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Nelnet
NNI
#3418
Rank
$4.39 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$125.01
Share price
-1.15%
Change (1 day)
-3.00%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Nelnet
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Nelnet - 10-Q quarterly report FY2026 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026 
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    
For the transition period from  to . 
Commission File Number: 001-31924
Nelnet_Logo_color.jpg
NELNET, INC.
(Exact name of registrant as specified in its charter)

Nebraska                          84-0748903
(State or other jurisdiction of incorporation or organization)         (I.R.S Employer Identification No.)
121 South 13th Street, Suite 100                
Lincoln, Nebraska                      68508
    (Address of principal executive offices)                     (Zip Code)
(402) 458-2370
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $0.01 per ShareNNINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                    Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                             Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒                    Accelerated filer ☐
Non-accelerated filer ☐                    Smaller reporting company ☐
        Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2026, there were 24,538,649 and 10,616,675 shares of Class A Common Stock and Class B Common Stock, par value $0.01 per share, outstanding, respectively (excluding 11,305,731 shares of Class A Common Stock held by wholly owned subsidiaries).





NELNET, INC.
FORM 10-Q
INDEX
September 30, 2026


2
Item 1.  Financial Statements
2
Item 2.  Management’s Discussion And Analysis Of Financial Condition And Results Of Operations
35
Item 3.  Quantitative And Qualitative Disclosures About Market Risk
67
Item 4.  Controls And Procedures
72
72
Item 1. Legal Proceedings
72
Item 1a.  Risk Factors
72
Item 2.  Unregistered Sales Of Equity Securities And Use Of Proceeds
72
Item 5.  Other Information
73
Item 6.  Exhibits
73
74








PART I. FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(unaudited)
As of
As of
September 30, 2026December 31, 2025
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $169,870 and $132,078, respectively)
$9,670,327 10,006,695 
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party108,017 128,142 
Cash and cash equivalents - held at a related party102,999 167,841 
Total cash and cash equivalents211,016 295,983 
Investments and notes receivable:
Investments at fair value2,052,620 1,414,636 
Other investments and notes receivable, net920,442 933,335 
Total investments and notes receivable2,973,062 2,347,971 
Restricted cash229,223 357,639 
Restricted cash - due to customers218,199 319,924 
Accounts receivable (net of allowance for doubtful accounts of $4,202 and $2,758, respectively)
163,215 193,453 
Goodwill213,168 158,029 
Intangible assets, net98,070 29,283 
Property and equipment, net78,172 75,532 
Other assets282,658 279,274 
Total assets$14,137,110 14,063,783 
Liabilities:
Bonds and notes payable$6,768,987 7,780,927 
Accrued interest payable16,125 20,426 
Bank deposits2,566,017 1,669,173 
Other liabilities667,828 558,184 
Due to customers504,895 457,844 
Total liabilities10,523,852 10,486,554 
Commitments and contingencies
Equity:
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding
— — 
Common stock:
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 24,791,127
     shares and 25,259,718 shares, respectively
248 253 
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding
     10,616,675 shares
106 106 
Additional paid-in capital974 1,481 
Retained earnings3,787,762 3,681,333 
Accumulated other comprehensive (loss) earnings, net(1,728)2,619 
Total Nelnet, Inc. shareholders' equity3,787,362 3,685,792 
Noncontrolling interests(174,104)(108,563)
Total equity3,613,258 3,577,229 
Total liabilities and equity$14,137,110 14,063,783 
Supplemental information - assets and liabilities of consolidated education and other lending variable-interest entities:
Loans and accrued interest receivable$7,522,927 8,780,878 
Restricted cash199,147 326,281 
Bonds and notes payable(6,914,574)(8,112,424)
Accrued interest payable and other liabilities(126,015)(133,502)
Net assets of consolidated education and other lending variable-interest entities$681,485 861,233 
See accompanying notes to consolidated financial statements.
2


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share data)
(unaudited)
Three months endedNine months ended
September 30,September 30,
2026202520262025
Interest income:
Loan interest$166,607 162,717 502,228 501,260 
Investment interest42,435 43,241 122,953 124,815 
Total interest income209,042 205,958 625,181 626,075 
Interest expense on bonds and notes payable and bank deposits107,647 120,708 326,132 378,677 
Net interest income101,395 85,250 299,049 247,398 
Less provision (negative provision) for loan losses39,363 (3,563)133,684 29,704 
Less provision for beneficial interests906 2,145 7,477 8,632 
Net interest income after provision61,126 86,668 157,888 209,062 
Other income (expense):
Loan servicing and systems revenue139,802 151,052 399,888 392,517 
Education technology services and payments revenue132,881 129,321 406,200 394,836 
Reinsurance premiums earned44,485 23,165 107,645 73,964 
Solar construction revenue— 5,738 — 10,992 
Other, net6,710 33,258 35,548 80,839 
Gain on partial redemption of ALLO investment— — — 175,044 
Derivative market value adjustments and derivative settlements, net11,319 (27)17,338 (8,728)
Total other income (expense), net335,197 342,507 966,619 1,119,464 
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs2,087 2,021 6,262 5,500 
Cost to provide education technology services and payments49,491 50,363 138,626 138,254 
Cost to provide solar construction services— 7,607 — 29,485 
Total cost of services51,578 59,991 144,888 173,239 
Salaries and benefits147,733 144,778 439,768 417,700 
Depreciation and amortization10,280 7,327 29,592 24,206 
Reinsurance losses and underwriting expenses35,570 19,962 91,984 67,836 
Other expenses70,157 60,669 196,195 165,592 
Total operating expenses263,740 232,736 757,539 675,334 
Income before income taxes81,005 136,448 222,080 479,953 
Income tax expense(24,818)(35,773)(64,821)(120,294)
Net income56,187 100,675 157,259 359,659 
Net loss attributable to noncontrolling interests20,006 6,009 56,722 11,044 
Net income attributable to Nelnet, Inc.$76,193 106,684 213,981 370,703 
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted$2.13 2.94 5.95 10.18 
Weighted-average common shares outstanding - basic and diluted
35,845,663 36,316,315 35,985,847 36,426,188 
See accompanying notes to consolidated financial statements.
3


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(unaudited)
Three months ended September 30,Nine months ended September 30,
2026202520262025
Net income$56,187 100,675 157,259 359,659 
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments$(254)(13)(3,026)(160)
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net (712)8,637 (2,957)5,212 
Reclassification of gains recognized in net income, net(827)(854)(1,729)(1,931)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity(306)27 (293)168 
Income tax effect443 (1,402)(1,874)5,936 1,195 (3,784)(828)2,621 
Net changes related to cash flow hedges:
Fair value adjustments during period, net2,258 (130)3,125 (755)
Income tax effect(542)1,716 31 (99)(750)2,375 181 (574)
Net changes related to equity method investee's other comprehensive income:
Cash flow hedge fair value adjustment during period77 (156)114 184 
Income tax effect(18)59 37 (119)(26)88 (44)140 
Other comprehensive income (loss)119 5,705 (4,347)2,027 
Comprehensive income56,306 106,380 152,912 361,686 
Comprehensive loss attributable to noncontrolling interests20,006 6,009 56,722 11,044 
Comprehensive income attributable to Nelnet, Inc.$76,312 112,389 209,634 372,730 

See accompanying notes to consolidated financial statements.
4


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Dollars in thousands, except share data)
(unaudited)
Nelnet, Inc. Shareholders
Preferred stock sharesCommon stock sharesPreferred stockClass A common stockClass B common stockAdditional paid-in capital Retained earningsAccumulated other comprehensive (loss) earningsNoncontrolling interestsTotal equity
Class AClass B
Balance as of June 30, 2025—25,538,73010,658,604$— 255 107 637 3,576,192 (2,208)(92,290)3,482,693 
Net income (loss)———— — — — 106,684 — (6,009)100,675 
Other comprehensive income———— — — — — 5,705 — 5,705 
Issuance of noncontrolling interests———— — — — — — 39,404 39,404 
Distribution to noncontrolling interests———— — — — — — (7,700)(7,700)
Cash dividends on Class A and Class B common stock - $0.30 per share
———— — — — (10,834)— — (10,834)
Issuance of common stock, net of forfeitures—12,728—— — — 557 — — — 557 
Compensation expense for stock-based awards———— — — 3,468 — — — 3,468 
Repurchase of common stock—(217,850)—— (2)— (3,604)(23,667)— — (27,273)
Conversion of common stock—41,929(41,929)— 1 (1)— — — — — 
Balance as of September 30, 2025—25,375,53710,616,675$— 254 106 1,058 3,648,375 3,497 (66,595)3,586,695 
Balance as of June 30, 2026—25,163,94410,616,675$— 252 106 1,777 3,770,251 (1,847)(135,103)3,635,436 
Net income (loss)———— — — — 76,193 — (20,006)56,187 
Other comprehensive income———— — — — — 119 — 119 
Issuance of noncontrolling interests———— — — — — — 45,532 45,532 
Distribution to noncontrolling interests———— — — — — — (64,527)(64,527)
Cash dividends on Class A and Class B common stock - $0.33 per share
———— — — — (11,751)— — (11,751)
Issuance of common stock, net of forfeitures—42,515—— — — 1,343 — — — 1,343 
Compensation expense for stock-based awards———— — — 4,002 — — — 4,002 
Repurchase of common stock—(415,332)—— (4)— (6,148)(46,931)— — (53,083)
Balance as of September 30, 2026—24,791,12710,616,675$— 248 106 974 3,787,762 (1,728)(174,104)3,613,258 
See accompanying notes to consolidated financial statements.

5


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Dollars in thousands, except share data)
(unaudited)
Nelnet, Inc. Shareholders
Preferred stock sharesCommon stock sharesPreferred stockClass A common stockClass B common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive (loss) earningsNoncontrolling interestsTotal equity
Class AClass B
Balance as of December 31, 2024—25,634,74810,658,604$— 256 107 7,389 3,340,540 1,470 (50,645)3,299,117 
Net income (loss)———— — — — 370,703 — (11,044)359,659 
Other comprehensive income———— — — — — 2,027 — 2,027 
Issuance of noncontrolling interests———— — — — — — 45,583 45,583 
Distribution to
noncontrolling interests		———— — — — — — (45,106)(45,106)
Cash dividends on Class A and Class B common stock - $0.86 per share
———— — — — (31,157)— — (31,157)
Issuance of common stock, net of forfeitures—138,755—— 1 — 3,373 — — — 3,374 
Compensation expense for stock-based awards———— — — 9,819 — — — 9,819 
Repurchase of common stock—(439,895)—— (4)— (19,523)(33,564)— — (53,091)
Conversion of common stock—41,929(41,929)— 1 (1)— — — — — 
Acquisition of remaining 20% of NextGen, net of tax
———— — — — 1,853 — (5,383)(3,530)
Balance as of September 30, 2025—25,375,53710,616,675$— 254 106 1,058 3,648,375 3,497 (66,595)3,586,695 
Balance as of December 31, 2025—25,259,71810,616,675$— 253 106 1,481 3,681,333 2,619 (108,563)3,577,229 
Net income (loss)———— — — — 213,981 — (56,722)157,259 
Other comprehensive loss———— — — — — (4,347)— (4,347)
Issuance of noncontrolling interests———— — — — — — 69,927 69,927 
Distribution to
noncontrolling interests		———— — — — — — (78,711)(78,711)
Cash dividends on Class A and Class B common stock - $0.99 per share
———— — — — (35,406)— — (35,406)
Issuance of common stock, net of forfeitures—263,341—— 2 — 9,821 — — — 9,823 
Compensation expense for stock-based awards———— — — 12,700 — — — 12,700 
Repurchase of common stock—(731,932)—— (7)— (23,028)(70,681)— — (93,716)
Redemption of 10% minority interests of WRCM
———— — — — (1,465)— (35)(1,500)
Balance as of September 30, 2026—24,791,12710,616,675$— 248 106 974 3,787,762 (1,728)(174,104)3,613,258 
See accompanying notes to consolidated financial statements.


6


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
Nine months ended
September 30,
20262025
Net income attributable to Nelnet, Inc.$213,981 370,703 
Net loss attributable to noncontrolling interests(56,722)(11,044)
Net income157,259 359,659 
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs64,449 68,261 
Loan discount and deferred lender fees accretion(131,357)(58,107)
Provision for loan losses133,684 29,704 
Provision for beneficial interests7,477 8,632 
Derivative market value adjustments(16,223)10,978 
Gain on partial redemption of ALLO investment— (175,044)
Loss on sale of loans, net690 1,562 
Loss (gain) on investments, net50,306 (47,076)
Deferred income tax benefit(10,873)(82,465)
Non-cash compensation expense12,951 10,064 
Impairment expense— 12,392 
Other(2,173)4,325 
Changes in operating assets and liabilities:
(Increase) decrease in loan and investment accrued interest receivable(31,697)14,894 
Decrease in accounts receivable48,517 12,219 
(Increase) decrease in other assets(7,038)43,488 
Decrease in the carrying amount of ROU asset3,283 2,865 
Decrease in accrued interest payable(4,301)(6,329)
Increase in other liabilities69,891 79,713 
Decrease in the carrying amount of lease liability(3,692)(4,365)
Total adjustments183,894 (74,289)
Net cash provided by operating activities341,153 285,370 
Cash flows from investing activities, net of acquisitions:
Purchases and originations of loans, including cash paid for student loan trusts,
net of cash and restricted cash acquired		(9,432,478)(1,984,778)
Purchases of loans from a related party(440,696)(206,668)
Proceeds from loan repayments, claims, and capitalized interest, net10,019,084 2,081,162 
Proceeds from sale of loans33,461 240,398 
Proceeds from sale of loans to a related party157,867 290,164 
Purchases of available-for-sale securities(836,473)(416,084)
Proceeds from sales of available-for-sale securities310,037 205,954 
Proceeds from beneficial interest in loan securitizations66,722 55,865 
Purchases of other investments and issuance of notes receivable(390,839)(249,990)
Proceeds from other investments and repayments of notes receivable110,098 511,219 
Purchases of held-to-maturity debt securities(2,279)— 
Redemption of held-to-maturity debt securities15,231 10,549 
Purchases of property and equipment(20,080)(18,744)
Business acquisitions, net of cash and restricted cash acquired164,249 — 
Net cash (used in) provided by investing activities$(246,096)519,047 
7


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Nine months ended
September 30,
20262025
Cash flows from financing activities, net of acquisitions:
Payments on bonds and notes payable$(1,257,718)(1,739,244)
Proceeds from issuance of bonds and notes payable242,292 557,371 
Payments of debt issuance costs(3,509)(4,803)
Increase in bank deposits, net896,844 290,634 
Decrease in due to customers(249,794)(35,862)
Dividends paid(35,406)(31,157)
Repurchases of common stock(93,716)(53,091)
Proceeds from issuance of common stock1,415 1,392 
Redemption of noncontrolling interest(1,500)(3,944)
Issuance of noncontrolling interests101,774 54,984 
Distribution to noncontrolling interests(6,019)(5,211)
Net cash used in financing activities(405,337)(968,931)
Effect of exchange rate changes on cash and restricted cash(4,828)290 
Net decrease in cash, cash equivalents, and restricted cash(315,108)(164,224)
Cash, cash equivalents, and restricted cash, beginning of period973,546 931,020 
Cash, cash equivalents, and restricted cash, end of period$658,438 766,796 
Supplemental disclosures of cash flow information:
Cash disbursements made for interest$321,314 360,648 
Cash disbursements made for income taxes, net of refunds and credits received (a)$5,769 50,443 
Cash receipts from sale of transferable income tax credits$31,405 — 
Cash disbursements made for operating leases$4,440 3,933 
Non-cash operating, investing and financing activity:
ROU assets obtained in exchange for lease obligations$5,923 6,550 
Purchases of available-for-sale securities recognized on trade-date but not yet settled$104,056 9,242 
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans$— 28,137 
Receipt of asset-backed investment securities as consideration from sale of loans$— 2,370 
Student loans and other assets acquired$— 672,601 
Borrowings and other liabilities assumed in acquisition of student loans$— 706,534 
Issuance of noncontrolling interests$31,847 9,401 
Distribution to noncontrolling interests$72,692 39,895 
(a) The Company utilized $31.0 million and $43.8 million of federal and state tax credits related primarily to renewable energy during the nine months ended September 30, 2026 and 2025, respectively.
Supplemental disclosures of non-cash activities regarding the Company's business acquisitions are contained in note 6.
The following table presents a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in the consolidated statements of cash flows:
As ofAs ofAs ofAs of
September 30, 2026December 31, 2025September 30, 2025December 31, 2024
Total cash and cash equivalents$211,016 295,983 216,425 194,518 
Restricted cash229,223 357,639 394,074 332,100 
Restricted cash - due to customers218,199 319,924 156,297 404,402 
Cash, cash equivalents, and restricted cash
$658,438 973,546 766,796 931,020 
See accompanying notes to consolidated financial statements.
8


NELNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise noted)
(unaudited)
1.  Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2025 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report").
2.  Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
September 30, 2026December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a):
Stafford and other$1,681,109 1,772,172 
Consolidation4,537,203 5,665,071 
Total6,218,312 7,437,243 
Private education loans115,410 139,209 
Consumer loans and other financing receivables (b)1,299,112 1,122,717 
Non-Nelnet Bank loans7,632,834 8,699,169 
Nelnet Bank:
Federally insured loans (a):
Stafford and other55,672 23,960 
Consolidation827,135 148,360 
Total882,807 172,320 
Private education loans554,090 518,634 
Consumer and other loans264,464 266,608 
Nelnet Bank loans1,701,361 957,562 
Accrued interest receivable548,128 528,936 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(42,126)(46,894)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(36,817)(42,080)
Private education loans(6,007)(6,894)
Consumer loans and other financing receivables(98,106)(57,360)
Non-Nelnet Bank allowance for loan losses(140,930)(106,334)
Nelnet Bank:
Federally insured loans(3,110)(676)
Private education loans(13,241)(12,932)
Consumer and other loans(12,589)(12,136)
Nelnet Bank allowance for loan losses(28,940)(25,744)
$9,670,327 10,006,695 
9


(a)    During 2026, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) contributed certain student loan securitization trusts to Nelnet Bank that included $780.7 million in federally insured loans.
(b)    Included in "consumer loans and other financing receivables" in the above table are Pay Later receivables that the Company began to purchase in the third quarter of 2025. As of September 30, 2026 and December 31, 2025, the balance of Pay Later receivables was $775.2 million and $744.2 million, respectively.
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios:
As ofAs of
September 30, 2026December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a)0.59 %0.57 %
Private education loans5.20 %4.95 %
Consumer loans and other financing receivables (b)7.55 %5.11 %
Nelnet Bank:
Federally insured loans (a)0.35 %0.39 %
Private education loans2.39 %2.49 %
Consumer and other loans4.76 %4.55 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for Non-Nelnet Bank was 20.2% and 19.3%, and for Nelnet Bank was 17.1% and 17.3%, as of September 30, 2026 and December 31, 2025, respectively.
(b)    The increase in allowance for loan losses as a percentage of the ending loan balance for consumer loans and other financing receivables was driven by (1) a shift in loan mix, reflecting growth in certain consumer loans (non-Pay Later receivables) that carry a higher expected loss rate than the overall portfolio; and (2) the seasoning of Pay Later receivables, which the Company began acquiring in the third quarter of 2025. This increase was not due to a deterioration in credit quality, and delinquency and net charge-off rates remained consistent with management's expectations during the period.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment:
Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan sales/contributionsBalance at end of period
Three months ended September 30, 2026
Non-Nelnet Bank:
Federally insured loans$38,173 866 (1,999)— — (223)36,817 
Private education loans6,239 — (490)258 — — 6,007 
Consumer loans and other financing receivables92,215 33,673 (31,795)4,013 — — 98,106 
Nelnet Bank:
Federally insured loans3,016 22 (151)— — 223 3,110 
Private education loans12,609 2,825 (2,751)558 — — 13,241 
Consumer and other loans12,813 1,156 (1,473)93 — — 12,589 
$165,065 38,542 (38,659)4,922 — — 169,870 
Three months ended September 30, 2025
Non-Nelnet Bank:
Federally insured loans$47,627 843 (4,673)— — (262)43,535 
Private education loans7,406 — (459)156 — — 7,103 
Consumer loans and other financing receivables48,028 (8,217)(7,176)512 — — 33,147 
Nelnet Bank:
Federally insured loans355 113 (23)— — 262 707 
Private education loans12,360 1,177 (2,169)364 — — 11,732 
Consumer and other loans9,573 2,186 (581)130 — — 11,308 
$125,349 (3,898)(15,081)1,162 — — 107,532 
10


Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan sales/contributionsBalance at end of period
Nine months ended September 30, 2026
Non-Nelnet Bank:
Federally insured loans$42,080 5,325 (7,654)— — (2,934)36,817 
Private education loans6,894 (306)(1,267)686 — — 6,007 
Consumer loans and other financing receivables57,360 119,312 (87,324)8,758 — — 98,106 
Nelnet Bank:
Federally insured loans676 (168)(332)— — 2,934 3,110 
Private education loans12,932 5,162 (6,042)1,189 — — 13,241 
Consumer and other loans12,136 3,813 (3,652)292 — — 12,589 
$132,078 133,138 (106,271)10,925 — — 169,870 
Nine months ended September 30, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 5,588 (10,882)— — (262)43,535 
Private education loans11,130 (2,761)(1,916)650 — — 7,103 
Consumer loans and other financing receivables38,468 13,943 (20,319)1,055 — — 33,147 
Nelnet Bank:
Federally insured loans— 488 (43)— — 262 707 
Private education loans10,086 5,102 (5,303)787 1,060 — 11,732 
Consumer and other loans6,115 6,920 (2,029)302 — — 11,308 
$114,890 29,280 (40,492)2,794 1,060 — 107,532 
(a)    During the third quarter of 2025, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) sold $203.3 million of consumer loans to an unrelated third party that subsequently securitized the loans. The Company recognized a $2.5 million loss on the sale. As partial consideration for the loans sold, the Company received a residual interest in the loan securitization, which is included in "other investments and notes receivable, net" on the Company's consolidated balance sheet. Upon classification of loans as held for sale, any allowance for loan losses associated with such loans immediately prior to the reclassification is reversed through provision for loan losses. The following table presents the resulting reduction to provision for loan losses related to the consumer loans sold during the third quarter of 2025.
Provision for current periodReduction to provision -
loan sales		Provision
(negative provision) for loan losses - included in the table above
Three months ended September 30, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables$20,693 (28,910)(8,217)
Nine months ended September 30, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables$42,853 (28,910)13,943 
During the periods presented above, the primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods.
The increase in provision for loan losses and charge-offs for Non-Nelnet Bank consumer loans and other financing receivables during the three and nine month periods ended September 30, 2026 compared with the same periods in 2025 was due to an increase in consumer loans and Pay Later receivables acquired during 2026 as compared with 2025. The Company began to purchase Pay Later receivables in August of 2025. The increase in provision expense and charge-offs reflects the volume of new loans added to the portfolio rather than a deterioration in credit quality. Credit performance metrics, including delinquency rates and charge-offs, remained consistent with management’s expectations.
11


