What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 341 added, 151 removed, 942 unchanged (34% of the section changed)

3 unchanged sentences

(Dollars in thousands, except share data)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Loans and accrued interest receivable (net of allowance for loan losses of $ 165,065 and $ 132,078 , respectively)

55 unchanged sentences

(Dollars in thousands, except share data)

Three months ended

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Interest income:

13 unchanged sentences

Other, net 18,399 22,976 28,836 47,579

Gain on partial redemption of ALLO investment — 175,044 — 175,044

Derivative market value adjustments and derivative settlements, net 3,852 ( 3,122 ) 6,019 ( 8,701 )

25 unchanged sentences

(Dollars in thousands)

Three months ended March 31,

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

2026 2025 2026 2025

Net income $ 45,471 177,854 101,071 258,983

Other comprehensive loss:

Other comprehensive income (loss):

Net changes related to foreign currency translation adjustments $ ( 1,575 ) ( 131 ) ( 2,772 ) ( 147 )

Net changes related to available-for-sale debt securities:

Unrealized holding losses arising during period, net ( 6,459 ) ( 2,767 )

Unrealized holding gains (losses) arising during period, net 4,213 ( 657 ) ( 2,245 ) ( 3,425 )

Reclassification of gains recognized in net income, net ( 479 ) ( 595 ) ( 902 ) ( 1,077 )

5 unchanged sentences

Net changes related to equity method investee's other comprehensive income:

Fair value adjustment during period 52 725

Cash flow hedge fair value adjustment during period ( 15 ) ( 385 ) 37 340

Income tax effect 4 ( 11 ) 92 ( 293 ) ( 8 ) 29 ( 82 ) 258

Other comprehensive loss ( 6,153 ) ( 1,899 )

Other comprehensive income (loss) 1,687 ( 1,779 ) ( 4,466 ) ( 3,678 )

Comprehensive income 47,158 176,075 96,605 255,305

6 unchanged sentences

(Dollars in thousands, except share data)

Preferred stock shares Common stock shares Preferred stock Class A common stock Class B common stock Additional paid-in capital Retained earnings Accumulated other comprehensive earnings (loss) Noncontrolling interests Total equity

Preferred stock shares Common stock shares Preferred stock Class A common stock Class B common stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) earnings Noncontrolling interests Total equity

Class A Class B

Balance as of December 31, 2024 — 25,634,748 10,658,604 $ — 256 107 7,389 3,340,540 1,470 ( 50,645 ) 3,299,117

Balance as of March 31, 2025 — 25,697,581 10,658,604 $ — 257 107 6,649 3,412,939 ( 429 ) ( 56,514 ) 3,363,009

Net income (loss) — — — — — — — 181,459 — ( 3,605 ) 177,854

7 unchanged sentences

Repurchase of common stock — ( 183,554 ) — — ( 2 ) — ( 11,461 ) ( 9,897 ) — — ( 21,360 )

Acquisition of remaining 20 % of NextGen, net of tax

— — — — — — — 1,853 — ( 5,383 ) ( 3,530 )

Balance as of June 30, 2025 — 25,538,730 10,658,604 $ — 255 107 637 3,576,192 ( 2,208 ) ( 92,290 ) 3,482,693

Balance as of March 31, 2026 — 25,334,870 10,616,675 $ — 253 106 1,535 3,732,931 ( 3,534 ) ( 125,279 ) 3,606,012

Net income (loss) — — — — — — — 66,662 — ( 21,191 ) 45,471

Other comprehensive income — — — — — — — — 1,687 — 1,687

Issuance of noncontrolling interests — — — — — — — — — 22,557 22,557

Distribution to noncontrolling interests — — — — — — — — — ( 11,190 ) ( 11,190 )

Cash dividends on Class A and Class B common stock - $ 0.33 per share

— — — — — — — ( 11,820 ) — — ( 11,820 )

Issuance of common stock, net of forfeitures — 19,355 — — — — 1,935 — — — 1,935

Compensation expense for stock-based awards — — — — — — 5,137 — — — 5,137

Repurchase of common stock — ( 190,281 ) — — ( 1 ) — ( 6,830 ) ( 17,522 ) — — ( 24,353 )

