securities that were set and provide for interest rates to be periodically reset via a "dutch auction" (the “Auction Rate Securities”). Since the auction feature has essentially been inoperable for substantially all auction rate securities since 2008, the Auction Rate Securities generally pay interest to the holder at a maximum rate as defined by the indenture. While these rates will vary, they will generally be based on a spread to SOFR or Treasury Securities, or the Net Loan Rate as defined in the financing documents.
(d)    Assets include accrued interest receivable and restricted cash. Funding represents overcollateralization (equity) and other liabilities included in FFELP loan asset-backed securitizations and warehouse facilities.
The following table summarizes the effect on the Company’s consolidated earnings based upon a sensitivity analysis performed on AGM’s variable rate assets (including loans earning fixed rate floor income) and liabilities. The sensitivity analysis was performed assuming the funding index increases 10 basis points and 30 basis points while holding the asset index constant, if the funding index is different than the asset index.
Asset and funding index mismatches
Increase of
10 basis points		Increase of
30 basis points		Increase of
10 basis points		Increase of
30 basis points
DollarsPercentDollarsPercentDollarsPercentDollarsPercent
Three months ended June 30, 2025Three months ended June 30, 2024
Effect on earnings:
Increase (decrease) in pre-tax net income before impact of derivative settlements$(823)(0.3)%$(2,468)(1.0)%$(878)(1.5)%$(2,633)(4.5)%
Impact of derivative settlements349 0.1 1,047 0.4 348 0.6 1,044 1.8 
Increase (decrease) in net income before taxes$(474)(0.2)%$(1,421)(0.6)%$(530)(0.9)%$(1,589)(2.7)%
Increase (decrease) in basic and diluted earnings per share$(0.01)$(0.03)$(0.01)$(0.03)
Six months ended June 30, 2025Six months ended June 30, 2024
Effect on earnings:
Increase (decrease) in pre-tax net income before impact of derivative settlements$(1,584)(0.5)%$(4,750)(1.4)%$(1,895)(1.2)%$(5,683)(3.7)%
Impact of derivative settlements694 0.2 2,083 0.6 1,131 0.7 3,393 2.2 
Increase (decrease) in net income before taxes$(890)(0.3)%$(2,667)(0.8)%$(764)(0.5)%$(2,290)(1.5)%
Increase (decrease) in basic and diluted earnings per share$(0.02)$(0.06)$(0.02)$(0.05)
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.
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The following table presents Nelnet Bank's loan assets, asset-backed security investments, deposits (including intercompany deposits), and debt instruments by rate characteristics:
 As of June 30, 2025As of December 31, 2024
 DollarsPercentDollarsPercent
Fixed-rate loan assets$569,977 $505,539 
Fixed-rate investments93,679 90,303 
Total fixed-rate assets663,656 38.2 %595,842 42.8 %
Variable-rate loan assets257,664 139,058 
Variable-rate investments815,051 656,794 
Total variable-rate assets1,072,715 61.8 795,852 57.2 
Total assets$1,736,371 100.0 %$1,391,694 100.0 %
Fixed-rate deposits$469,123 30.6 %$449,706 35.8 %
Variable-rate deposits (a)1,062,772 69.4 804,916 64.2 
Total deposits$1,531,895 100.0 %$1,254,622 100.0 %
(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 5 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, 2025.
Interest Rate and Market Risk - Investments
The following table presents the rates earned on the Company’s available-for-sale debt securities (investments) and debt facilities used to fund a portion of such investments. The table below excludes securities (investments) held by Nelnet Bank.
Average balanceInterest income/ expenseAverage yields/ ratesAverage balanceInterest income/ expenseAverage yields/ rates
Three months ended June 30,
20252024
Investments:
Asset-backed securities available-for-sale (a) (b)$620,800 8,110 5.24 %$827,144 13,991 6.78 %
Debt funding asset-backed securities available-for-sale:
Participation agreement - variable rate (c)$100 1 4.01 %$11,374 175 6.17 %
Repurchase agreements - variable rate (d)— — — 112,016 1,842 6.60 
$100 1 4.01 $123,390 2,017 6.56 
Six months ended June 30,
20252024
Investments:
Asset-backed securities available-for-sale (a) (b)$605,050 16,105 5.37 %$845,389 28,110 6.67 %
Debt funding asset-backed securities available-for-sale:
Participation agreement - variable rate (c)$100 2 4.03 %$5,731 176 6.16 %
Repurchase agreements - variable rate (d)— — — 126,461 4,259 6.75 
$100 2 4.03 $132,192 4,435 6.73 
(a)    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 or redeem the notes at par as cash is generated by the trust estate. 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 + 100 to 250 basis points to maturity. As of June 30, 2025, $208.6 million (par value) of the Company’s asset-backed securities earn a weighted average fixed rate of 3.47%.