The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Non-Nelnet Bank:
Federally insured loans0.12 %0.22 %0.15 %0.17 %
Private education loans0.77 %0.79 %0.61 %0.95 %
Consumer loans and other financing receivables8.78 %5.75 %8.83 %6.28 %
Nelnet Bank:
Federally insured loans0.07 %0.06 %0.07 %0.06 %
Private education loans1.65 %1.38 %1.22 %1.19 %
Consumer and other loans2.06 %0.79 %1.69 %1.21 %
Annualized net charge-offs as a percentage of average loans for the Company's Non-Nelnet Bank consumer and other financing receivables portfolio increased during the three and nine months ended September 30, 2026 compared with the same periods in 2025. This increase was primarily attributable to the cumulative growth in the volume of Pay Later receivables acquired since August 2025 and the seasoning of the portfolio, and was not indicative of a deterioration in credit quality. Delinquency and net charge-off rates remained consistent with management's expectations during the period.
Unfunded Loan Commitments
The Company maintains an allowance for unfunded loan commitments that are not unconditionally cancelable, at a level the Company believes is appropriate as of the balance sheet date, to absorb expected credit losses on this exposure. As of September 30, 2026 and December 31, 2025, Nelnet Bank had a liability of approximately $1.3 million and $0.8 million, respectively, related to $118.3 million and $76.5 million, respectively, of unfunded private education, consumer, and other loan commitments. Other than the estimation of the probability of funding, this reserve is estimated in a manner similar to the methodology used for determining reserves for loans included on the consolidated balance sheet. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet. Net adjustments to this reserve are included in "provision (negative provision) for loan losses" on the consolidated income statement. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income:
Three months endedNine months ended
September 30,September 30,
2026202520262025
Provision (negative provision) for loan losses from allowance activity table above$38,542 (3,898)133,138 29,280 
Provision expense for unfunded loan commitments, net821 335 546 424 
Provision (negative provision) for loan losses reported in the consolidated statements of income$39,363 (3,563)133,684 29,704 

12


Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. The following table presents the Company’s loan status and delinquency amounts:
As of September 30, 2026As of December 31, 2025As of September 30, 2025
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $296,656 4.8 %$336,749 4.5 %$382,850 4.9 %
Loans in forbearance 502,761 8.1 493,277 6.6 514,385 6.5 
Loans in repayment status:
Loans current4,753,622 87.7 %5,701,660 86.3 %5,994,951 86.1 %
Loans delinquent 31-60 days197,954 3.7 234,259 3.5 254,998 3.7 
Loans delinquent 61-90 days121,512 2.2 147,645 2.2 166,763 2.4 
Loans delinquent 91-120 days70,608 1.3 94,765 1.4 100,575 1.4 
Loans delinquent 121-270 days184,162 3.4 280,899 4.3 317,151 4.6 
Loans delinquent 271 days or greater91,037 1.7 147,989 2.3 128,584 1.8 
Total loans in repayment5,418,895 87.1 100.0 %6,607,217 88.9 100.0 %6,963,022 88.6 100.0 %
Total federally insured loans6,218,312 100.0 %7,437,243 100.0 %7,860,257 100.0 %
Accrued interest receivable482,748 506,943 537,303 
Loan discount, net of unamortized premiums and deferred origination costs(24,790)(23,513)(24,895)
Allowance for loan losses(36,817)(42,080)(43,535)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$6,639,453 $7,878,593 $8,329,130 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $2,592 2.2 %$3,094 2.2 %$4,232 2.9 %
Loans in forbearance 2,996 2.6 3,049 2.2 2,653 1.8 
Loans in repayment status:
Loans current107,423 97.8 %130,018 97.7 %137,678 97.8 %
Loans delinquent 31-60 days832 0.8 1,253 0.9 1,314 0.9 
Loans delinquent 61-90 days568 0.5 515 0.4 865 0.6 
Loans delinquent 91 days or greater999 0.9 1,280 1.0 995 0.7 
Total loans in repayment109,822 95.2 100.0 %133,066 95.6 100.0 %140,852 95.3 100.0 %
Total private education loans115,410 100.0 %139,209 100.0 %147,737 100.0 %
Accrued interest receivable1,039 1,120 1,291 
Loan discount, net of unamortized premiums(3,052)(4,317)(4,740)
Allowance for loan losses(6,007)(6,894)(7,103)
Total private education loans and accrued interest receivable, net of allowance for loan losses$107,390 $129,118 $137,185 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance$1,371 0.1 %$1,698 0.2 %$1,354 0.2 %
Loans in repayment status:
Loans current1,256,663 96.8 %1,085,883 96.9 %828,408 98.7 %
Loans delinquent 31-60 days16,102 1.2 13,723 1.2 3,543 0.4 
Loans delinquent 61-90 days12,331 1.0 10,797 1.0 2,343 0.3 
Loans delinquent 91 days or greater12,645 1.0 10,616 0.9 5,091 0.6 
Total loans in repayment1,297,741 99.9 100.0 %1,121,019 99.8 100.0 %839,385 99.8 100.0 %
Total consumer loans and other financing receivables1,299,112 100.0 %1,122,717 100.0 %840,739 100.0 %
Accrued interest receivable2,473 1,497 1,102 
Loan discount and deferred lender fees, net of unamortized premiums(22,045)(17,845)(16,215)
Allowance for loan losses(98,106)(57,360)(33,147)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$1,181,434 $1,049,009 $792,479 
13


As of September 30, 2026As of December 31, 2025As of September 30, 2025
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$31,261 3.5 %$6,162 3.6 %$6,705 3.7 %
Loans in forbearance46,305 5.2 8,787 5.1 9,263 5.2 
Loans in repayment status:
Loans current730,125 90.7 %141,357 89.9 %146,308 89.8 %
Loans delinquent 30-59 days23,545 2.9 5,686 3.6 4,827 3.0 
Loans delinquent 60-89 days14,411 1.8 2,703 1.7 2,185 1.3 
Loans delinquent 90-119 days7,311 0.9 980 0.6 2,684 1.6 
Loans delinquent 120-270 days20,657 2.6 4,844 3.1 5,668 3.5 
Loans delinquent 271 days or greater9,192 1.1 1,801 1.1 1,308 0.8 
Total loans in repayment805,241 91.3 100.0 %157,371 91.3 100.0 %162,980 91.1 100.0 %
Total federally insured loans882,807 100.0 %172,320 100.0 %178,948 100.0 %
Accrued interest receivable49,431 10,939 11,253 
Loan premium and deferred origination costs, net of unaccreted discount6,154 910 945 
Allowance for loan losses(3,110)(676)(707)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$935,282 $183,493 $190,439 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$86,612 15.6 %$56,667 10.9 %$58,753 11.1 %
Loans in forbearance461 0.1 1,684 0.3 1,476 0.3 
Loans in repayment status:
Loans current459,498 98.4 %451,221 98.0 %460,142 98.1 %
Loans delinquent 30-59 days2,790 0.6 4,001 0.9 3,526 0.7 
Loans delinquent 60-89 days2,515 0.5 2,327 0.5 2,403 0.5 
Loans delinquent 90 days or greater2,214 0.5 2,734 0.6 3,096 0.7 
Total loans in repayment467,017 84.3 100.0 %460,283 88.8 100.0 %469,167 88.6 100.0 %
Total private education loans554,090 100.0 %518,634 100.0 %529,396 100.0 %
Accrued interest receivable10,430 6,599 6,400 
Loan discount, net of unamortized premiums and deferred origination costs(1,125)(5,686)(6,652)
Allowance for loan losses(13,241)(12,932)(11,732)
Total private education loans and accrued interest receivable, net of allowance for loan losses$550,154 $506,615 $517,412 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$9,398 3.6 %$10,006 3.8 %$9,954 3.7 %
Loans in repayment status:
Loans current252,318 98.9 %254,448 99.2 %254,720 99.2 %
Loans delinquent 30-59 days1,207 0.5 1,225 0.5 694 0.3 
Loans delinquent 60-89 days540 0.2 560 0.2 719 0.3 
Loans delinquent 90 days or greater1,001 0.4 369 0.1 452 0.2 
Total loans in repayment255,066 96.4 100.0 %256,602 96.2 100.0 %256,585 96.3 100.0 %
Total consumer and other loans264,464 100.0 %266,608 100.0 %266,539 100.0 %
Accrued interest receivable2,007 1,838 1,563 
Loan premium, net of unaccreted discount2,732 3,557 3,822 
Allowance for loan losses(12,589)(12,136)(11,308)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$256,614 $259,867 $260,616 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
14


FICO Scores
An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination or purchase. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination or purchase, stratified by FICO score at the time of origination or purchase:
Nelnet Bank Private Education Loans
Loan balance as of September 30, 2026
Nine months ended September 30, 20262025202420232022Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$5,414 6,678 2,570 2,238 3,455 18,393 38,748 7.0 %
705 - 7348,452 11,873 4,390 6,331 15,225 18,157 64,428 11.6 
735 - 76410,721 15,888 4,841 6,268 23,732 27,477 88,927 16.0 
765 - 79418,293 21,585 5,914 4,325 36,876 39,548 126,541 22.8 
Greater than 79436,516 30,993 12,253 9,438 50,564 90,980 230,744 41.8 
No FICO score available or required (a)— — 1,616 3,086 — — 4,702 0.8 
$79,396 87,017 31,584 31,686 129,852 194,555 554,090 100.0 %
Loan balance as of December 31, 2025
20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$5,540 2,788 2,909 4,061 3,519 18,772 37,589 7.2 %
705 - 7349,056 4,795 7,480 17,048 6,565 14,410 59,354 11.4 
735 - 76412,256 5,534 7,073 26,369 11,066 21,511 83,809 16.2 
765 - 79416,293 6,471 5,035 40,851 20,858 26,025 115,533 22.3 
Greater than 79423,370 14,017 11,819 57,404 40,529 68,618 215,757 41.6 
No FICO score available or required (a)— 2,275 4,317 — — — 6,592 1.3 
$66,515 35,880 38,633 145,733 82,537 149,336 518,634 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of September 30, 2026
Nine months ended September 30, 20262025202420232022Prior yearsTotalPercent of total
FICO at origination:
Less than 720$572 12,283 14,972 1,595 — 1,056 30,478 11.5 %
720 - 7692,794 21,325 31,413 3,225 12 10,373 69,142 26.1 
Greater than 76913,051 44,181 41,856 5,336 84 7,143 111,651 42.3 
No FICO score available or required (a)5,907 38,904 7,662 426 241 53 53,193 20.1 
$22,324 116,693 95,903 10,582 337 18,625 264,464 100.0 %
15


Loan balance as of December 31, 2025
20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$13,054 16,301 1,618 — 275 1,210 32,458 12.2 %
720 - 76924,995 36,292 3,621 15 5,231 6,686 76,840 28.8 
Greater than 76954,681 47,537 5,819 90 5,084 3,161 116,372 43.6 
No FICO score available or required (a)30,719 9,473 431 259 53 3 40,938 15.4 
$123,449 109,603 11,489 364 10,643 11,060 266,608 100.0 %
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of September 30, 2026 and December 31, 2025, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2026 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20262025202420232022Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — — 259 2,333 2,592 
Loans in forbearance— — — — 335 2,661 2,996 
Loans in repayment status:
Loans current— — — 153 2,775 104,495 107,423 
Loans delinquent 31-60 days— — — — 14 818 832 
Loans delinquent 61-90 days— — — — — 568 568 
Loans delinquent 91 days or greater— — — — 8 991 999 
Total loans in repayment— — — 153 2,797 106,872 109,822 
Total private education loans$— — — 153 3,391 111,866 115,410 
Accrued interest receivable1,039 
Loan discount, net of unamortized premiums(3,052)
Allowance for loan losses(6,007)
Total private education loans and accrued interest receivable, net of allowance for loan losses$107,390 
Gross charge-offs - nine months ended September 30, 2026$— — — — 27 1,240 1,267 
16


Nine months ended September 30, 20262025202420232022Prior yearsTotal
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance$47 152 556 616 — — 1,371 
Loans in repayment status:
Loans current1,109,552 125,253 11,736 8,814 984 324 1,256,663 
Loans delinquent 31-60 days13,085 1,976 419 451 100 71 16,102 
Loans delinquent 61-90 days10,433 1,544 159 183 12 — 12,331 
Loans delinquent 91 days or greater8,712 2,279 834 737 82 1 12,645 
Total loans in repayment1,141,782 131,052 13,148 10,185 1,178 396 1,297,741 
Total consumer loans and other financing receivables$1,141,829 131,204 13,704 10,801 1,178 396 1,299,112 
Accrued interest receivable2,473 
Loan discount and deferred lender fees, net of unamortized premiums(22,045)
Allowance for loan losses(98,106)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$1,181,434 
Gross charge-offs - nine months ended September 30, 2026$30,910 40,751 11,111 3,513 1,004 35 87,324 
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment$26,300 33,417 13,774 6,755 3,739 2,627 86,612 
Loans in forbearance— 14 12 51 179 205 461 
Loans in repayment status:
Loans current52,883 52,777 17,456 23,829 124,996 187,557 459,498 
Loans delinquent 30-59 days105 191 56 168 481 1,789 2,790 
Loans delinquent 60-89 days82 440 122 417 208 1,246 2,515 
Loans delinquent 90 days or greater26 178 164 466 249 1,131 2,214 
Total loans in repayment53,096 53,586 17,798 24,880 125,934 191,723 467,017 
Total private education loans$79,396 87,017 31,584 31,686 129,852 194,555 554,090 
Accrued interest receivable10,430 
Loan discount, net of unamortized premiums and deferred origination costs(1,125)
Allowance for loan losses(13,241)
Total private education loans and accrued interest receivable, net of allowance for loan losses$550,154 
Gross charge-offs - nine months ended September 30, 2026$52 587 431 931 952 3,089 6,042 
Consumer and other loans - Nelnet Bank:
Loans in deferment$7,829 1,569 — — — — 9,398 
Loans in repayment status:
Loans current14,446 114,199 94,349 10,486 337 18,501 252,318 
Loans delinquent 30-59 days49 480 575 96 — 7 1,207 
Loans delinquent 60-89 days— 150 386 — — 4 540 
Loans delinquent 90 days or greater— 295 593 — — 113 1,001 
Total loans in repayment14,495 115,124 95,903 10,582 337 18,625 255,066 
Total consumer and other loans$22,324 116,693 95,903 10,582 337 18,625 264,464 
Accrued interest receivable2,007 
Loan premium, net of unaccreted discount2,732 
Allowance for loan losses(12,589)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$256,614 
Gross charge-offs - nine months ended September 30, 2026$58 1,380 1,648 255 — 311 3,652 
17


3.  Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
As of September 30, 2026
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$5,275,474 
4.01% - 6.02%
10/25/33 - 11/27/90
Bonds and notes based on auction10,500 
4.76%
8/25/37
Total FFELP variable-rate bonds and notes5,285,974 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations269,423 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility456,274 
4.90% / 4.93%
3/30/28
Consumer loan warehouse and other facilities750,089 
5.18% - 5.48%
11/13/27 - 1/15/29
Variable-rate bonds and notes issued in private education loan asset-backed securitizations23,932 
5.40% / 5.94%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization17,621 
7.15%
11/25/53
Unsecured line of credit— —3/31/31
Participation agreements602 
4.49% - 5.82%
5/4/27 / 7/28/32
6,803,915 
Discount on bonds and notes payable and debt issuance costs(34,928)
Total$6,768,987 
As of December 31, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices$6,448,212 
4.35% - 5.85%
3/22/32 - 11/27/90
Bonds and notes based on auction24,150 
0.01% - 5.10%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,472,362 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations302,791 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility213,982 
4.83% / 4.84%
1/29/27
Consumer loan warehouse and other facilities767,951 
5.01% - 5.67%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations35,770 
5.15% / 6.12%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization27,391 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements1,322 
4.53% - 5.82%
5/4/26 / 7/28/32
7,821,569 
Discount on bonds and notes payable and debt issuance costs(40,642)
Total$7,780,927 
18


Warehouse and Other Facilities
The Company funds a portion of its loan acquisitions through the use of warehouse and other secured facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse and other facilities as of September 30, 2026:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$475,000 456,274 18,726 3/30/20273/30/2028note (b)$29,225 
Consumer loans and other financing receivables$925,000 750,089 174,911 
11/13/2026 - 7/15/2028
11/13/2027 - 1/15/2029
50% - 90%
$110,888 
(a)    During 2026, the Company amended this facility several times. On January 30, 2026, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2026 and July 30, 2027, respectively. On May 5, 2026, the Company reduced the maximum financing amount from $800 million to $500 million. On July 31, 2026, the Company extended the liquidity provisions and final maturity date to September 30, 2026 and September 30, 2027, respectively. On September 30, 2026, the Company reduced the maximum financing amount to $475 million and extended the liquidity provisions and final maturity date to March 30, 2027 and March 30, 2028, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
Unsecured Line of Credit
On March 31, 2026, the Company entered into a new $435.0 million unsecured line of credit. In conjunction with entering into the new line of credit, the Company terminated its $495.0 million line of credit which had a scheduled maturity date of September 22, 2026. There was no outstanding balance on the $495.0 million line of credit on the date of termination.
Borrowings by the Company under the new line of credit will bear interest at rates that will vary based on market conditions, the Company's credit rating, interest elections by the Company under the agreement, and other factors at the time of the borrowings. The maturity date of the new line of credit is March 31, 2031.
The new line of credit contains affirmative and negative covenants, including, but not limited to, certain financial covenants related to maintenance of a minimum consolidated net worth, a limitation on recourse indebtedness to adjusted EBITDA, a limitation on permitted investments, and an asset quality test related to non-FFELP loans held by the Company and its consolidated subsidiaries. Any violation of these covenants could lead to an event of default under the agreement. The Company's obligations under the agreement are guaranteed by certain subsidiaries of the Company.
As of September 30, 2026, no amount was outstanding on the new line of credit and $435.0 million was available for future use.
Debt Repurchases
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market or retained such instruments upon initial issuance. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of September 30, 2026, the Company holds $111.3 million (par value) of its own FFELP and private education loan asset-backed securities. Upon sale, these notes would be shown as "bonds and notes payable" in the Company's consolidated balance sheet.
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4.  Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used are described in note 6 of the notes to consolidated financial statements included in the 2025 Annual Report.
Non-Nelnet Bank Derivatives
Basis Swaps
The following table summarizes the Company’s Basis Swaps outstanding as of September 30, 2026 and December 31, 2025 used to economically hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. The Company has entered into basis swaps in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements.
MaturityNotional amount
2026 (a)$1,150,000 
2027250,000 
$1,400,000 
(a) These derivatives have maturity dates that range from November 30, 2026 through December 28, 2026.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge federally insured loans held by the Asset Generation and Management operating segment (Non-Nelnet Bank) that are earning fixed-rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
As of September 30, 2026As of December 31, 2025
MaturityNotional amountWeighted-average fixed rate paid by the CompanyNotional amountWeighted-average fixed rate paid by the Company
2026$— — %$200,000 3.92 %
202850,000 3.56 50,000 3.56 
202950,000 3.17 50,000 3.17 
2030100,000 3.63 100,000 3.63 
$200,000 3.50 %$400,000 3.71 %
Nelnet Bank Derivatives
Nelnet Bank uses derivative instruments to hedge exposure to variability in cash flows from variable-rate intercompany and third-party deposits to minimize volatility from future changes in interest rates.
Interest Rate Swaps - Intercompany Deposits
Nelnet Bank's derivatives used to hedge intercompany deposits are structured so that each is economically effective; however, because these derivatives are hedging intercompany deposits, the derivative instruments are not eligible for hedge accounting in the consolidated financial statements. The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of September 30, 2026 and December 31, 2025 to hedge intercompany deposits. For these derivatives, the Company receives monthly or quarterly payments based on SOFR that reset daily.
MaturityNotional amountWeighted-average fixed rate paid by the Company
2028$40,000 3.33 %
202925,000 3.37 
203050,000 3.06 
2032 (a)25,000 4.03 
203325,000 3.90 
2035 (b)30,000 3.79 
$195,000 3.50 %
(a)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(b)    This $30 million notional amount derivative has a forward effective start date in May 2028.
20


Interest Rate Swaps - Third-Party Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of September 30, 2026 and December 31, 2025 to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.
MaturityNotional amountWeighted-average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
$50,000 3.72 %
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Certain derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of these derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2026As of December 31, 2025As of September 30, 2026As of December 31, 2025
Nelnet Bank interest rate swaps - intercompany deposits$8,256 614 — 1,243 
Nelnet Bank interest rate swaps - third-party deposits (cash flow hedges)2,642 — — 484 
Other derivative instruments285 — — — 
$11,183 614 — 1,727 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Settlements:
Basis swaps$156 156 463 463 
Interest rate swaps - floor income hedges95 438 (19)1,293 
Interest rate swaps - Nelnet Bank intercompany deposits118 167 234 494 
Other derivative instruments— — 437 — 
Total settlements - income369 761 1,115 2,250 
Change in fair value:
Basis swaps(153)(147)(451)(429)
Interest rate swaps - floor income hedges4,659 (314)8,410 (5,993)
Interest rate swaps - Nelnet Bank intercompany deposits6,172 (327)8,886 (4,556)
Other derivative instruments272 — (622)— 
Total change in fair value - income (expense)10,950 (788)16,223 (10,978)
Derivative market value adjustments and derivative settlements, net - income (expense)$11,319 (27)17,338 (8,728)
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5.  Investments and Notes Receivable
Total investments and notes receivable consisted of the following:
As of September 30, 2026As of December 31, 2025
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments at fair value:
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$51,907 3,039 (137)54,809 36,824 2,950 (129)39,645 
FFELP loan and other debt securities - restricted (a)158,493 3,122 (460)161,155 172,739 3,384 (323)175,800 
Private education loan (b)167,332 82 (12,313)155,101 197,568 20 (13,436)184,152 
Other debt securities157,386 2,493 (321)159,558 55,874 2,528 — 58,402 
Total Non-Nelnet Bank535,118 8,736 (13,231)530,623 463,005 8,882 (13,888)457,999 
Nelnet Bank:
FFELP loan217,915 4,901 (602)222,214 258,208 6,513 (798)263,923 
Private education loan11,317 — (6)11,311 13,623 — (37)13,586 
Other debt securities1,181,610 1,511 (5,371)1,177,750 569,528 1,433 (1,481)569,480 
Total Nelnet Bank1,410,842 6,412 (5,979)1,411,275 841,359 7,946 (2,316)846,989 
Total available-for-sale asset-backed securities$1,945,960 15,148 (19,210)1,941,898 1,304,364 16,828 (16,204)1,304,988 
Equity securities and funds measured at net asset value110,722 109,648 
Total investments at fair value2,052,620 1,414,636 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities - FFELP loan199,670 211,299 
Venture capital, funds, and other:
Measurement alternative (c)236,999 227,962 
Equity method267,384 248,253 
Total venture capital and funds504,383 476,215 
Real estate equity method290,718 233,167 
ALLO:
Voting interest/equity method— — 
Preferred membership interest23,500 10,148 
Total interest in ALLO23,500 10,148 
Beneficial interest in loan securitizations (d):
Consumer and private education loans, net of allowance for credit losses of $56,029 and $50,802 as of September 30, 2026 and December 31, 2025, respectively
160,967 180,262 
Federally insured student loans14,798 14,568 
Total beneficial interest in loan securitizations, net of allowance175,765 194,830 
Solar (e)(332,517)(240,370)
Notes receivable37,275 32,085 
Tax liens, affordable housing, and other21,648 15,961 
Total other investments and notes receivable (not measured at fair value)920,442 933,335 
Total investments and notes receivable$2,973,062 $2,347,971 
(a)Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.
(b)As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The Company must retain these investment securities until the aggregate outstanding loan or bond balances in the securitization are met, at which time the Company can sell its investment securities (bonds) to a third party. The bonds purchased to satisfy the risk retention requirement are included in the above table and as of September 30, 2026, the amortized cost and fair value of these securities was $167.1 million and $154.9 million, respectively.
22


