NELNET INC

For the period ended Sep 30, 2026. Filed Nov 5, 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.

Sep 30, 2026 · Filed Nov 5, 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
	September 30, 2026	December 31, 2025
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $169,870 and $132,078, respectively)	$9,670,327	10,006,695
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	108,017	128,142
Cash and cash equivalents - held at a related party	102,999	167,841
Total cash and cash equivalents	211,016	295,983
Investments and notes receivable:
Investments at fair value	2,052,620	1,414,636
Other investments and notes receivable, net	920,442	933,335
Total investments and notes receivable	2,973,062	2,347,971
Restricted cash	229,223	357,639
Restricted cash - due to customers	218,199	319,924
Accounts receivable (net of allowance for doubtful accounts of $4,202 and $2,758, respectively)	163,215	193,453
Goodwill	213,168	158,029
Intangible assets, net	98,070	29,283
Property and equipment, net	78,172	75,532
Other assets	282,658	279,274
Total assets	$14,137,110	14,063,783
Liabilities:
Bonds and notes payable	$6,768,987	7,780,927
Accrued interest payable	16,125	20,426
Bank deposits	2,566,017	1,669,173
Other liabilities	667,828	558,184
Due to customers	504,895	457,844
Total liabilities	10,523,852	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 24,791,127 shares and 25,259,718 shares, respectively	248	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	974	1,481
Retained earnings	3,787,762	3,681,333
Accumulated other comprehensive (loss) earnings, net	(1,728)	2,619
Total Nelnet, Inc. shareholders' equity	3,787,362	3,685,792
Noncontrolling interests	(174,104)	(108,563)
Total equity	3,613,258	3,577,229
Total liabilities and equity	$14,137,110	14,063,783
Supplemental information - assets and liabilities of consolidated education and other lending variable-interest entities:
Loans and accrued interest receivable	$7,522,927	8,780,878
Restricted cash	199,147	326,281
Bonds and notes payable	(6,914,574)	(8,112,424)
Accrued interest payable and other liabilities	(126,015)	(133,502)
Net assets of consolidated education and other lending variable-interest entities	$681,485	861,233

CONSOLIDATED STATEMENTS OF INCOME

Three months ended · Nine months ended
	September 30,		September 30,
	2026	2025	2026	2025
Interest income:
Loan interest	$166,607	162,717	502,228	501,260
Investment interest	42,435	43,241	122,953	124,815
Total interest income	209,042	205,958	625,181	626,075
Interest expense on bonds and notes payable and bank deposits	107,647	120,708	326,132	378,677
Net interest income	101,395	85,250	299,049	247,398
Less provision (negative provision) for loan losses	39,363	(3,563)	133,684	29,704
Less provision for beneficial interests	906	2,145	7,477	8,632
Net interest income after provision	61,126	86,668	157,888	209,062
Other income (expense):
Loan servicing and systems revenue	139,802	151,052	399,888	392,517
Education technology services and payments revenue	132,881	129,321	406,200	394,836
Reinsurance premiums earned	44,485	23,165	107,645	73,964
Solar construction revenue	—	5,738	—	10,992
Other, net	6,710	33,258	35,548	80,839
Gain on partial redemption of ALLO investment	—	—	—	175,044
Derivative market value adjustments and derivative settlements, net	11,319	(27)	17,338	(8,728)
Total other income (expense), net	335,197	342,507	966,619	1,119,464
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs	2,087	2,021	6,262	5,500
Cost to provide education technology services and payments	49,491	50,363	138,626	138,254
Cost to provide solar construction services	—	7,607	—	29,485
Total cost of services	51,578	59,991	144,888	173,239
Salaries and benefits	147,733	144,778	439,768	417,700
Depreciation and amortization	10,280	7,327	29,592	24,206
Reinsurance losses and underwriting expenses	35,570	19,962	91,984	67,836
Other expenses	70,157	60,669	196,195	165,592
Total operating expenses	263,740	232,736	757,539	675,334
Income before income taxes	81,005	136,448	222,080	479,953
Income tax expense	(24,818)	(35,773)	(64,821)	(120,294)
Net income	56,187	100,675	157,259	359,659
Net loss attributable to noncontrolling interests	20,006	6,009	56,722	11,044
Net income attributable to Nelnet, Inc.	$76,193	106,684	213,981	370,703
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted	$2.13	2.94	5.95	10.18
Weighted-average common shares outstanding - basic and diluted	35,845,663	36,316,315	35,985,847	36,426,188

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

Three months ended September 30, · Nine months ended September 30,
2026 · 2025 · 2026 · 2025
Net income		$56,187				100,675			157,259		359,659
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments	$	(254)				(13)			(3,026)		(160)
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net	(712)			8,637				(2,957)		5,212
Reclassification of gains recognized in net income, net	(827)			(854)				(1,729)		(1,931)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity	(306)			27				(293)		168
Income tax effect	443		(1,402)		(1,874)		5,936		1,195	(3,784)		(828)	2,621
Net changes related to cash flow hedges:
Fair value adjustments during period, net	2,258			(130)				3,125		(755)
Income tax effect	(542)		1,716		31		(99)		(750)	2,375		181	(574)
Net changes related to equity method investee's other comprehensive income:
Cash flow hedge fair value adjustment during period	77			(156)				114		184
Income tax effect	(18)		59		37		(119)		(26)	88		(44)	140
Other comprehensive income (loss)		119				5,705			(4,347)		2,027
Comprehensive income		56,306				106,380			152,912		361,686
Comprehensive loss attributable to noncontrolling interests		20,006				6,009			56,722		11,044
Comprehensive income attributable to Nelnet, Inc.		$76,312				112,389			209,634		372,730

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 June 30, 2025	—	25,538,730	10,658,604	$—	255	107	637	3,576,192	(2,208)	(92,290)	3,482,693
Net income (loss)	—	—	—	—	—	—	—	106,684	—	(6,009)	100,675
Other comprehensive income	—	—	—	—	—	—	—	—	5,705	—	5,705
Issuance of noncontrolling interests	—	—	—	—	—	—	—	—	—	39,404	39,404
Distribution to noncontrolling interests	—	—	—	—	—	—	—	—	—	(7,700)	(7,700)
Cash dividends on Class A and Class B common stock - $0.30 per share	—	—	—	—	—	—	—	(10,834)	—	—	(10,834)
Issuance of common stock, net of forfeitures	—	12,728	—	—	—	—	557	—	—	—	557
Compensation expense for stock-based awards	—	—	—	—	—	—	3,468	—	—	—	3,468
Repurchase of common stock	—	(217,850)	—	—	(2)	—	(3,604)	(23,667)	—	—	(27,273)
Conversion of common stock	—	41,929	(41,929)	—	1	(1)	—	—	—	—	—
Balance as of September 30, 2025	—	25,375,537	10,616,675	$—	254	106	1,058	3,648,375	3,497	(66,595)	3,586,695
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
Net income (loss)	—	—	—	—	—	—	—	76,193	—	(20,006)	56,187
Other comprehensive income	—	—	—	—	—	—	—	—	119	—	119
Issuance of noncontrolling interests	—	—	—	—	—	—	—	—	—	45,532	45,532
Distribution to noncontrolling interests	—	—	—	—	—	—	—	—	—	(64,527)	(64,527)
Cash dividends on Class A and Class B common stock - $0.33 per share	—	—	—	—	—	—	—	(11,751)	—	—	(11,751)
Issuance of common stock, net of forfeitures	—	42,515	—	—	—	—	1,343	—	—	—	1,343
Compensation expense for stock-based awards	—	—	—	—	—	—	4,002	—	—	—	4,002
Repurchase of common stock	—	(415,332)	—	—	(4)	—	(6,148)	(46,931)	—	—	(53,083)
Balance as of September 30, 2026	—	24,791,127	10,616,675	$—	248	106	974	3,787,762	(1,728)	(174,104)	3,613,258

