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Nelnet
NNI
#3282
Rank
NZ$7.91 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$220.38
Share price
-0.53%
Change (1 day)
16.39%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Nelnet
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-07

Nelnet - 10-Q quarterly report FY


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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 March 31, 2026 
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    
For the transition period from  to . 
Commission File Number: 001-31924
Nelnet_Logo_color.jpg
NELNET, INC.
(Exact name of registrant as specified in its charter)

Nebraska                          84-0748903
(State or other jurisdiction of incorporation or organization)         (I.R.S Employer Identification No.)
121 South 13th Street, Suite 100                
Lincoln, Nebraska                      68508
    (Address of principal executive officer)                     (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 April 30, 2026, there were 25,317,348 and 10,616,675 shares of Class A Common Stock and Class B Common Stock, par value $0.01 per share, outstanding, respectively (excluding 11,305,731 shares of Class A Common Stock held by wholly owned subsidiaries).





NELNET, INC.
FORM 10-Q
INDEX
March 31, 2026


2
Item 1.  Financial Statements
2
Item 2.  Management’s Discussion And Analysis Of Financial Condition And Results Of Operations
30
Item 3.  Quantitative And Qualitative Disclosures About Market Risk
56
Item 4.  Controls And Procedures
60
61
Item 1. Legal Proceedings
61
Item 1a.  Risk Factors
61
Item 2.  Unregistered Sales Of Equity Securities And Use Of Proceeds
61
Item 5.  Other Information
61
Item 6.  Exhibits
62
63








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
 March 31, 2026December 31, 2025
Assets:  
Loans and accrued interest receivable (net of allowance for loan losses of $155,191 and $132,078, respectively)
$10,009,471 10,006,695 
Cash and cash equivalents:  
Cash and cash equivalents - not held at a related party118,660 128,142 
Cash and cash equivalents - held at a related party121,347 167,841 
Total cash and cash equivalents240,007 295,983 
Investments and notes receivable:
Investments at fair value1,523,237 1,414,636 
Other investments and notes receivable, net954,124 933,335 
Total investments and notes receivable2,477,361 2,347,971 
Restricted cash308,177 357,639 
Restricted cash - due to customers282,341 319,924 
Accounts receivable (net of allowance for doubtful accounts of $3,069 and $2,758, respectively)
196,910 193,453 
Goodwill203,930 158,029 
Intangible assets, net97,576 29,283 
Property and equipment, net84,606 75,532 
Other assets277,538 279,274 
Total assets$14,177,917 14,063,783 
Liabilities:  
Bonds and notes payable$7,699,400 7,780,927 
Accrued interest payable16,916 20,426 
Bank deposits1,744,527 1,669,173 
Other liabilities566,618 558,184 
Due to customers544,444 457,844 
Total liabilities10,571,905 10,486,554 
Commitments and contingencies
Equity:
Nelnet, Inc. shareholders' equity:  
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding
— — 
Common stock:
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 25,334,870
     shares and 25,259,718 shares, respectively
253 253 
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding
     10,616,675 shares
106 106 
Additional paid-in capital1,535 1,481 
Retained earnings3,732,931 3,681,333 
Accumulated other comprehensive (loss) earnings, net(3,534)2,619 
Total Nelnet, Inc. shareholders' equity3,731,291 3,685,792 
Noncontrolling interests(125,279)(108,563)
Total equity3,606,012 3,577,229 
Total liabilities and equity$14,177,917 14,063,783 
Supplemental information - assets and liabilities of consolidated education and other lending variable-interest entities:
Loans and accrued interest receivable$8,647,181 8,780,878 
Restricted cash296,095 326,281 
Bonds and notes payable(7,975,501)(8,112,424)
Accrued interest payable and other liabilities(127,257)(133,502)
Net assets of consolidated education and other lending variable-interest entities$840,518 861,233 
See accompanying notes to consolidated financial statements.
2


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share data)
(unaudited)
 Three months ended
 March 31,
 20262025
Interest income:  
Loan interest$171,024 166,439 
Investment interest40,202 41,389 
Total interest income211,226 207,828 
Interest expense on bonds and notes payable and bank deposits109,583 125,114 
Net interest income101,643 82,714 
Less provision for loan losses53,244 15,337 
Less provision for beneficial interests4,130 1,510 
Net interest income after provision44,269 65,867 
Other income (expense): 
Loan servicing and systems revenue127,842 120,741 
Education technology services and payments revenue154,436 147,330 
Reinsurance premiums earned22,536 24,687 
Solar construction revenue— 3,995 
Other, net10,437 24,603 
Derivative market value adjustments and derivative settlements, net2,167 (5,578)
Total other income (expense), net317,418 315,778 
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs2,087 1,633 
Cost to provide education technology services and payments49,953 48,047 
Cost to provide solar construction services— 7,828 
Total cost of services52,040 57,508 
Salaries and benefits139,371 138,223 
Depreciation and amortization9,170 9,255 
Reinsurance losses and underwriting expenses23,605 22,212 
Other expenses61,840 48,307 
Total operating expenses233,986 217,997 
Income before income taxes75,661 106,140 
Income tax expense(20,061)(25,010)
Net income55,600 81,130 
Net loss attributable to noncontrolling interests15,526 1,430 
Net income attributable to Nelnet, Inc.$71,126 82,560 
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted$1.97 2.26 
Weighted-average common shares outstanding - basic and diluted
36,076,912 36,478,426 
    
See accompanying notes to consolidated financial statements.
3


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(unaudited)
Three months ended March 31,
20262025
Net income$55,600 81,130 
Other comprehensive loss:
Net changes related to foreign currency translation adjustments$(1,197)(16)
Net changes related to available-for-sale debt securities:
Unrealized holding losses arising during period, net (6,459)(2,767)
Reclassification of gains recognized in net income, net(422)(483)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity5 47 
Income tax effect1,650 (5,226)769 (2,434)
Net changes related to cash flow hedges:
Fair value adjustments during period, net302 — 
Income tax effect(72)230 — — 
Net changes related to equity method investee's other comprehensive income:
Fair value adjustment during period52 725 
Income tax effect(12)40 (174)551 
Other comprehensive loss(6,153)(1,899)
Comprehensive income49,447 79,231 
Comprehensive loss attributable to noncontrolling interests15,526 1,430 
Comprehensive income attributable to Nelnet, Inc.$64,973 80,661 

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 earnings (loss)Noncontrolling interestsTotal equity
 Class AClass B
Balance as of December 31, 2024—25,634,74810,658,604$— 256 107 7,389 3,340,540 1,470 (50,645)3,299,117 
Net income (loss)———— — — — 82,560 — (1,430)81,130 
Other comprehensive loss———— — — — — (1,899)— (1,899)
Issuance of noncontrolling interests———— — — — — — 2,297 2,297 
Distribution to noncontrolling interests———— — — — — — (6,736)(6,736)
Cash dividends on Class A and Class B common stock - $0.28 per share
———— — — — (10,161)— — (10,161)
Issuance of common stock, net of forfeitures—101,324—— 1 — 663 — — — 664 
Compensation expense for stock-based awards———— — — 3,055 — — — 3,055 
Repurchase of common stock—(38,491)—— — — (4,458)— — — (4,458)
Balance as of March 31, 2025—25,697,58110,658,604$— 257 107 6,649 3,412,939 (429)(56,514)3,363,009 
Balance as of December 31, 2025—25,259,71810,616,675$— 253 106 1,481 3,681,333 2,619 (108,563)3,577,229 
Net income (loss)———— — — — 71,126 — (15,526)55,600 
Other comprehensive loss———— — — — — (6,153)— (6,153)
Issuance of noncontrolling interests———— — — — — — 1,838 1,838 
Distribution to noncontrolling interests———— — — — — — (2,993)(2,993)
Cash dividends on Class A and Class B common stock - $0.33 per share
———— — — — (11,834)— — (11,834)
Issuance of common stock, net of forfeitures—201,471—— 2 — 6,542 — — — 6,544 
Compensation expense for stock-based awards———— — — 3,561 — — — 3,561 
Repurchase of common stock—(126,319)—— (2)— (10,049)(6,229)— — (16,280)
Redemption of 10% minority interests of WRCM
———— — — — (1,465)— (35)(1,500)
Balance as of March 31, 2026—25,334,87010,616,675$— 253 106 1,535 3,732,931 (3,534)(125,279)3,606,012 

See accompanying notes to consolidated financial statements.



5


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
 Three months ended
March 31,
 20262025
Net income attributable to Nelnet, Inc.$71,126 82,560 
Net loss attributable to noncontrolling interests(15,526)(1,430)
Net income55,600 81,130 
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 costs21,163 23,123 
Loan discount and deferred lender fees accretion(44,131)(19,407)
Provision for loan losses53,244 15,337 
Provision for beneficial interests4,130 1,510 
Derivative market value adjustments(1,587)6,324 
Loss (gain) on sale of loans, net105 (909)
Loss (gain) on investments, net14,949 (8,307)
Deferred income tax (benefit) expense(10,895)4,316 
Non-cash compensation expense3,628 3,115 
Other(1,424)216 
Changes in operating assets and liabilities:
(Increase) decrease in loan and investment accrued interest receivable(13,967)13,488 
Decrease in accounts receivable15,334 30,087 
Increase in other assets(52,299)(18,835)
Decrease in the carrying amount of ROU asset1,005 954 
Decrease in accrued interest payable(3,510)(2,974)
Increase (decrease) in other liabilities32,939 (37,102)
Decrease in the carrying amount of lease liability(1,169)(897)
Total adjustments17,515 10,039 
Net cash provided by operating activities73,115 91,169 
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		(3,070,037)(173,931)
Purchases of loans from a related party(299,380)(136,667)
Proceeds from loan repayments, claims, and capitalized interest, net3,253,780 423,817 
Proceeds from sale of loans213 72,502 
Proceeds from sale of loans to a related party107,969 59,939 
Purchases of available-for-sale securities(143,321)(139,007)
Proceeds from sales of available-for-sale securities47,533 74,781 
Proceeds from beneficial interest in loan securitizations14,715 18,948 
Purchases of other investments and issuance of notes receivable(99,521)(80,091)
Proceeds from other investments and repayments of notes receivable32,273 15,668 
Redemption of held-to-maturity debt securities1,406 3,776 
Purchases of property and equipment(11,550)(3,378)
Business acquisitions, net of cash and restricted cash acquired197,007 — 
Net cash provided by investing activities$31,087 136,357 
6


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Three months ended
March 31,
20262025
Cash flows from financing activities, net of acquisitions:  
Payments on bonds and notes payable$(353,098)(347,217)
Proceeds from issuance of bonds and notes payable270,658 — 
Payments of debt issuance costs(2,056)(69)
Increase in bank deposits, net75,354 127,276 
Decrease in due to customers(212,085)(99,176)
Dividends paid(11,834)(10,161)
Repurchases of common stock(16,280)(4,458)
Proceeds from issuance of common stock379 341 
Redemption of noncontrolling interest(1,500)— 
Issuance of noncontrolling interests7,658 8,869 
Distribution to noncontrolling interests(1,371)(1,850)
Net cash used in financing activities(244,175)(326,445)
Effect of exchange rate changes on cash and restricted cash(3,048)26 
Net decrease in cash, cash equivalents, and restricted cash(143,021)(98,893)
Cash, cash equivalents, and restricted cash, beginning of period973,546 931,020 
Cash, cash equivalents, and restricted cash, end of period$830,525 832,127 
Supplemental disclosures of cash flow information:
Cash disbursements made for interest$109,449 119,241 
Cash disbursements made for income taxes, net of refunds and credits received (a)$1,269 1,311 
Cash disbursements made for operating leases$1,373 1,179 
Non-cash operating, investing and financing activity:
ROU assets obtained in exchange for lease obligations$3,700 84 
Student loans and other assets acquired$— 672,601 
Borrowings and other liabilities assumed in acquisition of student loans$— 695,243 
Distribution to noncontrolling interests$1,622 4,886 
Issuance of noncontrolling interests$5,820 6,572 
(a) The Company utilized $19.6 million and $14.1 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2026 and 2025, respectively.
Supplemental disclosures of non-cash activities regarding the Company's business acquisition are contained in note 6.
The following table presents a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in the consolidated statements of cash flows:
As ofAs ofAs ofAs of
March 31, 2026December 31, 2025March 31, 2025December 31, 2024
Total cash and cash equivalents$240,007 295,983 220,517 194,518 
Restricted cash308,177 357,639 317,139 332,100 
Restricted cash - due to customers282,341 319,924 294,471 404,402 
Cash, cash equivalents, and restricted cash
$830,525 973,546 832,127 931,020 
See accompanying notes to consolidated financial statements.
7


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 March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2025 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results for the year ending December 31, 2026. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report").
2.  Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2026December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a):
Stafford and other$1,819,085 1,772,172 
Consolidation5,246,278 5,665,071 
Total7,065,363 7,437,243 
Private education loans130,217 139,209 
Consumer loans and other financing receivables (b)1,213,599 1,122,717 
Non-Nelnet Bank loans8,409,179 8,699,169 
Nelnet Bank:
Federally insured loans (a):
Stafford and other23,366 23,960 
Consolidation435,205 148,360 
Total458,571 172,320 
Private education loans539,381 518,634 
Consumer and other loans263,498 266,608 
Nelnet Bank loans1,261,450 957,562 
Accrued interest receivable539,758 528,936 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(45,725)(46,894)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(40,043)(42,080)
Private education loans(6,385)(6,894)
Consumer loans and other financing receivables(79,593)(57,360)
Non-Nelnet Bank allowance for loan losses(126,021)(106,334)
Nelnet Bank:
Federally insured loans(1,725)(676)
Private education loans(13,182)(12,932)
Consumer and other loans(14,263)(12,136)
Nelnet Bank allowance for loan losses(29,170)(25,744)
 $10,009,471 10,006,695 
8


(a)    During the first quarter of 2026, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) contributed certain student loan securitization trusts to Nelnet Bank that included $296.0 million in federally insured loans.
(b)    Included in "consumer loans and other financing receivables" in the above table are Pay Later receivables that the Company began to purchase in the third quarter of 2025. As of March 31, 2026 and December 31, 2025, the balance of Pay Later receivables was $766.2 million and $744.2 million, respectively.
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios:
As ofAs of
March 31, 2026December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a)0.57 %0.57 %
Private education loans4.90 %4.95 %
Consumer loans and other financing receivables (b)6.56 %5.11 %
Nelnet Bank:
Federally insured loans (a)0.38 %0.39 %
Private education loans2.44 %2.49 %
Consumer and other loans5.41 %4.55 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for Non-Nelnet Bank was 19.6% and 19.3%, and for Nelnet Bank was 17.7% and 17.3%, as of March 31, 2026 and December 31, 2025, respectively.
(b)    The increase in allowance for loan losses as a percentage of the ending loan balance for consumer loans and other financing receivables was driven by the significant growth in the volume of Pay Later receivables acquired since the third quarter of 2025. As loan acquisitions increased, the Company recorded additional allowance at acquisition in accordance with its expected credit loss methodology. The increase in the allowance primarily reflects the cumulative volume of new loans added to the portfolio rather than a deterioration in credit quality.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment:
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesLoan sales/contributionsBalance at end of period
Three months ended March 31, 2026
Non-Nelnet Bank:
Federally insured loans$42,080 2,072 (2,968)— (1,141)40,043 
Private education loans6,894 (306)(385)182 — 6,385 
Consumer loans and other financing receivables57,360 46,700 (26,132)1,665 — 79,593 
Nelnet Bank:
Federally insured loans676 (31)(61)— 1,141 1,725 
Private education loans12,932 1,764 (1,792)278 — 13,182 
Consumer and other loans12,136 3,373 (1,349)103 — 14,263 
$132,078 53,572 (32,687)2,228 — 155,191 
Three months ended March 31, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 2,634 (2,819)— — 48,906 
Private education loans11,130 — (933)197 — 10,394 
Consumer loans and other financing receivables38,468 10,378 (5,178)236 — 43,904 
Nelnet Bank:
Federally insured loans— 365 (3)— — 362 
Private education loans10,086 1,085 (1,394)116 — 9,893 
Consumer and other loans6,115 1,003 (569)68 — 6,617 
$114,890 15,465 (10,896)617 — 120,076 
9


