NELNET INC

For the period ended Jun 30, 2026. Filed Aug 6, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2026 · Filed Aug 6, 2026

NNI$132.50+1.5%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

	As of	As of
	June 30, 2026	December 31, 2025
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $165,065 and $132,078, respectively)	$9,802,215	10,006,695
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	46,783	128,142
Cash and cash equivalents - held at a related party	125,647	167,841
Total cash and cash equivalents	172,430	295,983
Investments and notes receivable:
Investments at fair value	1,701,392	1,414,636
Other investments and notes receivable, net	967,352	933,335
Total investments and notes receivable	2,668,744	2,347,971
Restricted cash	285,845	357,639
Restricted cash - due to customers	508,039	319,924
Accounts receivable (net of allowance for doubtful accounts of $4,098 and $2,758, respectively)	169,922	193,453
Goodwill	206,835	158,029
Intangible assets, net	96,003	29,283
Property and equipment, net	80,732	75,532
Other assets	284,299	279,274
Total assets	$14,275,064	14,063,783
Liabilities:
Bonds and notes payable	$7,043,156	7,780,927
Accrued interest payable	16,265	20,426
Bank deposits	2,219,249	1,669,173
Other liabilities	521,048	558,184
Due to customers	839,910	457,844
Total liabilities	10,639,628	10,486,554
Commitments and contingencies
Equity:
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	—	—
Common stock:
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 25,163,944 shares and 25,259,718 shares, respectively	252	253
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,616,675 shares	106	106
Additional paid-in capital	1,777	1,481
Retained earnings	3,770,251	3,681,333
Accumulated other comprehensive (loss) earnings, net	(1,847)	2,619
Total Nelnet, Inc. shareholders' equity	3,770,539	3,685,792
Noncontrolling interests	(135,103)	(108,563)
Total equity	3,635,436	3,577,229
Total liabilities and equity	$14,275,064	14,063,783
Supplemental information - assets and liabilities of consolidated education and other lending variable-interest entities:
Loans and accrued interest receivable	$7,742,049	8,780,878
Restricted cash	271,573	326,281
Bonds and notes payable	(7,189,895)	(8,112,424)
Accrued interest payable and other liabilities	(121,220)	(133,502)
Net assets of consolidated education and other lending variable-interest entities	$702,507	861,233

CONSOLIDATED STATEMENTS OF INCOME

Three months ended · Six months ended
	June 30,		June 30,
	2026	2025	2026	2025
Interest income:
Loan interest	$164,598	172,104	335,622	338,543
Investment interest	40,315	40,185	80,517	81,574
Total interest income	204,913	212,289	416,139	420,117
Interest expense on bonds and notes payable and bank deposits	108,902	132,854	218,485	257,968
Net interest income	96,011	79,435	197,654	162,149
Less provision for loan losses	41,077	17,930	94,321	33,267
Less provision for beneficial interests	2,441	4,977	6,571	6,487
Net interest income after provision	52,493	56,528	96,762	122,395
Other income (expense):
Loan servicing and systems revenue	132,244	120,724	260,086	241,465
Education technology services and payments revenue	118,884	118,184	273,319	265,515
Reinsurance premiums earned	40,625	26,112	63,161	50,799
Solar construction revenue	—	1,259	—	5,254
Other, net	18,399	22,976	28,836	47,579
Gain on partial redemption of ALLO investment	—	175,044	—	175,044
Derivative market value adjustments and derivative settlements, net	3,852	(3,122)	6,019	(8,701)
Total other income (expense), net	314,004	461,177	631,421	776,955
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs	2,087	1,845	4,174	3,478
Cost to provide education technology services and payments	39,183	39,844	89,136	87,891
Cost to provide solar construction services	—	14,050	—	21,878
Total cost of services	41,270	55,739	93,310	113,247
Salaries and benefits	152,664	134,699	292,035	272,922
Depreciation and amortization	10,142	7,624	19,312	16,879
Reinsurance losses and underwriting expenses	32,809	25,662	56,414	47,874
Other expenses	64,199	56,617	126,038	104,924
Total operating expenses	259,814	224,602	493,799	442,599
Income before income taxes	65,413	237,364	141,074	343,504
Income tax expense	(19,942)	(59,510)	(40,003)	(84,521)
Net income	45,471	177,854	101,071	258,983
Net loss attributable to noncontrolling interests	21,191	3,605	36,717	5,035
Net income attributable to Nelnet, Inc.	$66,662	181,459	137,788	264,018
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted	$1.85	4.97	3.82	7.24
Weighted-average common shares outstanding - basic and diluted	36,037,509	36,485,605	36,057,102	36,482,035

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

Three months ended June 30, · Six months ended June 30,
2026 · 2025 · 2026 · 2025
Net income		$45,471				177,854			101,071		258,983
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments	$	(1,575)				(131)			(2,772)		(147)
Net changes related to available-for-sale debt securities:
Unrealized holding gains (losses) arising during period, net	4,213			(657)				(2,245)		(3,425)
Reclassification of gains recognized in net income, net	(479)			(595)				(902)		(1,077)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity	8			94				13		141
Income tax effect	(898)		2,844		278		(880)		752	(2,382)		1,047	(3,314)
Net changes related to cash flow hedges:
Fair value adjustments during period, net	565			(625)				867		(625)
Income tax effect	(136)		429		150		(475)		(208)	659		150	(475)
Net changes related to equity method investee's other comprehensive income:
Cash flow hedge fair value adjustment during period	(15)			(385)				37		340
Income tax effect	4		(11)		92		(293)		(8)	29		(82)	258
Other comprehensive income (loss)		1,687				(1,779)			(4,466)		(3,678)
Comprehensive income		47,158				176,075			96,605		255,305
Comprehensive loss attributable to noncontrolling interests		21,191				3,605			36,717		5,035
Comprehensive income attributable to Nelnet, Inc.		$68,349				179,680			133,322		260,340

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

	Nelnet, Inc. Shareholders
Preferred stock shares · Common stock shares · Preferred stock · Class A common stock · Class B common stock · Additional paid-in capital · Retained earnings · Accumulated other comprehensive (loss) earnings · Noncontrolling interests · Total equity
Class A · Class B
Balance as of March 31, 2025	—	25,697,581	10,658,604	$—	257	107	6,649	3,412,939	(429)	(56,514)	3,363,009
Net income (loss)	—	—	—	—	—	—	—	181,459	—	(3,605)	177,854
Other comprehensive loss	—	—	—	—	—	—	—	—	(1,779)	—	(1,779)
Issuance of noncontrolling interests	—	—	—	—	—	—	—	—	—	3,882	3,882
Distribution to noncontrolling interests	—	—	—	—	—	—	—	—	—	(30,670)	(30,670)
Cash dividends on Class A and Class B common stock - $0.28 per share	—	—	—	—	—	—	—	(10,162)	—	—	(10,162)
Issuance of common stock, net of forfeitures	—	24,703	—	—	—	—	2,153	—	—	—	2,153
Compensation expense for stock-based awards	—	—	—	—	—	—	3,296	—	—	—	3,296
Repurchase of common stock	—	(183,554)	—	—	(2)	—	(11,461)	(9,897)	—	—	(21,360)
Acquisition of remaining 20% of NextGen, net of tax	—	—	—	—	—	—	—	1,853	—	(5,383)	(3,530)
Balance as of June 30, 2025	—	25,538,730	10,658,604	$—	255	107	637	3,576,192	(2,208)	(92,290)	3,482,693
Balance as of March 31, 2026	—	25,334,870	10,616,675	$—	253	106	1,535	3,732,931	(3,534)	(125,279)	3,606,012
Net income (loss)	—	—	—	—	—	—	—	66,662	—	(21,191)	45,471
Other comprehensive income	—	—	—	—	—	—	—	—	1,687	—	1,687
Issuance of noncontrolling interests	—	—	—	—	—	—	—	—	—	22,557	22,557
Distribution to noncontrolling interests	—	—	—	—	—	—	—	—	—	(11,190)	(11,190)
Cash dividends on Class A and Class B common stock - $0.33 per share	—	—	—	—	—	—	—	(11,820)	—	—	(11,820)
Issuance of common stock, net of forfeitures	—	19,355	—	—	—	—	1,935	—	—	—	1,935
Compensation expense for stock-based awards	—	—	—	—	—	—	5,137	—	—	—	5,137
Repurchase of common stock	—	(190,281)	—	—	(1)	—	(6,830)	(17,522)	—	—	(24,353)
Balance as of June 30, 2026	—	25,163,944	10,616,675	$—	252	106	1,777	3,770,251	(1,847)	(135,103)	3,635,436