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)	—	—	—	—	—	—	—	370,703	—	(11,044)	359,659
Other comprehensive income	—	—	—	—	—	—	—	—	2,027	—	2,027
Issuance of noncontrolling interests	—	—	—	—	—	—	—	—	—	45,583	45,583
Distribution tononcontrolling interests	—	—	—	—	—	—	—	—	—	(45,106)	(45,106)
Cash dividends on Class A and Class B common stock - $0.86 per share	—	—	—	—	—	—	—	(31,157)	—	—	(31,157)
Issuance of common stock, net of forfeitures	—	138,755	—	—	1	—	3,373	—	—	—	3,374
Compensation expense for stock-based awards	—	—	—	—	—	—	9,819	—	—	—	9,819
Repurchase of common stock	—	(439,895)	—	—	(4)	—	(19,523)	(33,564)	—	—	(53,091)
Conversion of common stock	—	41,929	(41,929)	—	1	(1)	—	—	—	—	—
Acquisition of remaining 20% of NextGen, net of tax	—	—	—	—	—	—	—	1,853	—	(5,383)	(3,530)
Balance as of September 30, 2025	—	25,375,537	10,616,675	$—	254	106	1,058	3,648,375	3,497	(66,595)	3,586,695
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)	—	—	—	—	—	—	—	213,981	—	(56,722)	157,259
Other comprehensive loss	—	—	—	—	—	—	—	—	(4,347)	—	(4,347)
Issuance of noncontrolling interests	—	—	—	—	—	—	—	—	—	69,927	69,927
Distribution tononcontrolling interests	—	—	—	—	—	—	—	—	—	(78,711)	(78,711)
Cash dividends on Class A and Class B common stock - $0.99 per share	—	—	—	—	—	—	—	(35,406)	—	—	(35,406)
Issuance of common stock, net of forfeitures	—	263,341	—	—	2	—	9,821	—	—	—	9,823
Compensation expense for stock-based awards	—	—	—	—	—	—	12,700	—	—	—	12,700
Repurchase of common stock	—	(731,932)	—	—	(7)	—	(23,028)	(70,681)	—	—	(93,716)
Redemption of 10% minority interests of WRCM	—	—	—	—	—	—	—	(1,465)	—	(35)	(1,500)
Balance as of September 30, 2026	—	24,791,127	10,616,675	$—	248	106	974	3,787,762	(1,728)	(174,104)	3,613,258

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

	Nine months ended
	September 30,
	2026	2025
Net income attributable to Nelnet, Inc.	$213,981	370,703
Net loss attributable to noncontrolling interests	(56,722)	(11,044)
Net income	157,259	359,659
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	64,449	68,261
Loan discount and deferred lender fees accretion	(131,357)	(58,107)
Provision for loan losses	133,684	29,704
Provision for beneficial interests	7,477	8,632
Derivative market value adjustments	(16,223)	10,978
Gain on partial redemption of ALLO investment	—	(175,044)
Loss on sale of loans, net	690	1,562
Loss (gain) on investments, net	50,306	(47,076)
Deferred income tax benefit	(10,873)	(82,465)
Non-cash compensation expense	12,951	10,064
Impairment expense	—	12,392
Other	(2,173)	4,325
Changes in operating assets and liabilities:
(Increase) decrease in loan and investment accrued interest receivable	(31,697)	14,894
Decrease in accounts receivable	48,517	12,219
(Increase) decrease in other assets	(7,038)	43,488
Decrease in the carrying amount of ROU asset	3,283	2,865
Decrease in accrued interest payable	(4,301)	(6,329)
Increase in other liabilities	69,891	79,713
Decrease in the carrying amount of lease liability	(3,692)	(4,365)
Total adjustments	183,894	(74,289)
Net cash provided by operating activities	341,153	285,370
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	(9,432,478)	(1,984,778)
Purchases of loans from a related party	(440,696)	(206,668)
Proceeds from loan repayments, claims, and capitalized interest, net	10,019,084	2,081,162
Proceeds from sale of loans	33,461	240,398
Proceeds from sale of loans to a related party	157,867	290,164
Purchases of available-for-sale securities	(836,473)	(416,084)
Proceeds from sales of available-for-sale securities	310,037	205,954
Proceeds from beneficial interest in loan securitizations	66,722	55,865
Purchases of other investments and issuance of notes receivable	(390,839)	(249,990)
Proceeds from other investments and repayments of notes receivable	110,098	511,219
Purchases of held-to-maturity debt securities	(2,279)	—
Redemption of held-to-maturity debt securities	15,231	10,549
Purchases of property and equipment	(20,080)	(18,744)
Business acquisitions, net of cash and restricted cash acquired	164,249	—
Net cash (used in) provided by investing activities	$(246,096)	519,047

NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
	Nine months ended
	September 30,
	2026	2025
Cash flows from financing activities, net of acquisitions:
Payments on bonds and notes payable	$(1,257,718)	(1,739,244)
Proceeds from issuance of bonds and notes payable	242,292	557,371
Payments of debt issuance costs	(3,509)	(4,803)
Increase in bank deposits, net	896,844	290,634
Decrease in due to customers	(249,794)	(35,862)
Dividends paid	(35,406)	(31,157)
Repurchases of common stock	(93,716)	(53,091)
Proceeds from issuance of common stock	1,415	1,392
Redemption of noncontrolling interest	(1,500)	(3,944)
Issuance of noncontrolling interests	101,774	54,984
Distribution to noncontrolling interests	(6,019)	(5,211)
Net cash used in financing activities	(405,337)	(968,931)
Effect of exchange rate changes on cash and restricted cash	(4,828)	290
Net decrease in cash, cash equivalents, and restricted cash	(315,108)	(164,224)
Cash, cash equivalents, and restricted cash, beginning of period	973,546	931,020
Cash, cash equivalents, and restricted cash, end of period	$658,438	766,796

Supplemental disclosures of cash flow information:
Cash disbursements made for interest	$321,314	360,648
Cash disbursements made for income taxes, net of refunds and credits received (a)	$5,769	50,443
Cash receipts from sale of transferable income tax credits	$31,405	—
Cash disbursements made for operating leases	$4,440	3,933
Non-cash operating, investing and financing activity:
ROU assets obtained in exchange for lease obligations	$5,923	6,550
Purchases of available-for-sale securities recognized on trade-date but not yet settled	$104,056	9,242
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans	$—	28,137
Receipt of asset-backed investment securities as consideration from sale of loans	$—	2,370
Student loans and other assets acquired	$—	672,601
Borrowings and other liabilities assumed in acquisition of student loans	$—	706,534
Issuance of noncontrolling interests	$31,847	9,401
Distribution to noncontrolling interests	$72,692	39,895

(a)The Company utilized $31.0 million and $43.8 million of federal and state tax credits related primarily to renewable energy during the nine months ended September 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
	September 30, 2026	December 31, 2025	September 30, 2025	December 31, 2024
Total cash and cash equivalents	$211,016	295,983	216,425	194,518
Restricted cash	229,223	357,639	394,074	332,100
Restricted cash - due to customers	218,199	319,924	156,297	404,402
Cash, cash equivalents, and restricted cash	$658,438	973,546	766,796	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 September 30, 2026 and for the three and nine months ended September 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 nine months ended September 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
	September 30, 2026	December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a):
Stafford and other	$1,681,109	1,772,172
Consolidation	4,537,203	5,665,071
Total	6,218,312	7,437,243
Private education loans	115,410	139,209
Consumer loans and other financing receivables (b)	1,299,112	1,122,717
Non-Nelnet Bank loans	7,632,834	8,699,169
Nelnet Bank:
Federally insured loans (a):
Stafford and other	55,672	23,960
Consolidation	827,135	148,360
Total	882,807	172,320
Private education loans	554,090	518,634
Consumer and other loans	264,464	266,608
Nelnet Bank loans	1,701,361	957,562
Accrued interest receivable	548,128	528,936
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs	(42,126)	(46,894)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans	(36,817)	(42,080)
Private education loans	(6,007)	(6,894)
Consumer loans and other financing receivables	(98,106)	(57,360)
Non-Nelnet Bank allowance for loan losses	(140,930)	(106,334)
Nelnet Bank:
Federally insured loans	(3,110)	(676)
Private education loans	(13,241)	(12,932)
Consumer and other loans	(12,589)	(12,136)
Nelnet Bank allowance for loan losses	(28,940)	(25,744)
	$9,670,327	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 $780.7 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 September 30, 2026 and December 31, 2025, the balance of Pay Later receivables was $775.2 million and $744.2 million, respectively.

