Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,650,991
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,668,460

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $114,263 and $131,827, respectively)	$ 14,360,612	$ 15,243,889
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	24,834	24,584
Cash and cash equivalents - held at a related party	96,935	93,562
Total cash and cash equivalents	121,769	118,146
Investments and notes receivable	2,006,306	2,111,917
Restricted cash	484,223	945,159
Restricted cash - due to customers	208,033	294,311
Accounts receivable (net of allowance for doubtful accounts of $4,855 and $3,079, respectively)	135,690	194,851
Goodwill	176,902	176,902
Intangible assets, net	57,293	63,501
Property and equipment, net	130,451	122,526
Other assets	126,353	102,842
Total assets	17,807,632	19,374,044
Liabilities:
Bonds and notes payable	13,070,140	14,637,195
Accrued interest payable	35,926	36,049
Bank deposits	731,046	691,322
Other liabilities	423,454	461,259
Due to customers	299,552	348,317
Total liabilities	14,560,118	16,174,142
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	10,114	1,109
Retained earnings	3,270,250	3,234,844
Accumulated other comprehensive loss, net	(21,458)	(37,366)
Total Nelnet, Inc. shareholders' equity	3,259,279	3,198,959
Noncontrolling interests	(11,765)	943
Total equity	3,247,514	3,199,902
Total liabilities and equity	17,807,632	19,374,044
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $114,263 and $131,827, respectively)	13,756,107	14,585,491
Cash and cash equivalents:
Restricted cash	451,792	867,961
Liabilities:
Bonds and notes payable	12,999,867	14,233,586
Common stock:
Accrued interest payable and other liabilities	(192,978)	(145,309)
Net assets of consolidated education and other lending variable interest entities	1,015,054	1,074,557
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,646,490 shares and 26,461,651 shares, respectively
Common stock:
Common stock	266	265
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,668,460 shares
Common stock:
Common stock	$ 107	$ 107

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Allowance for loan losses	$ 114,263	$ 131,827
Allowance for doubtful accounts	$ 4,855	$ 3,079
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	26,646,490	26,461,651
Common stock, outstanding (in shares)	26,646,490	26,461,651
Common Class B
Par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	60,000,000	60,000,000
Common stock, issued (in shares)	10,668,460	10,668,460
Common stock, outstanding (in shares)	10,668,460	10,668,460

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income:
Loan interest	$ 243,045	$ 134,706	$ 468,288	$ 246,083
Investment interest	40,982	16,881	81,707	30,700
Total interest income	284,027	151,587	549,995	276,783
Interest expense on bonds and notes payable and bank deposits	233,148	73,642	432,597	121,721
Net interest income	50,879	77,945	117,398	155,062
Less provision for loan losses	9,592	9,409	43,867	8,974
Net interest income after provision for loan losses	41,287	68,536	73,531	146,088
Other income (expense):
Other, net	(7,011)	12,647	(21,083)	22,524
Gain on sale of loans, net	15,511	0	27,323	2,989
Impairment expense	0	(6,284)	0	(6,284)
Derivative market value adjustments and derivative settlements, net	2,070	45,024	(12,005)	187,949
Total other income (expense), net	247,183	267,291	512,330	671,736
Total cost of services	49,529	30,852	105,532	66,397
Operating expenses:
Salaries and benefits	144,706	141,398	297,416	290,813
Depreciation and amortization	18,652	18,250	35,279	35,206
Other expenses	45,997	36,940	86,781	76,439
Total operating expenses	209,355	196,588	419,476	402,458
Income before income taxes	29,586	108,387	60,853	348,969
Income tax expense	10,491	25,483	18,741	81,180
Net income	19,095	82,904	42,112	267,789
Net loss attributable to noncontrolling interests	9,172	2,225	12,642	3,987
Net income attributable to Nelnet, Inc.	$ 28,267	$ 85,129	$ 54,754	$ 271,776
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Weighted-average common shares outstanding - basic (in shares)	37,468,397	37,710,214	37,406,843	37,875,108
Weighted-average common shares outstanding - diluted (in shares)	37,468,397	37,710,214	37,406,843	37,875,108
Loan servicing and systems revenue
Other income (expense):
Revenue	$ 122,020	$ 124,873	$ 261,247	$ 261,241
Education technology, services, and payment processing revenue
Other income (expense):
Revenue	109,858	91,031	243,462	203,317
Total cost of services	40,407	30,852	88,110	66,397
Solar construction revenue
Other income (expense):
Revenue	4,735	0	13,386	0
Total cost of services	$ 9,122	$ 0	$ 17,422	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 19,095	$ 82,904	$ 42,112	$ 267,789
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments	0	(8)	(3)	1
Net changes related to available-for-sale debt securities:
Unrealized holding gains (losses) arising during period, net	8,649	(33,822)	17,300	(50,520)
Reclassification of (gains) losses recognized in net income, net	(918)	(849)	4,064	(3,642)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity	70	0	70	0
Income tax effect	(1,872)	8,321	(5,144)	12,999
Unrealized gains (losses) during period after reclassifications and tax	5,929	(26,350)	16,290	(41,163)
Net changes related to equity method investee's other comprehensive income:
Loss on cash flow hedges	(501)	0	(499)	0
Income tax effect	120	0	120	0
Net changes related to equity method investee's other comprehensive, after income tax effect	(381)	0	(379)	0
Other comprehensive income (loss)	5,548	(26,358)	15,908	(41,162)
Comprehensive income	24,643	56,546	58,020	226,627
Comprehensive loss attributable to noncontrolling interests	9,172	2,225	12,642	3,987
Comprehensive income attributable to Nelnet, Inc.	$ 33,815	$ 58,771	$ 70,662	$ 230,614

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred stock	Common stock Common Class A	Common stock Common Class B	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2021		0	27,239,654	10,676,642
Beginning balance at Dec. 31, 2021	$ 2,952,838	$ 0	$ 272	$ 107	$ 1,000	$ 2,940,523	$ 9,304	$ 1,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	11,279							11,279
Net income (loss)	267,789					271,776		(3,987)
Other comprehensive income (loss)	(41,162)						(41,162)
Distribution to noncontrolling interests	(15,161)							(15,161)
Cash dividend on Class A and Class B common stock	(18,035)					(18,035)
Issuance of common stock, net of forfeitures (in shares)			310,639
Issuance of common stock, net of forfeitures	6,501		$ 3		6,498
Compensation expense for stock based awards	6,027				6,027
Repurchase of common stock (in shares)			(938,310)
Repurchase of common stock	(78,931)		$ (9)		(12,345)	(66,577)
Conversion of common stock (in shares)			1,750	(1,750)
Conversion of common stock	0
Ending balance (in shares) at Jun. 30, 2022		0	26,613,733	10,674,892
Ending balance at Jun. 30, 2022	3,091,145	$ 0	$ 266	$ 107	1,180	3,127,687	(31,858)	(6,237)
Beginning balance (in shares) at Mar. 31, 2022		0	27,151,270	10,674,892
Beginning balance at Mar. 31, 2022	3,085,063	$ 0	$ 272	$ 107	1,208	3,092,226	(5,500)	(3,250)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	9,275							9,275
Net income (loss)	82,904					85,129		(2,225)
Other comprehensive income (loss)	(26,358)						(26,358)
Distribution to noncontrolling interests	(10,037)							(10,037)
Cash dividend on Class A and Class B common stock	(8,973)					(8,973)
Issuance of common stock, net of forfeitures (in shares)			20,720
Issuance of common stock, net of forfeitures	2,116				2,116
Compensation expense for stock based awards	3,187				3,187
Repurchase of common stock (in shares)			(558,257)
Repurchase of common stock	(46,032)		$ (6)		(5,331)	(40,695)
Ending balance (in shares) at Jun. 30, 2022		0	26,613,733	10,674,892
Ending balance at Jun. 30, 2022	3,091,145	$ 0	$ 266	$ 107	1,180	3,127,687	(31,858)	(6,237)
Beginning balance (in shares) at Dec. 31, 2022		0	26,461,651	10,668,460
Beginning balance at Dec. 31, 2022	3,199,902	$ 0	$ 265	$ 107	1,109	3,234,844	(37,366)	943
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	12,904							12,904
Net income (loss)	42,112					54,754		(12,642)
Other comprehensive income (loss)	15,908						15,908
Distribution to noncontrolling interests	(12,970)							(12,970)
Cash dividend on Class A and Class B common stock	(19,348)					(19,348)
Issuance of common stock, net of forfeitures (in shares)			226,086
Issuance of common stock, net of forfeitures	5,120		$ 1		5,119
Compensation expense for stock based awards	7,653				7,653
Repurchase of common stock (in shares)			(41,247)
Repurchase of common stock	(3,767)				(3,767)
Ending balance (in shares) at Jun. 30, 2023		0	26,646,490	10,668,460
Ending balance at Jun. 30, 2023	3,247,514	$ 0	$ 266	$ 107	10,114	3,270,250	(21,458)	(11,765)
Beginning balance (in shares) at Mar. 31, 2023		0	26,623,662	10,668,460
Beginning balance at Mar. 31, 2023	3,223,329	$ 0	$ 266	$ 107	4,639	3,251,677	(27,006)	(6,354)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	11,703							11,703
Net income (loss)	19,095					28,267		(9,172)
Other comprehensive income (loss)	5,548						5,548
Distribution to noncontrolling interests	(7,942)							(7,942)
Cash dividend on Class A and Class B common stock	(9,694)					(9,694)
Issuance of common stock, net of forfeitures (in shares)			27,562
Issuance of common stock, net of forfeitures	2,056				2,056
Compensation expense for stock based awards	3,884				3,884
Repurchase of common stock (in shares)			(4,734)
Repurchase of common stock	(465)				(465)
Ending balance (in shares) at Jun. 30, 2023		0	26,646,490	10,668,460
Ending balance at Jun. 30, 2023	$ 3,247,514	$ 0	$ 266	$ 107	$ 10,114	$ 3,270,250	$ (21,458)	$ (11,765)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.26	$ 0.24	$ 0.52	$ 0.48
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.26	$ 0.24	$ 0.52	$ 0.48

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Net cash provided by operating activities:

Net income attributable to Nelnet, Inc.

$ 54,754

$ 271,776

Net loss attributable to noncontrolling interests

(12,642)

(3,987)

Net income

42,112

267,789

Adjustments to reconcile net income to net cash provided by operating activities, net of business acquisition:

Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs

93,573

74,080

Loan discount accretion

(15,412)

(19,554)

Provision for loan losses

43,867

8,974

Derivative market value adjustments

35,407

(186,135)

Proceeds from termination of derivative instruments

164,079

68,021

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

(209,886)

133,622

Gain on sale of loans, net

(27,323)

(2,989)

Loss on investments, net

47,260

3,207

Proceeds from sale of equity securities, net

75

42,398

Deferred income tax (benefit) expense

(16,144)

49,890

Non-cash compensation expense

7,810

6,171

Impairment expense

0

6,284

(Increase) decrease in loan and investment accrued interest receivable

(4,884)

184

Decrease in accounts receivable

59,142

44,786

Increase in other assets, net

(11,480)

(9,086)

Decrease in the carrying amount of ROU asset, net

2,390

2,735

(Decrease) increase in accrued interest payable

(123)

8,397

Decrease in other liabilities

(8,916)

(12,200)

Decrease in the carrying amount of lease liability

(2,568)

(2,860)

Net cash provided by operating activities

198,979

483,714

Cash flows from investing activities:

Purchases and originations of loans

(411,868)

(396,486)

Purchases of loans from a related party

(467,519)

(7,675)

Net proceeds from loan repayments, claims, and capitalized interest

1,348,827

1,792,930

Proceeds from sale of loans

290,957

15,278

Purchases of available-for-sale securities

(296,468)

(735,140)

Proceeds from sales of available-for-sale securities

577,548

319,752

Proceeds from beneficial interest in loan securitizations

13,237

13,212

Purchases of other investments and issuance of notes receivable

(140,129)

(147,400)

Proceeds from other investments

14,403

23,955

Purchases of held-to-maturity debt securities

(2,889)

0

Redemption of held-to-maturity debt securities

1,487

0

Purchases of property and equipment

(37,253)

(34,152)

Business acquisition, net of cash acquired

0

(7,320)

Net cash provided by investing activities

890,333

836,954

Cash flows from financing activities:

Payments on bonds and notes payable

(2,417,622)

(1,695,697)

Proceeds from issuance of bonds and notes payable

806,148

159,931

Payments of debt issuance costs

(2,214)

(851)

Increase in bank deposits, net

39,724

244,159

(Decrease) increase in due to customers

(48,728)

43,544

Dividends paid

(19,348)

(18,035)

Repurchases of common stock

(3,767)

(78,931)

Proceeds from issuance of common stock

890

801

Issuance of noncontrolling interests

14,018

5,142

Distribution to noncontrolling interests

(1,920)

(699)

Net cash used in financing activities

(1,632,819)

(1,340,636)

Effect of exchange rate changes on cash

(84)

(179)

Net decrease in cash, cash equivalents, and restricted cash

(543,591)

(20,147)

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

1,357,616

1,194,189

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

814,025

1,174,042

Supplemental disclosures of cash flow information:

Cash disbursements made for interest

386,686

89,281

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

^[1]

43,510

21,137

Cash disbursements made for operating leases

3,476

3,538

Noncash operating, investing, and financing activity:

ROU assets obtained in exchange for lease obligations

18,485

746

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

53,896

3,660

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

58,182

0

Distribution to noncontrolling interests

11,050

14,462

Issuance of noncontrolling interests

$ 1,114

$ 6,137

[1]	The Company utilized $13.9 million and $4.1 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 13,900	$ 4,100
Cash and cash equivalents:
Total cash and cash equivalents	121,769	128,499
Restricted cash	484,223	754,693
Restricted cash - due to customers	208,033	290,850
Cash, cash equivalents, and restricted cash	$ 814,025	$ 1,174,042

Basis of Financial Reporting	6 Months Ended
Basis of Financial Reporting	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report").