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

	Nelnet, Inc. Shareholders
Preferred stock shares · Common stock shares · Preferred stock · Class A common stock · Class B common stock · Additional paid-in capital · Retained earnings · Accumulated other comprehensive (loss) earnings · Noncontrolling interests · Total equity
Class A · Class B
Balance as of December 31, 2024	—	25,634,748	10,658,604	$—	256	107	7,389	3,340,540	1,470	(50,645)	3,299,117
Net income (loss)	—	—	—	—	—	—	—	264,018	—	(5,035)	258,983
Other comprehensive loss	—	—	—	—	—	—	—	—	(3,678)	—	(3,678)
Issuance of noncontrolling interests	—	—	—	—	—	—	—	—	—	6,179	6,179
Distribution to noncontrolling interests	—	—	—	—	—	—	—	—	—	(37,406)	(37,406)
Cash dividends on Class A and Class B common stock - $0.56 per share	—	—	—	—	—	—	—	(20,322)	—	—	(20,322)
Issuance of common stock, net of forfeitures	—	126,027	—	—	1	—	2,816	—	—	—	2,817
Compensation expense for stock-based awards	—	—	—	—	—	—	6,351	—	—	—	6,351
Repurchase of common stock	—	(222,045)	—	—	(2)	—	(15,919)	(9,897)	—	—	(25,818)
Acquisition of remaining 20% of NextGen, net of tax	—	—	—	—	—	—	—	1,853	—	(5,383)	(3,530)
Balance as of June 30, 2025	—	25,538,730	10,658,604	$—	255	107	637	3,576,192	(2,208)	(92,290)	3,482,693
Balance as of December 31, 2025	—	25,259,718	10,616,675	$—	253	106	1,481	3,681,333	2,619	(108,563)	3,577,229
Net income (loss)	—	—	—	—	—	—	—	137,788	—	(36,717)	101,071
Other comprehensive loss	—	—	—	—	—	—	—	—	(4,466)	—	(4,466)
Issuance of noncontrolling interests	—	—	—	—	—	—	—	—	—	24,395	24,395
Distribution to noncontrolling interests	—	—	—	—	—	—	—	—	—	(14,183)	(14,183)
Cash dividends on Class A and Class B common stock - $0.66 per share	—	—	—	—	—	—	—	(23,655)	—	—	(23,655)
Issuance of common stock, net of forfeitures	—	220,826	—	—	2	—	8,477	—	—	—	8,479
Compensation expense for stock-based awards	—	—	—	—	—	—	8,699	—	—	—	8,699
Repurchase of common stock	—	(316,600)	—	—	(3)	—	(16,880)	(23,750)	—	—	(40,633)
Redemption of 10% minority interests of WRCM	—	—	—	—	—	—	—	(1,465)	—	(35)	(1,500)
Balance as of June 30, 2026	—	25,163,944	10,616,675	$—	252	106	1,777	3,770,251	(1,847)	(135,103)	3,635,436

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

	Six months ended
	June 30,
	2026	2025
Net income attributable to Nelnet, Inc.	$137,788	264,018
Net loss attributable to noncontrolling interests	(36,717)	(5,035)
Net income	101,071	258,983
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	42,933	52,406
Loan discount and deferred lender fees accretion	(86,264)	(42,502)
Provision for loan losses	94,321	33,267
Provision for beneficial interests	6,571	6,487
Derivative market value adjustments	(5,273)	10,190
Gain on partial redemption of ALLO investment	—	(175,044)
Loss (gain) on sale of loans, net	132	(909)
Loss (gain) on investments, net	25,060	(19,650)
Deferred income tax benefit	(12,192)	(88,924)
Non-cash compensation expense	8,868	6,513
Impairment expense	—	5,392
Other	(1,692)	(3,019)
Changes in operating assets and liabilities:
(Increase) decrease in loan and investment accrued interest receivable	(23,468)	15,218
Decrease in accounts receivable	41,565	32,523
(Increase) decrease in other assets	(50,126)	23,510
Decrease in the carrying amount of ROU asset	2,152	1,958
Decrease in accrued interest payable	(4,161)	(6,072)
Increase in other liabilities	13,951	65,986
Decrease in the carrying amount of lease liability	(2,439)	(3,384)
Total adjustments	49,938	(86,054)
Net cash provided by operating activities	151,009	172,929
Cash flows from investing activities, net of acquisitions:
Purchases and originations of loans, including cash paid for student loan trusts,net of cash and restricted cash acquired	(6,140,240)	(368,499)
Purchases of loans from a related party	(415,039)	(136,667)
Proceeds from loan repayments, claims, and capitalized interest, net	6,596,556	881,096
Proceeds from sale of loans	262	72,626
Proceeds from sale of loans to a related party	157,861	60,181
Purchases of available-for-sale securities	(408,618)	(240,476)
Proceeds from sales of available-for-sale securities	148,021	109,609
Proceeds from beneficial interest in loan securitizations	42,193	38,235
Purchases of other investments and issuance of notes receivable	(271,653)	(161,828)
Proceeds from other investments and repayments of notes receivable	83,476	454,829
Purchases of held-to-maturity debt securities	(2,279)	—
Redemption of held-to-maturity debt securities	3,190	7,796
Purchases of property and equipment	(17,875)	(7,074)
Business acquisitions, net of cash and restricted cash acquired	189,286	—
Net cash (used in) provided by investing activities	$(34,859)	709,828

NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
	Six months ended
	June 30,
	2026	2025
Cash flows from financing activities, net of acquisitions:
Payments on bonds and notes payable	$(995,241)	(1,117,852)
Proceeds from issuance of bonds and notes payable	255,059	25
Payments of debt issuance costs	(2,181)	(3,999)
Increase in bank deposits, net	550,076	195,911
Increase (decrease) in due to customers	94,491	(49,489)
Dividends paid	(23,655)	(20,322)
Repurchases of common stock	(40,633)	(25,818)
Proceeds from issuance of common stock	952	920
Redemption of noncontrolling interest	(1,500)	(3,944)
Issuance of noncontrolling interests	56,249	15,580
Distribution to noncontrolling interests	(3,276)	(3,351)
Net cash used in financing activities	(109,659)	(1,012,339)
Effect of exchange rate changes on cash and restricted cash	(13,723)	338
Net decrease in cash, cash equivalents, and restricted cash	(7,232)	(129,244)
Cash, cash equivalents, and restricted cash, beginning of period	973,546	931,020
Cash, cash equivalents, and restricted cash, end of period	$966,314	801,776

Supplemental disclosures of cash flow information:
Cash disbursements made for interest	$215,947	244,109
Cash disbursements made for income taxes, net of refunds and credits received (a)	$3,900	26,886
Cash disbursements made for operating leases	$2,901	2,604
Non-cash operating, investing and financing activity:
ROU assets obtained in exchange for lease obligations	$5,525	6,495
Student loans and other assets acquired	$—	672,601
Borrowings and other liabilities assumed in acquisition of student loans	$—	705,439
Distribution to noncontrolling interests	$10,907	34,055
Issuance of noncontrolling interests	$31,854	9,401

(a)The Company utilized $33.1 million and $36.6 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2026 and 2025, respectively.

Supplemental disclosures of non-cash activities regarding the Company's business acquisitions are contained in note 6.

The following table presents a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in the consolidated statements of cash flows:

	As of	As of	As of	As of
	June 30, 2026	December 31, 2025	June 30, 2025	December 31, 2024
Total cash and cash equivalents	$172,430	295,983	225,753	194,518
Restricted cash	285,845	357,639	317,958	332,100
Restricted cash - due to customers	508,039	319,924	258,065	404,402
Cash, cash equivalents, and restricted cash	$966,314	973,546	801,776	931,020

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per share amounts, unless otherwise noted)

Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2025 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report").

Loans and Accrued Interest Receivable and Allowance for Loan Losses

Loans and accrued interest receivable consisted of the following:

	As of	As of
	June 30, 2026	December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a):
Stafford and other	$1,744,658	1,772,172
Consolidation	4,748,739	5,665,071
Total	6,493,397	7,437,243
Private education loans	122,818	139,209
Consumer loans and other financing receivables (b)	1,213,556	1,122,717
Non-Nelnet Bank loans	7,829,771	8,699,169
Nelnet Bank:
Federally insured loans (a):
Stafford and other	53,525	23,960
Consolidation	799,816	148,360
Total	853,341	172,320
Private education loans	521,159	518,634
Consumer and other loans	264,597	266,608
Nelnet Bank loans	1,639,097	957,562
Accrued interest receivable	542,799	528,936
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs	(44,387)	(46,894)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans	(38,173)	(42,080)
Private education loans	(6,239)	(6,894)
Consumer loans and other financing receivables	(92,215)	(57,360)
Non-Nelnet Bank allowance for loan losses	(136,627)	(106,334)
Nelnet Bank:
Federally insured loans	(3,016)	(676)
Private education loans	(12,609)	(12,932)
Consumer and other loans	(12,813)	(12,136)
Nelnet Bank allowance for loan losses	(28,438)	(25,744)
	$9,802,215	10,006,695

(a) During 2026, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) contributed certain student loan securitization trusts to Nelnet Bank that included $716.3 million in federally insured loans.

(b) Included in "consumer loans and other financing receivables" in the above table are Pay Later receivables that the Company began to purchase in the third quarter of 2025. As of June 30, 2026 and December 31, 2025, the balance of Pay Later receivables was $699.8 million and $744.2 million, respectively.

The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios:

	As of	As of
	June 30, 2026	December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a)	0.59%	0.57%
Private education loans	5.08%	4.95%
Consumer loans and other financing receivables (b)	7.60%	5.11%
Nelnet Bank:
Federally insured loans (a)	0.35%	0.39%
Private education loans	2.42%	2.49%
Consumer and other loans	4.84%	4.55%

(a) The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for Non-Nelnet Bank was 20.1% and 19.3%, and for Nelnet Bank was 17.1% and 17.3%, as of June 30, 2026 and December 31, 2025, respectively.

(b) The increase in allowance for loan losses as a percentage of the ending loan balance for consumer loans and other financing receivables was driven by (1) a shift in loan mix, reflecting growth in certain consumer loans (non-Pay Later receivables) that carry a higher expected loss rate than the overall portfolio; and (2) the seasoning of Pay Later receivables, which the Company began acquiring in the third quarter of 2025. This increase was not due to a deterioration in credit quality, and delinquency and net charge-off rates remained consistent with management's expectations during the period.