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 March 31,
20262025
Non-Nelnet Bank:
Federally insured loans0.17 %0.13 %
Private education loans0.61 %1.39 %
Consumer loans and other financing receivables8.94 %5.44 %
Nelnet Bank:
Federally insured loans0.09 %0.05 %
Private education loans1.14 %1.06 %
Consumer and other loans1.90 %1.25 %
During the periods presented above, the primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods.
The increase in provision for loan losses and charge-offs for consumer loans and other financing receivables (non-Nelnet Bank loans) during the three month period ended March 31, 2026 compared with the same period in 2025 was driven by the significant increase in the volume of Pay Later receivables acquired since the third quarter of 2025. The increase in provision expense and charge-offs reflects the volume of new loans added to the portfolio rather than a deterioration in credit quality. Credit performance metrics, including delinquency rates and charge‑offs, remained generally consistent with management’s expectations.
Unfunded Loan Commitments
The Company maintains an allowance for unfunded loan commitments that are not unconditionally cancelable, at a level the Company believes is appropriate as of the balance sheet date, to absorb expected credit losses on this exposure. As of March 31, 2026 and December 31, 2025, Nelnet Bank had a liability of approximately $432,000 and $760,000, respectively, related to $48.0 million and $76.5 million, respectively, of unfunded private education, consumer, and other loan commitments. Other than the estimation of the probability of funding, this reserve is estimated in a manner similar to the methodology used for determining reserves for loans included on the consolidated balance sheet. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet. Net adjustments to this reserve are included in "provision for loan losses" on the consolidated income statement. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income:
Three months ended
March 31,
20262025
Provision for loan losses from allowance activity table above$53,572 15,465 
Provision expense (negative provision) for unfunded loan commitments, net(328)(128)
Provision for loan losses reported in consolidated statements of income$53,244 15,337 

10


Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. The following table presents the Company’s loan status and delinquency amounts:
As of March 31, 2026As of December 31, 2025As of March 31, 2025
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $338,990 4.8 % $336,749 4.5 % $401,868 4.6 %
Loans in forbearance 497,236 7.0  493,277 6.6  546,170 6.3 
Loans in repayment status:  
Loans current5,427,325 87.1 %5,701,660 86.3 %6,536,815 84.7 %
Loans delinquent 31-60 days201,952 3.3 234,259 3.5 306,032 4.0 
Loans delinquent 61-90 days139,095 2.2 147,645 2.2 239,477 3.1 
Loans delinquent 91-120 days89,352 1.4 94,765 1.4 155,641 2.0 
Loans delinquent 121-270 days244,157 3.9 280,899 4.3 326,523 4.2 
Loans delinquent 271 days or greater127,256 2.1 147,989 2.3 157,758 2.0 
Total loans in repayment6,229,137 88.2 100.0 %6,607,217 88.9 100.0 %7,722,246 89.1 100.0 %
Total federally insured loans7,065,363 100.0 % 7,437,243 100.0 % 8,670,284 100.0 %
Accrued interest receivable501,152 506,943 551,512 
Loan discount, net of unamortized premiums and deferred origination costs(25,898)(23,513)(28,020)
Allowance for loan losses(40,043)(42,080)(48,906)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$7,500,574 $7,878,593 $9,144,870 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $3,191 2.4 %$3,094 2.2 %$5,850 2.8 %
Loans in forbearance 2,418 1.9 3,049 2.2 1,512 0.7 
Loans in repayment status:
Loans current121,720 97.7 %130,018 97.7 %195,573 97.2 %
Loans delinquent 31-60 days1,324 1.0 1,253 0.9 2,136 1.1 
Loans delinquent 61-90 days498 0.4 515 0.4 1,794 0.9 
Loans delinquent 91 days or greater1,066 0.9 1,280 1.0 1,642 0.8 
Total loans in repayment124,608 95.7 100.0 %133,066 95.6 100.0 %201,145 96.5 100.0 %
Total private education loans130,217 100.0 % 139,209 100.0 % 208,507 100.0 %
Accrued interest receivable1,038 1,120 1,948 
Loan discount, net of unamortized premiums(3,896)(4,317)(5,928)
Allowance for loan losses(6,385)(6,894)(10,394)
Total private education loans and accrued interest receivable, net of allowance for loan losses$120,974 $129,118 $194,133 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance$1,654 0.1 %$1,698 0.2 %$205 0.1 %
Loans in repayment status:
Loans current1,175,343 97.0 %1,085,883 96.9 %369,364 97.0 %
Loans delinquent 31-60 days11,498 0.9 13,723 1.2 3,413 0.9 
Loans delinquent 61-90 days11,783 1.0 10,797 1.0 3,170 0.8 
Loans delinquent 91 days or greater13,321 1.1 10,616 0.9 5,063 1.3 
Total loans in repayment1,211,945 99.9 100.0 %1,121,019 99.8 100.0 %381,010 99.9 100.0 %
Total consumer loans and other financing receivables1,213,599 100.0 %1,122,717 100.0 %381,215 100.0 %
Accrued interest receivable1,854 1,497 2,071 
Loan discount and deferred lender fees, net of unamortized premiums(19,669)(17,845)(9,437)
Allowance for loan losses(79,593)(57,360)(43,904)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$1,116,191 $1,049,009 $329,945 
11


As of March 31, 2026As of December 31, 2025As of March 31, 2025
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$16,937 3.7 %$6,162 3.6 %$3,000 2.7 %
Loans in forbearance20,739 4.5 8,787 5.1 5,433 4.9 
Loans in repayment status:
Loans current377,734 89.7 %141,357 89.9 %92,027 90.4 %
Loans delinquent 30-59 days13,089 3.1 5,686 3.6 3,725 3.7 
Loans delinquent 60-89 days7,796 1.9 2,703 1.7 1,447 1.4 
Loans delinquent 90-119 days4,537 1.1 980 0.6 1,063 1.0 
Loans delinquent 120-270 days12,998 3.1 4,844 3.1 2,423 2.4 
Loans delinquent 271 days or greater4,741 1.1 1,801 1.1 1,069 1.1 
Total loans in repayment420,895 91.8 100.0 %157,371 91.3 100.0 %101,754 92.4 100.0 %
Total federally insured loans458,571 100.0 %172,320 100.0 %110,187 100.0 %
Accrued interest receivable25,824 10,939 5,065 
Loan premium4,677 910 1,307 
Allowance for loan losses(1,725)(676)(362)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$487,347 $183,493 $116,197 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$72,044 13.4 %$56,667 10.9 %$45,026 9.2 %
Loans in forbearance825 0.2 1,684 0.3 1,370 0.3 
Loans in repayment status:
Loans current457,713 98.1 %451,221 98.0 %436,547 98.5 %
Loans delinquent 30-59 days3,956 0.8 4,001 0.9 2,732 0.6 
Loans delinquent 60-89 days2,535 0.6 2,327 0.5 1,937 0.5 
Loans delinquent 90 days or greater2,308 0.5 2,734 0.6 1,839 0.4 
Total loans in repayment466,512 86.4 100.0 %460,283 88.8 100.0 %443,055 90.5 100.0 %
Total private education loans539,381 100.0 %518,634 100.0 %489,451 100.0 %
Accrued interest receivable7,790 6,599 4,636 
Loan discount, net of unamortized premiums and deferred origination costs(4,183)(5,686)(3,973)
Allowance for loan losses(13,182)(12,932)(9,893)
Total private education loans and accrued interest receivable, net of allowance for loan losses$529,806 $506,615 $480,221 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$10,197 3.9 %$10,006 3.8 %$7,295 4.5 %
Loans in repayment status:
Loans current251,425 99.3 %254,448 99.2 %153,416 99.2 %
Loans delinquent 30-59 days1,251 0.5 1,225 0.5 523 0.3 
Loans delinquent 60-89 days504 0.2 560 0.2 462 0.3 
Loans delinquent 90 days or greater121 — 369 0.1 299 0.2 
Total loans in repayment253,301 96.1 100.0 %256,602 96.2 100.0 %154,700 95.5 100.0 %
Total consumer and other loans263,498 100.0 %266,608 100.0 %161,995 100.0 %
Accrued interest receivable2,100 1,838 1,043 
Loan premium, net of unaccreted discount3,244 3,557 917 
Allowance for loan losses(14,263)(12,136)(6,617)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$254,579 $259,867 $157,338 
(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.
12


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 March 31, 2026
Three months ended March 31, 20262025202420232022Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$1,267 7,145 2,689 2,680 3,818 20,757 38,356 7.1 %
705 - 7341,443 12,227 4,648 7,117 16,417 19,946 61,798 11.5 
735 - 7642,100 16,936 5,318 6,957 25,489 30,957 87,757 16.3 
765 - 7943,004 23,267 6,357 4,772 39,552 44,256 121,208 22.5 
Greater than 7948,048 33,630 13,543 11,087 55,118 102,695 224,121 41.5 
No FICO score available or required (a)— — 2,162 3,979 — — 6,141 1.1 
$15,862 93,205 34,717 36,592 140,394 218,611 539,381 100.0 %
Loan balance as of December 31, 2025
20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$5,540 2,788 2,909 4,061 3,519 18,772 37,589 7.2 %
705 - 7349,056 4,795 7,480 17,048 6,565 14,410 59,354 11.4 
735 - 76412,256 5,534 7,073 26,369 11,066 21,511 83,809 16.2 
765 - 79416,293 6,471 5,035 40,851 20,858 26,025 115,533 22.3 
Greater than 79423,370 14,017 11,819 57,404 40,529 68,618 215,757 41.6 
No FICO score available or required (a)— 2,275 4,317 — — — 6,592 1.3 
$66,515 35,880 38,633 145,733 82,537 149,336 518,634 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of March 31, 2026
Three months ended March 31, 20262025202420232022Prior yearsTotalPercent of total
FICO at origination:
Less than 720$230 12,875 15,900 1,606 — 1,328 31,939 12.1 %
720 - 769896 24,211 34,391 3,497 14 11,333 74,342 28.2 
Greater than 7693,656 52,019 44,781 5,493 88 7,721 113,758 43.2 
No FICO score available or required (a)902 31,984 9,833 429 258 53 43,459 16.5 
$5,684 121,089 104,905 11,025 360 20,435 263,498 100.0 %
Loan balance as of December 31, 2025
20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$13,054 16,301 1,618 — 275 1,210 32,458 12.2 %
720 - 76924,995 36,292 3,621 15 5,231 6,686 76,840 28.8 
Greater than 76954,681 47,537 5,819 90 5,084 3,161 116,372 43.6 
No FICO score available or required (a)30,719 9,473 431 259 53 3 40,938 15.4 
$123,449 109,603 11,489 364 10,643 11,060 266,608 100.0 %
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
13


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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20262025202420232022Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — — 236 2,955 3,191 
Loans in forbearance— — — — 50 2,368 2,418 
Loans in repayment status:
Loans current— — — 162 3,348 118,210 121,720 
Loans delinquent 31-60 days— — — — 14 1,310 1,324 
Loans delinquent 61-90 days— — — — — 498 498 
Loans delinquent 91 days or greater— — — — 19 1,047 1,066 
Total loans in repayment— — — 162 3,381 121,065 124,608 
Total private education loans$— — — 162 3,667 126,388 130,217 
Accrued interest receivable1,038 
Loan discount, net of unamortized premiums(3,896)
Allowance for loan losses(6,385)
Total private education loans and accrued interest receivable, net of allowance for loan losses$120,974 
Gross charge-offs - three months ended March 31, 2026$— — — — — 385 385 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance$56 154 482 962 — — 1,654 
Loans in repayment status:
Loans current891,217 247,643 19,923 14,833 1,272 455 1,175,343 
Loans delinquent 31-60 days6,599 3,465 840 531 63 — 11,498 
Loans delinquent 61-90 days1,172 9,618 621 309 63 — 11,783 
Loans delinquent 91 days or greater— 10,920 1,532 711 158 — 13,321 
Total loans in repayment898,988 271,646 22,916 16,384 1,556 455 1,211,945 
Total consumer loans and other financing receivables$899,044 271,800 23,398 17,346 1,556 455 1,213,599 
Accrued interest receivable1,854 
Loan discount and deferred lender fees, net of unamortized premiums(19,669)
Allowance for loan losses(79,593)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$1,116,191 
Gross charge-offs - three months ended March 31, 2026$— 14,841 8,004 2,421 833 33 26,132 
14


Three months ended March 31, 20262025202420232022Prior yearsTotal
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment$5,567 36,426 15,891 7,673 4,096 2,391 72,044 
Loans in forbearance— 126 — 55 240 404 825 
Loans in repayment status:
Loans current10,186 55,672 18,248 27,822 135,022 210,763 457,713 
Loans delinquent 30-59 days109 657 212 495 591 1,892 3,956 
Loans delinquent 60-89 days— 148 200 340 348 1,499 2,535 
Loans delinquent 90 days or greater— 176 166 207 97 1,662 2,308 
Total loans in repayment10,295 56,653 18,826 28,864 136,058 215,816 466,512 
Total private education loans$15,862 93,205 34,717 36,592 140,394 218,611 539,381 
Accrued interest receivable7,790 
Loan discount, net of unamortized premiums and deferred origination costs(4,183)
Allowance for loan losses(13,182)
Total private education loans and accrued interest receivable, net of allowance for loan losses$529,806 
Gross charge-offs - three months ended March 31, 2026$8 84 115 318 215 1,052 1,792 
Consumer and other loans - Nelnet Bank:
Loans in deferment$2,670 7,527 — — — — 10,197 
Loans in repayment status:
Loans current3,014 113,209 103,436 11,025 360 20,381 251,425 
Loans delinquent 30-59 days— 151 1,059 — — 41 1,251 
Loans delinquent 60-89 days— 140 364 — — — 504 
Loans delinquent 90 days or greater— 62 46 — — 13 121 
Total loans in repayment3,014 113,562 104,905 11,025 360 20,435 253,301 
Total consumer and other loans$5,684 121,089 104,905 11,025 360 20,435 263,498 
Accrued interest receivable2,100 
Loan premium, net of unaccreted discount3,244 
Allowance for loan losses(14,263)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$254,579 
Gross charge-offs - three months ended March 31, 2026$— 227 848 71 — 203 1,349 

15


3.  Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 31, 2026
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,138,826 
4.04% - 5.79%
10/25/33 - 11/27/90
Bonds and notes based on auction12,315 
0.01% - 4.77%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,151,141 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		293,183 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility484,641 
4.69% / 4.71%
7/30/27
Consumer loan warehouse and other facilities753,040 
4.93% - 5.47%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations31,457 
5.15% / 5.91%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization23,888 
7.15%
11/25/53
Unsecured line of credit— —3/31/31
Participation agreements1,025 
4.39% - 5.82%
5/4/26 / 7/28/32
7,738,375   
Discount on bonds and notes payable and debt issuance costs(38,975)
Total$7,699,400 
 As of December 31, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,448,212 
4.35% - 5.85%
3/22/32 - 11/27/90
Bonds and notes based on auction24,150 
0.01% - 5.10%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,472,362 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
302,791 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility213,982 
4.83% / 4.84%
1/29/27
Consumer loan warehouse and other facilities767,951 
5.01% - 5.67%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations35,770 
5.15% / 6.12%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization27,391 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements1,322 
4.53% - 5.82%
5/4/26 / 7/28/32
7,821,569   
Discount on bonds and notes payable and debt issuance costs(40,642)
Total$7,780,927 
16


Warehouse and Other Facilities
The Company funds a portion of its loan acquisitions through the use of warehouse and other secured facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse and other facilities as of March 31, 2026:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$800,000 484,641 315,359 7/31/20267/30/2027note (b)$31,040 
Consumer loans and other financing receivables$925,000 753,040 171,960 
11/13/2026 - 7/31/2027
11/13/2027 - 2/29/2028
50% - 90%
$106,939 
(a)    On January 30, 2026, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2026 and July 30, 2027, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
Unsecured Line of Credit
On March 31, 2026, the Company entered into a new $435.0 million unsecured line of credit. In conjunction with entering into the new line of credit, the Company terminated its $495.0 million line of credit which had a scheduled maturity date of September 22, 2026. There was no outstanding balance on the $495.0 million line of credit on the date of termination.
Borrowings by the Company under the new line of credit will bear interest at rates that will vary based on market conditions, the Company's credit rating, interest elections by the Company under the agreement, and other factors at the time of the borrowings. The maturity date of the new line of credit is March 31, 2031.
The new line of credit contains affirmative and negative covenants, including, but not limited to, certain financial covenants related to maintenance of a minimum consolidated net worth, a limitation on recourse indebtedness to adjusted EBITDA, a limitation on permitted investments, and an asset quality test related to non-FFELP loans held by the Company and its consolidated subsidiaries. Any violation of these covenants could lead to an event of default under the agreement. The Company's obligations under the agreement are guaranteed by certain subsidiaries of the Company.
As of March 31, 2026, no amount was outstanding on the new line of credit and $435.0 million was available for future use.
Debt Repurchases
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market or retained such instruments upon initial issuance. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of March 31, 2026, the Company holds $238.1 million (par value) of its own FFELP asset-backed securities. Upon sale, these notes would be shown as "bonds and notes payable" in the Company's consolidated balance sheet.
17