(c)The Company has an investment in Hudl, Inc. ("Hudl"). As of September 30, 2026, the carrying amount of the Company's investment in Hudl was $172.5 million. Subsequent to September 30, 2026, on October 15, 2026, the Company purchased additional ownership interests in Hudl for $3.0 million from an existing Hudl investor. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. David S. Graff, a member on the Company's Board of Directors, is CEO, co-founder, and a director of Hudl.
(d)The Company has partial ownership in certain securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2026, the Company's ownership correlates to approximately $900 million, $330 million, and $260 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
The Company has recorded an allowance for credit losses (and related provision expense) related to certain loan securitizations, due primarily to an increase in cumulative loss expectations, of $0.9 million and $2.1 million during the three months ended September 30, 2026 and 2025, respectively, and $7.5 million and $8.6 million during the nine months ended September 30, 2026 and 2025, respectively, which is included in “provision for beneficial interests” on the consolidated statements of income.
(e)As of September 30, 2026, the Company has contributed $357.6 million and its third-party partners (syndication partners) have contributed $513.8 million in tax equity to renewable energy solar partnerships that remain outstanding. The Company's carrying value in a solar project is reduced by tax credits earned when the solar project is placed in service. As of September 30, 2026, the Company and its third-party partners have earned $401.7 million and $518.7 million, respectively, of tax credits on those projects that remain outstanding. The Company’s negative carrying value related to solar tax partnerships on the consolidated balance sheet of $332.5 million as of September 30, 2026 represents the sum of total tax credits earned on solar projects placed in service and the calculated hypothetical liquidation at book value ("HLBV") cumulative net losses through September 30, 2026 being larger than the total contributions made by the Company and its syndication partners on such projects. The negative carrying value as of September 30, 2026, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $137.8 million.
The following table presents (i) HLBV losses recognized by the Company and gains recognized on sales of partnership interests, including amounts attributable to third-party noncontrolling interest partners, which are included in “other, net” within “other income (expense)” on the consolidated statements of income, less (ii) solar net losses attributable to noncontrolling interest partners, which are included in “net loss attributable to noncontrolling interests” on the consolidated statements of income. The resulting amount represents the pre-tax net loss attributable to the Company.
Three months ended September 30,Nine months ended September 30,
2026202520262025
Loss from HLBV accounting$(27,706)(10,884)(79,588)(19,963)
Gains from sales9,165 — 16,019 8,033 
Net loss from solar investments before allocation to noncontrolling interests(18,541)(10,884)(63,569)(11,930)
Net loss attributable to noncontrolling members18,494 5,659 51,430 9,863 
Net loss attributable to the Company$(47)(5,225)(12,139)(2,067)

23


The following table presents the amortized cost and fair value of debt securities by remaining contractual maturity:
As of September 30, 2026
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$66 2,755 471 48,615 51,907 
FFELP loan and other debt securities - restricted— 4,349 39,690 114,454 158,493 
Private education loan— — 220 167,112 167,332 
Other debt securities100 — 51,553 105,733 157,386 
Total Non-Nelnet Bank166 7,104 91,934 435,914 535,118 
Fair value164 7,053 91,907 431,499 530,623 
Nelnet Bank:
FFELP loan27,000 11,646 16,916 162,353 217,915 
Private education loan— — 11,222 95 11,317 
Other debt securities— 14,696 186,917 979,997 1,181,610 
Total Nelnet Bank27,000 26,342 215,055 1,142,445 1,410,842 
Fair value26,765 26,206 319,374 1,038,930 1,411,275 
Total available-for-sale asset-backed securities at amortized cost$27,166 33,446 306,989 1,578,359 1,945,960 
Total available-for-sale asset-backed securities at fair value$26,929 33,259 411,281 1,470,429 1,941,898 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan - amortized cost$— 2,273 11,756 185,641 199,670 
FFELP loan - fair value$— 2,266 11,608 190,079 203,953 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 175,765 
Fair value$— — — — 193,723 
(a) The Company's beneficial interest in loan securitizations is not due at a single maturity date.
The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of September 30, 2026:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$199,670 4,707 (424)203,953 
Beneficial interest in loan securitizations175,765 19,514 (1,556)193,723 

24


The following table presents securities classified as available-for-sale that have gross unrealized losses as of September 30, 2026 and the fair value of such securities as of September 30, 2026. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of September 30, 2026
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(2)398 (135)2,414 (137)2,812 
FFELP loan and other debt securities - restricted(211)39,267 (249)16,427 (460)55,694 
Private education loan(11)209 (12,302)127,911 (12,313)128,120 
Other debt securities(321)70,695 — — (321)70,695 
Total Non-Nelnet Bank(545)110,569 (12,686)146,752 (13,231)257,321 
Nelnet Bank:
FFELP loan(72)18,824 (530)49,194 (602)68,018 
Private education loan(1)150 (5)11,066 (6)11,216 
Other debt securities(3,240)371,890 (2,131)38,716 (5,371)410,606 
Total Nelnet Bank(3,313)390,864 (2,666)98,976 (5,979)489,840 
Total available-for-sale asset-backed securities$(3,858)501,433 (15,352)245,728 (19,210)747,161 
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities:
Three months endedNine months ended
September 30,September 30,
2026202520262025
Gross proceeds from sales$162,016 96,345 310,037 205,954 
Gross realized gains$1,045 1,145 2,011 2,701 
Gross realized losses(218)(291)(282)(770)
Net gains$827 854 1,729 1,931 
Equity securities and funds measured at net asset value
The following table summarizes the unrealized gains and losses related to equity securities and funds measured at net asset value held at September 30, 2026 and 2025. Realized and unrealized gains/losses are included in "other, net" in "other income (expense)" on the consolidated statements of income.
Three months endedNine months ended
September 30,September 30,
2026202520262025
Unrealized (losses) gains recognized during the period, net$(4,819)1,442 (2,131)5,577 
Less: realized (gains) losses on securities sold during the period, net(215)(225)1,664 (224)
Unrealized (losses) gains on securities still held as of the reporting date, net$(4,604)1,667 (3,795)5,801 
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6. Business Combinations
Nelnet Diversified Services Canada, Inc.
On February 2, 2026, the Company acquired 100 percent of the outstanding stock of a wholly owned subsidiary of DH Corporation. The acquired entity was subsequently renamed Nelnet Diversified Services Canada, Inc. ("NDS Canada"). During the three months ended June 30, 2026, the Company finalized the post-closing working capital adjustment. As a result, consideration transferred increased by CAD $2.6 million (USD $1.8 million) from the preliminary amount previously reported. Accordingly, the purchase price was revised from CAD $144.2 million (USD $105.8 million) to CAD $146.8 million (USD $107.6 million). The increase was recorded as a measurement period adjustment and resulted in a corresponding increase to goodwill.
NDS Canada is a Canadian student loan servicing business that services Canadian student loans for governments and a financial institution, providing assistance programs that include loan origination, disbursement, servicing, customer support, delinquency management, and reporting. The acquisition of NDS Canada has expanded the Company's portfolio of loans it services. The operating results of NDS Canada are included in the Loan Servicing and Systems operating segment.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended June 30, 2026, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The impact of these adjustments had no impact on operating results.
Restricted cash - due to customers$302,901 
Accounts receivable17,590 
Other assets336 
Intangible assets69,805 
Excess cost over fair value of net assets acquired (goodwill)47,814 
Other liabilities(27,898)
Due to customers(302,901)
Net assets acquired$107,647 
The $69.8 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 6 years. The intangible assets that made up this amount include customer relationships of $43.5 million (7-year useful life) and software of $26.3 million (5-year useful life).
The $47.8 million of goodwill was assigned to the Loan Servicing and Systems operating segment and is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to expected future economic benefits associated with the Company's servicing expertise and scale supporting NDS Canada's ongoing operations, along with the deferred tax liability related to the differences between the carrying amounts and tax bases of acquired identifiable intangible assets.
NDS Canada's assets acquired and liabilities assumed were recorded by the Company at their respective fair values at the date of acquisition, and NDS Canada's operating results from the date of acquisition forward are included in the Company's consolidated operating results. The pro forma impacts of the NDS Canada acquisition on the Company's historical results prior to the acquisition were not material.
Nelnet Business Services (NBS) Acquisitions
The Education Technology Services and Payments operating segment (referred to as NBS) completed three acquisitions during 2026 for total consideration of $30.9 million to expand this segment's global education technology offerings and customer base. The purchase price allocation for these acquisitions, including the recognition of goodwill, was not complete as of September 30, 2026, and remains subject to finalization during the measurement period. The impact of these acquisitions did not have a material impact on the segment's results of operations for the three and nine months ended September 30, 2026.
On April 30, 2026, the Company acquired 100 percent of the outstanding stock of Australia‑based Invision Marketing Services Pty Ltd which is the owner of the Passtab brand. Passtab is a leading school visitor, contractor, and compliance management platform, expanding Nelnet's global education technology offerings.
On July 1, 2026, the Company acquired 100 percent of the net assets of WMTek, doing business as Site Stacker. Site Stacker is a software platform that provides customer relationship management, online giving, website building, and automation solutions for nonprofit organizations.
26


On September 30, 2026, the Company acquired 100 percent of the outstanding stock of Entab Infotech (Entab). Entab is a New Delhi-based provider of school administration, management, and learning technology software, servicing more than 1,000 schools across India. The acquisition extends Nelnet's global education technology offerings into India's K-12 education market.
7. Intangible Assets
Intangible assets consisted of the following:
Weighted-average remaining useful life as of
September 30, 2026 (months)
As ofAs of
September 30, 2026December 31, 2025
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $68,075 and $58,561, respectively)
76$70,082 29,283 
Computer software (net of accumulated amortization of $3,940)
4827,988 — 
Total amortizable intangible assets, net68$98,070 29,283 
The Company recorded amortization expense on its intangible assets of $5.3 million and $1.5 million for the three months ended September 30, 2026 and 2025, respectively, and $13.6 million and $4.6 million during the nine months ended September 30, 2026 and 2025, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2026, the Company estimates it will record amortization expense as follows:
2026 (October 1 - December 31)$5,227 
202720,774 
202820,410 
202916,759 
203015,718 
2031 and thereafter19,182 
$98,070 
8. Goodwill
The change in the carrying amount of goodwill by reportable operating segment was as follows:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Goodwill as of December 31, 2025$23,639 92,507 41,883 — — — 158,029 
Goodwill acquired during the period46,969 — — — — — 46,969 
Foreign currency translation(1,068)— — — — — (1,068)
Goodwill as of March 31, 202669,540 92,507 41,883 — — — 203,930 
Goodwill acquired during the period— 3,017 — — — — 3,017 
Purchase price allocation adjustment845 — — — — — 845 
Foreign currency translation(845)(112)— — — — (957)
Goodwill as of June 30, 202669,540 95,412 41,883 — — — 206,835 
Goodwill acquired during the period— 6,336 — — — — 6,336 
Foreign currency translation(18)15 — — — — (3)
Goodwill as of September 30, 2026$69,522 101,763 41,883 — — — 213,168 
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9.  Bank Deposits
The following table summarizes Nelnet Bank’s deposits, excluding intercompany deposits:
As ofAs of
September 30, 2026December 31, 2025
Retail and other savings$2,030,917 1,337,873 
Brokered CDs, net of brokered deposit fees498,334 311,015 
Retail and other CDs, net of issuance fees36,766 20,285 
Total interest-bearing deposits$2,566,017 1,669,173 
As of September 30, 2026 and December 31, 2025, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $239.2 million and $93.8 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table presents the remaining maturities of certificates of deposit as of September 30, 2026:
One year or less$275,301 
After one year to two years66,080 
After two years to three years78,250 
After three years to four years30,453 
After four years to five years30,686 
After five years54,330 
Total$535,100 
Deposits that exceeded the FDIC insurance limits as of September 30, 2026 were $40.8 million, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries.
10.  Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Three months ended September 30,
20262025
Numerator:
Net income attributable to Nelnet, Inc.$74,818 1,375 76,193 104,750 1,934 106,684 
Denominator:
Weighted-average common shares outstanding - basic and diluted
35,198,951 646,712 35,845,663 35,657,976 658,339 36,316,315 
Earnings per share - basic and diluted$2.13 2.13 2.13 2.94 2.94 2.94 
Nine months ended September 30,
20262025
Numerator:
Net income attributable to Nelnet, Inc.$210,104 3,877 213,981 363,914 6,789 370,703 
Denominator:
Weighted-average common shares outstanding - basic and diluted
35,333,919 651,928 35,985,847 35,759,099 667,089 36,426,188 
Earnings per share - basic and diluted$5.95 5.95 5.95 10.18 10.18 10.18 
28


11.  Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2025 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:
Three months ended September 30, 2026
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 139,598 27,009 166,607 — — — 166,607 
Investment interest830 7,194 9,234 18,929 36,187 8,129 2,321 (4,202)42,435 
Total interest income830 7,194 148,832 45,938 202,794 8,129 2,321 (4,202)209,042 
Interest expense486 — 83,663 25,565 109,714 1,511 624 (4,202)107,647 
Net interest income344 7,194 65,169 20,373 93,080 6,618 1,697 — 101,395 
Less provision (negative provision) for loan losses— — 34,539 4,824 39,363 — — — 39,363 
Less provision for beneficial interests— — 906 — 906 — — — 906 
Net interest income after provision344 7,194 29,724 15,549 52,811 6,618 1,697 — 61,126 
Other income (expense):
LSS revenue139,802 — — — 139,802 — — — 139,802 
ETSP revenue— 132,881 — — 132,881 — — — 132,881 
Intersegment revenue4,501 74 — — 4,575 — — (4,575)— 
Reinsurance premiums earned— — — — — 44,485 — — 44,485 
Solar construction revenue— — — — — — — — — 
Other, net109 411 21,388 3,099 25,007 (7,849)(10,456)8 6,710 
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 251 118 369 — — — 369 
Derivative market value adjustments, net— — 4,778 6,172 10,950 — — — 10,950 
Total other income (expense), net144,412 133,366 26,417 9,389 313,584 36,636 (10,456)(4,567)335,197 
Cost of services and expenses:
Total cost of services2,087 49,491 — — 51,578 — — — 51,578 
Salaries and benefits75,020 44,151 1,811 3,788 124,770 1,725 21,250 (12)147,733 
Depreciation and amortization4,863 3,036 — 102 8,001 — 2,279 — 10,280 
Reinsurance losses and underwriting expenses— — — — — 35,570 — — 35,570 
Postage expense8,303 8,303 (8,303)— 
Servicing fees7,177 1,967 9,144 (9,144)— 
Other expenses (a)20,613 12,182 1,315 2,486 36,596 2,440 18,164 12,957 70,157 
Intersegment expenses, net17,405 6,148 1,258 893 25,704 435 (26,065)(74)— 
Total operating expenses126,204 65,517 11,561 9,236 212,518 40,170 15,628 (4,576)263,740 
Income (loss) before income taxes16,465 25,552 44,580 15,702 102,299 3,084 (24,387)9 81,005 
Income tax (expense) benefit(3,951)(6,133)(10,697)(3,736)(24,517)(733)432 — (24,818)
Net income (loss)12,514 19,419 33,883 11,966 77,782 2,351 (23,955)9 56,187 
Net (income) loss attributable to noncontrolling interests— — (8)— (8)(29)20,052 (9)20,006 
Net income (loss) attributable to Nelnet, Inc.$12,514 19,419 33,875 11,966 77,774 2,322 (3,903)— 76,193 
Total assets as of September 30, 2026$372,495 539,836 8,592,790 3,421,080 12,926,201 1,151,788 643,432 (584,311)14,137,110 
(a)    Other expenses for each reportable segment consist primarily of the following:
LSS - professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees, professional fees, travel, and management fee expense.
Nelnet Bank - marketing, consulting and professional fees, software, and FDIC insurance.
29


Three months ended September 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 145,984 16,733 162,717 — — — 162,717 
Investment interest531 8,564 12,051 14,849 35,995 14,985 3,134 (10,872)43,241 
Total interest income531 8,564 158,035 31,582 198,712 14,985 3,134 (10,872)205,958 
Interest expense— — 113,350 16,179 129,529 1,359 692 (10,872)120,708 
Net interest income531 8,564 44,685 15,403 69,183 13,626 2,442 — 85,250 
Less provision (negative provision) for loan losses— — (7,374)3,811 (3,563)— — — (3,563)
Less provision for beneficial interests— — 2,145 — 2,145 — — — 2,145 
Net interest income after provision531 8,564 49,914 11,592 70,601 13,626 2,442 — 86,668 
Other income (expense):
LSS revenue151,052 — — — 151,052 — — — 151,052 
ETSP revenue— 129,321 — — 129,321 — — — 129,321 
Intersegment revenue5,313 70 — — 5,383 — — (5,383)— 
Reinsurance premiums earned— — — — — 23,165 — — 23,165 
Solar construction revenue— — — — — — 5,738 — 5,738 
Other, net105 — (2,277)1,308 (864)5,674 28,336 112 33,258 
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 594 167 761 — — — 761 
Derivative market value adjustments, net— — (461)(327)(788)— — — (788)
Total other income (expense), net156,470 129,391 (2,144)1,148 284,865 28,839 34,074 (5,271)342,507 
Cost of services and expenses:
Total cost of services2,021 50,363 — — 52,384 — 7,607 — 59,991 
Salaries and benefits70,126 43,029 1,971 2,817 117,943 668 26,193 (26)144,778 
Depreciation and amortization1,725 2,504 — 355 4,584 — 2,743 — 7,327 
Reinsurance losses and underwriting expenses— — — — — 19,962 — — 19,962 
Postage expense8,735 8,735 (8,735)— 
Servicing fees6,687 838 7,525 (7,525)— 
Other expenses (a)10,862 10,682 1,243 1,916 24,703 1,103 23,756 11,107 60,669 
Intersegment expenses, net17,262 6,420 1,248 726 25,656 289 (25,741)(204)— 
Total operating expenses108,710 62,635 11,149 6,652 189,146 22,022 26,951 (5,383)232,736 
Income (loss) before income taxes46,270 24,957 36,621 6,088 113,936 20,443 1,958 112 136,448 
Income tax (expense) benefit(11,105)(5,990)(8,783)(1,483)(27,361)(4,866)(3,547)— (35,773)
Net income (loss)35,165 18,967 27,838 4,605 86,575 15,577 (1,589)112 100,675 
Net (income) loss attributable to noncontrolling interests— — (27)— (27)(169)6,317 (112)6,009 
Net income (loss) attributable to Nelnet, Inc.$35,165 18,967 27,811 4,605 86,548 15,408 4,728 — 106,684 
Total assets as of September 30, 2025$200,205 525,704 10,042,521 2,003,322 12,771,752 1,330,228 671,263 (896,561)13,876,682 
(a)    Other expenses for each reportable segment consist primarily of the following:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.

