Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-31924
Entity Registrant Name	NELNET, INC
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	84-0748903
Entity Address, Address Line One	121 South 13th Street, Suite 100
Entity Address, City or Town	Lincoln
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68508
City Area Code	402
Local Phone Number	458-2370
Title of 12(b) Security	Class A Common Stock, Par Value $0.01 per Share
Trading Symbol	NNI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,970,647,108
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement to be filed for its 2026 Annual Meeting of Shareholders, scheduled to be held May 14, 2026, are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Entity Central Index Key	0001258602
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,258,282
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,616,675

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Lincoln, Nebraska
Auditor Firm ID	185

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Loans and accrued interest receivable	$ 10,006,695	$ 9,992,744
Cash and cash equivalents:
Cash and cash equivalents	295,983	194,518
Investments at fair value	1,414,636	1,160,320
Other investments and notes receivable, net	933,335	1,040,376
Total investments and notes receivable	2,347,971	2,200,696
Restricted cash	357,639	332,100
Restricted cash - due to customers	319,924	404,402
Accounts receivable (net of allowance for doubtful accounts of $2,758 and $2,877, respectively)	193,453	159,934
Goodwill	158,029	158,029
Intangible assets, net	29,283	36,328
Property and equipment, net	75,532	95,185
Other assets	279,274	203,817
Total assets	14,063,783	13,777,753
Liabilities:
Bonds and notes payable	7,780,927	8,309,797
Accrued interest payable	20,426	21,046
Bank deposits	1,669,173	1,186,131
Other liabilities	558,184	483,193
Due to customers	457,844	478,469
Total liabilities	10,486,554	10,478,636
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	0	0
Common stock:
Additional paid-in capital	1,481	7,389
Retained earnings	3,681,333	3,340,540
Accumulated other comprehensive earnings, net	2,619	1,470
Total Nelnet, Inc. shareholders' equity	3,685,792	3,349,762
Noncontrolling interests	(108,563)	(50,645)
Total equity	3,577,229	3,299,117
Total liabilities and equity	14,063,783	13,777,753
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable	8,780,878	9,122,609
Cash and cash equivalents:
Restricted cash	326,281	287,389
Liabilities:
Bonds and notes payable	8,112,424	8,452,614
Common stock:
Accrued interest payable and other liabilities	(133,502)	(88,200)
Net assets of consolidated education and other lending variable-interest entities	861,233	869,184
Class A
Common stock:
Common stock	253	256
Class B
Common stock:
Common stock	106	107
Nonrelated Party
Cash and cash equivalents:
Cash and cash equivalents	128,142	48,838
Related Party
Cash and cash equivalents:
Cash and cash equivalents	$ 167,841	$ 145,680

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Allowance for loan losses	$ 132,078	$ 114,890
Allowance for doubtful accounts	$ 2,758	$ 2,877
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000	50,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	25,259,718	25,634,748
Common stock, shares outstanding (in shares)	25,259,718	25,634,748
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	10,616,675	10,658,604
Common stock, shares outstanding (in shares)	10,616,675	10,658,604

Consolidated Statements of Income - USD ($) $ in Thousands		12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 04, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income:
Loan interest		$ 686,085	$ 787,498	$ 931,945
Investment interest		165,374	185,901	177,855
Total interest income		851,459	973,399	1,109,800
Interest expense on bonds and notes payable and bank deposits		496,950	680,537	845,091
Net interest income		354,509	292,862	264,709
Less provision for loan losses		67,851	54,607	8,115
Less provision for beneficial interests		11,311	39,491	0
Net interest income after provision		275,347	198,764	256,594
Other income (expense):
Other, net		97,587	59,959	(91,989)
Gain on partial redemption of ALLO investment	$ 175,000	175,044	0	0
Derivative market value adjustments and derivative settlements, net		(6,398)	16,258	(16,701)
Total other income (expense), net		1,404,345	1,165,079	924,311
Cost of services and expenses:
Cost of services		226,272	252,325	219,759
Operating Expenses
Salaries and benefits		558,786	576,931	591,537
Depreciation and amortization		33,571	58,116	79,118
Reinsurance losses and underwriting expenses		93,551	55,246	16,781
Impairment expense		29,612	3,138	31,925
Other expenses		211,568	189,503	173,070
Total operating expenses		927,088	882,934	892,431
Income (loss) before income taxes		526,332	228,584	68,715
Income tax expense		(127,986)	(52,669)	(19,385)
Net income		398,346	175,915	49,330
Net loss attributable to noncontrolling interests		30,128	8,130	40,496
Net income (loss) attributable to Nelnet, Inc.		$ 428,474	$ 184,045	$ 89,826
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)		$ 11.79	$ 5.02	$ 2.40
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)		$ 11.79	$ 5.02	$ 2.40
Weighted-average common shares outstanding - basic (in shares)		36,341,197	36,642,533	37,416,621
Weighted-average common shares outstanding - diluted (in shares)		36,341,197	36,642,533	37,416,621
Loan servicing and systems revenue
Other income (expense):
Revenue		$ 509,089	$ 482,408	$ 517,954
Cost of services and expenses:
Cost of services		7,555	1,889	0
Education technology services and payments revenue
Other income (expense):
Revenue		507,150	486,962	463,311
Cost of services and expenses:
Cost of services		176,907	172,763	171,183
Reinsurance premiums earned
Other income (expense):
Revenue		107,502	62,923	20,067
Solar construction revenue
Other income (expense):
Revenue		14,371	56,569	31,669
Cost of services and expenses:
Cost of services		$ 41,810	$ 77,673	$ 48,576

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 398,346	$ 175,915	$ 49,330
Other comprehensive income:
Net changes related to foreign currency translation adjustments	(187)	11	(10)
Net changes related to available-for-sale debt securities:
Unrealized holding gains arising during period, net	4,130	33,479	18,379
Reclassification of (gains) losses recognized in net income, net	(2,109)	(4,534)	3,504
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity	164	779	202
Income tax effect	(524)	(7,134)	(5,301)
Unrealized gains (losses) during period after reclassifications and tax	1,661	22,590	16,784
Net changes related to cash flow hedges:
Fair value adjustments during period, net	(484)	0	0
Income tax effect	117	0	0
Net changes related to cash flow hedges:	(367)	0	0
Net changes related to equity method investee's other comprehensive income:
Gain (loss) on cash flow hedge	55	(1,331)	622
Income tax effect	(13)	319	(149)
Net changes related to equity method investee's other comprehensive, after income tax effect	42	(1,012)	473
Other comprehensive income	1,149	21,589	17,247
Comprehensive income	399,495	197,504	66,577
Comprehensive loss attributable to noncontrolling interests	30,128	8,130	40,496
Comprehensive income attributable to Nelnet, Inc.	$ 429,623	$ 205,634	$ 107,073

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Class A	Common Class B	Preferred stock shares	Common stock shares Common Class A	Common stock shares Common Class B	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) earnings	Noncontrolling interests
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022				0
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2022					26,461,651	10,668,460
Beginning balance at Dec. 31, 2022	$ 3,183,199			$ 0	$ 265	$ 107	$ 1,109	$ 3,227,680	$ (37,366)	$ (8,596)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	49,330							89,826		(40,496)
Other comprehensive income	17,247								17,247
Issuance of noncontrolling interests	101,237									101,237
Distribution to noncontrolling interests	(105,789)									(105,789)
Cash dividends on Class A and Class B common stock	(39,419)							(39,419)
Issuance of common stock, net of forfeitures (in shares)					270,550
Issuance of common stock, net of forfeitures	6,168				$ 3		6,165
Compensation expense for stock based awards	$ 16,162						16,162
Repurchase of common stock (in shares)	(336,943)				(336,943)
Repurchase of common stock	$ (28,028)				$ (4)		(20,340)	(7,684)
Conversion of common stock (in shares)					5,372	(5,372)
Conversion of common stock	0
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2023				0
Common stock, shares, outstanding, ending balance (in shares) at Dec. 31, 2023					26,400,630	10,663,088
Ending balance at Dec. 31, 2023	3,200,107			$ 0	$ 264	$ 107	3,096	3,270,403	(20,119)	(53,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	175,915							184,045		(8,130)
Other comprehensive income	21,589								21,589
Issuance of noncontrolling interests	84,770									84,770
Distribution to noncontrolling interests	(75,734)									(75,734)
Cash dividends on Class A and Class B common stock	(40,836)							(40,836)
Issuance of common stock, net of forfeitures (in shares)					123,742
Issuance of common stock, net of forfeitures	5,141				$ 1		5,140
Compensation expense for stock based awards	$ 11,702						11,702
Repurchase of common stock (in shares)	(894,108)				(894,108)
Repurchase of common stock	$ (83,290)				$ (9)		(12,549)	(70,732)
Conversion of common stock (in shares)					4,484	(4,484)
Conversion of common stock	0
Acquisition of remaining 20% of NextGen, net of tax	$ (247)							(2,340)		2,093
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2024	0			0
Common stock, shares, outstanding, ending balance (in shares) at Dec. 31, 2024		25,634,748	10,658,604		25,634,748	10,658,604
Ending balance at Dec. 31, 2024	$ 3,299,117			$ 0	$ 256	$ 107	7,389	3,340,540	1,470	(50,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	398,346							428,474		(30,128)
Other comprehensive income	1,149								1,149
Issuance of noncontrolling interests	205,246									205,246
Distribution to noncontrolling interests	(227,653)									(227,653)
Cash dividends on Class A and Class B common stock	(42,993)							(42,993)
Issuance of common stock, net of forfeitures (in shares)					149,616
Issuance of common stock, net of forfeitures	3,952				$ 2		3,950
Compensation expense for stock based awards	$ 12,941						12,941
Repurchase of common stock (in shares)	(566,575)				(566,575)
Repurchase of common stock	$ (69,346)				$ (6)		(22,799)	(46,541)
Conversion of common stock (in shares)					41,929	(41,929)
Conversion of common stock	0				$ 1	$ (1)
Acquisition of remaining 20% of NextGen, net of tax	$ (3,530)							1,853		(5,383)
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2025	0			0
Common stock, shares, outstanding, ending balance (in shares) at Dec. 31, 2025		25,259,718	10,616,675		25,259,718	10,616,675
Ending balance at Dec. 31, 2025	$ 3,577,229			$ 0	$ 253	$ 106	$ 1,481	$ 3,681,333	$ 2,619	$ (108,563)

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
GRNE Solar
Acquisition of remaining 20% of GRNE Solar	20.00%	20.00%
Common Class A
Cash dividend on Class A and Class B common stock (in dollars per share)	$ 1.19	$ 1.12	$ 1.06
Common Class B
Cash dividend on Class A and Class B common stock (in dollars per share)	$ 1.19	$ 1.12	$ 1.06

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Net cash provided by operating activities:

Net income (loss) attributable to Nelnet, Inc.

$ 428,474

$ 184,045

$ 89,826

Net loss attributable to noncontrolling interests

(30,128)

(8,130)

(40,496)

Net income

398,346

175,915

49,330

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

90,622

132,527

145,393

Loan discount and deferred lender fees accretion

(107,279)

(54,053)

(30,813)

Provision for loan losses

67,851

54,607

8,115

Provision for beneficial interests

11,311

39,491

0

Derivative market value adjustments

9,098

(10,124)

41,773

Proceeds from termination of derivative instruments

0

164,079

(Payments to) proceeds from clearinghouse - initial and variation margin, net

(5,910)

2,374

(213,923)

Gain on partial redemption of ALLO investment

(175,044)

0

Loss on sale of loans, net

1,720

1,643

17,662

(Gain) loss on investments, net

(24,558)

(7,952)

122,492

Deferred income tax benefit

(4,307)

(21,621)

(52,331)

Non-cash compensation expense

13,274

12,045

16,476

Impairment expense

29,612

3,138

29,539

Other

7,997

163

326

Changes in operating assets and liabilities:

Decrease in loan and investment accrued interest receivable

40,674

220,938

47,217

(Increase) decrease in accounts receivable

(33,371)

36,106

(1,356)

Decrease in other assets

57,703

64,816

3,640

Decrease in the carrying amount of ROU asset

3,747

3,864

4,881

Decrease in accrued interest payable

(4,942)

(14,536)

(658)

Increase in other liabilities

51,806

27,356

85,537

Decrease in the carrying amount of lease liability

(5,365)

(3,807)

(5,352)

Total adjustments

24,639

486,975

382,697

Net cash provided by operating activities

422,985

662,890

432,027

Cash flows from investing activities, net of acquisitions:

Net proceeds from loan repayments, claims, and capitalized interest

5,448,255

3,179,752

2,559,384

Purchases of available-for-sale securities

(552,861)

(603,552)

(581,522)

Proceeds from sales of available-for-sale securities

289,001

445,946

963,117

Proceeds from beneficial interest in loan securitizations

77,550

52,234

32,149

Purchases of other investments and issuance of notes receivable

(591,835)

(483,714)

(344,918)

Proceeds from other investments and repayments of notes receivable

533,038

97,884

42,257

Purchases of held-to-maturity debt securities

(295)

0

(12,425)

Redemption of held-to-maturity debt securities

11,432

24,778

4,579

Purchases of property and equipment

(26,238)

(20,903)

(74,052)

Net cash provided by investing activities

356,404

2,412,733

1,939,030

Cash flows from financing activities, net of acquisitions:

Payments on bonds and notes payable

(2,615,918)

(3,644,658)

(3,606,160)

Proceeds from issuance of bonds and notes payable

1,393,200

30,652

761,182

Payments of debt issuance costs

(7,821)

(2,327)

(5,744)

Increase in bank deposits, net

483,042

442,532

52,277

(Decrease) increase in due to customers

(20,686)

52,999

77,182

Dividends paid

(42,993)

(40,836)

(39,419)

Repurchases of common stock

(69,346)

(83,290)

(28,028)

Proceeds from issuance of common stock

1,882

1,946

1,780

Acquisition of noncontrolling interest

(3,944)

(325)

0

Issuance of noncontrolling interests

153,025

79,625

88,389

Distribution to noncontrolling interests

(7,579)

(5,975)

(4,657)

Net cash used in financing activities

(737,138)

(3,169,657)

(2,703,198)

Effect of exchange rate changes on cash and restricted cash

275

(437)

16

Net (decrease) increase in cash, cash equivalents, and restricted cash

42,526

(94,471)

(332,125)

Cash, cash equivalents, and restricted cash, beginning of period

931,020

1,025,491

1,357,616

Cash, cash equivalents, and restricted cash, end of period

973,546

931,020

1,025,491

Supplemental disclosures of cash flow information:

Cash disbursements made for interest

472,257

651,471

781,307

Cash disbursements made for income taxes, net of refunds and credits received

^[1]

68,863

15,238

47,589

Cash disbursements made for operating leases

5,168

4,795

6,550

Non-cash operating, investing, and financing activity:

ROU assets obtained in exchange for lease obligations

6,584

1,331

18,860

Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans

28,137

12,493

89,130

Receipt of asset-backed investment securities as consideration from sale of loans

2,370

0

66,546

Student loans and other assets acquired

672,601

121,634

0

Borrowings and other liabilities assumed in acquisition of student loans

706,534

54,662

0

Distribution to noncontrolling interests

220,074

69,759

101,132

Issuance of noncontrolling interests

52,221

5,145

12,848

Nonrelated Party

Cash flows from investing activities, net of acquisitions:

Purchases of loans

(5,335,216)

(869,744)

(735,003)

Proceeds from sale of loans

240,525

115,657

495,534

Purchases of loans

(686,045)

(104,198)

(467,554)

Proceeds from sale of loans

$ 949,093

$ 578,593

$ 57,484

[1]	The Company utilized $98.6 million, $53.8 million, and $104.6 million of federal and state tax credits related primarily to renewable energy during 2025, 2024, and 2023, respectively.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 98,600	$ 53,800	$ 104,600
Cash and cash equivalents:
Total cash and cash equivalents	295,983	194,518	168,112
Restricted cash	357,639	332,100	488,723
Restricted cash - due to customers	319,924	404,402	368,656
Cash, cash equivalents, and restricted cash	$ 973,546	$ 931,020	$ 1,025,491

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Nelnet, Inc. and its subsidiaries (“Nelnet” or the “Company”) is an operating holding company with primary businesses in consumer lending, loan servicing, payments, and technology-enabled services, many of which are focused on serving customers in the education sector. The Company conducts these activities both directly and through its wholly owned and majority-owned subsidiaries, and actively manages and operates its businesses on an integrated basis. Nelnet’s largest operating and technology platforms support loan servicing and education-related technology and payment solutions. A significant portion of the Company’s revenue is derived from net interest income earned on a portfolio of federally insured student loans, a substantial portion of which is serviced by the Company. The Company has also broadened its operating business mix both within and beyond its historical education-focused activities. These businesses include banking and other financial services conducted through the Company’s bank and other subsidiaries, asset management and related customer-facing servicing, real estate development and management, reinsurance operations, renewable energy development, and selected strategic interests in early-stage, emerging growth, and other operating enterprises. The Company actively manages such businesses and holds interests in them for strategic and operational purposes. The Company earns substantially all of its revenue from external customers in the United States, and substantially all of its long-lived assets are located in the United States. The Company was formed as a Nebraska corporation in 1978 to service federal student loans for two local banks. The Company built on this initial foundation as a servicer to become a leading originator, holder, and servicer of federal student loans, principally consisting of loans originated under the Federal Family Education Loan Program (FFELP or “FFEL Program”) of the U.S. Department of Education (the “Department”). The Health Care and Education Reconciliation Act of 2010 (the “Reconciliation Act of 2010”) discontinued new loan originations under the FFEL Program, effective July 1, 2010, and requires all new federal student loan originations be made directly by the Department through the Federal Direct Loan Program. This law does not alter or affect the terms and conditions of existing FFELP loans. Subsequent to the Reconciliation Act of 2010, the Company no longer originates FFELP loans. However, a significant portion of the Company's income continues to be derived from its existing FFELP student loan portfolio. Interest income on the Company's existing FFELP loan portfolio will decline over time as the portfolio is paid down. To reduce its reliance on interest income from FFELP loans, the Company has expanded its services and products. This expansion has been accomplished through internal growth and innovation as well as acquisitions. The Company is also actively expanding its private education and consumer loan portfolios, or residual interests therein, and as part of this strategy launched Nelnet Bank in 2020. In addition, the Company has been servicing federally owned student loans for the Department since 2009. The Company's reportable operating segments include: • Loan Servicing and Systems (LSS) • Education Technology Services and Payments (ETSP) • Asset Generation and Management (AGM), part of the Nelnet Financial Services (NFS) division • Nelnet Bank, part of the NFS division A description of each reportable operating segment is included below. See note 16 for additional information on the Company's segment reporting. Loan Servicing and Systems The primary service offerings of the Loan Servicing and Systems reportable operating segment (referred to as Nelnet Diversified Services (NDS)) include: •Servicing federally owned student loans for the Department •Servicing FFELP loans •Servicing private education and consumer loans •Providing backup servicing for private education and consumer loans •Providing student loan servicing software and other information technology products and services •Providing outsourced services including contact center, processing, and administrative services LSS provides for the servicing of the Company's student loan portfolio and the portfolios of third parties. The loan servicing activities include loan conversion activities, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliations, and claim processing. These activities are performed internally for the Company's portfolio, in addition to generating external fee revenue when performed for third-party clients. In addition, LSS provides backup servicing to third parties, which allows a transfer of the customer’s servicing volume to the Company’s platform and becoming a full servicing customer if their existing servicer cannot perform their duties. Nelnet Servicing, LLC (“Nelnet Servicing”), a subsidiary of the Company, is one of the current five private sector entities that have student loan servicing contracts with the Department to service loans that include Federal Direct Loan Program loans originated directly by the Department and FFEL Program loans purchased by the Department. LSS also provides student loan servicing software, which is used internally and licensed to third-party student loan holders and servicers. These software systems have been adapted so that they can be offered as hosted servicing software solutions usable by third parties to service various types of student loans, including Federal Direct Loan Program loans. This segment also provides business process outsourcing primarily specializing in contact center management. The contact center solutions and services include taking inbound calls, helping with outreach campaigns and sales, interacting with customers through multi-channels, and processing and administrative services. Education Technology Services and Payments The Education Technology Services and Payments reportable operating segment (referred to as Nelnet Business Services (NBS)) provides education and payment technology and services for K-12 schools, higher education institutions, and businesses in the United States and internationally. NBS provides service and technology under four divisions as described below. FACTS provides solutions that elevate the educational experience in the K-12 private and faith-based markets for school administrators, teachers, and families. FACTS offers a comprehensive suite of services and technology in the following categories: (i) financial management, including tuition payment plans, incidental billing, payment forms, advanced accounting, financial aid management (grant and aid), and a donation platform; (ii) education technology, including a school management platform and application and enrollment services; and (iii) education services. Nelnet Campus Commerce delivers payment technology to higher education institutions. Nelnet Campus Commerce solutions include (i) tuition management, including tuition payment plans and service and technology for student billings, payments, and refunds; and (ii) integrated commerce, including solutions for in-person, online, and mobile payment experiences on campus. Nelnet Payment Services provides secure payment processing technology and services, including credit card and electronic transfers, to the other divisions of NBS and Nelnet in addition to other industries and software platforms across the United States. Nelnet International provides its services and technology internationally, primarily in Australia, New Zealand, and the Asia-Pacific region. Nelnet International serves customers in the education, local government, and health care industries. Nelnet International’s suite of services include (i) an integrated commerce payment platform, financial management and tuition payment plan services, and (ii) a school management platform that provides administrative, information management, financial management, and communication functions for K-12 schools. Nelnet Financial Services Nelnet Financial Services is a division of the Company that includes the following reportable operating segments: •Asset Generation and Management •Nelnet Bank Asset Generation and Management The Company's Asset Generation and Management reportable operating segment includes the acquisition, management, and ownership of the Company's loan assets (excluding loan assets held by Nelnet Bank). The majority of loan assets included in this segment are student loans originated under the FFEL Program, including the Stafford Loan Program, the PLUS Loan program, and loans that reflect the consolidation into a single loan of certain previously separate borrower obligations (“consolidation” loans). AGM also acquires private education, consumer, and other loans, or residual interests therein. AGM generates a substantial portion of its earnings from the spread, referred to as loan spread, between the yield it receives on its loan portfolio and the associated costs to finance such portfolio. The loan assets are primarily held in a series of lending subsidiaries and associated securitization trusts designed specifically for this purpose. In addition to the loan spread earned on its portfolio, all costs and activity associated with managing the portfolio, such as servicing of the assets, debt maintenance, and administration costs, are included in this segment. AGM also derives revenue by providing loan administration services to third-party loan portfolio owners. In addition to ownership of loan assets, AGM has partial ownership in consumer, private education, and federally insured student loan third-party securitizations. These residual interests were acquired by AGM or have been received in consideration of AGM selling portfolios of loans to unrelated third parties who securitized such loans. AGM’s partial ownership percentage in each loan securitization grants AGM the right to receive the corresponding percentage of cash flows generated by the securitization. Income generated by these residual interests is included in “investment interest income” on the consolidated statements of income and is not a component of the Company’s loan interest income. Nelnet Bank Nelnet Bank operates as an internet Utah-chartered industrial bank franchise with a home office in Salt Lake City, Utah. Nelnet Bank is focused on the private education and unsecured consumer loan marketplace. NFS Other Operating Segments NFS’s other operating segments that are not reportable include the operating results of: •Nelnet Insurance Services, which primarily includes multiple reinsurance treaties on property and casualty policies •Whitetail Rock Capital Management, LLC (WRCM), the Company's U.S. Securities and Exchange Commission (SEC)-registered investment advisor subsidiary •The Company’s ownership and activities in real estate •The Company’s ownership and management of its bond portfolio (primarily student loan and other asset-backed securities) Corporate and Other Activities Other business activities and operating segments that are not reportable and not part of the NFS division are combined and included in Corporate and Other Activities (“Corporate”). Corporate includes the following items: •

Summary of Significant Accounting Policies and Practices

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Practices

Consolidation

The consolidated financial statements include the accounts of Nelnet, Inc. and its consolidated subsidiaries. In addition, the accounts of all variable interest entities (VIEs) of which the Company has determined that it is the primary beneficiary are included in the consolidated financial statements. Amounts for noncontrolling interests reflect the share of membership interest (equity) and net income attributable to the holders of noncontrolling membership interests of non-wholly owned consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Reclassifications

Certain amounts previously reported in the Company’s consolidated statements of income have been reclassified to conform to the current period presentation. Specifically, impairment expenses and the provision for beneficial interests, which were previously presented on a combined basis, are now reported as separate line items and included as part of “total operating expenses” and “net interest income after provision,” respectively.

Variable Interest Entities

The Company assesses its partnerships and joint ventures to determine if the entity meets the qualifications of a VIE. The Company performs a qualitative assessment of each identified VIE to determine if it is the primary beneficiary. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether an entity is a VIE and whether it is the primary beneficiary. The Company performs this review initially at the time it enters into a partnership or joint venture agreement and reassess upon reconsideration events.