Activity in the Allowance for Loan Losses

The following table presents the activity in the allowance for loan losses by portfolio segment:

	Balance at beginning of period	Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration	Loan sales/contributions	Balance at end of period
	Three months ended June 30, 2026
Non-Nelnet Bank:
Federally insured loans	$40,043	2,387	(2,687)	—	—	(1,570)	38,173
Private education loans	6,385	—	(392)	246	—	—	6,239
Consumer loans and other financing receivables	79,593	38,939	(29,396)	3,079	—	—	92,215
Nelnet Bank:
Federally insured loans	1,725	(158)	(121)	—	—	1,570	3,016
Private education loans	13,182	572	(1,498)	353	—	—	12,609
Consumer and other loans	14,263	(717)	(829)	96	—	—	12,813
	$155,191	41,023	(34,923)	3,774	—	—	165,065
	Three months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans	$48,906	2,112	(3,391)	—	—	—	47,627
Private education loans	10,394	(2,760)	(523)	295	—	—	7,406
Consumer loans and other financing receivables	43,904	11,781	(7,967)	310	—	—	48,028
Nelnet Bank:
Federally insured loans	362	9	(16)	—	—	—	355
Private education loans	9,893	2,839	(1,739)	307	1,060	—	12,360
Consumer and other loans	6,617	3,731	(878)	103	—	—	9,573
	$120,076	17,712	(14,514)	1,015	1,060	—	125,349

	Balance at beginning of period	Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration	Loan sales/contributions	Balance at end of period
	Six months ended June 30, 2026
Non-Nelnet Bank:
Federally insured loans	$42,080	4,459	(5,655)	—	—	(2,711)	38,173
Private education loans	6,894	(306)	(777)	428	—	—	6,239
Consumer loans and other financing receivables	57,360	85,639	(55,529)	4,745	—	—	92,215
Nelnet Bank:
Federally insured loans	676	(191)	(180)	—	—	2,711	3,016
Private education loans	12,932	2,337	(3,291)	631	—	—	12,609
Consumer and other loans	12,136	2,657	(2,178)	198	—	—	12,813
	$132,078	94,595	(67,610)	6,002	—	—	165,065
	Six months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans	$49,091	4,746	(6,210)	—	—	—	47,627
Private education loans	11,130	(2,760)	(1,457)	493	—	—	7,406
Consumer loans and other financing receivables	38,468	22,158	(13,143)	545	—	—	48,028
Nelnet Bank:
Federally insured loans	—	374	(19)	—	—	—	355
Private education loans	10,086	3,925	(3,134)	423	1,060	—	12,360
Consumer and other loans	6,115	4,734	(1,447)	171	—	—	9,573
	$114,890	33,177	(25,410)	1,632	1,060	—	125,349

During the periods presented above, the primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods.

The increase in provision for loan losses and charge-offs for Non-Nelnet Bank consumer loans and other financing receivables during the three and six month periods ended June 30, 2026 compared with the same periods in 2025 was due to an increase in consumer loans and Pay Later receivables acquired during 2026 as compared with 2025. The Company began to purchase Pay Later receivables in the third quarter of 2025. The increase in provision expense and charge-offs reflects the volume of new loans added to the portfolio rather than a deterioration in credit quality. Credit performance metrics, including delinquency rates and charge-offs, remained consistent with management’s expectations.

The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios:

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Non-Nelnet Bank:
Federally insured loans	0.16%	0.16%	0.16%	0.14%
Private education loans	0.46%	0.55%	0.54%	1.02%
Consumer loans and other financing receivables	8.78%	7.62%	8.86%	6.58%
Nelnet Bank:
Federally insured loans	0.07%	0.06%	0.07%	0.06%
Private education loans	0.87%	1.10%	1.00%	1.08%
Consumer and other loans	1.10%	1.71%	1.50%	1.49%

Annualized net charge-offs as a percentage of average loans for the Company's Non-Nelnet Bank consumer and other financing receivables portfolio increased during the three and six months ended June 30, 2026 compared with the same periods in 2025. This increase was primarily attributable to the cumulative growth in the volume of Pay Later receivables acquired since the third quarter of 2025 and the seasoning of the portfolio, and was not indicative of a deterioration in credit quality. Delinquency and net charge-off rates remained consistent with management's expectations during the period.

Unfunded Loan Commitments

The Company maintains an allowance for unfunded loan commitments that are not unconditionally cancelable, at a level the Company believes is appropriate as of the balance sheet date, to absorb expected credit losses on this exposure. As of June 30, 2026 and December 31, 2025, Nelnet Bank had a liability of approximately $0.5 million and $0.8 million, respectively, related to $79.5 million and $76.5 million, respectively, of unfunded private education, consumer, and other loan commitments. Other than the estimation of the probability of funding, this reserve is estimated in a manner similar to the methodology used for determining reserves for loans included on the consolidated balance sheet. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet. Net adjustments to this reserve are included in "provision for loan losses" on the consolidated income statement. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income:

Three months ended · Six months ended
	June 30,		June 30,
	2026	2025	2026	2025
Provision for loan losses from allowance activity table above	$41,023	17,712	94,595	33,177
Provision expense (negative provision) for unfunded loan commitments, net	54	218	(274)	90
Provision for loan losses reported in consolidated statements of income	$41,077	17,930	94,321	33,267

Key Credit Quality Indicators

Loan Status and Delinquencies

Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. The following table presents the Company’s loan status and delinquency amounts:

As of June 30, 2026 · As of December 31, 2025 · As of June 30, 2025
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$304,960	4.7%			$336,749		4.5%				$393,460		4.7%
Loans in forbearance	504,082	7.8				493,277		6.6				555,469		6.6
Loans in repayment status:
Loans current	5,013,702		88.2%		5,701,660				86.3%		6,378,571			86.0%
Loans delinquent 31-60 days	184,769		3.2			234,259				3.5		261,809			3.5
Loans delinquent 61-90 days	126,576		2.2			147,645				2.2		175,562			2.4
Loans delinquent 91-120 days	71,368		1.3			94,765				1.4		111,678			1.5
Loans delinquent 121-270 days	190,828		3.4			280,899				4.3		360,754			4.9
Loans delinquent 271 days or greater	97,112		1.7			147,989				2.3		129,782			1.7
Total loans in repayment	5,684,355	87.5		100.0%		6,607,217		88.9			100.0%	7,418,156		88.7		100.0%
Total federally insured loans	6,493,397	100.0%			7,437,243		100.0%				8,367,085		100.0%
Accrued interest receivable	482,085				506,943						545,288
Loan discount, net of unamortized premiums and deferred origination costs	(26,000)				(23,513)						(26,523)
Allowance for loan losses	(38,173)				(42,080)						(47,627)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$6,911,309				$7,878,593						$8,838,223

As of June 30, 2026 · As of December 31, 2025 · As of June 30, 2025
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$2,852	2.3%			$3,094		2.2%				$4,433		2.8%
Loans in forbearance	2,679	2.2				3,049		2.2				1,530		1.0
Loans in repayment status:
Loans current	114,669		97.8%		130,018				97.7%		147,690			98.0%
Loans delinquent 31-60 days	858		0.7			1,253				0.9		1,246			0.8
Loans delinquent 61-90 days	854		0.7			515				0.4		564			0.4
Loans delinquent 91 days or greater	906		0.8			1,280				1.0		1,151			0.8
Total loans in repayment	117,287	95.5		100.0%		133,066		95.6			100.0%	150,651		96.2		100.0%
Total private education loans	122,818	100.0%			139,209		100.0%				156,614		100.0%
Accrued interest receivable	1,062				1,120						1,299
Loan discount, net of unamortized premiums	(3,474)				(4,317)						(5,162)
Allowance for loan losses	(6,239)				(6,894)						(7,406)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$114,167				$129,118						$145,345
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance	$1,489	0.1%			$1,698		0.2%				$1,355		0.3%
Loans in repayment status:
Loans current	1,173,003		96.8%		1,085,883				96.9%		399,263			97.3%
Loans delinquent 31-60 days	15,436		1.3			13,723				1.2		3,731			0.9
Loans delinquent 61-90 days	11,384		0.9			10,797				1.0		3,096			0.8
Loans delinquent 91 days or greater	12,244		1.0			10,616				0.9		4,025			1.0
Total loans in repayment	1,212,067	99.9		100.0%		1,121,019		99.8			100.0%	410,115		99.7		100.0%
Total consumer loans and other financing receivables	1,213,556	100.0%			1,122,717		100.0%				411,470		100.0%
Accrued interest receivable	2,238				1,497						2,260
Loan discount and deferred lender fees, net of unamortized premiums	(20,524)				(17,845)						(6,296)
Allowance for loan losses	(92,215)				(57,360)						(48,028)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses	$1,103,055				$1,049,009						$359,406
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$29,991	3.5%			$6,162		3.6%				$2,665		2.5%
Loans in forbearance	43,723	5.1				8,787		5.1				5,550		5.2
Loans in repayment status:
Loans current	713,274		91.5%		141,357				89.9%		88,408			89.9%
Loans delinquent 30-59 days	19,771		2.5			5,686				3.6		2,806			2.9
Loans delinquent 60-89 days	13,982		1.8			2,703				1.7		2,001			2.0
Loans delinquent 90-119 days	6,700		0.9			980				0.6		1,683			1.7
Loans delinquent 120-270 days	18,696		2.4			4,844				3.1		2,495			2.5
Loans delinquent 271 days or greater	7,204		0.9			1,801				1.1		947			1.0
Total loans in repayment	779,627	91.4		100.0%		157,371		91.3			100.0%	98,340		92.3		100.0%
Total federally insured loans	853,341	100.0%			172,320		100.0%				106,555		100.0%
Accrued interest receivable	46,323				10,939						5,194
Loan premium and deferred origination costs, net of unaccreted discount	6,174				910						1,221
Allowance for loan losses	(3,016)				(676)						(355)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$902,822				$183,493						$112,615