4.  Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used are described in note 6 of the notes to consolidated financial statements included in the 2025 Annual Report.
Non-Nelnet Bank Derivatives
Basis Swaps
The following table summarizes the Company’s Basis Swaps outstanding as of March 31, 2026 and December 31, 2025 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. The Company has entered into basis swaps in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements.
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company as of March 31, 2026 and December 31, 2025 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 
202950,000 3.17 
2030100,000 3.63 
 $400,000 3.71 %
Nelnet Bank Derivatives
Nelnet Bank uses derivative instruments to hedge exposure to variability in cash flows from variable-rate intercompany and third-party deposits to minimize volatility from future changes in interest rates.
Interest Rate Swaps - Intercompany Deposits
Nelnet Bank's derivatives used to hedge intercompany deposits are structured so that each is economically effective; however, because these derivatives are hedging intercompany deposits, the derivative instruments are not eligible for hedge accounting in the consolidated financial statements. The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of March 31, 2026 and December 31, 2025 to hedge intercompany deposits. For these derivatives, the Company receives monthly or quarterly payments based on SOFR that reset daily.
MaturityNotional amountWeighted-average fixed rate paid by the Company
2028$40,000 3.33 %
202925,000 3.37 
2030 (a)50,000 3.06 
2032 (b)25,000 4.03 
203325,000 3.90 
2035 (c)30,000 3.79 
 $195,000 3.50 %
(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 $30 million notional amount derivative has a forward effective start date in May 2028.
18


Interest Rate Swaps - Third-Party Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of March 31, 2026 and December 31, 2025 to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.
MaturityNotional amountWeighted-average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
 $50,000 3.72 %
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
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 Nelnet Bank's derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of March 31, 2026As of December 31, 2025As of March 31, 2026As of December 31, 2025
Interest rate swaps - intercompany deposits$1,239 614 869 1,243 
Interest rate swaps - third-party deposits (cash flow hedges)— — 182 484 
$1,239 614 1,051 1,727 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:
Three months ended March 31,
 20262025
Settlements:  
Basis swaps$153 153 
Interest rate swaps - floor income hedges(49)429 
Interest rate swaps - Nelnet Bank intercompany deposits39 164 
Other derivative instruments437 — 
Total settlements - income580 746 
Change in fair value:  
Basis swaps(148)(138)
Interest rate swaps - floor income hedges1,642 (3,657)
Interest rate swaps - Nelnet Bank intercompany deposits1,000 (2,529)
Other derivative instruments(907)— 
Total change in fair value - income (expense)1,587 (6,324)
Derivative market value adjustments and derivative settlements, net - income (expense)$2,167 (5,578)
19


5.  Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of March 31, 2026As of December 31, 2025
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments at fair value:
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$37,620 2,940 (138)40,422 36,824 2,950 (129)39,645 
FFELP loan and other debt securities - restricted192,496 3,030 (838)194,688 172,739 3,384 (323)175,800 
Private education loan (a)187,507 — (14,228)173,279 197,568 20 (13,436)184,152 
Other debt securities52,105 2,438 (113)54,430 55,874 2,528 — 58,402 
Total Non-Nelnet Bank469,728 8,408 (15,317)462,819 463,005 8,882 (13,888)457,999 
Nelnet Bank:
FFELP loan251,671 6,225 (764)257,132 258,208 6,513 (798)263,923 
Private education loan12,815 — (36)12,779 13,623 — (37)13,586 
Other debt securities684,772 319 (5,092)679,999 569,528 1,433 (1,481)569,480 
Total Nelnet Bank949,258 6,544 (5,892)949,910 841,359 7,946 (2,316)846,989 
Total available-for-sale asset-backed securities$1,418,986 14,952 (21,209)1,412,729 1,304,364 16,828 (16,204)1,304,988 
Equity securities and funds measured at net asset value110,508 109,648 
Total investments at fair value1,523,237 1,414,636 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities - FFELP loan210,145 211,299 
Venture capital, funds, and other:
Measurement alternative229,112 227,962 
Equity method255,290 248,253 
Total venture capital and funds484,402 476,215 
Real estate equity method256,192 233,167 
ALLO:
Voting interest/equity method— — 
Preferred membership interest and accrued and unpaid preferred return24,626 10,148 
Total interest in ALLO24,626 10,148 
Beneficial interest in loan securitizations (b):
Consumer and private education loans, net of allowance for credit losses of $54,932 and $50,802 as of March 31, 2026 and December 31, 2025, respectively
182,487 180,262 
Federally insured student loans15,270 14,568 
Total beneficial interest in loan securitizations, net of allowance197,757 194,830 
Solar (c)(268,466)(240,370)
Notes receivable32,090 32,085 
Tax liens, affordable housing, and other17,378 15,961 
Total other investments and notes receivable (not measured at fair value)954,124 933,335 
Total investments and notes receivable$2,477,361 $2,347,971 
(a)    As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The Company must retain these investment securities until the aggregate outstanding loan or bond balances in the securitization are met, at which time the Company can sell its investment securities (bonds) to a third party. The bonds purchased to satisfy the risk retention requirement are included in the above table and as of March 31, 2026, the par value and fair value of these securities was $187.5 million and $172.9 million, respectively.
(b)    The Company has partial ownership in certain securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2026, the Company's ownership correlates to approximately $990 million, $370 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
20


The Company has recorded an allowance for credit losses (and related provision expense) related to certain loan securitizations, due primarily to an increase in cumulative loss expectations, of $4.1 million and $1.5 million during the three months ended March 31, 2026 and 2025, respectively, which is included in “provision for beneficial interests” on the consolidated statements of income.
(c)    As of March 31, 2026, the Company has contributed a total of $360.3 million and its third-party partners have contributed $418.7 million in tax equity to renewable energy solar partnerships. The Company's carrying value in a solar project is reduced by tax credits earned when the solar project is placed in service. As of March 31, 2026, the Company and its third-party partners have earned $420.1 million and $456.0 million, respectively, of tax credits on those projects that remain outstanding. The Company’s negative carrying value related to solar tax partnerships on the consolidated balance sheet of $268.5 million as of March 31, 2026 represents the sum of total tax credits earned on solar projects placed in service through March 31, 2026 and the calculated HLBV cumulative net losses being larger than the total contributions made by the Company and its syndication partners on such projects. The negative carrying value as of March 31, 2026, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $123.4 million.
The following table presents (i) HLBV losses recognized by the Company and gains recognized upon the sale of partnership interests, including amounts attributable to third-party noncontrolling interest partners (syndication partners), which are included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses attributed to noncontrolling interest partners included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the recognized pre-tax net (loss) gain attributable to the Company:
Three months ended March 31,
20262025
Losses from HLBV accounting (gross)$(22,531)(2,616)
Gains from sales (gross)— 3,072 
(Losses) gains from solar investments, (gross)(22,531)456 
Less: losses attributable to noncontrolling members, net(13,445)(1,046)
Net (loss) gain attributable to the Company$(9,086)1,502 
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of March 31, 2026:
As of March 31, 2026
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 205 2,538 34,877 37,620 
FFELP loan and other debt securities - restricted— 8,014 50,150 134,332 192,496 
Private education loan— — 390 187,117 187,507 
Other debt securities2,823 100 7,682 41,500 52,105 
Total Non-Nelnet Bank2,823 8,319 60,760 397,826 469,728 
Fair value2,790 8,394 60,507 391,128 462,819 
Nelnet Bank:
FFELP loan44,096 12,316 20,015 175,244 251,671 
Private education loan— — 12,667 148 12,815 
Other debt securities— 33,389 113,569 537,814 684,772 
Total Nelnet Bank44,096 45,705 146,251 713,206 949,258 
Fair value43,806 45,777 145,743 714,584 949,910 
Total available-for-sale asset-backed securities at amortized cost$46,919 54,024 207,011 1,111,032 1,418,986 
Total available-for-sale asset-backed securities at fair value$46,596 54,171 206,250 1,105,712 1,412,729 
Held-to-maturity asset-backed securities
Nelnet Bank: 
FFELP loan - amortized cost$— 2,412 12,807 194,926 210,145 
FFELP loan - fair value$— 2,420 12,625 199,270 214,315 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 197,757 
Fair value$— — — — 208,678 
(a) The Company's beneficial interest in loan securitizations is not due at a single maturity date.
21


The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of March 31, 2026:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$210,145 4,937 (767)214,315 
Beneficial interest in loan securitizations197,757 12,796 (1,875)208,678 
The following table presents securities classified as available-for-sale that have gross unrealized losses as of March 31, 2026 and the fair value of such securities as of March 31, 2026. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of March 31, 2026
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(9)2,271 (129)2,128 (138)4,399 
FFELP loan and other debt securities - restricted(648)120,361 (190)7,749 (838)128,110 
Private education loan(154)33,708 (14,074)139,571 (14,228)173,279 
Other debt securities(113)14,651 — — (113)14,651 
Total Non-Nelnet Bank(924)170,991 (14,393)149,448 (15,317)320,439 
Nelnet Bank:
FFELP loan(152)42,124 (612)53,856 (764)95,980 
Private education loan(26)9,025 (10)3,605 (36)12,630 
Other debt securities(3,828)546,098 (1,264)15,989 (5,092)562,087 
Total Nelnet Bank(4,006)597,247 (1,886)73,450 (5,892)670,697 
Total available-for-sale asset-backed securities$(4,930)768,238 (16,279)222,898 (21,209)991,136 
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 ended
March 31,
20262025
Gross proceeds from sales$47,533 74,781 
Gross realized gains$430 933 
Gross realized losses(8)(450)
Net gains$422 483 
22


Equity securities and funds measured at net asset value
The following table summarizes the unrealized gains and losses related to equity securities and funds measured at net asset value held at March 31, 2026 and 2025. Realized and unrealized gains/losses are included in "other, net" in "other income (expense)" on the consolidated statements of income.
Three months ended
March 31,
20262025
Unrealized (losses) gains recognized during the period, net$(7,801)1,383 
Less: realized losses on securities sold during the period, net1,457 — 
Unrealized (losses) gains on securities still held as of the reporting date, net$(9,258)1,383 
6. Business Combination
Nelnet Diversified Services Canada, Inc.
On February 2, 2026, the Company acquired 100 percent of the outstanding stock of a wholly owned subsidiary of DH Corporation for total consideration of CAD $144.2 million (USD $105.8 million). The acquired entity was subsequently renamed Nelnet Diversified Services Canada, Inc. ("NDS Canada"). NDS Canada is a Canadian student loan servicing business that services the Canada Student Loan Program for federal and provincial student financial assistance programs, including loan origination, disbursement, servicing, customer support, delinquency management, and reporting. The acquisition of NDS Canada has expanded the Company's portfolio of loans it services. The operating results of NDS Canada are included in the Loan Servicing and Systems operating segment.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The fair value of the assets and liabilities related to NDS Canada are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition.
Restricted cash - due to customers$302,901 
Accounts receivable18,068 
Property and equipment2,933 
Other assets355 
Intangible assets69,072 
Excess cost over fair value of net assets acquired (goodwill)46,969 
Other liabilities(31,635)
Due to customers(302,901)
Net assets acquired$105,762 
The $69.1 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 6 years. The intangible assets that made up this amount include customer relationships of $42.8 million (7-year useful life) and software of $26.3 million (5-year useful life).
The $47.0 million of goodwill was assigned to the Loan Servicing and Systems operating segment and is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to expected future economic benefits associated with the Company's servicing expertise and scale supporting NDS Canada's ongoing operations, along with the deferred tax liability related to the differences between the carrying amounts and tax bases of acquired identifiable intangible assets.
Nelnet Canada's assets acquired and liabilities assumed were recorded by the Company at their respective fair values at the date of acquisition, and Nelnet Canada's operating results from the date of acquisition forward are included in the Company's consolidating operating results. The pro forma impacts of the Nelnet Canada acquisition on the Company's historical results prior to the acquisition were not material.
23


7. Intangible Assets
Intangible assets consisted of the following:
Weighted-average remaining useful life as of
March 31, 2026 (months)
As ofAs of
March 31, 2026December 31, 2025
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $61,218 and $58,561, respectively)
81$71,587 29,283 
Computer software (net of accumulated amortization of $959)
5725,989 — 
Total amortizable intangible assets, net74$97,576 29,283 
The Company recorded amortization expense on its intangible assets of $3.7 million and $1.5 million for the three months ended March 31, 2026 and 2025, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2026, the Company estimates it will record amortization expense as follows:
2026 (April 1 - December 31)$13,630 
202718,105 
202817,860 
202915,044 
203014,882 
2031 and thereafter18,055 
 $97,576 
8. Goodwill
The change in the carrying amount of goodwill by reportable operating segment was as follows:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Goodwill as of December 31, 2025$23,639 92,507 41,883 — — — 158,029 
Goodwill acquired during the period46,969 — — — — — 46,969 
Effect of foreign currency fluctuations(1,068)— — — — — (1,068)
Goodwill as of March 31, 2026$69,540 92,507 41,883 — — — 203,930 
9.  Bank Deposits
The following table summarizes Nelnet Bank’s deposits, excluding intercompany deposits:
As ofAs of
March 31, 2026December 31, 2025
Retail and other savings$1,376,955 1,337,873 
Brokered CDs, net of brokered deposit fees350,218 311,015 
Retail and other CDs, net of issuance fees17,354 20,285 
Total interest-bearing deposits$1,744,527 1,669,173 
As of March 31, 2026 and December 31, 2025, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $212.2 million and $93.8 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
24


The following table presents the remaining maturities of certificates of deposit as of March 31, 2026:
One year or less$213,218 
After one year to two years9,945 
After two years to three years13,718 
After three years to four years61,959 
After four years to five years14,744 
After five years53,988 
Total$367,572 
Deposits that exceeded the FDIC insurance limits as of March 31, 2026 were $41.1 million, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries.
10.  Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
 Three months ended March 31,
20262025
Numerator:
Net income attributable to Nelnet, Inc.$69,855 1,271 71,126 81,017 1,543 82,560 
Denominator:
Weighted-average common shares outstanding - basic and diluted
35,432,329 644,583 36,076,912 35,796,531 681,895 36,478,426 
Earnings per share - basic and diluted$1.97 1.97 1.97 2.26 2.26 2.26 

25


11.  Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2025 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:
Three months ended March 31, 2026
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 152,353 18,671 171,024 — — — 171,024 
Investment interest1,139 6,118 10,659 16,565 34,481 8,517 3,136 (5,932)40,202 
Total interest income1,139 6,118 163,012 35,236 205,505 8,517 3,136 (5,932)211,226 
Interest expense548 — 95,557 17,407 113,512 1,374 629 (5,932)109,583 
Net interest income591 6,118 67,455 17,829 91,993 7,143 2,507 — 101,643 
Less provision for loan losses— — 48,466 4,778 53,244 — — — 53,244 
Less provision for beneficial interests— — 4,130 — 4,130 — — — 4,130 
Net interest income after provision591 6,118 14,859 13,051 34,619 7,143 2,507 — 44,269 
Other income (expense):
LSS revenue127,842 — — — 127,842 — — — 127,842 
ETSP revenue— 154,436 — — 154,436 — — — 154,436 
Intersegment revenue5,006 72 — — 5,078 — — (5,078)— 
Reinsurance premiums earned— — — — — 22,536 — — 22,536 
Solar construction revenue— — — — — — — — — 
Other, net(211)— 26,246 1,558 27,593 (3,586)(13,578)8 10,437 
Derivative settlements, net— — 104 39 143 — 437 — 580 
Derivative market value adjustments, net— — 1,494 1,000 2,494 — (907)— 1,587 
Total other income (expense), net132,637 154,508 27,844 2,597 317,586 18,950 (14,048)(5,070)317,418 
Cost of services and expenses:
Total cost of services2,087 49,953 — — 52,040 — — — 52,040 
Salaries and benefits67,621 42,696 1,628 2,915 114,860 1,512 23,015 (16)139,371 
Depreciation and amortization4,002 2,369 — 352 6,723 — 2,447 — 9,170 
Reinsurance losses and underwriting expenses— — — — — 23,605 — — 23,605 
Postage expense8,805 8,805 (8,805)— 
Servicing fees8,152 1,227 9,379 (9,379)— 
Other expenses (a)14,193 11,761 1,051 1,278 28,283 1,261 19,102 13,194 61,840 
Intersegment expenses, net16,719 6,034 1,352 657 24,762 457 (25,147)(72)— 
Total operating expenses111,340 62,860 12,183 6,429 192,812 26,835 19,417 (5,078)233,986 
Income (loss) before income taxes19,801 47,813 30,520 9,219 107,353 (742)(30,958)8 75,661 
Income tax (expense) benefit(4,752)(11,475)(7,321)(2,106)(25,654)162 5,431 — (20,061)
Net income (loss)15,049 36,338 23,199 7,113 81,699 (580)(25,527)8 55,600 
Net (income) loss attributable to noncontrolling interests— — (18)— (18)69 15,483 (8)15,526 
Net income (loss) attributable to Nelnet, Inc.$15,049 36,338 23,181 7,113 81,681 (511)(10,044)— 71,126 
Total assets as of March 31, 2026$479,061 452,962 9,490,162 2,515,559 12,937,744 1,129,447 771,091 (660,365)14,177,917 
(a)    Other expenses for each reportable segment includes:
LSS - occupancy, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and provision for losses.
AGM - trustee fees, subscriptions and memberships, professional fees, and travel.
Nelnet Bank - occupancy, marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.
26