30


Nine months ended September 30, 2026
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 432,214 70,014 502,228 — — — 502,228 
Investment interest2,837 18,045 30,221 54,108 105,211 24,456 7,621 (14,335)122,953 
Total interest income2,837 18,045 462,435 124,122 607,439 24,456 7,621 (14,335)625,181 
Interest expense1,320 — 266,644 66,629 334,593 4,055 1,819 (14,335)326,132 
Net interest income1,517 18,045 195,791 57,493 272,846 20,401 5,802 — 299,049 
Less provision (negative provision) for loan losses— — 124,331 9,353 133,684 — — — 133,684 
Less provision for beneficial interests— — 7,477 — 7,477 — — — 7,477 
Net interest income after provision1,517 18,045 63,983 48,140 131,685 20,401 5,802 — 157,888 
Other income (expense):
LSS revenue399,888 — — — 399,888 — — — 399,888 
ETSP revenue— 406,200 — — 406,200 — — — 406,200 
Intersegment revenue14,305 220 — — 14,525 — — (14,525)— 
Reinsurance premiums earned— — — — — 107,645 — — 107,645 
Solar construction revenue— — — — — — — — — 
Other, net(159)2,313 67,399 5,220 74,773 (314)(38,943)32 35,548 
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 444 234 678 — 437 — 1,115 
Derivative market value adjustments, net— — 8,244 8,886 17,130 — (907)— 16,223 
Total other income (expense), net414,034 408,733 76,087 14,340 913,194 107,331 (39,413)(14,493)966,619 
Cost of services and expenses:
Total cost of services6,262 138,626 — — 144,888 — — — 144,888 
Salaries and benefits217,565 132,443 5,322 10,293 365,623 4,806 69,373 (34)439,768 
Depreciation and amortization13,937 7,847 — 761 22,545 — 7,047 — 29,592 
Reinsurance losses and underwriting expenses— — — — — 91,984 — — 91,984 
Postage expense25,346 25,346 (25,346)— 
Servicing fees23,082 4,829 27,911 (27,911)— 
Other expenses (a)49,999 36,656 3,366 5,606 95,627 5,362 56,221 38,985 196,195 
Intersegment expenses, net51,357 18,475 4,006 2,245 76,083 1,377 (77,240)(220)— 
Total operating expenses358,204 195,421 35,776 23,734 613,135 103,529 55,401 (14,526)757,539 
Income (loss) before income taxes51,085 92,731 104,294 38,746 286,856 24,203 (89,012)33 222,080 
Income tax (expense) benefit(12,260)(22,255)(25,022)(9,152)(68,689)(5,819)9,687 — (64,821)
Net income (loss)38,825 70,476 79,272 29,594 218,167 18,384 (79,325)33 157,259 
Net (income) loss attributable to noncontrolling interests— — (35)— (35)44 56,746 (33)56,722 
Net income (loss) attributable to Nelnet, Inc.$38,825 70,476 79,237 29,594 218,132 18,428 (22,579)— 213,981 
Total assets as of September 30, 2026$372,495 539,836 8,592,790 3,421,080 12,926,201 1,151,788 643,432 (584,311)14,137,110 
(a)    Other expenses for each reportable segment consist primarily of the following:
LSS - professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees, professional fees, and travel.
Nelnet Bank - marketing, consulting and professional fees, software, and FDIC insurance.
31


Nine months ended September 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 457,752 43,508 501,260 — — — 501,260 
Investment interest1,875 20,921 37,462 41,278 101,536 32,676 8,107 (17,504)124,815 
Total interest income1,875 20,921 495,214 84,786 602,796 32,676 8,107 (17,504)626,075 
Interest expense— — 347,719 42,928 390,647 3,558 1,976 (17,504)378,677 
Net interest income1,875 20,921 147,495 41,858 212,149 29,118 6,131 — 247,398 
Less provision (negative provision) for loan losses— — 16,770 12,934 29,704 — — — 29,704 
Less provision for beneficial interests— — 8,632 — 8,632 — — — 8,632 
Net interest income after provision1,875 20,921 122,093 28,924 173,813 29,118 6,131 — 209,062 
Other income (expense):
LSS revenue392,517 — — — 392,517 — — — 392,517 
ETSP revenue— 394,836 — — 394,836 — — — 394,836 
Intersegment revenue16,600 198 — — 16,798 — — (16,798)— 
Reinsurance premiums earned— — — — — 73,964 — — 73,964 
Solar construction revenue— — — — — — 10,992 — 10,992 
Other, net331 — 10,135 1,842 12,308 12,050 56,176 304 80,839 
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 1,756 494 2,250 — — — 2,250 
Derivative market value adjustments, net— — (6,422)(4,556)(10,978)— — — (10,978)
Total other income (expense), net409,448 395,034 5,469 (2,220)807,731 86,014 242,212 (16,494)1,119,464 
Cost of services and expenses:
Total cost of services5,500 138,254 — — 143,754 — 29,485 — 173,239 
Salaries and benefits205,249 126,368 4,661 8,424 344,702 1,685 71,472 (160)417,700 
Depreciation and amortization6,199 7,439 — 1,046 14,684 — 9,522 — 24,206 
Reinsurance losses and underwriting expenses— — — — — 67,836 — — 67,836 
Postage expense25,861 25,861 (25,861)— 
Servicing fees20,700 2,329 23,029 (23,029)— 
Other expenses (a)32,793 29,634 4,595 5,243 72,265 4,161 56,349 32,817 165,592 
Intersegment expenses, net50,980 18,297 3,758 2,089 75,124 854 (75,413)(565)— 
Total operating expenses321,082 181,738 33,714 19,131 555,665 74,536 61,930 (16,798)675,334 
Income (loss) before income taxes84,741 95,963 93,848 7,573 282,125 40,596 156,928 304 479,953 
Income tax (expense) benefit(20,338)(23,042)(22,508)(1,816)(67,704)(9,645)(42,945)— (120,294)
Net income (loss)64,403 72,921 71,340 5,757 214,421 30,951 113,983 304 359,659 
Net (income) loss attributable to noncontrolling interests— 45 (67)— (22)(407)11,777 (304)11,044 
Net income (loss) attributable to Nelnet, Inc.$64,403 72,966 71,273 5,757 214,399 30,544 125,760 — 370,703 
Total assets as of September 30, 2025$200,205 525,704 10,042,521 2,003,322 12,771,752 1,330,228 671,263 (896,561)13,876,682 
(a)    Other expenses for each reportable segment consist primarily of the following:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.

32


12. Disaggregated Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments:
Loan Servicing and Systems
Three months ended September 30,Nine months ended September 30,
2026202520262025
Department of Education loan servicing (a)$81,792 112,798 232,551 285,896 
Canada student loan servicing (b)16,518 — 45,533 — 
Private education and consumer loan servicing25,780 24,293 77,556 69,721 
FFELP loan servicing1,821 2,035 6,043 6,909 
Software services12,425 10,584 35,572 27,027 
Outsourced services1,466 1,342 2,633 2,964 
Loan servicing and systems revenue$139,802 151,052 399,888 392,517 
(a)    Upon reaching final agreements with the Department of Education (the "Department"), the Company recognized $5.3 million and $32.9 million of revenue during the third quarter of 2026 and 2025, respectively, related to contract modifications for services previously performed.
(b)    On February 2, 2026, the Company acquired a Canadian student loan servicing business, NDS Canada. The operating results of NDS Canada are included in the Company's consolidated operating results beginning on the acquisition date of February 2, 2026. See note 6 for additional information.
Education Technology Services and Payments
Three months ended September 30,Nine months ended September 30,
2026202520262025
Tuition payment plan services$33,797 32,971 112,656 109,057 
Payment processing64,319 59,484 159,616 148,535 
Education technology services34,018 36,323 132,444 136,499 
Other747 543 1,484 745 
Education technology services and payments revenue$132,881 129,321 406,200 394,836 
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Borrower late fee income$7,892 1,817 24,140 5,046 
Investment activity, net (a)6,570 42,317 42,363 70,616 
Administration/sponsor fee income1,612 2,267 4,766 4,978 
Investment advisory services (WRCM)1,334 2,010 4,049 4,987 
Gain (loss) on debt repurchases14 (8,304)2,119 (7,865)
Loss from solar investments, net(18,541)(10,884)(63,569)(11,930)
Other7,829 4,035 21,680 15,007 
Other, net$6,710 33,258 35,548 80,839 
(a)    In August 2025, CompanyCam, Inc. ("CompanyCam"), a technology company in which the Company holds an interest, completed an additional equity raise and accepted tender offers to redeem existing equity holders. The Company had a portion of its interests redeemed and received cash proceeds of $10.1 million and recognized a pre-tax gain of $7.8 million. The Company accounts for its interest in CompanyCam using the measurement alternative method, which requires it to adjust its carrying value for changes resulting from observable market transactions. As a result of CompanyCam’s equity raise, the Company recognized a pre-tax gain of $22.4 million during the third quarter of 2025 to adjust its carrying value of its remaining interest in CompanyCam to reflect the August 2025 transaction value.
33


13.  Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:
Three months endedNine months ended
September 30,September 30,
2026202520262025
Premiums written:
Assumed$58,199 51,244 160,967 147,178 
Ceded(12,685)(19,709)(32,287)(53,678)
Net premiums written$45,514 31,535 128,680 93,500 
Premiums earned:
Assumed$57,929 42,178 153,721 133,981 
Ceded(13,444)(19,013)(46,076)(60,017)
Net premiums earned$44,485 23,165 107,645 73,964 
Loss reserve, commissions, and broker fees:
Assumed$46,053 37,490 132,339 125,231 
Ceded(10,483)(17,528)(40,355)(57,395)
Reinsurance losses and underwriting expenses$35,570 19,962 91,984 67,836 
The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $104.5 million and $72.3 million as of September 30, 2026 and December 31, 2025, respectively, which is included in "other liabilities" on the consolidated balance sheets.
14.  Major Customer
The Company earns loan servicing revenue from a servicing contract with the Department that became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. Revenue earned by the Company related to this contract was $81.8 million and $112.8 million for the three months ended September 30, 2026 and 2025, respectively, and $232.6 million and $285.9 million for the nine months ended September 30, 2026 and 2025, respectively.
15.  Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
As of September 30, 2026As of December 31, 2025
Level 1Level 2TotalLevel 1Level 2Total
Assets:
Investments:
Asset-backed debt securities - available-for-sale$100 1,941,798 1,941,898 100 1,304,888 1,304,988 
Equity securities15,404 — 15,404 22,107 — 22,107 
Equity securities measured at net asset value (a)95,318 87,541 
Total investments15,504 1,941,798 2,052,620 22,207 1,304,888 1,414,636 
Derivative instruments— 11,183 11,183 — 614 614 
Total assets$15,504 1,952,981 2,063,803 22,207 1,305,502 1,415,250 
Liabilities:
Derivative instruments$— — — — 1,727 1,727 
Total liabilities$— — — — 1,727 1,727 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
34


The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2025 Annual Report.
As of September 30, 2026
Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:
Loans receivable$9,533,180 9,122,199 — — 9,533,180 
Accrued loan interest receivable548,128 548,128 — 548,128 — 
Cash and cash equivalents211,016 211,016 211,016 — — 
Investments at fair value2,052,620 2,052,620 15,504 1,941,798 — 
Investments - held-to-maturity asset-backed securities203,953 199,670 — 203,953 — 
Notes receivable37,275 37,275 — 37,275 — 
Beneficial interest in loan securitizations193,723 175,765 — — 193,723 
Restricted cash229,223 229,223 229,223 — — 
Restricted cash – due to customers218,199 218,199 218,199 — — 
Derivative instruments11,183 11,183 — 11,183 — 
Financial liabilities:
Bonds and notes payable6,793,067 6,768,987 — 6,793,067 — 
Accrued interest payable16,125 16,125 — 16,125 — 
Bank deposits2,528,564 2,566,017 1,407,836 1,120,728 — 
Due to customers504,895 504,895 504,895 — — 
Derivative instruments— — — — — 
As of December 31, 2025
Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:
Loans receivable$9,978,262 9,477,759 — — 9,978,262 
Accrued loan interest receivable528,936 528,936 — 528,936 — 
Cash and cash equivalents295,983 295,983 295,983 — — 
Investments at fair value1,414,636 1,414,636 22,207 1,304,888 — 
Investments - held-to-maturity asset-backed securities215,722 211,299 — 215,722 — 
Notes receivable32,085 32,085 — 32,085 — 
Beneficial interest in loan securitizations211,398 194,830 — — 211,398 
Restricted cash357,639 357,639 357,639 — — 
Restricted cash – due to customers319,924 319,924 319,924 — — 
Derivative instruments614 614 — 614 — 
Financial liabilities:
Bonds and notes payable7,784,936 7,780,927 — 7,784,936 — 
Accrued interest payable20,426 20,426 — 20,426 — 
Bank deposits1,658,675 1,669,173 1,040,077 618,598 — 
Due to customers457,844 457,844 457,844 — — 
Derivative instruments1,727 1,727 — 1,727 — 
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Management’s Discussion and Analysis of Financial Condition and Results of Operations is for the three and nine months ended September 30, 2026 and 2025. All dollars are in thousands, except per share amounts, unless otherwise noted.)
The following discussion and analysis provides information that the Company’s management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of the Company. The discussion and analysis should be read in conjunction with the Company’s consolidated financial statements included in the 2025 Annual Report.
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Forward-looking and cautionary statements
This report contains forward-looking statements and information that are based on management's current expectations as of the date of this document. Statements that are not historical facts, including statements about the Company's plans and expectations for future financial condition, results of operations or economic performance, or that address management's plans and objectives for future operations, and statements that assume or are dependent upon future events, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “ensure,” “estimate,” “expect,” "focus," “forecast,” “future,” “intend,” “may,” "objective," “plan,” “potential,” “predict,” "pursue," “scheduled,” “should,” "strategy," “will,” “would,” and similar expressions, as well as statements in future tense, are intended to identify forward-looking statements.
The forward-looking statements are based on assumptions and analyses made by management in light of management's experience and its perception of historical trends, current conditions, expected future developments, and other factors that management believes are appropriate under the circumstances. These statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in the “Risk Factors” section of the 2025 Annual Report and include such risks and uncertainties as:
•risks related to the ability to successfully maintain and increase allocated volumes of student loans serviced by the Company under existing and future servicing contracts, risks related to unfavorable contract modifications or interpretations, risks related to consistently meeting service requirements to avoid the assessment of performance penalties, and risks related to the Company's ability to comply with agreements with third-party customers for the servicing of Federal Direct Loan Program, Canadian, FFEL Program, private education, and consumer loans;
•loan portfolio risks such as credit risk, prepayment risk, interest rate basis and repricing risk, risks related to the use of derivatives to manage exposure to interest rate fluctuations, uncertainties regarding the expected benefits from purchased securitized and unsecuritized FFELP, private education, consumer, and other loans, or residual interests therein, and initiatives to purchase additional FFELP, private education, consumer, and other loans;
•financing and liquidity risks, including risks of changes in the interest rate environment;
•risks from changes in the terms of education loans and in the educational credit and services markets resulting from changes in applicable laws, regulations, and government programs and budgets;
•risks related to a breach of or failure in the Company's operational or information systems or infrastructure, or those of third-party vendors, including disclosure of confidential or personal information and/or damage to reputation resulting from cyber breaches;
•risks related to use of artificial intelligence;
•uncertainties inherent in forecasting future cash flows from student loan assets, including residual interests therein, and related asset-backed securitizations;
•risks related to the ability of Nelnet Bank to achieve its business objectives and effectively deploy loan and deposit strategies and achieve expected market penetration;
•risks related to the Company's solar tax equity partnerships, including risks of not being able to realize tax credits which remain subject to recapture by taxing authorities and risks from the impact of the enactment of the One Big Beautiful Bill that accelerates the expiration and phase out of solar energy credits;
•risks and uncertainties related to other initiatives (and anticipated income therefrom) including venture capital, real estate, reinsurance, acquisitions, and other activities, including activities that are intended to diversify the Company both within and outside of its historical core education-related businesses;
•risks and uncertainties associated with climate change; and
•risks and uncertainties associated with litigation matters, maintaining compliance with the extensive regulatory requirements applicable to the Company's businesses, and uncertainties inherent in the estimates and assumptions about future events that management is required to make in the preparation of the Company’s consolidated financial statements.
All forward-looking statements contained in this report are qualified by these cautionary statements and are made only as of the date of this document. Although the Company may from time to time voluntarily update or revise its prior forward-looking statements to reflect actual results or changes in the Company's expectations, the Company disclaims any commitment to do so except as required by law.
36


OVERVIEW
The Company is an operating holding company with primary businesses in consumer lending, loan servicing, payments, and technology-enabled services, many of which are focused on serving customers in the education sector. The Company conducts these activities both directly and through its wholly-owned and majority-owned subsidiaries, and actively manages and operates its businesses on an integrated basis. Nelnet’s largest operating and technology platforms support loan servicing and education-related technology and payment solutions. A significant portion of the Company’s revenue is derived from net interest income earned on a portfolio of federally insured student loans, a substantial portion of which is serviced by the Company.
The Company has also broadened its operating business mix both within and beyond its historical education-focused activities. These businesses include banking and other financial services conducted through the Company’s bank and other subsidiaries, asset management and related customer-facing servicing, real estate development and management, reinsurance operations, renewable energy development, and selected strategic interests in early-stage, emerging growth, and other operating enterprises. The Company actively manages such businesses and holds interests in them for strategic and operational purposes.
GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments
The Company prepares its financial statements and presents its financial results in accordance with GAAP. However, it also provides additional non-GAAP financial information related to specific items management believes to be important in the evaluation of its operating results and performance. A reconciliation of the Company's GAAP net income to Non-GAAP net income excluding derivative market value adjustments, and a discussion of why the Company believes providing this additional information is useful to investors, are provided below.
Three months ended September 30,Nine months ended September 30,
2026202520262025
GAAP net income attributable to Nelnet, Inc.$76,193 106,684 213,981 370,703 
Realized and unrealized derivative market value adjustments (a)(10,950)788 (16,223)10,978 
Tax effect (b)2,628 (189)3,894 (2,635)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$67,871 107,283 201,652 379,046 
Earnings per share:
GAAP net income attributable to Nelnet, Inc.$2.13 2.94 5.95 10.18 
Realized and unrealized derivative market value adjustments (a)(0.31)0.02 (0.45)0.30 
Tax effect (b)0.07 (0.01)0.10 (0.07)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$1.89 2.95 5.60 10.41 
(a)"Derivative market value adjustments" includes both the realized portion of gains and losses (corresponding to variation margin received or paid on derivative instruments that are settled daily at a central clearinghouse) and the unrealized portion of gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP. "Derivative market value adjustments" does not include "derivative settlements" that represent the cash paid or received during the respective period to settle with derivative instrument counterparties the economic effect of the Company's derivative instruments based on their contractual terms.
The accounting for derivatives requires that changes in the fair value of derivative instruments be recognized currently in earnings, with no fair value adjustment of the hedged item, unless specific hedge accounting criteria are met. Management has structured all of the Company’s derivative transactions with the intent that each is economically effective; however, the majority of the Company’s derivative instruments do not qualify for hedge accounting in the consolidated financial statements. As a result, the change in fair value for the derivative instruments that do not qualify for hedge accounting is reported in current period earnings with no consideration for the corresponding change in fair value of the hedged item. Under GAAP, the cumulative net realized and unrealized gain or loss caused by changes in fair values of derivatives in which the Company plans to hold to maturity will generally equal zero over the life of the contract. However, the net realized and unrealized gain or loss during any given reporting period fluctuates significantly from period to period.
The Company believes these point-in-time estimates of asset and liability values related to its derivative instruments that are subject to interest rate fluctuations are subject to volatility mostly due to timing and market factors beyond the control of management, and affect the period-to-period comparability of the results of operations. Accordingly, the Company’s management utilizes operating results excluding these items for comparability purposes when making decisions regarding the Company’s performance and in presentations with credit rating agencies, lenders, and investors. Consequently, the Company reports this non-GAAP information because the Company believes that it provides additional information regarding operational and performance indicators that are closely assessed by management and represents what earnings would have been had these derivatives qualified for hedge accounting. There is no comprehensive, authoritative guidance for the presentation of such non-GAAP information, which is only meant to supplement GAAP results by providing additional information that management utilizes to assess performance.
(b)The tax effects are calculated by multiplying the realized and unrealized derivative market value adjustments by the applicable statutory income tax rate.
37


Operating Segments
The Company's reportable operating segments are described in note 1 of the notes to consolidated financial statements included in the 2025 Annual Report. They include:
•Loan Servicing and Systems (LSS) - referred to as Nelnet Diversified Services (NDS)
•Education Technology Services and Payments (ETSP) - referred to as Nelnet Business Services (NBS)
•Asset Generation and Management (AGM), part of the Nelnet Financial Services (NFS) division
•Nelnet Bank, part of the NFS division
The Company earns fee-based revenue through its NDS and NBS reportable operating segments. The Company earns net interest income on its loan portfolio, consisting primarily of FFELP loans, through its AGM reportable operating segment. This segment is expected to generate significant amounts of cash as the FFELP portfolio amortizes. The Company actively works to maximize the amount and timing of cash flows generated from its FFELP portfolio and seeks to acquire additional loan assets to leverage its servicing scale and expertise to generate incremental earnings and cash flow. Nelnet Bank operates as an internet industrial bank franchise focused on the private education and unsecured consumer loan markets, with a home office in Salt Lake City, Utah.
In addition to AGM and Nelnet Bank, the NFS division's other operating segments that are not reportable include the operating results of:
•Nelnet Insurance Services, which primarily includes multiple reinsurance treaties on property and casualty policies
•Whitetail Rock Capital Management, LLC (WRCM), the Company's U.S. Securities and Exchange Commission (SEC)-registered investment advisor subsidiary
•The Company’s ownership and activities in real estate
•The Company’s ownership and management of its bond portfolio (primarily student loan and other asset-backed securities) and certain marketable equity securities
Other business activities and operating segments that are not reportable and not part of the NFS division are combined and included in Corporate and Other Activities ("Corporate"). Corporate includes the following items:
•Shared service activities related to human resources, accounting, legal, enterprise risk management, information technology, occupancy, and marketing. These costs are allocated to each operating segment based on estimated use of such activities and services
•Corporate costs and overhead functions not allocated to operating segments, including executive management, innovation initiatives, and other holding company organizational costs
•The operating results of the Company’s participation in renewable energy solar developments through tax equity structures and administrative and management services provided by the Company on solar tax equity investments made by third parties
•The operating results of Nelnet Renewable Energy (NRE), a solar engineering, procurement, and construction business, which the Company sold during the fourth quarter of 2025, but retained a limited number of construction contracts to complete following the sale
•The operating results of certain of the Company’s investment activities, including its ownership in ALLO and early-stage and emerging growth companies (venture capital)
•Interest income earned on cash balances held at the corporate level
•Other product and service offerings that are not considered reportable operating segments
38


The information below presents the operating results (net income (loss) before taxes) for each of the Company's reportable and certain other operating segments reconciled to the consolidated financial statements for the three and nine months ended September 30, 2026 and 2025. See "Results of Operations" for additional detail regarding each reportable operating segment, the NFS operating segments, and Corporate and Other Activities under this Item 2.
Three months ended September 30,Nine months ended September 30,
2026202520262025
NDS$16,465 46,270 51,085 84,741 
NBS25,552 24,957 92,731 95,963 
Nelnet Financial Services division:
AGM44,580 36,621 104,294 93,848 
Nelnet Bank15,702 6,088 38,746 7,573 
NFS other operating segments3,084 20,443 24,203 40,596 
Corporate:
Unallocated shared services and corporate costs(8,765)(9,909)(33,470)(31,819)
Solar tax equity(19,245)(15,497)(63,211)(16,184)
Nelnet Renewable Energy - solar construction(161)(6,025)(2,729)(30,201)
Other corporate operating segments3,793 33,501 10,431 235,436 
Net income before taxes81,005 136,448 222,080 479,953 
Income tax expense(24,818)(35,773)(64,821)(120,294)
Net loss attributable to noncontrolling interests20,006 6,009 56,722 11,044 
Net income$76,193 106,684 213,981 370,703 
Impact of Transactions on 2026 Operating Results Compared with 2025
Operating results for the three and nine months ended September 30, 2026, compared with the same periods in 2025, were significantly affected by several transactions, as summarized below.
NDS: Government Servicing Contract
Upon reaching final agreements with the Department, the Company's Loan Servicing and Systems operating segment (NDS) recognized $5.3 million and $32.9 million of revenue during the three months ended September 30, 2026 and 2025, respectively, related to contract modifications for services previously performed.
AGM: Reversal of Provision for Loan Losses for Loans Sold
AGM's income before taxes increased in 2026 compared with 2025 due to increased loan spread, growth in AGM's consumer loan portfolio, and income from interests in joint ventures engaged in the acquisition, ownership, and management of loan portfolios. These increases were partially offset by the favorable impact in 2025 of the reversal of allowance for loan losses associated with the sale of consumer loans.
In July 2025, AGM sold $203.3 million of consumer loans to an unrelated third party. In connection with the sale, the Company reduced its allowance for loan losses by $28.9 million and recognized a corresponding negative provision for loan losses, which increased income in 2025.
Nelnet Bank
In its initial years, Nelnet Bank incurred operating losses as it invested in the personnel and infrastructure needed to support future growth. As the bank has matured, operating expenses have stabilized while loan, investment, and deposit balances have continued to expand. This operating leverage has contributed to increased net interest income and net income for the three and nine months ended September 30, 2026, compared with the corresponding periods in 2025.
During 2026, the Company’s AGM operating segment contributed certain student loan trusts to Nelnet Bank that included $780.7 million of federally insured loans. Following these contributions, Nelnet Bank repaid the related securitization debt and funded the loans with deposits. These transactions were a significant contributor to the increase in Nelnet Bank's loan balance during 2026.
39