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

	As of	As of
	September 30, 2026	December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a)	0.59%	0.57%
Private education loans	5.20%	4.95%
Consumer loans and other financing receivables (b)	7.55%	5.11%
Nelnet Bank:
Federally insured loans (a)	0.35%	0.39%
Private education loans	2.39%	2.49%
Consumer and other loans	4.76%	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 20.2% and 19.3%, and for Nelnet Bank was 17.1% and 17.3%, as of September 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 (a)	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration	Loan sales/contributions	Balance at end of period
	Three months ended September 30, 2026
Non-Nelnet Bank:
Federally insured loans	$38,173	866	(1,999)	—	—	(223)	36,817
Private education loans	6,239	—	(490)	258	—	—	6,007
Consumer loans and other financing receivables	92,215	33,673	(31,795)	4,013	—	—	98,106
Nelnet Bank:
Federally insured loans	3,016	22	(151)	—	—	223	3,110
Private education loans	12,609	2,825	(2,751)	558	—	—	13,241
Consumer and other loans	12,813	1,156	(1,473)	93	—	—	12,589
	$165,065	38,542	(38,659)	4,922	—	—	169,870
	Three months ended September 30, 2025
Non-Nelnet Bank:
Federally insured loans	$47,627	843	(4,673)	—	—	(262)	43,535
Private education loans	7,406	—	(459)	156	—	—	7,103
Consumer loans and other financing receivables	48,028	(8,217)	(7,176)	512	—	—	33,147
Nelnet Bank:
Federally insured loans	355	113	(23)	—	—	262	707
Private education loans	12,360	1,177	(2,169)	364	—	—	11,732
Consumer and other loans	9,573	2,186	(581)	130	—	—	11,308
	$125,349	(3,898)	(15,081)	1,162	—	—	107,532

	Balance at beginning of period	Provision (negative provision) for loan losses (a)	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration	Loan sales/contributions	Balance at end of period
	Nine months ended September 30, 2026
Non-Nelnet Bank:
Federally insured loans	$42,080	5,325	(7,654)	—	—	(2,934)	36,817
Private education loans	6,894	(306)	(1,267)	686	—	—	6,007
Consumer loans and other financing receivables	57,360	119,312	(87,324)	8,758	—	—	98,106
Nelnet Bank:
Federally insured loans	676	(168)	(332)	—	—	2,934	3,110
Private education loans	12,932	5,162	(6,042)	1,189	—	—	13,241
Consumer and other loans	12,136	3,813	(3,652)	292	—	—	12,589
	$132,078	133,138	(106,271)	10,925	—	—	169,870
	Nine months ended September 30, 2025
Non-Nelnet Bank:
Federally insured loans	$49,091	5,588	(10,882)	—	—	(262)	43,535
Private education loans	11,130	(2,761)	(1,916)	650	—	—	7,103
Consumer loans and other financing receivables	38,468	13,943	(20,319)	1,055	—	—	33,147
Nelnet Bank:
Federally insured loans	—	488	(43)	—	—	262	707
Private education loans	10,086	5,102	(5,303)	787	1,060	—	11,732
Consumer and other loans	6,115	6,920	(2,029)	302	—	—	11,308
	$114,890	29,280	(40,492)	2,794	1,060	—	107,532

(a) During the third quarter of 2025, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) sold $203.3 million of consumer loans to an unrelated third party that subsequently securitized the loans. The Company recognized a $2.5 million loss on the sale. As partial consideration for the loans sold, the Company received a residual interest in the loan securitization, which is included in "other investments and notes receivable, net" on the Company's consolidated balance sheet. Upon classification of loans as held for sale, any allowance for loan losses associated with such loans immediately prior to the reclassification is reversed through provision for loan losses. The following table presents the resulting reduction to provision for loan losses related to the consumer loans sold during the third quarter of 2025.

	Provision for current period	Reduction to provision -loan sales	Provision(negative provision) for loan losses - included in the table above
	Three months ended September 30, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables	$20,693	(28,910)	(8,217)
	Nine months ended September 30, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables	$42,853	(28,910)	13,943

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 nine month periods ended September 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 August 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 September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Non-Nelnet Bank:
Federally insured loans	0.12%	0.22%	0.15%	0.17%
Private education loans	0.77%	0.79%	0.61%	0.95%
Consumer loans and other financing receivables	8.78%	5.75%	8.83%	6.28%
Nelnet Bank:
Federally insured loans	0.07%	0.06%	0.07%	0.06%
Private education loans	1.65%	1.38%	1.22%	1.19%
Consumer and other loans	2.06%	0.79%	1.69%	1.21%

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 nine months ended September 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 August 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 September 30, 2026 and December 31, 2025, Nelnet Bank had a liability of approximately $1.3 million and $0.8 million, respectively, related to $118.3 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 (negative 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 · Nine months ended
	September 30,		September 30,
	2026	2025	2026	2025
Provision (negative provision) for loan losses from allowance activity table above	$38,542	(3,898)	133,138	29,280
Provision expense for unfunded loan commitments, net	821	335	546	424
Provision (negative provision) for loan losses reported in the consolidated statements of income	$39,363	(3,563)	133,684	29,704

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 September 30, 2026 · As of December 31, 2025 · As of September 30, 2025
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$296,656	4.8%			$336,749		4.5%				$382,850		4.9%
Loans in forbearance	502,761	8.1				493,277		6.6				514,385		6.5
Loans in repayment status:
Loans current	4,753,622		87.7%		5,701,660				86.3%		5,994,951			86.1%
Loans delinquent 31-60 days	197,954		3.7			234,259				3.5		254,998			3.7
Loans delinquent 61-90 days	121,512		2.2			147,645				2.2		166,763			2.4
Loans delinquent 91-120 days	70,608		1.3			94,765				1.4		100,575			1.4
Loans delinquent 121-270 days	184,162		3.4			280,899				4.3		317,151			4.6
Loans delinquent 271 days or greater	91,037		1.7			147,989				2.3		128,584			1.8
Total loans in repayment	5,418,895	87.1		100.0%		6,607,217		88.9			100.0%	6,963,022		88.6		100.0%
Total federally insured loans	6,218,312	100.0%			7,437,243		100.0%				7,860,257		100.0%
Accrued interest receivable	482,748				506,943						537,303
Loan discount, net of unamortized premiums and deferred origination costs	(24,790)				(23,513)						(24,895)
Allowance for loan losses	(36,817)				(42,080)						(43,535)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$6,639,453				$7,878,593						$8,329,130
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$2,592	2.2%			$3,094		2.2%				$4,232		2.9%
Loans in forbearance	2,996	2.6				3,049		2.2				2,653		1.8
Loans in repayment status:
Loans current	107,423		97.8%		130,018				97.7%		137,678			97.8%
Loans delinquent 31-60 days	832		0.8			1,253				0.9		1,314			0.9
Loans delinquent 61-90 days	568		0.5			515				0.4		865			0.6
Loans delinquent 91 days or greater	999		0.9			1,280				1.0		995			0.7
Total loans in repayment	109,822	95.2		100.0%		133,066		95.6			100.0%	140,852		95.3		100.0%
Total private education loans	115,410	100.0%			139,209		100.0%				147,737		100.0%
Accrued interest receivable	1,039				1,120						1,291
Loan discount, net of unamortized premiums	(3,052)				(4,317)						(4,740)
Allowance for loan losses	(6,007)				(6,894)						(7,103)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$107,390				$129,118						$137,185
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance	$1,371	0.1%			$1,698		0.2%				$1,354		0.2%
Loans in repayment status:
Loans current	1,256,663		96.8%		1,085,883				96.9%		828,408			98.7%
Loans delinquent 31-60 days	16,102		1.2			13,723				1.2		3,543			0.4
Loans delinquent 61-90 days	12,331		1.0			10,797				1.0		2,343			0.3
Loans delinquent 91 days or greater	12,645		1.0			10,616				0.9		5,091			0.6
Total loans in repayment	1,297,741	99.9		100.0%		1,121,019		99.8			100.0%	839,385		99.8		100.0%
Total consumer loans and other financing receivables	1,299,112	100.0%			1,122,717		100.0%				840,739		100.0%
Accrued interest receivable	2,473				1,497						1,102
Loan discount and deferred lender fees, net of unamortized premiums	(22,045)				(17,845)						(16,215)
Allowance for loan losses	(98,106)				(57,360)						(33,147)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses	$1,181,434				$1,049,009						$792,479