VIEs - Consolidated

The Company is required to consolidate VIEs in which it has determined it is the primary beneficiary.

The Company's education and other lending subsidiaries are engaged in the securitization of finance assets. These lending subsidiaries hold beneficial interests in eligible loans, subject to creditors with specific interests. The liabilities of the Company's lending subsidiaries are not the direct obligations of Nelnet, Inc. or any of its other subsidiaries. Each lending subsidiary is structured to be bankruptcy remote, meaning that it should not be consolidated in the event of bankruptcy of the parent company or any other subsidiary. The Company is generally the administrator and master servicer of the securitized assets held in its lending subsidiaries and owns the residual interest of the securitization trusts. For accounting purposes, the transfers of loans to the securitization trusts do not qualify as sales. Accordingly, all the financial activities and related assets and liabilities, including debt, of the securitizations are reflected in the Company's consolidated financial statements and are summarized as supplemental information on the balance sheet.

VIEs - Not consolidated

The Company is not required to consolidate VIEs in which it has determined it is not the primary beneficiary. VIEs not consolidated by the Company include its partial ownership in ALLO, solar development projects, certain third-party loan securitizations, and certain other funds and partnerships.

ALLO

As of December 31, 2025, the Company owned 27% of the economic rights of ALLO and had a disproportionate 20% of the voting rights related to all operating decisions for ALLO's business. ALLO provides pure fiber optic service to homes and businesses for internet, television, and telephone services. See note 7 for the Company’s carrying value of its voting and preferred membership interests in ALLO, which is the Company’s maximum exposure to loss.

Renewable Energy Solar Developments

The Company makes solar tax equity contributions in entities that promote renewable energy sources. The Company’s contributions in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of these partnerships, over specified time periods. The ownership of these developments are included in "other investments and notes receivable, net" on the consolidated balance

sheets. As of December 31, 2025, the Company has contributed a total of $355.6 million and its third-party partners have invested $416.0 million in tax equity that remain outstanding in renewable energy solar partnerships that support the development and operations of solar, fuel cell, and battery storage projects throughout the country. The carrying value of these assets is reduced by tax credits earned when the solar project is placed in service. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are accrued when the solar project is placed in service and are included in “other liabilities” on the consolidated balance sheets.

The Company’s maximum exposure to loss from these unconsolidated VIEs include the equity contributed, unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. The tax credit recapture period ratably decreases over 5 years from when the project is placed in service. While the Company believes potential losses from these partnerships are remote, the maximum exposure was determined by assuming a scenario where the energy-producing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.

The following table presents a summary of solar development project VIEs that the Company has not consolidated, excluding all third-party partner impacts:


	As of December 31,
	2025		2024
Solar development project carrying amount	$	(109,592)	(87,853)
Tax credits subject to recapture	220,069		173,822
Unfunded capital and other commitments	53,594		55,662
Company’s maximum exposure to loss	$	164,071	141,631

As of December 31, 2025, the Company is committed to fund an additional $112.7 million on new tax equity investments, of which $59.1 million is expected to be provided by syndication partners.

Beneficial Interest in Loan Securitizations

As described above, AGM has partial ownership in consumer, private education, and federally insured student loan third-party securitizations that are classified as “beneficial interest in loan securitizations” and included in “other investments and notes receivable, net” on the Company’s consolidated balance sheets. These residual interests were acquired by AGM or have been received in consideration of AGM selling portfolios of loans to unrelated third parties who securitized such loans. For certain transactions, the Company is the sponsor and as sponsor, is required to provide a certain level of risk retention. To satisfy this requirement, the Company has purchased bonds issued in the securitizations, which are classified as available-for-sale investments, with a carrying value and fair value of $7.2 million at December 31, 2025. See note 7 for the Company’s carrying value of its beneficial interest in loan securitization investments. The carrying value of its beneficial interest in loan securitization investments and bonds held as risk retention is the Company’s maximum exposure to loss.

Funds and Partnerships

The Company has an equity interest in certain funds and partnerships, with an aggregate carrying value of $131.9 million at December 31, 2025. The ownership of these items are classified within “venture capital, funds, and other” in note 7, and are included in “other investments and notes receivable, net” on the Company’s consolidated balance sheets. The Company’s maximum exposure to loss related to the ownership of these entities are its current carrying value plus the Company’s unfunded commitment to certain funds of $8.6 million.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and other disclosures. Actual results may differ from those estimates.

Loans Receivable

Loans consist of federally insured student, private education, consumer, and other loans, including financing receivables. If the Company has the ability and intent to hold loans for the foreseeable future, such loans are held for investment and carried at amortized cost. Amortized cost includes the unamortized premium or discount and capitalized origination costs and fees, all of

which are amortized to interest income. Loans which are held for investment also have an allowance for loan loss as needed. Any loans the Company has the ability and intent to sell are classified as held for sale and are carried at the lower of cost or fair value. Loans which are held for sale do not have the associated premium or discount and origination costs and fees amortized into interest income and there is also no related allowance for loan losses. In addition, once a loan is classified as held for sale, any allowance for loan losses that existed immediately prior to the reclassification to held for sale is reversed through provision. There were no loans classified as held for sale as of December 31, 2025 and 2024.

Federally insured loans were originated under the FFEL Program by certain eligible lenders as defined by the Higher Education Act of 1965, as amended (the “Higher Education Act”). These loans, including related accrued interest, are guaranteed at their maximum level permitted under the Higher Education Act by an authorized guaranty agency, which has a contract of reinsurance with the Department. The terms of the loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest. Generally, Stafford and PLUS loans have repayment periods between five and ten years. Consolidation loans have repayment periods of twelve to thirty years. FFELP loans do not require repayment while the borrower is in-school, and during the grace period immediately upon leaving school. Under the Higher Education Act, a borrower may also be granted a deferment or forbearance for a period of time based on need, during which time the borrower is not considered to be in repayment. Interest continues to accrue on loans in the in-school, deferment, and forbearance program periods. In addition, eligible borrowers may qualify for income-driven repayment plans offered by the Department. These plans determine the borrower's payment amount based on their discretionary income and may extend their repayment period. Interest rates on federally insured student loans may be fixed or variable, dependent upon the type of loan, terms of the loan agreements, and date of origination.

Substantially all FFELP loan principal and related accrued interest is guaranteed as provided by the Higher Education Act. These guarantees are subject to the performance of certain loan servicing due diligence procedures stipulated by applicable Department regulations. If these due diligence requirements are not met, affected student loans may not be covered by the guarantees in the event of borrower default. Such student loans are subject to “cure” procedures and reinstatement of the guarantee under certain circumstances.

Loans also include private education, consumer, and other loans, including financing receivables. Private education loans are loans to students or their families that are non-federal loans and loans not insured or guaranteed under the FFEL Program. These loans are used primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans, or borrowers' personal resources. The terms of the private education loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest over a period of up to thirty years. The private education loans are not covered by a guarantee or collateral in the event of borrower default. Consumer loans are unsecured loans to an individual for personal, family, or household purposes. The terms of the consumer loans, which vary on an individual basis, generally provide for repayment in weekly or monthly installments of principal and interest over a period of up to six years. Other loans consist of home equity lines of credit and small business loans. Home equity loans are made to an individual primarily for debt consolidation purposes using equity in the borrower’s home as security in the form of primarily second liens. These loans typically have a revolving draw period of five years and a repayment period at the end of the draw period of five to ten years. Principal and interest payments are generally required to be made during the draw and repayment periods. Small business loans have no stated coupon rate but the borrower is charged a one-time lender fee that is accreted to interest income over the estimated life of the loan. Minimum payments on such loans are due every 60 days. Financing receivables include Pay Later receivables which enable consumers to purchase goods or services at the time of the transaction and split their purchase into installment payments. There are typically four installment payments made over approximately 60 days. The Company purchases Pay Later receivables at a discount via a forward flow agreement from an unrelated third party and accretes the discount into interest income over the estimated life of the receivable.

For loan modifications, the Company evaluates whether a loan modification represents a new loan or a continuation of an existing loan. Modifications of federally insured loans are driven by the Higher Education Act; thus, the Company does not consider these events as part of its loan modification programs. Administrative forbearances (e.g. bankruptcy, military service, death and disability, and disaster forbearance) are required by law and therefore are also not considered as part of the Company's loan modification programs. The Company does offer payment delays in the form of deferments or forbearances on certain private education and consumer loan programs for short-term periods. The Company generally considers payment delays to be insignificant when the delay is 3 months or less. The amortized cost of the Company’s private education and consumer loans in which the borrower is experiencing financial difficulty and the financial effect of such loan modifications is not material.

Allowance for Loan Losses

The Company accounts for the evaluation and estimate of probable losses on loans under the current expected credit loss (CECL) methodology. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses.

The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date.

The Company determines its estimated credit losses for the following financial assets as follows:

Loans receivable

The Company aggregates loans with similar risk characteristics into pools to estimate its expected credit losses. The Company evaluates such pooling decisions each quarter and makes adjustments as risk characteristics change. Management has determined that the federally insured, private education, and consumer and other financing receivables portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 4 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables.

The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer and other financing receivables portfolios. For the undiscounted cash flow models, the expected credit losses are the product of multiplying the Company’s estimates of probability of default and loss given default and the exposure of default over the expected life of the loans. For the remaining life method, the expected credit losses are the product of multiplying the Company’s estimated net loss rate by the exposure at default over the expected life of the loans. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current economic conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, the Company can reasonably estimate expected losses that incorporate current economic conditions and forecasted probability weighted economic scenarios up to a one-year period. Macroeconomic factors used in the models include such variables as unemployment rates, gross domestic product, and consumer price index. After the "reasonable and supportable" period, the Company reverts to its actual long-term historical loss experience in the historical observation period. The Company uses a straight-line reversion method over two years. Historical credit loss experience provides the basis for the estimation of expected credit losses. A portion of the allowance is comprised of qualitative adjustments to historical loss experience.

Qualitative adjustments consider the following factors, as applicable, for each of the Company’s loan portfolios: student loans in repayment versus those in non-paying status; delinquency status; type of private education, consumer, or other loan program; trends in defaults in the portfolio based on Company and industry data; past experience; trends in federally insured student loan claims rejected for payment by guarantors; changes in federal student loan programs; and other relevant qualitative factors.

The federal government guarantees 97% of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98% for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Federally insured student loans disbursed prior to October 1, 1993 are fully insured. Private education, consumer, and other loans, including financing receivables, are unsecured, with neither a government nor a private insurance guarantee. Accordingly, the Company bears the full risk of loss on these loans if the borrower and co-borrower, if applicable, default. The Company places private education, consumer, and other loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses.

Purchased Loans Receivable with Credit Deterioration (PCD)

The Company has purchased loans that have experienced more than insignificant credit deterioration since origination. A variety of factors are considered when identifying PCD loans, including, but not limited to delinquency, status, FICO scores, and other qualitative factors. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense.

Loan Accrued Interest Receivable

Accrued interest receivable on loans is combined and presented with the loans receivable amortized cost balance on the Company’s consolidated balance sheets.

For the Company’s federally insured loan portfolio, the Company records an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses.

For the Company’s private education, consumer, and other loan portfolios, the Company does not measure an allowance for credit losses for accrued interest receivables. For private education, consumer, and other loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income.

Cash and Cash Equivalents

The Company considers all investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include amounts due to Nelnet Bank from the Federal Reserve Bank of $14.1 million and $30.5 million as of December 31, 2025 and 2024, respectively.

Investments

The Company accounts for purchases and sales of Non-Nelnet Bank debt securities on a settlement-date basis and Nelnet Bank debt securities on a trade-date basis. When an investment is sold, the cost basis is determined through specific identification of the security sold. The Company classifies its debt securities as either available-for-sale or held-to-maturity. Securities classified as available-for-sale are carried at fair value, with the changes in fair value, net of taxes, carried as a separate component of accumulated other comprehensive earnings in the consolidated statements of shareholders’ equity. The amortized cost of debt securities in this classification is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. Securities in which the Company has the intent and ability to hold until maturity are classified as held-to-maturity. These securities are carried at amortized cost, with expected future credit losses, if any, recognized through an allowance for credit losses.

The Company classifies its residual interest in consumer, private education, and federally insured student loan securitizations as held-to-maturity beneficial interest investments. The Company measures accretable yield initially as the excess of all cash flows expected to be collected attributable to the beneficial interest estimated at the acquisition/transaction date over the initial investment and recognizes interest income over the life of the beneficial interest using the effective interest method. The Company continues to update, over the life of the beneficial interest, the expectation of cash flows to be collected. Beneficial interest investments are evaluated for impairment by comparing the carrying value of the investment to the present value of the cash flows expected to be collected at the current financial reporting date. If the carrying value is less than the present value of cash flows expected to be collected and the Company determines a credit loss has occurred, the Company records an allowance for credit losses for the difference. Subsequent favorable changes, if any, decrease the allowance for credit losses.

Equity investments with readily determinable fair values are measured at fair value, with changes in the fair value recognized through net income. For equity investments without readily determinable fair values, the Company uses the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly

transactions for the identical or a similar investment of the same issuer. The Company uses qualitative factors to identify impairment on its measurement alternative investments.

The Company accounts for equity investments over which it has significant influence but not a controlling financial interest using the equity method of accounting. Equity method investments are recorded at cost and subsequently increased or decreased by the amount of the Company’s proportionate share of the net earnings or losses and other comprehensive income of the investee. Equity method investments are evaluated for other-than-temporary impairment using certain impairment indicators such as a series of operating losses of an investee or other factors. These factors may indicate that a decrease in value of the investment has occurred that is other-than-temporary and shall be recognized.

The Company accounts for its qualifying equity contributions to solar development partnerships under the proportional amortization method (PAM). The Company evaluates each solar tax equity contribution to determine if it meets the qualifications to apply the PAM. For qualifying contributions, the Company uses the flow-through method of accounting to account for the related tax credit. The flow-through method requires a partner to amortize its contributions through income tax expense (or benefit) as an offset to the nonrefundable income tax credits and other income tax benefits, such as tax deductions from operating losses of the partnership.

The Company accounts for its non-qualifying PAM solar development partnerships and certain other entities in which it has partial ownership (including, but not limited to, ALLO and real estate partnerships) under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the amount the Company recognizes for its share of the earnings or losses from the equity investment for the period.

Notes Receivable

Notes receivable exchanged for cash are recorded at amortized cost. Discounts, if any, upon issuance are accreted to income over the contractual life of the issued note, and interest income is accounted for on an accrual basis. The Company records an allowance for expected credit losses, if any, to present the net amount expected to be collected on the receivable as of the balance sheet date.

Restricted Cash and Restricted Investments

Restricted cash primarily includes amounts for student loan securitizations and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the loans held as trust assets and when principal and interest is paid on the trust's asset-backed debt securities. Restricted cash also includes collateral deposits with derivative counterparties and third-party clearinghouses.

In accordance with local insurance regulations, Nelnet Insurance Service’s consolidated captive insurance companies are required to hold collateral in third-party trusts related to its reinsurance treaties primarily consisting of property and casualty policies. The cash and investments in such trusts are classified by the Company as restricted. Restricted investments include student loan and other asset-backed securities classified as available-for-sale. In addition, Nelnet Insurance Services retains cash it collects on behalf of its third party to which it has retroceded a portion of its exposure.

Restricted Cash - Due to Customers

As a servicer of student loans, the Company collects student loan remittances and subsequently disburses these remittances to the appropriate lending entities. As part of the Company's Education Technology Services and Payments operating segment, the Company collects tuition payments and subsequently remits these payments to the appropriate schools. Cash collected for customers and the related liability are included in the consolidated balance sheets.

A portion of cash collected for customers in the Company's Education Technology Services and Payments operating segment are held at Nelnet Bank, in which Nelnet Bank can use these cash deposits for general operating purposes and is no longer

considered restricted. As of December 31, 2025 and 2024, $49.0 million and $22.5 million, respectively, of cash collected for customers is held at Nelnet Bank.

Accounts Receivable

Accounts receivable are presented at their net realizable values, which include allowances for doubtful accounts. Allowance estimates are based upon expected loss considering individual customer experience, as well as the age of receivables and likelihood of collection.

Business Combinations

The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of acquisition, with the exception of contract assets or liabilities generated from contracts with customers, which are measured as if the Company had originated the acquired contract. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. All contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the acquisition. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, and changes in fair value are recognized in earnings.

Goodwill

The Company reviews goodwill for impairment annually (as of November 30) and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Goodwill is tested for impairment using a fair value approach at the reporting unit level. A reporting unit is the operating segment, or a business one level below that operating segment if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics.

The Company tests goodwill for impairment in accordance with applicable accounting guidance. The guidance provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a quantitative impairment test. If the qualitative assessment determines that an impairment is not more likely than not, no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test.

For the 2025, 2024, and 2023 annual reviews of goodwill, the Company assessed qualitative factors, with the exception of one reporting unit in 2023, and concluded it was not more likely than not that the fair value of its reporting units was less than their carrying amount. As such, except for the one reporting unit in 2023, no further impairment analysis was required. For the one reporting unit in 2023 that the Company concluded it was more likely than not that the fair value was less than its carrying amount, the Company performed a quantitative impairment test and concluded there was an impairment. See note 11 for additional information.

Intangible Assets

The Company uses estimates to determine the fair value of acquired assets to allocate the purchase price to acquired intangible assets. Such estimates are generally based on estimated future cash flows or cost savings associated with particular assets and are discounted to present value using an appropriate discount rate. The estimates of future cash flows associated with intangible assets are generally prepared using a cost savings method, a lost income method, or an excess return method, as appropriate. In utilizing such methods, management must make certain assumptions about the amount and timing of estimated future cash flows and other economic benefits from the assets, the remaining economic useful life of the assets, and general economic factors concerning the selection of an appropriate discount rate. The Company may also use replacement cost or market comparison approaches to estimate fair value if such methods are determined to be more appropriate.

Intangible assets with finite lives are amortized over their estimated lives. Such assets are amortized using a method of amortization that reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up. If that pattern cannot be reliably determined, the Company uses a straight-line amortization method. The Company evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization.

Property and Equipment

Property and equipment are carried at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, and major improvements, including leasehold improvements, are capitalized. Gains and losses from the sale of property and equipment are included in determining net income. The Company uses the straight-line method for recording depreciation over the estimated useful life of the asset. Leasehold improvements are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. The Company evaluates the estimated remaining useful lives of property and equipment and whether events or changes in circumstances warrant a revision to the remaining periods of depreciation.

Leases

When the Company leases assets from others, it records right-of-use (ROU) assets and lease liabilities. The Company determines if the arrangement is, or contains, a lease at the inception of an arrangement and records the lease in the consolidated financial statements upon lease commencement, which is the date when the underlying asset is made available by the lessor. The Company primarily leases office and data center space and accounts for lease and non-lease components in these contracts together as a single, combined lease component. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expense for these leases is recognized on a straight-line basis over the lease term. All other ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. The Company classifies each lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases. When the discount rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate.

Leases may include one or more options to renew, with renewal terms that can be extended. The exercise of lease renewal options for the majority of leases is at the Company's discretion. Renewal options that the Company is reasonably certain to exercise are included in the lease term. Certain leases include escalating rental payments or rental payments adjusted periodically for inflation. None of the lease agreements include any residual value guarantees, a transfer of title, or a purchase option that is reasonably certain to be exercised.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets, such as property and equipment, purchased intangibles subject to amortization, and ROU assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.

Assumptions and estimates about future cash flows generated by, remaining useful lives of, and fair values of the Company's intangible and other long-lived assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company's business strategy and internal forecasts. Although the Company believes the historical assumptions and estimates used are reasonable and appropriate, different assumptions and estimates could materially impact the reported financial results.

Fair Value Measurements

The Company uses estimates of fair value in applying various accounting standards for its financial statements.

Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, the Company's policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value, such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates, and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity, credit, and bid/offer spreads. In some cases, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Transaction costs are not included in the determination of fair value. When possible, the Company seeks to validate the model's output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. Additionally, there may be inherent weaknesses in any calculation

technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the estimates of current or future values.

The Company categorizes its fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring assets and liabilities at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels include:

•Level 1: Quoted prices for identical instruments in active markets. The types of financial instruments included in Level 1 are highly liquid instruments with quoted prices.

•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose primary value drivers are observable.

•Level 3: Instruments whose primary value drivers are unobservable. Inputs are developed based on the best information available; however, significant judgment is required by management in developing the inputs.

Revenue Recognition

The Company applies the provisions of ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), to its fee-based operating segments. The majority of the Company’s revenue earned in its NFS Division, including loan interest and derivative activity earned in its Asset Generation and Management and Nelnet Bank operating segments and reinsurance premiums earned in its Nelnet Insurance Services operating segment, is explicitly excluded from the scope of Topic 606. The Company recognizes revenue under the core principle of Topic 606 to depict the transfer of control of products and services to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is received or receivable in advance of the delivery of service. For multi-year contracts, the Company generally invoices customers annually at the beginning of each annual coverage period. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts do not include a significant financing component.

The Company recognizes an asset for the incremental costs of obtaining and/or fulfilling a contract with a customer if it expects the benefit of those costs to be longer than one year. Capitalized costs of obtaining and/or fulfilling a contract are amortized over the estimated life of the customer.

See note 17 for additional information related to the Company's fee-based operating segments. Additional information related to revenue earned in its Asset Generation and Management, Nelnet Bank, and Nelnet Insurance Services operating segments is provided below.

Loan interest income - The Company recognizes loan interest income as earned, net of amortization of loan premiums and deferred origination costs and the accretion of loan discounts and lender fees. Loan interest income is recognized based upon the expected yield of the loan after giving effect to interest rate reductions resulting from borrower utilization of incentives such as timely payments ("borrower benefits") and other yield adjustments. Loan premiums or discounts, deferred origination costs, lender fees, and borrower benefits are amortized/accreted over the estimated life of the loans, which includes an estimate of forecasted payments in excess of contractually required payments (the constant prepayment rate).

Loan interest on federally insured student loans is paid by the Department or the borrower, depending on the status of the loan at the time of the accrual. The Department makes quarterly interest subsidy payments on certain qualified FFELP loans until the student is required under the provisions of the Higher Education Act to begin repayment. Borrower repayment of FFELP loans normally begins within six months after completion of the borrower's course of study, leaving school, or ceasing to carry at least one-half the normal full-time academic load, as determined by the educational institution. Borrower repayment of PLUS

and consolidation loans normally begins within 60 days from the date of loan disbursement. Borrower repayment of private education loans typically begins six months following the borrower's graduation from a qualified institution, and the interest is either paid by the borrower or capitalized annually or at repayment. Repayment of consumer and other loans typically starts upon origination of the loan.

The Department provides a special allowance to lenders participating in the FFEL Program. The special allowance rate is accrued based upon either the daily fiscal quarter average of the 13-week Treasury Bill auction rate, the daily fiscal quarter average of the three-month financial commercial paper rate, or the daily fiscal quarter average of the 30-day Average Secured Overnight Financing Rate (SOFR), relative to the yield of the student loan.

The constant prepayment rate currently used by the Company to amortize/accrete federally insured loan premiums/discounts is 6% for both federally insured consolidation and Stafford loans. The Company periodically evaluates the assumptions used to estimate the life of the loans and prepayment rates. In instances where there are changes to the assumptions, amortization/accretion is adjusted on a cumulative basis to reflect the change since the acquisition of the loan. During the second quarter of 2024, the Company changed its estimate of the constant prepayment rate on its consolidation loans from 5% to 6%, which resulted in a $0.8 million increase to the Company’s net loan discount balance and a corresponding decrease to interest income.

The Company also pays the Department an annual 105 basis point rebate fee on Consolidation loans. These rebate fees are netted against loan interest income.

Reinsurance premiums earned and related expenses - The Company earns reinsurance premiums primarily on prospective property and casualty reinsurance contracts over the loss exposure or coverage period in proportion to the level of protection provided. Reinsurance premiums are recognized as income, net of amounts ceded to reinsurers, over the terms of the related contracts and polices, which is generally pro rata over a policy period of 12 months. Unearned premiums represent the portion of premiums written related to the unexpired terms of contracts and policies in force.

Acquisition costs are incurred when a contract or policy is issued and only the direct incremental costs related to the successful acquisition of new and renewal contract or policies are deferred and amortized over the same period in which the related premiums are earned. Acquisition costs consist principally of commissions and brokerage expenses and are shown net of commissions and brokerage expenses earned on ceded reinsurance.

The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported. The reserve is based on individual claims, case reserves, and other reserve estimates reported by insureds and ceding companies, and represents the estimated ultimate payment amounts. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. The reserves are adjusted regularly based upon experience. The Company performs a continuing review of its claims and claim expenses, including its reserving techniques and the impact of retroceded risk. Retrocession reinsurance treaties do not relieve the Company of its obligation to direct writing companies. The reserves are also reviewed regularly by qualified actuaries employed or contracted by the Company. Since the reserves are based on estimates, the ultimate liability may be more or less than such reserves. The effects of changes in such estimated reserves are included in the consolidated statements of income in the period in which the estimates are changed. Such changes in estimates could occur in a future period and may be material to the Company’s results of operations and financial position in such period.