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(c)    Interest incurred by the Company on amounts borrowed under the participation agreement is at a variable rate of SOFR + 62.5 basis points.
(d)    Interest incurred by the Company on amounts that were borrowed under repurchase agreements were at a variable rate of SOFR + 100 to 140 basis points.
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, 2025, the gross unrealized loss on the Company’s available-for-sale debt securities (including available-for-sale securities held at Nelnet Bank) was $22.7 million, and the aggregate fair value of available-for-sale debt securities with unrealized losses was $534.6 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 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
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, 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, 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)
(a)Impact associated with 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, 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.
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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, 2025. 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, 2025.
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, 2025 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, 2024 under Part I, Item 3 of such Form 10-K.
ITEM 1A.  RISK FACTORS
While we attempt to identify, manage, and mitigate risks and uncertainties associated with our business, some level of risk and uncertainty will always be present. The Company's Annual Report on Form 10-K for the year ended December 31, 2024, in the section entitled "Item 1A. Risk Factors," describes some of the risks and uncertainties associated with our business. The information presented below supplements such risk factors. The risk factor set forth below should be read in conjunction with the risk factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. These risks and uncertainties have the potential to materially affect our business, financial condition, results of operations, cash flows, projected results, and future prospects.
Our solar tax equity investments and our solar construction businesses may be impacted by the enactment of the One Big Beautiful Bill.
On July 4, 2025, the One Big Beautiful Bill (the “Bill”) was enacted into law. Among other substantial changes to the tax code, the Bill significantly reduces tax incentives for clean energy, eliminating or phasing out many of the environmental and clean energy tax credits for commercial projects enabled by the Inflation Reduction Act of 2022. Prior to the enactment of the Bill, many of those credits were scheduled to remain in effect until 2032 or later. The Bill accelerates the expiration and phasing out of certain clean energy credits. Under the provisions of the Bill, commercial solar facilities must either (i) begin construction before July 4, 2026, in which case they would qualify for up to a four-year continuity safe harbor or (ii) be placed in service by December 31, 2027. The accelerated expiration and phasing out of solar tax credits implemented by the Bill will impact our ability to continue to invest in solar projects beyond the phase out periods. In addition, the Bill introduced complex new “foreign entity of concern” restrictions on solar projects that begin construction after 2025. These new restrictions may adversely impact supply chain costs and availability for solar projects, as well as compliance-related costs, which may further adversely impact solar project viability and risk. These changes in aggregate both limit the viability of solar investments themselves as well as the total pool of credits from which our tax equity opportunities are created.
During the second quarter 2025, given uncertainty around the pending Bill and tariffs, as well as rising construction costs, NRE did not accept any new contracts in our solar construction business. The accelerated expiration and phasing out of solar tax credits implemented by the Bill will adversely impact revenue in our solar construction business due to the reduction of economic incentives for solar development leading to lower deployment rates and more project cancellations. We are exploring strategic alternatives for NRE.
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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 2025 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, 2025122 $102.78 — 3,341,735 
May 1 - May 31, 202552,395 117.00 52,156 4,947,844 
June 1 - June 30, 2025131,037 115.51 125,653 4,822,191 
Total183,554 $115.93 177,809 
(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 122, 239, and 5,384 in April, May and June 2025, respectively. 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 9, 2022, 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 ended May 8, 2025. That program expired on May 8, 2025. 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. The five million shares authorized under the new program include the remaining unpurchased shares from the prior program, which the new program replaces. As of June 30, 2025, 4,822,191 remained authorized for repurchase under the Company's new program.
Working capital and dividend restrictions/limitations
The Company's $495.0 million unsecured line of credit, which is available through September 22, 2026, imposes restrictions on the payment of dividends through covenants requiring a minimum consolidated net worth and a minimum level of unencumbered cash, cash equivalent investments, and available borrowing capacity under the line of credit. 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 2025, 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 Plan
Scheduled Expiration Date of Rule 10b5-1 Trading Plan (a)
Aggregate Number of Securities to Be Purchased or Sold
Thomas E. Henning
Director
6/6/202510/5/2025
Sale of an aggregate of 8,196 shares of Class A common stock by Mr. Henning and his spouse
(a) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
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ITEM 6.  EXHIBITS
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
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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, 2025By:/s/ JEFFREY R. NOORDHOEK 
 Name:Jeffrey R. Noordhoek 
 Title:
Chief Executive Officer
Principal Executive Officer
 
    
Date:August 6, 2025By:/s/ JAMES D. KRUGER 
Name:James D. Kruger 
 Title: 
Chief Financial Officer
Principal Financial Officer and Principal Accounting Officer
 


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