Loans and Accrued Interest Receivable and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2023

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
	June 30, 2023		December 31, 2022
Non-Nelnet Bank:
Federally insured loans:
Stafford and other	$	3,245,540	3,389,178
Consolidation	9,574,202		10,177,295
Total	12,819,742		13,566,473
Private education loans	230,056		252,383
Consumer and other loans	189,327		350,915
Non-Nelnet Bank loans	13,239,125		14,169,771
Nelnet Bank:
Federally insured loans	61,501		65,913



Private education loans	352,319		353,882
Consumer and other loans	30,668		—
Nelnet Bank loans	444,488		419,795

Accrued interest receivable	818,709		816,864
Loan discount, net of unamortized loan premiums and deferred origination costs	(27,447)		(30,714)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans	(74,061)		(83,593)
Private education loans	(14,322)		(15,411)
Consumer and other loans	(20,005)		(30,263)
Non-Nelnet Bank allowance for loan losses	(108,388)		(129,267)
Nelnet Bank:
Federally insured loans	(154)		(170)
Private education loans	(2,905)		(2,390)
Consumer and other loans	(2,816)		—
Nelnet Bank allowance for loan losses	(5,875)		(2,560)
	$	14,360,612	15,243,889

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


	As of		As of
	June 30, 2023		December 31, 2022
Non-Nelnet Bank:
Federally insured loans (a)	0.58	%	0.62	%
Private education loans	6.23	%	6.11	%
Consumer and other loans	10.57	%	8.62	%
Nelnet Bank:
Federally insured loans (a)	0.25	%	0.26	%
Private education loans	0.82	%	0.68	%
Consumer and other loans	9.18	%	—

(a) As of June 30, 2023 and December 31, 2022, 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 21.7% and 22.4%, respectively, and for Nelnet Bank was 10.0% and 10.3%, respectively.

Loan Sales

The Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations that are included in "investments and notes receivable" on the Company's consolidated balance sheets. The following table summarizes the loans sold and gains/losses recognized by the Company during the six months ended June 30, 2023 and 2022.


	Loans sold (par value)		Gain (loss)	Loan type	Residual interest received in securitization
	Six months ended June 30, 2023
January 31	$	97,350	(1,441)	Home equity	64.8	%	(a)
January 31	42,275		4,350	Consumer	13.3
March 2	122,277		8,903	Consumer	24.6		(a)

April 4	5,633		659	Consumer	—
April 13	24,980		3,123	Consumer	11.3
May 2	127,663		11,729	Consumer	26.5

	$	420,178	27,323
	Six months ended June 30, 2022
January 26	$	18,125	2,989	Consumer	6.6	%
June 30	114		—	Home equity	—



	$	18,239	2,989

(a) In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.

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
	Three months ended June 30, 2023
Non-Nelnet Bank:
Federally insured loans	$	79,331	—	(5,270)	—	—	—	74,061
Private education loans	15,175		—	(1,069)	216	—	—	14,322
Consumer and other loans	35,317		8,099	(2,881)	441	—	(20,971)	20,005
Nelnet Bank:
Federally insured loans	160		(4)	(2)	—	—	—	154
Private education loans	2,894		517	(506)	—	—	—	2,905
Consumer and other loans	1,827		989	—	—	—	—	2,816
	$	134,704	9,601	(9,728)	657	—	(20,971)	114,263
	Three months ended June 30, 2022
Non-Nelnet Bank:
Federally insured loans	$	95,995	2,365	(5,788)	—	21	—	92,593
Private education loans	14,622		1,217	(707)	118	—	3	15,253
Consumer and other loans	5,710		5,245	(531)	152	—	—	10,576
Nelnet Bank:
Federally insured loans	247		13	(2)	—	—	—	258
Private education loans	1,251		569	(73)	—	—	(3)	1,744

	$	117,825	9,409	(7,101)	270	21	—	120,424

	Six months ended June 30, 2023
Non-Nelnet Bank:
Federally insured loans	$	83,593	2,411	(11,949)	—	6	—	74,061
Private education loans	15,411		240	(1,709)	380	—	—	14,322
Consumer and other loans	30,263		37,306	(5,148)	661	—	(43,077)	20,005
Nelnet Bank:
Federally insured loans	170		(12)	(4)	—	—	—	154
Private education loans	2,390		1,129	(614)	—	—	—	2,905
Consumer and other loans	—		2,816	—	—	—	—	2,816
	$	131,827	43,890	(19,424)	1,041	6	(43,077)	114,263

	Six months ended June 30, 2022
Non-Nelnet Bank:
Federally insured loans	$	103,381	(383)	(10,549)	—	144	—	92,593
Private education loans	16,143		817	(2,006)	295	—	4	15,253
Consumer and other loans	6,481		7,529	(1,469)	319	—	(2,284)	10,576
Nelnet Bank:
Federally insured loans	268		(8)	(2)	—	—	—	258
Private education loans	840		995	(87)	—	—	(4)	1,744

	$	127,113	8,950	(14,113)	614	144	(2,284)	120,424

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

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Non-Nelnet Bank:
Federally insured loans	0.16	%	0.14	%	0.18	%	0.13	%
Private education loans	1.45	%	0.85	%	1.11	%	1.22	%
Consumer and other loans	4.07	%	1.51	%	3.22	%	3.24	%
Nelnet Bank:
Federally insured loans	0.01	%	0.01	%	0.01	%	0.00	%
Private education loans	0.57	%	0.09	%	0.35	%	0.06	%
Consumer and other loans	—		—		—		—

Unfunded Loan Commitments

As of June 30, 2023, Nelnet Bank has a liability of approximately $62,000 related to $4.1 million of unfunded private education and consumer loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheets. During the six months ended June 30, 2023 and 2022, Nelnet Bank recognized negative provision for loan losses of approximately $23,000 and provision for loan losses of approximately $24,000, respectively, related to unfunded loan commitments.

Loan Modifications to Borrowers Experiencing Financial Difficulty

On January 1, 2023, the Company adopted ASU No. 2022-02, Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures, which eliminates the troubled debt restructurings recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The guidance also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty and vintage disclosures reflecting gross charge-offs by year of origination.

Under the Higher Education Act, FFELP loan borrowers may be granted a deferment or forbearance for a period of time based on need. In addition, eligible borrowers may qualify for income-driven repayment plans offered by the Department. Because FFELP loan modifications are driven by the Higher Education Act, 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.

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. The following table presents the Company’s loan status and delinquency amounts.


	As of June 30, 2023						As of December 31, 2022						As of June 30, 2022
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	612,357	4.8	%			$	637,919	4.7	%			$	763,957	4.9	%
Loans in forbearance	930,629		7.3				1,103,181		8.1				1,246,882		8.1
Loans in repayment status:
Loans current	9,609,634				85.2	%	10,173,859				86.0	%	11,551,817				86.1	%
Loans delinquent 31-60 days	496,953				4.4		415,305				3.5		464,234				3.5
Loans delinquent 61-90 days	360,728				3.2		253,565				2.2		309,252				2.3
Loans delinquent 91-120 days	157,685				1.4		180,029				1.5		187,452				1.4
Loans delinquent 121-270 days	457,100				4.1		534,410				4.5		638,189				4.7
Loans delinquent 271 days or greater	194,656				1.7		268,205				2.3		267,828				2.0
Total loans in repayment	11,276,756		87.9		100.0	%	11,825,373		87.2		100.0	%	13,418,772		87.0		100.0	%
Total federally insured loans	12,819,742		100.0	%			13,566,473		100.0	%			15,429,611		100.0	%
Accrued interest receivable	810,489						808,150						775,337
Loan discount, net of unamortized premiums and deferred origination costs	(33,764)						(35,468)						(26,674)
Allowance for loan losses	(74,061)						(83,593)						(92,593)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	13,522,406					$	14,255,562					$	16,085,681




Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	10,440	4.6	%			$	12,756	5.1	%			$	15,403	5.6	%
Loans in forbearance	1,874		0.8				2,017		0.8				2,447		0.9
Loans in repayment status:
Loans current	212,522				97.6	%	232,539				97.9	%	250,268				98.1	%
Loans delinquent 31-60 days	1,643				0.7		2,410				1.0		1,980				0.8
Loans delinquent 61-90 days	1,253				0.6		767				0.3		782				0.3
Loans delinquent 91 days or greater	2,324				1.1		1,894				0.8		2,063				0.8
Total loans in repayment	217,742		94.6		100.0	%	237,610		94.1		100.0	%	255,093		93.5		100.0	%
Total private education loans	230,056		100.0	%			252,383		100.0	%			272,943		100.0	%
Accrued interest receivable	2,196						2,146						2,058
Loan premium, net of unaccreted discount	183						(38)						94
Allowance for loan losses	(14,322)						(15,411)						(15,253)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	218,113					$	239,080					$	259,842


Consumer and other loans - Non-Nelnet Bank:
Loans in deferment	$	102	0.1	%			$	109	0.0	%			$	64	0.0	%
Loans in repayment status:
Loans current	181,864				96.1	%	346,812				98.9	%	150,812				98.9	%
Loans delinquent 31-60 days	2,794				1.5		1,906				0.5		515				0.3
Loans delinquent 61-90 days	2,533				1.3		764				0.2		435				0.3
Loans delinquent 91 days or greater	2,034				1.1		1,324				0.4		757				0.5
Total loans in repayment	189,225		99.9		100.0	%	350,806		100.0		100.0	%	152,519		100.0		100.0	%
Total consumer and other loans	189,327		100.0	%			350,915		100.0	%			152,583		100.0	%
Accrued interest receivable	2,246						3,658						1,376
Loan premium, net of unaccreted discount	750						(588)						(1,965)
Allowance for loan losses	(20,005)						(30,263)						(10,576)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses	$	172,318					$	323,722					$	141,418


	As of June 30, 2023						As of December 31, 2022						As of June 30, 2022
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$	239	0.4	%			$	241	0.4	%			$	283	0.4	%
Loans in forbearance	665		1.1				981		1.5				1,029		1.3
Loans in repayment status:
Loans current	59,041				97.5	%	63,225				97.8	%	74,883				98.4	%
Loans delinquent 30-59 days	320				0.5		436				0.7		587				0.8
Loans delinquent 60-89 days	301				0.5		466				0.7		165				0.2
Loans delinquent 90-119 days	372				0.6		222				0.3		245				0.3
Loans delinquent 120-270 days	448				0.7		183				0.3		236				0.3
Loans delinquent 271 days or greater	115				0.2		159				0.2		—				—
Total loans in repayment	60,597		98.5		100.0	%	64,691		98.1		100.0	%	76,116		98.3		100.0	%
Total federally insured loans	61,501		100.0	%			65,913		100.0	%			77,428		100.0	%
Accrued interest receivable	1,973						1,758						1,381
Loan premium	18						20						23
Allowance for loan losses	(154)						(170)						(258)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	63,338					$	67,521					$	78,574


Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$	16,996	4.8	%			$	11,580	3.3	%			$	1,160	0.3	%
Loans in forbearance	1,797		0.5				864		0.2				1,236		0.4
Loans in repayment status:
Loans current	332,205				99.6	%	340,830				99.8	%	343,148				99.8	%
Loans delinquent 30-59 days	691				0.2		167				0.1		169				0.1
Loans delinquent 60-89 days	241				0.1		32				0.0		412				0.1
Loans delinquent 90 days or greater	389				0.1		409				0.1		—				—
Total loans in repayment	333,526		94.7		100.0	%	341,438		96.5		100.0	%	343,729		99.3		100.0	%
Total private education loans	352,319		100.0	%			353,882		100.0	%			346,125		100.0	%
Accrued interest receivable	1,591						1,152						539
Deferred origination costs, net of unaccreted discount	5,366						5,360						5,909
Allowance for loan losses	(2,905)						(2,390)						(1,744)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	356,371					$	358,004					$	350,829


Consumer and other loans - Nelnet Bank (a):
Loans in deferment	$	6	—	%
Loans in repayment status:
Loans current	30,120				98.2	%
Loans delinquent 30-59 days	277				0.9
Loans delinquent 60-89 days	205				0.7
Loans delinquent 90 days or greater	60				0.2
Total loans in repayment	30,662		100.0		100.0	%
Total consumer and other loans	30,668		100.0	%
Accrued interest receivable	214
Loan premium	—
Allowance for loan losses	(2,816)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses	$	28,066

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

FICO Scores - Nelnet Bank Private Education Loans

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


	Loan balance as of June 30, 2023
	Six months ended June 30, 2023		2022	2021	2020	Total
FICO at origination:
Less than 705	$	1,731	5,869	5,100	342	13,042
705 - 734	3,936		22,881	9,776	506	37,099
735 - 764	4,109		34,497	15,794	1,401	55,801
765 - 794	1,938		54,989	29,021	1,531	87,479
Greater than 794	5,896		82,963	64,415	5,624	158,898
	$	17,610	201,199	124,106	9,404	352,319


	Loan balance as of December 31, 2022
	2022		2021	2020	Total
FICO at origination:
Less than 705	$	5,898	5,389	348	11,635
705 - 734	23,392		10,543	542	34,477
735 - 764	35,456		16,686	1,473	53,615
765 - 794	57,141		31,035	1,622	89,798
Greater than 794	87,959		70,135	6,263	164,357
	$	209,846	133,788	10,248	353,882

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, 2022 and June 30, 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 June 30, 2023 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.


	Six months ended June 30, 2023		2022	2021	2020	2019	Prior years	Total
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	—	1,390	4,831	1,122	1,907	1,190	10,440
Loans in forbearance	—		—	62	311	451	1,050	1,874
Loans in repayment status:
Loans current	115		4,270	4,610	49,726	39,948	113,853	212,522
Loans delinquent 31-60 days	—		12	3	221	95	1,312	1,643
Loans delinquent 61-90 days	—		—	—	311	71	871	1,253
Loans delinquent 91 days or greater	—		29	5	100	110	2,080	2,324
Total loans in repayment	115		4,311	4,618	50,358	40,224	118,116	217,742
Total private education loans	$	115	5,701	9,511	51,791	42,582	120,356	230,056
Accrued interest receivable								2,196
Loan premium, net of unaccreted discount								183
Allowance for loan losses								(14,322)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	218,113
Gross charge-offs - six months ended June 30, 2023	$	—	—	5	2	381	1,321	1,709


	Six months ended June 30, 2023		2022	2021	2020	2019	Prior years	Total
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment	$	43	40	19	—	—	—	102
Loans in repayment status:
Loans current	120,588		53,714	5,662	457	956	487	181,864
Loans delinquent 31-60 days	1,040		1,565	153	24	8	4	2,794
Loans delinquent 61-90 days	1,458		770	227	20	50	8	2,533
Loans delinquent 91 days or greater	337		970	131	61	199	336	2,034
Total loans in repayment	123,423		57,019	6,173	562	1,213	835	189,225
Total consumer and other loans	$	123,466	57,059	6,192	562	1,213	835	189,327
Accrued interest receivable								2,246
Loan premium, net of unaccreted discount								750
Allowance for loan losses								(20,005)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses								$	172,318
Gross charge-offs - six months ended June 30, 2023	$	265	4,272	439	27	55	90	5,148


Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$	2,787	11,980	1,168	1,061	—	—	16,996
Loans in forbearance	—		969	828	—	—	—	1,797
Loans in repayment status:
Loans current	14,772		187,799	121,291	8,343	—	—	332,205
Loans delinquent 30-59 days	—		391	300	—	—	—	691
Loans delinquent 60-89 days	31		48	162	—	—	—	241
Loans delinquent 90 days or greater	20		12	357	—	—	—	389
Total loans in repayment	14,823		188,250	122,110	8,343	—	—	333,526
Total private education loans	$	17,610	201,199	124,106	9,404	—	—	352,319
Accrued interest receivable								1,591
Deferred origination costs, net of unaccreted discount								5,366
Allowance for loan losses								(2,905)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	356,371
Gross charge-offs - six months ended June 30, 2023	$	—	614	—	—	—	—	614



Consumer and other loans - Nelnet Bank (a):
Loans in deferment	$	6	—	—	—	—	—	6
Loans in repayment status:
Loans current	29,547		518	55	—	—	—	30,120
Loans delinquent 30-59 days	277		—	—	—	—	—	277
Loans delinquent 60-89 days	205		—	—	—	—	—	205
Loans delinquent 90 days or greater	60		—	—	—	—	—	60
Total loans in repayment	30,089		518	55	—	—	—	30,662
Total consumer and other loans	$	30,095	518	55	—	—	—	30,668
Accrued interest receivable								214
Loan premium								—
Allowance for loan losses								(2,816)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses								$	28,066
Gross charge-offs - six months ended June 30, 2023	$	—	—	—	—	—	—	—

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

Bonds and Notes Payable

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Bonds and Notes Payable

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


	As of June 30, 2023
	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	$	10,494,458	5.37% - 7.15%	8/26/30 - 9/25/69
Bonds and notes based on auction	91,335		0.00% - 6.18%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	10,585,793
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	519,156		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facilities	1,530,429		5.15% - 5.42%	11/22/24 / 4/2/25
Private education loan warehouse facility	42,200		5.37%	12/31/23
Consumer loan warehouse facility	32,324		5.44%	11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	16,628		6.65%	6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	19,606		5.35%	12/28/43
Unsecured line of credit	—		—	9/22/26
Participation agreement	6,781		5.84%	5/4/24
Repurchase agreements	415,514		5.81% - 6.47%	7/26/23 - 11/27/24

Other - due to related party	6,174		3.55% - 6.05%	3/1/24 - 11/15/30
	13,174,605
Discount on bonds and notes payable and debt issuance costs	(104,465)
Total	$	13,070,140


	As of December 31, 2022
	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	$	11,868,190	4.47% - 6.39%	8/26/30 - 9/25/69
Bonds and notes based on auction	178,960		0.00% - 4.02%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	12,047,150
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	594,051		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facility	978,956		4.69% / 4.71%	5/22/24
Private education loan warehouse facility	64,356		4.72%	12/31/23
Consumer loan warehouse facility	89,000		4.73%	11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	19,865		5.90% / 6.14%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	23,032		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	—		—	9/22/26
Participation agreement	395,432		5.02%	5/4/23
Repurchase agreements	567,254		0.97% - 5.60%	1/4/23 - 11/27/24

Other - due to related party	6,187		3.55% - 6.05%	3/1/24 - 11/15/30
	14,785,283
Discount on bonds and notes payable and debt issuance costs	(148,088)
Total	$	14,637,195

Warehouse Facilities

The Company funds a portion of its loan acquisitions using warehouse 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 facilities as of June 30, 2023.


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)	$	1,250,000	1,119,030	130,970	11/22/2023	11/22/2024	note (b)		$	99,220
FFELP (c)	432,000		411,399	20,601	4/2/2024	4/2/2025	92	%	34,497
	$	1,682,000	1,530,429	151,571					$	133,717
Private (d)	42,200		42,200	—	8/31/2023	12/31/2023	—		18,720
Consumer	250,000		32,324	217,676	11/14/2024	11/14/2025	70	%	13,901

(a) On March 31, 2023, this facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. On May 22, 2023, this facility was amended to extend the expiration of liquidity provisions and final maturity date to November 22, 2023 and November 22, 2024, 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.

(c) On April 3, 2023, the Company closed on this $250.0 million FFELP facility. On May 25, 2023, this facility was amended to increase the maximum financing amount from $250.0 million to $432.0 million.

(d) On June 30, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023. No additional amounts can be borrowed under this facility.

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 June 30, 2023, no amount was outstanding on the line of credit and $495.0 million was available for future use.

Participation Agreement

The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities (bond investments). As of June 30, 2023, $6.8 million (par value) of FFELP loan asset-backed securities 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. On May 4, 2023, the agreement automatically renewed for another year through May 4, 2024. The Company can participate FFELP loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $400.0 million or an amount in excess of $400.0 million if mutually agreed to by both parties. The Company maintains legal ownership of the FFELP loan asset-backed securities and, in its discretion, approves and accomplishes any sale, assignment, transfer, encumbrance, or other disposition of the securities. As such, the FFELP loan asset-backed securities subject to this agreement are included on the Company's consolidated balance sheets as "investments and notes receivable" and the participation interests outstanding have been accounted for by the Company as a secured borrowing.

See note 5 for additional information about the FFELP loan asset-backed securities investments serving as collateral under this participation agreement.

Repurchase Agreements

On May 3, 2021 and June 23, 2021, the Company entered into repurchase agreements with non-affiliated third parties, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities (bond investments). The first agreement has various maturity dates through November 27, 2024 or earlier if either party provides 180 days’ prior written notice, and the maturity date of the second agreement (as of June 30, 2023) was July 26, 2023. Subsequent to June 30, 2023, the remaining outstanding balance of this facility was paid in full. Under the first agreement, the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities on any scheduled reset date, and under the second agreement, the Company was subject to margin deficit payment requirements if the fair value of the securities subject to the agreement was less than the original purchase price

of such securities and the counter-party provided notice requiring such payment. Included in “bonds and notes payable” in the consolidated balance sheets as of June 30, 2023 was $347.6 million subject to the first agreement and $67.9 million subject to the second agreement.

See note 5 and below under "Debt Repurchases" for additional information about the private education and FFELP loan asset-backed securities investments, respectively, serving as collateral for these repurchase agreements.

Nelnet Bank

Nelnet Bank has unsecured Federal Funds lines of credit with correspondent banks totaling $30.0 million at a stated interest rate at the time of borrowing. Nelnet Bank has also established an account at the Federal Reserve Bank (FRB), the Federal Home Loan Bank (FHLB), and an additional $10.0 million Federal Funds line of credit with a correspondent bank which must be fully collateralized. The FRB, FHLB, and secured Federal Funds line of credit accepts pledges of eligible securities. In addition, FFELP and private education loans are accepted as collateral for FRB borrowings. As of June 30, 2023 and December 31, 2022, Nelnet Bank had no amounts drawn on their Federal Funds, FRB, or FHLB lines of credit. As of June 30, 2023, the Bank has $20.0 million of collateral pledged with the FRB that it may borrow against.

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.


	Three months ended June 30,			Six months ended June 30,
	2023		2022	2023	2022
Purchase price	$	—	(35,643)	(828)	(54,096)
Par value	—		36,700	908	55,229
Remaining unamortized cost of issuance	—		(17)	(2)	(62)
Gain	$	—	1,040	78	1,071

The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of June 30, 2023, the Company holds $253.7 million (par value) of its own FFELP loan asset-backed securities. As of June 30, 2023, $197.5 million (par value) of the Company's repurchased FFELP loan asset-backed securities were serving as collateral on amounts outstanding under the Company's repurchase agreements (as discussed above).