As of September 30, 2026 · As of December 31, 2025 · As of September 30, 2025
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$31,261	3.5%			$6,162		3.6%				$6,705		3.7%
Loans in forbearance	46,305	5.2				8,787		5.1				9,263		5.2
Loans in repayment status:
Loans current	730,125		90.7%		141,357				89.9%		146,308			89.8%
Loans delinquent 30-59 days	23,545		2.9			5,686				3.6		4,827			3.0
Loans delinquent 60-89 days	14,411		1.8			2,703				1.7		2,185			1.3
Loans delinquent 90-119 days	7,311		0.9			980				0.6		2,684			1.6
Loans delinquent 120-270 days	20,657		2.6			4,844				3.1		5,668			3.5
Loans delinquent 271 days or greater	9,192		1.1			1,801				1.1		1,308			0.8
Total loans in repayment	805,241	91.3		100.0%		157,371		91.3			100.0%	162,980		91.1		100.0%
Total federally insured loans	882,807	100.0%			172,320		100.0%				178,948		100.0%
Accrued interest receivable	49,431				10,939						11,253
Loan premium and deferred origination costs, net of unaccreted discount	6,154				910						945
Allowance for loan losses	(3,110)				(676)						(707)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$935,282				$183,493						$190,439
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$86,612	15.6%			$56,667		10.9%				$58,753		11.1%
Loans in forbearance	461	0.1				1,684		0.3				1,476		0.3
Loans in repayment status:
Loans current	459,498		98.4%		451,221				98.0%		460,142			98.1%
Loans delinquent 30-59 days	2,790		0.6			4,001				0.9		3,526			0.7
Loans delinquent 60-89 days	2,515		0.5			2,327				0.5		2,403			0.5
Loans delinquent 90 days or greater	2,214		0.5			2,734				0.6		3,096			0.7
Total loans in repayment	467,017	84.3		100.0%		460,283		88.8			100.0%	469,167		88.6		100.0%
Total private education loans	554,090	100.0%			518,634		100.0%				529,396		100.0%
Accrued interest receivable	10,430				6,599						6,400
Loan discount, net of unamortized premiums and deferred origination costs	(1,125)				(5,686)						(6,652)
Allowance for loan losses	(13,241)				(12,932)						(11,732)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$550,154				$506,615						$517,412
Consumer and other loans - Nelnet Bank (a):
Loans in deferment	$9,398	3.6%			$10,006		3.8%				$9,954		3.7%
Loans in repayment status:
Loans current	252,318		98.9%		254,448				99.2%		254,720			99.2%
Loans delinquent 30-59 days	1,207		0.5			1,225				0.5		694			0.3
Loans delinquent 60-89 days	540		0.2			560				0.2		719			0.3
Loans delinquent 90 days or greater	1,001		0.4			369				0.1		452			0.2
Total loans in repayment	255,066	96.4		100.0%		256,602		96.2			100.0%	256,585		96.3		100.0%
Total consumer and other loans	264,464	100.0%			266,608		100.0%				266,539		100.0%
Accrued interest receivable	2,007				1,838						1,563
Loan premium, net of unaccreted discount	2,732				3,557						3,822
Allowance for loan losses	(12,589)				(12,136)						(11,308)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses	$256,614				$259,867						$260,616

(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 or purchase, stratified by FICO score at the time of origination or purchase:

Nelnet Bank Private Education Loans

Nine months ended September 30, 2026 · 2025 · 2024 · 2023 · 2022 · Prior years · Total · Percent of total
FICO at origination or purchase:
Less than 705	$5,414	6,678	2,570	2,238	3,455	18,393	38,748	7.0%
705 - 734	8,452	11,873	4,390	6,331	15,225	18,157	64,428	11.6
735 - 764	10,721	15,888	4,841	6,268	23,732	27,477	88,927	16.0
765 - 794	18,293	21,585	5,914	4,325	36,876	39,548	126,541	22.8
Greater than 794	36,516	30,993	12,253	9,438	50,564	90,980	230,744	41.8
No FICO score available or required (a)	—	—	1,616	3,086	—	—	4,702	0.8
	$79,396	87,017	31,584	31,686	129,852	194,555	554,090	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

Nine months ended September 30, 2026 · 2025 · 2024 · 2023 · 2022 · Prior years · Total · Percent of total
FICO at origination:
Less than 720	$572	12,283	14,972	1,595	—	1,056	30,478	11.5%
720 - 769	2,794	21,325	31,413	3,225	12	10,373	69,142	26.1
Greater than 769	13,051	44,181	41,856	5,336	84	7,143	111,651	42.3
No FICO score available or required (a)	5,907	38,904	7,662	426	241	53	53,193	20.1
	$22,324	116,693	95,903	10,582	337	18,625	264,464	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 September 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 September 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.

	Nine months ended September 30, 2026	2025	2024	2023	2022	Prior years	Total
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$—	—	—	—	259	2,333	2,592
Loans in forbearance	—	—	—	—	335	2,661	2,996
Loans in repayment status:
Loans current	—	—	—	153	2,775	104,495	107,423
Loans delinquent 31-60 days	—	—	—	—	14	818	832
Loans delinquent 61-90 days	—	—	—	—	—	568	568
Loans delinquent 91 days or greater	—	—	—	—	8	991	999
Total loans in repayment	—	—	—	153	2,797	106,872	109,822
Total private education loans	$—	—	—	153	3,391	111,866	115,410
Accrued interest receivable					1,039
Loan discount, net of unamortized premiums					(3,052)
Allowance for loan losses					(6,007)
Total private education loans and accrued interest receivable, net of allowance for loan losses					$107,390
Gross charge-offs - nine months ended September 30, 2026	$—	—	—	—	27	1,240	1,267

	Nine months ended September 30, 2026	2025	2024	2023	2022	Prior years	Total
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance	$47	152	556	616	—	—	1,371
Loans in repayment status:
Loans current	1,109,552	125,253	11,736	8,814	984	324	1,256,663
Loans delinquent 31-60 days	13,085	1,976	419	451	100	71	16,102
Loans delinquent 61-90 days	10,433	1,544	159	183	12	—	12,331
Loans delinquent 91 days or greater	8,712	2,279	834	737	82	1	12,645
Total loans in repayment	1,141,782	131,052	13,148	10,185	1,178	396	1,297,741
Total consumer loans and other financing receivables	$1,141,829	131,204	13,704	10,801	1,178	396	1,299,112
Accrued interest receivable					2,473
Loan discount and deferred lender fees, net of unamortized premiums					(22,045)
Allowance for loan losses					(98,106)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses					$1,181,434
Gross charge-offs - nine months ended September 30, 2026	$30,910	40,751	11,111	3,513	1,004	35	87,324
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment	$26,300	33,417	13,774	6,755	3,739	2,627	86,612
Loans in forbearance	—	14	12	51	179	205	461
Loans in repayment status:
Loans current	52,883	52,777	17,456	23,829	124,996	187,557	459,498
Loans delinquent 30-59 days	105	191	56	168	481	1,789	2,790
Loans delinquent 60-89 days	82	440	122	417	208	1,246	2,515
Loans delinquent 90 days or greater	26	178	164	466	249	1,131	2,214
Total loans in repayment	53,096	53,586	17,798	24,880	125,934	191,723	467,017
Total private education loans	$79,396	87,017	31,584	31,686	129,852	194,555	554,090
Accrued interest receivable					10,430
Loan discount, net of unamortized premiums and deferred origination costs					(1,125)
Allowance for loan losses					(13,241)
Total private education loans and accrued interest receivable, net of allowance for loan losses					$550,154
Gross charge-offs - nine months ended September 30, 2026	$52	587	431	931	952	3,089	6,042
Consumer and other loans - Nelnet Bank:
Loans in deferment	$7,829	1,569	—	—	—	—	9,398
Loans in repayment status:
Loans current	14,446	114,199	94,349	10,486	337	18,501	252,318
Loans delinquent 30-59 days	49	480	575	96	—	7	1,207
Loans delinquent 60-89 days	—	150	386	—	—	4	540
Loans delinquent 90 days or greater	—	295	593	—	—	113	1,001
Total loans in repayment	14,495	115,124	95,903	10,582	337	18,625	255,066
Total consumer and other loans	$22,324	116,693	95,903	10,582	337	18,625	264,464
Accrued interest receivable					2,007
Loan premium, net of unaccreted discount					2,732
Allowance for loan losses					(12,589)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses					$256,614
Gross charge-offs - nine months ended September 30, 2026	$58	1,380	1,648	255	—	311	3,652