Three months ended March 31, 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$— — 154,469 11,971 166,440 — — — 166,439 
Investment interest721 6,939 12,769 12,496 32,925 8,820 2,312 (2,669)41,389 
Total interest income721 6,939 167,238 24,467 199,365 8,820 2,312 (2,669)207,828 
Interest expense— — 114,303 12,077 126,380 770 633 (2,669)125,114 
Net interest income721 6,939 52,935 12,390 72,985 8,050 1,679 — 82,714 
Less provision for loan losses— — 13,012 2,325 15,337 — — — 15,337 
Less provision for beneficial interests— — 1,510 — 1,510 — — — 1,510 
Net interest income after provision721 6,939 38,413 10,065 56,138 8,050 1,679 — 65,867 
Other income (expense):
LSS revenue120,741 — — — 120,741 — — — 120,741 
ETSP revenue— 147,330 — — 147,330 — — — 147,330 
Intersegment revenue5,684 64 — — 5,748 — — (5,748)— 
Reinsurance premiums earned— — — — — 24,687 — — 24,687 
Solar construction revenue— — — — — — 3,995 — 3,995 
Other, net112 — 4,904 142 5,158 1,110 18,238 97 24,603 
Derivative settlements, net— — 582 164 746 — — — 746 
Derivative market value adjustments, net— — (3,795)(2,529)(6,324)— — — (6,324)
Total other income (expense), net126,537 147,394 1,691 (2,223)273,399 25,797 22,233 (5,651)315,778 
Cost of services and expenses:
Total cost of services1,633 48,047 — — 49,680 — 7,828 — 57,508 
Salaries and benefits69,574 41,741 1,221 2,816 115,352 478 22,496 (104)138,223 
Depreciation and amortization2,654 2,430 — 339 5,423 — 3,833 — 9,255 
Reinsurance losses and underwriting expenses— — — — — 22,212 — — 22,212 
Postage expense7,575 7,575 (7,575)— 
Servicing fees6,911 667 7,578 (7,578)— 
Other expenses (a)10,832 9,048 888 1,358 22,126 853 15,586 9,741 48,307 
Intersegment expenses, net16,478 5,605 1,250 710 24,043 244 (24,055)(232)— 
Total operating expenses107,113 58,824 10,270 5,890 182,097 23,787 17,860 (5,748)217,997 
Income (loss) before income taxes18,512 47,462 29,834 1,952 97,760 10,060 (1,776)97 106,140 
Income tax (expense) benefit(4,443)(11,402)(7,156)(434)(23,435)(2,385)810 — (25,010)
Net income (loss)14,069 36,060 22,678 1,518 74,325 7,675 (966)97 81,130 
Net (income) loss attributable to noncontrolling interests— 45 (17)— 28 (124)1,623 (97)1,430 
Net income (loss) attributable to Nelnet, Inc.$14,069 36,105 22,661 1,518 74,353 7,551 657 — 82,560 
Total assets as of March 31, 2025$184,142 469,706 10,362,549 1,689,633 12,706,030 874,667 873,211 (261,950)14,191,958 
(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 - occupancy, marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.

Three months ended March 31, 2026

Three months ended March 31, 2025

27


12. Disaggregated Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments:
Loan Servicing and Systems
 Three months ended March 31,
 20262025
Department of Education loan servicing$76,119 87,358 
Canada Student Loan Program loan servicing (a)11,332 — 
Private education and consumer loan servicing25,661 22,696 
FFELP loan servicing2,254 2,633 
Software services11,763 6,992 
Outsourced services713 1,062 
Loan servicing and systems revenue$127,842 120,741 
(a)    On February 2, 2026, the Company acquired a Canadian student loan servicing business, NDS Canada. The operating results of NDS Canada are included in the Company's consolidated operating results beginning on the acquisition date. See note 6 for additional information.
Education Technology Services and Payments
 Three months ended March 31,
 20262025
Tuition payment plan services$41,855 40,072 
Payment processing55,887 51,536 
Education technology services56,114 55,695 
Other580 27 
Education technology services and payments revenue$154,436 147,330 
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 March 31,
20262025
Investment activity, net$15,169 5,161 
Borrower late fee income8,457 1,587 
Administration/sponsor fee income1,549 1,305 
Investment advisory services (WRCM)1,336 1,473 
ALLO preferred return978 8,416 
Loss from solar investments, net(22,531)456 
Other5,479 6,205 
Other, net$10,437 24,603 
28


13.  Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:
Three months ended March 31,
20262025
Premiums written:
Assumed$68,320 60,853 
Ceded(16,983)(23,229)
Net premiums written$51,337 37,624 
Premiums earned:
Assumed$40,326 47,723 
Ceded(17,790)(23,036)
Net premiums earned$22,536 24,687 
Loss reserve, commissions, and broker fees:
Assumed$39,975 42,641 
Ceded(16,370)(20,429)
Reinsurance losses and underwriting expenses$23,605 22,212 
The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $78.2 million and $72.3 million as of March 31, 2026 and December 31, 2025, respectively, which is included in "other liabilities" on the consolidated balance sheets.
14.  Major Customer
The Company earns loan servicing revenue from a servicing contract with the U.S. Department of Education (the "Department") that became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. Revenue earned by the Company related to this contract was $76.1 million and $87.4 million for the three months ended March 31, 2026 and 2025, respectively.
15.  Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
 As of March 31, 2026As of December 31, 2025
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,412,629 1,412,729 100 1,304,888 1,304,988 
Equity securities18,428 — 18,428 22,107 — 22,107 
Equity securities measured at net asset value (a)92,080 87,541 
Total investments18,528 1,412,629 1,523,237 22,207 1,304,888 1,414,636 
Derivative instruments— 1,239 1,239 — 614 614 
Total assets$18,528 1,413,868 1,524,476 22,207 1,305,502 1,415,250 
Liabilities:
Derivative instruments$— 1,051 1,051 — 1,727 1,727 
Total liabilities$— 1,051 1,051 — 1,727 1,727 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
29


The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2025 Annual Report.
 As of March 31, 2026
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$9,954,184 9,469,713 — — 9,954,184 
Accrued loan interest receivable539,758 539,758 — 539,758 — 
Cash and cash equivalents240,007 240,007 240,007 — — 
Investments at fair value1,523,237 1,523,237 18,528 1,412,629 — 
Investments - held-to-maturity asset-backed securities214,315 210,145 — 214,315 — 
Notes receivable32,090 32,090 — 32,090 — 
Beneficial interest in loan securitizations208,678 197,757 — — 208,678 
Restricted cash308,177 308,177 308,177 — — 
Restricted cash – due to customers282,341 282,341 282,341 — — 
Derivative instruments1,239 1,239 — 1,239 — 
Financial liabilities:  
Bonds and notes payable7,692,383 7,699,400 — 7,692,383 — 
Accrued interest payable16,916 16,916 — 16,916 — 
Bank deposits1,756,076 1,744,527 1,129,702 626,374 — 
Due to customers544,444 544,444 544,444 — — 
Derivative instruments1,051 1,051 — 1,051 — 
 As of December 31, 2025
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$9,978,262 9,477,759 — — 9,978,262 
Accrued loan interest receivable528,936 528,936 — 528,936 — 
Cash and cash equivalents295,983 295,983 295,983 — — 
Investments at fair value1,414,636 1,414,636 22,207 1,304,888 — 
Investments - held-to-maturity asset-backed securities215,722 211,299 — 215,722 — 
Notes receivable32,085 32,085 — 32,085 — 
Beneficial interest in loan securitizations211,398 194,830 — — 211,398 
Restricted cash357,639 357,639 357,639 — — 
Restricted cash – due to customers319,924 319,924 319,924 — — 
Derivative instruments614 614 — 614 — 
Financial liabilities:  
Bonds and notes payable7,784,936 7,780,927 — 7,784,936 — 
Accrued interest payable20,426 20,426 — 20,426 — 
Bank deposits1,658,675 1,669,173 1,040,077 618,598 — 
Due to customers457,844 457,844 457,844 — — 
Derivative instruments1,727 1,727 — 1,727 — 
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Management’s Discussion and Analysis of Financial Condition and Results of Operations is for the three months ended March 31, 2026 and 2025. All dollars are in thousands, except per share amounts, unless otherwise noted.)
The following discussion and analysis provides information that the Company’s management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of the Company. The discussion and analysis should be read in conjunction with the Company’s consolidated financial statements included in the 2025 Annual Report.
30


Forward-looking and cautionary statements
This report contains forward-looking statements and information that are based on management's current expectations as of the date of this document. Statements that are not historical facts, including statements about the Company's plans and expectations for future financial condition, results of operations or economic performance, or that address management's plans and objectives for future operations, and statements that assume or are dependent upon future events, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “ensure,” “estimate,” “expect,” "focus," “forecast,” “future,” “intend,” “may,” "objective," “plan,” “potential,” “predict,” "pursue," “scheduled,” “should,” "strategy," “will,” “would,” and similar expressions, as well as statements in future tense, are intended to identify forward-looking statements.
The forward-looking statements are based on assumptions and analyses made by management in light of management's experience and its perception of historical trends, current conditions, expected future developments, and other factors that management believes are appropriate under the circumstances. These statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in the “Risk Factors” section of the 2025 Annual Report and include such risks and uncertainties as:
•risks related to the ability to successfully maintain and increase allocated volumes of student loans serviced by the Company under existing and future servicing contracts with the Department, risks related to unfavorable contract modifications or interpretations, risks related to consistently meeting service requirements to avoid the assessment of performance penalties, and risks related to the Company's ability to comply with agreements with third-party customers for the servicing of Federal Direct Loan Program, Canada Student 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 residual interests therein, and initiatives to purchase additional FFELP, private education, consumer, and other loans;
•financing and liquidity risks, including risks of changes in the interest rate environment;
•risks from changes in the terms of education loans and in the educational credit and services markets resulting from changes in applicable laws, regulations, and government programs and budgets;
•risks related to a breach of or failure in the Company's operational or information systems or infrastructure, or those of third-party vendors, including disclosure of confidential or personal information and/or damage to reputation resulting from cyber breaches;
•risks related to use of artificial intelligence;
•uncertainties inherent in forecasting future cash flows from student loan assets, including residual interests therein, and related asset-backed securitizations;
•risks related to the ability of Nelnet Bank to achieve its business objectives and effectively deploy loan and deposit strategies and achieve expected market penetration;
•risks related to the Company's solar tax equity partnerships, including risks of not being able to realize tax credits which remain subject to recapture by taxing authorities and risks from the impact of the enactment of the One Big Beautiful Bill that accelerates the expiration and phase out of solar energy credits;
•risks and uncertainties related to other initiatives (and anticipated income therefrom) including venture capital, real estate, reinsurance, acquisitions, and other activities, including activities that are intended to diversify the Company both within and outside of its historical core education-related businesses;
•risks and uncertainties associated with climate change; and
•risks and uncertainties associated with litigation matters, maintaining compliance with the extensive regulatory requirements applicable to the Company's businesses, and uncertainties inherent in the estimates and assumptions about future events that management is required to make in the preparation of the Company’s consolidated financial statements.
All forward-looking statements contained in this report are qualified by these cautionary statements and are made only as of the date of this document. Although the Company may from time to time voluntarily update or revise its prior forward-looking statements to reflect actual results or changes in the Company's expectations, the Company disclaims any commitment to do so except as required by law.
31


OVERVIEW
The Company is an operating holding company with primary businesses in consumer lending, loan servicing, payments, and technology-enabled services, many of which are focused on serving customers in the education sector. The Company conducts these activities both directly and through its wholly owned and majority-owned subsidiaries, and actively manages and operates its businesses on an integrated basis. Nelnet’s largest operating and technology platforms support loan servicing and education-related technology and payment solutions. A significant portion of the Company’s revenue is derived from net interest income earned on a portfolio of federally insured student loans, a substantial portion of which is serviced by the Company.
The Company has also broadened its operating business mix both within and beyond its historical education-focused activities. These businesses include banking and other financial services conducted through the Company’s bank and other subsidiaries, asset management and related customer-facing servicing, real estate development and management, reinsurance operations, renewable energy development, and selected strategic interests in early-stage, emerging growth, and other operating enterprises. The Company actively manages such businesses and holds interests in them for strategic and operational purposes.
GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments
The Company prepares its financial statements and presents its financial results in accordance with GAAP. However, it also provides additional non-GAAP financial information related to specific items management believes to be important in the evaluation of its operating results and performance. A reconciliation of the Company's GAAP net income to Non-GAAP net income excluding derivative market value adjustments, and a discussion of why the Company believes providing this additional information is useful to investors, are provided below.
Three months ended March 31,
20262025
GAAP net income attributable to Nelnet, Inc.$71,126 82,560 
Realized and unrealized derivative market value adjustments (a)(1,587)6,324 
Tax effect (b)381 (1,519)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$69,920 87,365 
Earnings per share:
GAAP net income attributable to Nelnet, Inc.$1.97 2.26 
Realized and unrealized derivative market value adjustments (a)(0.04)0.17 
Tax effect (b)0.01 (0.04)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$1.94 2.39 
(a) "Derivative market value adjustments" includes both the realized portion of gains and losses (corresponding to variation margin received or paid on derivative instruments that are settled daily at a central clearinghouse) and the unrealized portion of gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP. "Derivative market value adjustments" does not include "derivative settlements" that represent the cash paid or received during the respective period to settle with derivative instrument counterparties the economic effect of the Company's derivative instruments based on their contractual terms.

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

The Company believes these point-in-time estimates of asset and liability values related to its derivative instruments that are subject to interest rate fluctuations are subject to volatility mostly due to timing and market factors beyond the control of management, and affect the period-to-period comparability of the results of operations. Accordingly, the Company’s management utilizes operating results excluding these items for comparability purposes when making decisions regarding the Company’s performance and in presentations with credit rating agencies, lenders, and investors. Consequently, the Company reports this non-GAAP information because the Company believes that it provides additional information regarding operational and performance indicators that are closely assessed by management and represents what earnings would have been had these derivatives qualified for hedge accounting. There is no comprehensive, authoritative guidance for the presentation of such non-GAAP information, which is only meant to supplement GAAP results by providing additional information that management utilizes to assess performance.
(b)    The tax effects are calculated by multiplying the realized and unrealized derivative market value adjustments by the applicable statutory income tax rate.
32


Operating Segments
The Company's reportable operating segments are described in note 1 of the notes to consolidated financial statements included in the 2025 Annual Report. They include:
•Loan Servicing and Systems (LSS) - referred to as Nelnet Diversified Services (NDS)
•Education Technology Services and Payments (ETSP) - referred to as Nelnet Business Services (NBS)
•Asset Generation and Management (AGM), part of the Nelnet Financial Services (NFS) division
•Nelnet Bank, part of the NFS division
The Company earns fee-based revenue through its NDS and NBS reportable operating segments. The Company earns net interest income on its loan portfolio, consisting primarily of FFELP loans, through its AGM reportable operating segment. This segment is expected to generate significant amounts of cash as the FFELP portfolio amortizes. The Company actively works to maximize the amount and timing of cash flows generated from its FFELP portfolio and seeks to acquire additional loan assets to leverage its servicing scale and expertise to generate incremental earnings and cash flow. Nelnet Bank operates as an internet industrial bank franchise focused on the private education and unsecured consumer loan markets, with a home office in Salt Lake City, Utah.
In addition to AGM and Nelnet Bank being part of the NFS division, NFS's other operating segments that are not reportable include the operating results of:
•Nelnet Insurance Services, which primarily includes multiple reinsurance treaties on property and casualty policies
•Whitetail Rock Capital Management, LLC (WRCM), the Company's U.S. Securities and Exchange Commission (SEC)-registered investment advisor subsidiary
•The Company’s ownership and activities in real estate
•The Company’s ownership and management of its bond portfolio (primarily student loan and other asset-backed securities)
Other business activities and operating segments that are not reportable and not part of the NFS division are combined and included in Corporate and Other Activities ("Corporate"). Corporate includes the following items:
•Shared service activities related to human resources, accounting, legal, enterprise risk management, information technology, occupancy, and marketing. These costs are allocated to each operating segment based on estimated use of such activities and services
•Corporate costs and overhead functions not allocated to operating segments, including executive management, innovation initiatives, and other holding company organizational costs
•The operating results of the Company’s participation in renewable energy solar developments through tax equity structures and administrative and management services provided by the Company on solar tax equity investments made by third parties
•The operating results of Nelnet Renewable Energy (NRE), a solar engineering, procurement, and construction business, which the Company sold during the fourth quarter of 2025, but retained a limited number of construction contracts to complete following the sale
•The operating results of certain of the Company’s investment activities, including its ownership in ALLO and early-stage and emerging growth companies (venture capital)
•Interest income earned on cash balances held at the corporate level
•Other product and service offerings that are not considered reportable operating segments
33