Deposits and Interest Expense

Deposits are interest-bearing deposits and primarily consist of brokered certificates of deposit (CDs), retail and other savings deposits and CDs, and intercompany deposits. Retail and other savings deposits include deposits from Educational 529 College Savings plans, Health Savings plans, retirement savings plans, Short Term Federal Investment Trust (STFIT), and FDIC sweep deposits. CDs are accounts that have a stipulated maturity and interest rate. For savings accounts, the depositor may be required to give written notice of any intended withdrawal no less than seven days before the withdrawal is made. Generally, early withdrawal of brokered CDs is prohibited (except in the case of death or legal incapacity). Union Bank and Trust Company (“Union Bank”), a related party, is the program manager for the Educational 529 College Savings plans and trustee for the STFIT.

Nelnet Bank has intercompany deposits from Nelnet, Inc. and its subsidiaries. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.

For bonds and notes payable, interest expense is based upon contractual interest rates, adjusted for the amortization of debt issuance costs and the accretion of discounts. The amortization of debt issuance costs and accretion of discounts are recognized using the effective interest method.

Transfer of Financial Assets and Extinguishments of Liabilities

The Company accounts for loan sales and debt repurchases in accordance with applicable accounting guidance. If a transfer of loans qualifies as a sale, the Company derecognizes the loan and recognizes a gain or loss as the difference between the carrying basis of the loan sold and the consideration received. The Company from time to time repurchases its outstanding debt and records a gain or loss on the early extinguishment of debt based upon the difference between the carrying amount of the debt and the amount paid to the third party.

Derivative Accounting

All over-the-counter derivative contracts are cleared post-execution at the Chicago Mercantile Exchange (CME), a regulated clearinghouse. Clearing is a process by which a third party, the clearinghouse, steps in between the original counterparties and guarantees the performance of both, by requiring that each post liquid collateral on an initial (initial margin) and mark-to-market (variation margin) basis to cover the clearinghouse’s potential future exposure in the event of default.

The CME legally characterizes variation margin payments for over-the-counter derivatives they clear as settlements of the derivatives’ exposure rather than collateral against the exposure. For accounting and presentation purposes, the Company considers variation margin and the corresponding derivative instrument as a single unit of account. As such, variation margin payments are considered in determining the fair value of the centrally cleared derivative portfolio (“settled-to-market”). The Company records settled-to-market derivative contracts on its balance sheet with a fair value of zero due to the payment or receipt of variation margin between the Company and the CME settling the outstanding mark-to-market exposure on such derivatives to a balance of zero on a daily basis, and records the underlying daily changes in the market value of such derivative contracts that result in such receipts or payments on its income statement as realized derivative market value adjustments in “derivative market value adjustments and derivative settlements, net” on the consolidated statements of income.

The Company records derivative instruments that are not required to be cleared at a clearinghouse (non-centrally cleared derivatives) in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain non-centrally cleared derivatives are subject to right of offset provisions with counterparties. For these derivatives, the Company does not offset fair value amounts executed with the same counterparty under a master netting arrangement. In addition, the Company does not offset fair value amounts recognized for derivative instruments with respect to the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable). The Company determines the fair value for its non-centrally cleared derivative instruments using either pricing models that consider current market conditions and the contractual terms of the derivative instrument; or counterparty valuations. The factors that impact the fair value of the Company’s derivatives include interest rates, time value, the forward interest rate curve, and volatility assumptions.

Management has structured all of the Company's derivative transactions with the intent that each is economically effective; however, the majority of the Company's derivative instruments do not qualify for hedge accounting in the consolidated financial statements. As a result, the change in market value of derivative instruments is reported in current period earnings. Changes or shifts in the forward yield curve can significantly impact the valuation of the Company’s derivatives, and therefore impact the results of operations of the Company. The changes in fair value of derivative instruments, as well as the settlement payments made on such derivatives, are included in “derivative market value adjustments and derivative settlements, net” on the consolidated statements of income.

Certain derivative instruments have been designated as cash flow hedges. These hedges are used to manage exposure to variability in forecasted cash flows related to interest payments on variable-rate third-party deposits. For qualifying cash flow hedges, changes in the fair value are recognized in other comprehensive income in the consolidated financial statements and reclassified into earnings in the same period during which the hedged forecasted transaction affects earnings, which are included in “interest expense on bonds and notes payable and bank deposits”. The Company formally documents the hedging relationships, including the risk management objective and strategy for undertaking the hedge, the hedged item, the hedging instrument, and the nature of the risk being hedge. This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions. The Company formally assesses, both at inception and on an ongoing quarterly basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting cash flows of hedged items.

The Company discontinues hedge accounting prospectively if it is determined that the derivative is no longer effective in offsetting changes in cash flows of the hedged item; the derivative expires or is sold, terminated, or exercised; it is unlikely that a forecasted transaction will occur; or management determines that designation of the derivative as a hedging instrument is no longer appropriate.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Unless an investment qualifies for proportional amortization, the Company uses the deferred method of accounting for its credits related to state tax incentives and investments that generate investment tax credits. The investment tax credits are recognized as a reduction to the related asset.

Income tax expense includes deferred tax expense, which represents a portion of the net change in the deferred tax asset or liability balance during the year, plus any change made in the valuation allowance, and current tax expense, which represents the amount of tax currently payable to or receivable from a tax authority plus amounts for expected tax deficiencies.

During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. As required by the ASC Topic 740, Income Taxes, the Company recognizes in the consolidated financial statements only those tax positions determined to be more likely than not of being sustained upon examination, based on the technical merits of the positions. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the period of such change. For unrecognized tax benefits that are expected to be settled using available tax credit carryforwards, the amounts are presented on the balance sheet as a reduction of deferred tax assets.

Compensation Expense for Stock Based Awards

The Company has a restricted stock plan that is intended to provide incentives to attract, retain, and motivate employees in order to achieve long term growth and profitability objectives. The restricted stock plan provides for the grant to eligible employees of awards of restricted shares of Class A common stock. The fair value of restricted stock awards is determined on the grant date based on the Company's stock price and is amortized to compensation cost over the related vesting periods, which range up to ten years. For those awards with only service conditions that have graded vesting schedules, the Company recognizes compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in substance, multiple awards. Holders of restricted stock are entitled to receive dividends from the date of grant whether or not vested. The Company accounts for forfeitures as they occur.

The Company also has a directors stock compensation plan pursuant to which directors can elect to receive their annual retainer fees in the form of fully vested shares of Class A common stock, and also elect to defer receipt of such shares until the termination of their service on the board of directors. The fair value of grants under this plan is determined on the grant date based on the Company's stock price and is expensed over the board member's annual service period.

Restructuring Activities

From time to time, the Company may implement plans to restructure the business. In conjunction with these restructuring plans, involuntary benefit arrangements, and certain other costs that are incremental and incurred as a direct result of the restructuring plans, are recognized as restructuring charges.

Translation of Foreign Currencies

The Company’s foreign subsidiaries use the local currency of the countries in which they are located as their functional currency. Accordingly, assets and liabilities are translated into U.S. dollars (the Company’s reporting currency) using the exchange rates in effect on the consolidated balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted-average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive earnings in the consolidated statements of shareholders’ equity.

Partial Redemption of ALLO Investment	12 Months Ended
Partial Redemption of ALLO Investment	Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Partial Redemption of ALLO Investment	Partial Redemption of ALLO Investment Nelnet had both voting and preferred membership interest ownership in ALLO. In June 2025, ALLO executed a financing transaction that resulted in gross proceeds to ALLO of $500 million (the “Financing”). In conjunction with the Financing, Nelnet, ALLO, and certain other ALLO members entered into a Membership Unit Redemption Agreement pursuant to which ALLO agreed to redeem certain of its membership interests from certain members of ALLO, including Nelnet (the “Transaction”). As part of the Transaction, ALLO redeemed all of Nelnet's outstanding preferred membership interest that was outstanding on June 4, 2025, including the preferred return accrued on such membership interest through the Transaction's closing date. In addition, ALLO redeemed more than 50% of Nelnet’s voting membership interest in ALLO. Upon closing, Nelnet received cash proceeds of $410.9 million from ALLO related to these redemptions and recognized a pre-tax gain of $175.0 million, attributable to the redemption of the voting membership interest. The gain is included in "gain on partial redemption of ALLO investment" on the Company's consolidated statements of income. Following the closing of the Transaction, Nelnet maintains a significant voting equity interest in ALLO. Nelnet’s ownership of voting membership interest in ALLO decreased from 45% to 27%. The Company continues to account for its remaining 27% voting membership interest in ALLO under the HLBV method of accounting, with the carrying value of such interest remaining at $0.

Loans and Accrued Interest Receivable and Allowance for Loan Losses

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Loans and Accrued Interest Receivable and Allowance for Loan Losses

Loans and accrued interest receivable consisted of the following:


	As of		As of
	December 31, 2025		December 31, 2024
Non-Nelnet Bank:
Federally insured loans:
Stafford and other	$	1,772,172	2,108,960
Consolidation	5,665,071		6,279,604
Total	7,437,243		8,388,564
Private education loans	139,209		221,744
Consumer loans and other financing receivables (a)	1,122,717		345,560
Non-Nelnet Bank loans	8,699,169		8,955,868
Nelnet Bank:
Federally insured loans:
Stafford and other	23,960		—
Consolidation	148,360		—
Total	172,320		—
Private education loans	518,634		482,445
Consumer and other loans	266,608		162,152
Nelnet Bank loans	957,562		644,597
Accrued interest receivable	528,936		549,283
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs	(46,894)		(42,114)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans	(42,080)		(49,091)
Private education loans	(6,894)		(11,130)
Consumer loans and other financing receivables	(57,360)		(38,468)
Non-Nelnet Bank allowance for loan losses	(106,334)		(98,689)
Nelnet Bank:
Federally insured loans	(676)		—
Private education loans	(12,932)		(10,086)
Consumer and other loans	(12,136)		(6,115)
Nelnet Bank allowance for loan losses	(25,744)		(16,201)
	$	10,006,695	9,992,744

(a) 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 December 31, 2025, the balance of Pay Later receivables was $744.2 million.

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
	December 31, 2025		December 31, 2024
Non-Nelnet Bank:
Federally insured loans (a)	0.57	%	0.59	%
Private education loans	4.95	%	5.02	%
Consumer loans and other financing receivables (b)	5.11	%	11.13	%
Nelnet Bank:
Federally insured loans (a)	0.39	%	—
Private education loans	2.49	%	2.09	%
Consumer and other loans	4.55	%	3.77	%

(a) The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for Non-Nelnet Bank was 19.3% and 20.6% as of December 31, 2025 and December 31, 2024, respectively, and for Nelnet Bank was 17.3% as of December 31, 2025.

(b) In the third quarter of 2025, the Company began to purchase Pay Later receivables that have lower allowance rates.

Consumer Loan Sales

During 2025, 2024, and 2023, the Company sold $203.7 million, $148.0 million, and $670.7 million of consumer loans, respectively, and recognized net losses from such transactions of $2.7 million, $1.6 million, and $17.7 million, respectively. Consumer loans sold by the Company during these periods were to non-affiliated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interests in the loan securitizations that are included in "other investments and notes receivable, net" on the Company's consolidated balance sheets.

Activity in the Allowance for Loan Losses

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


	Balance at beginning of period		Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration	Loan sales	Balance at end of period
	Year ended December 31, 2025
Non-Nelnet Bank:
Federally insured loans	$	49,091	6,992	(13,741)	—	—	(262)	42,080
Private education loans	11,130		(2,761)	(2,397)	922	—	—	6,894
Consumer loans and other financing receivables	38,468		45,030	(27,708)	1,570	—	—	57,360
Nelnet Bank:
Federally insured loans	—		482	(68)	—	—	262	676
Private education loans	10,086		8,696	(8,015)	1,105	1,060	—	12,932
Consumer and other loans	6,115		8,979	(3,304)	346	—	—	12,136
	$	114,890	67,418	(55,233)	3,943	1,060	—	132,078

	Year ended December 31, 2024
Non-Nelnet Bank:
Federally insured loans	$	68,453	(917)	(18,445)	—	—	—	49,091
Private education loans	15,750		(392)	(5,045)	817	—	—	11,130
Consumer loans and other financing receivables	11,742		29,000	(11,033)	1,349	—	7,410	38,468
Nelnet Bank:

Private education loans	3,347		7,830	(3,084)	762	1,231	—	10,086
Consumer and other loans	5,351		18,918	(11,091)	347	—	(7,410)	6,115
	$	104,643	54,439	(48,698)	3,275	1,231	—	114,890


	Year ended December 31, 2023
Non-Nelnet Bank:
Federally insured loans	$	83,593	4,303	(19,593)	—	6	144	68,453
Private education loans	15,411		2,865	(3,306)	780	—	—	15,750
Consumer loans and other financing receivables	30,263		(7,528)	(12,467)	1,474	—	—	11,742
Nelnet Bank:
Federally insured loans	170		(14)	(12)	—	—	(144)	—
Private education loans	2,390		2,171	(1,214)	—	—	—	3,347
Consumer and other loans	—		6,245	(1,775)	881	—	—	5,351
	$	131,827	8,042	(38,367)	3,135	6	—	104,643

During the periods presented above, the primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods. Provision for loan losses was also impacted by the reversal of provision for consumer loans sold. Once a loan is classified as held for sale, any allowance for loan losses that existed immediately prior to the reclassification to held for sale is reversed through provision.

The following table presents the reduction to provision for loan losses as a result of consumer loan sales during the periods presented:


	Provision for current period		Reduction to provision - loan sales	Provision (negative provision) for loan losses
	Year ended December 31, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables	$	74,016	(28,986)	45,030

	Year ended December 31, 2024
Non-Nelnet Bank
Consumer loans and other financing receivables	$	42,529	(13,529)	29,000

	Year ended December 31, 2023
Non-Nelnet Bank
Consumer loans and other financing receivables	$	49,807	(57,335)	(7,528)

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


	Year ended December 31,
	2025		2024		2023
Non-Nelnet Bank:
Federally insured loans	0.16	%	0.18	%	0.15	%
Private education loans	0.87	%	1.70	%	0.99	%
Consumer loans and other financing receivables (a)	4.61	%	7.58	%	5.67	%
Nelnet Bank:
Federally insured loans	0.06	%	—		0.02	%
Private education loans	1.35	%	0.60	%	0.34	%
Consumer and other loans (b)	1.41	%	6.69	%	2.64	%

(a) In the third quarter of 2025, the Company began to purchase Pay Later receivables that have lower charge-off rates.

(b) Decrease in net charge-offs as a percentage of average loans in 2025 compared with 2024 was due to a change in mix of consumer loan portfolios that resulted in a portfolio of loans with an overall higher credit quality in 2025 compared with 2024 and Nelnet Bank exiting a consumer loan program in December 2024 that had previously incurred significant charge-offs.

Unfunded Loan Commitments

As of December 31, 2025 and 2024, Nelnet Bank had a liability of approximately $760,000 and $326,000, respectively, related to $76.5 million and $40.7 million, respectively, of unfunded private education, consumer, and other loan commitments. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet by recording a provision for loan losses. When the loan is funded, the Company transfers the liability to the allowance for loan losses. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income:


	Year ended December 31,
	2025		2024	2023
Provision for loan losses from allowance activity table above	$	67,418	54,439	8,042
Provision for unfunded loan commitments	433		168	73
Provision for loan losses reported in consolidated statements of income	$	67,851	54,607	8,115

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 December 31,
	2025						2024						2023
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment (a)	$	336,749	4.5	%			$	376,765	4.5	%			$	522,304	4.5	%
Loans in forbearance (b)	493,277		6.6				586,412		7.0				979,588		8.4
Loans in repayment status:
Loans current	5,701,660				86.3	%	6,374,897				85.9	%	8,416,624				82.6	%
Loans delinquent 31-60 days (c)	234,259				3.5		243,348				3.3		377,108				3.7
Loans delinquent 61-90 days (c)	147,645				2.2		166,474				2.2		254,553				2.5
Loans delinquent 91-120 days (c)	94,765				1.4		113,838				1.5		187,145				1.9
Loans delinquent 121-270 days (c)	280,899				4.3		380,823				5.1		685,829				6.7
Loans delinquent 271 days or greater (c)(d)	147,989				2.3		146,007				2.0		263,056				2.6
Total loans in repayment	6,607,217		88.9		100.0	%	7,425,387		88.5		100.0	%	10,184,315		87.1		100.0	%
Total federally insured loans	7,437,243		100.0	%			8,388,564		100.0	%			11,686,207		100.0	%
Accrued interest receivable	506,943						540,272						757,713
Loan discount, net of unamortized premiums and deferred origination costs	(23,513)						(21,513)						(28,963)
Allowance for loan losses	(42,080)						(49,091)						(68,453)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	7,878,593					$	8,858,232					$	12,346,504
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment (a)	$	3,094	2.2	%			$	5,997	2.7	%			$	9,475	3.4	%
Loans in forbearance (b)	3,049		2.2				2,089		0.9				2,529		0.9
Loans in repayment status:
Loans current	130,018				97.7	%	206,825				96.8	%	257,639				97.1	%
Loans delinquent 31-60 days (c)	1,253				0.9		3,424				1.6		3,395				1.3
Loans delinquent 61-90 days (c)	515				0.4		1,275				0.6		1,855				0.7
Loans delinquent 91 days or greater (c)	1,280				1.0		2,134				1.0		2,427				0.9
Total loans in repayment	133,066		95.6		100.0	%	213,658		96.4		100.0	%	265,316		95.7		100.0	%
Total private education loans	139,209		100.0	%			221,744		100.0	%			277,320		100.0	%
Accrued interest receivable	1,120						2,019						2,653
Loan discount, net of unamortized premiums	(4,317)						(6,350)						(8,037)
Allowance for loan losses	(6,894)						(11,130)						(15,750)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	129,118					$	206,283					$	256,186


	As of December 31,
	2025						2024						2023
Consumer loans and other financing receivables - Non-Nelnet Bank:

Loans in forbearance (b)	$	1,698	0.2	%			$	150	0.0	%			$	146	0.2	%
Loans in repayment status:
Loans current	1,085,883				96.9	%	335,355				97.1	%	81,195				94.6	%
Loans delinquent 31-60 days (c)	13,723				1.2		3,667				1.1		2,035				2.4
Loans delinquent 61-90 days (c)	10,797				1.0		2,143				0.6		1,189				1.4
Loans delinquent 91 days or greater (c)	10,616				0.9		4,245				1.2		1,370				1.6
Total loans in repayment	1,121,019		99.8		100.0	%	345,410		100.0		100.0	%	85,789		99.8		100.0	%
Total consumer loans and other financing receivables	1,122,717		100.0	%			345,560		100.0	%			85,935		100.0	%
Accrued interest receivable	1,497						1,868						861
Loan discount and deferred lender fees, net of unamortized premiums	(17,845)						(10,713)						(2,474)
Allowance for loan losses	(57,360)						(38,468)						(11,742)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses	$	1,049,009					$	298,247					$	72,580

Federally insured loans - Nelnet Bank (e):
Loans in-school/grace/deferment (a)	$	6,162	3.6	%
Loans in forbearance (b)	8,787		5.1
Loans in repayment status:
Loans current	141,357				89.9	%
Loans delinquent 30-59 days (c)	5,686				3.6
Loans delinquent 60-89 days (c)	2,703				1.7
Loans delinquent 90-119 days (c)	980				0.6
Loans delinquent 120-270 days (c)	4,844				3.1
Loans delinquent 271 days or greater (c)(d)	1,801				1.1
Total loans in repayment	157,371		91.3		100.0	%
Total federally insured loans	172,320		100.0	%
Accrued interest receivable	10,939
Loan premium	910
Allowance for loan losses	(676)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	183,493
Private education loans - Nelnet Bank (e):
Loans in-school/grace/deferment (a)	$	56,667	10.9	%			$	31,674	6.6	%			$	19,089	5.3	%
Loans in forbearance (b)	1,684		0.3				3,061		0.6				1,285		0.4
Loans in repayment status:
Loans current	451,221				98.0	%	439,569				98.2	%	338,448				99.5	%
Loans delinquent 30-59 days (c)	4,001				0.9		4,327				1.0		839				0.2
Loans delinquent 60-89 days (c)	2,327				0.5		1,497				0.3		253				0.1
Loans delinquent 90 days or greater (c)	2,734				0.6		2,317				0.5		606				0.2
Total loans in repayment	460,283		88.8		100.0	%	447,710		92.8		100.0	%	340,146		94.3		100.0	%
Total private education loans	518,634		100.0	%			482,445		100.0	%			360,520		100.0	%
Accrued interest receivable	6,599						4,103						2,023
Loan discount, net of unamortized premiums and deferred origination costs	(5,686)						(4,581)						5,608
Allowance for loan losses	(12,932)						(10,086)						(3,347)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	506,615					$	471,881					$	364,804


	As of December 31,
	2025						2024						2023
Consumer and other loans - Nelnet Bank (e):
Loans in deferment	$	10,006	3.8	%			$	5,186	3.2	%			$	103	0.1	%

Loans in repayment status:
Loans current	254,448				99.2	%	155,772				99.2	%	69,584				96.3	%
Loans delinquent 30-59 days (c)	1,225				0.5		803				0.5		1,075				1.5
Loans delinquent 60-89 days (c)	560				0.2		243				0.2		941				1.3
Loans delinquent 90 days or greater (c)	369				0.1		148				0.1		649				0.9
Total loans in repayment	256,602		96.2		100.0	%	156,966		96.8		100.0	%	72,249		99.9		100.0	%
Total consumer and other loans	266,608		100.0	%			162,152		100.0	%			72,352		100.0	%
Accrued interest receivable	1,838						1,021						575
Loan premium, net of unaccreted discount	3,557						1,043						(6)
Allowance for loan losses	(12,136)						(6,115)						(5,351)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses	$	259,867					$	158,101					$	67,570

(a) Loans for borrowers who still may be attending school or engaging in other permitted educational activities and are not yet required to make payments on the loans, e.g., residency periods for medical students or a grace period for bar exam preparation for law students.

(b) Loans for borrowers who have temporarily ceased making full payments due to hardship or other factors, according to a schedule approved by the servicer consistent with the established loan program servicing procedures and policies.

(c) The period of delinquency is based on the number of days scheduled payments are contractually past due and relate to repayment loans, that is, receivables not charged off, and not in-school, grace, deferment, or forbearance.

(d) A portion of loans included in loans delinquent 271 days or greater includes loans in claim status, which are loans that have gone into default and have been submitted to the guaranty agency for reinsurance.

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

FICO Scores

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

Nelnet Bank Private Education Loans


	Loan balance as of December 31, 2025
	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	%


	Loan balance as of December 31, 2024
	2024		2023	2022	2021	2020	Prior years	Total	Percent of total
FICO at origination or purchase:
Less than 705	$	2,566	3,578	4,759	4,182	331	15,485	30,901	6.4	%
705 - 734	3,736		8,874	19,666	7,531	426	12,349	52,582	10.9
735 - 764	4,398		8,629	29,918	12,775	1,286	17,920	74,926	15.5
765 - 794	4,600		6,115	46,340	24,073	1,105	23,867	106,100	22.0
Greater than 794	9,971		15,471	67,454	49,408	4,406	63,258	209,968	43.5
No FICO score available or required (a)	2,476		5,492	—	—	—	—	7,968	1.7
	$	27,747	48,159	168,137	97,969	7,554	132,879	482,445	100.0	%

Nelnet Bank Consumer and Other Loans


	Loan balance as of December 31, 2025
	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	%


	Loan balance as of December 31, 2024
	2024		2023	2022	2021	2020	Prior years	Total	Percent of total
FICO at origination:
Less than 720	$	19,264	1,762	—	376	675	1,170	23,247	14.3	%
720 - 769	41,217		4,502	19	6,152	5,448	3,105	60,443	37.3
Greater than 769	57,323		6,577	103	5,834	2,755	1,165	73,757	45.5
No FICO score available or required (a)	3,936		437	277	55	—	—	4,705	2.9
	$	121,740	13,278	399	12,417	8,878	5,440	162,152	100.0	%

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

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 December 31, 2025, 2024, and 2023 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 December 31, 2025, based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program 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.