In April 2023, the Company redeemed $188.6 million of FFELP loan asset-backed debt securities (bonds and notes payable) prior to their maturity, of which the Company owned $140.5 million of the bonds that were redeemed. The remaining unamortized debt discount associated with these bonds at the time of redemption was written-off, resulting in a $25.9 million non-cash expense recognized in April 2023. This expense 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments primarily to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2022 Annual Report. A tabular presentation of such derivatives outstanding as of June 30, 2023 and December 31, 2022 is presented below.

Non-Nelnet Bank Derivatives

Basis Swaps

The following table summarizes the Company’s outstanding basis swaps, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").


Maturity	Notional amount
	As of		As of
	June 30, 2023		December 31, 2022
2023	$	—	750,000
2024	1,750,000		1,750,000
2026	1,150,000		1,150,000
2027	250,000		250,000








	$	3,150,000	3,900,000

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2023 and December 31, 2022 was one-month LIBOR plus 10.1 basis points and 9.7 basis points, respectively.

Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.


	As of June 30, 2023				As of December 31, 2022 (a)
Maturity	Notional amount		Weighted average fixed rate paid by the Company (b)		Notional amount		Weighted average fixed rate paid by the Company (b)
2024	$	—	—	%	$	2,000,000	0.35	%

2026	—		—		500,000		1.02
2030 (c)	50,000		3.44		—		—
2031	—		—		100,000		1.53
2032	—		—		200,000		2.92



	$	50,000	3.44	%	$	2,800,000	0.70	%

(a) On March 15, 2023, to minimize the Company's exposure to market volatility, the Company terminated its entire derivative portfolio hedging loans earning fixed rate floor income ($2.8 billion in notional amount of derivatives). Through March 15, 2023, the Company had received cash or had a receivable from the clearinghouse related to variation margin equal to the fair value of the $2.8 billion notional amount of fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements.

(b) For the interest rate derivative maturing in 2030, the Company receives payments based on Secured Overnight Financing Rate (SOFR) that resets quarterly. For the interest rate derivative maturing in 2032, the Company was to receive payments based on SOFR that reset quarterly. For all other interest rate derivatives, the Company received payments based on three-month LIBOR that reset quarterly.

(c) The Company entered into this derivative in June 2023.

Nelnet Bank Derivatives

Interest Rate Swaps

Derivative instruments are used by Nelnet Bank to hedge the exposure to variability in cash flows of variable rate intercompany deposits primarily to minimize the exposure to volatility in cash flows from future changes in interest rates. Nelnet Bank has structured these derivatives 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 exposure to variability in cash flows related to variable rate intercompany deposits as of June 30, 2023.


	As of June 30, 2023
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)
2028	$	40,000	3.33	%
2030 (b)	25,000		2.97





	$	65,000	3.19	%

(a) For all interest rate derivatives, the Company receives payments based on SOFR that reset quarterly.

(b) This derivative with a $25 million notional amount has a forward effective start date in April 2026.

Unlike the Company's Non-Nelnet Bank derivatives, 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 or liability measured at fair value. As of June 30, 2023, the gross fair value of Nelnet Bank's interest rate swap derivatives was $1.1 million (an asset) that is included in "other assets" on the consolidated balance sheet.

Consolidated Financial Statement Impact Related to Derivatives

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.


	Three months ended June 30,			Six months ended June 30,
	2023		2022	2023	2022
Settlements:
1:3 basis swaps	$	(65)	931	794	1,327
Interest rate swaps - floor income hedges	47		3,692	22,525	487
Interest rate swaps - Nelnet Bank	83		—	83	—

Total settlements - income	65		4,623	23,402	1,814
Change in fair value:
1:3 basis swaps	235		(148)	211	741
Interest rate swaps - floor income hedges	662		40,549	(36,726)	185,394

Interest rate swaps - Nelnet Bank	1,108		—	1,108	—


Total change in fair value - income (expense)	2,005		40,401	(35,407)	186,135
Derivative market value adjustments and derivative settlements, net - income (expense)	$	2,070	45,024	(12,005)	187,949

Investments and Notes Receivable

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Investments and Notes Receivable

Investments and notes receivable consisted of the following:


	As of June 30, 2023						As of December 31, 2022
	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 (a)	$	329,256	5,064	(6,372)	327,948		463,861	3,498	(11,105)	456,254
Private education loan (b)	307,084		—	(25,238)	281,846		335,903	—	(29,438)	306,465
Other debt securities	59,631		3,050	(670)	62,011		158,589	151	(3,790)	154,950
Total Non-Nelnet Bank	695,971		8,114	(32,280)	671,805		958,353	3,649	(44,333)	917,669
Nelnet Bank:
FFELP loan (c)	257,418		1,378	(2,430)	256,366		349,855	955	(8,853)	341,957
Private education loan	1,707		—	(92)	1,615		1,941	—	(122)	1,819
Other debt securities	120,471		161	(2,344)	118,288		131,481	18	(3,907)	127,592
Total Nelnet Bank	379,596		1,539	(4,866)	376,269		483,277	973	(12,882)	471,368
Total available-for-sale asset-backed securities	$	1,075,567	9,653	(37,146)	1,048,074		1,441,630	4,622	(57,215)	1,389,037
Equity securities					39,576					39,082
Total investments at fair value					1,087,650					1,428,119
Other Investments and Notes Receivable (not measured at fair value):
Held to maturity investments
Non-Nelnet Bank:
Debt securities (d)					4,700					18,554
Nelnet Bank:
FFELP loan asset-backed securities (c)					150,840					—
Other debt securities					241					220
Total Nelnet Bank					151,081					220
Total held to maturity investments					155,781					18,774
Venture capital and funds:
Measurement alternative (e) (f)					193,001					160,052
Equity method					109,988					89,332
Total venture capital and funds					302,989					249,384
Real estate:
Equity method					85,284					80,364
Investment in ALLO:
Voting interest/equity method (g)					43,588					67,538
Preferred membership interest and accrued and unpaid preferred return (h)					150,449					145,926
Total investment in ALLO					194,037					213,464
Beneficial interest in loan securitizations (i):
Consumer loans and other					96,635					39,249
Private education loans					71,322					75,261
Federally insured student loans					23,017					24,228
Total beneficial interest in loan securitizations					190,974					138,738
Solar (j)					(72,455)					(55,448)
Notes receivable					54,931					31,106
Tax liens, affordable housing, and other					7,115					7,416
Total investments (not measured at fair value)					918,656					683,798
Total investments and notes receivable					$	2,006,306				$	2,111,917

(a) A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of June 30, 2023, the par value and fair value of these securities was $6.8 million and $6.3 million, respectively.

(b) A portion of private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreements." As of June 30, 2023, the par value and fair value of these securities was $307.6 million and $281.8 million, respectively.

(c) On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available-for-sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 included pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses are being amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield.

(d) On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available-for-sale.

(e) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of June 30, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. 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.

(f) During the second quarter of 2022, the Company recorded an impairment charge of $5.4 million related primarily to one of its venture capital investments accounted for under the measurement alternative method. The impairment expense is included in "impairment expense" on the consolidated statements of income.

(g) During the first quarter of 2023, the Company contributed $8.4 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change.

The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. During the three months ended June 30, 2023 and 2022, the Company recognized losses of $12.2 million and $16.9 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment, and during the six months ended June 30, 2023 and 2022, the Company recognized losses of $32.4 million and $30.1 million, respectively. Income and losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income.

(h) As of June 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $4.5 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.3 million and $2.1 million during the three months ended June 30, 2023 and 2022, respectively, and $4.5 million and $4.3 million during the six months ended June 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.

(i) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2023, the Company's ownership correlates to approximately $680 million, $560 million, and $360 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.

(j) As of June 30, 2023, the Company has funded a total of $312.9 million in solar investments, which includes $120.0 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. The solar investment balance as of June 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through June 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of June 30, 2023, the Company is committed to fund an additional $319.2 million on tax equity investments, of which $120.5 million is expected to be provided by syndication partners.

The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized losses on its solar investments of $7.9 million and $1.9 million during the three months ended June 30, 2023 and 2022, respectively, and $9.9 million and $2.9 million during the six months ended June 30, 2023 and 2022, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $7.4 million and $2.0 million for the three months ended June 30, 2023 and 2022, respectively, and $10.1 million and $3.9 million during the six months ended June 30, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income.

The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at June 30, 2023:


	As of June 30, 2023
	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	$	24,742	11,841	48,079	244,594	329,256
Private education loan	—		—	—	307,084	307,084
Other debt securities	—		99	—	59,532	59,631
Total Non-Nelnet Bank	24,742		11,940	48,079	611,210	695,971
Fair value	24,735		11,915	46,921	588,234	671,805
Nelnet Bank:
FFELP loan	37,270		—	44,458	175,690	257,418
Private education loan	—		—	—	1,707	1,707
Other debt securities	2,112		19,490	50,919	47,950	120,471
Total Nelnet Bank	39,382		19,490	95,377	225,347	379,596
Fair value	38,911		19,370	93,795	224,193	376,269
Total available-for-sale asset-backed securities at amortized cost	$	64,124	31,430	143,456	836,557	1,075,567
Total available-for-sale asset-backed securities at fair value	$	63,646	31,285	140,716	812,427	1,048,074
Held to maturity investments
Non-Nelnet Bank:
Debt securities	$	4,700	—	—	—	4,700
Fair value	4,700		—	—	—	4,700
Nelnet Bank:
FFELP loan asset-backed securities	—		3,678	—	147,162	150,840
Other debt securities	241		—	—	—	241
Total Nelnet Bank	241		3,678	—	147,162	151,081
Fair value	241		3,743	—	147,853	151,837
Total held-to-maturity investments at amortized cost	$	4,941	3,678	—	147,162	155,781
Total held-to-maturity investments at fair value	$	4,941	3,743	—	147,853	156,537

The following table presents securities classified as available-for-sale that have gross unrealized losses at June 30, 2023 and the fair value of such securities as of June 30, 2023. 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 June 30, 2023
	Unrealized loss position less than 12 months			Unrealized loss position 12 months or more		Total
Available-for-sale asset-backed securities	Unrealized loss		Fair value	Unrealized loss	Fair value	Unrealized loss	Fair value
Non-Nelnet Bank:
FFELP loan	$	(6,349)	208,144	(23)	532	(6,372)	208,676
Private education loan	(4,304)		71,534	(20,934)	210,312	(25,238)	281,846
Other debt securities	(670)		24,304	—	—	(670)	24,304
Total Non-Nelnet Bank	(11,323)		303,982	(20,957)	210,844	(32,280)	514,826
Nelnet Bank:
FFELP loan	(827)		89,190	(1,603)	88,972	(2,430)	178,162
Private education loan	(92)		1,616	—	—	(92)	1,616
Other debt securities	(293)		30,671	(2,051)	57,692	(2,344)	88,363
Total Nelnet Bank	(1,212)		121,477	(3,654)	146,664	(4,866)	268,141
Total available-for-sale asset-backed securities	$	(12,535)	425,459	(24,611)	357,508	(37,146)	782,967

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


	Three months ended			Six months ended
	June 30,			June 30,
	2023		2022	2023	2022
Gross proceeds from sales	$	85,375	205,772	577,548	319,752

Gross realized gains	$	920	909	2,194	3,874
Gross realized losses	(2)		(60)	(6,258)	(232)
Net gains (losses)	$	918	849	(4,064)	3,642

Intangible Assets

6 Months Ended

Jun. 30, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	Weighted average remaining useful life as of June 30, 2023 (months)
		As of		As of
		June 30, 2023		December 31, 2022
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $43,178 and $55,116, respectively)	107	$	47,529	51,738
Trade names (net of accumulated amortization of $2,085 and $617, respectively)	16	6,825		8,293
Computer software (net of accumulated amortization of $400 and $6,400, respectively)	46	1,320		1,520
Other (net of accumulated amortization of $821 and $490, respectively)	48	1,619		1,950
Total - amortizable intangible assets, net	93	$	57,293	63,501

The Company recorded amortization expense on its intangible assets of $3.5 million and $2.9 million for the three months ended June 30, 2023 and 2022, respectively, and $6.2 million and $5.3 million during the six months ended June 30, 2023 and 2022, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2023, the Company estimates it will record amortization expense as follows:


2023 (July 1 - December 31)	$	10,765
2024	8,775
2025	7,141
2026	6,294
2027	5,814
2028 and thereafter	18,504
	$	57,293

Goodwill

6 Months Ended

Jun. 30, 2023

Goodwill [Abstract]

Goodwill

The following table presents the carrying amount of goodwill as of June 30, 2023 and December 31, 2022 by reportable operating segment:


	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Total








Goodwill balance	$	23,639	92,507	41,883	—	18,873	176,902

Bank Deposits

6 Months Ended

Jun. 30, 2023

Deposits [Abstract]

Bank Deposits

Deposits are interest-bearing deposits and consist of brokered certificates of deposit (CDs) and retail and other savings deposits and CDs. Retail and other deposits include savings deposits from Educational 529 College Savings and Health Savings plans, Short Term Federal Investment Trusts (STFIT), and commercial and institutional CDs. Union Bank, a related party, is the program manager for the College Savings plans and trustee for the STFIT Trust. 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).