Bonds and Notes Payable

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

	As of September 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	$5,275,474	4.01% - 6.02%	10/25/33 - 11/27/90
Bonds and notes based on auction	10,500	4.76%	8/25/37
Total FFELP variable-rate bonds and notes	5,285,974
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	269,423	1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facility	456,274	4.90% / 4.93%	3/30/28
Consumer loan warehouse and other facilities	750,089	5.18% - 5.48%	11/13/27 - 1/15/29
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	23,932	5.40% / 5.94%	6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	17,621	7.15%	11/25/53
Unsecured line of credit	—	—	3/31/31
Participation agreements	602	4.49% - 5.82%	5/4/27 / 7/28/32
Discount on bonds and notes payable and debt issuance costs	(34,928)
Total	$6,768,987

	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 September 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)	$475,000	456,274	18,726	3/30/2027	3/30/2028	note (b)	$29,225
Consumer loans and other financing receivables	$925,000	750,089	174,911	11/13/2026 - 7/15/2028	11/13/2027 - 1/15/2029	50% - 90%	$110,888

(a) During 2026, the Company amended this facility several times. 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 reduced 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. On September 30, 2026, the Company reduced the maximum financing amount to $475 million and extended the liquidity provisions and final maturity date to March 30, 2027 and March 30, 2028, 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 September 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 September 30, 2026, the Company holds $111.3 million (par value) of its own FFELP and private education loan 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 September 30, 2026 and December 31, 2025 used to economically 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 (a)	$1,150,000
2027	250,000
	$1,400,000

(a) These derivatives have maturity dates that range from November 30, 2026 through December 28, 2026.

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 September 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 September 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 September 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 September 30, 2026	As of December 31, 2025	As of September 30, 2026	As of December 31, 2025
Nelnet Bank interest rate swaps - intercompany deposits	$8,256	614	—	1,243
Nelnet Bank interest rate swaps - third-party deposits (cash flow hedges)	2,642	—	—	484
Other derivative instruments	285	—	—	—
	$11,183	614	—	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 September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Settlements:
Basis swaps	$156	156	463	463
Interest rate swaps - floor income hedges	95	438	(19)	1,293
Interest rate swaps - Nelnet Bank intercompany deposits	118	167	234	494
Other derivative instruments	—	—	437	—
Total settlements - income	369	761	1,115	2,250
Change in fair value:
Basis swaps	(153)	(147)	(451)	(429)
Interest rate swaps - floor income hedges	4,659	(314)	8,410	(5,993)
Interest rate swaps - Nelnet Bank intercompany deposits	6,172	(327)	8,886	(4,556)
Other derivative instruments	272	—	(622)	—
Total change in fair value - income (expense)	10,950	(788)	16,223	(10,978)
Derivative market value adjustments and derivative settlements, net - income (expense)	$11,319	(27)	17,338	(8,728)

Investments and Notes Receivable

Total investments and notes receivable consisted of the following:

	As of September 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	$51,907	3,039	(137)	54,809	36,824	2,950	(129)	39,645
FFELP loan and other debt securities - restricted (a)	158,493	3,122	(460)	161,155	172,739	3,384	(323)	175,800
Private education loan (b)	167,332	82	(12,313)	155,101	197,568	20	(13,436)	184,152
Other debt securities	157,386	2,493	(321)	159,558	55,874	2,528	—	58,402
Total Non-Nelnet Bank	535,118	8,736	(13,231)	530,623	463,005	8,882	(13,888)	457,999
Nelnet Bank:
FFELP loan	217,915	4,901	(602)	222,214	258,208	6,513	(798)	263,923
Private education loan	11,317	—	(6)	11,311	13,623	—	(37)	13,586
Other debt securities	1,181,610	1,511	(5,371)	1,177,750	569,528	1,433	(1,481)	569,480
Total Nelnet Bank	1,410,842	6,412	(5,979)	1,411,275	841,359	7,946	(2,316)	846,989
Total available-for-sale asset-backed securities	$1,945,960	15,148	(19,210)	1,941,898	1,304,364	16,828	(16,204)	1,304,988
Equity securities and funds measured at net asset value			110,722			109,648
Total investments at fair value			2,052,620			1,414,636
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities - FFELP loan			199,670			211,299
Venture capital, funds, and other:
Measurement alternative (c)			236,999			227,962
Equity method			267,384			248,253
Total venture capital and funds			504,383			476,215
Real estate equity method			290,718			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 (d):
Consumer and private education loans, net of allowance for credit losses of $56,029 and $50,802 as of September 30, 2026 and December 31, 2025, respectively			160,967			180,262
Federally insured student loans			14,798			14,568
Total beneficial interest in loan securitizations, net of allowance			175,765			194,830
Solar (e)			(332,517)			(240,370)
Notes receivable			37,275			32,085
Tax liens, affordable housing, and other			21,648			15,961
Total other investments and notes receivable (not measured at fair value)			920,442			933,335
Total investments and notes receivable			$2,973,062			$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 September 30, 2026, the amortized cost and fair value of these securities was $167.1 million and $154.9 million, respectively.

(c)The Company has an investment in Hudl, Inc. ("Hudl"). As of September 30, 2026, the carrying amount of the Company's investment in Hudl was $172.5 million. Subsequent to September 30, 2026, on October 15, 2026, the Company purchased additional ownership interests in Hudl for $3.0 million from an existing Hudl investor. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. David S. Graff, a member on the Company's Board of Directors, is CEO, co-founder, and a director of Hudl.

(d)The Company has partial ownership in certain securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2026, the Company's ownership correlates to approximately $900 million, $330 million, and $260 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 $0.9 million and $2.1 million during the three months ended September 30, 2026 and 2025, respectively, and $7.5 million and $8.6 million during the nine months ended September 30, 2026 and 2025, respectively, which is included in “provision for beneficial interests” on the consolidated statements of income.

(e)As of September 30, 2026, the Company has contributed $357.6 million and its third-party partners (syndication partners) have contributed $513.8 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 September 30, 2026, the Company and its third-party partners have earned $401.7 million and $518.7 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 $332.5 million as of September 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 September 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 September 30, 2026, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $137.8 million.

The following table presents (i) HLBV losses recognized by the Company and gains recognized on sales of partnership interests, including amounts attributable to third-party noncontrolling interest partners, which are included in “other, net” within “other income (expense)” on the consolidated statements of income, less (ii) solar net losses attributable to noncontrolling interest partners, which are included in “net loss attributable to noncontrolling interests” on the consolidated statements of income. The resulting amount represents the pre-tax net loss attributable to the Company.