	2025		2024	2023	2022	2021	Prior years	Total
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	—	—	—	264	1,187	1,643	3,094
Loans in forbearance	—		—	—	47	217	2,785	3,049
Loans in repayment status:
Loans current	—		—	170	3,483	5,528	120,837	130,018
Loans delinquent 31-60 days	—		—	—	53	36	1,164	1,253
Loans delinquent 61-90 days	—		—	—	—	5	510	515
Loans delinquent 91 days or greater	—		—	—	—	7	1,273	1,280
Total loans in repayment	—		—	170	3,536	5,576	123,784	133,066
Total private education loans	$	—	—	170	3,847	6,980	128,212	139,209
Accrued interest receivable								1,120
Loan discount, net of unamortized premiums								(4,317)
Allowance for loan losses								(6,894)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	129,118
Gross charge-offs - year ended December 31, 2025	$	—	—	—	—	126	2,271	2,397

Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance	$	201	513	984	—	—	—	1,698
Loans in repayment status:
Loans current	1,039,652		25,621	19,091	1,061	198	260	1,085,883
Loans delinquent 31-60 days	11,899		1,066	566	177	15	—	13,723
Loans delinquent 61-90 days	9,411		852	506	28	—	—	10,797
Loans delinquent 91 days or greater	7,487		1,706	696	654	73	—	10,616
Total loans in repayment	1,068,449		29,245	20,859	1,920	286	260	1,121,019
Total consumer loans and other financing receivables	$	1,068,650	29,758	21,843	1,920	286	260	1,122,717
Accrued interest receivable								1,497
Loan discount and deferred lender fees, net of unamortized premiums								(17,845)
Allowance for loan losses								(57,360)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses								$	1,049,009
Gross charge-offs - year ended December 31, 2025	$	9,364	11,244	6,753	321	17	9	27,708


	2025		2024	2023	2022	2021	Prior years	Total
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment	$	25,934	16,783	7,755	4,366	253	1,576	56,667
Loans in forbearance	109		7	218	472	417	461	1,684
Loans in repayment status:
Loans current	39,474		18,723	29,419	140,189	80,799	142,617	451,221
Loans delinquent 30-59 days	539		169	475	391	488	1,939	4,001
Loans delinquent 60-89 days	306		140	435	263	11	1,172	2,327
Loans delinquent 90 days or greater	153		58	331	52	569	1,571	2,734
Total loans in repayment	40,472		19,090	30,660	140,895	81,867	147,299	460,283
Total private education loans	$	66,515	35,880	38,633	145,733	82,537	149,336	518,634
Accrued interest receivable								6,599
Loan discount, net of unamortized premiums and deferred origination costs								(5,686)
Allowance for loan losses								(12,932)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	506,615
Gross charge-offs - year ended December 31, 2025	$	11	538	1,330	1,062	539	4,535	8,015

Consumer and other loans - Nelnet Bank:
Loans in deferment	$	9,713	293	—	—	—	—	10,006

Loans in repayment status:
Loans current	113,231		107,946	11,418	364	10,529	10,960	254,448
Loans delinquent 30-59 days	505		597	71	—	—	52	1,225
Loans delinquent 60-89 days	—		402	—	—	114	44	560
Loans delinquent 90 days or greater	—		365	—	—	—	4	369
Total loans in repayment	113,736		109,310	11,489	364	10,643	11,060	256,602
Total consumer and other loans	$	123,449	109,603	11,489	364	10,643	11,060	266,608
Accrued interest receivable								1,838
Loan premium, net of unaccreted discount								3,557
Allowance for loan losses								(12,136)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses								$	259,867
Gross charge-offs - year ended December 31, 2025	$	61	1,956	476	—	523	288	3,304

Bonds and Notes Payable

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Bonds and Notes Payable

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


	As of December 31, 2025
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	6,448,212	4.35% - 5.85%	3/22/32 - 11/27/90
Bonds and notes based on 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



	7,821,569
Discount on bonds and notes payable and debt issuance costs	(40,642)
Total	$	7,780,927


	As of December 31, 2024
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	6,923,824	4.89% - 6.45%	8/26/30 - 9/25/69
Bonds and notes based on auction	36,395		5.71% - 5.72%	3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes	6,960,219
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	346,359		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facilities	853,165		4.41% - 4.69%	1/31/26 / 4/1/26

Consumer loan warehouse facilities	90,000		4.46% / 4.57%	8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	54,973		5.90% / 6.82%	6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations	50,415		5.35% / 7.15%	12/28/43 / 11/25/53
Unsecured line of credit	—		—	9/22/26
Participation agreements	3,320		5.27% - 5.82%	5/4/25 / 1/30/33



	8,358,451
Discount on bonds and notes payable and debt issuance costs	(48,654)
Total	$	8,309,797

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 December 31, 2025:


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)	$	800,000	213,982	586,018	1/30/2026	1/29/2027	note (b)	$	17,071







Consumer loans and other financing receivables	$	925,000	767,951	157,049	11/13/2026 - 7/31/2027	11/13/2027 - 2/29/2028	50% - 90%	$	121,949

(a) On January 30, 2026, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2026 and July 30, 2027, respectively.

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

Asset-backed Securitizations

The Company has historically relied upon asset-backed securitizations as its most significant source of funding for loans. The net cash flow the Company receives from the securitized loans generally represents the excess amounts, if any, generated by the underlying loans over the amounts required to be paid to the bondholders, after deducting servicing fees and any other expenses relating to the securitizations. The Company’s rights to cash flow from securitized loans are subordinate to bondholder interests, and the securitized loans may fail to generate any cash flow beyond what is due to bondholders. The bonds and notes payable are primarily secured by the loans receivable, related accrued interest, and by the amounts on deposit in the accounts established under the respective financing agreements.

The following table summarizes the asset-backed securitization transaction completed during the year ended December 31, 2025. There were no asset-backed securitization transactions completed during the year ended December 31, 2024.

2025-1

Total (a)

Class A-1 Notes

Class A-2 Notes

Date securities issued

11/13/25

Total original principal amount

$

168,200

525,000

693,200

Cost of funds

SOFR Rate plus 0.75%

SOFR Rate plus 0.95%

Final maturity date

10/25/33

11/27/90

(a) Total original principal amount excludes the Class B subordinated tranche totaling $14.7 million that was retained by the Company at issuance.

Unsecured Line of Credit

The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of December 31, 2025, no amount was outstanding on the line of credit and $495.0 million was available for future use.

The line of credit agreement contains certain financial covenants that, if not met, lead to an event of default under the agreement. The covenants, which exclude Nelnet Bank, include, among others, maintaining:

•A minimum consolidated net worth

•A limitation on recourse indebtedness to adjusted EBITDA (over the last four rolling quarters)

•A limitation on recourse and non-recourse indebtedness

•A limitation on the amount of private education, consumer, and other (non-FFELP) loans in the Company’s portfolio

•A limitation on permitted investments, including business acquisitions that are not in one of the Company's existing lines of business

As of December 31, 2025, the Company was in compliance with all of these requirements. Many of these covenants are duplicated in the Company's other lending facilities, including its warehouse facilities. The Company's operating line of credit does not have any covenants related to unsecured debt ratings. However, changes in the Company's ratings have modest implications on the pricing level at which the Company obtains funds. A default on the Company's other debt facilities would result in an event of default on the Company's unsecured line of credit that would result in the outstanding balance on the line of credit, if any, becoming immediately due and payable.

Nelnet Bank

Nelnet Bank has unsecured Federal Funds lines of credit with correspondent banks totaling $50.0 million at a stated interest rate at the time of borrowing. Nelnet Bank has also established accounts at the Federal Reserve Bank (FRB) and the Federal Home Loan Bank (FHLB), which are secured and accept pledges of eligible securities. In addition, FFELP and private education loans are accepted as collateral for FRB borrowings. As of December 31, 2025 and 2024, Nelnet Bank had no amounts drawn on its Federal Funds, FRB, or FHLB lines of credit. As of December 31, 2025, the Bank has $96.5 million of collateral pledged with the FRB that it may borrow against.

Debt Covenants

Certain bond resolutions and related credit agreements contain, among other requirements, covenants relating to restrictions on additional indebtedness, limits as to direct and indirect administrative expenses, and maintaining certain financial ratios. The Company is in compliance with all covenants of the bond indentures and related credit agreements as of December 31, 2025.

Maturity Schedule

Bonds and notes outstanding as of December 31, 2025 are due in varying amounts as shown below:


2026	$	100
2027	216,933
2028	765,000
2029	—
2030	—
2031 and thereafter	6,839,536

	$	7,821,569

Generally, the Company's secured financing instruments can be redeemed on any interest payment date at par plus accrued interest. Subject to certain provisions, all bonds and notes are subject to redemption prior to maturity at the option of certain lending subsidiaries.

Debt Repurchases

The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in “other, net” in "other income (expense)" on the Company’s consolidated statements of income.


	Year ended December 31,
	2025		2024	2023
Purchase price	$	(759,587)	(7,585)	(5,112)
Par value	763,340		7,671	5,941
Remaining unamortized costs	(8,602)		(32)	(14)
(Loss) gain, net	$	(4,849)	54	815

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 December 31, 2025, the Company holds $292.2 million (par value) of its own FFELP asset-backed securities. Upon sale, these notes would be shown as "bonds and notes payable" in the Company's consolidated balance sheet.

Debt Redemptions

During 2024 and 2023, the Company redeemed $364.6 million and $188.6 million, respectively, of FFELP loan asset-backed debt securities (bonds and notes payable) prior to their maturity. The remaining unamortized debt discount associated with these bonds was written-off, resulting in a $6.3 million and $25.9 million non-cash expense recognized in 2024 and 2023, respectively. The expense related to the acceleration of unamortized debt discount costs is included in "interest expense on bonds and notes payable and bank deposits" on the consolidated statements of income.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Non-Nelnet Bank Derivatives

The Company uses settled-to-market derivative financial instruments to manage interest rate risk. The Company is exposed to interest rate risk in the form of basis risk and repricing risk because the interest rate characteristics of the Company's assets do not match the interest rate characteristics of the funding for those assets. The Company periodically reviews the mismatch related to the interest rate characteristics of its assets and liabilities together with the Company's outlook as to current and future market conditions. Based on those factors, the Company uses settled-to-market derivative instruments as part of its overall risk management strategy. Settled-to-market derivative instruments used as part of the Company's interest rate risk management strategy are discussed below.

Basis Swaps

The Company earns variable-rate interest on the majority of its FFELP student loan assets based on a 30-day average SOFR index while a portion of its FFELP loan assets is funded with 90-day average SOFR and 3-month CME term SOFR. The differing interest rate characteristics of the Company's loan assets versus the liabilities funding these assets results in basis risk, which impacts the Company's excess spread earned on its loans.

The Company also faces repricing risk due to the timing of the interest rate resets on its liabilities, which may occur as infrequently as once a quarter, in contrast to the timing of the interest rate resets on its variable-rate FFELP assets, which generally occur daily.

As of December 31, 2025, the Company’s AGM operating segment had $7.0 billion, $0.2 billion, and $0.2 billion of FFELP loans indexed to the 30-day average SOFR rate, three-month commercial paper rate, and the three-month treasury bill rate, respectively, the indices for which reset daily, and $1.4 billion of debt indexed to 90-day average SOFR and 3-month CME term SOFR, the indices for which reset quarterly, and $5.0 billion of debt indexed to 30-day average SOFR and 1-month CME term SOFR, the indices for which reset monthly.

The Company has used derivative instruments to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. The Company has entered into basis swaps in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps").

The following table summarizes the Company’s Basis Swaps outstanding as of December 31, 2025 and 2024:




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










	$	1,400,000

The weighted-average rate paid by the Company on the Basis Swaps as of December 31, 2025 and 2024 was the one-month SOFR index plus 10.4 basis points.

Interest Rate Swaps – Floor Income Hedges

FFELP loans originated prior to April 1, 2006 generally earn interest at the higher of the borrower rate, which is fixed over a period of time, or a floating rate based on the Special Allowance Payments (SAP) formula set by the Department. The SAP rate is based on an applicable index plus a fixed spread that depends on loan type, origination date, and repayment status. The Company generally finances its student loan portfolio with variable-rate debt. In low and/or certain declining interest rate environments, when the fixed borrower rate is higher than the SAP rate, these student loans earn at a fixed rate while the interest on the variable-rate debt typically continues to reflect the low and/or declining interest rates. In these interest rate environments, the Company may earn additional spread income that it refers to as floor income.

Depending on the type of loan and when it was originated, the borrower rate is either fixed to term or is reset to an annual rate each July 1. As a result, for loans where the borrower rate is fixed to term, the Company may earn floor income for an extended period of time, which the Company refers to as fixed-rate floor income, and for those loans where the borrower rate is reset annually on July 1, the Company may earn floor income to the next reset date, which the Company refers to as variable-rate floor income. All FFELP loans first originated on or after April 1, 2006 effectively earn at the SAP rate, since lenders are required to rebate fixed-rate floor income and variable-rate floor income for these loans to the Department.

Absent the use of derivative instruments, a rise in interest rates may reduce the amount of floor income received and this may have an impact on earnings due to interest margin compression caused by increasing financing costs, until such time as the federally insured loans earn interest at a variable rate in accordance with their SAP formulas. In higher interest rate environments, where the interest rate rises above the borrower rate and fixed-rate loans effectively become variable-rate loans, the impact of the rate fluctuations is reduced.

As of December 31, 2025, 2024, and 2023, the Company had $411.0 million, $367.4 million, and $307.7 million, respectively, of FFELP student loan assets that were earning fixed-rate floor income.

The following table summarizes the outstanding derivative instruments used by the Company as of December 31, 2025 and 2024 to economically hedge loans earning fixed-rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.



Maturity	Notional amount		Weighted-average fixed rate paid by the Company

2026	$	200,000	3.92	%
2028	50,000		3.56
2029 (a)	50,000		3.17
2030	100,000		3.63





	$	400,000	3.71	%

(a) This $50 million notional amount derivative has a forward effective start date in January 2026.

Nelnet Bank Derivatives

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

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. As a result, the change in market value of these derivative instruments is reported in current period earnings and presented in "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.

The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge intercompany deposits. For these derivatives, the Company receives monthly or quarterly payments based on SOFR that resets daily.


	As of December 31, 2025				As of December 31, 2024
Maturity	Notional amount		Weighted-average fixed rate paid by the Company		Notional amount		Weighted-average fixed rate paid by the Company
2028	$	40,000	3.33	%	$	40,000	3.33	%
2029	25,000		3.37		25,000		3.37
2030 (a)	50,000		3.06		50,000		3.06
2032 (b)	25,000		4.03		25,000		4.03
2033	25,000		3.90		25,000		3.90
2035 (c)	30,000		3.79		—		—
	$	195,000	3.50	%	$	165,000	3.44	%

(a) These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.

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

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

Interest Rate Swaps - Third-Party Deposits

Nelnet Bank's derivatives used to hedge third-party deposits qualify as cash flow hedges. As such, the changes in the fair value of these derivatives are recognized in other comprehensive income, net of tax, in the consolidated financial statements. Derivative settlements for cash flow hedges are included in "interest expense" on the consolidated statements of income, which were not material for the year ended December 31, 2025.

The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.


	As of December 31, 2025
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

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


	As of December 31,
	2025		2024	2025	2024
	Fair value of asset derivatives			Fair value of liability derivatives
Interest rate swaps - intercompany deposits	$	614	3,232	1,243	53
Interest rate swaps - third-party deposits (cash flow hedges)	—		—	484	—

	$	614	3,232	1,727	53

Statements of Income

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


	Year ended December 31,
	2025		2024	2023
Settlements:
Basis swaps	$	619	929	1,544
Interest rate swaps - floor income hedges	1,475		4,288	23,044
Interest rate swaps - intercompany deposits	606		917	484


Total settlements - income	2,700		6,134	25,072
Change in fair value:
Basis swaps	(576)		(860)	(567)
Interest rate swaps - floor income hedges	(5,620)		6,282	(39,683)

Interest rate swaps - intercompany deposits	(3,809)		4,702	(1,523)

Other derivative instruments	907		—	—

Total change in fair value - (expense) income	(9,098)		10,124	(41,773)
Derivative market value adjustments and derivative settlements, net - (expense) income	$	(6,398)	16,258	(16,701)

Derivative Instruments - Market Risk

Interest rate movements have an impact on the amount of variation margin and collateral the Company may be required to pay to its third-party clearinghouse and counterparties, respectively. The Company attempts to manage market risk associated with interest rates by establishing and monitoring limits as to the types and degree of risk that may be undertaken. The Company's derivative portfolio and hedging strategy is reviewed periodically by its internal risk committee, Board of Directors' Risk and Finance Committee, and Nelnet Bank’s Board of Directors (for Nelnet Bank derivatives). With the Company's current derivative portfolio, the Company does not currently anticipate any movement in interest rates having a material impact on its liquidity or capital resources, nor expects future movements in interest rates to have a material impact on its ability to meet variation margin and collateral payments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Investments and Notes Receivable

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments and Notes Receivable

A summary of the Company's “total investments and notes receivable” follows:


	As of December 31, 2025						As of December 31, 2024
	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	$	36,824	2,950	(129)	39,645		188,386	5,804	(896)	193,294
FFELP loan and other debt securities - restricted (a)	172,739		3,384	(323)	175,800		98,914	3,151	(78)	101,987
Private education loan (b)	197,568		20	(13,436)	184,152		237,288	—	(18,118)	219,170
Other debt securities	55,874		2,528	—	58,402		32,552	2,500	—	35,052
Total Non-Nelnet Bank	463,005		8,882	(13,888)	457,999		557,140	11,455	(19,092)	549,503
Nelnet Bank:
FFELP loan	258,208		6,513	(798)	263,923		231,543	6,060	(270)	237,333
Private education loan	13,623		—	(37)	13,586		1,596	—	—	1,596
Other debt securities	569,528		1,433	(1,481)	569,480		296,944	1,775	(1,325)	297,394
Total Nelnet Bank	841,359		7,946	(2,316)	846,989		530,083	7,835	(1,595)	536,323
Total available-for-sale asset-backed securities	$	1,304,364	16,828	(16,204)	1,304,988		1,087,223	19,290	(20,687)	1,085,826
Equity securities and funds measured at net asset value					109,648					74,494
Total investments at fair value					1,414,636					1,160,320
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities



FFELP loan					211,299					203,439
Private education loan					—					7,335

Total Nelnet Bank held-to-maturity asset-backed securities					211,299					210,774
Venture capital, funds, and other:
Measurement alternative (c)					227,962					200,782
Equity method					248,253					170,258
Total venture capital and funds					476,215					371,040

Real estate equity method					233,167					131,745
ALLO (d):
Voting interest/equity method					—					—
Preferred membership interest					10,148					225,614
Total interest in ALLO					10,148					225,614
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $45,242 and $38,590 as of December 31, 2025 and December 31, 2024, respectively					139,752					142,764
Private education loans, net of allowance for credit losses of $5,560 and $901 as of December 31, 2025 and December 31, 2024, respectively					40,510					52,824
Federally insured student loans					14,568					18,221
Total beneficial interest in loan securitizations, net of allowance					194,830					213,809
Solar (f)					(240,370)					(155,048)
Notes receivable					32,085					32,258
Tax liens, affordable housing, and other					15,961					10,184
Total other investments and notes receivable (not measured at fair value)					933,335					1,040,376
Total investments and notes receivable					$	2,347,971				$	2,200,696

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

(b) As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in the above table. The Company must retain these investment securities until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party. The bonds purchased to satisfy the risk retention requirement are included in the above table and as of December 31, 2025, the par value and fair value of these securities was $197.2 million and $183.4 million, respectively.

(c) The Company has an interest in CompanyCam, Inc. (“CompanyCam”), a technology company that provides a photo-based, cloud managed application designed for contractors and field service professionals to document projects in real-time. On August 11, 2025, CompanyCam completed an additional equity raise and accepted tender offers to redeem existing equity holders with a portion of the proceeds. The Company redeemed a portion of its interests and received cash proceeds of $10.1 million and recognized a gain of $7.8 million. The Company accounts for its interests 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 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. After the completion of this transaction, the Company's carrying amount of its remaining interest in CompanyCam is $31.7 million. The income statement activity from the Company's interest in CompanyCam is included in "other, net" in "other income (expense)" on the consolidated statements of income.

The Company has an investment in Hudl, Inc. (“Hudl”). During the first quarter of 2025, the Company acquired additional ownership interests in Hudl for $3.8 million from existing Hudl investors. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. As of December 31, 2025, the carrying amount of the Company's investment in Hudl was $172.5 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.

(d) On June 4, 2025, the Company redeemed a portion of its voting membership interest in ALLO and all its outstanding preferred membership interest, including the preferred return accrued on such membership interest through June 3, 2025. See note 3 for additional information. The Company's voting membership interest in ALLO is accounted for using the HLBV method of accounting. Using the HLBV method of accounting, the Company recognized $10.7 million of losses during the first quarter of 2024, reducing the carrying value of the voting membership interest to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO. Prior to redeeming all its outstanding preferred membership interest in June 2025, the Company recognized income on its ALLO preferred membership interest of $14.4 million, $17.5 million, and $9.1 million during the years ended December 31, 2025, 2024, and 2023, respectively.

During the fourth quarter of 2025, the Company contributed $10.0 million of non-voting preferred membership interest of ALLO, which earn a preferred annual return of 20.0%. Including the preferred return that was capitalized on December 31, 2025, the outstanding balance of preferred membership interest was $10.1 million as of December 31, 2025.

The income statement activity from the Company's interest in ALLO is included in "other, net" in "other income (expense)" on the consolidated statements of income.

(e) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of December 31, 2025, the Company's ownership correlates to approximately $1.15 billion, $400 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.

The Company has recorded an allowance for credit losses (and related provision expense) related to certain loan securitizations due primarily to an increase in cumulative loss expectations of $11.3 million and $39.5 million during the years ended December 31, 2025 and 2024, respectively, which is included in “provision for beneficial interests” on the consolidated statements of income.

(f) The Company has equity interests in partnerships that make solar tax equity contributions in entities that promote renewable energy sources. Due to the management and control of each of these partnerships, such partnerships that invest in tax equity are consolidated on the Company’s consolidated financial statements, with the third-party partner’s portion being presented as noncontrolling interests. As of December 31, 2025, the Company has contributed a total of $355.6 million, and third-party partners have contributed $416.0 million, in tax equity to renewable energy solar partnerships that support the development and operations of solar, fuel cell, and battery storage projects across the United States. 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 December 31, 2025, the Company and its third-party partners have earned $419.7 million and $454.6 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 $240.4 million as of December 31, 2025 represents the sum of total tax credits earned on solar projects placed in service through December 31, 2025 and the calculated HLBV cumulative net losses being larger than the total contributions made by the Company and its syndication

partners on such projects. The negative carrying value as of December 31, 2025, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $109.6 million.

The Company accounts for its solar tax equity interests using the HLBV method of accounting. For most of these partnerships, the HLBV method results in accelerated losses during the early years of the investment, followed by gains recognized at the conclusion of the contractual agreement (generally 5 years). The following table presents (i) HLBV losses recognized by the Company and gains recognized upon the sale of partnership interests, including amounts attributable to third-party noncontrolling interest partners (syndication partners), which are included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses and gains attributed to noncontrolling interest partners included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the recognized pre-tax net loss attributable to the Company:


	Year ended December 31,
	2025		2024	2023
Losses from HLBV accounting (gross)	$	(49,762)	(21,774)	(58,195)
Gains from sales (gross)	20,733		15,297	(1,450)
Losses from solar investments, net	(29,029)		(6,477)	(59,645)


Less: losses attributable to noncontrolling members, net	(27,930)		(4,599)	(37,875)
Net loss attributable to the Company	$	(1,099)	(1,878)	(21,770)

The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of December 31, 2025:


	As of December 31, 2025
	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	$	—	205	2,532	34,087	36,824
FFELP loan and other debt securities - restricted	—		13,107	42,778	116,854	172,739
Private education loan	—		—	206	197,362	197,568
Other debt securities	—		100	20,983	34,791	55,874
Total Non-Nelnet Bank	—		13,412	66,499	383,094	463,005
Fair value	—		13,532	66,526	377,941	457,999
Nelnet Bank:
FFELP loan	47,004		12,731	20,863	177,610	258,208
Private education loan	—		—	13,264	359	13,623
Other debt securities	—		26,298	107,297	435,933	569,528
Total Nelnet Bank	47,004		39,029	141,424	613,902	841,359
Fair value	46,663		39,044	141,574	619,708	846,989
Total available-for-sale asset-backed securities at amortized cost	$	47,004	52,441	207,923	996,996	1,304,364
Total available-for-sale asset-backed securities at fair value	$	46,663	52,576	208,100	997,649	1,304,988
Held-to-maturity asset-backed securities



Nelnet Bank:




FFELP loan - amortized cost	$	—	2,474	12,994	195,831	211,299
FFELP loan - fair value	$	—	2,492	12,835	200,395	215,722
Beneficial interest in loan securitizations (a):
Amortized cost	$	—	—	—	—	194,830
Fair value	$	—	—	—	—	211,398

(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 December 31, 2025:


	Carrying value		Gross unrealized gains	Gross unrealized losses	Fair value
Asset-backed securities	$	211,299	5,156	(733)	215,722
Beneficial interest in loan securitizations	194,830		18,149	(1,581)	211,398

The following table presents securities classified as available-for-sale that have gross unrealized losses as of December 31, 2025 and the fair value of such securities as of December 31, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.


