NELNET INC, DEF 14A filed on 4/3/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name NELNET, INC.
Entity Central Index Key 0001258602
v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
YearSummary compensation table total for CEO ($)Compensation actually paid to CEO ($)(a)Average summary compensation table total for non-CEO Named Executive Officers ($)(b)Average compensation actually paid to non-CEO Named Executive Officers ($)(a)(b)Value of initial fixed $100 investment based on:Net income (in thousands) ($)(e)Net income, excluding derivative market value adjustments (in thousands) ($)(f)
Total shareholder return ($)(c)Peer group total shareholder return ($)(c)(d)
2024$1,555,613 1,805,326 1,539,127 1,750,752 194.61 173.90 $184,045 176,351 
20231,842,156 1,791,032 1,636,444 1,596,230 159.00 133.20 89,826 121,573 
20222,224,882 2,161,604 1,984,696 1,937,237 161.65 118.77 406,899 231,262 
20212,732,315 3,047,713 2,302,547 2,539,095 172.04 132.75 393,286 322,748 
20201,568,311 1,568,311 1,523,191 1,519,833 124.04 98.31 352,443 373,832 
        
Company Selected Measure Name Net income, excluding derivative market value adjustments,        
Named Executive Officers, Footnote The Company's non-CEO Named Executive Officers for 2024 were Mr. Heimes, Mr. Kruger, Mr. Tewes, and Ms. Wenger. The Company's non-CEO Named Executive Officers for 2023 were Mr. Heimes, Mr. Kruger, Mr. Tewes, and Mr. Matthew Dunlap. For 2022, 2021, and 2020, the Company's non-CEO Named Executive Officers were Mr. Michael Dunlap, Mr. Heimes, Mr. Kruger, and Mr. Tewes.        
Peer Group Issuers, Footnote The S&P 500 Financials index, which is comprised of approximately 70 companies included in the S&P 500 that are classified as members of the Global Industry Classification Standard financials sector, was selected as the Company's peer group.        
PEO Total Compensation Amount $ 1,555,613 $ 1,842,156 $ 2,224,882 $ 2,732,315 $ 1,568,311
PEO Actually Paid Compensation Amount $ 1,805,326 1,791,032 2,161,604 3,047,713 1,568,311
Adjustment To PEO Compensation, Footnote The following adjustments were made to calculate the compensation actually paid from the compensation included in the summary compensation table for the CEO and non-CEO Named Executive Officers.
YearSummary compensation table total for CEO ($)Less: Issuance date fair value of restricted stock awards issued in respective year ($)Plus: Year-end fair value of restricted stock awards issued during respective year and unvested at respective year-end ($)Plus: Change in fair value of restricted stock awards from the end of the prior year of any awards granted in prior years that are outstanding and unvested at respective year-end ($)Plus: Change in fair value of restricted stock awards as of the vesting date from the end of the prior year of restricted shares issued in prior years and vested during respective year ($)Compensation actually paid to CEO ($)
20241,555,613 — — 249,013 700 1,805,326 
20231,842,156 (500,013)482,828 (32,690)(1,249)1,791,032 
20222,224,882 (500,016)549,219 (74,657)(37,824)2,161,604 
20212,732,315 (1,000,059)1,315,457 — — 3,047,713 
20201,568,311 — — — — 1,568,311 
        
Non-PEO NEO Average Total Compensation Amount $ 1,539,127 1,636,444 1,984,696 2,302,547 1,523,191
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,750,752 1,596,230 1,937,237 2,539,095 1,519,833
Adjustment to Non-PEO NEO Compensation Footnote
YearAverage summary compensation table total for non-CEO Named Executive Officers ($)Less: Issuance date fair value of restricted stock awards issued in respective year ($)Plus: Year-end fair value of restricted stock awards issued during respective year and unvested at respective year-end ($)Plus: Change in fair value of restricted stock awards from the end of the prior year of any awards granted in prior years that are outstanding and unvested at respective year-end ($)Plus: Change in fair value of restricted stock awards as of the vesting date from the end of the prior year of restricted shares issued in prior years and vested during respective year ($)Average compensation actually paid to non-CEO Named Executive Officers ($)
20241,539,127 (25,010)31,055 204,983 597 1,750,752 
20231,636,444 (375,010)362,121 (26,448)(877)1,596,230 
20221,984,696 (375,012)411,914 (55,993)(28,368)1,937,237 
20212,302,547 (750,044)986,592 — — 2,539,095 
20201,523,191 — — — (3,358)1,519,833 
        