NFS Other Operating Segments
During the three and nine months ended September 30, 2026, the Company recognized an unrealized loss of $9.3 million and $10.3 million, respectively, from changes in the fair value of certain marketable equity securities. Operating results may continue to fluctuate and be impacted in future periods by fair value adjustments of marketable equity securities.
Solar Tax Equity
During the three and nine months ended September 30, 2026, the Company recognized $18.5 million and $63.6 million, respectively, of net losses related to its solar tax equity partnerships, compared with $10.9 million and $11.9 million for the same periods in 2025. These losses reflect the accounting treatment under the HLBV method, which is influenced by contributions made to these partnerships in recent periods, partially offset by gains on sales of partnership interests. The HLBV method generally results in the recognition of accelerated losses in the early years of a partnership. The Company consolidates its solar tax equity partnerships because it holds management and control rights, with third‑party investor interests reflected as noncontrolling interests. Of the net losses recognized during the three and nine months ended September 30, 2026, $18.5 million and $51.4 million, respectively, were attributed to noncontrolling interest partners, compared with $5.7 million and $9.9 million for the same periods in 2025, and are included in “net loss attributable to noncontrolling interests” in the table above. See note 5 of the notes to consolidated financial statements in this report for additional information.
Nelnet Renewable Energy (NRE)
NRE was the Company’s solar construction subsidiary, providing full‑service engineering, procurement, and construction services. Following its acquisition, NRE experienced low and, in certain cases, negative project margins. In addition, changes in legislation reducing clean energy tax incentives, tariff uncertainty, and rising construction costs adversely affected NRE's revenue and operating results. As a result of these factors, the Company sold NRE in November 2025. Prior to such sale, NRE incurred losses of $6.0 million and $30.2 million during the three and nine months ended September 30, 2025. Although the Company retained a limited number of construction contracts to complete following the sale, the Company does not expect the operating results from such contracts to be significant in future periods.
Other Corporate Operating Segments: Venture Capital
In August 2025, CompanyCam, Inc. ("CompanyCam"), a technology company in which the Company holds an interest, completed an additional equity raise and accepted tender offers to redeem existing equity holders. The Company had a portion of its interests redeemed and received cash proceeds of $10.1 million and recognized a pre-tax gain of $7.8 million. The Company accounts for its interest in CompanyCam using the measurement alternative method, which requires it to adjust its carrying value for changes resulting from observable market transactions. As a result of CompanyCam’s equity raise, the Company recognized a pre-tax gain of $22.4 million during the third quarter of 2025 to adjust its carrying value of its remaining interest in CompanyCam to reflect the August 2025 transaction value.
Other Corporate Operating Segments: ALLO
During the three months ended June 30, 2025, the Company recognized a $175.0 million gain on a partial redemption of the Company's voting membership interests in ALLO. In addition, ALLO redeemed all of the Company's preferred membership interests in ALLO that were outstanding at that time. Included in the Company's operating results for the nine months ended September 30, 2025 was $14.4 million of ALLO preferred return that was earned prior to redemption.
40


CONSOLIDATED RESULTS OF OPERATIONS
An analysis of the Company's consolidated operating results for the three and nine months ended September 30, 2026 compared with the same periods in 2025 is provided below.
The Company operates as distinct reportable operating segments as described above. For a reconciliation of the reportable segment operating results to the consolidated results of operations, see note 11 of the notes to consolidated financial statements included under Part I, Item 1 of this report. Since the Company monitors and assesses its operations and results based on these segments, the discussion following the consolidated results of operations is presented on a reportable segment basis.
Three months endedNine months ended
September 30,September 30,
2026202520262025Additional information
Loan interest$166,607 162,717 502,228 501,260 Increase was due to an increase in loan discount accretion and the average balance of consumer and other loans held within the AGM and Nelnet Bank operating segments, partially offset by a decrease in the average consolidated balance of FFELP loans and gross yield earned on loans.
Investment interest42,435 43,241 122,953 124,815 Includes income from operating cash, investments, and restricted cash in asset-backed securitizations. Decrease was due primarily to a decrease in interest rates.
Total interest income209,042 205,958 625,181 626,075 
Interest expense107,647 120,708 326,132 378,677 Decrease was due to a decrease in the average balance of debt outstanding and a decrease in interest rates, partially offset by an increase in interest expense due to growth of deposits at Nelnet Bank.
Net interest income101,395 85,250 299,049 247,398 
Less provision (negative provision) for loan losses39,363 (3,563)133,684 29,704 
Represents the current period provision to reflect the lifetime expected credit losses related to the Company's loan portfolio. The increase was driven by the establishment of an initial allowance for loans originated and acquired during the periods, including the significant increase in the volume of Pay Later receivables acquired since August 2025. During the third quarter of 2025, the Company reduced its allowance (and recognized negative provision expense) of $28.9 million related to consumer loan sales. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Less provision for beneficial interests906 2,145 7,477 8,632 
Represents the current period provision expense related to the Company’s beneficial interest in certain loan securitizations. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Net interest income after provision61,126 86,668 157,888 209,062 
Other income (expense):
LSS revenue139,802 151,052 399,888 392,517 See LSS operating segment - results of operations.
ETSP revenue132,881 129,321 406,200 394,836 
See ETSP operating segment - results of operations.
Reinsurance premiums earned44,485 23,165 107,645 73,964 Represents premiums earned, net of ceded portion, from reinsurance treaties on primarily property and casualty policies. Increase was due to growth of programs with existing carriers and a decrease in the ceded portion of certain treaties.
Solar construction revenue— 5,738 — 10,992 
Represents revenue earned from NRE providing solar construction services. The Company sold NRE in November 2025.
Other, net6,710 33,258 35,548 80,839 
See table below for the components of "other, net."
Gain on partial redemption of ALLO investment— — — 175,044 Represents a gain recognized from the partial redemption of the Company's ALLO investment.
Derivative settlements, net369 761 1,115 2,250 
The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility.
Derivative market value adjustments, net10,950 (788)16,223 (10,978)
Includes the realized and unrealized gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP.
Total other income (expense), net335,197 342,507 966,619 1,119,464 
Cost of services and expenses:
Loan servicing contract fulfillment and acquisition costs2,087 2,021 6,262 5,500 
Represents primarily the amortization of previously capitalized contract fulfillment costs.
Cost to provide education technology services and payments49,491 50,363 138,626 138,254 
Represents direct costs to provide payment processing, professional development, and instructional services in ETSP. See ETSP operating segment - results of operations.
Cost to provide solar construction services— 7,607 — 29,485 Represents direct costs related to NRE providing solar construction services. The Company sold NRE in November 2025.
Total cost of services51,578 59,991 144,888 173,239 
Salaries and benefits147,733 144,778 439,768 417,700 
Increase was primarily due to the acquisition of NDS Canada during the first quarter of 2026 and higher headcount at the ETSP operating segment to support the growth of its customer base and the investment in the development of new technologies.
41


Depreciation and amortization10,280 7,327 29,592 24,206 Includes depreciation of property and equipment and the amortization of intangibles from prior business acquisitions. Increase was primarily driven by an increase in amortization due to the acquisition of NDS Canada during the first quarter of 2026.
Reinsurance losses and underwriting expenses35,570 19,962 91,984 67,836 Represents case reserve, estimated loss reserve, and amortization of acquisition costs, which consist primarily of commissions and brokerage expenses, net of ceded portion, from reinsurance treaties on primarily property and casualty policies.
Other expenses70,157 60,669 196,195 165,592 Includes expenses such as postage and distribution, consulting and professional fees, servicing fees, marketing, travel, communications, and certain information technology-related costs. The increase was primarily due to the acquisition of NDS Canada during the first quarter of 2026 and higher information technology costs associated with enhancing existing platforms and developing new products and services.
Total operating expenses263,740 232,736 757,539 675,334 
Income before income taxes81,005 136,448 222,080 479,953 
Income tax expense(24,818)(35,773)(64,821)(120,294)
The effective tax rate was 24.57% and 25.11% for the three months ended September 30, 2026 and 2025, respectively and 23.25% and 24.50% for the nine months ended September 30, 2026 and 2025, respectively. The decrease in the effective tax rate in 2026 as compared with 2025 was impacted by the state effective tax rate. The Company expects its effective tax rate will range between 22.5% and 24.5% for the remainder of 2026.
Net income56,187 100,675 157,259 359,659 
Net loss attributable to noncontrolling interests20,006 6,009 56,722 11,044 Represents the net loss attributable to the holders of noncontrolling membership interests, the majority of which are related to renewable energy solar developments.
Net income attributable to Nelnet, Inc.$76,193 106,684 213,981 370,703 
Additional information:See "Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments" above for additional information about non-GAAP financial information.
Net income attributable to Nelnet, Inc.$76,193 106,684 213,981 370,703 
Derivative market value adjustments, net(10,950)788 (16,223)10,978 
Tax effect2,628 (189)3,894 (2,635)
Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments$67,871 107,283 201,652 379,046 

42


The following table summarizes the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended September 30,Nine months ended September 30,
2026202520262025Additional information
Borrower late fee income $7,892 1,817 24,140 5,046 See NFS division - results of operations - AGM operating segment.
Investment activity, net 6,570 42,317 42,363 70,616 See note (a) below for additional information. The Company anticipates fluctuations in future periodic earnings resulting from investment purchases, sales, and valuation adjustments.
Administration/sponsor fee income 1,612 2,267 4,766 4,978 See NFS division - results of operations - AGM operating segment.
Investment advisory services (WRCM) 1,334 2,010 4,049 4,987 See NFS division - results of operations - NFS other operating segments.
Gain (loss) on debt repurchases 14 (8,304)2,119 (7,865)During the three and nine months ended September 30, 2025, the Company repurchased $377.6 million and $520.9 million, respectively, of its outstanding debt and recognized losses on the repurchases, including amounts related to the difference between the purchase price and par value and the write-off of related debt issuance costs. See NFS division - results of operations - AGM operating segment.
Loss from solar investments, net (18,541)(10,884)(63,569)(11,930)See Corporate - results of operations and note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Other 7,829 4,035 21,680 15,007 
Other, net$6,710 33,258 35,548 80,839 
(a)    During the third quarter of 2025, the Company recognized a $7.8 million realized gain as a result of the redemption of a portion of a venture capital investment and a $22.4 million unrealized gain to adjust the carrying value of its remaining equity interests in this investment to the transaction value.
Investment activity by operating segment and investment type follows:
Real EstateVenture Capital and FundsEquity SecuritiesBondsTotalReal EstateVenture Capital and FundsEquity SecuritiesBondsTotal
Three months ended September 30,
20262025
NFS - AGM$— 12,399 — — 12,399 — 4,453 — — 4,453 
NFS - Nelnet Bank— 975 — 1,732 2,707 — 641 — 741 1,382 
NFS - Other Operating Segments(2,512)— (9,294)1,514 (10,292)1,888 — (1,431)2,206 2,663 
Corporate— 1,536 220 — 1,756 — 33,824 (5)— 33,819 
$(2,512)14,910 (9,074)3,246 6,570 1,888 38,918 (1,436)2,947 42,317 
Nine months ended September 30,
20262025
NFS - AGM$— 36,410 — (20)36,390 — 9,601 — — 9,601 
NFS - Nelnet Bank— 2,027 — 2,535 4,562 — 514 — 1,176 1,690 
NFS - Other Operating Segments(813)— (10,322)4,363 (6,772)698 — (786)4,941 4,853 
Corporate— 8,633 (450)— 8,183 — 54,477 (5)— 54,472 
$(813)47,070 (10,772)6,878 42,363 698 64,592 (791)6,117 70,616 
43


LOAN SERVICING AND SYSTEMS OPERATING SEGMENT – RESULTS OF OPERATIONS
Acquisition of NDS Canada
On February 2, 2026, the Company acquired a Canadian student loan servicing business. NDS Canada delivers technology-enabled student loan servicing for governments and a financial institution, managing 2.8 million borrowers on proprietary platforms. Beginning on the acquisition date, the operating results of NDS Canada are included in the Loan Servicing and Systems reportable operating segment. See note 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Department of Education Servicing Contract
The Company earns loan servicing revenue from a servicing contract with the Department. Upon reaching final agreements with the Department, the Company recognized $5.3 million and $32.9 million of revenue during the third quarter of 2026 and 2025, respectively, related to contract modifications for services previously performed.
Summary and Comparison of Operating Results
Three months ended September 30,Nine months ended September 30,
2026202520262025
Interest income, net$344 531 1,517 1,875 
Loan servicing and systems revenue (see disaggregated revenue by service offering below)
139,802 151,052 399,888 392,517 
Intersegment servicing revenue4,501 5,313 14,305 16,600 
Other income109 105 (159)331 
Total other income144,412 156,470 414,034 409,448 
Contract fulfillment and acquisition costs2,087 2,021 6,262 5,500 
Salaries and benefits75,020 70,126 217,565 205,249 
Depreciation and amortization4,863 1,725 13,937 6,199 
Postage expense8,303 8,735 25,346 25,861 
Other expenses20,613 10,862 49,999 32,793 
Intersegment expenses17,405 17,262 51,357 50,980 
Total operating expenses126,204 108,710 358,204 321,082 
Income before income taxes16,465 46,270 51,085 84,741 
Income tax expense(3,951)(11,105)(12,260)(20,338)
Net income$12,514 35,165 38,825 64,403 
GAAP before tax operating margin11.6 %30.0 %12.5 %21.0 %
Amortization expense related to acquired intangibles from NDS Canada acquisition1.9 — 1.9 — 
Government loan servicing contract modification revenue(3.5)(19.0)(1.1)(7.0)
Non-GAAP before tax operating margin, excluding amortization expense and government loan servicing contract modification revenue (a)10.0 %11.0 %13.3 %14.0 %
(a)    Before tax operating margin, excluding amortization expense and government loan servicing contract modification revenue (as discussed above), is a non-GAAP measure of before tax operating profitability as a percentage of revenue, and for the LSS segment is calculated as income before income taxes less the government loan servicing contract modification revenue plus the amortization expense related to the acquired intangibles from the NDS Canada acquisition ($2.8 million and $7.5 million for the three and nine months ended September 30, 2026, respectively), divided by the total of loan servicing and systems revenue (net of contract fulfillment and acquisition costs), intersegment servicing revenue, and other income, less the government loan servicing contract modification revenue. The Company uses this metric to monitor and assess the segment’s performance, manage operating costs, identify and evaluate business trends affecting the segment, and make strategic decisions, and believes that it provides additional information to facilitate an understanding of the operating performance of the segment and provides a meaningful comparison of the results of operations between periods.
Before‑tax operating margin, excluding amortization expense and government loan servicing contract modification revenue, decreased in 2026 compared with 2025 due to investment in the Company's servicing platforms and a decrease in Department loan servicing revenue, primarily driven by a decrease in the number of borrowers which is further explained in the disaggregated revenue table below. This was partially offset by lower salaries and benefits (excluding the impact of employees added through the NDS Canada acquisition) reflecting ongoing cost-efficiency initiatives and headcount reductions.
44


Loan Servicing Volumes
As of
September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024
Servicing volume
(dollars in millions):
Department of Education$424,654 423,605 431,049 434,479 458,679 465,689 482,786 489,877 
Canada student loans45,717 42,942 42,692 — — — — — 
FFELP10,506 10,853 11,195 11,594 11,982 12,386 12,826 13,260 
Private and consumer42,746 41,815 40,785 40,088 38,060 38,018 46,728 29,226 
Total$523,623 519,215 525,721 486,161 508,721 516,093 542,340 532,363 
Number of servicing borrowers:
Department of Education10,782,000 10,679,141 11,048,314 11,426,789 12,387,665 12,694,386 13,453,127 14,049,550 
Canada student loans2,801,010 2,681,563 2,708,392 — — — — — 
FFELP412,632 429,298 443,028 463,109 482,696 502,205 524,421 549,861 
Private and consumer1,380,212 1,360,744 1,327,471 1,349,414 1,325,037 1,326,451 1,350,999 1,168,293 
Total15,375,854 15,150,746 15,527,205 13,239,312 14,195,398 14,523,042 15,328,547 15,767,704 
Number of remote hosted borrowers:2,619,167 2,681,324 2,824,963 2,886,458 2,839,493 2,056,358 1,427,800 842,200 

45


Loan servicing and systems revenue
The following table presents disaggregated revenue by service offering for each reporting period:
Three months ended September 30,Nine months ended September 30,
2026202520262025Additional information
Department of Education loan servicing$81,792 112,798 232,551 285,896 
Represents revenue from the Company’s servicing contract with the Department. Upon reaching final agreements with the Department, the Company recognized $5.3 million and $32.9 million of revenue in the third quarter of 2026 and 2025, respectively, related to contract modifications for services previously performed. Excluding the contract modification revenue, the decrease during 2026 compared with the same periods in 2025 was primarily attributable to a reduction in the number of borrowers serviced. Borrower volume declined throughout 2025 as servicing volume was transferred, at the Department’s direction, from the Company to its remote-hosted servicing customer to support the stand‑up of a new servicer. The Company does not expect to transfer additional volume to this servicer. In addition, borrower volume declined beginning in the fourth quarter of 2025 as certain borrowers exiting the CARES Act forbearance period failed to resume payment activity and were transferred to the Department’s Debt Management and Collections System for management of defaulted federal student loans.
Canada student loan servicing16,518 — 45,533 — 
Represents revenue from NDS Canada's student loan servicing contract with the Government of Canada, including direct agreements with three provinces and a program administered through a financial institution. NDS Canada earns a monthly servicing fee based on borrower volume. The Company also earns additional revenue for approved change requests related to platform enhancements, achieving delinquency and default performance targets, and certain transactional servicing activities, including disbursements, application processing, and postage. Canada loan servicing revenue was recognized by the Company beginning February 2, 2026, the date the Company acquired NDS Canada.
Private education and consumer loan servicing25,780 24,293 77,556 69,721 
Increase was due to an increase in loan servicing volume from the continued conversion of Discover Financial Services and SoFi Lending Corp. loan portfolios during the first quarter of 2025. Over time, revenue earned on the Discover Financial Services portfolio will decrease as borrowers pay off their loans.
FFELP loan servicing1,821 2,035 6,043 6,909 
Represents revenue from servicing third-party customers' FFELP portfolios. Over time, FFELP servicing revenue will decrease as third-party customers' FFELP portfolios pay off.
Software services12,425 10,584 35,572 27,027 
Represents revenue from providing remote hosted servicing software, primarily to one of the Department’s servicers, as well as diversified technology services. The increase was driven primarily by higher revenue from the Company's Department remote hosted servicing customer, as the Company transferred borrower volume to this new servicer throughout 2025 at the Department’s direction to establish initial volume. The Company does not expect to transfer additional volume to this servicer.
Outsourced services1,466 1,342 2,633 2,964 
Represents revenue from providing contact center and back office operational outsourcing services.
Loan servicing and systems revenue$139,802 151,052 399,888 392,517 
46


EDUCATION TECHNOLOGY SERVICES AND PAYMENTS OPERATING SEGMENT – RESULTS OF OPERATIONS
As discussed further in the Company's 2025 Annual Report, this segment of the Company’s business is subject to seasonal fluctuations which correspond, or are related to, the traditional school year. Based on the timing of revenue recognition and when expenses are incurred, revenue and before tax operating margin are higher in the first quarter compared with the remainder of the year.
The Company completed three acquisitions during the second and third quarters of 2026 for total consideration of $30.9 million to expand this segment's global education technology offerings and customer base, including into India's K-12 market. See note 6 of the notes to consolidated financial statements included under Part I, Item 1 of this report. The impact of these acquisitions did not have a material impact on the segment's results of operations for the three and nine months ended September 30, 2026.
Summary and Comparison of Operating Results
Three months ended September 30,Nine months ended September 30,
2026202520262025
Interest income$7,194 8,564 18,045 20,921 
Education technology services and payments revenue (see disaggregated revenue by service offering below)
132,881 129,321 406,200 394,836 
Intersegment revenue74 70 220 198 
Other income411 — 2,313 — 
Total income133,366 129,391 408,733 395,034 
Cost of services (see disaggregated revenue by service offering below)49,491 50,363 138,626 138,254 
Salaries and benefits44,151 43,029 132,443 126,368 
Depreciation and amortization3,036 2,504 7,847 7,439 
Other expenses12,182 10,682 36,656 29,634 
Intersegment expenses, net6,148 6,420 18,475 18,297 
Total operating expenses65,517 62,635 195,421 181,738 
Income before income taxes25,552 24,957 92,731 95,963 
Income tax expense(6,133)(5,990)(22,255)(23,042)
Net income19,419 18,967 70,476 72,921 
Net loss attributable to noncontrolling interests— — — 45 
Net income$19,419 18,967 70,476 72,966 
GAAP before tax operating margin30.6 %31.6 %34.7 %37.4 %
Net interest income(8.6)(10.8)(6.8)(8.2)
Non-GAAP before tax operating margin, excluding net interest income (a)22.0 %20.8 %27.9 %29.2 %
(a)    Before tax operating margin, excluding net interest income, is a non-GAAP measure of before tax operating profitability as a percentage of revenue, and for the ETSP segment is calculated as income before income taxes less net interest income divided by net revenue. The Company uses this metric to monitor and assess the segment’s performance, manage operating costs, identify and evaluate business trends affecting the segment, and make strategic decisions, and believes that it facilitates an understanding of the operating performance of the segment and provides a meaningful comparison of the results of operations between periods.
ETSP before tax operating margin decreased for the nine months ended September 30, 2026 compared with the same period in 2025 due to an increase in operating expenses to support the growth in the customer base and investments in the development of new technologies. The timing and amount of investments made for new technologies can impact margin contribution during any given period.
47


Education technology services and payments revenue
The following table presents disaggregated revenue by service offering for each reporting period:
Three months ended September 30,Nine months ended September 30,
2026202520262025Additional information
Tuition payment plan services$33,79732,971112,656109,057
Increase was due to a higher number of payment plans in the K-12 and higher education markets for both new and existing customers.
Payment processing64,31959,484159,616148,535
Increase was due to an increase in payment volumes for both the K-12 and higher education markets due to new customers and an increase in volume from existing customers.
Education technology services34,01836,323132,444136,499
Decrease was primarily due to a decrease in professional development and instructional services. The timing and amount of revenue recognition for professional development and instructional services depends on both the availability of government funding to schools and each school's decision regarding when and how to use those funds. The decrease was partially offset by growth in student information system revenue.
Other7475431,484745
Education technology services and payments revenue132,881129,321406,200394,836
Cost of services49,49150,363138,626138,254
Represents direct costs to provide payment processing revenue and such costs decrease/increase in relationship to payment volumes. Costs to provide professional development and instructional services are also a component of this expense and decrease/increase in relationship to such services provided during the period.
Net revenue$83,39078,958267,574256,582