	As of December 31, 2025
	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	$	(8)	2,272	(121)	2,131	(129)	4,403
FFELP loan and other debt securities - restricted	(216)		42,294	(107)	4,904	(323)	47,198
Private education loan	(32)		12,762	(13,404)	146,727	(13,436)	159,489

Total Non-Nelnet Bank	(256)		57,328	(13,632)	153,762	(13,888)	211,090
Nelnet Bank:
FFELP loan	(502)		85,148	(296)	14,786	(798)	99,934
Private education loan	(37)		13,228	—	—	(37)	13,228
Other debt securities	(670)		169,591	(811)	4,822	(1,481)	174,413
Total Nelnet Bank	(1,209)		267,967	(1,107)	19,608	(2,316)	287,575
Total available-for-sale asset-backed securities	$	(1,465)	325,295	(14,739)	173,370	(16,204)	498,665

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


	Year ended December 31,
	2025		2024	2023
Gross proceeds from sales	$	289,001	445,946	963,117

Gross realized gains	$	3,558	5,775	4,517
Gross realized losses	(1,449)		(1,241)	(8,021)
Net gains	$	2,109	4,534	(3,504)

Summarized Financial Information of Equity Method Investments

The Company evaluates each of its equity method investments to determine if any are significant as defined in the regulations promulgated by the SEC. The Company’s equity method investments include venture capital, solar development partnerships, ALLO, and real estate partnerships, certain of which are accounted for under the HLBV method of accounting. As of and for the years ended December 31, 2025, 2024, and 2023, no individual equity method investment met the significance criteria. As such, the Company is not required to present separate financial statements for any of its equity method investments.

The following tables present summarized financial information for the Company’s equity method investments, aggregated and reported on a one‑quarter lag, assuming 100% ownership. For periods in which an equity method investment is recognized, the summarized financial information reflects activity from the date of recognition. Conversely, for periods in which an equity method investment is derecognized, the summarized financial information reflects activity through the date of derecognition.


	As of September 30,
	2025		2024
Total assets	$	6,203,730	5,176,324
Total liabilities	$	4,634,669	3,181,369


	Twelve months ended September 30,
	2025		2024	2023
Revenues	$	924,665	591,951	476,708

Net income (loss)	$	(68,800)	(112,378)	(102,285)

Intangible Assets

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	Weighted-average remaining useful life as of December 31, 2025 (months)	As of December 31,
		2025		2024
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $58,561 and $54,644, respectively)	87	$	29,283	34,960
Trade name (net of accumulated amortization of $205)	—	—		565
Computer software (net of accumulated amortization of $917)	—	—		803

Total amortizable intangible assets, net	87	$	29,283	36,328

The Company recorded amortization expense on its intangible assets of $7.0 million, $8.5 million, and $17.0 million during the years ended December 31, 2025, 2024, and 2023, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of December 31, 2025, the Company estimates it will record amortization expense as follows:


2026	$	5,591
2027	5,522
2028	5,277
2029	3,931
2030	3,769
2031 and thereafter	5,193
	$	29,283

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill [Abstract]

Goodwill

A summary of goodwill by reportable operating segment follows:


				Nelnet Financial Services
	Loan Servicing and Systems		Education Technology Services and Payments	Asset Generation and Management (a)	Nelnet Bank	NFS Other Operating Segments	Corporate and Other Activities	Total
Goodwill as of December 31, 2023, 2024, and 2025	$	23,639	92,507	41,883	—	—	—	158,029

(a) As a result of the Reconciliation Act of 2010, the Company no longer originates new FFELP loans, and net interest income from the Company's existing FFELP loan portfolio will decline over time as the Company's portfolio pays down. As a result, as this revenue stream winds down, goodwill impairment will be triggered for the FFELP Portfolio reporting unit (included in the AGM operating segment) due to the passage of time and depletion of projected cash flows stemming from its FFELP student loan portfolio.

- Definition

The entire disclosure for goodwill.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


		As of December 31,
	Useful life	2025		2024
Computer equipment and software	1-5 years	$	283,649	280,947
Building and building improvements	5-48 years	46,067		50,078
Office furniture and equipment	1-10 years	15,447		17,598
Transportation equipment	5-10 years	10,101		7,012
Leasehold improvements	1-15 years	4,230		6,153


Land	—	2,992		3,214
Solar facilities	35 years	975		10,398
Construction in progress	—	5,271		17,591
		368,732		392,991
Accumulated depreciation		(293,200)		(297,806)
Total property and equipment, net		$	75,532	95,185

The Company recorded depreciation expense on its property and equipment of $26.5 million, $49.6 million, and $62.1 million during the years ended December 31, 2025, 2024, and 2023, respectively.

Impairment Expense, and Restructure Charges

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment Expense, and Restructure Charges

Impairment Expense and Restructure Charges

Impairment Expense

The following table presents the impairment charges by asset and reportable operating segment:


				Nelnet Financial Services
	Loan Servicing and Systems		Education Technology Services and Payments	Asset Generation and Management	Nelnet Bank	NFS Other Operating Segments	Corporate and Other Activities	Total
	Year ended December 31, 2025
Property and equipment - solar facilities (a)	$	—	—	—	—	—	11,767	11,767

Investments - real estate and venture capital (b)	—		—	—	—	4,001	3,575	7,576
Investments - solar tax equity (b)	—		—	—	—	—	5,761	5,761
Leases, buildings, and associated improvements (c)	—		—	—	—	—	3,363	3,363
Property and equipment - internally developed software	—		1,145	—	—	—	—	1,145




	$	—	1,145	—	—	4,001	24,466	29,612

	Year ended December 31, 2024

Property and equipment - solar facilities (a)	—		—	—	—	—	1,170	1,170


Leases, buildings, and associated improvements (c)	736		—	—	—	—	—	736

Other assets - solar inventory (a)	—		—	—	—	—	695	695
Investments - venture capital (b)	—		—	—	—	—	537	537


	$	736	—	—	—	—	2,402	3,138

	Year ended December 31, 2023




Leases, buildings, and associated improvements (c)	$	296	—	—	—	—	4,678	4,974
Property and equipment - internally developed software	—		4,310	—	—	—	—	4,310

Investments - venture capital (b)	—		—	—	—	—	2,060	2,060
Goodwill (d)	—		—	—	—	—	18,873	18,873
Intangible assets (d)	—		—	—	—	—	1,708	1,708
	$	296	4,310	—	—	—	27,319	31,925

(a) In 2025, the Company recorded non-cash impairment charges related to certain solar energy facilities which are operated under long-term power purchase agreements. During the period, the Company identified negative indicators, including reduced forecasted cash flows and operational underperformance which resulted in a determination that the carrying amount of the affected solar asset group was not recoverable. In addition, the Company received notification of a customer contract cancellation related to its solar construction business resulting in a non-cash impairment charge on construction in progress of $1.9 million.

In 2024, the Company announced its decision to discontinue residential solar construction operations and focus exclusively on the commercial solar market. In connection with this change, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to residential operations.

(b) The Company recorded non-cash impairment charges related to certain real estate partnerships, venture capital interests, and its ownership in a solar development project after identifying indicators of an other-than-temporary decline in value. These indicators included a series of sustained operating losses, deteriorating financial performance, and evidence that the Company may be unable to recover the carrying amount of the investments.

(c) The Company recorded non-cash impairment charges related to operating lease assets and associated leasehold improvements as a result of the Company consolidating office space. The Corporate and Other Activities amount for the year ended December 31, 2023 includes a $2.4 million lease termination fee paid to Union Bank, a related party.

(d) As part of the annual goodwill impairment assessment, the Company determined it was more likely than not that the estimated fair value of the Company’s solar construction operating segment (GRNE) was less than its carrying amount, requiring a quantitative assessment. The Company used the discounted cash flow method under the income approach to estimate the fair value of the reporting unit, which concluded that the estimated fair value was less than its carrying amount. As a result, the Company recorded a non-cash impairment charge. No remaining goodwill is attributable to the GRNE operating segment. The Company also recorded a non-cash impairment charge for all the remaining intangible assets related to GRNE.

Restructure Charges - Loan Servicing and Systems (LSS)

In June 2024, the Company announced a reduction in headcount after the completion of the transfer of direct loan servicing volume to one platform and the required servicing platform enhancements for the Company's new student loan servicing contract with the Department. Approximately 220 associates who work in LSS, including some in related shared services that support LSS, were notified their positions were being eliminated. The Company incurred a charge of $7.1 million related to these staff reductions, which is included in "salaries and benefits" in the consolidated statements of income. The charge was recognized over the service period through December 31, 2024.

In March 2023, the Company announced a reduction in staff due to the Department’s March 2023 announcement to reduce the monthly fee earned by the Company under its legacy Department student loan servicing contract and the notification by the Department in February 2023 of its intention to transfer up to one million of the Company’s existing Department servicing borrowers to another servicer. Approximately 550 associates who work in LSS, including some in related shared services that support LSS, were notified their positions were being eliminated. The Company incurred a charge of $4.3 million related to the staff reductions, which is included in "salaries and benefits" in the consolidated statements of income.

As a result of the decommissioning of the Great Lakes’ platform in the fourth quarter of 2023, the Company incurred a charge of $3.5 million related to staff reductions, including some in related shared services that support LSS, which is included in "salaries and benefits" in the consolidated statements of income.

Bank Deposits

12 Months Ended

Dec. 31, 2025

Deposits [Abstract]

Bank Deposits

The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits. As of December 31, 2025 and 2024, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $93.8 million and $68.5 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.


	As of December 31,
	2025		2024
Retail and other savings	$	1,337,873	916,475
Brokered CDs, net of brokered deposit fees	311,015		247,872
Retail and other CDs, net of issuance fees	20,285		21,784

Total interest-bearing deposits	$	1,669,173	1,186,131

Brokered deposit fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. The Bank recognized deposit issuance fee expense, which includes brokered deposit fees, of $0.5 million, $0.3 million, and $0.2 million during the years ended December 31, 2025, 2024, and 2023, respectively. Fees paid to third parties related to these deposits were $0.8 million and $0.4 million during the years ended December 31, 2025 and 2024, respectively. There were no fees paid to third parties for the year ended December 31, 2023.

The following table presents the remaining maturities of certificates of deposit as of December 31, 2025:


One year or less	$	146,900
After one year to two years	83,292
After two years to three years	13,260
After three years to four years	47,089
After four years to five years	5,382
After five years	35,377
Total	$	331,300

Retail and other savings deposits included deposits from Educational 529 College Savings and Health Savings plans, retirement savings plans, Short Term Federal Investment Trust (STFIT), and FDIC sweep deposits. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Deposits that exceeded the FDIC insurance limits as of December 31, 2025 and 2024 were $41.4 million and $44.3 million, respectively, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries.

Accrued interest on deposits was $2.2 million and $1.3 million as of December 31, 2025 and 2024, respectively, which is included in “accrued interest payable” on the consolidated balance sheets.

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Shareholders’ Equity

Classes of Common Stock

The Company's common stock is divided into two classes. The Class B common stock has ten votes per share and the Class A common stock has one vote per share on all matters to be voted on by the Company's shareholders. Each Class B share is convertible at any time at the holder's option into one Class A share. With the exception of the voting rights and the conversion feature, the Class A and Class B shares are identical in terms of other rights, including dividend and liquidation rights.

Stock Repurchases

The Company has a stock repurchase program that expires on May 8, 2028 in which it can repurchase up to five million shares of its Class A common stock on the open market, through private transactions, or otherwise. As of December 31, 2025, 4.5 million shares remain authorized for repurchase under the Company's stock repurchase program. Shares repurchased by the Company during 2025, 2024, and 2023 are shown below. In accordance with the corporate laws of the state in which the Company is incorporated, all shares repurchased by the Company are legally retired upon acquisition by the Company.


	Total shares repurchased	Purchase price (in thousands)		Average price of shares repurchased (per share) (a)
Year ended December 31, 2025	566,575	$	69,346	$	122.40
Year ended December 31, 2024	894,108	83,290		93.15
Year ended December 31, 2023	336,943	28,028		83.18

(a) The average price of shares repurchased for each period presented includes excise taxes.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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+ Details

Earnings per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings per Common Share

Presented below is a summary of 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.


	Year ended December 31,
	2025				2024			2023
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	420,681	7,793	428,474	180,498	3,547	184,045	87,936	1,890	89,826
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,680,228		660,969	36,341,197	35,936,337	706,196	36,642,533	36,629,437	787,184	37,416,621
Earnings per share - basic and diluted	$	11.79	11.79	11.79	5.02	5.02	5.02	2.40	2.40	2.40

Unvested restricted stock awards are the Company's only potential common shares and, accordingly, there were no awards that were antidilutive and not included in average shares outstanding for the diluted earnings per share calculation.

As of December 31, 2025, a cumulative amount of 173,774 shares have been deferred by non-employee directors under the Directors Stock Compensation Plan and will become issuable upon the termination of service by the respective non-employee director on the board of directors. These shares are included in the Company's weighted-average shares outstanding calculation.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to income taxes in the United States and certain foreign countries. Significant judgment is required in evaluating the Company's tax positions and determining the provision for income taxes.

As of December 31, 2025, the total amount of gross unrecognized tax benefits (excluding the federal benefit received from state positions) was $17.9 million, which is included in “other liabilities” on the consolidated balance sheet. Of this total, $14.1 million (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits follows:


	Year ended December 31,
	2025		2024
Gross balance - beginning of year	$	18,182	17,084
Additions based on tax positions of prior years	35		2,081
Additions based on tax positions related to the current year	3,406		2,397

Reductions for tax positions of prior years	(571)		(885)

Reductions due to lapse of applicable statutes of limitations	(3,196)		(2,495)
Gross balance - end of year	$	17,856	18,182

All the reductions shown in the table above which are due to prior year tax positions and the lapse of statutes of limitations impacted the effective tax rate.

The Company's policy is to recognize interest and penalties accrued on uncertain tax positions as part of interest expense and other expense, respectively. As of December 31, 2025 and 2024, $5.2 million and $5.6 million in accrued interest and penalties, respectively, were included in “other liabilities” on the consolidated balance sheets. The Company recognized interest benefits of $0.4 million, and interest expense of $0.9 million and $0.8 million, related to uncertain tax positions for the years ended

December 31, 2025, 2024, and 2023, respectively. The impact to the consolidated statements of income related to penalties for uncertain tax positions was not significant for the years 2025, 2024, and 2023. The impact of timing differences and tax attributes are considered when calculating interest and penalty accruals associated with the unrecognized tax benefits.

The Company and its subsidiaries file a consolidated federal income tax return in the U.S. and the Company or one of its subsidiaries files income tax returns in various state, local, and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2020. The Company is no longer subject to U.S. state and local income tax examinations by tax authorities prior to 2018.

The provision for income taxes consists of the following components:


	Year ended December 31,
	2025		2024	2023
Current:
Federal	$	115,162	66,295	65,952
State	17,288		7,849	5,732
Foreign	(157)		146	32
Total current provision	132,293		74,290	71,716

Deferred:
Federal	(5,328)		(18,716)	(42,073)
State	1,388		(2,786)	(10,270)
Foreign	(367)		(119)	12
Total deferred provision	(4,307)		(21,621)	(52,331)
Provision for income tax expense	$	127,986	52,669	19,385

The table below presents the updated income tax disclosure requirements for 2025. The reconciliation of the provision for income taxes, from the federal statutory rate to the actual effective tax rate, expressed in both amounts and percentages, for the year ended December 31, 2025 is shown below:



	Amount		Percentage
Federal income tax statutory rate	$	116,857	21.0	%
State tax, net of federal benefit (a)	16,124		2.9
Changes in valuation allowances	461		0.1
Nontaxable or nondeductible items	314		0.0
Tax credits	(6,296)		(1.1)
Changes in unrecognized tax benefits	(176)		(0.0	)
Foreign tax effects	(81)		(0.0	)


Other	783		0.1
Total tax provision and effective tax rate	$	127,986	23.0	%
The components of income (loss) before taxes were attributable to the following regions:
Domestic	$	558,019
Foreign	(1,559)
Total income before income taxes	$	556,460

(a) State taxes in California, Nebraska, and New York made up the majority (greater than 50%) of the tax effect in this category.

As previously presented for the years ended December 31, 2024 and 2023, the reconciliation of the provision for income taxes from the federal statutory rate to the actual effective tax rate is presented below by percentage only.


	Year ended December 31,
	2024		2023
Tax expense at federal rate	21.0	%	21.0	%
Increase (decrease) resulting from:
State tax, net of federal income tax benefit	2.1		(0.6)
Tax credits	(1.8)		(4.1)


Change in valuation allowance	0.1		0.4
Other	0.9		1.1
Effective tax rate	22.3	%	17.8	%

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025:




U.S. federal	$	44,000
U.S. state and local:
California	5,052
New York	4,987
Other	14,697
Foreign	127
Total	$	68,863

The tax effect of temporary differences that gives rise to deferred tax assets and liabilities include the following:


	As of December 31,
	2025		2024
Deferred tax assets:
Tax credit carryforwards	$	59,894	30,252
Loan receivables	26,549		20,354
Deferred revenue	16,307		18,322
Accrued expenses	8,126		15,129
Stock compensation	6,531		6,541
Net operating losses	4,484		4,556
Intangible assets	3,829		4,778
Lease liability	3,060		2,685


Other	8		428
Total gross deferred tax assets	128,788		103,045
Less state tax valuation allowance	(1,164)		(703)
Net deferred tax assets	127,624		102,342
Deferred tax liabilities:
Partnership basis	58,262		71,509
Debt and equity investments	10,759		12,015
Depreciation	7,801		6,229
Prepaid expenses	7,593		5,615
Basis in certain derivative contracts	4,839		11,614
Lease right of use asset	2,270		2,573
Loan origination services	1,614		2,026
Securitization	72		170


Total gross deferred tax liabilities	93,210		111,751
Net deferred tax asset (liability)	$	34,414	(9,409)

The Company has performed an evaluation of the recoverability of deferred tax assets. In assessing the realizability of the Company's deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible or eligible for utilization of a tax credit carryforward. Management considers the scheduled reversals of deferred tax liabilities, projected taxable income, carry back opportunities, and tax planning strategies in making the assessment of the amount of the valuation allowance. With the exception of a portion of the Company's state net operating losses, it is management's opinion that it is more likely than not that the deferred tax assets will be realized and should not be reduced by a valuation allowance. The amount of deferred tax assets considered realizable could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.

As of December 31, 2025 and 2024, net deferred tax liabilities of $38.2 million and $30.4 million, respectively, and net deferred tax assets of $72.6 million and $21.0 million, respectively, were included in “other liabilities” and “other assets,” respectively, on the consolidated balance sheets.

As of December 31, 2025 and 2024, the Company had a current income tax receivable of $84.9 million and $61.8 million, respectively, that is included in “other assets" on the consolidated balance sheets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company's reportable operating segments include:

• Loan Servicing and Systems

• Education Technology Services and Payments

• Asset Generation and Management, part of the NFS division

• Nelnet Bank, part of the NFS division

The Company earns fee-based revenue through its Loan Servicing and Systems and Education Technology Services and Payments operating segments; and earns net interest income on its loan portfolio in its Asset Generation and Management and Nelnet Bank operating segments.

The Company’s operating segments are defined by the products and services they offer and the types of customers they serve, and they reflect the manner in which financial information is currently evaluated by management. See note 1 for a description of each operating segment, including the primary products and services offered.

The management reporting process measures the performance of the Company’s operating segments based on the management structure of the Company, as well as the methodology used by management to evaluate performance and allocate resources. The Company’s executive officers (the "chief operating decision maker") evaluate the performance of the Company’s operating segments based on their financial results prepared in conformity with U.S. GAAP.

The Nelnet Financial Services division includes the reportable segments of AGM and Nelnet Bank and the following other non-reportable operating segments. The operating results of the below items are included as a reconciling item from the operating results of the Company’s reportable segments to the consolidated financial statements.

•Nelnet Insurance Services, which primarily includes multiple reinsurance treaties on property and casualty policies

•WRCM, the Company's SEC-registered investment advisor subsidiary

•The Company’s ownership and activities in real estate

•The Company’s ownership and management of its bond portfolio (primarily student loan and other asset-backed securities)

The accounting policies of the Company’s operating segments are the same as those described in the summary of significant accounting policies. Intersegment revenues are charged by a segment that provides a product or service to another segment. Intersegment revenues and expenses are included within each segment consistent with the income statement presentation provided to management. Income taxes are allocated based on 24% of income before taxes for each individual operating segment, except for Nelnet Bank, which reflects Nelnet Bank’s actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities (“Corporate”).

Other business activities and operating segments that are not reportable and not part of the NFS division are combined and included in Corporate, as described in note 1.

Segment Results

The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:


	Year ended December 31, 2025
	Reportable Segments						Reconciling Items
	Loan Servicing and Systems (LSS)		Education Technology Services and Payments (ETSP)	Asset Generation and Management	Nelnet Bank	Total Reportable Segments	NFS Other Operating Segments	Corporate and Other Activities	Eliminations/ Reclassifications	Total
Interest income:
Loan interest	$	—	—	624,861	61,224	686,085	—	—	—	686,085



Investment interest	2,441		26,476	49,226	57,478	135,621	49,356	11,029	(30,632)	165,374
Total interest income	2,441		26,476	674,087	118,702	821,706	49,356	11,029	(30,632)	851,459



Interest expense	—		—	463,102	59,284	522,386	4,938	258	(30,632)	496,950
Net interest income	2,441		26,476	210,985	59,418	299,320	44,418	10,771	—	354,509
Less provision (negative provision) for loan losses	—		—	49,261	18,590	67,851	—	—	—	67,851
Less provision for beneficial interests	—		—	11,311	—	11,311	—	—	—	11,311
Net interest income after provision	2,441		26,476	150,413	40,828	220,158	44,418	10,771	—	275,347
Other income (expense):
LSS revenue	509,089		—	—	—	509,089	—	—	—	509,089
ETSP revenue	—		507,150	—	—	507,150	—	—	—	507,150
Intersegment revenue	22,158		265	—	—	22,423	—	—	(22,423)	—
Reinsurance premiums earned	—		—	—	—	—	107,502	—	—	107,502
Solar construction revenue	—		—	—	—	—	—	14,371	—	14,371
Other, net	459		—	27,235	3,324	31,018	8,928	57,244	397	97,587

Gain on partial redemption of ALLO investment	—		—	—	—	—	—	175,044	—	175,044
Derivative settlements, net	—		—	2,094	606	2,700	—	—	—	2,700
Derivative market value adjustments, net	—		—	(6,196)	(3,809)	(10,005)	—	907	—	(9,098)
Total other income (expense), net	531,706		507,415	23,133	121	1,062,375	116,430	247,566	(22,026)	1,404,345
Cost of services and expenses:



Total cost of services	7,555		176,907	—	—	184,462	—	41,810	—	226,272
Salaries and benefits	271,806		169,424	6,363	11,446	459,039	2,573	97,346	(172)	558,786
Depreciation and amortization	8,969		10,884	—	1,400	21,253	—	12,318	—	33,571
Reinsurance losses and underwriting expenses	—		—	—	—	—	93,551	—	—	93,551
Postage expense	35,344					35,344			(35,344)	—
Servicing fees				29,266	3,191	32,457			(32,457)	—
Impairment expense	—		1,145	—	—	1,145	4,001	24,466	—	29,612
Other expenses (a)	46,273		37,962	6,483	7,487	98,205	5,104	61,975	46,284	211,568
Intersegment expenses, net	67,811		24,612	4,954	2,812	100,189	1,149	(100,603)	(735)	—
Total operating expenses	430,203		244,027	47,066	26,336	747,632	106,378	95,502	(22,424)	927,088

Income (loss) before income taxes	96,389		112,957	126,480	14,613	350,439	54,470	121,025	398	526,332
Income tax (expense) benefit	(23,134)		(27,120)	(30,335)	(3,562)	(84,151)	(12,950)	(30,885)	—	(127,986)
Net income (loss)	73,255		85,837	96,145	11,051	266,288	41,520	90,140	398	398,346
Net (income) loss attributable to noncontrolling interests	—		45	(85)	—	(40)	(511)	31,077	(398)	30,128
Net income (loss) attributable to Nelnet, Inc.	$	73,255	85,882	96,060	11,051	266,248	41,009	121,217	—	428,474

Total assets as of December 31, 2025	$	153,851	541,309	9,860,026	2,069,700	12,624,886	1,144,970	809,762	(515,835)	14,063,783

(a) Other expenses for each reportable segment includes:

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

ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.

AGM - trustee and professional fees.