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. See "Results of Operations" for additional detail regarding each reportable operating segment, the NFS operating segments, and Corporate and Other Activities under this Item 2.
Three months ended March 31,
20262025
NDS$19,801 18,512 
NBS47,813 47,462 
Nelnet Financial Services division:
AGM30,520 29,834 
Nelnet Bank9,219 1,952 
NFS other operating segments(742)10,060 
Corporate:
Unallocated shared services and corporate costs(11,106)(9,988)
Solar tax equity(22,044)1,205 
Other corporate operating segments2,200 7,104 
Net income before taxes75,661 106,140 
Income tax expense(20,061)(25,010)
Net loss attributable to noncontrolling interests15,526 1,430 
Net income$71,126 82,560 
Impact of Transactions on 2026 Operating Results
Operating results for the three months ended March 31, 2026 were influenced by several transactions that significantly affected certain components of income. The impacts of these items are summarized below to provide additional context for the Company’s financial performance during the period.
AGM Operating Segment
Growth in Pay Later receivable volumes contributed to higher loan interest income during the quarter, along with increased provision for loan losses and borrower late fee income. AGM began acquiring Pay Later receivables during the third quarter of 2025; these receivables are generally purchased at a discount and have short expected durations. As of March 31, 2026, the balance of Pay Later receivables was $766.2 million.
In addition, AGM holds interests in certain joint ventures engaged in the acquisition and management of loan portfolios. During the three months ended March 31, 2026, AGM recognized $15.4 million of income from these joint ventures.
Equity Investments
During the three months ended March 31, 2026, the Company recognized $10.8 million of losses related to marketable equity securities with readily determinable fair values. These losses were primarily unrealized and resulted from changes in market values during the period. The majority of these losses are included in “NFS other operating segments” in the table above.
Solar Tax Equity
During the three months ended March 31, 2026, the Company recognized $22.5 million of losses related to its solar tax equity partnerships. These losses reflect the accounting treatment required under the hypothetical liquidation at book value (“HLBV”) method and were influenced by contributions made to these partnerships in recent periods. Losses attributable to noncontrolling interest partners totaled $13.4 million for the quarter and are included in “net loss attributable to noncontrolling interests.”
The Company consolidates its solar tax equity partnerships because it holds management and control rights, with third‑party investor interests reflected as noncontrolling interests. The HLBV method commonly results in the recognition of accelerated losses in the early years of a partnership.
34


CONSOLIDATED RESULTS OF OPERATIONS
An analysis of the Company's consolidated operating results for the three months ended March 31, 2026 compared with the same period in 2025 is provided below.
The Company operates as distinct reportable operating segments as described above. For a reconciliation of the reportable segment operating results to the consolidated results of operations, see note 11 of the notes to consolidated financial statements included under Part I, Item 1 of this report. Since the Company monitors and assesses its operations and results based on these segments, the discussion following the consolidated results of operations is presented on a reportable segment basis.
 Three months ended
 March 31,
 20262025Additional information
Loan interest$171,024 166,439 Increase was due to an increase in the average balance of consumer and other loans held within the AGM and Nelnet Bank operating segments, partially offset by a decrease in the average balance of FFELP loans at AGM and gross yield earned on loans.
Investment interest40,202 41,389 Includes income from operating cash, investments, and restricted cash in asset-backed securitizations. Decrease was due to a decrease in interest rates and interest earned on restricted cash in asset-backed securitizations due to lower balances. These decreases were partially offset by an increase in the average balance of investments.
Total interest income211,226 207,828 
Interest expense109,583 125,114 Decrease was due to a decrease in the average balance of debt outstanding and decrease in cost of funds. These decreases were partially offset by an increase in interest expense on larger deposit balances at Nelnet Bank.
Net interest income101,643 82,714 
Less provision for loan losses53,244 15,337 
Represents the current period provision to reflect the lifetime expected credit losses related to the Company's loan portfolio. The increase was driven by the significant increase in the volume of Pay Later receivables acquired since the third quarter of 2025. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional factors impacting provision for loan losses for the periods presented.
Less provision for beneficial interests4,130 1,510 
Represents the current period provision expense related to the Company’s beneficial interest in certain loan securitizations. See note 5 of the notes to consolidated financial statements in this report for additional information.
Net interest income after provision44,269 65,867 
Other income (expense):  
LSS revenue127,842 120,741 See LSS operating segment - results of operations.
ETSP revenue154,436 147,330 
See ETSP operating segment - results of operations.
Reinsurance premiums earned22,536 24,687 Represents premiums earned, net of ceded portion, from reinsurance treaties on primarily property and casualty policies. Decrease was primarily due to timing of premium recognition under certain reinsurance treaties.
Solar construction revenue— 3,995 
Represents revenue earned from NRE providing solar construction services. The Company sold NRE in November 2025.
Other, net10,437 24,603 
See table below for the components of "other, net."
Derivative settlements, net580 746 
The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility.
Derivative market value adjustments, net1,587 (6,324)
Includes the realized and unrealized gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP.
Total other income (expense), net317,418 315,778 
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs2,087 1,633 
Represents primarily the amortization of previously capitalized contract fulfillment costs.
Cost to provide education technology services and payments49,953 48,047 
Represents direct costs to provide payment processing and instructional services in ETSP. See ETSP operating segment - results of operations.
Cost to provide solar construction services— 7,828 Represents direct costs related to NRE providing solar construction services. The Company sold NRE in November 2025.
Total cost of services52,040 57,508 
Salaries and benefits139,371 138,223 
Increase was primarily due to higher headcount at the ETSP operating segment to support the growth of its customer base and the investment in the development of new technologies, as well as increased headcount in the NFS division to support growth. These increases were partially offset by lower headcount in the LSS operating segment, reflecting ongoing cost-efficiency initiatives.
Depreciation and amortization9,170 9,255 Includes depreciation of property and equipment and the amortization of intangibles from prior business acquisitions. Decrease was primarily due to certain information technology activities moved to cloud computing and such expenses classified as other expenses. These decreases were partially offset by an increase in amortization due to the acquisition of NDS Canada during the first quarter of 2026.
Reinsurance losses and underwriting expenses23,605 22,212 Represents case reserve, estimated loss reserve, and amortization of acquisition costs, which consist primarily of commissions and brokerage expenses, net of ceded portion, from reinsurance treaties on primarily property and casualty policies.
35


Other expenses61,840 48,307 Includes expenses such as postage and distribution, consulting and professional fees, servicing fees, marketing, travel, communications, and certain information technology-related costs. Increase was primarily due to higher legal and transition service costs related to closing the NDS Canada acquisition and subsequent integration activities, as well as increased expenses related to certain information technology activities moved to cloud computing.
Total operating expenses233,986 217,997 
Income before income taxes75,661 106,140 
Income tax expense(20,061)(25,010)
The effective tax rate was 22.00% and 23.25% for the three months ended March 31, 2026 and 2025, respectively. The Company expects its effective tax rate will range between 22.0% and 24.5% for the remainder of 2026.
Net income55,600 81,130 
Net loss attributable to noncontrolling interests15,526 1,430 Represents the net loss attributable to the holders of noncontrolling membership interests, the majority of which are related to renewable energy solar developments.
Net income attributable to Nelnet, Inc.$71,126 82,560 
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.$71,126 82,560 
Derivative market value adjustments, net(1,587)6,324 
Tax effect381 (1,519)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$69,920 87,365 

The following table summarizes the components of "other, net" in "other income (expense)" on the consolidated statements of income:
 Three months ended March 31,
 20262025Additional information
Investment activity, net (a)$15,169 5,161 See note (b) below for additional information.
Borrower late fee income 8,457 1,587 See NFS division - results of operations - AGM operating segment.
Administration/sponsor fee income 1,549 1,305 See NFS division - results of operations - AGM operating segment.
Investment advisory services (WRCM) 1,336 1,473 See NFS division - results of operations - NFS other operating segments.
ALLO preferred return 978 8,416 See Corporate - results of operations.
Loss from solar investments, net (22,531)456 See Corporate - results of operations and note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Other 5,479 6,205 
Other, net$10,437 24,603 
(a)    The Company anticipates fluctuations in future periodic earnings resulting from investment purchases, sales, and valuation adjustments.
(b)    Investment activity by operating segment and investment type follows:
Real EstateVenture Capital and FundsEquity SecuritiesBondsTotalReal EstateVenture Capital and FundsEquity SecuritiesBondsTotal
Three months ended March 31,
20262025
NFS - AGM$— 15,361 — — 15,361 — 1,047 — — 1,047 
NFS - Nelnet Bank— 1,067 — 333 1,400 — (62)— 287 225 
NFS - Other Operating Segments2,733 — (9,658)1,658 (5,267)(1,643)— — 1,040 (603)
Corporate— 4,803 (1,128)— 3,675 — 4,492 — — 4,492 
$2,733 21,231 (10,786)1,991 15,169 (1,643)5,477 — 1,327 5,161 
36


LOAN SERVICING AND SYSTEMS OPERATING SEGMENT – RESULTS OF OPERATIONS
On February 2, 2026, the Company acquired a Canadian student loan servicing business for CAD $144.2 million (USD $105.8 million). The acquired business (“NDS Canada”) delivers technology-enabled student loan servicing for governments and a financial institution, managing 2.7 million borrowers on proprietary platforms. Beginning on the acquisition date, the operating results of NDS Canada are included in the Loan Servicing and Systems reportable operating segment.
Summary and Comparison of Operating Results
 Three months ended March 31,
 20262025
Interest income$591721
Loan servicing and systems revenue (see disaggregated revenue by service offering below)
127,842120,741
Intersegment servicing revenue5,0065,684
Other income(211)112
Total other income132,637126,537
Contract fulfillment and acquisition costs2,0871,633
Salaries and benefits67,62169,574
Depreciation and amortization4,0022,654
Postage expense8,8057,575
Other expenses14,19310,832
Intersegment expenses16,71916,478
Total operating expenses111,340107,113
Income before income taxes19,80118,512
Income tax expense(4,752)(4,443)
Net income$15,04914,069
GAAP before tax operating margin15.2 %14.8 %
Amortization expense related to acquired intangibles from NDS Canada acquisition1.4 — 
Non-GAAP before tax operating margin, excluding amortization expense (a)16.6 %14.8 %
(a)    Before tax operating margin, excluding amortization expense, is a non-GAAP measure of before tax operating profitability as a percentage of revenue, and for the LSS segment is calculated as income before income taxes (less amortization expense related to the acquired intangibles from the NDS Canada acquisition that was $1.9 million for the three months ended March 31, 2026) 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, excluding amortization expense, improved primarily due to lower salaries and benefits associated with headcount reductions, excluding the impact of employees added through the NDS Canada acquisition, reflecting ongoing cost-efficiency initiatives.
37


Loan Servicing Volumes
As of
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024
Servicing volume (dollars in millions):
Department of Education$431,049 434,479 458,679 465,689 482,786 489,877 
Canada Student Loan Program42,692 — — — — — 
FFELP11,195 11,594 11,982 12,386 12,826 13,260 
Private and consumer40,785 40,088 38,060 38,018 46,728 29,226 
Total$525,721 486,161 508,721 516,093 542,340 532,363 
Number of servicing borrowers:
Department of Education11,048,314 11,426,789 12,387,665 12,694,386 13,453,127 14,049,550 
Canada Student Loan Program2,708,392 — — — — — 
FFELP443,028 463,109 482,696 502,205 524,421 549,861 
Private and consumer1,327,471 1,349,414 1,325,037 1,326,451 1,350,999 1,168,293 
Total15,527,205 13,239,312 14,195,398 14,523,042 15,328,547 15,767,704 
Number of remote hosted borrowers:2,824,963 2,886,458 2,839,493 2,056,358 1,427,800 842,200 
Loan servicing and systems revenue
The following table presents disaggregated revenue by service offering for each reporting period:
Three months ended March 31,
 20262025Additional information
Department of Education loan servicing$76,119 87,358 
Represents revenue from the Company’s servicing contract with the Department. The decrease was primarily attributable to a reduction in the number of borrowers serviced. Borrower volume declined throughout 2025 as servicing volume was transferred, at the Department’s direction, from the Company to its remote-hosted servicing customer to support the stand‑up of a new servicer. In addition, borrower volume declined beginning in the fourth quarter of 2025 as certain borrowers exiting the CARES Act forbearance period failed to resume payment activity and were transferred to the Department’s Debt Management and Collections System for management of defaulted federal student loans.
Canada Student Loan Program loan servicing11,332 — Represents revenue from NDS Canada's student loan servicing contract with the Government of Canada, including direct agreements with three provinces and a program administered through a financial institution. NDS Canada earns a monthly servicing fee based on borrower volume. The Company also earns additional revenue for approved change requests related to platform enhancements, achieving delinquency and default performance targets, and certain transactional servicing activities, including disbursements, application processing, and postage. Canada loan servicing revenue was recognized by the Company beginning February 2, 2026, the date the Company acquired NDS Canada.
Private education and consumer loan servicing25,661 22,696 
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 first quarter of 2025. Over time, revenue earned on the Discover Financial Services portfolio will decrease as borrowers pay off their loans.
FFELP loan servicing2,254 2,633 Represents revenue from servicing third-party customers' FFELP portfolios. Over time, FFELP servicing revenue will decrease as third-party customers' FFELP portfolios pay off.
Software services11,763 6,992 
Represents revenue from providing remote hosted servicing software, primarily to one of the Department’s servicers, as well as diversified technology services. The increase was driven primarily by higher revenue from the Company's Department remote hosted servicing customer, as the Company transferred borrower volume to this new servicer throughout 2025 at the Department’s direction to establish initial volume. The Company does not expect to transfer additional volume to this servicer in 2026.
Outsourced services713 1,062 Represents revenue from providing contact center and back office operational outsourcing services.
Loan servicing and systems revenue$127,842 120,741 
38


EDUCATION TECHNOLOGY SERVICES AND PAYMENTS OPERATING SEGMENT – RESULTS OF OPERATIONS
As discussed further in the Company's 2025 Annual Report, this segment of the Company’s business is subject to seasonal fluctuations which correspond, or are related to, the traditional school year. Based on the timing of revenue recognition and when expenses are incurred, revenue and before tax operating margin are higher in the first quarter compared with the remainder of the year.
Summary and Comparison of Operating Results
 Three months ended March 31,
 20262025
Interest income$6,118 6,939 
Education technology services and payments revenue (see disaggregated revenue by service offering below)
154,436 147,330 
Intersegment revenue72 64 
Total other income154,508 147,394 
Cost of services (see disaggregated revenue by service offering below)49,953 48,047 
Salaries and benefits42,696 41,741 
Depreciation and amortization2,369 2,430 
Other expenses11,761 9,048 
Intersegment expenses, net6,034 5,605 
Total operating expenses62,860 58,824 
Income before income taxes47,813 47,462 
Income tax expense(11,475)(11,402)
Net income36,338 36,060 
Net loss attributable to noncontrolling interests— 45 
Net income$36,338 36,105 
GAAP before tax operating margin45.8 %47.8 %
Net interest income(5.9)(7.0)
Non-GAAP before tax operating margin, excluding net interest income (a)39.9 %40.8 %
(a)    Before tax operating margin, excluding net interest income, is a non-GAAP measure of before tax operating profitability as a percentage of revenue, and for the ETSP segment is calculated as income before income taxes less net interest income divided by net revenue. The Company uses this metric to monitor and assess the segment’s performance, manage operating costs, identify and evaluate business trends affecting the segment, and make strategic decisions, and believes that it facilitates an understanding of the operating performance of the segment and provides a meaningful comparison of the results of operations between periods.
ETSP before tax operating margin decreased due to an increase in operating expenses to support the growth in the customer base and investments in the development of new technologies.
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Education technology services and payments revenue
The following table presents disaggregated revenue by service offering for each reporting period:
 Three months ended March 31,
 20262025Additional information
Tuition payment plan services$41,85540,072Increase was due to a higher number of payment plans in the K-12 and higher education markets for both new and existing customers.
Payment processing55,88751,536Increase 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 services56,11455,695
Increase was primarily driven by growth in student information system revenue. The increase was partially offset by a decline in FACTS education services revenue, reflecting the end of economic aid provided to private schools ("EANS program") in response to the COVID-19 pandemic. Revenue recognized under the EANS program totaled $1.6 million for the first quarter of 2025, which was the last quarter for revenue related to that program.
Other58027
Education technology services and payments revenue154,436147,330
Cost of services49,95348,047Represents 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$104,48399,283


40


NELNET FINANCIAL SERVICES DIVISION - RESULTS OF OPERATIONS
Asset Generation and Management Operating Segment
Loan Portfolio
As of March 31, 2026, the AGM operating segment had an $8.41 billion loan portfolio, consisting primarily of federally insured loans. For a summary of the Company’s loan portfolio as of March 31, 2026 and December 31, 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Activity
The following table sets forth the activity of loans in the AGM operating segment:
FFELPPrivateConsumer loans and other financing receivablesTotal
Three months ended March 31, 2026
Balance as of December 31, 2025$7,437,243 139,209 1,122,717 8,699,169 
Loan acquisitions (a)299,549 — 3,035,923 3,335,472 
Repayments, claims, capitalized interest, participations, and other, net(225,321)(8,247)(2,944,723)(3,178,291)
Loans lost to external parties(42,146)(745)— (42,891)
Loans sold(107,969)— (318)(108,287)
Loans contributed to Nelnet Bank(295,993)— — (295,993)
Balance as of March 31, 2026$7,065,363 130,217 1,213,599 8,409,179 
Three months ended March 31, 2025
Balance as of December 31, 2024$8,388,564 221,744 345,560 8,955,868 
Loan acquisitions702,800 — 129,787 832,587 
Repayments, claims, capitalized interest, participations, and other, net(230,558)(12,535)(93,984)(337,077)
Loans lost to external parties(58,764)(702)— (59,466)
Loans sold(131,758)— (148)(131,906)
Balance as of March 31, 2025$8,670,284 208,507 381,215 9,260,006 
(a)    The Company began to acquire Pay Later receivables during the third quarter of 2025. Consumer loan acquisitions excluding Pay Later receivables was $182.1 million during the three months ended March 31, 2026.
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 March 31, 2026, the Company’s ownership correlates to approximately $1.64 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.
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 March 31, 2026 and December 31, 2025; and the activity in AGM's allowance for loan losses and net charge-offs as a percentage of average loans for the three months ended March 31, 2026 and 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Spread Analysis
The following table analyzes the loan spread on AGM’s portfolio of loans, which represents the spread between the yield earned on loan assets and the costs of the liabilities used to fund the assets. The spread amounts included in the following table are calculated by using the notional dollar values found in the table under the caption "Net loan interest income" below, divided by the average balance of loans or debt outstanding.
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 Three months ended March 31,
20262025
Variable loan yield, gross6.77 %7.43 %
Consolidation rebate fees(0.79)(0.79)
Discount accretion, net of premium and deferred origination costs amortization1.23 (0.13)
Variable loan yield, net7.21 6.51 
Loan cost of funds - interest expense(4.82)(5.39)
Variable loan spread2.39 1.12 
Fixed-rate floor income, gross0.08 0.04 
Loan spread2.47 %1.16 %
Average balance of AGM's loans$8,481,420 9,544,317 
Average balance of AGM's debt outstanding7,798,205 8,451,699 
Variable loan spread was higher during the three months ended March 31, 2026 compared with the same period in 2025 due to an increase in consumer loans as a percentage of AGM’s overall loan portfolio. Consumer loans earn a higher yield than FFELP loans. 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.
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.
Summary and Comparison of Operating Results
Three months ended March 31,
 20262025Additional information
Interest income:
Loan interest$152,353 154,469 See table below for additional analysis.
Investment interest:
Residual interest6,445 8,666 
Represents residual interest earned on beneficial interest investments.
Other investment interest4,214 4,103 
Represents investment interest earned on restricted cash included in student loan securitizations and other secured borrowings.
Total investment interest10,659 12,769 
Total interest income163,012 167,238 
Loan interest expense92,552 112,411 See table below for additional analysis.
Intercompany interest expense3,005 1,892 Represents interest paid by AGM to Nelnet, Inc. (parent company) related to (i) internal borrowings to fund equity advances on certain AGM debt facilities; and (ii) AGM-issued bonds held by Nelnet, Inc. Intercompany interest is eliminated for consolidated financial reporting purposes.
Total interest expense95,557 114,303 
Net interest income67,455 52,935 
Less provision for loan losses48,466 13,012 
The increase was driven by the significant increase in the volume of Pay Later receivables acquired since the third quarter of 2025. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional factors impacting provision for loan losses for the periods presented.
Less provision for beneficial interests4,130 1,510 During the periods presented, the Company recorded an allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations.
Net interest income after provision14,859 38,413 
Other income, net26,246 4,904 Represents primarily borrower late fees, income from providing administration activities for third parties, sponsor fee income, and income/losses from AGM's investment in joint ventures. Increase in 2026 compared with 2025 was due to an increase in income from AGM's joint ventures and borrower late fee income. See "Overview - Consolidated Results of Operations" for further detail included in other income.
Derivative settlements, net104 582 
The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility.
Derivative market value adjustments, net1,494 (3,795)
Includes the realized and unrealized gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP.
Total other income, net27,844 1,691 
42


Salaries and benefits1,628 1,221 

Servicing fees8,152 6,911 
Represents servicing fees paid to third parties and LSS for the servicing of AGM’s loans. Increase was due to an increase in volume of Pay Later receivables the Company began to purchase during the third quarter of 2025, partially offset by the amortization of the FFELP student loan portfolio, the majority of which is serviced by LSS. Intercompany servicing expense of $4.3 million and $4.9 million during the three months ended March 31, 2026 and 2025, respectively, was eliminated for consolidated financial reporting purposes.
Other expenses1,051 888 

Intersegment expenses1,352 1,250 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 expenses12,183 10,270 
Total operating expenses were 57 basis points and 43 basis points of the average balance of loans for the three months ended March 31, 2026 and 2025, respectively. The increase in expenses compared to the average balance of loans was due to an increase in costs associated with the Company actively expanding into new asset classes and a decrease in the average balance of loans.
Income before income taxes30,520 29,834 
Income tax expense(7,321)(7,156)Represents income tax expense at an effective tax rate of 24%.
Net income23,199 22,678 
Net income attributable to noncontrolling interests(18)(17)
Net income$23,181 22,661 
Additional information:
GAAP net income$23,181 22,661 See "Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments" above for additional information about non-GAAP financial information.
Derivative market value adjustments, net(1,494)3,795 
Tax effect359 (911)
Non-GAAP net income, excluding derivative market value adjustments$22,046 25,545 
Net loan interest income
The following table summarizes the components of "loan interest" and "loan interest expense" from the table above.
 Three months ended March 31,
 20262025Additional information
Variable interest income, gross$141,852 175,306 Decrease was due to a decrease in the average balance of loans and gross yield earned on loans.
Consolidation rebate fees(16,717)(18,748)Decrease was due to a decrease in the average consolidation loan balance.
Discount accretion, net of premium and deferred origination costs amortization25,655 (3,064)
Increase in discount accretion was due to a forward flow agreement of Pay Later receivables the Company began to purchase during the third quarter of 2025 at a discount that have a short estimated life.
Variable interest income, net150,790 153,494 
Interest on bonds and notes payable(92,552)(112,411)Decrease was due to a decrease in the average balance of debt outstanding and cost of funds.
Variable loan interest margin58,238 41,083 
Fixed-rate floor income1,563 975 Increase was due to lower interest rates.
Net loan interest income$59,801 42,058 
Factors Affecting Operating Results
•AGM began to acquire Pay Later receivables during the third quarter of 2025. These receivables are generally purchased at a discount and have a short expected duration. As of March 31, 2026, the balance of Pay Later receivables was $766.2 million. Growth in Pay Later receivable volumes contributed to increase in loan interest income, higher provision for loan losses, and increased borrower late fee income.
•AGM holds interests in certain joint ventures engaged in the acquisition and management of loan portfolios. For the three months ended March 31, 2026, AGM recognized $15.4 million of income from these joint ventures, compared with $1.0 million in the comparable period of 2025. Such amounts are included in “Other income, net” in the table above titled “Summary and Comparison of Operating Results.”
43


Nelnet Bank Operating Segment
Loan Portfolio
As of March 31, 2026, Nelnet Bank had a $1.26 billion loan portfolio. For a summary of Nelnet Bank’s loan portfolio as of March 31, 2026 and December 31, 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Activity
The following table sets forth the activity of loans in the Nelnet Bank operating segment:
FFELPPrivateConsumer and otherTotal
Three months ended March 31, 2026
Balance as of December 31, 2025$172,320 518,634 266,608 957,562 
Loan acquisitions and originations— 45,096 11,666 56,762 
Repayments(9,742)(24,349)(14,776)(48,867)
Loans contributed from AGM295,993 — — 295,993 
Balance as of March 31, 2026$458,571 539,381 263,498 1,261,450 
Three months ended March 31, 2025
Balance as of December 31, 2024$— 482,445 162,152 644,597 
Loan acquisitions and originations111,002 29,041 4,555 144,598 
Repayments(815)(22,035)(4,712)(27,562)
Balance as of March 31, 2025$110,187 489,451 161,995 761,633 
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 March 31, 2026 and December 31, 2025; and the activity in Nelnet Bank's allowance for loan losses and net charge-offs as a percentage of average loans for the three months ended March 31, 2026 and 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Investments
As of March 31, 2026, Nelnet Bank had a $1.18 billion investment portfolio, consisting primarily of asset-backed securities. For a summary of Nelnet Bank's asset-backed securities investments as of March 31, 2026 and December 31, 2025, see note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Deposits
As of March 31, 2026, Nelnet Bank had $1.96 billion of deposits, which included $212.2 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 March 31, 2026 and December 31, 2025, see note 9 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
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Average Balance Sheet
The following table reflects the rates earned on interest-earning assets and paid on interest-bearing liabilities:
Three months ended March 31, (a)
20262025
BalanceRateBalanceRate
Average assets
Federally insured student loans$270,655 5.48 %$25,621 6.55 %
Private education loans539,383 6.42 489,211 6.10 
Consumer and other loans266,204 9.86 162,602 10.47 
Cash and investments1,144,173 5.87 793,537 6.39 
Total interest-earning assets2,220,415 6.44 %1,470,971 6.75 %
Non-interest-earning assets57,703 14,646 
Total assets$2,278,118 $1,485,617 
Average liabilities and equity
Brokered deposits$303,714 2.54 %$249,259 1.95 %
Intercompany deposits 195,816 3.71 72,836 3.41 
Retail and other deposits1,359,995 3.80 962,954 4.21 
Federal funds purchased and other borrowed money90,224 4.14 10,404 4.69 
Total interest-bearing liabilities1,949,749 3.61 %1,295,453 3.73 %
Non-interest-bearing liabilities15,528 8,602 
Equity312,841 181,562 
Total liabilities and equity$2,278,118 $1,485,617 
Net interest margin3.26 %3.46 %
(a) Calculated using average daily balances.

45


Summary and Comparison of Operating Results
 Three months ended March 31,
 20262025
Interest income:
Loan interest$18,671 11,971 
Investment interest16,565 12,496 
Total interest income35,236 24,467 
Interest expense17,407 12,077 
Net interest income 17,829 12,390 
Provision for loan losses4,778 2,325 
Net interest income after provision for loan losses13,051 10,065 
Other income, net1,558 142 
Derivative settlements, net39 164 
Derivative market value adjustments, net1,000 (2,529)
Total other income, net2,597 (2,223)
Salaries and benefits2,915 2,816 
Depreciation352 339 
Servicing fees1,227 667 
Other expenses1,278 1,358 
Intersegment expenses657 710 
Total operating expenses6,429 5,890 
Income before income taxes9,219 1,952 
Income tax expense(2,106)(434)
Net income$7,113 1,518 
Additional information:
Net income$7,113 1,518 
Derivative market value adjustments, net(1,000)2,529 
Tax effect240 (607)
Net income, excluding derivative market value adjustments$6,353 3,440 
Factors Affecting Operating Results
•Nelnet Bank’s growth was driven by higher loan and investment balances, funded primarily through increased deposit balances. In its early years, Nelnet Bank experienced operating losses as it invested in building the personnel and infrastructure necessary to support future growth. As Nelnet Bank has matured, operating expenses have stabilized while loans and deposits have continued to grow. This operating leverage has driven increased net interest income and net income for the three months ended March 31, 2026 as compared to the same period of 2025.
46


NFS Other Operating Segments
The following table summarizes the operating results of other operating segments included in NFS that are not reportable. Income taxes are allocated based on 24% of income (loss) before taxes for each activity.
Summary and Comparison of Operating Results
Nelnet Insurance ServicesWRCMReal estateBond portfolioTotal
Three months ended March 31, 2026
Investment interest$2,861 4 — 5,652 8,517 
Interest expense(1,373)— — (1)(1,374)
Net interest income1,488 4 — 5,651 7,143 
Reinsurance premiums earned22,536 — — — 22,536 
Other income, net435 1,338 2,733 (8,092)(3,586)
Salaries and benefits(599)(34)(879)— (1,512)
Reinsurance losses and underwriting expenses(23,605)— — — (23,605)
Other expenses(1,092)(93)(73)(3)(1,261)
Intersegment expenses, net(146)(5)(275)(31)(457)
(Loss) income before income taxes(983)1,210 1,506 (2,475)(742)
Income tax benefit (expense)236 (290)(378)594 162 
Net (income) loss attributable to noncontrolling interests— — 69 — 69 
Net (loss) income$(747)920 1,197 (1,881)(511)
Three months ended March 31, 2025
Investment interest$1,994 4 — 6,822 8,820 
Interest expense(769)— — (1)(770)
Net interest income1,225 4 — 6,821 8,050 
Reinsurance premiums earned24,687 — — — 24,687 
Other income, net574 1,473 (1,643)706 1,110 
Salaries and benefits(249)(32)(197)— (478)
Reinsurance losses and underwriting expenses(22,212)— — — (22,212)
Other expenses(677)(63)(112)(1)(853)
Intersegment expenses, net(109)(4)(99)(32)(244)
(Loss) income before income taxes3,239 1,378 (2,051)7,494 10,060 
Income tax benefit (expense)(777)(298)489 (1,799)(2,385)
Net (income) loss attributable to noncontrolling interests— (138)14 — (124)
Net (loss) income$2,462 942 (1,548)5,695 7,551 
Factors Affecting Operating Results
•During the three months ended March 31, 2026, the Company recognized an unrealized loss on certain marketable equity securities of $9.7 million that is included under "Bond portfolio" in "other income, net" in the table above. These losses resulted from changes in market values during the period.

47


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 servicesSolar tax equityNelnet Renewable Energy (NRE)ALLOVenture capitalOtherTotal
Three months ended March 31, 2026
Investment interest$— 300 — — — 2,836 3,136 
Interest expense— (2)— — — (627)(629)
Net interest income (expense)— 298 — — — 2,209 2,507 
Solar construction revenue— 282 (282)— — — — 
Other income, net511 (21,797)403 978 4,803 1,524 (13,578)
Derivative settlements— — — — — 437 437 
Derivative market value adjustments— — — — — (907)(907)
Cost to provide solar construction services— — — — — — — 
Salaries and benefits(20,182)(563)(179)(38)(205)(1,848)(23,015)
Depreciation and amortization(2,064)(11)(3)— — (369)(2,447)
Other expenses(15,120)(163)(2,386)(1)(48)(1,384)(19,102)
Intersegment expenses, net25,749 (90)(15)(2)(60)(435)25,147 
(Loss) income before income taxes(11,106)(22,044)(2,462)937 4,490 (773)(30,958)
Income tax benefit (expense)2,665 1,575 591 (225)(1,078)1,903 5,431 
Net loss attributable to noncontrolling interests— 15,483 — — — — 15,483 
Net (loss) income$(8,441)(4,986)(1,871)712 3,412 1,130 (10,044)
Three months ended March 31, 2025
Investment interest$— 5 — — — 2,307 2,312 
Interest expense— — (2)— — (631)(633)
Net interest income (expense)— 5 (2)— — 1,676 1,679 
Solar construction revenue— — 3,995 — — — 3,995 
Other income, net619 1,730 — 8,416 4,492 2,981 18,238 
Derivative settlements— — — — — — — 
Derivative market value adjustments— — — — — — — 
Cost to provide solar construction services— — (7,828)— — — (7,828)
Salaries and benefits(18,720)(388)(1,644)— (207)(1,537)(22,496)
Depreciation and amortization(3,519)— (276)— (1)(37)(3,833)
Other expenses(13,184)(77)(421)— (24)(1,880)(15,586)
Intersegment expenses, net24,816 (65)(399)— (40)(257)24,055 
(Loss) income before income taxes(9,988)1,205 (6,575)8,416 4,220 946 (1,776)
Income tax benefit (expense)2,397 (678)1,578 (2,020)(1,013)546 810 
Net loss attributable to noncontrolling interests— 1,623 — — — — 1,623 
Net (loss) income$(7,591)2,150 (4,997)6,396 3,207 1,492 657 
Factors Affecting Operating Results
•Solar tax equity: The Company holds equity interests in partnerships that invest in solar tax equity projects intended to promote renewable energy generation. Because the Company has management and control over these partnerships, they are consolidated in the Company’s consolidated financial statements, with third-party interests presented as noncontrolling interests. The Company accounts for its solar tax equity interests using the hypothetical liquidation at book value (“HLBV”) method, which commonly results in the recognition of accelerated losses in the early years of a
48


partnership. Based on contributions made to these partnerships in recent periods, the Company recognized losses of $22.5 million related to its solar tax equity partnerships during the three months ended March 31, 2026, compared to a gain of $0.5 million for the same period in 2025. These amounts are included in “other income, net” in the table above. Losses attributable to noncontrolling interest partners were $13.4 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively, and are included in “net loss attributable to noncontrolling interests” in the table above. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
•NRE: NRE was the Company’s solar construction subsidiary, providing full‑service engineering, procurement, and construction services. Following its acquisition, NRE experienced low and, in certain cases, negative project margins. In addition, changes in legislation reducing clean energy tax incentives, tariff uncertainty, and rising construction costs adversely affected NRE's revenue and operating results. As a result of these factors, the Company sold NRE in November 2025. Although the Company retained a limited number of construction contracts to complete following the sale, the Company does not expect the operating results from such contracts to be significant in future periods.
•ALLO: In June 2025, ALLO redeemed all of the Company's preferred membership interests that were outstanding at that time. Included in the Company's operating results for the three months ended March 31, 2025 was $8.4 million of ALLO preferred return. In the fourth quarter of 2025 and first quarter of 2026, the Company contributed a total of $23.5 million of additional capital in return for preferred membership interest in ALLO that earns a 20% preferred return. During the first quarter of 2026, the Company recognized $1.0 million of ALLO preferred return related to this new capital.
•Equity securities: During the three months ended March 31, 2026, the Company recognized realized and unrealized losses on a certain marketable equity security of $1.1 million that is included under "Other" in "other income, net" in the table above. These losses resulted from changes in market values during the period.
49


LIQUIDITY AND CAPITAL RESOURCES
The Company’s Loan Servicing and Systems, and Education Technology Services and Payments operating segments are non-capital intensive and both produce positive operating cash flows. As such, a minimal amount of debt and equity capital is allocated to these segments and any liquidity or capital needs are satisfied using cash flow from operations.
Therefore, the Liquidity and Capital Resources discussion is concentrated on the Company’s liquidity and capital needs to meet existing debt obligations in the Nelnet Financial Services division, which includes the Asset Generation and Management and Nelnet Bank reportable operating segments, and the Company's other initiatives to pursue additional strategic investments.
Sources of Liquidity
As of March 31, 2026, the Company's sources of liquidity included:
Cash and cash equivalents$240,007 
Less: Cash and cash equivalents held at Nelnet Bank (a)(19,577)
Net cash and cash equivalents220,430 
Available-for-sale (AFS) debt securities (investments) - at fair value1,412,729 
Less: AFS debt securities held at Nelnet Bank - at fair value (a)(949,910)
AFS private education and consumer loan debt securities - held as risk retention - at fair value (b)(179,397)
Restricted investments - at fair value (c)(194,688)
Unencumbered AFS debt securities (investments) - at fair value88,734 
Unencumbered federally insured, private, consumer, and other loans (Non-Nelnet Bank) - at par317,598 
Unencumbered repurchased Nelnet issued asset-backed debt securities - at par (not included on consolidated financial statements) (d)238,148 
Unused capacity on unsecured line of credit (e)435,000 
Sources of liquidity as of March 31, 2026
$1,299,910 
(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)    On March 31, 2026, the Company entered into a $435.0 million unsecured line of credit that matures on March 31, 2031. See note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report. As of March 31, 2026, there was no amount outstanding on the unsecured line of credit and $435.0 million was available for future use.
The Company intends to use its current and future liquidity position to capitalize on market opportunities, including FFELP, private education, consumer, and other loan acquisitions (or residual interests therein); strategic acquisitions; and capital management initiatives, including stock repurchases, debt repurchases, and dividend distributions. The timing and size of these opportunities will vary and will have a direct impact on the Company's cash and investment balances.
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Cash Flows
The Company has historically generated positive cash flow from operations. During the three months ended March 31, 2026 and 2025, the Company generated $73.1 million and $91.2 million, respectively, in cash from operating activities. The decrease in 2026 compared with 2025 was due to:
•A decrease in net income;
•Adjustments to net income for certain non-cash items, including loan discount and deferred lender fees accretion and deferred income taxes; and
•The impact of changes to accrued interest receivable, accounts receivable, and other assets during the three months ended March 31, 2026 compared with the same period in 2025.
These factors were partially offset by:
•Adjustments to net income for certain non-cash items, including provision for loan losses and loss on investments; and
•The impact of changes to other liabilities during the three months ended March 31, 2026 compared with the same period in 2025.
The primary items included in the statement of cash flows for investing activities are the purchase, origination, repayment, and sale of loans, the purchase and sale of available-for-sale securities, the purchase and sale of other investments, and business acquisitions. The primary items included in financing activities are the payments on and proceeds from bonds and notes payable and the change in deposits at Nelnet Bank used to fund loans and investment activity, and the change in due to customers. Cash provided by investing activities and used in financing activities for the three months ended March 31, 2026 was $31.1 million and $244.2 million, respectively. Cash provided by investing activities and used in financing activities for the three months ended March 31, 2025 was $136.4 million and $326.4 million, respectively. Investing and financing activities are further addressed in the discussion that follows.
Sources and Needs of Liquidity - AGM Operating Segment
The Company plans to fund additional loan acquisitions (or residual interests therein) through a combination of current cash; cash generated from operating activities and expected future cash flows from loan securitizations; proceeds from the sale of certain investments; borrowings under its unsecured line of credit, Union Bank student loan participation agreement, and Union Bank student loan asset-backed securities participation agreement, or similar secured and unsecured borrowing facilities; utilization of existing warehouse facilities; expansion of capacity under existing and/or establishment of new warehouse facilities; and continued access to the asset-backed securities market.
Sources of Liquidity
Asset-backed Securities Transactions
The Company, through its subsidiaries, has historically funded loans by completing asset-backed securitizations. The majority of AGM’s portfolio of student loans is funded in asset-backed securitizations that are structured to substantially match the maturity of the funded assets, thereby minimizing liquidity risk. Depending on market conditions, the Company anticipates continuing to access the asset-backed securitization market. Such asset-backed securitization transactions would be used to refinance loans included in its warehouse facilities and existing asset-backed securitizations and/or finance loans purchased from third parties and loans that are currently unencumbered.
There were no asset-backed securitization transactions completed during the three months ended March 31, 2026.
Warehouse Facilities
Warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. See note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report for a discussion of the Company's warehouse facilities outstanding as of March 31, 2026.
Union Bank Participation Agreement
The Company maintains an agreement with Union Bank, a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loans. The agreement automatically renews annually and is terminable by either party upon five business days' notice. As of March 31, 2026, $659.0 million of
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loans were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. This agreement provides beneficiaries of Union Bank’s grantor trusts with access to investments in interests in student loans, while providing liquidity to the Company. The Company can sell participation interests in loans to Union Bank to the extent of availability under the grantor trusts, up to $900.0 million or an amount in excess of $900.0 million if mutually agreed to by both parties. Loans participated under this agreement have been accounted for by the Company as loan sales. Accordingly, the participation interests sold are not included on the Company’s consolidated balance sheets.
Liquidity Impact Related to Debt Obligations Secured by Loan Assets and Related Collateral
The following table shows AGM's debt obligations outstanding that are secured by loan assets and related collateral:
 As of March 31, 2026
Carrying amount
Final maturity
Bonds and notes issued in asset-backed securitizations$6,420,865 10/25/33 - 11/27/90
FFELP and consumer loan warehouse and other facilities1,237,681 7/30/27 - 2/29/28
 $7,658,546  
Warehouse Facilities
Upon termination or expiration of the warehouse and other secured facilities, the Company would expect to access the securitization market, obtain replacement facilities, use operating cash, consider the sale of assets, or transfer collateral to satisfy any remaining obligations.
Bonds and Notes Issued in Asset-backed Securitizations
Cash generated from student loans funded in asset-backed securitizations provides the source of liquidity to satisfy all obligations related to the outstanding bonds and notes issued in such securitizations. In addition, due to (i) the difference between the yield AGM receives on the loans and cost of financing within these transactions, and (ii) the servicing and administration fees AGM earns from these transactions, AGM has created a portfolio that the Company expects to generate earnings and significant cash flow over the life of these transactions. As of March 31, 2026, based on cash flow models developed to reflect management’s current estimate of, among other factors, prepayments, defaults, deferment, forbearance, and interest rates, AGM expects future undiscounted cash flows from its portfolio funded in asset-backed securitizations to be approximately $1.00 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 March 31, 2026, the majority of which are federally insured student loans. As of March 31, 2026, AGM had $6.7 billion of loans included in asset-backed securitizations, which represented 79.6% 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 March 31, 2026, and loans owned by Nelnet Bank.
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Asset-backed Securitization Cash Flow Forecast
$1.00 billion
(dollars in millions)
abscfforecast2026q1.jpg
The forecasted future undiscounted cash flows of approximately $1.00 billion include approximately $0.73 billion (as of March 31, 2026) of overcollateralization included in the asset-backed securitizations. These excess net asset positions are included in the consolidated balance sheets in the balances of "loans and accrued interest receivable, net" and "restricted cash." The difference between the total estimated future undiscounted cash flows and the overcollateralization of approximately $0.27 billion, or approximately $0.20 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 March 31, 2026 balance.
The Company uses various assumptions, including prepayments and future interest rates, when preparing its cash flow forecast. These assumptions are further discussed below.
Prepayments: The primary variables in establishing a life of loan estimate are the level and timing of prepayments. Prepayment rates equal the amount of loans that prepay annually as a percentage of the beginning-of-period balance, net of scheduled principal payments. A number of factors can affect estimated prepayment rates, including the level of consolidation activity, borrower default rates, and utilization of debt management options such as income-based repayment, deferments, and forbearance. Should any of these factors change, management may revise its assumptions, which in turn would impact the projected future cash flow. The Company’s cash flow forecast above assumes prepayment rates of 6% for both federally insured consolidation and Stafford loans. Prepayment rates for private education loans range from 11% to 20%.
The following table summarizes the estimated impact to the above forecasted cash flows if prepayments were greater than the prepayment rate assumptions used to calculate the forecasted cash flows:
Increase in prepayment rate
Reduction in forecasted cash flow from table above
Forecasted cash flow using increased prepayment rate
2x
$0.06 billion
$0.94 billion
4x
$0.17 billion
$0.83 billion
If the entire AGM student loan portfolio was prepaid, the Company would receive the full amount of overcollateralization included in the asset-backed securitizations of approximately $0.73 billion (as of March 31, 2026); however, the Company would not receive the $0.27 billion ($0.20 billion after tax) of estimated future earnings from the portfolio.
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Interest rates: The Company funds a portion of its student loans with variable rate securities that are indexed to 90-day SOFR. Meanwhile, the interest earned on the Company’s student loan assets is indexed primarily to the 30-day average SOFR in effect for each day in a calendar quarter. The different interest rate characteristics of the Company’s loan assets and liabilities funding these assets result in basis risk. The Company’s cash flow forecast assumes, for the life of the portfolio, a relationship between the various SOFR indices that is implied by the current forward SOFR curves. If the forecast is computed assuming a spread of an additional 12 basis points between 3-month Term SOFR and 30-day average SOFR for the life of the portfolio, the cash flow forecast would be reduced by approximately $5 million to $15 million.
The Company uses the current forward interest rate yield curve to forecast cash flows. A change in the forward interest rate curve would impact the future cash flows generated from the portfolio. See Item 3, "Quantitative and Qualitative Disclosures About Market Risk — Interest Rate Risk — AGM Operating Segment" for additional information about various interest rate risks which may impact future cash flows from AGM's loan assets.
Liquidity Impact Related to Beneficial Interest in Loan Securitizations
The Company has partial ownership in consumer, private education, and federally insured student loan third-party securitizations that are classified as "beneficial interest in loan securitizations" and included in "other investments and notes receivable, net" on the Company's consolidated balance sheets. These residual interests were acquired by the Company or have been received by the Company as consideration from selling portfolios of loans to unrelated third parties who securitized such loans. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2026, the Company's ownership correlates to approximately $1.64 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 March 31, 2026, the investment balance on the Company's consolidated balance sheet of its beneficial interest in loan securitizations was $197.8 million. For a summary of this investment balance, see note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
The Company's partial ownership percentage in each loan securitization grants the Company the right to receive the corresponding percentage of cash flows generated by the securitization. As of March 31, 2026, based on cash flow models developed to reflect management’s current estimate of, among other factors, prepayments, defaults, deferment, forbearance, and interest rates, the Company currently expects future undiscounted cash flows from its partial ownership in these securitizations to be approximately $276.8 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 ($276.8 million) and the investment carrying value ($197.8 million) of $79.0 million, or $60.0 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 March 31, 2026 balance.
The undiscounted future cash flows from the consumer and private education loan securitizations are highly subject to credit risk (defaults). If defaults are higher than management's current estimate, the forecasted cash flows and estimated future investment interest income (earnings) from these securitizations would be adversely impacted.
Sources and Needs of Liquidity - Nelnet Bank
Nelnet Bank’s growth strategy is supported by a combination of parent company capital support, diversified deposit funding, and access to supplemental liquidity sources. Nelnet Bank’s primary liquidity needs relate to funding loan originations and acquisitions while maintaining appropriate capital and liquidity levels.
Nelnet Bank operates under a capital and liquidity maintenance agreement that requires Nelnet, Inc., Nelnet Bank's parent company, to serve as a source of financial strength to Nelnet Bank. Nelnet, Inc. has provided capital contributions to support Nelnet Bank’s growth since inception and expects to continue to provide equity capital as necessary to support balance sheet growth and to meet regulatory capital requirements. During the first quarter of 2026, Nelnet, Inc. contributed two student loan securitization trusts that included $44.6 million of net assets. Through March 31, 2026, the Company has contributed $322.6 million of initial and ongoing capital to Nelnet Bank (such capital contributions have included cash, investments, loans, and equity in student loan trusts).
Nelnet Bank funds the majority of its assets through a diversified deposit base, including retail, commercial, institutional, and brokered deposits sourced through direct banking platforms and deposit marketplaces. Deposit products include both liquid and term deposits with varying maturities, which provide funding stability and flexibility. Management expects continued deposit growth to be the primary source of funding for future loan growth.
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In addition to deposit funding, Nelnet Bank maintains access to unsecured federal funds lines with correspondent banks and has established borrowing capacity with the Federal Reserve Bank and the Federal Home Loan Bank. These sources provide additional liquidity and funding flexibility as needed.
Other Sources of Liquidity
Unsecured Line of Credit
On March 31, 2026, the Company entered into a new $435.0 million unsecured line of credit with a maturity date of March 31, 2031. In conjunction with entering into the new line of credit, the Company terminated its $495.0 million line of credit which had a scheduled maturity date of September 22, 2026. There was no outstanding balance on the $495.0 million line of credit on the date of termination. As of March 31, 2026, the new unsecured line of credit had no amount outstanding and $435.0 million was available for future use. Upon the maturity date of the new facility, there can be no assurance that the Company will be able to maintain this line of credit, increase or maintain the amount outstanding under the line, or find alternative funding if necessary.
Union Bank Participation Agreement
The Company has an agreement with Union Bank under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities (bond investments). The agreement automatically renews annually and is terminable by either party upon five business days' notice. The Company can participate FFELP loan asset-backed securities (investments) to Union Bank to the extent of availability under the grantor trusts, up to $400.0 million or an amount in excess of $400.0 million if mutually agreed to by both parties. As of March 31, 2026, $0.1 million (par value) of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement.
Stock Repurchases
The Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ended May 8, 2028. As of March 31, 2026, 4,398,221 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 three months ended March 13, 2026 are shown below. For additional information on stock repurchases during the first quarter of 2026, see "Stock Repurchases" under Part II, Item 2 of this report.
Total shares repurchasedPurchase price (in thousands)Average price of shares repurchased (per share)
Quarter ended March 31, 2026126,319 $16,280 128.88 
Dividends
On March 13, 2026, the Company paid a first quarter 2026 cash dividend on the Company's Class A and Class B common stock of $0.33 per share. In addition, the Company's Board of Directors has declared a second quarter 2026 cash dividend on the Company's outstanding shares of Class A and Class B common stock of $0.33 per share. The second quarter cash dividend will be paid on June 15, 2026 to shareholders of record at the close of business on June 1, 2026.
The Company plans to continue making regular quarterly dividend payments, subject to future earnings, capital requirements, financial condition, and other factors.
RECENT ACCOUNTING PRONOUNCEMENTS
In November 2024, the FASB issued accounting guidance to increase disclosure requirements primarily through enhanced disclosures about types of expenses (including employee compensation, depreciation, and amortization) in commonly presented expense captions. This guidance will be effective for the Company for fiscal years beginning after December 15, 2026. The guidance is required to be applied prospectively with the option for retrospective application. Management is currently evaluating the impact this guidance will have on 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.
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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
(All dollars are in thousands, except share amounts, unless otherwise noted)
The Company’s consolidated balance sheets include assets and liabilities whose fair values are subject to market risks, primarily interest rate risk. The following sections address the interest rate risk associated with our relevant business activities.
Interest Rate Risk - AGM Operating Segment
AGM’s primary market risk exposure arises from fluctuations in its lending and borrowing rates, the spread between which could impact AGM due to shifts in market interest rates.
The following table sets forth AGM’s loan assets and debt instruments by rate characteristics:
 As of March 31, 2026As of December 31, 2025
 DollarsPercentDollarsPercent
Fixed-rate loan assets$1,770,383 21.1 %$1,611,772 18.5 %
Variable-rate loan assets6,638,796 78.9 7,087,397 81.5 
Total$8,409,179 100.0 %$8,699,169 100.0 %
Fixed-rate debt instruments$317,999 4.2 %$331,404 4.2 %
Variable-rate debt instruments7,341,475 95.8 7,490,065 95.8 
Total$7,659,474 100.0 %$7,821,469 100.0 %
FFELP loans originated prior to April 1, 2006 generally earn interest at the higher of the borrower rate, which is fixed over a period of time, or a floating rate based on the special allowance payment (SAP) formula set by the Department. The SAP rate is based on an applicable index plus a fixed spread that depends on loan type, origination date, and repayment status. The Company generally finances its FFELP student loan portfolio with variable-rate debt. In low and/or declining interest rate environments, when the fixed borrower rate is higher than the SAP rate, the Company’s FFELP student loans earn at a fixed rate while the interest on the variable-rate debt typically continues to reflect the low and/or declining interest rates. In these interest rate environments, the Company may earn additional spread income that it refers to as floor income.
Depending on the type of loan and when it was originated, the borrower rate is either fixed to term or is reset to an annual rate each July 1. As a result, for loans where the borrower rate is fixed to term, the Company may earn floor income for an extended period of time, which the Company refers to as fixed-rate floor income, and for those loans where the borrower rate is reset annually on July 1, the Company may earn floor income to the next reset date, which the Company refers to as variable-rate floor income. All FFELP loans first originated on or after April 1, 2006 effectively earn at the SAP rate, since lenders are required to rebate fixed-rate floor income and variable-rate floor income for those loans to the Department.
The Company earned no variable-rate floor income in 2026 or 2025.
The following table shows AGM’s federally insured student loan assets that were earning fixed-rate floor income as of March 31, 2026:
Fixed interest rate rangeBorrower/lender weighted-average yieldEstimated variable conversion rate (a)Loan balance
6.5 - 6.99%6.71%4.07%$97,565 
7.0 - 7.49%7.16%4.52%40,034 
7.5 - 7.99%7.73%5.09%77,915 
8.0 - 8.99%8.18%5.54%186,142 
> 9.0%
9.06%6.42%79,387 
$481,043 
(a) The estimated variable conversion rate is the estimated short-term interest rate at which loans would convert to a variable rate. As of March 31, 2026, the weighted-average estimated variable conversion rate was 5.23% and the short-term interest rate was 386 basis points.
Absent the use of derivative instruments, a rise in interest rates will reduce the amount of floor income received and has an impact on earnings due to interest margin compression caused by increasing financing costs, until such time as the federally insured loans earn interest at a variable rate in accordance with their SAP formulas. In higher interest rate environments, where the interest rate rises above the borrower rate and fixed-rate loans effectively become variable-rate loans, the impact of the rate fluctuations is reduced.
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A summary of fixed-rate floor income earned by the AGM operating segment follows:
Three months ended March 31,
20262025
Fixed-rate floor income, gross$1,563 975 
Derivative settlements (a)(49)429 
Fixed-rate floor income, net$1,514 1,404 
(a)    Derivative settlements consist of settlements received related to the Company's derivatives used to hedge student loans earning fixed-rate floor income. See note 4 of the notes to consolidated financial statements included in Part I, Item 1 of this report for a summary of fixed-rate floor derivatives.
AGM is also exposed to interest rate risk in the form of repricing risk and basis risk because the interest rate characteristics of AGM’s assets do not match the interest rate characteristics of the funding for those assets. In a decreasing interest rate environment, student loan spread on FFELP loans decreases in the short term because of the timing of interest rate resets on the Company's assets occurring daily in contrast to the timing of the interest rate resets on the Company's debt occurring either monthly or quarterly. This also results in student loan spread increasing in the short term in an increasing interest rate environment. The following table presents AGM’s FFELP student loan assets and related funding for those assets arranged by underlying indices as of March 31, 2026:
IndexFrequency of variable resetsAssetsFunding of student loan assets
30-day average SOFR (a)Daily$6,617,827 — 
3-month Treasury billDaily227,220 — 
3-month H15 financial commercial paperDaily220,316 — 
30-day average SOFR / 1-month CME Term SOFRMonthly— 4,795,919 
90-day average SOFR / 3-month CME Term SOFR (a)Quarterly— 1,265,503 
Asset-backed commercial paper / SOFR (b)Varies— 484,641 
Fixed rate—— 293,183 
Auction-rate (c)Varies— 10,915 
Other (d)—716,863 932,065 
  $7,782,226 7,782,226 
(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 March 31, 2026:
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
(b)    The interest rates on the Company's FFELP warehouse facility is indexed to asset-backed commercial paper rates and daily SOFR.
(c)    As of March 31, 2026, the Company was sponsor for $10.9 million of outstanding asset-backed securities that were set and provide for interest rates to be periodically reset via a "dutch auction" (the “Auction Rate Securities”). Since the auction feature has essentially been inoperable for substantially all auction rate securities since 2008, the Auction Rate Securities generally pay interest to the holder at a maximum rate as defined by the indenture. While these rates will vary, they will generally be based on a spread to SOFR or Treasury Securities, or the Net Loan Rate as defined in the financing documents.
(d)    Assets include accrued interest receivable and restricted cash. Funding represents overcollateralization (equity) and other liabilities included in FFELP loan asset-backed securitizations and warehouse facilities.
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The following table summarizes the effect on the Company’s consolidated earnings based upon a sensitivity analysis performed on AGM’s variable-rate assets (including loans earning fixed-rate floor income) and liabilities. The sensitivity analysis was performed assuming the funding index increases 10 basis points and 30 basis points while holding the asset index constant, if the funding index is different than the asset index.
Asset and funding index mismatches
Increase of
10 basis points		Increase of
30 basis points		Increase of
10 basis points		Increase of
30 basis points
DollarsPercentDollarsPercentDollarsPercentDollarsPercent
Three months ended March 31, 2026Three months ended March 31, 2025
Effect on earnings:
Increase (decrease) in pre-tax net income before impact of derivative settlements$(643)(0.9)%$(1,930)(2.6)%$(761)(0.7)%$(2,282)(2.1)%
Impact of derivative settlements345 0.5 1,036 1.4 345 0.3 1,036 1.0 
Increase (decrease) in net income before taxes$(298)(0.4)%$(894)(1.2)%$(416)(0.4)%$(1,246)(1.1)%
Increase (decrease) in basic and diluted earnings per share$(0.01)$(0.02)$(0.01)$(0.03)
Interest Rate Risk - Nelnet Bank
To manage Nelnet Bank's risk from fluctuations in market interest rates, the Company actively monitors interest rates and other interest sensitive components to minimize the impact that changes in interest rates have on the fair value of assets, net income, and cash flow. To achieve this objective, the Company manages and mitigates Nelnet Bank’s exposure to fluctuations in market interest rates through several techniques, including managing the maturity, repricing, and mix of fixed- and variable-rate assets and liabilities and the use of derivative instruments.
The following table presents Nelnet Bank's loan assets, asset-backed security investments, deposits (including intercompany deposits), and bonds and notes payable (debt) by rate characteristics:
 As of March 31, 2026As of December 31, 2025
 DollarsPercentDollarsPercent
Fixed-rate loan assets$677,615 $630,570 
Fixed-rate investments122,442 83,020 
Total fixed-rate assets800,057 33.0 %713,590 35.4 %
Variable-rate loan assets583,835 326,992 
Variable-rate investments1,037,612 975,268 
Total variable-rate assets1,621,447 67.0 1,302,260 64.6 
Total assets$2,421,504 100.0 %$2,015,850 100.0 %
Fixed-rate deposits$620,801 29.0 %$635,293 36.0 %
Variable-rate deposits (a)1,335,953 1,127,667 
Variable-rate debt181,663 — 
Total variable-rate deposits and debt1,517,616 71.0 1,127,667 64.0 
Total deposits and debt instruments$2,138,417 100.0 %$1,762,960 100.0 %
(a)    Nelnet Bank uses derivative instruments to hedge exposure to variability in cash flows of variable-rate deposits to minimize the exposure to volatility in cash flows from future changes in interest rates. The derivatives are not reflected in the above table. See note 4 of the notes to consolidated financial statements included under Part I, Item 1 of this report for a summary of Nelnet Bank's derivatives outstanding as of March 31, 2026.
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Interest Rate and Market Risk - Investments
The following table presents the rates earned on the Company’s available-for-sale debt securities (investments), excluding securities (investments) held by Nelnet Bank.
Three months ended March 31,
20262025
Average balanceInterest incomeAverage yieldAverage balanceInterest incomeAverage yield
Asset-backed securities available-for-sale (a) (b) $700,294 8,493 4.92 %$589,299 7,995 5.50 %
(a)    The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market or retained such instruments upon initial issuance. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. The table above includes these repurchased bonds.
(b)    The majority of the Company’s asset-backed securities earn floating rates with expected returns of approximately SOFR + 50 to 350 basis points to maturity. As of March 31, 2026, $205.8 million (par value) of the Company’s asset-backed securities earn a weighted-average fixed rate of 3.72%.
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 March 31, 2026, the gross unrealized loss on the Company’s available-for-sale debt securities (including available-for-sale securities held at Nelnet Bank) was $21.2 million, and the aggregate fair value of available-for-sale debt securities with unrealized losses was $991.1 million. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
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Consolidated Sensitivity Analysis
The following table summarizes the effect on the Company’s consolidated earnings, based upon a sensitivity analysis performed on the Company’s significant interest-earning assets and interest-bearing liabilities assuming hypothetical increases and decreases in interest rates of 100 basis points and 300 basis points, while funding spreads remain constant:
Interest rates
Change from increase of
100 basis points		Change from increase of
300 basis points		Change from decrease of
100 basis points		Change from decrease of
300 basis points
DollarsPercentDollarsPercentDollarsPercentDollarsPercent
Three months ended March 31, 2026
Effect on earnings:
AGM operating segment (a)$(462)$1,330 $1,666 $7,682 
Nelnet Bank operating segment (b)614 1,842 (614)(1,842)
NFS other operating segments (c)1,172 3,517 (1,172)(3,517)
ETSP operating segment (d)1,601 4,802 (1,601)(4,802)
Corporate and Other Activities (d)697 2,091 (697)(2,091)
Increase (decrease) in net income before taxes$3,622 4.8 %$13,582 18.0 %$(2,418)(3.2)%$(4,570)(6.0)%
Increase (decrease) in basic and diluted earnings per share$0.08 $0.29 $(0.05)$(0.10)
Three months ended March 31, 2025
Effect on earnings:
AGM operating segment (a)$402 $5,267 $355 $3,252 
Nelnet Bank operating segment (b)728 2,184 (728)(2,184)
NFS other operating segments (c)916 2,747 (916)(2,747)
ETSP operating segment (d)1,567 4,702 (1,567)(4,702)
Corporate and Other Activities (d)1,392 4,177 (1,392)(4,177)
Increase (decrease) in net income before taxes$5,005 4.7 %$19,077 18.0 %$(4,248)(4.0)%$(10,558)(9.9)%
Increase (decrease) in basic and diluted earnings per share$0.10 $0.40 $(0.09)$(0.22)
(a)Impact associated with variable-rate restricted cash, variable-rate loans, and variable-rate bonds and notes payable, including the impact of derivative settlements.
(b)Impact associated with variable-rate loans and debt securities (investments) and variable-rate deposits and bonds and notes payable, including the impact of derivative settlements.
(c)Impact associated with variable-rate debt securities (investments).
(d)Impact associated with interest earning operating and restricted cash accounts.
ITEM 4.  CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company’s management, with the participation of the Company's principal executive and principal financial officers, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of March 31, 2026. Based on this evaluation, the Company’s principal executive and principal financial officers concluded that the Company's disclosure controls and procedures were effective as of March 31, 2026.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There have been no material changes from the information referred to in the Legal Proceedings section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 under Part I, Item 3 of such Form 10-K.
ITEM 1A.  RISK FACTORS
There have been no material changes from the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 in response to Part I, Item 1A of such Form 10-K.
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Stock Repurchases
The following table summarizes the repurchases of Class A common stock during the first quarter of 2026 by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934. Certain share repurchases included in the table below were made pursuant to a trading plan adopted by the Company in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
PeriodTotal number of shares purchased (a)Average price paid per shareTotal number of shares purchased as part of publicly announced plans or programs (b)Maximum number of shares that may yet be purchased under the plans or programs (b)
January 1 - January 31, 2026— $— — 4,488,349 
February 1 - February 28, 202610,367 128.46 10,367 4,477,982 
March 1 - March 31, 2026115,952 128.91 79,761 4,398,221 
Total126,319 $128.88 90,128 
(a)    The total number of shares includes: (i) shares repurchased pursuant to the stock repurchase program discussed in footnote (b) 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 36,191 shares in March 2026. Unless otherwise indicated, shares owned and tendered by employees to satisfy tax withholding obligations were purchased at the closing price of the Company’s shares on the date of vesting.
(b)    On May 8, 2025, the Company announced that its Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2028. As of March 31, 2026, 4,398,221 shares remained authorized for repurchase under the Company's stock repurchase program.
Working capital and dividend restrictions/limitations
The Company's $435.0 million unsecured line of credit, which is available through March 31, 2031, imposes restrictions on the payment of dividends through covenants requiring a minimum consolidated net worth. In addition, trust indentures and other financing agreements governing debt issued by the Company's lending subsidiaries generally have limitations on the amounts of funds that can be transferred to the Company by its subsidiaries through cash dividends at certain times. Further, Nelnet Bank and Nelnet Insurance Services' consolidated captive insurance companies are subject to laws and regulations that restrict the ability to pay dividends to the Company and authorize regulatory authorities to prohibit or limit the payment of dividends by these subsidiaries to the Company. These provisions do not currently materially limit the Company's ability to pay dividends and, based on the Company's current financial condition and recent results of operations, the Company does not currently anticipate that these provisions will materially limit the future payment of dividends.
ITEM 5.  OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the first quarter of 2026, none of the Company's officers or directors adopted or terminated any contract, instruction, or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans, or any non-Rule 10b5-1 trading arrangement.
61


ITEM 6.  EXHIBITS
10.1
Credit Agreement dated as of March 31, 2026, between Nelnet, Inc., U.S. Bank National Association, as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, Royal Bank of Canada, as Documentation Agent, U.S. Bank National Association and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Book Runners, and various lender parties thereto, filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on April 2, 2026 and incorporated herein by reference.
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
62


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:May 7, 2026By:/s/ JEFFREY R. NOORDHOEK 
 Name:Jeffrey R. Noordhoek 
 Title:
Chief Executive Officer
Principal Executive Officer
 
    
Date:May 7, 2026By:/s/ JAMES D. KRUGER 
Name:James D. Kruger 
 Title: 
Chief Financial Officer
Principal Financial Officer and Principal Accounting Officer
 


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