Nelnet Bank has intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $140.4 million, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.

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


	As of		As of
	June 30, 2023		December 31, 2022
Brokered CDs, net of brokered deposit fees	$	203,418	254,817
Retail and other savings (529, STFIT, and HSA)	504,858		410,556
Retail and other CDs (commercial and institutional)	22,770		25,949
Total interest-bearing deposits	$	731,046	691,322

The following table presents certificates of deposit remaining maturities as of June 30, 2023:




After two years to three years	$	151,559
After three years to four years	74,282
After four years to five years	347

Total	$	226,188

The Educational 529 College Savings, STFIT, and Health Savings plan deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Except for the pledged deposit from Nelnet, Inc. and an earmarked deposit required for intercompany transactions, there were no deposits exceeding the FDIC insurance limits as of June 30, 2023 and December 31, 2022.

Earnings per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings per Common Share

The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.


	Three months ended June 30,
	2023				2022
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	27,665	602	28,267	83,485	1,644	85,129
Denominator:
Weighted-average common shares outstanding - basic and diluted	36,670,933		797,464	37,468,397	36,981,990	728,224	37,710,214
Earnings per share - basic and diluted	$	0.75	0.75	0.75	2.26	2.26	2.26
	Six months ended June 30,
	2023				2022
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	53,611	1,143	54,754	266,735	5,041	271,776
Denominator:
Weighted-average common shares outstanding - basic and diluted	36,625,819		781,024	37,406,843	37,172,606	702,502	37,875,108
Earnings per share - basic and diluted	$	1.46	1.46	1.46	7.18	7.18	7.18

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

See note 17 of the notes to consolidated financial statements included in the 2022 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.


	Three months ended June 30, 2023
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Eliminations	Total
Total interest income	$	1,058	5,268	253,763	13,661	25,855	(15,578)	284,027
Interest expense	—		—	232,313	8,171	8,242	(15,578)	233,148
Net interest income	1,058		5,268	21,450	5,490	17,613	—	50,879
Less provision for loan losses	—		—	8,099	1,493	—	—	9,592
Net interest income after provision for loan losses	1,058		5,268	13,351	3,997	17,613	—	41,287
Other income (expense):
Loan servicing and systems revenue	122,020		—	—	—	—	—	122,020
Intersegment revenue	7,246		65	—	—	—	(7,311)	—
Education technology, services, and payment processing revenue	—		109,858	—	—	—	—	109,858
Solar construction revenue	—		—	—	—	4,735	—	4,735
Other, net	605		—	1,319	620	(9,553)	—	(7,011)
Gain on sale of loans, net	—		—	15,511	—	—	—	15,511
Impairment expense	—		—	—	—	—	—	—
Derivative settlements, net	—		—	(18)	83	—	—	65
Derivative market value adjustments, net	—		—	897	1,108	—	—	2,005
Total other income (expense), net	129,871		109,923	17,709	1,811	(4,818)	(7,311)	247,183
Cost of services:
Cost to provide education technology, services, and payment processing services	—		40,407	—	—	—	—	40,407
Cost to provide solar construction services	—		—	—	—	9,122	—	9,122
Total cost of services	—		40,407	—	—	9,122	—	49,529
Operating expenses:
Salaries and benefits	76,141		38,351	1,096	2,297	26,965	(145)	144,706
Depreciation and amortization	4,863		2,815	—	51	10,923	—	18,652
Other expenses	13,818		9,692	4,115	1,624	16,747	—	45,997
Intersegment expenses, net	19,079		5,884	8,145	92	(26,034)	(7,166)	—
Total operating expenses	113,901		56,742	13,356	4,064	28,601	(7,311)	209,355
Income (loss) before income taxes	17,028		18,042	17,704	1,744	(24,928)	—	29,586
Income tax (expense) benefit	(4,086)		(4,327)	(4,249)	(396)	2,567	—	(10,491)
Net income (loss)	12,942		13,715	13,455	1,348	(22,361)	—	19,095
Net (income) loss attributable to noncontrolling interests	—		(19)	—	—	9,191	—	9,172
Net income (loss) attributable to Nelnet, Inc.	$	12,942	13,696	13,455	1,348	(13,170)	—	28,267

Total assets as of June 30, 2023	$	173,926	482,922	14,667,357	1,005,043	2,091,500	(613,116)	17,807,632


	Three months ended June 30, 2022
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Eliminations	Total
Total interest income	$	246	874	140,396	5,212	6,235	(1,376)	151,587
Interest expense	20		—	69,708	1,639	3,652	(1,376)	73,642
Net interest income	226		874	70,688	3,573	2,583	—	77,945
Less provision for loan losses	—		—	8,827	582	—	—	9,409
Net interest income after provision for loan losses	226		874	61,861	2,991	2,583	—	68,536
Other income (expense):
Loan servicing and systems revenue	124,873		—	—	—	—	—	124,873
Intersegment revenue	8,381		7	—	—	—	(8,388)	—
Education technology, services, and payment processing revenue	—		91,031	—	—	—	—	91,031
Solar construction revenue	—		—	—	—	—	—	—
Other, net	611		—	5,133	157	6,747	—	12,647
Gain on sale of loans, net	—		—	—	—	—	—	—
Impairment expense	—		—	—	—	(6,284)	—	(6,284)
Derivative settlements, net	—		—	4,623	—	—	—	4,623
Derivative market value adjustments, net	—		—	40,401	—	—	—	40,401
Total other income (expense), net	133,865		91,038	50,157	157	463	(8,388)	267,291
Cost of services:
Cost to provide education technology, services, and payment processing services	—		30,852	—	—	—	—	30,852
Cost to provide solar construction services	—		—	—	—	—	—	—
Total cost of services	—		30,852	—	—	—	—	30,852
Operating expenses:
Salaries and benefits	83,220		32,120	614	1,714	23,729	—	141,398
Depreciation and amortization	5,318		2,698	—	4	10,230	—	18,250
Other expenses	13,507		6,750	3,543	899	12,241	—	36,940
Intersegment expenses, net	18,558		4,805	8,513	57	(23,545)	(8,388)	—
Total operating expenses	120,603		46,373	12,670	2,674	22,655	(8,388)	196,588
Income (loss) before income taxes	13,488		14,687	99,348	474	(19,609)	—	108,387
Income tax (expense) benefit	(3,237)		(3,525)	(23,844)	(106)	5,228	—	(25,483)
Net income (loss)	10,251		11,162	75,504	368	(14,381)	—	82,904
Net (income) loss attributable to noncontrolling interests	—		53	—	—	2,172	—	2,225
Net income (loss) attributable to Nelnet, Inc.	$	10,251	11,215	75,504	368	(12,209)	—	85,129

Total assets as of June 30, 2022	$	240,437	546,235	17,388,228	864,659	2,273,216	(688,762)	20,624,013



	Six months ended June 30, 2023
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Eliminations	Total
Total interest income	$	2,095	11,304	488,482	25,920	47,054	(24,860)	549,995
Interest expense	—		—	421,511	15,385	20,560	(24,860)	432,597
Net interest income	2,095		11,304	66,971	10,535	26,494	—	117,398
Less provision for loan losses	—		—	39,957	3,910	—	—	43,867
Net interest income after provision for loan losses	2,095		11,304	27,014	6,625	26,494	—	73,531
Other income (expense):
Loan servicing and systems revenue	261,247		—	—	—	—	—	261,247
Intersegment revenue	15,036		121	—	—	—	(15,157)	—
Education technology, services, and payment processing revenue	—		243,462	—	—	—	—	243,462
Solar construction revenue	—		—	—	—	13,386	—	13,386
Other, net	1,213		—	4,164	830	(27,287)	—	(21,083)
Gain on sale of loans, net	—		—	27,323	—	—	—	27,323
Impairment expense	—		—	—	—	—	—	—
Derivative settlements, net	—		—	23,319	83	—	—	23,402
Derivative market value adjustments, net	—		—	(36,515)	1,108	—	—	(35,407)
Total other income (expense), net	277,496		243,583	18,291	2,021	(13,901)	(15,157)	512,330
Cost of services:
Cost to provide education technology, services, and payment processing services	—		88,110	—	—	—	—	88,110
Cost to provide solar construction services	—		—	—	—	17,422	—	17,422
Total cost of services	—		88,110	—	—	17,422	—	105,532
Operating expenses:
Salaries and benefits	160,701		76,264	1,851	4,361	54,384	(145)	297,416
Depreciation and amortization	9,377		5,393	—	56	20,454	—	35,279
Other expenses	27,131		17,755	9,131	2,406	30,358	—	86,781
Intersegment expenses, net	40,136		11,684	16,841	173	(53,822)	(15,012)	—
Total operating expenses	237,345		111,096	27,823	6,996	51,374	(15,157)	419,476
Income (loss) before income taxes	42,246		55,681	17,482	1,650	(56,203)	—	60,853
Income tax (expense) benefit	(10,139)		(13,393)	(4,196)	(362)	9,348	—	(18,741)
Net income (loss)	32,107		42,288	13,286	1,288	(46,855)	—	42,112
Net (income) loss attributable to noncontrolling interests	—		119	—	—	12,523	—	12,642
Net income (loss) attributable to Nelnet, Inc.	$	32,107	42,407	13,286	1,288	(34,332)	—	54,754

Total assets as of June 30, 2023	$	173,926	482,922	14,667,357	1,005,043	2,091,500	(613,116)	17,807,632



	Six months ended June 30, 2022
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Eliminations	Total
Total interest income	$	313	1,213	258,994	8,241	10,227	(2,205)	276,783
Interest expense	44		—	115,711	2,494	5,678	(2,205)	121,721
Net interest income	269		1,213	143,283	5,747	4,549	—	155,062
Less provision for loan losses	—		—	7,963	1,011	—	—	8,974
Net interest income after provision for loan losses	269		1,213	135,320	4,736	4,549	—	146,088
Other income (expense):
Loan servicing and systems revenue	261,241		—	—	—	—	—	261,241
Intersegment revenue	16,860		10	—	—	—	(16,870)	—
Education technology, services, and payment processing revenue	—		203,317	—	—	—	—	203,317
Solar construction revenue	—		—	—	—	—	—	—
Other, net	1,350		—	11,644	1,659	7,872	—	22,524
Gain on sale of loans, net	—		—	2,989	—	—	—	2,989
Impairment expense	—		—	—	—	(6,284)	—	(6,284)
Derivative settlements, net	—		—	1,814	—	—	—	1,814
Derivative market value adjustments, net	—		—	186,135	—	—	—	186,135
Total other income (expense), net	279,451		203,327	202,582	1,659	1,588	(16,870)	671,736
Cost of services:
Cost to provide education technology, services, and payment processing services	—		66,397	—	—	—	—	66,397
Cost to provide solar construction services	—		—	—	—	—	—	—
Total cost of services	—		66,397	—	—	—	—	66,397
Operating expenses:
Salaries and benefits	175,192		63,406	1,205	3,268	47,742	—	290,813
Depreciation and amortization	10,272		5,013	—	7	19,914	—	35,206
Other expenses	29,721		12,514	6,576	1,584	26,045	—	76,439
Intersegment expenses, net	38,955		9,410	17,344	102	(48,941)	(16,870)	—
Total operating expenses	254,140		90,343	25,125	4,961	44,760	(16,870)	402,458
Income (loss) before income taxes	25,580		47,800	312,777	1,434	(38,623)	—	348,969
Income tax (expense) benefit	(6,139)		(11,472)	(75,066)	(328)	11,826	—	(81,180)
Net income (loss)	19,441		36,328	237,711	1,106	(26,797)	—	267,789
Net (income) loss attributable to noncontrolling interests	—		53	—	—	3,934	—	3,987
Net income (loss) attributable to Nelnet, Inc.	$	19,441	36,381	237,711	1,106	(22,863)	—	271,776

Total assets as of June 30, 2022	$	240,437	546,235	17,388,228	864,659	2,273,216	(688,762)	20,624,013

- 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 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Disaggregated Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.