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


	Year ended December 31, 2024
	Reportable Segments						Reconciling Items
	Loan Servicing and Systems (LSS)		Education Technology Services and Payments (ETSP)	Asset Generation and Management	Nelnet Bank	Total Reportable Segments	NFS Other Operating Segments	Corporate and Other Activities	Eliminations/ Reclassifications	Total
Interest income:
Loan interest	$	—	—	749,117	38,381	787,498	—	—	—	787,498



Investment interest	4,877		29,891	68,302	45,992	149,062	54,357	11,773	(29,291)	185,901
Total interest income	4,877		29,891	817,419	84,373	936,560	54,357	11,773	(29,291)	973,399



Interest expense	—		—	654,346	44,859	699,205	8,837	1,787	(29,291)	680,537
Net interest income	4,877		29,891	163,073	39,514	237,355	45,520	9,986	—	292,862
Less provision (negative provision) for loan losses	—		—	27,691	26,916	54,607	—	—	—	54,607
Less provision for beneficial interests	—		—	39,491	—	39,491	—	—	—	39,491
Net interest income after provision	4,877		29,891	95,891	12,598	143,257	45,520	9,986	—	198,764
Other income (expense):
LSS revenue	482,408		—	—	—	482,408	—	—	—	482,408
ETSP revenue	—		486,962	—	—	486,962	—	—	—	486,962
Intersegment revenue	24,493		220	—	—	24,713	—	—	(24,713)	—
Reinsurance premiums earned	—		—	—	—	—	62,923	—	—	62,923
Solar construction revenue	—		—	—	—	—	—	56,569	—	56,569
Other, net	2,769		—	14,236	2,951	19,956	8,313	31,613	77	59,959

Gain on partial redemption of ALLO investment	—		—	—	—	—	—	—	—	—
Derivative settlements, net	—		—	5,217	917	6,134	—	—	—	6,134
Derivative market value adjustments, net	—		—	5,422	4,702	10,124	—	—	—	10,124
Total other income (expense), net	509,670		487,182	24,875	8,570	1,030,297	71,236	88,182	(24,636)	1,165,079
Cost of services and expenses:



Total cost of services	1,889		172,763	—	—	174,652	—	77,673	—	252,325
Salaries and benefits	300,366		164,716	4,784	11,122	480,988	1,587	96,148	(1,792)	576,931
Depreciation and amortization	19,475		10,531	—	1,282	31,288	—	26,828	—	58,116
Reinsurance losses and underwriting expenses	—		—	—	—	—	55,246	—	—	55,246
Postage expense	36,820					36,820			(36,820)	—
Servicing fees				31,591	1,373	32,964			(32,964)	—
Impairment expense	736		—	—	—	736	—	2,402	—	3,138
Other expenses (a)	43,282		32,281	4,152	6,972	86,687	3,352	53,581	45,883	189,503
Intersegment expenses, net	71,482		18,886	5,037	2,361	97,766	853	(99,599)	980	—
Total operating expenses	472,161		226,414	45,564	23,110	767,249	61,038	79,360	(24,713)	882,934

Income (loss) before income taxes	40,497		117,896	75,202	(1,942)	231,653	55,718	(58,865)	77	228,584
Income tax (expense) benefit	(9,719)		(28,333)	(18,048)	579	(55,521)	(13,261)	16,114	—	(52,669)
Net income (loss)	30,778		89,563	57,154	(1,363)	176,132	42,457	(42,751)	77	175,915
Net (income) loss attributable to noncontrolling interests	—		158	—	—	158	(463)	8,512	(77)	8,130
Net income (loss) attributable to Nelnet, Inc.	$	30,778	89,721	57,154	(1,363)	176,290	41,994	(34,239)	—	184,045

Total assets as of December 31, 2024	$	193,390	600,790	10,037,688	1,449,034	12,280,902	903,837	842,692	(249,678)	13,777,753

(a) Other expenses for each reportable segment includes:

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

ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.

AGM - trustee and professional fees.

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


	Year ended December 31, 2023
	Reportable Segments						Reconciling Items
	Loan Servicing and Systems (LSS)		Education Technology Services and Payments (ETSP)	Asset Generation and Management	Nelnet Bank	Total Reportable Segments	NFS Other Operating Segments	Corporate and Other Activities	Eliminations/ Reclassifications	Total
Interest income:
Loan interest	$	—	—	910,139	21,806	931,945	—	—	—	931,945



Investment interest	4,845		26,962	67,019	36,053	134,879	74,857	12,141	(44,021)	177,855
Total interest income	4,845		26,962	977,158	57,859	1,066,824	74,857	12,141	(44,021)	1,109,800



Interest expense	—		—	823,084	34,704	857,788	29,747	1,578	(44,021)	845,091
Net interest income	4,845		26,962	154,074	23,155	209,036	45,110	10,563	—	264,709
Less provision (negative provision) for loan losses	—		—	(360)	8,475	8,115	—	—	—	8,115
Less provision for beneficial interests	—		—	—	—	—	—	—	—	—
Net interest income after provision	4,845		26,962	154,434	14,680	200,921	45,110	10,563	—	256,594
Other income (expense):
LSS revenue	517,954		—	—	—	517,954	—	—	—	517,954
ETSP revenue	—		463,311	—	—	463,311	—	—	—	463,311
Intersegment revenue	28,911		253	—	—	29,164	—	—	(29,164)	—
Reinsurance premiums earned	—		—	—	—	—	20,067	—	—	20,067
Solar construction revenue	—		—	—	—	—	—	31,669	—	31,669
Other, net	2,587		—	(6,393)	1,095	(2,711)	6,581	(95,859)	—	(91,989)

Gain on partial redemption of ALLO investment	—		—	—	—	—	—	—	—	—
Derivative settlements, net	—		—	24,588	484	25,072	—	—	—	25,072
Derivative market value adjustments, net	—		—	(40,250)	(1,523)	(41,773)	—	—	—	(41,773)
Total other income (expense), net	549,452		463,564	(22,055)	56	991,017	26,648	(64,190)	(29,164)	924,311
Cost of services and expenses:



Total cost of services	—		171,183	—	—	171,183	—	48,576	—	219,759
Salaries and benefits	317,885		155,296	4,191	9,074	486,446	1,130	105,531	(1,571)	591,537
Depreciation and amortization	19,257		11,319	—	574	31,150	—	47,969	—	79,118
Reinsurance losses and underwriting expenses	—		—	—	—	—	16,781	—	—	16,781
Postage expense	21,194					21,194			(21,194)	—
Servicing fees				37,389	509	37,898			(37,898)	—
Impairment expense	296		4,310	—	—	4,606	—	27,319	—	31,925
Other expenses (a)	39,323		34,133	4,988	4,994	83,438	2,391	56,307	30,935	173,070
Intersegment expenses, net	78,628		23,184	5,175	(47)	106,940	584	(108,088)	564	—
Total operating expenses	476,583		228,242	51,743	15,104	771,672	20,886	129,038	(29,164)	892,431

Income (loss) before income taxes	77,714		91,101	80,636	(368)	249,083	50,872	(231,241)	—	68,715
Income tax (expense) benefit	(18,651)		(21,891)	(19,353)	153	(59,742)	(12,073)	52,429	—	(19,385)
Net income (loss)	59,063		69,210	61,283	(215)	189,341	38,799	(178,812)	—	49,330
Net (income) loss attributable to noncontrolling interests	—		109	—	—	109	(568)	40,955	—	40,496
Net income (loss) attributable to Nelnet, Inc.	$	59,063	69,319	61,283	(215)	189,450	38,231	(137,857)	—	89,826

Total assets as of December 31, 2023	$	294,376	490,296	13,488,420	991,252	15,264,344	1,115,292	873,843	(541,095)	16,712,384

(a) Other expenses for each reportable segment includes:

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

ETSP - advertising, professional fees, analysis fees, software, computer services and subscriptions, travel, and provision for losses.

AGM - trustee and professional fees.

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Disaggregated Revenue and Deferred Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue and Deferred Revenue

The following provides additional revenue recognition information for the Company’s fee-based operating segments:

Loan Servicing and Systems Revenue

Loan servicing and systems revenue consists of the following items:

•Loan servicing revenue - Loan servicing revenue consideration is determined from individual contracts with customers and is calculated monthly based on the dollar value of loans, number of loans, number of borrowers serviced for each customer, or number of transactions. Loan servicing requires a significant level of integration and the individual components are not considered distinct. The Company performs various services, including, but not limited to, (i) application processing, (ii) monthly servicing, (iii) conversion processing, and (iv) fulfillment services, during each distinct service period. Even though the mix and quantity of activities that the Company performs each period may differ, the nature of the activities are substantially the same. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits. The Company may incur contract fulfillment or acquisition costs and records such costs within “loan servicing contract fulfillment and acquisition costs” in the consolidated statements of income.

•Software services revenue - Software services revenue consideration is determined from individual contracts with customers and includes license and maintenance fees associated with loan software products, generally in a remote hosted environment, and computer and software consulting. Usage-based revenue, based on each loan or unique borrower, from remote hosted licenses is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits. Revenue from any non-refundable up-front fee is recognized ratably over the contract period, as the fee relates to set-up activities that provide no incremental benefit to the customers. Computer and software consulting is also capable of being distinct and accounted for as a separate performance obligation. Revenue allocated to computer and software consulting is recognized as services are provided.

•Outsourced services revenue - Outsourced services revenue consideration is determined from individual contracts with customers and is calculated monthly based on the volume of services. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits.

The following table presents disaggregated revenue by service offering:


	Year ended December 31,
	2025		2024	2023
Government loan servicing (a)	$	363,970	380,921	412,478
Private education and consumer loan servicing	94,472		63,453	48,984
FFELP loan servicing	8,878		12,212	13,704
Software services	38,416		21,032	29,208
Outsourced services	3,353		4,790	13,580
Loan servicing and systems revenue	$	509,089	482,408	517,954

(a) Upon reaching a final agreement with the Department, the Company recognized $32.9 million of non-recurring revenue in 2025 on a contract modification for services previously performed. In 2024, the Company recognized $10.9 million of non-recurring revenue to reflect a settlement related to certain provisions included in the legacy contract concerning inflation adjustments.

Loan servicing contract fulfillment and acquisition costs is primarily the amortization of previously capitalized contract fulfillment costs. The costs were pre-contract costs incurred to enhance the resources of the Company to satisfy future performance obligations and are expected to be recovered. The contract fulfillment costs were $23.8 million and $21.1 million as of December 31, 2025 and 2024, respectively, which are included in "other assets" on the consolidated balance sheets.

Education Technology Services and Payments Revenue

Education technology services and payments revenue consists of the following items:

•Tuition payment plan services - Tuition payment plan services consideration is determined from individual plan agreements, which are governed by plan service agreements, and includes access to a remote hosted environment and management of payment processing. The management of payment processing is considered a distinct performance obligation when sold with the remote hosted environment. Revenue for each performance obligation is allocated to the distinct service period, the academic school term, and recognized ratably over the service period as customers simultaneously receive and consume benefits.

•Payment processing - Payment processing consideration is determined from individual contracts with customers and includes electronic transfer and credit card processing, reporting, virtual terminal solutions, and specialized integrations to business software for education and non-education markets. Volume-based revenue from payment processing is allocated and recognized to the distinct service period, based on when each transaction is completed, and recognized as control transfers as customers simultaneously receive and consume benefits. The electronic transfer and credit card processing consideration is recognized as revenue on a gross basis as the Company is the principal in the delivery of the payment processing. The Company has concluded it is the principal as it controls the services before delivery to the educational institution or business, it is primarily responsible for the delivery of the services, and it has discretion in setting prices charged to its customers. In addition, the Company has the unilateral ability to accept or reject a transaction based on criteria established by the Company. The Company is liable for the costs of processing the transactions and records such costs within "cost to provide education technology services and payments" in the consolidated statements of income.

•Education technology services - Education technology services consideration is determined from individual contracts with customers and is based on the services selected by the customer. Services in K-12 private and faith-based markets primarily includes (i) assistance with financial needs assessment, (ii) school information system software that automates administrative processes such as admissions, enrollment, scheduling, cafeteria management, attendance, and grade book management, and (iii) professional development and educational instruction services. Revenue for these services is recognized for the consideration the Company has a right to invoice, the amount of which corresponds directly with the value provided to the customer based on the performance completed. Services provided to the higher education market include payment technology and processing that allow for electronic billing and payment of campus charges. These services are considered distinct performance obligations. Revenue for each performance obligation is allocated to the distinct service period, typically a month or based on when each transaction is completed, and recognized as control transfers as customers simultaneously receive and consume benefits. The Company incurs direct costs to provide professional development and educational instructional services and records such costs within "cost to provide education technology services and payments" in the consolidated statements of income.

The following table presents disaggregated revenue by service offering:


	Year ended December 31,
	2025		2024	2023
Tuition payment plan services	$	141,246	135,851	125,326
Payment processing	193,317		179,043	163,859
Education technology services	171,481		169,065	170,754
Other	1,106		3,003	3,372
Education technology services and payments revenue	$	507,150	486,962	463,311

Cost to provide education technology services and payments is primarily associated with providing professional development and educational instruction and payment processing services. Items included in the cost to provide professional development and educational instruction services include salaries and benefits and third-party professional services directly related to providing these services to teachers, school leaders, and students. For payment processing services, interchange and payment network fees are charged by the card associations or payment networks. Depending upon the transaction type, the fees are a percentage of the transaction’s dollar value, a fixed amount, or a combination of the two methods.

Solar Construction Revenue

Solar construction revenue is derived principally from individual contracts with customers for engineering, procurement, and construction (EPC) of solar facilities for commercial customers. Solar construction is a single performance obligation which requires a significant level of integration. The individual materials and installation (the inputs) are not considered distinct and are integrated into the solar facilities (the combined output). Revenue for this service is recognized based on the project progress to date. Progress towards completion of the contract is measured by the percentage of total costs incurred to date compared with the estimated total costs to complete the contract. The Company recognizes changes in estimated total costs on a cumulative catch-up basis in the period in which the changes are identified. Such changes in estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Changes in estimates may also result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. The Company will recognize a contract asset or liability depending on the progression of the project to date compared with the amount billed to date.

The following table presents disaggregated revenue by customer type:


	Year ended December 31,
	2025		2024	2023




Commercial revenue (a)	$	14,341	53,269	20,969
Residential revenue (b)	30		3,300	10,700

Solar construction revenue	$	14,371	56,569	31,669

(a) The Company sold its ownership interests in Nelnet Renewable Energy during the fourth quarter of 2025. The Company has a handful of remaining construction contracts which it retained to complete.

(b) In April 2024, the Company announced a change in its solar EPC operations to focus exclusively on the commercial solar market and discontinued its residential solar operations.

Cost to provide solar construction services include direct costs associated with completing a solar facility, including labor, third-party contractor fees, permitting, engineering fees, and construction material. If the Company estimates that a project will have costs in excess of revenue, the Company will recognize the total loss in the period it is identified.

Other Income (Expense)

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


	Year ended December 31,
	2025		2024	2023
Investment activity, net	$	61,072	12,438	(8,586)
ALLO preferred return	14,548		17,486	9,120
Solar consulting fee income	13,127		6,134	—
Borrower late fee income	11,664		8,828	8,997
Administration/sponsor fee income	6,400		5,823	6,793
Investment advisory services (WRCM)	6,366		5,934	6,760
Loss from ALLO voting membership interest	—		(10,693)	(65,277)
Loss from solar investments, net	(29,029)		(6,477)	(59,645)
(Loss) gain on debt repurchases	(4,849)		54	815
Loss on sale of loans, net	(1,720)		(1,643)	(17,662)

Other	20,008		22,075	26,696
Other, net	$	97,587	59,959	(91,989)

•Solar consulting fee income - Solar consulting fee income is earned by the renewable energy solar developments operating segment for due diligence services provided to developers of solar projects to support project qualification. Revenue is allocated to the distinct service period, based on when the transaction is completed.

•Borrower late fee income - Late fee income is earned primarily by the education lending subsidiaries in the AGM operating segment. Revenue is allocated to the distinct service period, based on when each transaction is completed.

•Administration/sponsor fee income - Administration and sponsor fee income is earned by the AGM operating segment as administrator and sponsor for certain securitizations. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits.

•Investment advisory services - Investment advisory services are provided by WRCM, the Company's SEC-registered investment advisor subsidiary, under various arrangements. The Company earns monthly fees based on the monthly outstanding balance of investments and certain performance measures, which are recognized monthly as the uncertainty of the transaction price is resolved.

Deferred Revenue

Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:


	Loan Servicing and Systems		Education Technology Services and Payments	Corporate and Other Activities	Total
Balance as of December 31, 2022	$	2,310	49,314	5,030	56,654
Deferral of revenue	3,954		149,815	53,019	206,788
Recognition of revenue	(2,808)		(147,405)	(40,676)	(190,889)


Balance as of December 31, 2023	3,456		51,724	17,373	72,553
Deferral of revenue	34,827		155,688	41,548	232,063
Recognition of revenue	(6,719)		(156,251)	(53,361)	(216,331)


Balance as of December 31, 2024	31,564		51,161	5,560	88,285
Deferral of revenue	7,356		165,162	27,384	199,902
Recognition of revenue	(12,453)		(161,265)	(21,953)	(195,671)


Balance as of December 31, 2025	$	26,467	55,058	10,991	92,516

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Reinsurance

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reinsurance

Reinsurance premiums written and earned and loss reserves, commissions, and broker fees is summarized below.


	Year ended December 31,
	2025		2024	2023
Premiums written:
Assumed	$	197,653	164,858	85,261
Ceded	(73,551)		(82,055)	(43,685)
Net premiums written	$	124,102	82,803	41,576
Premiums earned:
Assumed	$	183,814	125,876	41,603
Ceded	(76,312)		(62,953)	(21,536)
Net premiums earned	$	107,502	62,923	20,067
Loss reserve, commissions, and broker fees:
Assumed	$	161,602	109,860	34,756
Ceded	(68,051)		(54,614)	(17,975)
Reinsurance losses and underwriting expenses	$	93,551	55,246	16,781

The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $72.3 million and $33.1 million as of December 31, 2025 and 2024, respectively, which is included in "other liabilities" on the consolidated balance sheets.

Major Customer	12 Months Ended
Major Customer	Dec. 31, 2025
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Government Loan Servicing The Company earns loan servicing revenue from a servicing contract with the Department. Revenue earned by the Company related to this contract was $364.0 million, $380.9 million, and $412.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department’s student aid recipients under a new Unified Servicing and Data Solution (USDS) contract which replaced its legacy Department student loan servicing contract. The USDS contract became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers was allocated by the Department to the Company and four other third-party servicers that were awarded a USDS contract. Servicing under the USDS contract went live on April 1, 2024 and the Company recognized revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024. The Company earns less revenue from the Department on a per-borrower blended basis under the new USDS servicing contract as compared with the legacy servicing contract.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-URI https://asc.fasb.org/275/tableOfContent

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The following table presents supplemental balance sheet information related to leases:


	As of December 31,
	2025		2024
Operating lease ROU assets, which is included in "other assets" on the consolidated balance sheets	$	9,677	11,016
Operating lease liabilities, which is included in "other liabilities" on the consolidated balance sheets	$	13,038	11,522

The following table presents components of lease expense:


	Year ended December 31,
	2025		2024	2023
Rental expense, which is included in “other expenses” on the consolidated statements of income (a)	$	5,396	5,423	7,495

(a) Includes short-term and variable lease costs, which are immaterial.

Weighted-average remaining lease term and discount rate are shown below:


	As of December 31,
	2025		2024
Weighted-average remaining lease term (years)	4.55		5.07
Weighted-average discount rate	5.09	%	4.90	%

Maturity of lease liabilities are shown below:


2026	$	4,744
2027	3,687
2028	1,556
2029	1,513
2030	1,091
2031 and thereafter	2,185
Total lease payments	14,776
Imputed interest	(1,738)
Total	$	13,038

Defined Contribution Benefit Plan	12 Months Ended
Defined Contribution Benefit Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Defined Contribution Benefit Plan	Defined Contribution Benefit Plan The Company has a 401(k) savings plan that covers substantially all of its employees. Employees may contribute up to 100% of their pre-tax salary, subject to IRS limitations. The Company matches up to 100% on the first 3% of contributions and 50% on the next 2%. The Company made contributions to the plan of $12.5 million, $13.4 million, and $14.2 million during the years ended December 31, 2025, 2024, and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation Plans

Restricted Stock Plan

The following table summarizes restricted stock activity:


	Year ended December 31,
	2025			2024			2023
	Number of RSUs	Weighted- Average Grant-Date Fair Value		Number of RSUs	Weighted- Average Grant-Date Fair Value		Number of RSUs	Weighted- Average Grant-Date Fair Value
Non-vested shares at beginning of year	690,065	$	82.77	786,762	$	77.52	752,622	$	70.84
Granted	179,325	120.10		146,045	98.69		239,041	91.50
Vested	(165,464)	78.66		(168,187)	72.99		(156,569)	66.81
Canceled	(64,318)	91.06		(74,555)	80.55		(48,332)	77.40
Non-vested shares at end of year	639,608	93.47		690,065	82.77		786,762	77.52

As of December 31, 2025, there was $30.9 million of unrecognized compensation cost included in equity on the consolidated balance sheet related to restricted stock, which is expected to be recognized as compensation expense in future periods as shown in the table below.


2026	$	11,261
2027	7,135
2028	4,621
2029	3,056
2030	1,991
2031 and thereafter	2,869
	$	30,933

For the years ended December 31, 2025, 2024, and 2023, the Company recognized compensation expense of $12.9 million, $11.7 million, and $16.2 million, respectively, related to shares issued under the restricted stock plan, which is included in "salaries and benefits" on the consolidated statements of income.

Employee Share Purchase Plan

The Company has an employee share purchase plan pursuant to which employees are entitled to purchase Class A common stock from payroll deductions at a 15% discount from market value up to a maximum purchase price of $25,000. During the years ended December 31, 2025, 2024, and 2023, the Company recognized compensation expense of $0.1 million, $0.2 million, and $0.1 million, respectively, in connection with issuing 22,287 shares, 26,884 shares, and 26,585 shares, respectively, under this plan, which is included in "salaries and benefits" on the consolidated statements of income.

Directors Compensation Plan

The Company has a compensation plan for directors pursuant to which directors can elect to receive their annual retainer fees in the form of cash or Class A common stock. If a director elects to receive Class A common stock, the number of shares of Class A common stock that are awarded is equal to the amount of the annual retainer fee otherwise payable in cash divided by 85% of the fair market value of a share of Class A common stock on the date the fee is payable. Directors who choose to receive Class A common stock may also elect to defer receipt of the Class A common stock until termination of their service on the board of directors. The following table presents the number of shares awarded under this plan for the years ended December 31, 2025, 2024, and 2023:


	Shares issued - not deferred	Shares issued- deferred	Total
Year ended December 31, 2025	6,018	8,800	14,818
Year ended December 31, 2024	6,919	10,023	16,942
Year ended December 31, 2023	6,782	10,022	16,804

As of December 31, 2025, a cumulative amount of 173,774 shares have been deferred by directors and will be issued upon the termination of their service on the board of directors. These shares are included in the Company's weighted-average shares outstanding calculation.

For the years ended December 31, 2025, 2024, and 2023, the Company recognized $1.6 million, $1.6 million, and $1.7 million, respectively, of expense related to this plan (which includes fees paid in both cash and stock), which is included in "other expenses" on the consolidated statements of income.

Related Parties

12 Months Ended

Dec. 31, 2025

Related Parties

Related Parties (dollar amounts in this note are not in thousands)

Transactions with Union Bank and Trust Company

Union Bank is controlled by Farmers & Merchants Investment Inc. (F&M), which owns a majority of Union Bank's common stock and a minority share of Union Bank's non-voting, non-convertible preferred stock. Michael S. Dunlap, Executive Chairman and a member of the board of directors and a significant shareholder of the Company, along with his spouse and children, owns or controls a significant portion of the stock of F&M, and Mr. Dunlap's sister, Angela L. Muhleisen, along with her children, also owns or controls a significant portion of F&M stock. Mr. Dunlap serves as a Director and Co-Chairperson of F&M, and as a Director of Union Bank. Ms. Muhleisen serves as a Director and Co-Chairperson of F&M and as a Director, Chairperson, and member of the executive committee of Union Bank. Union Bank is deemed to have beneficial ownership of a significant number of shares of the Company because it serves in a capacity of trustee or account manager for various trusts and accounts holding shares of the Company, and may share voting and/or investment power with respect to such shares. Mr. Dunlap and Ms. Muhleisen beneficially own a significant percent of the voting rights of the Company's outstanding common stock.

The Company has entered into certain contractual arrangements with Union Bank. These transactions are summarized below.

Loan Purchases

The Company purchased $686.0 million (par value), $104.2 million (par value), and $467.6 million (par value) of federally insured loans in 2025, 2024, and 2023, respectively, from Union Bank. The premiums paid by the Company for loan purchases in 2025, 2024, and 2023 were insignificant.

Loan Servicing

The Company serviced $124.9 million, $143.6 million, and $173.8 million of FFELP and private education loans for Union Bank as of December 31, 2025, 2024, and 2023, respectively. Servicing revenue earned by the Company from servicing loans for Union Bank was $0.2 million, $0.2 million, and $0.3 million in 2025, 2024, and 2023, respectively.