Compensation Actually Paid vs. Total Shareholder Return
The relationship between the compensation actually paid to the CEO and the average compensation actually paid to the non-CEO Named Executive Officers and the cumulative total shareholder return ("TSR") of the Company and the Peer Group (the S&P 500 Financials index) for 2024, 2023, 2022, 2021, and 2020 is represented by the graph below:

vs TSR.jpg
        
Compensation Actually Paid vs. Net Income
The relationship between the compensation actually paid to the CEO and the average compensation actually paid to the non-CEO Named Executive Officers and the Company's net income for 2024, 2023, 2022, 2021, and 2020 is represented by the graph below:
vs Net Income.jpg
        
Compensation Actually Paid vs. Company Selected Measure
The relationship between the compensation actually paid to the CEO and the average compensation actually paid to the non-CEO Named Executive Officers and the Company's net income, excluding derivative market value adjustments, for 2024, 2023, 2022, 2021, and 2020 is represented by the graph below:
vs Adj Net Income.jpg
        
Tabular List, Table
Most important financial performance measures linked to Executive Compensation:
Net income, excluding derivative market value adjustments
Annual growth in Nelnet, Inc. per share book value (with dividends included)
        
Total Shareholder Return Amount $ 194.61 159.00 161.65 172.04 124.04
Peer Group Total Shareholder Return Amount 173.90 133.20 118.77 132.75 98.31
Net Income (Loss) $ 184,045,000 $ 89,826,000 $ 406,899,000 $ 393,286,000 $ 352,443,000
Company Selected Measure Amount 176,351,000 121,573,000 231,262,000 322,748,000 373,832,000
Additional 402(v) Disclosure Total shareholder return assumes a $100 investment on December 31, 2019 in each of the Company's Class A common stock and in the Company's selected peer group, and that all dividends, if applicable, were reinvested. The shareholder return represents past performance and should not be considered an indication of future performance.The dollar amounts reported represent the amount of net income reflected in our audited financial statements of the applicable fiscal year. The net income amounts for 2023 and 2022 have been updated to reflect the correction of immaterial errors we identified during fiscal 2024, as discussed in the Company's 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025.        
Measure:: 1          
Pay vs Performance Disclosure          
Name Net income, excluding derivative market value adjustments        
Non-GAAP Measure Description Net income, excluding derivative market value adjustments, is a non-GAAP financial measure, and there is no comprehensive, authoritative guidance for the presentation of this measure. For information on how this measure is calculated from the Company’s financial statements, reconciliation to the most directly comparable financial measure for the respective years presented in this table under GAAP, and other information about this measure, please refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments on page 40 of the Company’s 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025 (for 2024 and 2023), page 39 of the Company's 2022 Annual Report on Form 10-K filed with the SEC on February 28, 2023 (for 2022 and 2021), and page 40 of the Company's 2021 Annual Report on Form 10-K filed with the SEC on February 28, 2022 (for 2020). Net income, excluding derivative market value adjustments, presented for 2022, 2021, and 2020 has not been restated for the effects of immaterial corrections to the financial statements referred to in footnote (e) above.        
Measure:: 2          
Pay vs Performance Disclosure          
Name Annual growth in Nelnet, Inc. per share book value (with dividends included)        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ (500,013) $ (500,016) $ (1,000,059) $ 0
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 482,828 549,219 1,315,457 0
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 249,013 (32,690) (74,657) 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 700 (1,249) (37,824) 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (25,010) (375,010) (375,012) (750,044) 0
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 31,055 362,121 411,914 986,592 0
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 204,983 (26,448) (55,993) 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 597 $ (877) $ (28,368) $ 0 $ (3,358)
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true