Loan Servicing and Systems


	Three months ended June 30,			Six months ended June 30,
	2023		2022	2023	2022
Government loan servicing	$	95,736	98,815	204,618	207,940
Private education and consumer loan servicing	12,063		12,122	24,225	24,995
FFELP loan servicing	3,554		4,011	6,921	8,259
Software services	5,962		7,907	15,660	15,308
Outsourced services	4,705		2,018	9,823	4,739
Loan servicing and systems revenue	$	122,020	124,873	261,247	261,241

Education Technology, Services, and Payment Processing


	Three months ended June 30,			Six months ended June 30,
	2023		2022	2023	2022
Tuition payment plan services	$	30,825	27,637	65,012	58,352
Payment processing	31,827		27,968	75,868	66,039
Education technology and services	46,216		34,956	101,004	78,207
Other	990		470	1,578	719
Education technology, services, and payment processing revenue	$	109,858	91,031	243,462	203,317

Solar Construction

GRNE Solar was acquired on July 1, 2022; accordingly, there are no results for the three and six months ended June 30, 2022.


	Three months ended June 30, 2023		Six months ended June 30, 2023




Commercial revenue	$	2,004	8,238
Residential revenue	2,406		5,181
Other	325		(33)
Solar construction revenue	$	4,735	13,386

Other Income (Expense)

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


	Three months ended June 30,			Six months ended June 30,
	2023		2022	2023	2022
ALLO preferred return	$	2,274	2,140	4,523	4,257
Borrower late fee income	2,168		2,436	4,414	4,867
Administration/sponsor fee income	1,697		2,012	3,468	4,134
Investment advisory services	1,639		1,482	3,251	2,764
Loss from ALLO voting membership interest investment	(12,169)		(16,941)	(32,382)	(30,071)
Loss from solar investments	(7,929)		(1,854)	(9,876)	(2,884)
Investment activity, net	(3,574)		18,091	(7,154)	29,924


Other	8,883		5,281	12,673	9,533
Other, net	$	(7,011)	12,647	(21,083)	22,524

- 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
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-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Major Customer	6 Months Ended
Major Customer	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Government Loan Servicing Nelnet Servicing, LLC (Nelnet Servicing) and Great Lakes Educational Loan Services, Inc. (Great Lakes), both subsidiaries of the Company, are two of the current six private sector entities that have student loan servicing contracts with the Department. Revenue earned by the Company related to these contracts was $95.7 million and $98.8 million for the three months ended June 30, 2023 and 2022, respectively, and $204.6 million and $207.9 million for the six months ended June 30, 2023 and 2022, respectively. The Company also licensed its hosted servicing software to two of the six servicers for the Department. Contract Modifications and Award Effective April 1, 2023, the Department modified the student loan servicing contracts between the Department and each of Nelnet Servicing and Great Lakes (the “servicing contracts”) to reduce the monthly fee under the servicing contracts by $0.19 per borrower on certain borrower statuses. The Company's current student loan servicing contracts with the Department were scheduled to expire on December 14, 2023. In April 2023, Nelnet Diversified Solutions, LLC (NDS), a subsidiary of the Company, received a contract award from the Department, pursuant to which NDS was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which will replace the existing legacy Department student loan servicing contracts. The New Government Servicing Contract is effective April 24, 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 more than 37 million existing borrowers will be allocated by the Department to NDS and four other third-party servicers that were awarded a USDS contract based on service and performance levels. Under the New Government Servicing Contract, NDS will begin immediately to make required servicing platform enhancements, for which NDS will be compensated from the Department on certain of these investments. In April 2023, the Department indicated that servicing under the USDS contracts will go live in 2024 and it will extend the current legacy servicing contracts from December 14, 2023 to December 2024. Until servicing under the USDS contracts goes live, the Company will continue to earn revenue for servicing borrowers under its current legacy servicing contracts with the Department. The new USDS servicing contracts have multiple revenue components with tiered pricing based on borrower volume, while revenue earned under the legacy servicing contracts is primarily based on borrower status. Assuming borrower volume remains consistent under the USDS servicing contract, the Company expects revenue earned on a per borrower blended basis will decrease under the USDS contract versus the current legacy contracts. However, consistent with the current legacy contracts, the Company expects to earn additional revenue from the Department under the USDS servicing contract for change requests, consolidations, and other support services. As discussed below, during the second quarter of 2023, the Company completed the transfer of Great Lakes direct loan servicing volume to the Nelnet servicing platform. The associated cost savings with moving government borrowers to one servicing platform will be partially offset under the USDS contract as the Company will incur additional costs for cybersecurity and other system specifications as required under the new contract. Loan Volume Transfers - Full Service Borrowers In February 2023, the Department notified the Company of its intention to transfer up to one million of the Company’s existing Department servicing borrowers to another third-party servicer. This transfer decision was not based on the Company's performance. These transfers began in the second quarter of 2023 and were completed in July 2023. In addition, the Company completed the transfer of active borrowers of Great Lakes direct loan servicing volume to the Nelnet servicing platform (the GreatNet Federal servicing platform) during the second quarter of 2023. The Company anticipates the decommissioning of the Great Lakes' platform to be completed by the end of 2023. Therefore, potential associated cost savings as a result of transferring direct loan servicing volume to one platform will not be recognized in operating results until 2024. Loan Volume Transfers - Remote Hosted Servicing Borrowers Edfinancial Services, LLC ("Edfinancial"), a current servicer for the Department, utilized Nelnet Servicing's platform to service their loans for the Department (remote hosted servicing customer). In the fourth quarter of 2022, Nelnet Servicing and Edfinancial reached an agreement on a decommission schedule transferring Edfinancial’s direct loan servicing volume to another third-party servicing platform. As of December 31, 2022, Edfinancial was servicing 4.5 million borrowers for the Department on the Company’s platform. The Company began transferring Edfinancial's servicing volume to another servicing platform in the first quarter of 2023 which reduced the number of Edfinancial's borrowers serviced on the Company's platform to 3.5 million borrowers as of March 31, 2023 and 579,000 borrowers as of June 30, 2023. Edfinancial's remaining borrowers were transferred off of the Company's platform in July 2023. In February 2023, the Company’s other remote hosted servicing customer notified the Company the Department intended to move that customer’s servicing borrowers to a different third-party servicing platform. This transfer decision was the result of this customer not being one of the servicers awarded a USDS contract. As of March 31, 2023, this remote hosted servicing customer was servicing 1.4 million borrowers for the Department on the Company's platform. The majority of this volume was transferred to another third-party servicing platform during the second quarter of 2023, and the remaining borrowers were transferred off of the Company's platform in July 2023. As a result of the transfers discussed above, the Company has no remaining Department remote hosted servicing borrowers on its platform and software services revenue will be negatively impacted in future periods. Department of Education Debt Relief In August 2022, the Department announced a broad based student debt relief plan that would provide targeted student debt cancellation to borrowers with loans held by the Department with unconditional loan cancellation in amounts of up to $20,000 for eligible borrowers who received a Pell Grant, or of up to $10,000 for eligible borrowers who did not receive a Pell Grant. Federal courts blocked implementation of the Department's broad based student debt relief plan and on June 30, 2023, the Supreme Court struck down the Department's plan. While the current version of the Department's forgiveness plan has been invalidated, the Department recently announced that it has begun a new rulemaking process to consider other ways to provide debt relief to borrowers. The Company cannot predict the timing, nature, or ultimate outcome of any future potential student loan forgiveness programs as a result of the rulemaking process. Revenue earned under the current Department servicing contracts will decrease in future periods if the Department successfully implements broad based loan forgiveness.

Fair Value

6 Months Ended

Jun. 30, 2023

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.


	As of June 30, 2023			As of December 31, 2022
	Level 1		Level 2	Total	Level 1	Level 2	Total
Assets:
Investments:
Asset-backed debt securities - available-for-sale	$	99	1,047,975	1,048,074	100	1,388,937	1,389,037
Equity securities	105		—	105	6,719	—	6,719
Equity securities measured at net asset value (a)				39,471			32,363
Total investments	204		1,047,975	1,087,650	6,819	1,388,937	1,428,119
Derivative instruments (b)	—		1,108	1,108	—	—	—
Total assets	$	204	1,049,083	1,088,758	6,819	1,388,937	1,428,119

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

(b) Nelnet Bank 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, Nelnet Bank 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 June 30, 2023
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	13,809,016	13,541,903	—	—	13,809,016
Accrued loan interest receivable	818,709		818,709	—	818,709	—
Cash and cash equivalents	121,769		121,769	121,769	—	—
Investments (at fair value)	1,087,650		1,087,650	204	1,047,975	—
Investments - held to maturity	156,537		155,781	—	156,537	—
Notes receivable	54,931		54,931	—	54,931	—
Beneficial interest in loan securitizations	228,603		190,974	—	—	228,603
Restricted cash	484,223		484,223	484,223	—	—
Restricted cash – due to customers	208,033		208,033	208,033	—	—

Derivative instruments	1,108		1,108	—	1,108	—
Financial liabilities:
Bonds and notes payable	12,724,618		13,070,140	—	12,724,618	—
Accrued interest payable	35,926		35,926	—	35,926	—
Bank deposits	704,116		731,046	449,297	254,819	—
Due to customers	299,552		299,552	299,552	—	—


	As of December 31, 2022
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	14,586,794	14,427,025	—	—	14,586,794
Accrued loan interest receivable	816,864		816,864	—	816,864	—
Cash and cash equivalents	118,146		118,146	118,146	—	—
Investments (at fair value)	1,428,119		1,428,119	6,819	1,388,937	—
Investments - held to maturity	18,996		18,774	—	18,996	—
Notes receivable	31,106		31,106	—	31,106	—
Beneficial interest in loan securitizations	162,360		138,738	—	—	162,360
Restricted cash	945,159		945,159	945,159	—	—
Restricted cash – due to customers	294,311		294,311	294,311	—	—


Financial liabilities:
Bonds and notes payable	14,088,666		14,637,195	—	14,088,666	—
Accrued interest payable	36,049		36,049	—	36,049	—
Bank deposits	664,573		691,322	355,282	309,291	—
Due to customers	348,317		348,317	348,317	—	—

The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2022 Annual Report.

- 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 + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Nelnet, Inc.	$ 28,267	$ 85,129	$ 54,754	$ 271,776

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2023

shares

Jun. 30, 2023

shares

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the second quarter of 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans.

Name and Title

Date of Adoption of Rule 10b5-1 Trading Plan

Scheduled Expiration Date of Rule 10b5-1 Trading Plan (a)

Aggregate Number of Securities to Be Purchased or Sold

Jona M. Van Deun

Director

5/16/2023

9/15/2023

Sale of 785 shares of Class A common stock

William J. Munn

Corporate Secretary / Chief Governance Officer / General Counsel

6/1/2023

6/1/2024

Sale of 2,500 shares of Class A common stock

Michael S. Dunlap

Executive Chairman

6/7/2023

7/7/2024

Gift transfer of 40,000 shares of Class A common stock

Kathleen A. Farrell

Director

6/16/2023

6/15/2024

Sale of 1,000 shares of Class A common stock

(a) In each case, a trading plan may also expire on such earlier date as all transactions under the trading plan are completed.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jona M. Van Deun [Member]

Trading Arrangements, by Individual

Name

Jona M. Van Deun

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

5/16/2023

Arrangement Duration

122 days

Aggregate Available

785

Kathleen A. Farrell [Member]

Trading Arrangements, by Individual

Name

Kathleen A. Farrell

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

6/16/2023

Arrangement Duration

365 days

Aggregate Available

1,000

Michael S. Dunlap [Member]

Trading Arrangements, by Individual

Name

Michael S. Dunlap

Title

Executive Chairman

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

6/7/2023

Arrangement Duration

396 days

Aggregate Available

40,000

William J. Munn [Member]

Trading Arrangements, by Individual

Name

William J. Munn

Title

Corporate Secretary / Chief Governance Officer / General Counsel

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

6/1/2023

Arrangement Duration

366 days

Aggregate Available

2,500

Basis of Financial Reporting (Policies)	6 Months Ended
Basis of Financial Reporting (Policies)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report").