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Loss from HLBV accounting	$(27,706)	(10,884)	(79,588)	(19,963)
Gains from sales	9,165	—	16,019	8,033
Net loss from solar investments before allocation to noncontrolling interests	(18,541)	(10,884)	(63,569)	(11,930)
Net loss attributable to noncontrolling members	18,494	5,659	51,430	9,863
Net loss attributable to the Company	$(47)	(5,225)	(12,139)	(2,067)

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

	As of September 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	$66	2,755	471	48,615	51,907
FFELP loan and other debt securities - restricted	—	4,349	39,690	114,454	158,493
Private education loan	—	—	220	167,112	167,332
Other debt securities	100	—	51,553	105,733	157,386
Total Non-Nelnet Bank	166	7,104	91,934	435,914	535,118
Fair value	164	7,053	91,907	431,499	530,623
Nelnet Bank:
FFELP loan	27,000	11,646	16,916	162,353	217,915
Private education loan	—	—	11,222	95	11,317
Other debt securities	—	14,696	186,917	979,997	1,181,610
Total Nelnet Bank	27,000	26,342	215,055	1,142,445	1,410,842
Fair value	26,765	26,206	319,374	1,038,930	1,411,275
Total available-for-sale asset-backed securities at amortized cost	$27,166	33,446	306,989	1,578,359	1,945,960
Total available-for-sale asset-backed securities at fair value	$26,929	33,259	411,281	1,470,429	1,941,898
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan - amortized cost	$—	2,273	11,756	185,641	199,670
FFELP loan - fair value	$—	2,266	11,608	190,079	203,953
Beneficial interest in loan securitizations (a):
Amortized cost	$—	—	—	—	175,765
Fair value	$—	—	—	—	193,723

(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 September 30, 2026:

	Carrying value	Gross unrealized gains	Gross unrealized losses	Fair value
Asset-backed securities	$199,670	4,707	(424)	203,953
Beneficial interest in loan securitizations	175,765	19,514	(1,556)	193,723

The following table presents securities classified as available-for-sale that have gross unrealized losses as of September 30, 2026 and the fair value of such securities as of September 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 September 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	$(2)	398	(135)	2,414	(137)	2,812
FFELP loan and other debt securities - restricted	(211)	39,267	(249)	16,427	(460)	55,694
Private education loan	(11)	209	(12,302)	127,911	(12,313)	128,120
Other debt securities	(321)	70,695	—	—	(321)	70,695
Total Non-Nelnet Bank	(545)	110,569	(12,686)	146,752	(13,231)	257,321
Nelnet Bank:
FFELP loan	(72)	18,824	(530)	49,194	(602)	68,018
Private education loan	(1)	150	(5)	11,066	(6)	11,216
Other debt securities	(3,240)	371,890	(2,131)	38,716	(5,371)	410,606
Total Nelnet Bank	(3,313)	390,864	(2,666)	98,976	(5,979)	489,840
Total available-for-sale asset-backed securities	$(3,858)	501,433	(15,352)	245,728	(19,210)	747,161

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 · Nine months ended
	September 30,		September 30,
	2026	2025	2026	2025
Gross proceeds from sales	$162,016	96,345	310,037	205,954
Gross realized gains	$1,045	1,145	2,011	2,701
Gross realized losses	(218)	(291)	(282)	(770)
Net gains	$827	854	1,729	1,931

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 September 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 · Nine months ended
	September 30,		September 30,
	2026	2025	2026	2025
Unrealized (losses) gains recognized during the period, net	$(4,819)	1,442	(2,131)	5,577
Less: realized (gains) losses on securities sold during the period, net	(215)	(225)	1,664	(224)
Unrealized (losses) gains on securities still held as of the reporting date, net	$(4,604)	1,667	(3,795)	5,801

Business Combinations

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.

Nelnet Business Services (NBS) Acquisitions

The Education Technology Services and Payments operating segment (referred to as NBS) completed three acquisitions during 2026 for total consideration of $30.9 million to expand this segment's global education technology offerings and customer base. The purchase price allocation for these acquisitions, including the recognition of goodwill, was not complete as of September 30, 2026, and remains subject to finalization during the measurement period. The impact of these acquisitions did not have a material impact on the segment's results of operations for the three and nine months ended September 30, 2026.

On April 30, 2026, the Company acquired 100 percent of the outstanding stock of Australia‑based Invision Marketing Services Pty Ltd which 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.

On July 1, 2026, the Company acquired 100 percent of the net assets of WMTek, doing business as Site Stacker. Site Stacker is a software platform that provides customer relationship management, online giving, website building, and automation solutions for nonprofit organizations.

On September 30, 2026, the Company acquired 100 percent of the outstanding stock of Entab Infotech (Entab). Entab is a New Delhi-based provider of school administration, management, and learning technology software, servicing more than 1,000 schools across India. The acquisition extends Nelnet's global education technology offerings into India's K-12 education market.

Intangible Assets

Intangible assets consisted of the following:

Weighted-average remaining useful life as ofSeptember 30, 2026 (months)
As of · As of
September 30, 2026 · December 31, 2025
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $68,075 and $58,561, respectively)	76	$70,082	29,283
Computer software (net of accumulated amortization of $3,940)	48	27,988	—
Total amortizable intangible assets, net	68	$98,070	29,283

The Company recorded amortization expense on its intangible assets of $5.3 million and $1.5 million for the three months ended September 30, 2026 and 2025, respectively, and $13.6 million and $4.6 million during the nine months ended September 30, 2026 and 2025, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2026, the Company estimates it will record amortization expense as follows:

2026 (October 1 - December 31)	$5,227
2027	20,774
2028	20,410
2029	16,759
2030	15,718
2031 and thereafter	19,182
	$98,070

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	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	—	3,017	—	—	—	—	3,017
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
Goodwill acquired during the period	—	6,336	—	—	—	—	6,336
Foreign currency translation	(18)	15	—	—	—	—	(3)
Goodwill as of September 30, 2026	$69,522	101,763	41,883	—	—	—	213,168

Bank Deposits

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

	As of	As of
	September 30, 2026	December 31, 2025
Retail and other savings	$2,030,917	1,337,873
Brokered CDs, net of brokered deposit fees	498,334	311,015
Retail and other CDs, net of issuance fees	36,766	20,285
Total interest-bearing deposits	$2,566,017	1,669,173

As of September 30, 2026 and December 31, 2025, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $239.2 million and $93.8 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.

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

One year or less	$275,301
After one year to two years	66,080
After two years to three years	78,250
After three years to four years	30,453
After four years to five years	30,686
After five years	54,330
Total	$535,100

Deposits that exceeded the FDIC insurance limits as of September 30, 2026 were $40.8 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 September 30,
2026 · 2025
Numerator:
Net income attributable to Nelnet, Inc.	$74,818	1,375	76,193	104,750	1,934	106,684
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,198,951	646,712	35,845,663	35,657,976	658,339	36,316,315
Earnings per share - basic and diluted	$2.13	2.13	2.13	2.94	2.94	2.94
	Nine months ended September 30,
2026 · 2025
Numerator:
Net income attributable to Nelnet, Inc.	$210,104	3,877	213,981	363,914	6,789	370,703
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,333,919	651,928	35,985,847	35,759,099	667,089	36,426,188
Earnings per share - basic and diluted	$5.95	5.95	5.95	10.18	10.18	10.18

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 September 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	$—	—		139,598		27,009		166,607	—			—			—	166,607
Investment interest	830	7,194		9,234		18,929		36,187	8,129			2,321			(4,202)	42,435
Total interest income	830	7,194		148,832		45,938		202,794	8,129			2,321			(4,202)	209,042
Interest expense	486	—		83,663		25,565		109,714	1,511			624			(4,202)	107,647
Net interest income	344	7,194		65,169		20,373		93,080	6,618			1,697			—	101,395
Less provision (negative provision) for loan losses	—	—		34,539		4,824		39,363	—			—			—	39,363
Less provision for beneficial interests	—	—		906		—		906	—			—			—	906
Net interest income after provision	344	7,194		29,724		15,549		52,811	6,618			1,697			—	61,126
Other income (expense):
LSS revenue	139,802	—		—		—		139,802	—			—			—	139,802
ETSP revenue	—	132,881		—		—		132,881	—			—			—	132,881
Intersegment revenue	4,501	74		—		—		4,575	—			—			(4,575)	—
Reinsurance premiums earned	—	—		—		—		—	44,485			—			—	44,485
Solar construction revenue	—	—		—		—		—	—			—			—	—
Other, net	109	411		21,388		3,099		25,007	(7,849)			(10,456)			8	6,710
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		251		118		369	—			—			—	369
Derivative market value adjustments, net	—	—		4,778		6,172		10,950	—			—			—	10,950
Total other income (expense), net	144,412	133,366		26,417		9,389		313,584	36,636			(10,456)			(4,567)	335,197
Cost of services and expenses:
Total cost of services	2,087	49,491		—		—		51,578	—			—			—	51,578
Salaries and benefits	75,020	44,151		1,811		3,788		124,770	1,725			21,250			(12)	147,733
Depreciation and amortization	4,863	3,036		—		102		8,001	—			2,279			—	10,280
Reinsurance losses and underwriting expenses	—	—		—		—		—	35,570			—			—	35,570
Postage expense	8,303					8,303				(8,303)			—
Servicing fees			7,177		1,967		9,144				(9,144)			—
Other expenses (a)	20,613	12,182		1,315		2,486		36,596	2,440			18,164			12,957	70,157
Intersegment expenses, net	17,405	6,148		1,258		893		25,704	435			(26,065)			(74)	—
Total operating expenses	126,204	65,517		11,561		9,236		212,518	40,170			15,628			(4,576)	263,740
Income (loss) before income taxes	16,465	25,552		44,580		15,702		102,299	3,084			(24,387)			9	81,005
Income tax (expense) benefit	(3,951)	(6,133)		(10,697)		(3,736)		(24,517)	(733)			432			—	(24,818)
Net income (loss)	12,514	19,419		33,883		11,966		77,782	2,351			(23,955)			9	56,187
Net (income) loss attributable to noncontrolling interests	—	—		(8)		—		(8)	(29)			20,052			(9)	20,006
Net income (loss) attributable to Nelnet, Inc.	$12,514	19,419		33,875		11,966		77,774	2,322			(3,903)			—	76,193
Total assets as of September 30, 2026	$372,495	539,836		8,592,790		3,421,080		12,926,201	1,151,788			643,432			(584,311)	14,137,110