Funding - Participation Agreements

The Company maintains an agreement with Union Bank, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loans. The Company uses this facility as a source to fund FFELP student loans. As of December 31, 2025 and 2024, $872.9 million and $687.1 million, respectively, of loans were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five business days' notice. This agreement provides beneficiaries of Union Bank's grantor trusts with access to investments in interests in student loans, while providing liquidity to the Company on a short-term basis. The Company can sell participation interests in loans to Union Bank to the extent of availability under the grantor trusts, up to $900 million or an amount in excess of $900 million if mutually agreed to by both parties. Loans participated under this agreement have been accounted for by the Company as loan sales. Accordingly, the participation interests sold are not included on the Company's consolidated balance sheets. Loans sold under this participation agreement during 2025, 2024, and 2023 totaled $949.1 million, $578.6 million, and $57.5 million, respectively.

The Company maintains an agreement with Union Bank, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities (investments). As of December 31, 2025 and 2024, $0.1 million of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The FFELP loan asset-backed securities under this agreement have been accounted for by the Company as a secured borrowing.

Funding - Real Estate

401 Building, LLC (“401 Building”) is an entity that was established in 2015 for the sole purpose of acquiring, developing, and owning a commercial real estate property in Lincoln, Nebraska. The Company owns 50% of 401 Building. On May 1, 2018, Union Bank, as lender, received a $1.5 million promissory note from 401 Building. The promissory note carries an interest rate of 6.00% and has a maturity date of December 1, 2032.

330-333, LLC (“330-333”) is an entity that was established in 2016 for the sole purpose of acquiring, developing, and owning a commercial real estate property in Lincoln, Nebraska. The Company owns 50% of 330-333. On October 22, 2019, Union Bank, as lender, received a $162,000 promissory note from 330-333. The promissory note carries an interest rate of 6.00% and has a maturity date of December 1, 2032.

TDP Phase III (TDP) is an entity that was established in 2015 for the sole purpose of acquiring, developing, and owning a commercial real estate property in Lincoln, Nebraska. The Company owns 25% of TDP. On December 30, 2022, Union Bank, as lender, received a $20.0 million promissory note from TDP. The promissory note carries an interest rate of 5.85% and has a maturity date of January 1, 2028. As of December 31, 2025, the outstanding balance of the note was $18.3 million.

Operating Cash Accounts

The majority of the Company's cash operating accounts are maintained at Union Bank. The Company also invests amounts in the Short Term Federal Investment Trust (STFIT) of the Student Loan Trust Division of Union Bank, which are included in “cash and cash equivalents - held at a related party” and “restricted cash - due to customers” on the consolidated balance sheets. As of December 31, 2025 and 2024, the Company had $465.6 million and $511.1 million, respectively, invested in the STFIT or deposited at Union Bank in operating accounts, of which $297.8 million and $365.4 million as of December 31, 2025 and 2024, respectively, represented cash collected for customers. Interest income earned by the Company on the amounts invested in the STFIT and in cash operating accounts in 2025, 2024, and 2023, was $5.3 million, $5.2 million, and $4.7 million, respectively.

Educational 529 College Savings Plan

The Company provides certain Educational 529 College Savings Plan administration services to certain college savings plans (the “College Savings Plans”) through a contract with Union Bank, as the program manager. Union Bank is entitled to a fee as program manager pursuant to its program management agreement with the College Savings Plans. For the years ended December 31, 2025, 2024, and 2023, the Company has received fees of $3.1 million, $2.7 million, and $2.5 million, respectively, from Union Bank related to the administration services provided to the College Savings Plans.

Additionally, Union Bank, as the program manager for the College Savings Plans, has agreed to allocate plan bank deposits to Nelnet Bank. As of December 31, 2025 and 2024, Nelnet Bank had $382.4 million and $269.1 million, respectively, in deposits from the funds offered under the College Savings Plans.

STFIT Deposits at Nelnet Bank

The Union Bank Trust Department (STFIT) held a deposit balance at Nelnet Bank for $37.4 million and $0.1 million as of December 31, 2025 and 2024, respectively.

Lease Arrangements

Prior to the lease agreement expiration in 2023, Union Bank leased approximately 4,100 square feet in the Company's corporate headquarters building. Union Bank paid the Company approximately $55,000 for commercial rent and storage income during 2023.

During 2023, the Company entered into a lease agreement with Union Bank for office space in Omaha, Nebraska. The Company paid Union Bank $1.1 million in rent pursuant to this agreement prior to terminating the lease in 2023, at which time the Company paid a $2.4 million termination fee to Union Bank.

Other Fees Paid to Union Bank

During the years ended December 31, 2025, 2024, and 2023, the Company paid Union Bank approximately $200,000, $373,000, and $592,000, respectively, in investment custodial and correspondent services for Nelnet Bank, cash and flexible spending accounts management, and trustee and health savings account maintenance fees.

Other Fees Received from Union Bank

During the years ended December 31, 2025, 2024, and 2023, Union Bank paid the Company approximately $382,000, $348,000, and $351,000, respectively, under certain employee sharing arrangements.

401(k) Plan Administration

Union Bank administers the Company's 401(k) defined contribution plan. Fees paid to Union Bank to administer the plan are paid by the plan participants and were approximately $717,000, $776,000, and $852,000 during the years ended December 31, 2025, 2024, and 2023, respectively.

Investment Services

Union Bank has established various trusts whereby Union Bank serves as trustee for the purpose of purchasing, holding, managing, and selling investments in student loan asset-backed securities. WRCM has a management agreement with Union Bank under which WRCM performs various advisory and management services on behalf of Union Bank with respect to investments in securities by the trusts, including identifying securities for purchase or sale by the trusts. The agreement provides that Union Bank will pay to WRCM annual fees of 10 basis points to 25 basis points on the outstanding balance of the investments in the trusts. As of December 31, 2025, the outstanding balance of investments in the trusts was $2.3 billion. In addition, Union Bank will pay additional fees to WRCM which equal a share of the gains from the sale of securities from the trusts or securities being called prior to the full contractual maturity. For the years ended December 31, 2025, 2024, and 2023, the Company earned $4.4 million, $3.8 million, and $5.5 million, respectively, of fees under this agreement.

WRCM also has management agreements with Union Bank under which it is designated to serve as investment advisor with respect to the assets (principally Nelnet stock) within several trusts established by Mr. Dunlap and his spouse, and Ms. Muhleisen. Union Bank serves as trustee for the trusts. Per the terms of the agreements, Union Bank pays WRCM five basis points of the aggregate value of the assets of the trusts as of the last day of each calendar quarter. As of December 31, 2025, WRCM was the investment advisor with respect to a total of 401,695 shares and 4.1 million shares of the Company's Class A and Class B common stock, respectively, held directly by these trusts. For the years ended December 31, 2025, 2024, and 2023, the Company earned approximately $286,000, $257,000, and $249,000, respectively, of fees under these agreements.

WRCM has established private investment funds for the primary purpose of purchasing, selling, investing, and trading, directly or indirectly, in loan asset-backed securities, and to engage in financial transactions related thereto. Mr. Dunlap, Jeffrey R. Noordhoek (an executive officer of the Company), Ms. Muhleisen, and WRCM have invested in certain of these funds. Based upon the current level of holdings by non-affiliated limited partners, the management agreements provide non-affiliated limited partners the ability to remove WRCM as manager without cause. WRCM earns 50 basis points annually on the outstanding balance of the investments in these funds, of which WRCM pays approximately 50% of such amount to Union Bank as custodian. As of December 31, 2025, the outstanding balance of investments in these funds was $83.6 million. The Company paid Union Bank $0.2 million in 2025, and $0.3 million in 2024 and 2023 as custodian of the funds.

Hudl

David Graff, who has served on the Company's Board of Directors since 2014, is CEO, co-founder, and a director of Hudl. As of December 31, 2025, the Company and Mr. Dunlap, along with his children, held a combined direct and indirect equity ownership interests in Hudl of approximately 22% and 4%, respectively. In January 2025, December 2024, and February 2023, the Company purchased stock from existing Hudl shareholders for total consideration of $3.8 million, $3.3 million, and $31.5 million, respectively. See note 7 for additional information on the 2025 transaction and the Company’s accounting for its investment in Hudl.

The Company makes contributions to further diversify the Company both within and outside of its historical core education-related businesses, including contributions in real estate partnerships. Recent real estate contributions have been focused on the development of commercial properties in the Midwest, and particularly in Lincoln, Nebraska, where the Company's headquarters are located. The Company owns 25% of TDP, which is the entity that developed and owns a building in Lincoln's Haymarket District that is the headquarters of Hudl, where Hudl is the primary tenant and Nelnet was a tenant through July 2025. During 2025, 2024, and 2023, the Company paid Hudl approximately $298,000, $594,000, and $558,000, respectively, to provide lunches for Nelnet’s associates in Hudl’s employee cafeteria and for use of certain common areas in the building.

Solar Tax Equity Partnerships

The Company has co-invested in Company-managed limited liability companies with related parties that have made contributions in solar tax equity partnerships (as summarized below). As part of these transactions, the Company receives management and performance fees under a management agreement.


Entity/Relationship	Contribution amount				Revenue recognized by the Company from management and performance fees (a)
	2025		2024	2023	2025	2024	2023
Union Bank	$	—	4,200,568	18,456,829	703,323	435,255	152,757
F&M	—		—	—	166,695	148,167	123,077

North Central Bancorp, Inc. (directly and indirectly owned by F&M, Mr. Dunlap, and Ms. Muhleisen)	—		787,606	2,212,394	106,850	94,019	42,769
South Central State Bank (directly and indirectly owned by F&M and Mr. Dunlap)	—		262,535	737,465	8,645	8,000	4,000
Infovisa, Inc. (directly and indirectly owned by F&M, Mr. Dunlap, and Ms. Muhleisen)	—		262,535	737,465	35,821	23,314	12,234
Farm and Home Insurance Agency, Inc. (indirectly owned by Mr. Dunlap and Ms. Muhleisen)	516,213		1,261,305	737,465	34,298	15,682	7,846

(a) In addition to the co-investments identified above, the related parties in the above table have also contributed directly in tax equity solar partnerships in which are managed by the Company, and the Company receives management and performance fees on such activity. The fees recognized by the Company for these projects are included in the above table.

Stock Repurchase

On August 25, 2025, the Company repurchased, in a privately negotiated transaction under the Company’s existing stock repurchase program, a total of 41,929 shares of the Company’s Class A common stock from a certain significant shareholder. The shares were repurchased at a discount to the closing market price of the Company’s Class A common stock as of August 21, 2025, and the transaction was separately approved by the Company’s Board of Directors and its Nominating and Corporate Governance Committee.

On November 13, 2023, the Company repurchased, in a privately negotiated transaction under the Company’s existing stock repurchase program, a total of 283,112 shares of the Company’s Class A common stock from certain family members of Mr. Dunlap. The shares were repurchased at a discount to the closing market price of the Company’s Class A common stock as of November 10, 2023, and the transaction was separately approved by the Company’s Board of Directors and its Nominating and Corporate Governance Committee.

Transactions with Michael Dunlap

Through December 2025, the Company owned an 82.5% interest in an aircraft due to the frequent business travel needs of its executives, as well as the limited availability of commercial air service in Lincoln, Nebraska, where the Company's headquarters are located. An entity owned by Michael Dunlap (MSD) held the remaining 17.5% ownership interest. In December 2025, the Company and MSD disposed of the aircraft, generating total proceeds of $5.5 million, which were distributed in proportion to each party’s ownership interest.

Earlier in 2025, the Company and MSD entered into a similar arrangement for the acquisition of a new aircraft. Under this agreement, the Company’s holds an 80.0% ownership interest and MSD holds a 20.0% ownership interest. During 2025, the parties completed the purchase of the aircraft for a total cost of $11.7 million, with costs allocated based on respective ownership interests.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the years ended December 31, 2025 and 2024.


	As of December 31, 2025			As of December 31, 2024
	Level 1		Level 2	Total	Level 1	Level 2	Total
Assets:
Investments (a):
Asset-backed debt securities - available-for-sale	$	100	1,304,888	1,304,988	100	1,085,726	1,085,826
Equity securities	22,107		—	22,107	455	—	455
Equity securities measured at net asset value (b)				87,541			74,039
Total investments	22,207		1,304,888	1,414,636	555	1,085,726	1,160,320

Derivative instruments (c)	—		614	614	—	3,232	3,232
Total assets	$	22,207	1,305,502	1,415,250	555	1,088,958	1,163,552
Liabilities:
Derivative instruments (c)	$	—	1,727	1,727	—	53	53
Total liabilities	$	—	1,727	1,727	—	53	53

(a) Investments represent investments recorded at fair value on a recurring basis. Level 1 investments are measured based upon quoted prices and as of December 31, 2025 and 2024, include investments traded on an active exchange and a single U.S. Treasury security. Level 2 investments include student loan asset-backed, mortgage-backed, collateralized loan obligation, and other consumer loan-backed securities. The fair value for the Level 2 securities is determined using indicative quotes from broker-dealers or an income approach valuation technique (present value using the discount rate adjustment technique) that considers, among other things, rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk.

(b) 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.

(c) The Company’s non-centrally cleared derivatives are accounted for at fair value on a recurring basis. The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves and volatilities from active markets. When determining the fair value of derivatives, the Company takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty.

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:


	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	—


	As of December 31, 2024
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	10,008,165	9,443,461	—	—	10,008,165
Accrued loan interest receivable	549,283		549,283	—	549,283	—
Cash and cash equivalents	194,518		194,518	194,518	—	—
Investments at fair value	1,160,320		1,160,320	555	1,085,726	—
Investments - held-to-maturity asset-backed securities	216,164		210,774	—	216,164	—
Notes receivable	32,258		32,258	—	32,258	—
Beneficial interest in loan securitizations	229,510		213,809	—	—	229,510
Restricted cash	332,100		332,100	332,100	—	—
Restricted cash – due to customers	404,402		404,402	404,402	—	—

Derivative instruments	3,232		3,232	—	3,232	—
Financial liabilities:
Bonds and notes payable	8,343,565		8,309,797	—	8,343,565	—
Accrued interest payable	21,046		21,046	—	21,046	—
Bank deposits	1,172,707		1,186,131	744,721	427,986	—
Due to customers	478,469		478,469	478,469	—	—
Derivative instruments	53		53	—	53	—

The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring basis are previously discussed. The remaining financial assets and liabilities were estimated using the following methods and assumptions:

Loans Receivable

Fair values for loans receivable were determined by modeling loan cash flows using stated terms of the assets and internally developed assumptions. The significant assumptions used to project cash flows are prepayment speeds, default rates, cost of funds, required return on equity, and future interest rate and index relationships. A number of significant inputs into the models are internally derived and not observable to market participants.

Investments - Held to Maturity

Fair values for investments classified as held to maturity were determined by using indicative quotes from broker-dealers or an income approach valuation technique (present value using the discount rate adjustment technique) that considers, among other things, rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk.

Notes Receivable

Fair values for notes receivable were determined by using model-derived valuations with observable inputs, including current market rates.

Beneficial Interest in Loan Securitizations

Fair values for beneficial interest in loan securitizations were determined by modeling securitization cash flows and internally developed assumptions. The significant assumptions used to project cash flows are prepayment speeds, default rates, cost of funds, required return on equity, and future interest rate and index relationships. A number of significant inputs into the models are internally derived and not observable to market participants.

Cash and Cash Equivalents, Restricted Cash, Restricted Cash – Due to Customers, Accrued Loan Interest Receivable, Accrued Interest Payable, and Due to Customers

The carrying amount approximates fair value due to the variable rate of interest and/or the short maturities of these instruments.

Bonds and Notes Payable

The fair value of student loan asset-backed securitizations and warehouse facilities was determined from quotes from broker-dealers or through standard bond pricing models using the stated terms of the borrowings, observable yield curves, market credit spreads, and weighted-average life of underlying collateral. For all other bonds and notes payable, the carrying amount approximates fair value due to the variable rate of interest and/or the short maturities of these instruments.

Bank Deposits

Some of the Company’s deposits are fixed-rate and the fair value for these deposits are estimated using discounted cash flows based on rates currently offered for deposits of similar maturities. These are level 2 valuations. The fair value of the remaining deposits equals the amounts payable on demand at the balance sheet date and are reported at their carrying value. These are level 1 valuations.

Limitations

The fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, the calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. Changes in assumptions could significantly affect the estimates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims, lawsuits, and proceedings that arise in the normal course of business. These matters frequently involve disputes with other business entities and claims by student loan borrowers disputing the manner in which their student loans have been serviced or the accuracy of reports to credit bureaus, claims by student loan borrowers or other consumers alleging that state or Federal privacy, cybersecurity, and other consumer protection laws have been violated in the process of servicing loans or conducting other business activities. In addition, from time to time, the Company receives information and document requests or demands from state or federal regulators concerning its business practices. The Company cooperates with these inquiries and responds to the requests or demands. While the Company cannot predict the ultimate outcome of any claim, regulatory examination, inquiry, or investigation, the Company believes its activities have materially complied with applicable law, including the Higher Education Act, the rules and regulations adopted by the Department thereunder, and the Department's guidance regarding those rules and regulations, and applicable consumer protection laws and regulations. On the basis of present information, anticipated insurance coverage, and advice received from counsel, it is the opinion of the Company's management that the disposition or ultimate determination of claims, lawsuits, and proceedings such as those discussed above will not have a material adverse effect on the Company's business, financial position, or results of operations.

Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Financial Statements

The following represents the condensed balance sheets as of December 31, 2025 and 2024 and condensed statements of income, comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 2025 for Nelnet, Inc.

The Company is limited in the amount of funds that can be transferred to it by its subsidiaries through intercompany loans, advances, or cash dividends. These limitations relate to the restrictions by trust indentures under the lending subsidiaries debt financing arrangements.


Balance Sheets
(Parent Company Only)
As of December 31, 2025 and 2024
	2025		2024
Assets:
Cash and cash equivalents	$	47,755	55,515
Investments at fair value	349,832		490,001
Other investments and notes receivable	133,070		545,066
Investment in subsidiary debt	270,351		75,231
Restricted cash	47,556		49,257
Investment in subsidiaries	2,723,511		2,054,583
Notes receivable from subsidiaries	17,071		64,955
Other assets	175,372		131,040

Total assets	$	3,764,518	3,465,648
Liabilities:
Notes payable, net of debt issuance costs	$	(409)	(986)
Other liabilities	77,297		114,715

Total liabilities	76,888		113,729
Equity:
Nelnet, Inc. shareholders' equity:
Common stock	359		363
Additional paid-in capital	1,481		7,389
Retained earnings	3,681,333		3,340,540
Accumulated other comprehensive earnings, net	2,619		1,470
Total Nelnet, Inc. shareholders' equity	3,685,792		3,349,762
Noncontrolling interests	1,838		2,157
Total equity	3,687,630		3,351,919
Total liabilities and shareholders' equity	$	3,764,518	3,465,648


Statements of Income
(Parent Company Only)
Years ended December 31, 2025, 2024, and 2023
	2025		2024	2023
Investment interest income	$	47,853	58,829	86,696
Interest expense on bonds and notes payable	298		8,790	31,142
Net interest income	47,555		50,039	55,554
Other income (expense):
Other, net	68,063		34,454	(57,959)

Equity in subsidiaries income	218,643		110,381	101,885
Derivative market value adjustments and derivative settlements, net	(3,195)		10,639	(15,662)
Gain on partial redemption of ALLO investment	175,044		—	—
Total other income (expense), net	458,555		155,474	28,264
Operating expenses	2,626		4,368	5,445
Impairment expense	3,575		537	2,060
Total expenses	6,201		4,905	7,505
Income before income taxes	499,909		200,608	76,313
Income tax (expense) benefit	(71,754)		(17,277)	13,303
Net income	428,155		183,331	89,616
Net loss attributable to noncontrolling interests	319		714	210
Net income attributable to Nelnet, Inc.	$	428,474	184,045	89,826


Statements of Comprehensive Income
(Parent Company Only)
Years ended December 31, 2025, 2024, and 2023
	2025			2024		2023
Net income		$	428,155		183,331		89,616
Other comprehensive income:
Net changes related to equity in subsidiaries other comprehensive (loss) income	$	(675)			8,091		9,473
Net changes related to available-for-sale debt securities:
Unrealized holding gains arising during period, net	1,973			19,242		6,412
Reclassification of losses (gains) recognized in net income, net	425			(1,481)		3,818
Income tax effect	(574)	1,824		(4,263)	13,498	(2,456)	7,774



Other comprehensive income		1,149			21,589		17,247
Comprehensive income		429,304			204,920		106,863
Comprehensive loss attributable to noncontrolling interests		319			714		210
Comprehensive income attributable to Nelnet, Inc.		$	429,623		205,634		107,073


Statements of Cash Flows
(Parent Company Only)
Years ended December 31, 2025, 2024, and 2023
	2025		2024	2023
Net income attributable to Nelnet, Inc.	$	428,474	184,045	89,826
Net loss attributable to noncontrolling interest	(319)		(714)	(210)
Net income	428,155		183,331	89,616
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	635		621	620
Derivative market value adjustments	5,289		(5,422)	40,250
Proceeds from termination of derivative instruments	—		—	164,079

(Payments to) proceeds from clearinghouse - initial and variation margin, net	(5,910)		2,374	(213,923)
Gain on partial redemption of ALLO investment	(175,044)		—	—
Equity in earnings of subsidiaries	(218,643)		(110,381)	(101,885)


(Gain) loss on investments, net	(53,862)		(28,704)	64,634

Deferred income tax expense (benefit)	553		(42,741)	(71,424)
Non-cash compensation expense	13,274		12,045	16,476
Impairment expense	3,575		537	2,060
Other	3,598		(227)	(125)
Changes in operating assets and liabilities:
(Increase) decrease in other assets	(29,144)		5,522	(18,031)
(Decrease) increase in other liabilities	(50,735)		(4,611)	11,049

Total adjustments	(506,414)		(170,987)	(106,220)
Net cash (used in) provided by operating activities	(78,259)		12,344	(16,604)
Cash flows from investing activities:

Purchases of available-for-sale securities	(85,015)		(168,117)	(206,927)
Proceeds from sales of available-for-sale securities	116,388		278,372	569,670
Proceeds from beneficial interest in private loan securitizations	6,897		7,001	6,783
Capital (contributions to) distributions from subsidiaries, net	(133,914)		28,539	355,790
Decrease (increase) in notes receivable from subsidiaries	47,884		37,739	(35,682)
(Purchases of) payments on subsidiary debt, net	(171,983)		211,961	122,999

Purchases of other investments and issuances of notes receivable	(44,581)		(128,583)	(60,707)
Proceeds from other investments and repayments of notes receivable	443,637		63,080	32,732

Net cash provided by investing activities	179,313		329,992	784,658
Cash flows from financing activities:
Payments on notes payable	—		(208,101)	(954,163)
Proceeds from issuance of notes payable	—		37	199,855
Payments of debt issuance costs	(58)		—	—
Dividends paid	(42,993)		(40,836)	(39,419)
Repurchases of common stock	(69,346)		(83,290)	(28,028)
Proceeds from issuance of common stock	1,882		1,946	1,780

Issuance of noncontrolling interest	—		—	2,580

Net cash used in financing activities	(110,515)		(330,244)	(817,395)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(9,461)		12,092	(49,341)
Cash, cash equivalents, and restricted cash, beginning of period	104,772		92,680	142,021
Cash, cash equivalents, and restricted cash, end of period	$	95,311	104,772	92,680

Cash disbursements made for:
Interest	$	50	10,732	34,895
Income taxes, net of refunds and credits	$	68,736	15,238	47,589

Non-cash investing and financing activities:
(Contributions to) distributions from subsidiaries, net	$	(315,607)	(27,292)	6,888
Issuance of noncontrolling interest	$	—	—	220