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Loans Receivable and Accrued Interest Receivable

Loans and accrued interest receivable consisted of the following:


	As of		As of
	June 30, 2023		December 31, 2022
Non-Nelnet Bank:
Federally insured loans:
Stafford and other	$	3,245,540	3,389,178
Consolidation	9,574,202		10,177,295
Total	12,819,742		13,566,473
Private education loans	230,056		252,383
Consumer and other loans	189,327		350,915
Non-Nelnet Bank loans	13,239,125		14,169,771
Nelnet Bank:
Federally insured loans	61,501		65,913



Private education loans	352,319		353,882
Consumer and other loans	30,668		—
Nelnet Bank loans	444,488		419,795

Accrued interest receivable	818,709		816,864
Loan discount, net of unamortized loan premiums and deferred origination costs	(27,447)		(30,714)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans	(74,061)		(83,593)
Private education loans	(14,322)		(15,411)
Consumer and other loans	(20,005)		(30,263)
Non-Nelnet Bank allowance for loan losses	(108,388)		(129,267)
Nelnet Bank:
Federally insured loans	(154)		(170)
Private education loans	(2,905)		(2,390)
Consumer and other loans	(2,816)		—
Nelnet Bank allowance for loan losses	(5,875)		(2,560)
	$	14,360,612	15,243,889

Allowance for Loan Losses as a Percentage of the Ending Balance

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


	As of		As of
	June 30, 2023		December 31, 2022
Non-Nelnet Bank:
Federally insured loans (a)	0.58	%	0.62	%
Private education loans	6.23	%	6.11	%
Consumer and other loans	10.57	%	8.62	%
Nelnet Bank:
Federally insured loans (a)	0.25	%	0.26	%
Private education loans	0.82	%	0.68	%
Consumer and other loans	9.18	%	—

(a) As of June 30, 2023 and December 31, 2022, 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 21.7% and 22.4%, respectively, and for Nelnet Bank was 10.0% and 10.3%, respectively.

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Non-Nelnet Bank:
Federally insured loans	0.16	%	0.14	%	0.18	%	0.13	%
Private education loans	1.45	%	0.85	%	1.11	%	1.22	%
Consumer and other loans	4.07	%	1.51	%	3.22	%	3.24	%
Nelnet Bank:
Federally insured loans	0.01	%	0.01	%	0.01	%	0.00	%
Private education loans	0.57	%	0.09	%	0.35	%	0.06	%
Consumer and other loans	—		—		—		—

Financing Receivable, Loans Sold and Gains Recognized

The following table summarizes the loans sold and gains/losses recognized by the Company during the six months ended June 30, 2023 and 2022.


	Loans sold (par value)		Gain (loss)	Loan type	Residual interest received in securitization
	Six months ended June 30, 2023
January 31	$	97,350	(1,441)	Home equity	64.8	%	(a)
January 31	42,275		4,350	Consumer	13.3
March 2	122,277		8,903	Consumer	24.6		(a)

April 4	5,633		659	Consumer	—
April 13	24,980		3,123	Consumer	11.3
May 2	127,663		11,729	Consumer	26.5

	$	420,178	27,323
	Six months ended June 30, 2022
January 26	$	18,125	2,989	Consumer	6.6	%
June 30	114		—	Home equity	—



	$	18,239	2,989

(a) In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.

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
	Three months ended June 30, 2023
Non-Nelnet Bank:
Federally insured loans	$	79,331	—	(5,270)	—	—	—	74,061
Private education loans	15,175		—	(1,069)	216	—	—	14,322
Consumer and other loans	35,317		8,099	(2,881)	441	—	(20,971)	20,005
Nelnet Bank:
Federally insured loans	160		(4)	(2)	—	—	—	154
Private education loans	2,894		517	(506)	—	—	—	2,905
Consumer and other loans	1,827		989	—	—	—	—	2,816
	$	134,704	9,601	(9,728)	657	—	(20,971)	114,263
	Three months ended June 30, 2022
Non-Nelnet Bank:
Federally insured loans	$	95,995	2,365	(5,788)	—	21	—	92,593
Private education loans	14,622		1,217	(707)	118	—	3	15,253
Consumer and other loans	5,710		5,245	(531)	152	—	—	10,576
Nelnet Bank:
Federally insured loans	247		13	(2)	—	—	—	258
Private education loans	1,251		569	(73)	—	—	(3)	1,744

	$	117,825	9,409	(7,101)	270	21	—	120,424

	Six months ended June 30, 2023
Non-Nelnet Bank:
Federally insured loans	$	83,593	2,411	(11,949)	—	6	—	74,061
Private education loans	15,411		240	(1,709)	380	—	—	14,322
Consumer and other loans	30,263		37,306	(5,148)	661	—	(43,077)	20,005
Nelnet Bank:
Federally insured loans	170		(12)	(4)	—	—	—	154
Private education loans	2,390		1,129	(614)	—	—	—	2,905
Consumer and other loans	—		2,816	—	—	—	—	2,816
	$	131,827	43,890	(19,424)	1,041	6	(43,077)	114,263

	Six months ended June 30, 2022
Non-Nelnet Bank:
Federally insured loans	$	103,381	(383)	(10,549)	—	144	—	92,593
Private education loans	16,143		817	(2,006)	295	—	4	15,253
Consumer and other loans	6,481		7,529	(1,469)	319	—	(2,284)	10,576
Nelnet Bank:
Federally insured loans	268		(8)	(2)	—	—	—	258
Private education loans	840		995	(87)	—	—	(4)	1,744

	$	127,113	8,950	(14,113)	614	144	(2,284)	120,424

Loan Status and Delinquencies

The following table presents the Company’s loan status and delinquency amounts.


	As of June 30, 2023						As of December 31, 2022						As of June 30, 2022
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	612,357	4.8	%			$	637,919	4.7	%			$	763,957	4.9	%
Loans in forbearance	930,629		7.3				1,103,181		8.1				1,246,882		8.1
Loans in repayment status:
Loans current	9,609,634				85.2	%	10,173,859				86.0	%	11,551,817				86.1	%
Loans delinquent 31-60 days	496,953				4.4		415,305				3.5		464,234				3.5
Loans delinquent 61-90 days	360,728				3.2		253,565				2.2		309,252				2.3
Loans delinquent 91-120 days	157,685				1.4		180,029				1.5		187,452				1.4
Loans delinquent 121-270 days	457,100				4.1		534,410				4.5		638,189				4.7
Loans delinquent 271 days or greater	194,656				1.7		268,205				2.3		267,828				2.0
Total loans in repayment	11,276,756		87.9		100.0	%	11,825,373		87.2		100.0	%	13,418,772		87.0		100.0	%
Total federally insured loans	12,819,742		100.0	%			13,566,473		100.0	%			15,429,611		100.0	%
Accrued interest receivable	810,489						808,150						775,337
Loan discount, net of unamortized premiums and deferred origination costs	(33,764)						(35,468)						(26,674)
Allowance for loan losses	(74,061)						(83,593)						(92,593)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	13,522,406					$	14,255,562					$	16,085,681




Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	10,440	4.6	%			$	12,756	5.1	%			$	15,403	5.6	%
Loans in forbearance	1,874		0.8				2,017		0.8				2,447		0.9
Loans in repayment status:
Loans current	212,522				97.6	%	232,539				97.9	%	250,268				98.1	%
Loans delinquent 31-60 days	1,643				0.7		2,410				1.0		1,980				0.8
Loans delinquent 61-90 days	1,253				0.6		767				0.3		782				0.3
Loans delinquent 91 days or greater	2,324				1.1		1,894				0.8		2,063				0.8
Total loans in repayment	217,742		94.6		100.0	%	237,610		94.1		100.0	%	255,093		93.5		100.0	%
Total private education loans	230,056		100.0	%			252,383		100.0	%			272,943		100.0	%
Accrued interest receivable	2,196						2,146						2,058
Loan premium, net of unaccreted discount	183						(38)						94
Allowance for loan losses	(14,322)						(15,411)						(15,253)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	218,113					$	239,080					$	259,842


Consumer and other loans - Non-Nelnet Bank:
Loans in deferment	$	102	0.1	%			$	109	0.0	%			$	64	0.0	%
Loans in repayment status:
Loans current	181,864				96.1	%	346,812				98.9	%	150,812				98.9	%
Loans delinquent 31-60 days	2,794				1.5		1,906				0.5		515				0.3
Loans delinquent 61-90 days	2,533				1.3		764				0.2		435				0.3
Loans delinquent 91 days or greater	2,034				1.1		1,324				0.4		757				0.5
Total loans in repayment	189,225		99.9		100.0	%	350,806		100.0		100.0	%	152,519		100.0		100.0	%
Total consumer and other loans	189,327		100.0	%			350,915		100.0	%			152,583		100.0	%
Accrued interest receivable	2,246						3,658						1,376
Loan premium, net of unaccreted discount	750						(588)						(1,965)
Allowance for loan losses	(20,005)						(30,263)						(10,576)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses	$	172,318					$	323,722					$	141,418


	As of June 30, 2023						As of December 31, 2022						As of June 30, 2022
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$	239	0.4	%			$	241	0.4	%			$	283	0.4	%
Loans in forbearance	665		1.1				981		1.5				1,029		1.3
Loans in repayment status:
Loans current	59,041				97.5	%	63,225				97.8	%	74,883				98.4	%
Loans delinquent 30-59 days	320				0.5		436				0.7		587				0.8
Loans delinquent 60-89 days	301				0.5		466				0.7		165				0.2
Loans delinquent 90-119 days	372				0.6		222				0.3		245				0.3
Loans delinquent 120-270 days	448				0.7		183				0.3		236				0.3
Loans delinquent 271 days or greater	115				0.2		159				0.2		—				—
Total loans in repayment	60,597		98.5		100.0	%	64,691		98.1		100.0	%	76,116		98.3		100.0	%
Total federally insured loans	61,501		100.0	%			65,913		100.0	%			77,428		100.0	%
Accrued interest receivable	1,973						1,758						1,381
Loan premium	18						20						23
Allowance for loan losses	(154)						(170)						(258)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	63,338					$	67,521					$	78,574


Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$	16,996	4.8	%			$	11,580	3.3	%			$	1,160	0.3	%
Loans in forbearance	1,797		0.5				864		0.2				1,236		0.4
Loans in repayment status:
Loans current	332,205				99.6	%	340,830				99.8	%	343,148				99.8	%
Loans delinquent 30-59 days	691				0.2		167				0.1		169				0.1
Loans delinquent 60-89 days	241				0.1		32				0.0		412				0.1
Loans delinquent 90 days or greater	389				0.1		409				0.1		—				—
Total loans in repayment	333,526		94.7		100.0	%	341,438		96.5		100.0	%	343,729		99.3		100.0	%
Total private education loans	352,319		100.0	%			353,882		100.0	%			346,125		100.0	%
Accrued interest receivable	1,591						1,152						539
Deferred origination costs, net of unaccreted discount	5,366						5,360						5,909
Allowance for loan losses	(2,905)						(2,390)						(1,744)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	356,371					$	358,004					$	350,829


Consumer and other loans - Nelnet Bank (a):
Loans in deferment	$	6	—	%
Loans in repayment status:
Loans current	30,120				98.2	%
Loans delinquent 30-59 days	277				0.9
Loans delinquent 60-89 days	205				0.7
Loans delinquent 90 days or greater	60				0.2
Total loans in repayment	30,662		100.0		100.0	%
Total consumer and other loans	30,668		100.0	%
Accrued interest receivable	214
Loan premium	—
Allowance for loan losses	(2,816)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses	$	28,066

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

Loans Receivable Credit Quality Indicators

The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.