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

AGM - trustee fees, professional fees, travel, and management fee expense.

Nelnet Bank - marketing, consulting and professional fees, software, and FDIC insurance.

	Three months ended September 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	$—	—		145,984		16,733		162,717	—			—			—	162,717
Investment interest	531	8,564		12,051		14,849		35,995	14,985			3,134			(10,872)	43,241
Total interest income	531	8,564		158,035		31,582		198,712	14,985			3,134			(10,872)	205,958
Interest expense	—	—		113,350		16,179		129,529	1,359			692			(10,872)	120,708
Net interest income	531	8,564		44,685		15,403		69,183	13,626			2,442			—	85,250
Less provision (negative provision) for loan losses	—	—		(7,374)		3,811		(3,563)	—			—			—	(3,563)
Less provision for beneficial interests	—	—		2,145		—		2,145	—			—			—	2,145
Net interest income after provision	531	8,564		49,914		11,592		70,601	13,626			2,442			—	86,668
Other income (expense):
LSS revenue	151,052	—		—		—		151,052	—			—			—	151,052
ETSP revenue	—	129,321		—		—		129,321	—			—			—	129,321
Intersegment revenue	5,313	70		—		—		5,383	—			—			(5,383)	—
Reinsurance premiums earned	—	—		—		—		—	23,165			—			—	23,165
Solar construction revenue	—	—		—		—		—	—			5,738			—	5,738
Other, net	105	—		(2,277)		1,308		(864)	5,674			28,336			112	33,258
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		594		167		761	—			—			—	761
Derivative market value adjustments, net	—	—		(461)		(327)		(788)	—			—			—	(788)
Total other income (expense), net	156,470	129,391		(2,144)		1,148		284,865	28,839			34,074			(5,271)	342,507
Cost of services and expenses:
Total cost of services	2,021	50,363		—		—		52,384	—			7,607			—	59,991
Salaries and benefits	70,126	43,029		1,971		2,817		117,943	668			26,193			(26)	144,778
Depreciation and amortization	1,725	2,504		—		355		4,584	—			2,743			—	7,327
Reinsurance losses and underwriting expenses	—	—		—		—		—	19,962			—			—	19,962
Postage expense	8,735					8,735				(8,735)			—
Servicing fees			6,687		838		7,525				(7,525)			—
Other expenses (a)	10,862	10,682		1,243		1,916		24,703	1,103			23,756			11,107	60,669
Intersegment expenses, net	17,262	6,420		1,248		726		25,656	289			(25,741)			(204)	—
Total operating expenses	108,710	62,635		11,149		6,652		189,146	22,022			26,951			(5,383)	232,736
Income (loss) before income taxes	46,270	24,957		36,621		6,088		113,936	20,443			1,958			112	136,448
Income tax (expense) benefit	(11,105)	(5,990)		(8,783)		(1,483)		(27,361)	(4,866)			(3,547)			—	(35,773)
Net income (loss)	35,165	18,967		27,838		4,605		86,575	15,577			(1,589)			112	100,675
Net (income) loss attributable to noncontrolling interests	—	—		(27)		—		(27)	(169)			6,317			(112)	6,009
Net income (loss) attributable to Nelnet, Inc.	$35,165	18,967		27,811		4,605		86,548	15,408			4,728			—	106,684
Total assets as of September 30, 2025	$200,205	525,704		10,042,521		2,003,322		12,771,752	1,330,228			671,263			(896,561)	13,876,682

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

AGM - trustee fees and professional fees.

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

	Nine months ended September 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	$—	—		432,214		70,014		502,228	—			—			—	502,228
Investment interest	2,837	18,045		30,221		54,108		105,211	24,456			7,621			(14,335)	122,953
Total interest income	2,837	18,045		462,435		124,122		607,439	24,456			7,621			(14,335)	625,181
Interest expense	1,320	—		266,644		66,629		334,593	4,055			1,819			(14,335)	326,132
Net interest income	1,517	18,045		195,791		57,493		272,846	20,401			5,802			—	299,049
Less provision (negative provision) for loan losses	—	—		124,331		9,353		133,684	—			—			—	133,684
Less provision for beneficial interests	—	—		7,477		—		7,477	—			—			—	7,477
Net interest income after provision	1,517	18,045		63,983		48,140		131,685	20,401			5,802			—	157,888
Other income (expense):
LSS revenue	399,888	—		—		—		399,888	—			—			—	399,888
ETSP revenue	—	406,200		—		—		406,200	—			—			—	406,200
Intersegment revenue	14,305	220		—		—		14,525	—			—			(14,525)	—
Reinsurance premiums earned	—	—		—		—		—	107,645			—			—	107,645
Solar construction revenue	—	—		—		—		—	—			—			—	—
Other, net	(159)	2,313		67,399		5,220		74,773	(314)			(38,943)			32	35,548
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		444		234		678	—			437			—	1,115
Derivative market value adjustments, net	—	—		8,244		8,886		17,130	—			(907)			—	16,223
Total other income (expense), net	414,034	408,733		76,087		14,340		913,194	107,331			(39,413)			(14,493)	966,619
Cost of services and expenses:
Total cost of services	6,262	138,626		—		—		144,888	—			—			—	144,888
Salaries and benefits	217,565	132,443		5,322		10,293		365,623	4,806			69,373			(34)	439,768
Depreciation and amortization	13,937	7,847		—		761		22,545	—			7,047			—	29,592
Reinsurance losses and underwriting expenses	—	—		—		—		—	91,984			—			—	91,984
Postage expense	25,346					25,346				(25,346)			—
Servicing fees			23,082		4,829		27,911				(27,911)			—
Other expenses (a)	49,999	36,656		3,366		5,606		95,627	5,362			56,221			38,985	196,195
Intersegment expenses, net	51,357	18,475		4,006		2,245		76,083	1,377			(77,240)			(220)	—
Total operating expenses	358,204	195,421		35,776		23,734		613,135	103,529			55,401			(14,526)	757,539
Income (loss) before income taxes	51,085	92,731		104,294		38,746		286,856	24,203			(89,012)			33	222,080
Income tax (expense) benefit	(12,260)	(22,255)		(25,022)		(9,152)		(68,689)	(5,819)			9,687			—	(64,821)
Net income (loss)	38,825	70,476		79,272		29,594		218,167	18,384			(79,325)			33	157,259
Net (income) loss attributable to noncontrolling interests	—	—		(35)		—		(35)	44			56,746			(33)	56,722
Net income (loss) attributable to Nelnet, Inc.	$38,825	70,476		79,237		29,594		218,132	18,428			(22,579)			—	213,981
Total assets as of September 30, 2026	$372,495	539,836		8,592,790		3,421,080		12,926,201	1,151,788			643,432			(584,311)	14,137,110

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

AGM - trustee fees, professional fees, and travel.

Nelnet Bank - marketing, consulting and professional fees, software, and FDIC insurance.