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company’s enterprise-wide cybersecurity program is embedded within and integrated with the enterprise risk management function. The Chief Security Officer is part of our senior leadership team and reports to the Chief Risk Officer. Our Chief Security Officer has over thirty years of cybersecurity, technology, and leadership experience both as a career active-duty military cyber operations officer and in the private sector. The cybersecurity team is organized into three departments: Protective Operations, Vulnerability Management, and Governance, Risk, and Compliance. Each of the three departments identifies, assesses, and manages material cybersecurity threats through specific approaches as further described below. Protective Operations includes the Security Operations Center, cyber threat intelligence, offensive security, and application security teams. New cybersecurity threats surface daily, and existing cybersecurity threats evolve constantly. Our 24x7x365 in-house Security Operations Center is organized to not only monitor for signs of intrusion but also to provide contextual threat intelligence to system and platform owners across the enterprise, empowering them to take an active role in defending the enterprise. The Security Operations Center conducts daily briefings, identifies emerging cyber threats affecting the financial and education sectors, and reviews new tactics, techniques, and procedures utilized by cyber criminals and nation-state cyber actors. The Security Operations Center is also our incident response team, focused on detecting, analyzing, containing, eradicating, and recovering from cyber incidents. While we have experienced cybersecurity incidents in the past, to date none have materially affected us, including our business strategy, results of operations, or financial condition. Our offensive security team conducts continuous threat-based and risk-based red team activities, and our application security team utilizes a combination of training, tools, code reviews, and awareness designed to ensure that our applications are developed with security at the forefront. We also engage with professional cybersecurity firms to conduct penetration tests on specific systems and applications annually.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company’s enterprise-wide cybersecurity program is embedded within and integrated with the enterprise risk management function. The Chief Security Officer is part of our senior leadership team and reports to the Chief Risk Officer. Our Chief Security Officer has over thirty years of cybersecurity, technology, and leadership experience both as a career active-duty military cyber operations officer and in the private sector. The cybersecurity team is organized into three departments: Protective Operations, Vulnerability Management, and Governance, Risk, and Compliance. Each of the three departments identifies, assesses, and manages material cybersecurity threats through specific approaches as further described below.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance, Risk, and Compliance includes teams dedicated to risk and compliance management. These teams manage the security awareness program, compliance with cyber and privacy regulations, security policies, and prioritizes potential cyber risks that require ongoing monitoring or remediation. Identified risks are brought to the Cyber Risk Steering Committee for treatment. The Chief Security Officer chairs the committee, which consists of the Deputy Chief Security Officer, cybersecurity managers, various subject matter experts, and (as needed) members of management from operational areas of the business. The Company’s business segments and support teams also work closely with cybersecurity and enterprise risk management to monitor and manage third-party risks. Managing third-party risks includes maintaining a close and effective working relationship with the information technology procurement, accounting, and legal teams. In addition to identifying risks as part of the third-party selection process, we continuously monitor our third parties using products and services that provide us insight into their attack surface, threats that can impact us through them, and real-world security posture. Audits are an important part of our layers of defense; they can help us to identify areas in which we have incomplete coverage or ineffective placement of controls. The Company has an independent internal audit team that conducts audits based on their own methodology and assessment and we utilize external cybersecurity auditors, where applicable. In addition, certain lines of business utilize other third-party cybersecurity auditors for Payment Card Industry Data Security Standard (PCI DSS) assessments and PCI Approved Scanning Vendor (ASV) scans; and we are routinely audited by our customers. The Company’s Board of Directors and Board Risk and Finance Committee oversee our integrated enterprise risk management and cybersecurity programs. The Board Risk and Finance Committee receives regular reports from the Chief Risk Officer and Chief Security Officer on key company risks and emerging threats. These reports also include cybersecurity monitoring and threat response metrics, industry trends and educational materials, risk mitigation strategies, regulatory requirements, corporate policies, third-party risk metrics, cybersecurity tools and resources, incident response plans, and other areas of importance.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Governance, Risk, and Compliance includes teams dedicated to risk and compliance management. These teams manage the security awareness program, compliance with cyber and privacy regulations, security policies, and prioritizes potential cyber risks that require ongoing monitoring or remediation. Identified risks are brought to the Cyber Risk Steering Committee for treatment. The Chief Security Officer chairs the committee, which consists of the Deputy Chief Security Officer, cybersecurity managers, various subject matter experts, and (as needed) members of management from operational areas of the business. The Company’s business segments and support teams also work closely with cybersecurity and enterprise risk management to monitor and manage third-party risks. Managing third-party risks includes maintaining a close and effective working relationship with the information technology procurement, accounting, and legal teams. In addition to identifying risks as part of the third-party selection process, we continuously monitor our third parties using products and services that provide us insight into their attack surface, threats that can impact us through them, and real-world security posture. Audits are an important part of our layers of defense; they can help us to identify areas in which we have incomplete coverage or ineffective placement of controls. The Company has an independent internal audit team that conducts audits based on their own methodology and assessment and we utilize external cybersecurity auditors, where applicable. In addition, certain lines of business utilize other third-party cybersecurity auditors for Payment Card Industry Data Security Standard (PCI DSS) assessments and PCI Approved Scanning Vendor (ASV) scans; and we are routinely audited by our customers. The Company’s Board of Directors and Board Risk and Finance Committee oversee our integrated enterprise risk management and cybersecurity programs. The Board Risk and Finance Committee receives regular reports from the Chief Risk Officer and Chief Security Officer on key company risks and emerging threats. These reports also include cybersecurity monitoring and threat response metrics, industry trends and educational materials, risk mitigation strategies, regulatory requirements, corporate policies, third-party risk metrics, cybersecurity tools and resources, incident response plans, and other areas of importance.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Board of Directors and Board Risk and Finance Committee oversee our integrated enterprise risk management and cybersecurity programs. The Board Risk and Finance Committee receives regular reports from the Chief Risk Officer and Chief Security Officer on key company risks and emerging threats. These reports also include cybersecurity monitoring and threat response metrics, industry trends and educational materials, risk mitigation strategies, regulatory requirements, corporate policies, third-party risk metrics, cybersecurity tools and resources, incident response plans, and other areas of importance.
Cybersecurity Risk Role of Management [Text Block]	The Chief Security Officer is part of our senior leadership team and reports to the Chief Risk Officer. Our Chief Security Officer has over thirty years of cybersecurity, technology, and leadership experience both as a career active-duty military cyber operations officer and in the private sector. The cybersecurity team is organized into three departments: Protective Operations, Vulnerability Management, and Governance, Risk, and Compliance. Each of the three departments identifies, assesses, and manages material cybersecurity threats through specific approaches as further described below.Protective Operations includes the Security Operations Center, cyber threat intelligence, offensive security, and application security teams. New cybersecurity threats surface daily, and existing cybersecurity threats evolve constantly. Our 24x7x365 in-house Security Operations Center is organized to not only monitor for signs of intrusion but also to provide contextual threat intelligence to system and platform owners across the enterprise, empowering them to take an active role in defending the enterprise. The Security Operations Center conducts daily briefings, identifies emerging cyber threats affecting the financial and education sectors, and reviews new tactics, techniques, and procedures utilized by cyber criminals and nation-state cyber actors. The Security Operations Center is also our incident response team, focused on detecting, analyzing, containing, eradicating, and recovering from cyber incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Governance, Risk, and Compliance includes teams dedicated to risk and compliance management. These teams manage the security awareness program, compliance with cyber and privacy regulations, security policies, and prioritizes potential cyber risks that require ongoing monitoring or remediation. Identified risks are brought to the Cyber Risk Steering Committee for treatment. The Chief Security Officer chairs the committee, which consists of the Deputy Chief Security Officer, cybersecurity managers, various subject matter experts, and (as needed) members of management from operational areas of the business. The Company’s business segments and support teams also work closely with cybersecurity and enterprise risk management to monitor and manage third-party risks. Managing third-party risks includes maintaining a close and effective working relationship with the information technology procurement, accounting, and legal teams. In addition to identifying risks as part of the third-party selection process, we continuously monitor our third parties using products and services that provide us insight into their attack surface, threats that can impact us through them, and real-world security posture. Audits are an important part of our layers of defense; they can help us to identify areas in which we have incomplete coverage or ineffective placement of controls. The Company has an independent internal audit team that conducts audits based on their own methodology and assessment and we utilize external cybersecurity auditors, where applicable. In addition, certain lines of business utilize other third-party cybersecurity auditors for Payment Card Industry Data Security Standard (PCI DSS) assessments and PCI Approved Scanning Vendor (ASV) scans; and we are routinely audited by our customers. The Company’s Board of Directors and Board Risk and Finance Committee oversee our integrated enterprise risk management and cybersecurity programs. The Board Risk and Finance Committee receives regular reports from the Chief Risk Officer and Chief Security Officer on key company risks and emerging threats. These reports also include cybersecurity monitoring and threat response metrics, industry trends and educational materials, risk mitigation strategies, regulatory requirements, corporate policies, third-party risk metrics, cybersecurity tools and resources, incident response plans, and other areas of importance.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Chief Security Officer is part of our senior leadership team and reports to the Chief Risk Officer. Our Chief Security Officer has over thirty years of cybersecurity, technology, and leadership experience both as a career active-duty military cyber operations officer and in the private sector.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Identified risks are brought to the Cyber Risk Steering Committee for treatment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies and Practices (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Consolidation

The consolidated financial statements include the accounts of Nelnet, Inc. and its consolidated subsidiaries. In addition, the accounts of all variable interest entities (VIEs) of which the Company has determined that it is the primary beneficiary are included in the consolidated financial statements. Amounts for noncontrolling interests reflect the share of membership interest (equity) and net income attributable to the holders of noncontrolling membership interests of non-wholly owned consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Reclassifications

Certain amounts previously reported in the Company’s consolidated statements of income have been reclassified to conform to the current period presentation. Specifically, impairment expenses and the provision for beneficial interests, which were previously presented on a combined basis, are now reported as separate line items and included as part of “total operating expenses” and “net interest income after provision,” respectively.

Variable Interest Entities

The Company assesses its partnerships and joint ventures to determine if the entity meets the qualifications of a VIE. The Company performs a qualitative assessment of each identified VIE to determine if it is the primary beneficiary. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether an entity is a VIE and whether it is the primary beneficiary. The Company performs this review initially at the time it enters into a partnership or joint venture agreement and reassess upon reconsideration events.

VIEs - Consolidated

The Company is required to consolidate VIEs in which it has determined it is the primary beneficiary.

The Company's education and other lending subsidiaries are engaged in the securitization of finance assets. These lending subsidiaries hold beneficial interests in eligible loans, subject to creditors with specific interests. The liabilities of the Company's lending subsidiaries are not the direct obligations of Nelnet, Inc. or any of its other subsidiaries. Each lending subsidiary is structured to be bankruptcy remote, meaning that it should not be consolidated in the event of bankruptcy of the parent company or any other subsidiary. The Company is generally the administrator and master servicer of the securitized assets held in its lending subsidiaries and owns the residual interest of the securitization trusts. For accounting purposes, the transfers of loans to the securitization trusts do not qualify as sales. Accordingly, all the financial activities and related assets and liabilities, including debt, of the securitizations are reflected in the Company's consolidated financial statements and are summarized as supplemental information on the balance sheet.

VIEs - Not consolidated

The Company is not required to consolidate VIEs in which it has determined it is not the primary beneficiary. VIEs not consolidated by the Company include its partial ownership in ALLO, solar development projects, certain third-party loan securitizations, and certain other funds and partnerships.

ALLO

As of December 31, 2025, the Company owned 27% of the economic rights of ALLO and had a disproportionate 20% of the voting rights related to all operating decisions for ALLO's business. ALLO provides pure fiber optic service to homes and businesses for internet, television, and telephone services. See note 7 for the Company’s carrying value of its voting and preferred membership interests in ALLO, which is the Company’s maximum exposure to loss.

Renewable Energy Solar Developments

The Company makes solar tax equity contributions in entities that promote renewable energy sources. The Company’s contributions in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of these partnerships, over specified time periods. The ownership of these developments are included in "other investments and notes receivable, net" on the consolidated balance

sheets. As of December 31, 2025, the Company has contributed a total of $355.6 million and its third-party partners have invested $416.0 million in tax equity that remain outstanding in renewable energy solar partnerships that support the development and operations of solar, fuel cell, and battery storage projects throughout the country. The carrying value of these assets is reduced by tax credits earned when the solar project is placed in service. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are accrued when the solar project is placed in service and are included in “other liabilities” on the consolidated balance sheets.

The Company’s maximum exposure to loss from these unconsolidated VIEs include the equity contributed, unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. The tax credit recapture period ratably decreases over 5 years from when the project is placed in service. While the Company believes potential losses from these partnerships are remote, the maximum exposure was determined by assuming a scenario where the energy-producing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.

The following table presents a summary of solar development project VIEs that the Company has not consolidated, excluding all third-party partner impacts:


	As of December 31,
	2025		2024
Solar development project carrying amount	$	(109,592)	(87,853)
Tax credits subject to recapture	220,069		173,822
Unfunded capital and other commitments	53,594		55,662
Company’s maximum exposure to loss	$	164,071	141,631

As of December 31, 2025, the Company is committed to fund an additional $112.7 million on new tax equity investments, of which $59.1 million is expected to be provided by syndication partners.

Beneficial Interest in Loan Securitizations

As described above, AGM has partial ownership in consumer, private education, and federally insured student loan third-party securitizations that are classified as “beneficial interest in loan securitizations” and included in “other investments and notes receivable, net” on the Company’s consolidated balance sheets. These residual interests were acquired by AGM or have been received in consideration of AGM selling portfolios of loans to unrelated third parties who securitized such loans. For certain transactions, the Company is the sponsor and as sponsor, is required to provide a certain level of risk retention. To satisfy this requirement, the Company has purchased bonds issued in the securitizations, which are classified as available-for-sale investments, with a carrying value and fair value of $7.2 million at December 31, 2025. See note 7 for the Company’s carrying value of its beneficial interest in loan securitization investments. The carrying value of its beneficial interest in loan securitization investments and bonds held as risk retention is the Company’s maximum exposure to loss.

Funds and Partnerships

The Company has an equity interest in certain funds and partnerships, with an aggregate carrying value of $131.9 million at December 31, 2025. The ownership of these items are classified within “venture capital, funds, and other” in note 7, and are included in “other investments and notes receivable, net” on the Company’s consolidated balance sheets. The Company’s maximum exposure to loss related to the ownership of these entities are its current carrying value plus the Company’s unfunded commitment to certain funds of $8.6 million.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and other disclosures. Actual results may differ from those estimates.

Loans Receivable / Allowance for Loan Losses / Notes Receivables

Loans Receivable

Loans consist of federally insured student, private education, consumer, and other loans, including financing receivables. If the Company has the ability and intent to hold loans for the foreseeable future, such loans are held for investment and carried at amortized cost. Amortized cost includes the unamortized premium or discount and capitalized origination costs and fees, all of

which are amortized to interest income. Loans which are held for investment also have an allowance for loan loss as needed. Any loans the Company has the ability and intent to sell are classified as held for sale and are carried at the lower of cost or fair value. Loans which are held for sale do not have the associated premium or discount and origination costs and fees amortized into interest income and there is also no related allowance for loan losses. In addition, once a loan is classified as held for sale, any allowance for loan losses that existed immediately prior to the reclassification to held for sale is reversed through provision. There were no loans classified as held for sale as of December 31, 2025 and 2024.

Federally insured loans were originated under the FFEL Program by certain eligible lenders as defined by the Higher Education Act of 1965, as amended (the “Higher Education Act”). These loans, including related accrued interest, are guaranteed at their maximum level permitted under the Higher Education Act by an authorized guaranty agency, which has a contract of reinsurance with the Department. The terms of the loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest. Generally, Stafford and PLUS loans have repayment periods between five and ten years. Consolidation loans have repayment periods of twelve to thirty years. FFELP loans do not require repayment while the borrower is in-school, and during the grace period immediately upon leaving school. Under the Higher Education Act, a borrower may also be granted a deferment or forbearance for a period of time based on need, during which time the borrower is not considered to be in repayment. Interest continues to accrue on loans in the in-school, deferment, and forbearance program periods. In addition, eligible borrowers may qualify for income-driven repayment plans offered by the Department. These plans determine the borrower's payment amount based on their discretionary income and may extend their repayment period. Interest rates on federally insured student loans may be fixed or variable, dependent upon the type of loan, terms of the loan agreements, and date of origination.

Substantially all FFELP loan principal and related accrued interest is guaranteed as provided by the Higher Education Act. These guarantees are subject to the performance of certain loan servicing due diligence procedures stipulated by applicable Department regulations. If these due diligence requirements are not met, affected student loans may not be covered by the guarantees in the event of borrower default. Such student loans are subject to “cure” procedures and reinstatement of the guarantee under certain circumstances.

Loans also include private education, consumer, and other loans, including financing receivables. Private education loans are loans to students or their families that are non-federal loans and loans not insured or guaranteed under the FFEL Program. These loans are used primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans, or borrowers' personal resources. The terms of the private education loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest over a period of up to thirty years. The private education loans are not covered by a guarantee or collateral in the event of borrower default. Consumer loans are unsecured loans to an individual for personal, family, or household purposes. The terms of the consumer loans, which vary on an individual basis, generally provide for repayment in weekly or monthly installments of principal and interest over a period of up to six years. Other loans consist of home equity lines of credit and small business loans. Home equity loans are made to an individual primarily for debt consolidation purposes using equity in the borrower’s home as security in the form of primarily second liens. These loans typically have a revolving draw period of five years and a repayment period at the end of the draw period of five to ten years. Principal and interest payments are generally required to be made during the draw and repayment periods. Small business loans have no stated coupon rate but the borrower is charged a one-time lender fee that is accreted to interest income over the estimated life of the loan. Minimum payments on such loans are due every 60 days. Financing receivables include Pay Later receivables which enable consumers to purchase goods or services at the time of the transaction and split their purchase into installment payments. There are typically four installment payments made over approximately 60 days. The Company purchases Pay Later receivables at a discount via a forward flow agreement from an unrelated third party and accretes the discount into interest income over the estimated life of the receivable.

For loan modifications, the Company evaluates whether a loan modification represents a new loan or a continuation of an existing loan. Modifications of federally insured loans are driven by the Higher Education Act; thus, the Company does not consider these events as part of its loan modification programs. Administrative forbearances (e.g. bankruptcy, military service, death and disability, and disaster forbearance) are required by law and therefore are also not considered as part of the Company's loan modification programs. The Company does offer payment delays in the form of deferments or forbearances on certain private education and consumer loan programs for short-term periods. The Company generally considers payment delays to be insignificant when the delay is 3 months or less. The amortized cost of the Company’s private education and consumer loans in which the borrower is experiencing financial difficulty and the financial effect of such loan modifications is not material.

Allowance for Loan Losses

The Company accounts for the evaluation and estimate of probable losses on loans under the current expected credit loss (CECL) methodology. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses.

The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date.

The Company determines its estimated credit losses for the following financial assets as follows:

Loans receivable

The Company aggregates loans with similar risk characteristics into pools to estimate its expected credit losses. The Company evaluates such pooling decisions each quarter and makes adjustments as risk characteristics change. Management has determined that the federally insured, private education, and consumer and other financing receivables portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 4 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables.

The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer and other financing receivables portfolios. For the undiscounted cash flow models, the expected credit losses are the product of multiplying the Company’s estimates of probability of default and loss given default and the exposure of default over the expected life of the loans. For the remaining life method, the expected credit losses are the product of multiplying the Company’s estimated net loss rate by the exposure at default over the expected life of the loans. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current economic conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, the Company can reasonably estimate expected losses that incorporate current economic conditions and forecasted probability weighted economic scenarios up to a one-year period. Macroeconomic factors used in the models include such variables as unemployment rates, gross domestic product, and consumer price index. After the "reasonable and supportable" period, the Company reverts to its actual long-term historical loss experience in the historical observation period. The Company uses a straight-line reversion method over two years. Historical credit loss experience provides the basis for the estimation of expected credit losses. A portion of the allowance is comprised of qualitative adjustments to historical loss experience.

Qualitative adjustments consider the following factors, as applicable, for each of the Company’s loan portfolios: student loans in repayment versus those in non-paying status; delinquency status; type of private education, consumer, or other loan program; trends in defaults in the portfolio based on Company and industry data; past experience; trends in federally insured student loan claims rejected for payment by guarantors; changes in federal student loan programs; and other relevant qualitative factors.

The federal government guarantees 97% of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98% for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Federally insured student loans disbursed prior to October 1, 1993 are fully insured. Private education, consumer, and other loans, including financing receivables, are unsecured, with neither a government nor a private insurance guarantee. Accordingly, the Company bears the full risk of loss on these loans if the borrower and co-borrower, if applicable, default. The Company places private education, consumer, and other loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses.

Purchased Loans Receivable with Credit Deterioration (PCD)

The Company has purchased loans that have experienced more than insignificant credit deterioration since origination. A variety of factors are considered when identifying PCD loans, including, but not limited to delinquency, status, FICO scores, and other qualitative factors. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense.

Loan Accrued Interest Receivable

Accrued interest receivable on loans is combined and presented with the loans receivable amortized cost balance on the Company’s consolidated balance sheets.

For the Company’s federally insured loan portfolio, the Company records an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses.

For the Company’s private education, consumer, and other loan portfolios, the Company does not measure an allowance for credit losses for accrued interest receivables. For private education, consumer, and other loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income.

Notes Receivable

Notes receivable exchanged for cash are recorded at amortized cost. Discounts, if any, upon issuance are accreted to income over the contractual life of the issued note, and interest income is accounted for on an accrual basis. The Company records an allowance for expected credit losses, if any, to present the net amount expected to be collected on the receivable as of the balance sheet date.

Cash and Cash Equivalents

The Company considers all investments with original maturities of three months or less to be cash equivalents.

Investments

The Company accounts for purchases and sales of Non-Nelnet Bank debt securities on a settlement-date basis and Nelnet Bank debt securities on a trade-date basis. When an investment is sold, the cost basis is determined through specific identification of the security sold. The Company classifies its debt securities as either available-for-sale or held-to-maturity. Securities classified as available-for-sale are carried at fair value, with the changes in fair value, net of taxes, carried as a separate component of accumulated other comprehensive earnings in the consolidated statements of shareholders’ equity. The amortized cost of debt securities in this classification is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. Securities in which the Company has the intent and ability to hold until maturity are classified as held-to-maturity. These securities are carried at amortized cost, with expected future credit losses, if any, recognized through an allowance for credit losses.

The Company classifies its residual interest in consumer, private education, and federally insured student loan securitizations as held-to-maturity beneficial interest investments. The Company measures accretable yield initially as the excess of all cash flows expected to be collected attributable to the beneficial interest estimated at the acquisition/transaction date over the initial investment and recognizes interest income over the life of the beneficial interest using the effective interest method. The Company continues to update, over the life of the beneficial interest, the expectation of cash flows to be collected. Beneficial interest investments are evaluated for impairment by comparing the carrying value of the investment to the present value of the cash flows expected to be collected at the current financial reporting date. If the carrying value is less than the present value of cash flows expected to be collected and the Company determines a credit loss has occurred, the Company records an allowance for credit losses for the difference. Subsequent favorable changes, if any, decrease the allowance for credit losses.

Equity investments with readily determinable fair values are measured at fair value, with changes in the fair value recognized through net income. For equity investments without readily determinable fair values, the Company uses the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly

transactions for the identical or a similar investment of the same issuer. The Company uses qualitative factors to identify impairment on its measurement alternative investments.

The Company accounts for equity investments over which it has significant influence but not a controlling financial interest using the equity method of accounting. Equity method investments are recorded at cost and subsequently increased or decreased by the amount of the Company’s proportionate share of the net earnings or losses and other comprehensive income of the investee. Equity method investments are evaluated for other-than-temporary impairment using certain impairment indicators such as a series of operating losses of an investee or other factors. These factors may indicate that a decrease in value of the investment has occurred that is other-than-temporary and shall be recognized.

The Company accounts for its qualifying equity contributions to solar development partnerships under the proportional amortization method (PAM). The Company evaluates each solar tax equity contribution to determine if it meets the qualifications to apply the PAM. For qualifying contributions, the Company uses the flow-through method of accounting to account for the related tax credit. The flow-through method requires a partner to amortize its contributions through income tax expense (or benefit) as an offset to the nonrefundable income tax credits and other income tax benefits, such as tax deductions from operating losses of the partnership.

The Company accounts for its non-qualifying PAM solar development partnerships and certain other entities in which it has partial ownership (including, but not limited to, ALLO and real estate partnerships) under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the amount the Company recognizes for its share of the earnings or losses from the equity investment for the period.

Restricted Cash and Restricted Investments

Restricted cash primarily includes amounts for student loan securitizations and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the loans held as trust assets and when principal and interest is paid on the trust's asset-backed debt securities. Restricted cash also includes collateral deposits with derivative counterparties and third-party clearinghouses.

In accordance with local insurance regulations, Nelnet Insurance Service’s consolidated captive insurance companies are required to hold collateral in third-party trusts related to its reinsurance treaties primarily consisting of property and casualty policies. The cash and investments in such trusts are classified by the Company as restricted. Restricted investments include student loan and other asset-backed securities classified as available-for-sale. In addition, Nelnet Insurance Services retains cash it collects on behalf of its third party to which it has retroceded a portion of its exposure.

Restricted Cash - Due to Customers

As a servicer of student loans, the Company collects student loan remittances and subsequently disburses these remittances to the appropriate lending entities. As part of the Company's Education Technology Services and Payments operating segment, the Company collects tuition payments and subsequently remits these payments to the appropriate schools. Cash collected for customers and the related liability are included in the consolidated balance sheets.

A portion of cash collected for customers in the Company's Education Technology Services and Payments operating segment are held at Nelnet Bank, in which Nelnet Bank can use these cash deposits for general operating purposes and is no longer

considered restricted.

Accounts Receivable

Accounts receivable are presented at their net realizable values, which include allowances for doubtful accounts. Allowance estimates are based upon expected loss considering individual customer experience, as well as the age of receivables and likelihood of collection.

Business Combinations

The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of acquisition, with the exception of contract assets or liabilities generated from contracts with customers, which are measured as if the Company had originated the acquired contract. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. All contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the acquisition. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, and changes in fair value are recognized in earnings.

Goodwill and Intangible Assets