48


NELNET FINANCIAL SERVICES DIVISION - RESULTS OF OPERATIONS
Asset Generation and Management Operating Segment
Loan Portfolio
As of September 30, 2026, the AGM operating segment had a $7.63 billion loan portfolio, consisting primarily of federally insured loans. For a summary of the Company’s loan portfolio as of September 30, 2026 and December 31, 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Activity
The following table sets forth the activity of loans in the AGM operating segment:
FFELPPrivateConsumer loans and other financing receivablesTotal
Three months ended September 30, 2026
Balance as of June 30, 2026$6,493,397 122,818 1,213,556 7,829,771 
Loan acquisitions (a)36,999 — 3,228,481 3,265,480 
Repayments, claims, capitalized interest, participations, and other, net(165,314)(7,093)(3,134,836)(3,307,243)
Loans lost to external parties(56,710)(315)— (57,025)
Loans sold(25,663)— (8,089)(33,752)
Loans contributed to Nelnet Bank(64,397)— — (64,397)
Balance as of September 30, 2026$6,218,312 115,410 1,299,112 7,632,834 
Three months ended September 30, 2025
Balance as of June 30, 2025$8,367,085 156,614 411,470 8,935,169 
Loan acquisitions (a)70,301 — 1,516,370 1,586,671 
Repayments, claims, capitalized interest, participations, and other, net(214,179)(8,084)(883,850)(1,106,113)
Loans lost to external parties(55,470)(793)— (56,263)
Loans sold(229,983)— (203,251)(433,234)
Loans contributed to Nelnet Bank(77,497)— — (77,497)
Balance as of September 30, 2025$7,860,257 147,737 840,739 8,848,733 
Nine months ended September 30, 2026
Balance as of December 31, 2025$7,437,243 139,209 1,122,717 8,699,169 
Loan acquisitions (a)452,284 — 9,331,427 9,783,711 
Repayments, claims, capitalized interest, participations, and other, net(589,290)(22,452)(9,146,548)(9,758,290)
Loans lost to external parties(117,720)(1,347)— (119,067)
Loans sold(183,524)— (8,484)(192,008)
Loans contributed to Nelnet Bank(780,681)— — (780,681)
Balance as of September 30, 2026$6,218,312 115,410 1,299,112 7,632,834 
Nine months ended September 30, 2025
Balance as of December 31, 2024$8,388,564 221,744 345,560 8,955,868 
Loan acquisitions (a)773,727 — 1,788,660 2,562,387 
Repayments, claims, capitalized interest, participations, and other, net(681,548)(29,539)(1,090,082)(1,801,169)
Loans lost to external parties(181,006)(2,295)— (183,301)
Loans sold(361,983)— (203,399)(565,382)
Loans contributed to Nelnet Bank(77,497)(42,173)— (119,670)
Balance as of September 30, 2025$7,860,257 147,737 840,739 8,848,733 
(a)    The Company began to acquire Pay Later receivables in August 2025. Consumer loan acquisitions excluding Pay Later receivables was $169.5 million and $557.1 million during the three and nine months ended September 30, 2026, respectively, compared with $169.9 million and $442.2 million during the same periods in 2025.
49


The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations that are accounted for as held-to-maturity beneficial interest investments and included in "other investments and notes receivable, net" in the Company's consolidated financial statements. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2026, the Company’s ownership correlates to approximately $1.49 billion of loans included in these securitizations. The loans held in these securitizations are not included in the above table. Investment interest income earned by the Company from the beneficial interest in loan securitizations is included in "investment interest" on the Company's consolidated statements of income and is not a component of the Company's loan interest income.
The Company also has ownership interests in certain entities whose primary business is to acquire, own, and manage loan assets which are accounted for as equity method investments and included in "other investments and notes receivable, net" in the Company's consolidated financial statements. As of September 30, 2026, the Company's ownership interests correlates to approximately $1.21 billion of loans included in these entities. The loans held in these entities are not included in the above table. The ownership interests in these entities are recorded at cost and subsequently increased or decreased by the amount of the Company's proportionate share of the net earnings or losses of each entity. The income activity from these ventures is included in "other, net" in "other income (expense)" on the consolidated statements of income and is not a component of the Company's loan interest income.
Allowance for Loan Losses, Loan Delinquencies, and Loan Charge-offs
For a summary of the allowance as a percentage of the ending balance, loan status, delinquency amounts, and other key credit quality indicators for each of AGM’s loan portfolios as of September 30, 2026 and December 31, 2025; and the activity in AGM's allowance for loan losses and net charge-offs as a percentage of average loans for the three and nine months ended September 30, 2026 and 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Spread Analysis
The following table analyzes the loan spread on AGM’s portfolio of loans, which represents the spread between the yield earned on loan assets and the costs of the liabilities used to fund the assets. The spread amounts included in the following table are calculated by using the notional dollar values found in the table under the caption "Net loan interest income" below, divided by the average balance of loans or debt outstanding.
Three months ended September 30,Nine months ended September 30,
2026202520262025
Variable loan yield, gross6.54 %6.89 %6.62 %7.37 %
Consolidation rebate fees(0.72)(0.83)(0.75)(0.82)
Discount accretion, net of premium and deferred origination costs amortization1.18 0.50 1.17 0.07 
Variable loan yield, net7.00 6.56 7.04 6.62 
Loan cost of funds - interest expense(4.66)(5.34)(4.72)(5.45)
Variable loan spread2.34 1.22 2.32 1.17 
Fixed-rate floor income, gross0.06 0.05 0.07 0.05 
Loan spread2.40 %1.27 %2.39 %1.22 %
Average balance of AGM's loans$7,833,806 8,774,923 8,118,156 9,178,273 
Average balance of AGM's debt outstanding6,961,380 7,775,269 7,375,365 8,219,778 
Variable loan spread was higher during the three and nine months ended September 30, 2026 compared with the same periods in 2025 due to an increase in consumer loans as a percentage of AGM’s overall loan portfolio. Consumer loans earn a higher yield than FFELP loans. The increase is also due to an increase in loans funded by the Company with operating cash (versus funded with debt). As of September 30, 2026, AGM had $444.1 million (par value) of unencumbered federally insured, private education, consumer, and other loans (as compared to $328.3 million, $291.9 million, and $253.5 million as of December 31, 2025, September 30, 2025, and December 31, 2024, respectively). The difference between variable loan spread and loan spread is fixed-rate floor income earned on a portion of AGM's federally insured student loan portfolio. See Item 3, “Quantitative and Qualitative Disclosures About Market Risk - Interest Rate Risk - AGM Operating Segment,” which provides additional detail on AGM's federally insured student loans earning fixed-rate floor income.
50


Summary and Comparison of Operating Results
Three months ended September 30,Nine months ended September 30,
2026202520262025Additional information
Interest income:
Loan interest$139,598 145,984 432,214 457,752 See table below for additional analysis.
Investment interest:
Residual interest5,434 7,316 18,094 23,723 
Represents residual interest earned on beneficial interest investments. Decrease was due to a decrease in the investment balance.
Other investment interest3,800 4,735 12,127 13,739 
Represents investment interest earned on restricted cash included in student loan securitizations and other secured borrowings. Decrease was due to a decrease in both interest rates and cash balances.
Total investment interest9,234 12,051 30,221 37,462 
Total interest income148,832 158,035 462,435 495,214 
Loan interest expense81,790 104,616 260,164 334,869 See table below for additional analysis.
Intercompany interest expense1,873 8,734 6,480 12,850 Represents interest paid by AGM to Nelnet, Inc. (parent company) related to (i) internal borrowings to fund equity advances on certain AGM debt facilities; and (ii) AGM-issued bonds held by Nelnet, Inc. Intercompany interest is eliminated for consolidated financial reporting purposes.
Total interest expense83,663 113,350 266,644 347,719 
Net interest income65,169 44,685 195,791 147,495 
Less provision (negative provision) for loan losses34,539 (7,374)124,331 16,770 
The increase was driven by (i) the establishment of an initial allowance for loans acquired during the periods, including the significant increase in the volume of Pay Later receivables acquired since August 2025, and (ii) during the third quarter of 2025, the Company reduced its allowance (and recognized negative provision expense) of $28.9 million related to consumer loan sales. See note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
Less provision for beneficial interests906 2,145 7,477 8,632 During the periods presented, the Company recorded an allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations.
Net interest income after provision29,724 49,914 63,983 122,093 
Other income, net21,388 (2,277)67,399 10,135 Represents primarily borrower late fees, income from providing administration activities for third parties, sponsor fee income, and income/losses from loan sales, debt repurchases, and AGM's investment in joint ventures. Increase in 2026 compared with 2025 was due to an increase in income from AGM's joint ventures and borrower late fee income and a decrease in losses from debt repurchases. See "Overview - Consolidated Results of Operations" for further detail included in other income.
Derivative settlements, net251 594 444 1,756 
The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility.
Derivative market value adjustments, net4,778 (461)8,244 (6,422)
Includes the realized and unrealized gains and losses that are caused by changes in fair values of derivatives which do not qualify for "hedge treatment" under GAAP.
Total other income, net26,417 (2,144)76,087 5,469 
Salaries and benefits1,811 1,971 5,322 4,661 

Servicing fees7,177 6,687 23,082 20,700 
Represents servicing fees paid to third parties and LSS for the servicing of AGM’s loans. Increase was due to an increase in volume of Pay Later receivables the Company began to purchase in August 2025, partially offset by the amortization of the FFELP student loan portfolio, the majority of which is serviced by LSS. Intercompany servicing expense of $3.4 million and $4.5 million during the three months ended September 30, 2026 and 2025, respectively, and $11.3 million and $14.2 million during the nine months ended September 30, 2026 and 2025, respectively, was eliminated for consolidated financial reporting purposes.
Other expenses1,315 1,243 3,366 4,595 

Intersegment expenses1,258 1,248 4,006 3,758 Includes costs for certain corporate activities and services that are allocated to each operating segment based on estimated use of such activities and services.
Total operating expenses11,561 11,149 35,776 33,714 
51


Income before income taxes44,580 36,621 104,294 93,848 
Income tax expense(10,697)(8,783)(25,022)(22,508)Represents income tax expense at an effective tax rate of 24%.
Net income33,883 27,838 79,272 71,340 
Net income attributable to noncontrolling interests(8)(27)(35)(67)
Net income$33,875 27,811 79,237 71,273 
Additional information:
GAAP net income$33,875 27,811 79,237 71,273 See "Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments" above for additional information about non-GAAP financial information.
Derivative market value adjustments, net(4,778)461 (8,244)6,422 
Tax effect1,147 (111)1,979 (1,541)
Non-GAAP net income, excluding derivative market value adjustments$30,244 28,161 72,972 76,154 
Net loan interest income
The following table summarizes the components of "loan interest" and "loan interest expense" from the table above.
Three months ended September 30,Nine months ended September 30,
2026202520262025Additional information
Variable interest income, gross$128,916 152,100 402,661 506,012 Decrease was due to a decrease in the average balance of loans and gross yield earned on loans.
Consolidation rebate fees(13,998)(18,172)(45,703)(55,817)Decrease was due to a decrease in the average consolidation loan balance.
Discount accretion, net of premium and deferred origination costs amortization23,283 11,029 70,773 4,558 
Increase in discount accretion was due to a forward flow agreement of Pay Later receivables the Company began to purchase in August 2025 at a discount that have a short estimated life.
Variable interest income, net138,201 144,957 427,731 454,753 
Interest on bonds and notes payable(81,790)(104,616)(260,164)(334,869)Decrease was due to a decrease in the average balance of debt outstanding and cost of funds.
Variable loan interest margin56,411 40,341 167,567 119,884 
Fixed-rate floor income1,397 1,027 4,483 2,999 Increase was due to lower interest rates.
Net loan interest income$57,808 41,368 172,050 122,883 
Factors Affecting Operating Results
•AGM began to acquire Pay Later receivables in August 2025. These receivables are generally purchased at a discount and have a short expected duration. As of September 30, 2026, the balance of Pay Later receivables was $775.2 million. Growth in Pay Later receivable volumes contributed to increased loan interest income, higher provision for loan losses, and increased borrower late fee income.
•AGM holds interests in certain joint ventures engaged in the acquisition, ownership, and management of loan portfolios. During the three and nine months ended September 30, 2026, AGM recognized $12.4 million and $36.4 million of income from these joint ventures, respectively, compared with $4.5 million and $9.6 million in the same periods of 2025, respectively. Such amounts are included in “Other income, net” in the above table titled “Summary and Comparison of Operating Results.”
•During 2026, AGM contributed certain student loan trusts to Nelnet Bank that included $780.7 million of federally insured loans. The contribution of these loans to Nelnet Bank has resulted in a decrease in net interest income in the AGM operating segment for the three and nine months ended September 30, 2026 compared with the same periods in 2025.
52


Nelnet Bank Operating Segment
Loan Portfolio
As of September 30, 2026, Nelnet Bank had a $1.70 billion loan portfolio. For a summary of Nelnet Bank’s loan portfolio as of September 30, 2026 and December 31, 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Loan Activity
The following table sets forth the activity of loans in the Nelnet Bank operating segment:
FFELPPrivateConsumer and otherTotal
Three months ended September 30, 2026
Balance as of June 30, 2026$853,341 521,159 264,597 1,639,097 
Loan acquisitions and originations— 58,901 14,307 73,208 
Repayments(34,931)(25,970)(14,440)(75,341)
Loans contributed from AGM64,397 — — 64,397 
Balance as of September 30, 2026$882,807 554,090 264,464 1,701,361 
Three months ended September 30, 2025
Balance as of June 30, 2025$106,555 516,663 204,423 827,641 
Loan acquisitions and originations— 36,175 74,654 110,829 
Repayments(5,104)(23,442)(12,538)(41,084)
Loans contributed from AGM77,497 — — 77,497 
Balance as of September 30, 2025$178,948 529,396 266,539 974,883 
Nine months ended September 30, 2026
Balance as of December 31, 2025$172,320 518,634 266,608 957,562 
Loan acquisitions and originations— 110,578 39,818 150,396 
Repayments(70,194)(75,122)(41,962)(187,278)
Loans contributed from AGM780,681 — — 780,681 
Balance as of September 30, 2026$882,807 554,090 264,464 1,701,361 
Nine months ended September 30, 2025
Balance as of December 31, 2024$— 482,445 162,152 644,597 
Loan acquisitions and originations111,040 73,572 129,385 313,997 
Repayments(9,589)(68,794)(24,998)(103,381)
Loans contributed from AGM77,497 42,173 — 119,670 
Balance as of September 30, 2025$178,948 529,396 266,539 974,883 
Allowance for Loan Losses, Loan Delinquencies, and Loan Charge-offs
For a summary of the allowance as a percentage of the ending balance, loan status, delinquency amounts, and other key credit quality indicators for each of Nelnet Bank's loan portfolios as of September 30, 2026 and December 31, 2025; and the activity in Nelnet Bank's allowance for loan losses and net charge-offs as a percentage of average loans for the three and nine months ended September 30, 2026 and 2025, see note 2 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Investments
As of September 30, 2026, Nelnet Bank had a $1.64 billion investment portfolio, consisting primarily of asset-backed securities. For a summary of Nelnet Bank's asset-backed securities investments as of September 30, 2026 and December 31, 2025, see note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
Deposits
As of September 30, 2026, Nelnet Bank had $2.81 billion of deposits, which included $239.2 million of intercompany deposits from Nelnet, Inc. (parent company) and its subsidiaries, and thus have been eliminated for consolidated financial reporting purposes. For a summary of deposits as of September 30, 2026 and December 31, 2025, see note 9 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
53


Average Balance Sheet
The following table reflects average daily balances and the annualized rates earned on interest-earning assets and paid on interest-bearing liabilities:
Three months ended September 30,
Nine months ended September 30,
2026202520262025
BalanceRateBalanceRateBalanceRateBalanceRate
Average assets
Federally insured student loans$899,700 5.33 %$155,873 6.24 %$628,431 5.37 %$97,053 6.23 %
Private education loans528,272 6.31 517,782 6.45 532,663 6.34 509,055 6.31 
Consumer and other loans265,508 9.74 227,211 10.25 265,925 9.79 190,781 10.48 
Cash and investments1,366,652 5.50 957,479 6.15 1,289,817 5.61 892,017 6.19 
Total interest-earning assets3,060,132 5.96 %1,858,345 6.74 %2,716,836 6.11 %1,688,906 6.71 %
Non-interest-earning assets76,616 19,203 56,360 15,801 
Total assets$3,136,748 $1,877,548 $2,773,196 $1,704,707 
Average liabilities and equity
Brokered deposits$561,477 3.81 %$269,913 2.12 %$488,303 3.54 %$262,837 2.06 %
Intercompany deposits 192,860 3.55 168,768 4.02 197,914 3.62 133,708 3.90 
Retail and other deposits1,844,717 3.87 1,173,846 4.24 1,562,797 3.84 1,070,813 4.23 
Federal funds purchased and other borrowed money33,465 3.91 25,038 4.92 102,370 4.20 16,287 5.01 
Total interest-bearing liabilities2,632,519 3.84 %1,637,565 3.88 %2,351,384 3.78 %1,483,645 3.82 %
Non-interest-bearing liabilities17,199 12,999 15,625 10,561 
Equity487,030 226,984 406,187 210,501 
Total liabilities and equity$3,136,748 $1,877,548 $2,773,196 $1,704,707 
Net interest margin2.66 %3.32 %2.84 %3.35 %


54


Summary and Comparison of Operating Results
Three months ended September 30,Nine months ended September 30,
2026202520262025
Interest income:
Loan interest$27,009 16,733 70,014 43,508 
Investment interest18,929 14,849 54,108 41,278 
Total interest income45,938 31,582 124,122 84,786 
Interest expense25,565 16,179 66,629 42,928 
Net interest income 20,373 15,403 57,493 41,858 
Provision for loan losses4,824 3,811 9,353 12,934 
Net interest income after provision for loan losses15,549 11,592 48,140 28,924 
Other income, net3,099 1,308 5,220 1,842 
Derivative settlements, net118 167 234 494 
Derivative market value adjustments, net6,172 (327)8,886 (4,556)
Total other income, net9,389 1,148 14,340 (2,220)
Salaries and benefits3,788 2,817 10,293 8,424 
Depreciation102 355 761 1,046 
Servicing fees1,967 838 4,829 2,329 
Other expenses2,486 1,916 5,606 5,243 
Intersegment expenses893 726 2,245 2,089 
Total operating expenses9,236 6,652 23,734 19,131 
Income before income taxes15,702 6,088 38,746 7,573 
Income tax expense(3,736)(1,483)(9,152)(1,816)
Net income$11,966 4,605 29,594 5,757 
Additional information:
GAAP net income$11,966 4,605 29,594 5,757 
Derivative market value adjustments, net(6,172)327 (8,886)4,556 
Tax effect1,481 (78)2,133 (1,093)
Non-GAAP net income, excluding derivative market value adjustments$7,275 4,854 22,841 9,220 
Factors Affecting Operating Results
•Nelnet Bank’s growth was driven by higher loan and investment balances, funded primarily through increased deposit balances. During 2026, the Company’s Asset Generation and Management operating segment contributed certain student loan trusts to Nelnet Bank that included $780.7 million of federally insured loans. Following these contributions, Nelnet Bank repaid the related securitization debt and funded the loans with deposits. These transactions were a significant contributor to the increase in loan balances during 2026.
In its initial years, Nelnet Bank incurred operating losses as it invested in the personnel and infrastructure needed to support future growth. As the bank has matured, operating expenses have stabilized while loan and deposit balances have continued to expand. This operating leverage has contributed to increased net interest income and net income for the three and nine months ended September 30, 2026, compared with the corresponding periods in 2025.
55


NFS Other Operating Segments
The following table summarizes the operating results of other operating segments included in NFS that are not reportable. Income taxes are allocated based on 24% of income (loss) before taxes for each activity.
Summary and Comparison of Operating Results
Nelnet Insurance ServicesWRCMReal estateBond portfolio and marketable equity securitiesTotal
Three months ended September 30, 2026
Investment interest$3,449 90 — 4,590 8,129 
Interest expense(1,510)— — (1)(1,511)
Net interest income1,939 90 — 4,589 6,618 
Reinsurance premiums earned44,485 — — — 44,485 
Other income, net1,124 1,386 (2,512)(7,847)(7,849)
Salaries and benefits(645)(38)(1,042)— (1,725)
Reinsurance losses and underwriting expenses(35,570)— — — (35,570)
Other expenses(2,280)(52)(106)(2)(2,440)
Intersegment expenses, net(135)(5)(264)(31)(435)
Income (loss) before income taxes8,918 1,381 (3,924)(3,291)3,084 
Income tax (expense) benefit(2,140)(331)948 790 (733)
Net (income) loss attributable to noncontrolling interests— — (29)— (29)
Net income (loss)$6,778 1,050 (3,005)(2,501)2,322 
Three months ended September 30, 2025
Investment interest$2,552 4 — 12,429 14,985 
Interest expense(1,313)— — (46)(1,359)
Net interest income1,239 4 — 12,383 13,626 
Reinsurance premiums earned23,165 — — — 23,165 
Other income, net1,183 2,017 1,888 586 5,674 
Salaries and benefits(386)(34)(248)— (668)
Reinsurance losses and underwriting expenses(19,962)— — — (19,962)
Other expenses(1,030)(50)(22)(1)(1,103)
Intersegment expenses, net(148)(4)(105)(32)(289)
Income (loss) before income taxes4,061 1,933 1,513 12,936 20,443 
Income tax (expense) benefit(974)(418)(369)(3,105)(4,866)
Net (income) loss attributable to noncontrolling interests— (193)24 — (169)
Net income (loss)$3,087 1,322 1,168 9,831 15,408 
56


Nelnet Insurance ServicesWRCMReal estateBond portfolio and marketable equity securitiesTotal
Nine months ended September 30, 2026
Investment interest$9,903 98 — 14,455 24,456 
Interest expense(4,052)— — (3)(4,055)
Net interest income5,851 98 — 14,452 20,401 
Reinsurance premiums earned107,645 — — — 107,645 
Other income, net2,626 4,140 (813)(6,267)(314)
Salaries and benefits(1,778)(107)(2,921)— (4,806)
Reinsurance losses and underwriting expenses(91,984)— — — (91,984)
Other expenses(4,822)(223)(311)(6)(5,362)
Intersegment expenses, net(476)(16)(791)(94)(1,377)
Income (loss) before income taxes17,062 3,892 (4,836)8,085 24,203 
Income tax (expense) benefit(4,095)(934)1,150 (1,940)(5,819)
Net (income) loss attributable to noncontrolling interests— — 44 — 44 
Net income (loss)$12,967 2,958 (3,642)6,145 18,428 
Nine months ended September 30, 2025
Investment interest$7,009 11 — 25,656 32,676 
Interest expense(3,509)— — (49)(3,558)
Net interest income3,500 11 — 25,607 29,118 
Reinsurance premiums earned73,964 — — — 73,964 
Other income, net2,829 4,997 698 3,526 12,050 
Salaries and benefits(931)(96)(658)— (1,685)
Reinsurance losses and underwriting expenses(67,836)— — — (67,836)
Other expenses(3,819)(175)(163)(4)(4,161)
Intersegment expenses, net(439)(11)(306)(98)(854)
Income (loss) before income taxes7,268 4,726 (429)29,031 40,596 
Income tax (expense) benefit(1,744)(1,021)87 (6,967)(9,645)
Net (income) loss attributable to noncontrolling interests— (473)66 — (407)
Net income (loss)$5,524 3,232 (276)22,064 30,544 
Factors Affecting Operating Results
•Nelnet Insurance Services: The increase in reinsurance premiums earned in the three and nine months ended September 30, 2026 compared with the same periods in 2025 was due to growth of programs with existing carriers and a decrease in the ceded portion of certain treaties. Net income was positively impacted in 2026 as compared with 2025 due to an increase in interest income earned on increased cash and investment balances and improved underwriting margins.
•Bond portfolio and marketable equity securities: Decrease in net interest income in the three and nine months ended September 30, 2026 compared with the same periods in 2025 was due to a decrease in both the weighted average bond investment portfolio and interest rates. In addition, during the three and nine months ended September 30, 2026, the Company recognized an unrealized loss of $9.3 million and $10.3 million, respectively, resulting from changes in the fair value of certain marketable equity securities. These amounts are included in "other income, net" in the table above. Operating results may continue to fluctuate and be impacted in future periods by fair value adjustments of marketable equity securities.