Balance as of June 30, 2026 — 25,163,944 10,616,675 $ — 252 106 1,777 3,770,251 ( 1,847 ) ( 135,103 ) 3,635,436

See accompanying notes to consolidated financial statements.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Dollars in thousands, except share data)

Preferred stock shares Common stock shares Preferred stock Class A common stock Class B common stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) earnings Noncontrolling interests Total equity

Class A Class B

Balance as of December 31, 2024 — 25,634,748 10,658,604 $ — 256 107 7,389 3,340,540 1,470 ( 50,645 ) 3,299,117

8 unchanged sentences

Repurchase of common stock — ( 222,045 ) — — ( 2 ) — ( 15,919 ) ( 9,897 ) — — ( 25,818 )

Acquisition of remaining 20 % of NextGen, net of tax

— — — — — — — 1,853 — ( 5,383 ) ( 3,530 )

Balance as of June 30, 2025 — 25,538,730 10,658,604 $ — 255 107 637 3,576,192 ( 2,208 ) ( 92,290 ) 3,482,693

Balance as of December 31, 2025 — 25,259,718 10,616,675 $ — 253 106 1,481 3,681,333 2,619 ( 108,563 ) 3,577,229

Net income (loss) — — — — — — — 137,788 — ( 36,717 ) 101,071

Other comprehensive loss — — — — — — — — ( 4,466 ) — ( 4,466 )

Issuance of noncontrolling interests — — — — — — — — — 24,395 24,395

Distribution to noncontrolling interests — — — — — — — — — ( 14,183 ) ( 14,183 )

Cash dividends on Class A and Class B common stock - $ 0.66 per share

— — — — — — — ( 23,655 ) — — ( 23,655 )

Issuance of common stock, net of forfeitures — 220,826 — — 2 — 8,477 — — — 8,479

Compensation expense for stock-based awards — — — — — — 8,699 — — — 8,699

Repurchase of common stock — ( 316,600 ) — — ( 3 ) — ( 16,880 ) ( 23,750 ) — — ( 40,633 )

Redemption of 10 % minority interests of WRCM

— — — — — — — ( 1,465 ) — ( 35 ) ( 1,500 )

Balance as of March 31, 2026 — 25,334,870 10,616,675 $ — 253 106 1,535 3,732,931 ( 3,534 ) ( 125,279 ) 3,606,012

Balance as of June 30, 2026 — 25,163,944 10,616,675 $ — 252 106 1,777 3,770,251 ( 1,847 ) ( 135,103 ) 3,635,436

See accompanying notes to consolidated financial statements.

2 unchanged sentences

(Dollars in thousands)

Three months ended

Six months ended

Net income attributable to Nelnet, Inc.

8 unchanged sentences

Derivative market value adjustments ( 5,273 ) 10,190

Gain on partial redemption of ALLO investment — ( 175,044 )

Loss (gain) on sale of loans, net 132 ( 909 )

Loss (gain) on investments, net 25,060 ( 19,650 )

Deferred income tax (benefit) expense ( 10,895 ) 4,316

Deferred income tax benefit ( 12,192 ) ( 88,924 )

Non-cash compensation expense 8,868 6,513

Impairment expense — 5,392

Other ( 1,692 ) ( 3,019 )

2 unchanged sentences

Decrease in accounts receivable 41,565 32,523

Increase in other assets ( 52,299 ) ( 18,835 )

(Increase) decrease in other assets ( 50,126 ) 23,510

Decrease in the carrying amount of ROU asset 2,152 1,958

Decrease in accrued interest payable ( 4,161 ) ( 6,072 )

Increase (decrease) in other liabilities 32,939 ( 37,102 )

Increase in other liabilities 13,951 65,986

Decrease in the carrying amount of lease liability ( 2,439 ) ( 3,384 )

13 unchanged sentences

Proceeds from other investments and repayments of notes receivable 83,476 454,829

Purchases of held-to-maturity debt securities ( 2,279 ) —

Redemption of held-to-maturity debt securities 3,190 7,796

1 unchanged sentence

Business acquisitions, net of cash and restricted cash acquired 189,286 —

Net cash provided by investing activities $ 31,087 136,357

Net cash (used in) provided by investing activities $ ( 34,859 ) 709,828

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

Three months ended

Six months ended

Cash flows from financing activities, net of acquisitions:

3 unchanged sentences

Increase in bank deposits, net 550,076 195,911

Decrease in due to customers ( 212,085 ) ( 99,176 )

Increase (decrease) in due to customers 94,491 ( 49,489 )

Dividends paid ( 23,655 ) ( 20,322 )

19 unchanged sentences

Issuance of noncontrolling interests $ 31,854 9,401

(a) The Company utilized $ 19.6 million and $ 14.1 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2026 and 2025, respectively.