	Loan balance as of June 30, 2023
	Six months ended June 30, 2023		2022	2021	2020	Total
FICO at origination:
Less than 705	$	1,731	5,869	5,100	342	13,042
705 - 734	3,936		22,881	9,776	506	37,099
735 - 764	4,109		34,497	15,794	1,401	55,801
765 - 794	1,938		54,989	29,021	1,531	87,479
Greater than 794	5,896		82,963	64,415	5,624	158,898
	$	17,610	201,199	124,106	9,404	352,319


	Loan balance as of December 31, 2022
	2022		2021	2020	Total
FICO at origination:
Less than 705	$	5,898	5,389	348	11,635
705 - 734	23,392		10,543	542	34,477
735 - 764	35,456		16,686	1,473	53,615
765 - 794	57,141		31,035	1,622	89,798
Greater than 794	87,959		70,135	6,263	164,357
	$	209,846	133,788	10,248	353,882

The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2023 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.


	Six months ended June 30, 2023		2022	2021	2020	2019	Prior years	Total
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	—	1,390	4,831	1,122	1,907	1,190	10,440
Loans in forbearance	—		—	62	311	451	1,050	1,874
Loans in repayment status:
Loans current	115		4,270	4,610	49,726	39,948	113,853	212,522
Loans delinquent 31-60 days	—		12	3	221	95	1,312	1,643
Loans delinquent 61-90 days	—		—	—	311	71	871	1,253
Loans delinquent 91 days or greater	—		29	5	100	110	2,080	2,324
Total loans in repayment	115		4,311	4,618	50,358	40,224	118,116	217,742
Total private education loans	$	115	5,701	9,511	51,791	42,582	120,356	230,056
Accrued interest receivable								2,196
Loan premium, net of unaccreted discount								183
Allowance for loan losses								(14,322)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	218,113
Gross charge-offs - six months ended June 30, 2023	$	—	—	5	2	381	1,321	1,709


	Six months ended June 30, 2023		2022	2021	2020	2019	Prior years	Total
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment	$	43	40	19	—	—	—	102
Loans in repayment status:
Loans current	120,588		53,714	5,662	457	956	487	181,864
Loans delinquent 31-60 days	1,040		1,565	153	24	8	4	2,794
Loans delinquent 61-90 days	1,458		770	227	20	50	8	2,533
Loans delinquent 91 days or greater	337		970	131	61	199	336	2,034
Total loans in repayment	123,423		57,019	6,173	562	1,213	835	189,225
Total consumer and other loans	$	123,466	57,059	6,192	562	1,213	835	189,327
Accrued interest receivable								2,246
Loan premium, net of unaccreted discount								750
Allowance for loan losses								(20,005)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses								$	172,318
Gross charge-offs - six months ended June 30, 2023	$	265	4,272	439	27	55	90	5,148


Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment	$	2,787	11,980	1,168	1,061	—	—	16,996
Loans in forbearance	—		969	828	—	—	—	1,797
Loans in repayment status:
Loans current	14,772		187,799	121,291	8,343	—	—	332,205
Loans delinquent 30-59 days	—		391	300	—	—	—	691
Loans delinquent 60-89 days	31		48	162	—	—	—	241
Loans delinquent 90 days or greater	20		12	357	—	—	—	389
Total loans in repayment	14,823		188,250	122,110	8,343	—	—	333,526
Total private education loans	$	17,610	201,199	124,106	9,404	—	—	352,319
Accrued interest receivable								1,591
Deferred origination costs, net of unaccreted discount								5,366
Allowance for loan losses								(2,905)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	356,371
Gross charge-offs - six months ended June 30, 2023	$	—	614	—	—	—	—	614



Consumer and other loans - Nelnet Bank (a):
Loans in deferment	$	6	—	—	—	—	—	6
Loans in repayment status:
Loans current	29,547		518	55	—	—	—	30,120
Loans delinquent 30-59 days	277		—	—	—	—	—	277
Loans delinquent 60-89 days	205		—	—	—	—	—	205
Loans delinquent 90 days or greater	60		—	—	—	—	—	60
Total loans in repayment	30,089		518	55	—	—	—	30,662
Total consumer and other loans	$	30,095	518	55	—	—	—	30,668
Accrued interest receivable								214
Loan premium								—
Allowance for loan losses								(2,816)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses								$	28,066
Gross charge-offs - six months ended June 30, 2023	$	—	—	—	—	—	—	—

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

Bonds and Notes Payable (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Outstanding Debt Obligations

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


	As of June 30, 2023
	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	$	10,494,458	5.37% - 7.15%	8/26/30 - 9/25/69
Bonds and notes based on auction	91,335		0.00% - 6.18%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	10,585,793
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	519,156		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facilities	1,530,429		5.15% - 5.42%	11/22/24 / 4/2/25
Private education loan warehouse facility	42,200		5.37%	12/31/23
Consumer loan warehouse facility	32,324		5.44%	11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	16,628		6.65%	6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	19,606		5.35%	12/28/43
Unsecured line of credit	—		—	9/22/26
Participation agreement	6,781		5.84%	5/4/24
Repurchase agreements	415,514		5.81% - 6.47%	7/26/23 - 11/27/24

Other - due to related party	6,174		3.55% - 6.05%	3/1/24 - 11/15/30
	13,174,605
Discount on bonds and notes payable and debt issuance costs	(104,465)
Total	$	13,070,140


	As of December 31, 2022
	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	$	11,868,190	4.47% - 6.39%	8/26/30 - 9/25/69
Bonds and notes based on auction	178,960		0.00% - 4.02%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	12,047,150
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	594,051		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facility	978,956		4.69% / 4.71%	5/22/24
Private education loan warehouse facility	64,356		4.72%	12/31/23
Consumer loan warehouse facility	89,000		4.73%	11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	19,865		5.90% / 6.14%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	23,032		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	—		—	9/22/26
Participation agreement	395,432		5.02%	5/4/23
Repurchase agreements	567,254		0.97% - 5.60%	1/4/23 - 11/27/24

Other - due to related party	6,187		3.55% - 6.05%	3/1/24 - 11/15/30
	14,785,283
Discount on bonds and notes payable and debt issuance costs	(148,088)
Total	$	14,637,195

Outstanding Line of Credit Facilities

The following table summarizes the Company's warehouse facilities as of June 30, 2023.


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)	$	1,250,000	1,119,030	130,970	11/22/2023	11/22/2024	note (b)		$	99,220
FFELP (c)	432,000		411,399	20,601	4/2/2024	4/2/2025	92	%	34,497
	$	1,682,000	1,530,429	151,571					$	133,717
Private (d)	42,200		42,200	—	8/31/2023	12/31/2023	—		18,720
Consumer	250,000		32,324	217,676	11/14/2024	11/14/2025	70	%	13,901

(a) On March 31, 2023, this facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. On May 22, 2023, this facility was amended to extend the expiration of liquidity provisions and final maturity date to November 22, 2023 and November 22, 2024, 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.

(c) On April 3, 2023, the Company closed on this $250.0 million FFELP facility. On May 25, 2023, this facility was amended to increase the maximum financing amount from $250.0 million to $432.0 million.

(d) On June 30, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023. No additional amounts can be borrowed under this facility.

Debt Repurchased

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.


	Three months ended June 30,			Six months ended June 30,
	2023		2022	2023	2022
Purchase price	$	—	(35,643)	(828)	(54,096)
Par value	—		36,700	908	55,229
Remaining unamortized cost of issuance	—		(17)	(2)	(62)
Gain	$	—	1,040	78	1,071

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Basis Swap

The following table summarizes the Company’s outstanding basis swaps, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").


Maturity	Notional amount
	As of		As of
	June 30, 2023		December 31, 2022
2023	$	—	750,000
2024	1,750,000		1,750,000
2026	1,150,000		1,150,000
2027	250,000		250,000








	$	3,150,000	3,900,000

Interest Rate Swaps, Floor Income Hedge

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.


	As of June 30, 2023				As of December 31, 2022 (a)
Maturity	Notional amount		Weighted average fixed rate paid by the Company (b)		Notional amount		Weighted average fixed rate paid by the Company (b)
2024	$	—	—	%	$	2,000,000	0.35	%

2026	—		—		500,000		1.02
2030 (c)	50,000		3.44		—		—
2031	—		—		100,000		1.53
2032	—		—		200,000		2.92



	$	50,000	3.44	%	$	2,800,000	0.70	%

(a) On March 15, 2023, to minimize the Company's exposure to market volatility, the Company terminated its entire derivative portfolio hedging loans earning fixed rate floor income ($2.8 billion in notional amount of derivatives). Through March 15, 2023, the Company had received cash or had a receivable from the clearinghouse related to variation margin equal to the fair value of the $2.8 billion notional amount of fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements.

(b) For the interest rate derivative maturing in 2030, the Company receives payments based on Secured Overnight Financing Rate (SOFR) that resets quarterly. For the interest rate derivative maturing in 2032, the Company was to receive payments based on SOFR that reset quarterly. For all other interest rate derivatives, the Company received payments based on three-month LIBOR that reset quarterly.

(c) The Company entered into this derivative in June 2023.

Interest Rate Derivatives

The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits as of June 30, 2023.


	As of June 30, 2023
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)
2028	$	40,000	3.33	%
2030 (b)	25,000		2.97





	$	65,000	3.19	%

(a) For all interest rate derivatives, the Company receives payments based on SOFR that reset quarterly.

(b) This derivative with a $25 million notional amount has a forward effective start date in April 2026.

Derivative Impact on Statement of Income

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.


	Three months ended June 30,			Six months ended June 30,
	2023		2022	2023	2022
Settlements:
1:3 basis swaps	$	(65)	931	794	1,327
Interest rate swaps - floor income hedges	47		3,692	22,525	487
Interest rate swaps - Nelnet Bank	83		—	83	—

Total settlements - income	65		4,623	23,402	1,814
Change in fair value:
1:3 basis swaps	235		(148)	211	741
Interest rate swaps - floor income hedges	662		40,549	(36,726)	185,394

Interest rate swaps - Nelnet Bank	1,108		—	1,108	—


Total change in fair value - income (expense)	2,005		40,401	(35,407)	186,135
Derivative market value adjustments and derivative settlements, net - income (expense)	$	2,070	45,024	(12,005)	187,949

Investments and Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Investments and Notes Receivable

Investments and notes receivable consisted of the following:


	As of June 30, 2023						As of December 31, 2022
	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 (a)	$	329,256	5,064	(6,372)	327,948		463,861	3,498	(11,105)	456,254
Private education loan (b)	307,084		—	(25,238)	281,846		335,903	—	(29,438)	306,465
Other debt securities	59,631		3,050	(670)	62,011		158,589	151	(3,790)	154,950
Total Non-Nelnet Bank	695,971		8,114	(32,280)	671,805		958,353	3,649	(44,333)	917,669
Nelnet Bank:
FFELP loan (c)	257,418		1,378	(2,430)	256,366		349,855	955	(8,853)	341,957
Private education loan	1,707		—	(92)	1,615		1,941	—	(122)	1,819
Other debt securities	120,471		161	(2,344)	118,288		131,481	18	(3,907)	127,592
Total Nelnet Bank	379,596		1,539	(4,866)	376,269		483,277	973	(12,882)	471,368
Total available-for-sale asset-backed securities	$	1,075,567	9,653	(37,146)	1,048,074		1,441,630	4,622	(57,215)	1,389,037
Equity securities					39,576					39,082
Total investments at fair value					1,087,650					1,428,119
Other Investments and Notes Receivable (not measured at fair value):
Held to maturity investments
Non-Nelnet Bank:
Debt securities (d)					4,700					18,554
Nelnet Bank:
FFELP loan asset-backed securities (c)					150,840					—
Other debt securities					241					220
Total Nelnet Bank					151,081					220
Total held to maturity investments					155,781					18,774
Venture capital and funds:
Measurement alternative (e) (f)					193,001					160,052
Equity method					109,988					89,332
Total venture capital and funds					302,989					249,384
Real estate:
Equity method					85,284					80,364
Investment in ALLO:
Voting interest/equity method (g)					43,588					67,538
Preferred membership interest and accrued and unpaid preferred return (h)					150,449					145,926
Total investment in ALLO					194,037					213,464
Beneficial interest in loan securitizations (i):
Consumer loans and other					96,635					39,249
Private education loans					71,322					75,261
Federally insured student loans					23,017					24,228
Total beneficial interest in loan securitizations					190,974					138,738
Solar (j)					(72,455)					(55,448)
Notes receivable					54,931					31,106
Tax liens, affordable housing, and other					7,115					7,416
Total investments (not measured at fair value)					918,656					683,798
Total investments and notes receivable					$	2,006,306				$	2,111,917