57


CORPORATE AND OTHER ACTIVITIES – RESULTS OF OPERATIONS
Other business activities and operating segments that are not reportable and not part of the NFS division are combined and included in Corporate and Other Activities (“Corporate”). The following table summarizes the operating results of these activities.
Income taxes are allocated based on 24% of income (loss) before taxes for each activity. The difference between the Corporate income tax expense and the sum of taxes calculated for each activity is included in income taxes under “Other” in the table below.
Summary and Comparison of Operating Results
Shared servicesSolar tax equityNelnet Renewable Energy (NRE)Venture capitalOtherTotal
Three months ended September 30, 2026
Investment interest$— — — — 2,321 2,321 
Interest expense— (2)— — (622)(624)
Net interest income (expense)— (2)— — 1,699 1,697 
Solar construction revenue— — — — — — 
Other income, net555 (16,744)52 3,848 1,833 (10,456)
Gain on partial redemption of ALLO investment— — — — — — 
Derivative settlements— — — — — — 
Derivative market value adjustments— — — — — — 
Cost to provide solar construction services— — — — — — 
Salaries and benefits(19,174)(585)(26)(245)(1,220)(21,250)
Depreciation and amortization(1,829)(82)— — (368)(2,279)
Other expenses(14,905)(1,736)(175)(12)(1,336)(18,164)
Intersegment expenses, net26,588 (96)(12)(48)(367)26,065 
(Loss) income before income taxes(8,765)(19,245)(161)3,543 241 (24,387)
Income tax benefit (expense)2,104 (193)38 (850)(667)432 
Net loss attributable to noncontrolling interests— 20,052 — — — 20,052 
Net (loss) income$(6,661)614 (123)2,693 (426)(3,903)
Three months ended September 30, 2025
Investment interest$— — — — 3,134 3,134 
Interest expense— — (2)— (690)(692)
Net interest income (expense)— — (2)— 2,444 2,442 
Solar construction revenue— — 5,738 — — 5,738 
Other income, net600 (8,766)— 33,824 2,678 28,336 
Gain on partial redemption of ALLO investment— — — — — — 
Derivative settlements— — — — — — 
Derivative market value adjustments— — — — — — 
Cost to provide solar construction services— — (7,607)— — (7,607)
Salaries and benefits(20,919)(402)(3,273)(230)(1,369)(26,193)
Depreciation and amortization(2,493)— (212)— (38)(2,743)
Other expenses(13,902)(6,263)(265)(28)(3,298)(23,756)
Intersegment expenses, net26,805 (66)(404)(46)(548)25,741 
(Loss) income before income taxes(9,909)(15,497)(6,025)33,520 (131)1,958 
Income tax benefit (expense)2,378 2,203 1,446 (8,045)(1,529)(3,547)
Net loss attributable to noncontrolling interests— 6,317 — — — 6,317 
Net (loss) income$(7,531)(6,977)(4,579)25,475 (1,660)4,728 
58


Shared servicesSolar tax equityNelnet Renewable Energy (NRE)Venture capitalOtherTotal
Nine months ended September 30, 2026
Investment interest$— 300 — — 7,321 7,621 
Interest expense— (5)— — (1,814)(1,819)
Net interest income (expense)— 295 — — 5,507 5,802 
Solar construction revenue— — — — — — 
Other income, net1,547 (58,647)315 8,788 9,054 (38,943)
Gain on partial redemption of ALLO investment— — — — — — 
Derivative settlements— — — — 437 437 
Derivative market value adjustments— — — — (907)(907)
Cost to provide solar construction services— — — — — — 
Salaries and benefits(61,642)(1,781)(309)(693)(4,948)(69,373)
Depreciation and amortization(5,836)(105)(4)— (1,102)(7,047)
Other expenses(46,415)(2,691)(2,693)(66)(4,356)(56,221)
Intersegment expenses, net78,876 (282)(38)(159)(1,157)77,240 
(Loss) income before income taxes(33,470)(63,211)(2,729)7,870 2,528 (89,012)
Income tax benefit (expense)8,033 1,552 655 (1,889)1,336 9,687 
Net loss attributable to noncontrolling interests— 56,746 — — — 56,746 
Net (loss) income$(25,437)(4,913)(2,074)5,981 3,864 (22,579)
Nine months ended September 30, 2025
Investment interest$— 6 — — 8,101 8,107 
Interest expense— — (5)— (1,971)(1,976)
Net interest income (expense)— 6 (5)— 6,130 6,131 
Solar construction revenue— — 10,992 — — 10,992 
Other income, net1,817 (8,264)— 40,077 22,546 56,176 
Gain on partial redemption of ALLO investment— — — — 175,044 175,044 
Derivative settlements— — — — — — 
Derivative market value adjustments— — — — — — 
Cost to provide solar construction services— — (29,485)— — (29,485)
Salaries and benefits(58,239)(1,163)(6,767)(665)(4,638)(71,472)
Depreciation and amortization(8,678)— (729)(1)(114)(9,522)
Other expenses(44,756)(6,565)(2,995)(199)(1,834)(56,349)
Intersegment expenses, net78,037 (198)(1,212)(132)(1,082)75,413 
(Loss) income before income taxes(31,819)(16,184)(30,201)39,080 196,052 156,928 
Income tax benefit (expense)7,637 1,058 7,248 (9,379)(49,509)(42,945)
Net loss attributable to noncontrolling interests— 11,777 — — — 11,777 
Net (loss) income$(24,182)(3,349)(22,953)29,701 146,543 125,760 
Factors Affecting Operating Results
•Solar tax equity: The Company holds equity interests in partnerships that invest in solar tax equity projects designed to promote renewable energy generation. Because the Company has management and control over these partnerships, the partnerships are consolidated in the Company’s consolidated financial statements, with third-party interests presented as noncontrolling interests. The Company accounts for its interests in these partnerships using the HLBV method, which generally results in the recognition of accelerated losses in the early years of a partnership. As a result of contributions made to these partnerships in recent periods, the Company recognized losses of $18.5 million and $63.6 million for the three and nine months ended September 30, 2026, respectively, compared with $10.9 million and $11.9 million for the same periods in 2025. These losses are included in “other income, net” in the tables above. Losses attributable to noncontrolling interest partners were $18.5 million and $51.4 million for the three and nine months
59


ended September 30, 2026, respectively, compared with $5.7 million and $9.9 million for the same periods in 2025. These amounts are included in “net loss attributable to noncontrolling interests” in the tables above. For additional information regarding the impact of solar tax equity partnerships on the Company's results of operations, see note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
•NRE: NRE was the Company’s solar construction subsidiary, providing full‑service engineering, procurement, and construction services. Following its acquisition, NRE experienced low and, in certain cases, negative project margins. In addition, changes in legislation reducing clean energy tax incentives, tariff uncertainty, and rising construction costs adversely affected NRE's revenue and operating results. As a result of these factors, the Company sold NRE in November 2025. Although the Company retained a limited number of construction contracts to complete following the sale, the Company does not expect the operating results from such contracts to be significant in future periods.
•Venture capital: During the third quarter of 2025, the Company recognized a realized gain of $7.8 million as a result of the redemption of a portion of its interest in CompanyCam, and an unrealized gain of $22.4 million to adjust its carrying value of its remaining ownership in CompanyCam to the transaction value. The income statement activity from the Company's interest in CompanyCam is included in “other income, net” in the tables above.
•Gain from partial redemption of ALLO investment: The operating results from the Company's investment in ALLO is included under "Other" in the tables above. In June 2025, the Company recognized a $175.0 million gain on a partial redemption of the Company's voting membership interests in ALLO. In addition, ALLO redeemed all of the Company's preferred membership interests in ALLO that were outstanding at that time. Included in the Company's operating results for the nine months ended September 30, 2025 was $14.4 million of ALLO preferred return that was earned prior to redemption in June 2025. The preferred return is included in "other income, net" in the table above.

60


LIQUIDITY AND CAPITAL RESOURCES
The Company’s Loan Servicing and Systems, and Education Technology Services and Payments operating segments are non-capital intensive and both produce positive operating cash flows. As such, a minimal amount of debt and equity capital is allocated to these segments and any liquidity or capital needs are satisfied using cash flow from operations.
Therefore, the Liquidity and Capital Resources discussion is concentrated on the Company’s liquidity and capital needs to meet existing debt obligations in the Nelnet Financial Services division, which includes the Asset Generation and Management and Nelnet Bank reportable operating segments, and the Company's other initiatives to pursue additional strategic investments.
Sources of Liquidity
As of September 30, 2026, the Company's sources of liquidity included:
Cash and cash equivalents$211,016 
Less: Cash and cash equivalents held at Nelnet Bank (a)(16,300)
Net cash and cash equivalents194,716 
Available-for-sale (AFS) debt securities (investments) - at fair value1,941,898 
Less: AFS debt securities held at Nelnet Bank - at fair value (a)(1,411,275)
AFS private education and consumer loan debt securities - held as risk retention - at fair value (b)(159,462)
Restricted investments - at fair value (c)(161,155)
Unencumbered AFS debt securities (investments) - at fair value210,006 
Unencumbered federally insured, private, consumer, and other loans (Non-Nelnet Bank) - at par (d)444,073 
Unencumbered repurchased Nelnet issued asset-backed debt securities - at par (not included on consolidated financial statements) (e)111,261 
Unused capacity on unsecured line of credit (f)435,000 
Sources of liquidity as of September 30, 2026
$1,395,056 
(a)Cash and investments held at Nelnet Bank are generally not available for Company activities outside of Nelnet Bank.
(b)The Company is sponsor for certain private education and consumer loan securitizations and as sponsor, is required to provide a certain level of risk retention. To satisfy this requirement, the Company has purchased bonds issued in the securitizations. The majority of the purchased bonds reflected in the table above relate to private education loan securitizations. For these securitizations, the Company is required to retain these bonds until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell these bonds to a third party. The Company estimates that the restrictions on trading these bonds will lapse at various times from March through October 2027, as the applicable retention thresholds are met.
(c)The Company is required to hold collateral in third-party trusts related to its reinsurance business.
(d)On October 1, 2026, the Company closed on a new consumer loan facility. At closing, the Company received $203.5 million in cash proceeds from the financing of $264.3 million of consumer loans that were unencumbered as of September 30, 2026.
(e)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, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale.
(f)The Company has a $435.0 million unsecured line of credit that matures on March 31, 2031. As of September 30, 2026, there was no amount outstanding on the unsecured line of credit and $435.0 million was available for future use.
The Company intends to use its current and future liquidity position to capitalize on market opportunities, including FFELP, private education, consumer, and other loan acquisitions (or residual interests therein); strategic acquisitions; and capital management initiatives, including stock repurchases, debt repurchases, and dividend distributions. The timing and size of these opportunities will vary and will have a direct impact on the Company's cash and investment balances.
61


Cash Flows
The Company has historically generated positive cash flow from operations. During the nine months ended September 30, 2026 and 2025, the Company generated $341.2 million and $285.4 million, respectively, in cash from operating activities. The increase in 2026 compared with 2025 was due to:
•Adjustments to net income for certain non-cash items, including the gain on the partial redemption of the Company's ALLO investment, provision for loan losses, gain/loss on investments, and deferred income tax benefit; and
•The impact of changes to accounts receivable during the nine months ended September 30, 2026 compared with the same period in 2025.
These factors were partially offset by:
•A decrease in net income;
•Adjustments to net income for certain non-cash items, including loan discount and deferred lender fees accretion, derivative market value adjustments, and impairment expense; and
•The impact of changes to other assets and accrued interest receivable during the nine months ended September 30, 2026 compared with the same period in 2025.
The primary items included in the statement of cash flows for investing activities are the purchase, origination, repayment, and sale of loans, the purchase and sale of available-for-sale securities, the purchase and sale of other investments, and business acquisitions. The primary items included in financing activities are the payments on and proceeds from bonds and notes payable and the change in deposits at Nelnet Bank used to fund loans and investment activity, the change in due to customers, issuances of noncontrolling interests, and repurchases of common stock. Cash used in investing and financing activities for the nine months ended September 30, 2026 was $246.1 million and $405.3 million, respectively. Cash provided by investing activities and used in financing activities for the nine months ended September 30, 2025 was $519.0 million and $968.9 million, respectively. Investing and financing activities are further addressed in the discussion that follows.
Sources and Needs of Liquidity - AGM Operating Segment
The Company plans to fund additional loan acquisitions (or residual interests therein) through a combination of current cash; cash generated from operating activities and expected future cash flows from loan securitizations; proceeds from the sale of certain investments; borrowings under its unsecured line of credit, Union Bank student loan participation agreement, and Union Bank student loan asset-backed securities participation agreement, or similar secured and unsecured borrowing facilities; utilization of existing warehouse facilities; expansion of capacity under existing and/or establishment of new warehouse facilities; and continued access to the asset-backed securities market.
Sources of Liquidity
Asset-backed Securities Transactions
The Company, through its subsidiaries, has historically funded loans by completing asset-backed securitizations. The majority of AGM’s portfolio of student loans is funded in asset-backed securitizations that are structured to substantially match the maturity of the funded assets, thereby minimizing liquidity risk. Depending on market conditions, the Company anticipates continuing to access the asset-backed securitization market. Such asset-backed securitization transactions would be used to refinance loans included in its warehouse facilities and existing asset-backed securitizations and/or finance loans purchased from third parties and loans that are currently unencumbered.
There were no asset-backed securitization transactions completed during the nine months ended September 30, 2026.
Warehouse Facilities
Warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. See note 3 of the notes to consolidated financial statements included under Part I, Item 1 of this report for a discussion of the Company's warehouse facilities outstanding as of September 30, 2026.
Union Bank Participation Agreement
The Company maintains an agreement with 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 student loans. The agreement automatically renews annually and is terminable by either party upon five business days' notice. As of September 30, 2026, $532.3 million of
62


loans were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. This agreement provides beneficiaries of Union Bank’s grantor trusts with access to investments in interests in student loans, while providing liquidity to the Company. The Company can sell participation interests in loans to Union Bank to the extent of availability under the grantor trusts, up to $900.0 million or an amount in excess of $900.0 million if mutually agreed to by both parties. Loans participated under this agreement have been accounted for by the Company as loan sales. Accordingly, the participation interests sold are not included on the Company’s consolidated balance sheets.
Liquidity Impact Related to Debt Obligations Secured by Loan Assets and Related Collateral
The following table shows AGM's debt obligations outstanding that are secured by loan assets and related collateral:
As of September 30, 2026
Carrying amount
Final maturity
Bonds and notes issued in asset-backed securitizations$5,596,950 10/25/33 - 11/27/90
FFELP and consumer loan warehouse and other facilities1,206,363 11/13/27 - 1/15/29
$6,803,313 
Warehouse Facilities
Upon termination or expiration of the warehouse and other secured facilities, the Company would expect to access the securitization market, obtain replacement facilities, use operating cash, consider the sale of assets, or transfer collateral to satisfy any remaining obligations.
Bonds and Notes Issued in Asset-backed Securitizations
Cash generated from student loans funded in asset-backed securitizations provides the source of liquidity to satisfy all obligations related to the outstanding bonds and notes issued in such securitizations. In addition, due to (i) the difference between the yield AGM receives on the loans and cost of financing within these transactions, and (ii) the servicing and administration fees AGM earns from these transactions, AGM has created a portfolio that the Company expects to generate earnings and significant cash flow over the life of these transactions. As of September 30, 2026, based on cash flow models developed to reflect management’s current estimate of, among other factors, prepayments, defaults, deferment, forbearance, and interest rates, AGM expects future undiscounted cash flows from its portfolio funded in asset-backed securitizations to be approximately $0.84 billion as detailed below. The actual timing of cash flows released from the securitizations could be impacted based on when and if the Company terminates a securitization by exercising clean-up calls on the underlying securities when the assets in such securitization reach a certain threshold.
The forecasted cash flow presented below includes loans funded in asset-backed securitizations as of September 30, 2026, the majority of which are federally insured student loans. As of September 30, 2026, AGM had $5.9 billion of loans included in asset-backed securitizations, which represented 76.9% of its total loan portfolio. The forecasted cash flow does not include cash flows that the Company expects to receive in relation to loans funded in its warehouse facilities, unencumbered federally insured, private education, consumer, and other loans funded with operating cash, its ownership of beneficial interest in loan securitizations (such beneficial interest investments are classified as "other investments and notes receivable, net" on the Company's consolidated balance sheets), loans acquired subsequent to September 30, 2026, and loans owned by Nelnet Bank.
During 2026, the Company’s AGM operating segment contributed certain asset-backed securitization trusts to Nelnet Bank, that included $780.7 million of federally insured loans. Following these contributions, Nelnet Bank repaid the related securitization debt and funded the loans with deposits. These transactions contributed to the decrease in forecasted future cash flows from those disclosed in the 2025 Annual Report.
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Asset-backed Securitization Cash Flow Forecast
$0.84 billion
(dollars in millions)
5992
The forecasted future undiscounted cash flows of approximately $0.84 billion include approximately $0.61 billion (as of September 30, 2026) of overcollateralization included in the asset-backed securitizations. These excess net asset positions are included in the consolidated balance sheets in the balances of "loans and accrued interest receivable, net" and "restricted cash." The difference between the total estimated future undiscounted cash flows and the overcollateralization of approximately $0.23 billion, or approximately $0.17 billion after income taxes based on the estimated effective tax rate, represents estimated future net interest income (earnings) from the portfolio and is expected to be accretive to the Company's balance of consolidated shareholders' equity from the September 30, 2026 balance.
The Company uses various assumptions, including prepayments and future interest rates, when preparing its cash flow forecast. These assumptions are further discussed below.
Prepayments: The primary variables in establishing a life of loan estimate are the level and timing of prepayments. Prepayment rates equal the amount of loans that prepay annually as a percentage of the beginning-of-period balance, net of scheduled principal payments. A number of factors can affect estimated prepayment rates, including the level of consolidation activity, borrower default rates, and utilization of debt management options such as income-based repayment, deferments, and forbearance. Should any of these factors change, management may revise its assumptions, which in turn would impact the projected future cash flow. The Company’s cash flow forecast above assumes prepayment rates of 6% for both federally insured consolidation and Stafford loans. Prepayment rates for private education loans range from 11% to 20%.
The following table summarizes the estimated impact to the above forecasted cash flows if prepayments were greater than the prepayment rate assumptions used to calculate the forecasted cash flows:
Increase in prepayment rate
Reduction in forecasted cash flow from table above
Forecasted cash flow using increased prepayment rate
2x
$0.06 billion
$0.78 billion
4x
$0.15 billion
$0.69 billion
If the entire AGM student loan portfolio was prepaid, the Company would receive the full amount of overcollateralization included in the asset-backed securitizations of approximately $0.61 billion (as of September 30, 2026); however, the Company would not receive the $0.23 billion ($0.17 billion after tax) of estimated future earnings from the portfolio.
Interest rates: The Company funds a portion of its student loans with variable rate securities that are indexed to 90-day SOFR. Meanwhile, the interest earned on the Company’s student loan assets is indexed primarily to the 30-day average SOFR
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in effect for each day in a calendar quarter. The different interest rate characteristics of the Company’s loan assets and liabilities funding these assets result in basis risk. The Company’s cash flow forecast assumes, for the life of the portfolio, a relationship between the various SOFR indices that is implied by the current forward SOFR curves. If the forecast is computed assuming a spread of an additional 12 basis points between 3-month Term SOFR and 30-day average SOFR for the life of the portfolio, the cash flow forecast would be reduced by approximately $5 million to $15 million.
The Company uses the current forward interest rate yield curve to forecast cash flows. A change in the forward interest rate curve would impact the future cash flows generated from the portfolio. See Item 3, "Quantitative and Qualitative Disclosures About Market Risk — Interest Rate Risk — AGM Operating Segment" for additional information about various interest rate risks which may impact future cash flows from AGM's loan assets.
Liquidity Impact Related to Beneficial Interest in Loan Securitizations
The Company has partial ownership in consumer, private education, and federally insured student loan third-party securitizations that are classified as "beneficial interest in loan securitizations" and included in "other investments and notes receivable, net" on the Company's consolidated balance sheets. These residual interests were acquired by the Company or have been received by the Company as consideration from selling portfolios of loans to unrelated third parties who securitized such loans. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2026, the Company's ownership correlates to approximately $1.49 billion of loans included in these securitizations. Investment interest income earned by the Company from the beneficial interest in loan securitizations is included in "investment interest" on the Company's consolidated statements of income and is not a component of the Company's loan interest income.
As of September 30, 2026, the investment balance on the Company's consolidated balance sheet of its beneficial interest in loan securitizations was $175.8 million. For a summary of this investment balance, see note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report.
The Company's partial ownership percentage in each loan securitization grants the Company the right to receive the corresponding percentage of cash flows generated by the securitization. As of September 30, 2026, based on cash flow models developed to reflect management’s current estimate of, among other factors, prepayments, defaults, deferment, forbearance, and interest rates, the Company currently expects future undiscounted cash flows from its partial ownership in these securitizations to be approximately $256.0 million. The vast majority of these cash flows are expected to be received over the next 5 years.
The difference between the total estimated future undiscounted cash flows from these residual interests ($256.0 million) and the investment carrying value ($175.8 million) of $80.2 million, or $61.0 million after income taxes based on the estimated effective tax rate, represents estimated future investment interest income (earnings) from these investments and is expected to be accretive to the Company's balance of consolidated shareholders' equity from the September 30, 2026 balance.
The undiscounted future cash flows from the consumer and private education loan securitizations are highly subject to credit risk (defaults). If defaults are higher than management's current estimate, the forecasted cash flows and estimated future investment interest income (earnings) from these securitizations would be adversely impacted.
Sources and Needs of Liquidity - Nelnet Bank
Nelnet Bank’s growth strategy is supported by a combination of parent company capital support, diversified deposit funding, and access to supplemental liquidity sources. Nelnet Bank’s primary liquidity needs relate to funding loan originations and acquisitions while maintaining appropriate capital and liquidity levels.
Nelnet Bank operates under a capital and liquidity maintenance agreement that requires Nelnet, Inc., Nelnet Bank's parent company, to serve as a source of financial strength to Nelnet Bank. Nelnet, Inc. has provided capital contributions to support Nelnet Bank’s growth since inception and expects to continue to provide equity capital as necessary to support balance sheet growth and to meet regulatory capital requirements. Through September 30, 2026, the Company has contributed $450.2 million of initial and ongoing capital to Nelnet Bank. Such capital contributions have included cash, investments, loans, and equity in student loan trusts. During the nine months ended September 30, 2026, Nelnet, Inc. contributed eight student loan securitization trusts that included $780.7 million of loans and $172.2 million of net assets.
Nelnet Bank funds the majority of its assets through a diversified deposit base, including retail, commercial, institutional, and brokered deposits sourced through direct banking platforms and deposit marketplaces. Deposit products include both liquid and term deposits with varying maturities, which provide funding stability and flexibility. Management expects continued deposit growth to be the primary source of funding for future loan growth.
In addition to deposit funding, Nelnet Bank maintains access to unsecured federal funds lines with correspondent banks and has established borrowing capacity with the Federal Reserve Bank and the Federal Home Loan Bank. These sources provide additional liquidity and funding flexibility as needed.
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Other Sources of Liquidity
Unsecured Line of Credit
On March 31, 2026, the Company entered into a new $435.0 million unsecured line of credit with a maturity date of March 31, 2031. In conjunction with entering into the new line of credit, the Company terminated its $495.0 million line of credit which had a scheduled maturity date of September 22, 2026. There was no outstanding balance on the $495.0 million line of credit on the date of termination. As of September 30, 2026, the new unsecured line of credit had no amount outstanding and $435.0 million was available for future use. Upon the maturity date of the new facility, there can be no assurance that the Company will be able to maintain this line of credit, increase or maintain the amount outstanding under the line, or find alternative funding if necessary.
Union Bank Participation Agreement
The Company has an agreement with Union Bank under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities (bond investments). The agreement automatically renews annually and is terminable by either party upon five business days' notice. The Company can participate FFELP loan asset-backed securities (investments) 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. As of September 30, 2026, $0.1 million (par value) of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement.
Stock Repurchases
The Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2028. As of September 30, 2026, 3,808,831 shares remained authorized for repurchase under the Company's stock repurchase program. Shares may be repurchased from time to time on the open market, in private transactions (including with related parties), or otherwise, depending on various factors, including share prices and other potential uses of liquidity.
Shares repurchased by the Company during the first three quarters of 2026 are shown below. For additional information on stock repurchases during the third quarter of 2026, see "Stock Repurchases" under Part II, Item 2 of this report.
Total shares repurchasedPurchase price (in thousands)Average price of shares repurchased (per share) (a)
Quarter ended March 31, 2026126,319 $16,280 128.88 
Quarter ended June 30, 2026190,281 24,353 127.99 
Quarter ended September 30, 2026415,332 53,083 127.81 
Total731,932 $93,716 128.04 
(a) The average price of shares repurchased for the quarters ended June 30, 2026 and September 30, 2026 include excise taxes.
Subsequent to September 30, 2026 (through November 5, 2026), the Company repurchased an additional 295,990 Class A common shares for $37.0 million (average price of $125.04 per share).
Dividends
On September 15, 2026, the Company paid a third quarter 2026 cash dividend on the Company's Class A and Class B common stock of $0.33 per share. In addition, the Company's Board of Directors has declared a fourth quarter 2026 cash dividend on the Company's outstanding shares of Class A and Class B common stock of $0.36 per share. The fourth quarter cash dividend will be paid on December 15, 2026 to shareholders of record at the close of business on December 1, 2026.
The Company plans to continue making regular quarterly dividend payments, subject to future earnings, capital requirements, financial condition, and other factors.
RECENT ACCOUNTING PRONOUNCEMENTS
In November 2024, the FASB issued accounting guidance to increase disclosure requirements primarily through enhanced disclosures about types of expenses (including employee compensation, depreciation, and amortization) in commonly presented expense captions. This guidance will be effective for the Company for fiscal years beginning after December 15, 2026. The guidance is required to be applied prospectively with the option for retrospective application. Management is currently evaluating the impact this guidance will have on disclosures included in the notes to the consolidated financial statements. The Company does not expect the standard to impact the Company's financial condition or results of operations.
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There are no other recently issued, but not yet adopted, accounting pronouncements which are expected to have a material impact on the Company's consolidated financial statements and related disclosures.
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
(All dollars are in thousands, except share amounts, unless otherwise noted)
The Company’s consolidated balance sheets include assets and liabilities whose fair values are subject to market risks, primarily interest rate risk. The following sections address the interest rate risk associated with our relevant business activities.
Interest Rate Risk - AGM Operating Segment
AGM’s primary market risk exposure arises from fluctuations in its lending and borrowing rates, the spread between which could impact AGM due to shifts in market interest rates.
The following table sets forth AGM’s loan assets and debt instruments by rate characteristics:
As of September 30, 2026As of December 31, 2025
DollarsPercentDollarsPercent
Fixed-rate loan assets$1,807,113 23.7 %$1,611,772 18.5 %
Variable-rate loan assets5,825,721 76.3 7,087,397 81.5 
Total$7,632,834 100.0 %$8,699,169 100.0 %
Fixed-rate debt instruments$287,546 4.2 %$331,404 4.2 %
Variable-rate debt instruments6,516,269 95.8 7,490,065 95.8 
Total$6,803,815 100.0 %$7,821,469 100.0 %
FFELP loans originated prior to April 1, 2006 generally earn interest at the higher of the borrower rate, which is fixed over a period of time, or a floating rate based on the special allowance payment (SAP) formula set by the Department. The SAP rate is based on an applicable index plus a fixed spread that depends on loan type, origination date, and repayment status. The Company generally finances its FFELP student loan portfolio with variable-rate debt. In low and/or declining interest rate environments, when the fixed borrower rate is higher than the SAP rate, the Company’s FFELP student loans earn at a fixed rate while the interest on the variable-rate debt typically continues to reflect the low and/or declining interest rates. In these interest rate environments, the Company may earn additional spread income that it refers to as floor income.
Depending on the type of loan and when it was originated, the borrower rate is either fixed to term or is reset to an annual rate each July 1. As a result, for loans where the borrower rate is fixed to term, the Company may earn floor income for an extended period of time, which the Company refers to as fixed-rate floor income, and for those loans where the borrower rate is reset annually on July 1, the Company may earn floor income to the next reset date, which the Company refers to as variable-rate floor income. All FFELP loans first originated on or after April 1, 2006 effectively earn at the SAP rate, since lenders are required to rebate fixed-rate floor income and variable-rate floor income for those loans to the Department.
The Company earned no variable-rate floor income in 2026 or 2025.
The following table shows AGM’s federally insured student loan assets that were earning fixed-rate floor income as of September 30, 2026:
Fixed interest rate rangeBorrower/lender weighted-average yieldEstimated variable conversion rate (a)Loan balance
6.5 - 6.99%6.72%4.08%$88,069 
7.0 - 7.49%7.17%4.53%31,293 
7.5 - 7.99%7.72%5.08%71,364 
8.0 - 8.99%8.18%5.54%173,348 
> 9.0%
9.06%6.42%73,608 
$437,682 
(a) The estimated variable conversion rate is the estimated short-term interest rate at which loans would convert to a variable rate. As of September 30, 2026, the weighted-average estimated variable conversion rate was 5.25% and the short-term interest rate was 382 basis points.
Absent the use of derivative instruments, a rise in interest rates will reduce the amount of floor income received and has an impact on earnings due to interest margin compression caused by increasing financing costs, until such time as the federally
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insured loans earn interest at a variable rate in accordance with their SAP formulas. In higher interest rate environments, where the interest rate rises above the borrower rate and fixed-rate loans effectively become variable-rate loans, the impact of the rate fluctuations is reduced.
A summary of fixed-rate floor income earned by the AGM operating segment follows:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Fixed-rate floor income, gross$1,397 1,027 $4,483 2,999 
Derivative settlements (a)95 438 (19)1,293 
Fixed-rate floor income, net$1,492 1,465 $4,464 4,292 
(a)    Derivative settlements consist of settlements received related to the Company's derivatives used to hedge student loans earning fixed-rate floor income. See note 4 of the notes to consolidated financial statements included in Part I, Item 1 of this report for a summary of fixed-rate floor derivatives.
AGM is also exposed to interest rate risk in the form of repricing risk and basis risk because the interest rate characteristics of AGM’s assets do not match the interest rate characteristics of the funding for those assets. In a decreasing interest rate environment, student loan spread on FFELP loans decreases in the short term because of the timing of interest rate resets on the Company's assets occurring daily in contrast to the timing of the interest rate resets on the Company's debt occurring either monthly or quarterly. This also results in student loan spread increasing in the short term in an increasing interest rate environment. The following table presents AGM’s FFELP student loan assets and related funding for those assets arranged by underlying indices as of September 30, 2026:
IndexFrequency of variable resetsAssetsFunding of student loan assets
30-day average SOFR (a)Daily$5,807,705 — 
3-month Treasury billDaily207,760 — 
3-month H15 financial commercial paperDaily202,847 — 
30-day average SOFR / 1-month CME Term SOFRMonthly— 4,470,876 
90-day average SOFR / 3-month CME Term SOFR (a)Quarterly— 804,598 
Asset-backed commercial paper / SOFR (b)Varies— 456,274 
Fixed rate—— 269,423 
Auction-rate (c)Varies— 10,500 
Other (d)—633,424 840,065 
$6,851,736 6,851,736 
(a)    The Company has certain basis swaps outstanding in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps"). The Company entered into these derivative instruments to better match the interest rate characteristics on its student loan assets and the debt funding such assets. The following table summarizes the Basis Swaps outstanding as of September 30, 2026:
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
(b)    The interest rates on the Company's FFELP warehouse facility is indexed to asset-backed commercial paper rates and daily SOFR.
(c)    As of September 30, 2026, the Company was sponsor for $10.5 million of outstanding asset-backed securities that were set and provide for interest rates to be periodically reset via a "dutch auction" (the “Auction Rate Securities”). Since the auction feature has essentially been inoperable for substantially all auction rate securities since 2008, the Auction Rate Securities generally pay interest to the holder at a maximum rate as defined by the indenture. While these rates will vary, they will generally be based on a spread to SOFR or Treasury Securities, or the Net Loan Rate as defined in the financing documents.
(d)    Assets include accrued interest receivable and restricted cash. Funding represents overcollateralization (equity) and other liabilities included in FFELP loan asset-backed securitizations and warehouse facilities.
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The following table summarizes the effect on the Company’s consolidated earnings based upon a sensitivity analysis performed on AGM’s variable-rate assets (including loans earning fixed-rate floor income) and liabilities. The sensitivity analysis was performed assuming the funding index increases 10 basis points and 30 basis points while holding the asset index constant, if the funding index is different than the asset index.
Asset and funding index mismatches
Increase of
10 basis points		Increase of
30 basis points		Increase of
10 basis points		Increase of
30 basis points
DollarsPercentDollarsPercentDollarsPercentDollarsPercent
Three months ended September 30, 2026Three months ended September 30, 2025
Effect on earnings:
Increase (decrease) in pre-tax net income before impact of derivative settlements$(517)(0.6)%$(1,550)(1.9)%$(792)(0.6)%$(2,377)(1.8)%
Impact of derivative settlements353 0.4 1,059 1.3 353 0.3 1,059 0.8 
Increase (decrease) in net income before taxes$(164)(0.2)%$(491)(0.6)%$(439)(0.3)%$(1,318)(1.0)%
Increase (decrease) in basic and diluted earnings per share$(0.00)$(0.01)$(0.01)$(0.03)
Nine months ended September 30, 2026Nine months ended September 30, 2025
Effect on earnings:
Increase (decrease) in pre-tax net income before impact of derivative settlements$(1,731)(0.8)%$(5,192)(2.3)%$(2,376)(0.5)%$(7,127)(1.5)%
Impact of derivative settlements1,047 0.5 3,142 1.4 1,047 0.2 3,142 0.7 
Increase (decrease) in net income before taxes$(684)(0.3)%$(2,050)(0.9)%$(1,329)(0.3)%$(3,985)(0.8)%
Increase (decrease) in basic and diluted earnings per share$(0.01)$(0.04)$(0.03)$(0.08)
Interest Rate Risk - Nelnet Bank
To manage Nelnet Bank's risk from fluctuations in market interest rates, the Company actively monitors interest rates and other interest sensitive components to minimize the impact that changes in interest rates have on the fair value of assets, net income, and cash flow. To achieve this objective, the Company manages and mitigates Nelnet Bank’s exposure to fluctuations in market interest rates through several techniques, including managing the maturity, repricing, and mix of fixed- and variable-rate assets and liabilities and the use of derivative instruments.
The following table presents Nelnet Bank's loan assets, asset-backed security investments, and deposits (including intercompany deposits) by rate characteristics:
As of September 30, 2026As of December 31, 2025
DollarsPercentDollarsPercent
Fixed-rate loan assets$730,029 $630,570 
Fixed-rate investments74,522 83,020 
Total fixed-rate assets804,551 24.3 %713,590 35.4 %
Variable-rate loan assets971,332 326,992 
Variable-rate investments1,536,423 975,268 
Total variable-rate assets2,507,755 75.7 1,302,260 64.6 
Total assets$3,312,306 100.0 %$2,015,850 100.0 %
Fixed-rate deposits$1,162,943 41.5 %$635,293 36.0 %
Variable-rate deposits (a)1,642,286 58.5 1,127,667 64.0 
Total deposits$2,805,229 100.0 %$1,762,960 100.0 %
(a)    Nelnet Bank uses derivative instruments to hedge exposure to variability in cash flows of variable-rate deposits to minimize the exposure to volatility in cash flows from future changes in interest rates. The derivatives are not reflected in the above table. See note 4 of the notes to consolidated financial statements included under Part I, Item 1 of this report for a summary of Nelnet Bank's derivatives outstanding as of September 30, 2026.
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Interest Rate and Market Risk - Investments
The following table presents the rates earned on the Company’s available-for-sale debt securities (investments), excluding securities (investments) held by Nelnet Bank.
Average balanceInterest incomeAverage yieldAverage balanceInterest incomeAverage yield
Three months ended September 30,
20262025
Investments:
Asset-backed securities available-for-sale (a) (b) $601,207 8,142 5.37 %$953,996 14,651 6.09 %
Nine months ended September 30,
20262025
Investments:
Asset-backed securities available-for-sale (a) (b) $632,933 24,500 5.18 %$721,365 30,756 5.70 %
(a)The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market or retained such instruments upon initial issuance. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. The table above includes these repurchased bonds.
(b)The majority of the Company’s asset-backed securities earn floating rates with expected returns of approximately SOFR + 50 to 350 basis points to maturity. As of September 30, 2026, $197.3 million (par value) of the Company’s asset-backed securities earn a weighted-average fixed rate of 3.92%.
The Company’s portfolio of asset-backed investment securities has limited liquidity, and the Company could incur a significant loss if the investments were sold prior to maturity at an amount less than the original purchase price. As of September 30, 2026, the gross unrealized loss on the Company’s available-for-sale debt securities (including available-for-sale securities held at Nelnet Bank) was $19.2 million, and the aggregate fair value of available-for-sale debt securities with unrealized losses was $747.2 million. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses. See note 5 of the notes to consolidated financial statements included under Part I, Item 1 of this report for additional information.
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Consolidated Sensitivity Analysis
The following table summarizes the effect on the Company’s consolidated earnings, based upon a sensitivity analysis performed on the Company’s significant interest-earning assets and interest-bearing liabilities assuming hypothetical increases and decreases in interest rates of 100 basis points and 300 basis points, while funding spreads remain constant:
Interest rates
Change from increase of
100 basis points		Change from increase of
300 basis points		Change from decrease of
100 basis points		Change from decrease of
300 basis points
DollarsPercentDollarsPercentDollarsPercentDollarsPercent
Three months ended September 30, 2026
Effect on earnings:
AGM operating segment (a)$(959)$(1,245)$2,284 $9,355 
Nelnet Bank operating segment (b)2,361 7,266 (2,190)(5,895)
NFS other operating segments (c)942 2,825 (942)(2,825)
ETSP operating segment (d)1,905 5,714 (1,905)(5,714)
Corporate and Other Activities (d)813 2,438 (813)(2,438)
Increase (decrease) in net income before taxes$5,062 6.2 %$16,998 21.0 %$(3,566)(4.4)%$(7,517)(9.3)%
Increase (decrease) in basic and diluted earnings per share$0.11 $0.36 $(0.08)$(0.16)
Three months ended September 30, 2025
Effect on earnings:
AGM operating segment (a)$914 $4,910 $455 $4,018 
Nelnet Bank operating segment (b)321 965 (321)(965)
NFS other operating segments (c)1,820 5,460 (1,820)(5,460)
ETSP operating segment (d)1,958 5,874 (1,958)(5,874)
Corporate and Other Activities (d)1,139 3,418 (1,139)(3,418)
Increase (decrease) in net income before taxes$6,152 4.5 %$20,627 15.1 %$(4,783)(3.5)%$(11,699)(8.6)%
Increase (decrease) in basic and diluted earnings per share$0.13 $0.43 $(0.10)$(0.24)
Nine months ended September 30, 2026
Effect on earnings:
AGM operating segment (a)$(2,697)$(1,022)$6,307 $26,534 
Nelnet Bank operating segment (b)11,375 34,504 (11,106)(32,184)
NFS other operating segments (c)3,038 9,115 (3,038)(9,115)
ETSP operating segment (d)4,768 14,305 (4,768)(14,305)
Corporate and Other Activities (d)915 2,746 (915)(2,746)
Increase (decrease) in net income before taxes$17,399 7.8 %$59,648 26.9 %$(13,520)(6.1)%$(31,816)(14.3)%
Increase (decrease) in basic and diluted earnings per share$0.37 $1.26 $(0.29)$(0.67)
Nine months ended September 30, 2025
Effect on earnings:
AGM operating segment (a)$1,690 $15,431 $1,183 $10,726 
Nelnet Bank operating segment (b)1,186 3,558 (1,186)(3,558)
NFS other operating segments (c)3,746 11,327 (3,746)(11,327)
ETSP operating segment (d)4,784 14,352 (4,784)(14,352)
Corporate and Other Activities (d)1,254 3,763 (1,254)(3,763)
Increase (decrease) in net income before taxes$12,660 2.6 %$48,431 10.1 %$(9,787)(2.0)%$(22,274)(4.6)%
Increase (decrease) in basic and diluted earnings per share$0.26 $1.01 $(0.20)$(0.46)
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(a)Impact associated with variable-rate restricted cash, variable-rate loans, and variable-rate bonds and notes payable, including the impact of derivative settlements.
(b)Impact associated with variable-rate loans and debt securities (investments) and variable-rate deposits and bonds and notes payable, including the impact of derivative settlements.
(c)Impact associated with variable-rate debt securities (investments).
(d)Impact associated with interest earning operating and restricted cash accounts.
ITEM 4.  CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company’s management, with the participation of the Company's principal executive and principal financial officers, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of September 30, 2026. Based on this evaluation, the Company’s principal executive and principal financial officers concluded that the Company's disclosure controls and procedures were effective as of September 30, 2026.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the fiscal quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There have been no material changes from the information referred to in the Legal Proceedings section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 under Part I, Item 3 of such Form 10-K.
ITEM 1A.  RISK FACTORS
There have been no material changes from the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 in response to Part I, Item 1A of such Form 10-K.
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Stock Repurchases
The following table summarizes the repurchases of Class A common stock during the third quarter of 2026 by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934. Certain share repurchases included in the table below were made pursuant to a trading plan adopted by the Company in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
PeriodTotal number of shares purchased (a)Average price paid per share (b)Total number of shares purchased as part of publicly announced plans or programs (c)Maximum number of shares that may yet be purchased under the plans or programs (c)
July 1 - July 31, 2026— $— — 4,219,239 
August 1 - August 31, 2026152,552 127.23 152,504 4,066,735 
September 1 - September 30, 2026262,780 126.27 257,904 3,808,831 
Total415,332 $126.62 410,408 
(a)The total number of shares includes: (i) shares repurchased pursuant to the stock repurchase program discussed in footnote (c) below; and (ii) shares owned and tendered by employees to satisfy tax withholding obligations upon the vesting of restricted shares. Shares of Class A common stock tendered by employees to satisfy tax withholding obligations included 48 shares in August 2026 and 4,876 shares in September 2026. Unless otherwise indicated, shares owned and tendered by employees to satisfy tax withholding obligations were purchased at the closing price of the Company’s shares on the date of vesting.
(b)The average price of shares repurchased excludes excise taxes.
(c)On May 8, 2025, the Company announced that its Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2028. As of September 30, 2026, 3,808,831 shares remained authorized for repurchase under the Company's stock repurchase program.
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Working capital and dividend restrictions/limitations
The Company's $435.0 million unsecured line of credit, which is available through March 31, 2031, imposes restrictions on the payment of dividends through covenants requiring a minimum consolidated net worth. In addition, trust indentures and other financing agreements governing debt issued by the Company's lending subsidiaries generally have limitations on the amounts of funds that can be transferred to the Company by its subsidiaries through cash dividends at certain times. Further, Nelnet Bank and Nelnet Insurance Services' consolidated captive insurance companies are subject to laws and regulations that restrict the ability to pay dividends to the Company and authorize regulatory authorities to prohibit or limit the payment of dividends by these subsidiaries to the Company. These provisions do not currently materially limit the Company's ability to pay dividends and, based on the Company's current financial condition and recent results of operations, the Company does not currently anticipate that these provisions will materially limit the future payment of dividends.
ITEM 5.  OTHER INFORMATION
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 third quarter of 2026, 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 TitleDate of Adoption of Rule 10b5-1 Trading PlanScheduled Expiration Date of Rule 10b5-1 Trading Plan (a)Aggregate Number of Securities to Be Purchased or Sold
Michael S. Dunlap
Executive Chairman
8/10/202612/10/2026
Gift transfer of 35,000 shares of Class A common stock
William J. Munn
Corporate Secretary / Chief Governance Officer / General Counsel
9/16/20269/16/2027
Sale of 2,416 shares of Class A common stock
(a)    A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
ITEM 6.  EXHIBITS
31.1*
31.2*
32**
101.INS*Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema Document.
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*Filed herewith
**Furnished herewith
73


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NELNET, INC.
Date:November 5, 2026By:/s/ JEFFREY R. NOORDHOEK
Name:Jeffrey R. Noordhoek
Title:
Chief Executive Officer
Principal Executive Officer
Date:November 5, 2026By:/s/ JAMES D. KRUGER
Name:James D. Kruger
Title: 
Chief Financial Officer
Principal Financial Officer and Principal Accounting Officer


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