Supplemental disclosures of non-cash activities regarding the Company's business acquisition are contained in note 6.

(a) The Company utilized $ 33.1 million and $ 36.6 million of federal and state tax credits related primarily to renewable energy during the six months ended June 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 of As of As of As of

March 31, 2026 December 31, 2025 March 31, 2025 December 31, 2024

June 30, 2026 December 31, 2025 June 30, 2025 December 31, 2024

Total cash and cash equivalents $ 172,430 295,983 225,753 194,518

9 unchanged sentences

The accompanying unaudited consolidated financial statements of Nelnet, Inc.

and subsidiaries (the “Company” or "Nelnet") as of March 31, 2026 and for the three months ended March 31, 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.

and subsidiaries (the “Company” or "Nelnet") as of June 30, 2026 and for the three and six months ended June 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.

1 unchanged sentence

Actual results could differ from those estimates.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results for the year ending December 31, 2026.

Operating results for the three and six months ended June 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").

1 unchanged sentence

Loans and accrued interest receivable consisted of the following:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Non-Nelnet Bank:

26 unchanged sentences

$ 9,802,215 10,006,695

(a) During the first quarter of 2026, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) contributed certain student loan securitization trusts to Nelnet Bank that included $ 296.0 million in federally insured loans.

(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 $ 716.3 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 March 31, 2026 and December 31, 2025, the balance of Pay Later receivables was $ 766.2 million and $ 744.2 million, respectively.

As of June 30, 2026 and December 31, 2025, the balance of Pay Later receivables was $ 699.8 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:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Non-Nelnet Bank:

5 unchanged sentences

Consumer and other loans 4.84 % 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 19.6 % and 19.3 %, and for Nelnet Bank was 17.7 % and 17.3 %, as of March 31, 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 the significant growth in the volume of Pay Later receivables acquired since the third quarter of 2025.

As loan acquisitions increased, the Company recorded additional allowance at acquisition in accordance with its expected credit loss methodology.

The increase in the allowance primarily reflects the cumulative volume of new loans added to the portfolio rather than a deterioration in credit quality.

(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 20.1 % and 19.3 %, and for Nelnet Bank was 17.1 % and 17.3 %, as of June 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 period Provision (negative provision) for loan losses Charge-offs Recoveries Loan sales/contributions Balance at end of period

Three months ended March 31, 2026

Balance at beginning of period Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration Loan sales/contributions Balance at end of period

Three months ended June 30, 2026

Non-Nelnet Bank:

6 unchanged sentences

$ 155,191 41,023 ( 34,923 ) 3,774 — — 165,065

Three months ended March 31, 2025

Three months ended June 30, 2025

Non-Nelnet Bank:

6 unchanged sentences

$ 120,076 17,712 ( 14,514 ) 1,015 1,060 — 125,349

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 March 31,

Six months ended June 30, 2026

Non-Nelnet Bank:

5 unchanged sentences

Consumer and other loans 12,136 2,657 ( 2,178 ) 198 — — 12,813

$ 132,078 94,595 ( 67,610 ) 6,002 — — 165,065

Six months ended June 30, 2025

Non-Nelnet Bank:

Federally insured loans $ 49,091 4,746 ( 6,210 ) — — — 47,627

Private education loans 11,130 ( 2,760 ) ( 1,457 ) 493 — — 7,406

Consumer loans and other financing receivables 38,468 22,158 ( 13,143 ) 545 — — 48,028

Federally insured loans — 374 ( 19 ) — — — 355

Private education loans 10,086 3,925 ( 3,134 ) 423 1,060 — 12,360

Consumer and other loans 6,115 4,734 ( 1,447 ) 171 — — 9,573

$ 114,890 33,177 ( 25,410 ) 1,632 1,060 — 125,349

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 consumer loans and other financing receivables (non-Nelnet Bank loans) during the three month period ended March 31, 2026 compared with the same period in 2025 was driven by the significant increase in the volume of Pay Later receivables acquired since the third quarter of 2025.