As of June 30, 2026 · As of December 31, 2025 · As of June 30, 2025
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$69,136	13.3%			$56,667		10.9%				$45,107		8.7%
Loans in forbearance	1,342	0.3				1,684		0.3				1,926		0.4
Loans in repayment status:
Loans current	443,365		98.3%		451,221				98.0%		460,426			98.0%
Loans delinquent 30-59 days	2,639		0.6			4,001				0.9		3,102			0.7
Loans delinquent 60-89 days	2,091		0.5			2,327				0.5		2,710			0.6
Loans delinquent 90 days or greater	2,586		0.6			2,734				0.6		3,392			0.7
Total loans in repayment	450,681	86.4		100.0%		460,283		88.8			100.0%	469,630		90.9		100.0%
Total private education loans	521,159	100.0%			518,634		100.0%				516,663		100.0%
Accrued interest receivable	8,726				6,599						5,540
Loan discount, net of unamortized premiums and deferred origination costs	(3,567)				(5,686)						(8,589)
Allowance for loan losses	(12,609)				(12,932)						(12,360)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$513,709				$506,615						$501,254
Consumer and other loans - Nelnet Bank (a):
Loans in deferment	$9,911	3.7%			$10,006		3.8%				$8,538		4.2%
Loans in repayment status:
Loans current	252,216		99.0%		254,448				99.2%		194,507			99.3%
Loans delinquent 30-59 days	985		0.4			1,225				0.5		1,001			0.5
Loans delinquent 60-89 days	935		0.4			560				0.2		193			0.1
Loans delinquent 90 days or greater	550		0.2			369				0.1		184			0.1
Total loans in repayment	254,686	96.3		100.0%		256,602		96.2			100.0%	195,885		95.8		100.0%
Total consumer and other loans	264,597	100.0%			266,608		100.0%				204,423		100.0%
Accrued interest receivable	2,365				1,838						1,346
Loan premium, net of unaccreted discount	3,004				3,557						2,444
Allowance for loan losses	(12,813)				(12,136)						(9,573)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses	$257,153				$259,867						$198,640

(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.

FICO Scores

An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination or purchase. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase:

Nelnet Bank Private Education Loans

Six months ended June 30, 2026 · 2025 · 2024 · 2023 · 2022 · Prior years · Total · Percent of total
FICO at origination or purchase:
Less than 705	$1,959	6,907	2,641	2,550	3,621	19,626	37,304	7.2%
705 - 734	2,379	12,104	4,444	6,651	15,689	19,047	60,314	11.6
735 - 764	2,948	16,514	5,118	6,536	24,589	29,207	84,912	16.3
765 - 794	4,502	22,812	6,183	4,600	38,357	41,690	118,144	22.7
Greater than 794	9,618	32,452	12,988	10,312	52,963	96,730	215,063	41.2
No FICO score available or required (a)	—	—	1,858	3,564	—	—	5,422	1.0
	$21,406	90,789	33,232	34,213	135,219	206,300	521,159	100.0%

2025 · 2024 · 2023 · 2022 · 2021 · Prior years · Total · Percent 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 - 734	9,056	4,795	7,480	17,048	6,565	14,410	59,354	11.4
735 - 764	12,256	5,534	7,073	26,369	11,066	21,511	83,809	16.2
765 - 794	16,293	6,471	5,035	40,851	20,858	26,025	115,533	22.3
Greater than 794	23,370	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

Six months ended June 30, 2026 · 2025 · 2024 · 2023 · 2022 · Prior years · Total · Percent of total
FICO at origination:
Less than 720	$413	12,537	15,245	1,600	—	1,220	31,015	11.7%
720 - 769	2,099	22,707	32,934	3,485	13	10,749	71,987	27.2
Greater than 769	8,285	47,706	43,070	5,371	56	7,421	111,909	42.3
No FICO score available or required (a)	3,108	34,946	10,879	428	272	53	49,686	18.8
	$13,905	117,896	102,128	10,884	341	19,443	264,597	100.0%

2025 · 2024 · 2023 · 2022 · 2021 · Prior years · Total · Percent of total
FICO at origination:
Less than 720	$13,054	16,301	1,618	—	275	1,210	32,458	12.2%
720 - 769	24,995	36,292	3,621	15	5,231	6,686	76,840	28.8
Greater than 769	54,681	47,537	5,819	90	5,084	3,161	116,372	43.6
No FICO score available or required (a)	30,719	9,473	431	259	53	3	40,938	15.4
	$123,449	109,603	11,489	364	10,643	11,060	266,608	100.0%

(a) Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.

Nonaccrual Status

The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of June 30, 2026 and December 31, 2025, was not material.

Amortized Cost Basis by Origination Year

The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2026 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.

	Six months ended June 30, 2026	2025	2024	2023	2022	Prior years	Total
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$—	—	—	—	226	2,626	2,852
Loans in forbearance	—	—	—	—	68	2,611	2,679
Loans in repayment status:
Loans current	—	—	—	157	3,203	111,309	114,669
Loans delinquent 31-60 days	—	—	—	—	17	841	858
Loans delinquent 61-90 days	—	—	—	—	—	854	854
Loans delinquent 91 days or greater	—	—	—	—	7	899	906
Total loans in repayment	—	—	—	157	3,227	113,903	117,287
Total private education loans	$—	—	—	157	3,521	119,140	122,818
Accrued interest receivable					1,062
Loan discount, net of unamortized premiums					(3,474)
Allowance for loan losses					(6,239)
Total private education loans and accrued interest receivable, net of allowance for loan losses					$114,167
Gross charge-offs - six months ended June 30, 2026	$—	—	—	—	20	757	777
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance	$62	171	441	815	—	—	1,489
Loans in repayment status:
Loans current	970,862	173,954	15,398	11,232	1,181	376	1,173,003
Loans delinquent 31-60 days	12,195	1,915	730	525	57	14	15,436
Loans delinquent 61-90 days	8,994	1,442	622	312	12	2	11,384
Loans delinquent 91 days or greater	7,409	2,936	995	808	72	24	12,244
Total loans in repayment	999,460	180,247	17,745	12,877	1,322	416	1,212,067
Total consumer loans and other financing receivables	$999,522	180,418	18,186	13,692	1,322	416	1,213,556
Accrued interest receivable					2,238
Loan discount and deferred lender fees, net of unamortized premiums					(20,524)
Allowance for loan losses					(92,215)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses					$1,103,055
Gross charge-offs - six months ended June 30, 2026	$5,794	36,101	9,724	2,949	927	34	55,529
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment	$8,027	34,463	13,978	6,579	3,701	2,388	69,136
Loans in forbearance	—	33	—	84	517	708	1,342
Loans in repayment status:
Loans current	13,280	55,638	18,831	26,815	130,182	198,619	443,365
Loans delinquent 30-59 days	67	222	173	105	467	1,605	2,639
Loans delinquent 60-89 days	15	208	106	422	221	1,119	2,091
Loans delinquent 90 days or greater	17	225	144	208	131	1,861	2,586
Total loans in repayment	13,379	56,293	19,254	27,550	131,001	203,204	450,681
Total private education loans	$21,406	90,789	33,232	34,213	135,219	206,300	521,159
Accrued interest receivable					8,726
Loan discount, net of unamortized premiums and deferred origination costs					(3,567)
Allowance for loan losses					(12,609)
Total private education loans and accrued interest receivable, net of allowance for loan losses					$513,709
Gross charge-offs - six months ended June 30, 2026	$20	240	325	559	494	1,653	3,291

	Six months ended June 30, 2026	2025	2024	2023	2022	Prior years	Total
Consumer and other loans - Nelnet Bank:
Loans in deferment	$5,687	4,107	117	—	—	—	9,911
Loans in repayment status:
Loans current	8,218	112,636	101,003	10,659	341	19,359	252,216
Loans delinquent 30-59 days	—	274	600	107	—	4	985
Loans delinquent 60-89 days	—	696	162	—	—	77	935
Loans delinquent 90 days or greater	—	183	246	118	—	3	550
Total loans in repayment	8,218	113,789	102,011	10,884	341	19,443	254,686
Total consumer and other loans	$13,905	117,896	102,128	10,884	341	19,443	264,597
Accrued interest receivable					2,365
Loan premium, net of unaccreted discount					3,004
Allowance for loan losses					(12,813)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses					$257,153
Gross charge-offs - six months ended June 30, 2026	$—	518	1,360	71	—	229	2,178

Bonds and Notes Payable

The following tables summarize the Company’s outstanding debt obligations by type of instrument:

	As of June 30, 2026
	Carryingamount	Interest raterange	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$5,520,346	3.99% - 5.76%	10/25/33 - 11/27/90
Bonds and notes based on auction	10,915	4.74%	8/25/37
Total FFELP variable-rate bonds and notes	5,531,261
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	277,696	1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facility	469,041	4.72% / 4.73%	7/30/27
Consumer loan warehouse and other facilities	752,435	4.92% - 5.42%	11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	27,414	5.15% / 5.88%	6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	20,534	7.15%	11/25/53
Unsecured line of credit	—	—	3/31/31
Participation agreements	796	4.37% - 5.82%	5/4/27 / 7/28/32
Discount on bonds and notes payable and debt issuance costs	(36,021)
Total	$7,043,156

	As of December 31, 2025
	Carryingamount	Interest raterange	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 auction	24,150	0.01% - 5.10%	3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes	6,472,362
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 facility	213,982	4.83% / 4.84%	1/29/27
Consumer loan warehouse and other facilities	767,951	5.01% - 5.67%	11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	35,770	5.15% / 6.12%	6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	27,391	7.15%	11/25/53
Unsecured line of credit	—	—	9/22/26
Participation agreements	1,322	4.53% - 5.82%	5/4/26 / 7/28/32
Discount on bonds and notes payable and debt issuance costs	(40,642)
Total	$7,780,927

Warehouse and Other Facilities

The Company funds a portion of its loan acquisitions through the use of warehouse and other secured facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse and other facilities as of June 30, 2026:

Type of loans	Maximum financing amount	Amount outstanding	Amount available	Expiration of liquidity provisions	Final maturity date	Advance rate	Advanced as equity support
FFELP (a)	$500,000	469,041	30,959	7/31/2026	7/30/2027	note (b)	$30,143
Consumer loans and other financing receivables	$925,000	752,435	172,565	11/13/2026 - 7/31/2027	11/13/2027 - 2/29/2028	50% - 90%	$107,953

(a) On January 30, 2026, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2026 and July 30, 2027, respectively. On May 5, 2026, the Company decreased the maximum financing amount from $800 million to $500 million. On July 31, 2026, the Company extended the liquidity provisions and final maturity date to September 30, 2026 and September 30, 2027, respectively.

(b) This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.

Unsecured Line of Credit

On March 31, 2026, the Company entered into a new $435.0 million unsecured line of credit. In conjunction with entering into the new line of credit, the Company terminated its $495.0 million line of credit which had a scheduled maturity date of September 22, 2026. There wasno outstanding balance on the $495.0 million line of credit on the date of termination.

Borrowings by the Company under the new line of credit will bear interest at rates that will vary based on market conditions, the Company's credit rating, interest elections by the Company under the agreement, and other factors at the time of the borrowings. The maturity date of the new line of credit is March 31, 2031.

The new line of credit contains affirmative and negative covenants, including, but not limited to, certain financial covenants related to maintenance of a minimum consolidated net worth, a limitation on recourse indebtedness to adjusted EBITDA, a limitation on permitted investments, and an asset quality test related to non-FFELP loans held by the Company and its consolidated subsidiaries. Any violation of these covenants could lead to an event of default under the agreement. The Company's obligations under the agreement are guaranteed by certain subsidiaries of the Company.

As of June 30, 2026, no amount was outstanding on the new line of credit and $435.0 million was available for future use.

Debt Repurchases

The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market or retained such instruments upon initial issuance. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of June 30, 2026, the Company holds $111.5 million (par value) of its own FFELP asset-backed securities. Upon sale, these notes would be shown as "bonds and notes payable" in the Company's consolidated balance sheet.

Derivative Financial Instruments

The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used are described in note 6 of the notes to consolidated financial statements included in the 2025 Annual Report.

Non-Nelnet Bank Derivatives

Basis Swaps

The following table summarizes the Company’s Basis Swaps outstanding as of June 30, 2026 and December 31, 2025 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. The Company has entered into basis swaps 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.

Maturity	Notional amount
2026	$1,150,000
2027	250,000
	$1,400,000

Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge federally insured loans held by the Asset Generation and Management operating segment (Non-Nelnet Bank) that are earning fixed-rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.

As of June 30, 2026 · As of December 31, 2025
Maturity	Notional amount	Weighted-average fixed rate paid by the Company	Notional amount	Weighted-average fixed rate paid by the Company
2026	$—	—%	$200,000	3.92%
2028	50,000	3.56	50,000	3.56
2029	50,000	3.17	50,000	3.17
2030	100,000	3.63	100,000	3.63
	$200,000	3.50%	$400,000	3.71%

Nelnet Bank Derivatives

Nelnet Bank uses derivative instruments to hedge exposure to variability in cash flows from variable-rate intercompany and third-party deposits to minimize volatility from future changes in interest rates.

Interest Rate Swaps - Intercompany Deposits

Nelnet Bank's derivatives used to hedge intercompany deposits are structured so that each is economically effective; however, because these derivatives are hedging intercompany deposits, the derivative instruments are not eligible for hedge accounting in the consolidated financial statements. The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of June 30, 2026 and December 31, 2025 to hedge intercompany deposits. For these derivatives, the Company receives monthly or quarterly payments based on SOFR that reset daily.

Maturity	Notional amount	Weighted-average fixed rate paid by the Company
2028	$40,000	3.33%
2029	25,000	3.37
2030	50,000	3.06
2032 (a)	25,000	4.03
2033	25,000	3.90
2035 (b)	30,000	3.79
	$195,000	3.50%

(a) This $25 million notional amount derivative has a forward effective start date in February 2027.

(b) This $30 million notional amount derivative has a forward effective start date in May 2028.

Interest Rate Swaps - Third-Party Deposits

The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of June 30, 2026 and December 31, 2025 to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.

Maturity	Notional amount	Weighted-average fixed rate paid by the Company
2030	$25,000	3.57%
2035	25,000	3.87
	$50,000	3.72%

Consolidated Financial Statement Impact Related to Derivatives

Balance Sheets

Certain derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of these derivatives as reflected in the consolidated balance sheets:

	Fair value of asset derivatives		Fair value of liability derivatives
	As of June 30, 2026	As of December 31, 2025	As of June 30, 2026	As of December 31, 2025
Nelnet Bank interest rate swaps - intercompany deposits	$2,379	614	295	1,243
Nelnet Bank interest rate swaps - third-party deposits (cash flow hedges)	383	—	—	484
Other derivative instruments	14	—	—	—
	$2,776	614	295	1,727

Statements of Income

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Settlements:
Basis swaps	$154	154	307	307
Interest rate swaps - floor income hedges	(65)	427	(114)	855
Interest rate swaps - Nelnet Bank intercompany deposits	77	163	116	327
Other derivative instruments	—	—	437	—
Total settlements - income	166	744	746	1,489
Change in fair value:
Basis swaps	(150)	(143)	(298)	(281)
Interest rate swaps - floor income hedges	2,108	(2,022)	3,750	(5,680)
Interest rate swaps - Nelnet Bank intercompany deposits	1,714	(1,701)	2,714	(4,229)
Other derivative instruments	14	—	(893)	—
Total change in fair value - income (expense)	3,686	(3,866)	5,273	(10,190)
Derivative market value adjustments and derivative settlements, net - income (expense)	$3,852	(3,122)	6,019	(8,701)

Investments and Notes Receivable

“Total investments and notes receivable” consisted of the following:

	As of June 30, 2026				As of December 31, 2025
	Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value	Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value
Investments at fair value:
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan	$43,466	2,878	(146)	46,198	36,824	2,950	(129)	39,645
FFELP loan and other debt securities - restricted (a)	192,387	3,045	(662)	194,770	172,739	3,384	(323)	175,800
Private education loan (b)	177,299	90	(12,258)	165,131	197,568	20	(13,436)	184,152
Other debt securities	114,801	2,628	(70)	117,359	55,874	2,528	—	58,402
Total Non-Nelnet Bank	527,953	8,641	(13,136)	523,458	463,005	8,882	(13,888)	457,999
Nelnet Bank:
FFELP loan	244,004	6,109	(778)	249,335	258,208	6,513	(798)	263,923
Private education loan	11,815	—	(35)	11,780	13,623	—	(37)	13,586
Other debt securities	797,091	721	(4,045)	793,767	569,528	1,433	(1,481)	569,480
Total Nelnet Bank	1,052,910	6,830	(4,858)	1,054,882	841,359	7,946	(2,316)	846,989
Total available-for-sale asset-backed securities	$1,580,863	15,471	(17,994)	1,578,340	1,304,364	16,828	(16,204)	1,304,988
Equity securities and funds measured at net asset value			123,052			109,648
Total investments at fair value			1,701,392			1,414,636
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities - FFELP loan			210,908			211,299
Venture capital, funds, and other:
Measurement alternative			236,062			227,962
Equity method			258,331			248,253
Total venture capital and funds			494,393			476,215
Real estate equity method			272,713			233,167
ALLO:
Voting interest/equity method			—			—
Preferred membership interest			23,500			10,148
Total interest in ALLO			23,500			10,148
Beneficial interest in loan securitizations (c):
Consumer and private education loans, net of allowance for credit losses of $55,123 and $50,802 as of June 30, 2026 and December 31, 2025, respectively			173,752			180,262
Federally insured student loans			15,100			14,568
Total beneficial interest in loan securitizations, net of allowance			188,852			194,830
Solar (d)			(286,992)			(240,370)
Notes receivable			41,772			32,085
Tax liens, affordable housing, and other			22,206			15,961
Total other investments and notes receivable (not measured at fair value)			967,352			933,335
Total investments and notes receivable			$2,668,744			$2,347,971

(a)Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.

(b)As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The Company must retain these investment securities until the aggregate outstanding loan or bond balances in the securitization are met, at which time the Company can sell its investment securities (bonds) to a third party. The bonds purchased to satisfy the risk retention requirement are included in the above table and as of June 30, 2026, the amortized cost and fair value of these securities was $177.1 million and $164.9 million, respectively.

(c)The Company has partial ownership in certain securitizations. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2026, the Company's ownership correlates to approximately $950 million, $350 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.

The Company has recorded an allowance for credit losses (and related provision expense) related to certain loan securitizations, due primarily to an increase in cumulative loss expectations, of $2.4 million and $5.0 million during the three months ended June 30, 2026 and 2025, respectively, and $6.6 million and $6.5 million during the six months ended June 30, 2026 and 2025, respectively, which is included in “provision for beneficial interests” on the consolidated statements of income.

(d)As of June 30, 2026, the Company has contributed a total of $367.6 million and its third-party partners have contributed $469.7 million in tax equity to renewable energy solar partnerships that remain outstanding. The Company's carrying value in a solar project is reduced by tax credits earned when the solar project is placed in service. As of June 30, 2026, the Company and its third-party partners have earned $423.1 million and $464.2 million, respectively, of tax credits on those projects that remain outstanding. The Company’s negative carrying value related to solar tax partnerships on the consolidated balance sheet of $287.0 million as of June 30, 2026 represents the sum of total tax credits earned on solar projects placed in service and the calculated hypothetical liquidation at book value ("HLBV") cumulative net losses through June 30, 2026 being larger than the total contributions made by the Company and its syndication partners on such projects. The negative carrying value as of June 30, 2026, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $131.4 million.

The following table presents (i) HLBV losses recognized by the Company and gains recognized upon the sale of partnership interests, including amounts attributable to third-party noncontrolling interest partners (syndication partners), which are included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses attributed to noncontrolling interest partners included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the recognized pre-tax net (loss) gain attributable to the Company:

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Losses from HLBV accounting (gross)	$(29,351)	(6,463)	(51,882)	(9,079)
Gains from sales (gross)	6,854	4,961	6,854	8,033
Losses from solar investments (gross)	(22,497)	(1,502)	(45,028)	(1,046)
Less: losses attributable to noncontrolling members	(19,491)	(3,159)	(32,936)	(4,204)
Net (loss) gain attributable to the Company	$(3,006)	1,657	(12,092)	3,158

The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities:

	As of June 30, 2026
	1 year or less	After 1 year through 5 years	After 5 years through 10 years	After 10 years	Total
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan	$—	206	2,543	40,717	43,466
FFELP loan and other debt securities - restricted	—	6,158	54,040	132,189	192,387
Private education loan	—	—	215	177,084	177,299
Other debt securities	100	—	11,687	103,014	114,801
Total Non-Nelnet Bank	100	6,364	68,485	453,004	527,953
Fair value	100	6,446	68,319	448,593	523,458
Nelnet Bank:
FFELP loan	40,757	11,913	17,536	173,798	244,004
Private education loan	—	—	11,720	95	11,815
Other debt securities	—	17,436	130,261	649,394	797,091
Total Nelnet Bank	40,757	29,349	159,517	823,287	1,052,910
Fair value	40,472	29,292	159,507	825,611	1,054,882
Total available-for-sale asset-backed securities at amortized cost	$40,857	35,713	228,002	1,276,291	1,580,863
Total available-for-sale asset-backed securities at fair value	$40,572	35,738	227,826	1,274,204	1,578,340
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan - amortized cost	$—	2,337	12,404	196,167	210,908
FFELP loan - fair value	$—	2,336	12,201	200,436	214,973
Beneficial interest in loan securitizations (a):
Amortized cost	$—	—	—	—	188,852
Fair value	$—	—	—	—	202,812

(a) The Company's beneficial interest in loan securitizations is not due at a single maturity date.

The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of June 30, 2026:

	Carrying value	Gross unrealized gains	Gross unrealized losses	Fair value
Asset-backed securities	$210,908	4,869	(804)	214,973
Beneficial interest in loan securitizations	188,852	14,885	(925)	202,812

The following table presents securities classified as available-for-sale that have gross unrealized losses as of June 30, 2026 and the fair value of such securities as of June 30, 2026. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, andnone of the unrealized losses were due to credit losses.

	As of June 30, 2026
	Unrealized loss position less than 12 months		Unrealized loss position 12 months or more		Total
	Unrealized loss	Fair value	Unrealized loss	Fair value	Unrealized loss	Fair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan	$(10)	7,921	(136)	2,408	(146)	10,329
FFELP loan and other debt securities - restricted	(379)	95,553	(283)	16,719	(662)	112,272
Private education loan	(7)	208	(12,251)	134,648	(12,258)	134,856
Other debt securities	(70)	17,401	—	—	(70)	17,401
Total Non-Nelnet Bank	(466)	121,083	(12,670)	153,775	(13,136)	274,858
Nelnet Bank:
FFELP loan	(154)	38,238	(624)	53,641	(778)	91,879
Private education loan	(1)	149	(34)	11,536	(35)	11,685
Other debt securities	(2,446)	434,731	(1,599)	41,695	(4,045)	476,426
Total Nelnet Bank	(2,601)	473,118	(2,257)	106,872	(4,858)	579,990
Total available-for-sale asset-backed securities	$(3,067)	594,201	(14,927)	260,647	(17,994)	854,848

The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities:

Three months ended · Six months ended
	June 30,		June 30,
	2026	2025	2026	2025
Gross proceeds from sales	$100,488	34,828	148,021	109,609
Gross realized gains	$535	622	966	1,555
Gross realized losses	(56)	(27)	(64)	(478)
Net gains	$479	595	902	1,077

Equity securities and funds measured at net asset value

The following table summarizes the unrealized gains and losses related to equity securities and funds measured at net asset value held at June 30, 2026 and 2025. Realized and unrealized gains/losses are included in "other, net" in "other income (expense)" on the consolidated statements of income.

Three months ended · Six months ended
	June 30,		June 30,
	2026	2025	2026	2025
Unrealized gains recognized during the period, net	$10,489	2,752	2,688	4,134
Less: realized losses on securities sold during the period, net	421	—	1,879	—
Unrealized gains on securities still held as of the reporting date, net	$10,068	2,752	809	4,134

Business Combination

Nelnet Diversified Services Canada, Inc.

On February 2, 2026, the Company acquired 100 percent of the outstanding stock of a wholly owned subsidiary of DH Corporation. The acquired entity was subsequently renamed Nelnet Diversified Services Canada, Inc. ("NDS Canada"). During the three months ended June 30, 2026, the Company finalized the post-closing working capital adjustment. As a result, consideration transferred increased by CAD $2.6 million (USD $1.8 million) from the preliminary amount previously reported. Accordingly, the purchase price was revised from CAD $144.2 million (USD $105.8 million) to CAD $146.8 million (USD $107.6 million). The increase was recorded as a measurement period adjustment and resulted in a corresponding increase to goodwill.

NDS Canada is a Canadian student loan servicing business that services Canadian student loans for governments and a financial institution, providing assistance programs that include loan origination, disbursement, servicing, customer support, delinquency management, and reporting. The acquisition of NDS Canada has expanded the Company's portfolio of loans it services. The operating results of NDS Canada are included in the Loan Servicing and Systems operating segment.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended June 30, 2026, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The impact of these adjustments had no impact on operating results.

Restricted cash - due to customers	$302,901
Accounts receivable	17,590
Other assets	336
Intangible assets	69,805
Excess cost over fair value of net assets acquired (goodwill)	47,814
Other liabilities	(27,898)
Due to customers	(302,901)
Net assets acquired	$107,647

The $69.8 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 6 years. The intangible assets that made up this amount include customer relationships of $43.5 million (7-year useful life) and software of $26.3 million (5-year useful life).

The $47.8 million of goodwill was assigned to the Loan Servicing and Systems operating segment and is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to expected future economic benefits associated with the Company's servicing expertise and scale supporting NDS Canada's ongoing operations, along with the deferred tax liability related to the differences between the carrying amounts and tax bases of acquired identifiable intangible assets.

NDS Canada's assets acquired and liabilities assumed were recorded by the Company at their respective fair values at the date of acquisition, and NDS Canada's operating results from the date of acquisition forward are included in the Company's consolidated operating results. The pro forma impacts of the NDS Canada acquisition on the Company's historical results prior to the acquisition were not material.

Intangible Assets

Intangible assets consisted of the following:

Weighted-average remaining useful life as ofJune 30, 2026 (months)
As of · As of
June 30, 2026 · December 31, 2025
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $64,445 and $58,561, respectively)	78	$70,815	29,283
Computer software (net of accumulated amortization of $2,344)	54	25,188	—
Total amortizable intangible assets, net	72	$96,003	29,283

The Company recorded amortization expense on its intangible assets of $4.7 million and $1.5 million for the three months ended June 30, 2026 and 2025, respectively, and $8.4 million and $3.1 million during the six months ended June 30, 2026 and 2025, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2026, the Company estimates it will record amortization expense as follows:

2026 (July 1 - December 31)	$9,363
2027	18,657
2028	18,412
2029	15,596
2030	15,377
2031 and thereafter	18,598
	$96,003

Goodwill

The change in the carrying amount of goodwill by reportable operating segment was as follows:

	Nelnet Financial Services
	Loan Servicing and Systems	Education Technology Services and Payments	AssetGeneration andManagement	Nelnet Bank	NFS Other Operating Segments	Corporate and Other Activities	Total
Goodwill as of December 31, 2025	$23,639	92,507	41,883	—	—	—	158,029
Goodwill acquired during the period (NDS Canada)	46,969	—	—	—	—	—	46,969
Foreign currency translation	(1,068)	—	—	—	—	—	(1,068)
Goodwill as of March 31, 2026	69,540	92,507	41,883	—	—	—	203,930
Goodwill acquired during the period (a)	—	3,017	—	—	—	—	3,017
NDS Canada purchase price allocation adjustment	845	—	—	—	—	—	845
Foreign currency translation	(845)	(112)	—	—	—	—	(957)
Goodwill as of June 30, 2026	$69,540	95,412	41,883	—	—	—	206,835

(a) On April 30, 2026, the Company acquired 100 percent of the outstanding stock of Australia‑based Invision Digital Pty Ltd, which was subsequently renamed Invision Marketing Services PTY Ltd and is the owner of the Passtab brand. Passtab is a leading school visitor, contractor, and compliance management platform, expanding Nelnet's global education technology offerings.

Bank Deposits

The following table summarizes Nelnet Bank’s deposits, excluding intercompany deposits:

	As of	As of
	June 30, 2026	December 31, 2025
Retail and other savings	$1,435,278	1,337,873
Brokered CDs, net of brokered deposit fees	759,032	311,015
Retail and other CDs, net of issuance fees	24,939	20,285
Total interest-bearing deposits	$2,219,249	1,669,173

As of June 30, 2026 and December 31, 2025, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $285.8 million and $93.8 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.

The following table presents the remaining maturities of certificates of deposit as of June 30, 2026:

One year or less	$618,698
After one year to two years	8,842
After two years to three years	61,935
After three years to four years	20,588
After four years to five years	19,850
After five years	54,058
Total	$783,971

Deposits that exceeded the FDIC insurance limits as of June 30, 2026 were $40.9 million, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries.