	Nine months ended September 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	$—	—		457,752		43,508		501,260	—			—			—	501,260
Investment interest	1,875	20,921		37,462		41,278		101,536	32,676			8,107			(17,504)	124,815
Total interest income	1,875	20,921		495,214		84,786		602,796	32,676			8,107			(17,504)	626,075
Interest expense	—	—		347,719		42,928		390,647	3,558			1,976			(17,504)	378,677
Net interest income	1,875	20,921		147,495		41,858		212,149	29,118			6,131			—	247,398
Less provision (negative provision) for loan losses	—	—		16,770		12,934		29,704	—			—			—	29,704
Less provision for beneficial interests	—	—		8,632		—		8,632	—			—			—	8,632
Net interest income after provision	1,875	20,921		122,093		28,924		173,813	29,118			6,131			—	209,062
Other income (expense):
LSS revenue	392,517	—		—		—		392,517	—			—			—	392,517
ETSP revenue	—	394,836		—		—		394,836	—			—			—	394,836
Intersegment revenue	16,600	198		—		—		16,798	—			—			(16,798)	—
Reinsurance premiums earned	—	—		—		—		—	73,964			—			—	73,964
Solar construction revenue	—	—		—		—		—	—			10,992			—	10,992
Other, net	331	—		10,135		1,842		12,308	12,050			56,176			304	80,839
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			175,044			—	175,044
Derivative settlements, net	—	—		1,756		494		2,250	—			—			—	2,250
Derivative market value adjustments, net	—	—		(6,422)		(4,556)		(10,978)	—			—			—	(10,978)
Total other income (expense), net	409,448	395,034		5,469		(2,220)		807,731	86,014			242,212			(16,494)	1,119,464
Cost of services and expenses:
Total cost of services	5,500	138,254		—		—		143,754	—			29,485			—	173,239
Salaries and benefits	205,249	126,368		4,661		8,424		344,702	1,685			71,472			(160)	417,700
Depreciation and amortization	6,199	7,439		—		1,046		14,684	—			9,522			—	24,206
Reinsurance losses and underwriting expenses	—	—		—		—		—	67,836			—			—	67,836
Postage expense	25,861					25,861				(25,861)			—
Servicing fees			20,700		2,329		23,029				(23,029)			—
Other expenses (a)	32,793	29,634		4,595		5,243		72,265	4,161			56,349			32,817	165,592
Intersegment expenses, net	50,980	18,297		3,758		2,089		75,124	854			(75,413)			(565)	—
Total operating expenses	321,082	181,738		33,714		19,131		555,665	74,536			61,930			(16,798)	675,334
Income (loss) before income taxes	84,741	95,963		93,848		7,573		282,125	40,596			156,928			304	479,953
Income tax (expense) benefit	(20,338)	(23,042)		(22,508)		(1,816)		(67,704)	(9,645)			(42,945)			—	(120,294)
Net income (loss)	64,403	72,921		71,340		5,757		214,421	30,951			113,983			304	359,659
Net (income) loss attributable to noncontrolling interests	—	45		(67)		—		(22)	(407)			11,777			(304)	11,044
Net income (loss) attributable to Nelnet, Inc.	$64,403	72,966		71,273		5,757		214,399	30,544			125,760			—	370,703
Total assets as of September 30, 2025	$200,205	525,704		10,042,521		2,003,322		12,771,752	1,330,228			671,263			(896,561)	13,876,682

LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.

AGM - trustee fees and professional fees.

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

Disaggregated Revenue

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

Loan Servicing and Systems

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Department of Education loan servicing (a)	$81,792	112,798	232,551	285,896
Canada student loan servicing (b)	16,518	—	45,533	—
Private education and consumer loan servicing	25,780	24,293	77,556	69,721
FFELP loan servicing	1,821	2,035	6,043	6,909
Software services	12,425	10,584	35,572	27,027
Outsourced services	1,466	1,342	2,633	2,964
Loan servicing and systems revenue	$139,802	151,052	399,888	392,517

(a) Upon reaching final agreements with the Department of Education (the "Department"), the Company recognized $5.3 million and $32.9 million of revenue during the third quarter of 2026 and 2025, respectively, related to contract modifications for services previously performed.

(b) 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 September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Tuition payment plan services	$33,797	32,971	112,656	109,057
Payment processing	64,319	59,484	159,616	148,535
Education technology services	34,018	36,323	132,444	136,499
Other	747	543	1,484	745
Education technology services and payments revenue	$132,881	129,321	406,200	394,836

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 September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Borrower late fee income	$7,892	1,817	24,140	5,046
Investment activity, net (a)	6,570	42,317	42,363	70,616
Administration/sponsor fee income	1,612	2,267	4,766	4,978
Investment advisory services (WRCM)	1,334	2,010	4,049	4,987
Gain (loss) on debt repurchases	14	(8,304)	2,119	(7,865)
Loss from solar investments, net	(18,541)	(10,884)	(63,569)	(11,930)
Other	7,829	4,035	21,680	15,007
Other, net	$6,710	33,258	35,548	80,839

(a) In August 2025, CompanyCam, Inc. ("CompanyCam"), a technology company in which the Company holds an interest, completed an additional equity raise and accepted tender offers to redeem existing equity holders. The Company had a portion of its interests redeemed and received cash proceeds of $10.1 million and recognized a pre-tax gain of $7.8 million. The Company accounts for its interest in CompanyCam using the measurement alternative method, which requires it to adjust its carrying value for changes resulting from observable market transactions. As a result of CompanyCam’s equity raise, the Company recognized a pre-tax gain of $22.4 million during the third quarter of 2025 to adjust its carrying value of its remaining interest in CompanyCam to reflect the August 2025 transaction value.

Reinsurance

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

Three months ended · Nine months ended
	September 30,		September 30,
	2026	2025	2026	2025
Premiums written:
Assumed	$58,199	51,244	160,967	147,178
Ceded	(12,685)	(19,709)	(32,287)	(53,678)
Net premiums written	$45,514	31,535	128,680	93,500
Premiums earned:
Assumed	$57,929	42,178	153,721	133,981
Ceded	(13,444)	(19,013)	(46,076)	(60,017)
Net premiums earned	$44,485	23,165	107,645	73,964
Loss reserve, commissions, and broker fees:
Assumed	$46,053	37,490	132,339	125,231
Ceded	(10,483)	(17,528)	(40,355)	(57,395)
Reinsurance losses and underwriting expenses	$35,570	19,962	91,984	67,836

The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $104.5 million and $72.3 million as of September 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 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 $81.8 million and $112.8 million for the three months ended September 30, 2026 and 2025, respectively, and $232.6 million and $285.9 million for the nine months ended September 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 September 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	1,941,798		1,941,898	100		1,304,888	1,304,988
Equity securities	15,404	—		15,404	22,107		—	22,107
Equity securities measured at net asset value (a)			95,318			87,541
Total investments	15,504	1,941,798		2,052,620	22,207		1,304,888	1,414,636
Derivative instruments	—	11,183		11,183	—		614	614
Total assets	$15,504	1,952,981		2,063,803	22,207		1,305,502	1,415,250
Liabilities:
Derivative instruments	$—	—		—	—		1,727	1,727
Total liabilities	$—	—		—	—		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 September 30, 2026
	Fair value	Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$9,533,180	9,122,199	—	—	9,533,180
Accrued loan interest receivable	548,128	548,128	—	548,128	—
Cash and cash equivalents	211,016	211,016	211,016	—	—
Investments at fair value	2,052,620	2,052,620	15,504	1,941,798	—
Investments - held-to-maturity asset-backed securities	203,953	199,670	—	203,953	—
Notes receivable	37,275	37,275	—	37,275	—
Beneficial interest in loan securitizations	193,723	175,765	—	—	193,723
Restricted cash	229,223	229,223	229,223	—	—
Restricted cash – due to customers	218,199	218,199	218,199	—	—
Derivative instruments	11,183	11,183	—	11,183	—
Financial liabilities:
Bonds and notes payable	6,793,067	6,768,987	—	6,793,067	—
Accrued interest payable	16,125	16,125	—	16,125	—
Bank deposits	2,528,564	2,566,017	1,407,836	1,120,728	—
Due to customers	504,895	504,895	504,895	—	—
Derivative instruments	—	—	—	—	—

	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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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.