The increase in provision for loan losses and charge-offs for Non-Nelnet Bank consumer loans and other financing receivables during the three and six month periods ended June 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 the third quarter 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 generally consistent with management’s expectations.

Credit performance metrics, including delinquency rates and charge-offs, remained consistent with management’s expectations.

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

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

2026 2025 2026 2025

Non-Nelnet Bank:

Federally insured loans 0.16 % 0.16 % 0.16 % 0.14 %

Private education loans 0.46 % 0.55 % 0.54 % 1.02 %

Consumer loans and other financing receivables 8.78 % 7.62 % 8.86 % 6.58 %

Federally insured loans 0.07 % 0.06 % 0.07 % 0.06 %

Private education loans 0.87 % 1.10 % 1.00 % 1.08 %

Consumer and other loans 1.10 % 1.71 % 1.50 % 1.49 %

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 six months ended June 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 the

third quarter of 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 March 31, 2026 and December 31, 2025, Nelnet Bank had a liability of approximately $ 432,000 and $ 760,000 , respectively, related to $ 48.0 million and $ 76.5 million, respectively, of unfunded private education, consumer, and other loan commitments.

As of June 30, 2026 and December 31, 2025, Nelnet Bank had a liability of approximately $ 0.5 million and $ 0.8 million, respectively, related to $ 79.5 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.

2 unchanged sentences

Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income:

Three months ended

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Provision for loan losses from allowance activity table above $ 41,023 17,712 94,595 33,177

8 unchanged sentences

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

As of March 31, 2026 As of December 31, 2025 As of March 31, 2025

As of June 30, 2026 As of December 31, 2025 As of June 30, 2025

Federally insured loans - Non-Nelnet Bank:

14 unchanged sentences

Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 6,911,309 $ 7,878,593 $ 8,838,223

As of June 30, 2026 As of December 31, 2025 As of June 30, 2025

Private education loans - Non-Nelnet Bank:

25 unchanged sentences

Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses $ 1,103,055 $ 1,049,009 $ 359,406

As of March 31, 2026 As of December 31, 2025 As of March 31, 2025

Federally insured loans - Nelnet Bank (a):

11 unchanged sentences

Accrued interest receivable 46,323 10,939 5,194

Loan premium 4,677 910 1,307

Loan premium and deferred origination costs, net of unaccreted discount 6,174 910 1,221

Allowance for loan losses ( 3,016 ) ( 676 ) ( 355 )

Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 902,822 $ 183,493 $ 112,615

As of June 30, 2026 As of December 31, 2025 As of June 30, 2025

Private education loans - Nelnet Bank (a):

29 unchanged sentences

Nelnet Bank Private Education Loans

Loan balance as of March 31, 2026

Three months ended March 31, 2026 2025 2024 2023 2022 Prior years Total Percent of total

Loan balance as of June 30, 2026

Six months ended June 30, 2026 2025 2024 2023 2022 Prior years Total Percent of total

FICO at origination or purchase:

17 unchanged sentences

Nelnet Bank Consumer and Other Loans

Loan balance as of March 31, 2026

Three months ended March 31, 2026 2025 2024 2023 2022 Prior years Total Percent of total

Loan balance as of June 30, 2026

Six months ended June 30, 2026 2025 2024 2023 2022 Prior years Total Percent of total

FICO at origination:

16 unchanged sentences

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 March 31, 2026 and December 31, 2025, was not material.

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 June 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 March 31, 2026 based on year of origination.

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

Three months ended March 31, 2026 2025 2024 2023 2022 Prior years Total

Six months ended June 30, 2026 2025 2024 2023 2022 Prior years Total

Private education loans - Non-Nelnet Bank:

12 unchanged sentences

Total private education loans and accrued interest receivable, net of allowance for loan losses $ 114,167

Gross charge-offs - three months ended March 31, 2026 $ — — — — — 385 385

Gross charge-offs - six months ended June 30, 2026 $ — — — — 20 757 777

Consumer loans and other financing receivables - Non-Nelnet Bank:

11 unchanged sentences

Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses $