1 unchanged sentence
Stock Repurchases
−Removed: The following table summarizes the repurchases of Class A common stock during the first quarter of 2025 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.
−Removed: Period Total number of shares purchased (a) Average price paid per share Total number of shares purchased as part of publicly announced plans or programs (b) Maximum number of shares that may yet be purchased under the plans or programs (b)
−Removed: January 1 - January 31, 2025 258 $ 108.70 — 3,341,735
−Removed: February 1 - February 28, 2025 — — — 3,341,735
−Removed: March 1 - March 31, 2025 38,233 115.86 — 3,341,735
+Added: The following table summarizes the repurchases of Class A common stock during the second quarter of 2025 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.
+Added: 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.
+Added: Period Total 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)
+Added: April 1 - April 30, 2025 122 $ 102.78 — 3,341,735
+Added: May 1 - May 31, 2025 52,395 117.00 52,156 4,947,844
+Added: June 1 - June 30, 2025 131,037 115.51 125,653 4,822,191
Total 183,554 $ 115.93 177,809
−Removed: (a) The total number of shares includes shares owned and tendered by employees to satisfy tax withholding obligations upon the vesting of restricted shares.
+Added: (a) The total number of shares includes:
+Added: (i) shares repurchased pursuant to the stock repurchase program discussed in footnote (c) below;
+Added: and (ii) shares owned and tendered by employees to satisfy tax withholding obligations upon the vesting of restricted shares.
+Added: Shares of Class A common stock tendered by employees to satisfy tax withholding obligations included 122, 239, and 5,384 in April, May and June 2025, respectively.
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.
−Removed: (b) On May 9, 2022, 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, 2025.
−Removed: On March 20, 2025, the Board of Directors authorized a new stock repurchase program that will be effective when the current plan expires 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.
−Removed: The five million shares authorized under the new program will include remaining unpurchased shares from the prior program, which the new program will replace.
+Added: (b) The average price of shares repurchased excludes excise taxes.
+Added: (c) On May 9, 2022, 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 ended May 8, 2025.
+Added: That program expired on May 8, 2025.
+Added: 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.
+Added: The five million shares authorized under the new program include the remaining unpurchased shares from the prior program, which the new program replaces.
+Added: As of June 30, 2025, 4,822,191 remained authorized for repurchase under the Company's new program.
Working capital and dividend restrictions/limitations
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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.
−Removed: Further, Nelnet Bank and Nelnet Insurance Service's 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.
+Added: 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.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.