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 shareholders	Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
	Three months ended June 30,
2026 · 2025
Numerator:
Net income attributable to Nelnet, Inc.	$65,433	1,229	66,662	178,170	3,289	181,459
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,373,041	664,468	36,037,509	35,824,313	661,292	36,485,605
Earnings per share - basic and diluted	$1.85	1.85	1.85	4.97	4.97	4.97
	Six months ended June 30,
2026 · 2025
Numerator:
Net income attributable to Nelnet, Inc.	$135,287	2,501	137,788	259,158	4,860	264,018
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,402,521	654,581	36,057,102	35,810,499	671,536	36,482,035
Earnings per share - basic and diluted	$3.82	3.82	3.82	7.24	7.24	7.24

Segment Reporting

See note 16 of the notes to consolidated financial statements included in the 2025 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:

	Three months ended June 30, 2026
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		140,264		24,334		164,598	—			—			—	164,598
Investment interest	868	4,732		10,327		18,614		34,541	7,809			2,165			(4,200)	40,315
Total interest income	868	4,732		150,591		42,948		199,139	7,809			2,165			(4,200)	204,913
Interest expense	286	—		87,425		23,657		111,368	1,170			564			(4,200)	108,902
Net interest income	582	4,732		63,166		19,291		87,771	6,639			1,601			—	96,011
Less provision (negative provision) for loan losses	—	—		41,326		(249)		41,077	—			—			—	41,077
Less provision for beneficial interests	—	—		2,441		—		2,441	—			—			—	2,441
Net interest income after provision	582	4,732		19,399		19,540		44,253	6,639			1,601			—	52,493
Other income (expense):
LSS revenue	132,244	—		—		—		132,244	—			—			—	132,244
ETSP revenue	—	118,884		—		—		118,884	—			—			—	118,884
Intersegment revenue	4,798	74		—		—		4,872	—			—			(4,872)	—
Reinsurance premiums earned	—	—		—		—		—	40,625			—			—	40,625
Solar construction revenue	—	—		—		—		—	—			—			—	—
Other, net	(57)	1,902		19,765		564		22,174	11,122			(14,913)			16	18,399
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		89		77		166	—			—			—	166
Derivative market value adjustments, net	—	—		1,972		1,714		3,686	—			—			—	3,686
Total other income (expense), net	136,985	120,860		21,826		2,355		282,026	51,747			(14,913)			(4,856)	314,004
Cost of services and expenses:
Total cost of services	2,087	39,183		—		—		41,270	—			—			—	41,270
Salaries and benefits	74,924	45,596		1,883		3,589		125,992	1,568			25,110			(6)	152,664
Depreciation and amortization	5,071	2,442		—		306		7,819	—			2,323			—	10,142
Reinsurance losses and underwriting expenses	—	—		—		—		—	32,809			—			—	32,809
Postage expense	8,237					8,237				(8,237)			—
Servicing fees			7,752		1,635		9,387				(9,387)			—
Other expenses (a)	15,193	12,714		1,000		1,842		30,749	1,662			18,954			12,833	64,199
Intersegment expenses, net	17,233	6,293		1,396		695		25,617	486			(26,028)			(75)	—
Total operating expenses	120,658	67,045		12,031		8,067		207,801	36,525			20,359			(4,872)	259,814
Income (loss) before income taxes	14,822	19,364		29,194		13,828		77,208	21,861			(33,671)			16	65,413
Income tax (expense) benefit	(3,557)	(4,648)		(7,005)		(3,310)		(18,520)	(5,247)			3,825			—	(19,942)
Net income (loss)	11,265	14,716		22,189		10,518		58,688	16,614			(29,846)			16	45,471
Net (income) loss attributable to noncontrolling interests	—	—		(9)		—		(9)	3			21,213			(16)	21,191
Net income (loss) attributable to Nelnet, Inc.	$11,265	14,716		22,180		10,518		58,679	16,617			(8,633)			—	66,662
Total assets as of June 30, 2026	$704,764	519,834		8,877,882		2,997,294		13,099,774	1,093,814			681,431			(599,955)	14,275,064

LSS - occupancy, professional fees, software, and computer services and subscriptions.

ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.

AGM - trustee fees, professional fees, and travel.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, travel, and management fee expense.

	Three months ended June 30, 2025
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		157,300		14,804		172,104	—			—			—	172,104
Investment interest	624	5,417		12,641		13,934		32,616	8,870			2,661			(3,963)	40,185
Total interest income	624	5,417		169,941		28,738		204,720	8,870			2,661			(3,963)	212,289
Interest expense	—	—		120,066		14,672		134,738	1,428			651			(3,963)	132,854
Net interest income	624	5,417		49,875		14,066		69,982	7,442			2,010			—	79,435
Less provision (negative provision) for loan losses	—	—		11,133		6,797		17,930	—			—			—	17,930
Less provision for beneficial interests	—	—		4,977		—		4,977	—			—			—	4,977
Net interest income after provision	624	5,417		33,765		7,269		47,075	7,442			2,010			—	56,528
Other income (expense):
LSS revenue	120,724	—		—		—		120,724	—			—			—	120,724
ETSP revenue	—	118,184		—		—		118,184	—			—			—	118,184
Intersegment revenue	5,603	65		—		—		5,668	—			—			(5,668)	—
Reinsurance premiums earned	—	—		—		—		—	26,112			—			—	26,112
Solar construction revenue	—	—		—		—		—	—			1,259			—	1,259
Other, net	113	—		7,507		392		8,012	5,265			9,603			96	22,976
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			175,044			—	175,044
Derivative settlements, net	—	—		581		163		744	—			—			—	744
Derivative market value adjustments, net	—	—		(2,165)		(1,701)		(3,866)	—			—			—	(3,866)
Total other income (expense), net	126,440	118,249		5,923		(1,146)		249,466	31,377			185,906			(5,572)	461,177
Cost of services and expenses:
Total cost of services	1,845	39,844		—		—		41,689	—			14,050			—	55,739
Salaries and benefits	65,549	41,598		1,469		2,791		111,407	539			22,784			(30)	134,699
Depreciation and amortization	1,821	2,505		—		352		4,678	—			2,946			—	7,624
Reinsurance losses and underwriting expenses	—	—		—		—		—	25,662			—			—	25,662
Postage expense	9,551					9,551				(9,551)			—
Servicing fees			7,102		824		7,926				(7,926)			—
Other expenses (a)	11,099	9,904		2,464		1,969		25,436	2,206			17,006			11,969	56,617
Intersegment expenses, net	17,240	6,273		1,260		652		25,425	321			(25,616)			(130)	—
Total operating expenses	105,260	60,280		12,295		6,588		184,423	28,728			17,120			(5,668)	224,602
Income (loss) before income taxes	19,959	23,542		27,393		(465)		70,429	10,091			156,746			96	237,364
Income tax (expense) benefit	(4,790)	(5,650)		(6,569)		101		(16,908)	(2,395)			(40,207)			—	(59,510)
Net income (loss)	15,169	17,892		20,824		(364)		53,521	7,696			116,539			96	177,854
Net (income) loss attributable to noncontrolling interests	—	—		(23)		—		(23)	(114)			3,838			(96)	3,605
Net income (loss) attributable to Nelnet, Inc.	$15,169	17,892		20,801		(364)		53,498	7,582			120,377			—	181,459
Total assets as of June 30, 2025	$168,435	533,317		10,036,454		1,767,193		12,505,399	1,077,523			541,471			(413,305)	13,711,088

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.

	Six months ended June 30, 2026
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		292,616		43,006		335,622	—			—			—	335,622
Investment interest	2,008	10,851		20,987		35,178		69,024	16,326			5,300			(10,133)	80,517
Total interest income	2,008	10,851		313,603		78,184		404,646	16,326			5,300			(10,133)	416,139
Interest expense	834	—		182,981		41,064		224,879	2,544			1,195			(10,133)	218,485
Net interest income	1,174	10,851		130,622		37,120		179,767	13,782			4,105			—	197,654
Less provision (negative provision) for loan losses	—	—		89,792		4,529		94,321	—			—			—	94,321
Less provision for beneficial interests	—	—		6,571		—		6,571	—			—			—	6,571
Net interest income after provision	1,174	10,851		34,259		32,591		78,875	13,782			4,105			—	96,762
Other income (expense):
LSS revenue	260,086	—		—		—		260,086	—			—			—	260,086
ETSP revenue	—	273,319		—		—		273,319	—			—			—	273,319
Intersegment revenue	9,804	145		—		—		9,949	—			—			(9,949)	—
Reinsurance premiums earned	—	—		—		—		—	63,161			—			—	63,161
Solar construction revenue	—	—		—		—		—	—			—			—	—
Other, net	(267)	1,902		46,012		2,122		49,769	7,536			(28,493)			24	28,836
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		193		116		309	—			437			—	746
Derivative market value adjustments, net	—	—		3,466		2,714		6,180	—			(907)			—	5,273
Total other income (expense), net	269,623	275,366		49,671		4,952		599,612	70,697			(28,963)			(9,925)	631,421
Cost of services and expenses:
Total cost of services	4,174	89,136		—		—		93,310	—			—			—	93,310
Salaries and benefits	142,545	88,292		3,511		6,504		240,852	3,081			48,125			(23)	292,035
Depreciation and amortization	9,073	4,811		—		658		14,542	—			4,770			—	19,312
Reinsurance losses and underwriting expenses	—	—		—		—		—	56,414			—			—	56,414
Postage expense	17,043					17,043				(17,043)			—
Servicing fees			15,904		2,862		18,766				(18,766)			—
Other expenses (a)	29,386	24,474		2,051		3,120		59,031	2,923			38,056			26,028	126,038
Intersegment expenses, net	33,952	12,326		2,748		1,352		50,378	943			(51,176)			(145)	—
Total operating expenses	231,999	129,903		24,214		14,496		400,612	63,361			39,775			(9,949)	493,799
Income (loss) before income taxes	34,624	67,178		59,716		23,047		184,565	21,118			(64,633)			24	141,074
Income tax (expense) benefit	(8,309)	(16,123)		(14,325)		(5,416)		(44,173)	(5,086)			9,256			—	(40,003)
Net income (loss)	26,315	51,055		45,391		17,631		140,392	16,032			(55,377)			24	101,071
Net (income) loss attributable to noncontrolling interests	—	—		(27)		—		(27)	72			36,696			(24)	36,717
Net income (loss) attributable to Nelnet, Inc.	$26,315	51,055		45,364		17,631		140,365	16,104			(18,681)			—	137,788
Total assets as of June 30, 2026	$704,764	519,834		8,877,882		2,997,294		13,099,774	1,093,814			681,431			(599,955)	14,275,064

LSS - occupancy, professional fees, software, and computer services and subscriptions.

ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.

AGM - trustee fees, professional fees, and travel.

	Six months ended June 30, 2025
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		311,768		26,775		338,543	—			—			—	338,543
Investment interest	1,345	12,356		25,411		26,430		65,542	17,690			4,973			(6,632)	81,574
Total interest income	1,345	12,356		337,179		53,205		404,085	17,690			4,973			(6,632)	420,117
Interest expense	—	—		234,369		26,749		261,118	2,198			1,284			(6,632)	257,968
Net interest income	1,345	12,356		102,810		26,456		142,967	15,492			3,689			—	162,149
Less provision (negative provision) for loan losses	—	—		24,144		9,123		33,267	—			—			—	33,267
Less provision for beneficial interests	—	—		6,487		—		6,487	—			—			—	6,487
Net interest income after provision	1,345	12,356		72,179		17,333		103,213	15,492			3,689			—	122,395
Other income (expense):
LSS revenue	241,465	—		—		—		241,465	—			—			—	241,465
ETSP revenue	—	265,515		—		—		265,515	—			—			—	265,515
Intersegment revenue	11,287	129		—		—		11,416	—			—			(11,416)	—
Reinsurance premiums earned	—	—		—		—		—	50,799			—			—	50,799
Solar construction revenue	—	—		—		—		—	—			5,254			—	5,254
Other, net	225	—		12,411		534		13,170	6,376			27,840			193	47,579
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			175,044			—	175,044
Derivative settlements, net	—	—		1,162		327		1,489	—			—			—	1,489
Derivative market value adjustments, net	—	—		(5,961)		(4,229)		(10,190)	—			—			—	(10,190)
Total other income (expense), net	252,977	265,644		7,612		(3,368)		522,865	57,175			208,138			(11,223)	776,955
Cost of services and expenses:
Total cost of services	3,478	87,891		—		—		91,369	—			21,878			—	113,247
Salaries and benefits	135,123	83,339		2,690		5,607		226,759	1,017			45,279			(134)	272,922
Depreciation and amortization	4,474	4,936		—		691		10,101	—			6,778			—	16,879
Reinsurance losses and underwriting expenses	—	—		—		—		—	47,874			—			—	47,874
Postage expense	17,127					17,127				(17,127)			—
Servicing fees			14,013		1,491		15,504				(15,504)			—
Other expenses (a)	21,931	18,952		3,352		3,327		47,562	3,059			32,592			21,711	104,924
Intersegment expenses, net	33,718	11,877		2,510		1,362		49,467	565			(49,670)			(362)	—
Total operating expenses	212,373	119,104		22,565		12,478		366,520	52,515			34,979			(11,416)	442,599
Income (loss) before income taxes	38,471	71,005		57,226		1,487		168,189	20,152			154,970			193	343,504
Income tax (expense) benefit	(9,233)	(17,052)		(13,725)		(333)		(40,343)	(4,779)			(39,398)			—	(84,521)
Net income (loss)	29,238	53,953		43,501		1,154		127,846	15,373			115,572			193	258,983
Net (income) loss attributable to noncontrolling interests	—	45		(40)		—		5	(238)			5,461			(193)	5,035
Net income (loss) attributable to Nelnet, Inc.	$29,238	53,998		43,461		1,154		127,851	15,135			121,033			—	264,018
Total assets as of June 30, 2025	$168,435	533,317		10,036,454		1,767,193		12,505,399	1,077,523			541,471			(413,305)	13,711,088

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.

Disaggregated Revenue

The following tables present disaggregated revenue for the Company's fee-based operating segments:

Loan Servicing and Systems

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Department of Education loan servicing	$74,639	85,737	150,759	173,100
Canada student loans (a)	17,685	—	29,016	—
Private education and consumer loan servicing	26,114	22,733	51,775	45,426
FFELP loan servicing	1,968	2,241	4,222	4,873
Software services	11,384	9,452	23,147	16,444
Outsourced services	454	561	1,167	1,622
Loan servicing and systems revenue	$132,244	120,724	260,086	241,465

(a) On February 2, 2026, the Company acquired a Canadian student loan servicing business, NDS Canada. The operating results of NDS Canada are included in the Company's consolidated operating results beginning on the acquisition date of February 2, 2026. See note 6 for additional information.

Education Technology Services and Payments

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Tuition payment plan services	$37,005	36,013	78,859	76,085
Payment processing	39,409	37,515	95,297	89,051
Education technology services	42,312	44,481	98,426	100,177
Other	158	175	737	202
Education technology services and payments revenue	$118,884	118,184	273,319	265,515

Other Income (Expense)

The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Investment activity, net	$19,643	14,837	35,794	28,412
Borrower late fee income	7,791	1,642	16,249	3,231
Administration/sponsor fee income	1,606	1,293	3,155	2,598
Investment advisory services (WRCM)	1,380	1,504	2,715	2,977
Loss from solar investments, net	(22,497)	(1,502)	(45,028)	(1,046)
Other	10,476	5,202	15,951	11,407
Other, net	$18,399	22,976	28,836	47,579

Reinsurance

The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:

Three months ended · Six months ended
	June 30,		June 30,
	2026	2025	2026	2025
Premiums written:
Assumed	$59,131	55,798	103,902	110,404
Ceded	(17,159)	(16,916)	(32,009)	(36,965)
Net premiums written	$41,972	38,882	71,893	73,439
Premiums earned:
Assumed	$55,467	44,079	95,792	91,803
Ceded	(14,842)	(17,967)	(32,631)	(41,004)
Net premiums earned	$40,625	26,112	63,161	50,799
Loss reserve, commissions, and broker fees:
Assumed	$46,312	45,100	86,287	87,741
Ceded	(13,503)	(19,438)	(29,873)	(39,867)
Reinsurance losses and underwriting expenses	$32,809	25,662	56,414	47,874

The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $92.1 million and $72.3 million as of June 30, 2026 and December 31, 2025, respectively, which is included in "other liabilities" on the consolidated balance sheets.

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 afive-year base period, with 2 two-year and 1 one-year possible extensions. Revenue earned by the Company related to this contract was $74.6 million and $85.7 million for the three months ended June 30, 2026 and 2025, respectively, and $150.8 million and $173.1 million for the six months ended June 30, 2026 and 2025, respectively.

Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:

As of June 30, 2026 · As of December 31, 2025
Level 1 · Level 2 · Total · Level 1 · Level 2 · Total
Assets:
Investments:
Asset-backed debt securities - available-for-sale	$100	1,578,240		1,578,340	100		1,304,888	1,304,988
Equity securities	24,659	—		24,659	22,107		—	22,107
Equity securities measured at net asset value (a)			98,393			87,541
Total investments	24,759	1,578,240		1,701,392	22,207		1,304,888	1,414,636
Derivative instruments	—	2,776		2,776	—		614	614
Total assets	$24,759	1,581,016		1,704,168	22,207		1,305,502	1,415,250
Liabilities:
Derivative instruments	$—	295		295	—		1,727	1,727
Total liabilities	$—	295		295	—		1,727	1,727

(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2025 Annual Report.

	As of June 30, 2026
	Fair value	Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$9,718,535	9,259,416	—	—	9,718,535
Accrued loan interest receivable	542,799	542,799	—	542,799	—
Cash and cash equivalents	172,430	172,430	172,430	—	—
Investments at fair value	1,701,392	1,701,392	24,759	1,578,240	—
Investments - held-to-maturity asset-backed securities	214,973	210,908	—	214,973	—
Notes receivable	41,772	41,772	—	41,772	—
Beneficial interest in loan securitizations	202,812	188,852	—	—	202,812
Restricted cash	285,845	285,845	285,845	—	—
Restricted cash – due to customers	508,039	508,039	508,039	—	—
Derivative instruments	2,776	2,776	—	2,776	—
Financial liabilities:
Bonds and notes payable	7,065,938	7,043,156	—	7,065,938	—
Accrued interest payable	16,265	16,265	—	16,265	—
Bank deposits	2,206,275	2,219,249	1,187,152	1,019,123	—
Due to customers	839,910	839,910	839,910	—	—
Derivative instruments	295	295	—	295	—

	As of December 31, 2025
	Fair value	Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$9,978,262	9,477,759	—	—	9,978,262
Accrued loan interest receivable	528,936	528,936	—	528,936	—
Cash and cash equivalents	295,983	295,983	295,983	—	—
Investments at fair value	1,414,636	1,414,636	22,207	1,304,888	—
Investments - held-to-maturity asset-backed securities	215,722	211,299	—	215,722	—
Notes receivable	32,085	32,085	—	32,085	—
Beneficial interest in loan securitizations	211,398	194,830	—	—	211,398
Restricted cash	357,639	357,639	357,639	—	—
Restricted cash – due to customers	319,924	319,924	319,924	—	—
Derivative instruments	614	614	—	614	—
Financial liabilities:
Bonds and notes payable	7,784,936	7,780,927	—	7,784,936	—
Accrued interest payable	20,426	20,426	—	20,426	—
Bank deposits	1,658,675	1,669,173	1,040,077	618,598	—
Due to customers	457,844	457,844	457,844	—	—
Derivative instruments	1,727	1,727	—	1,727	—

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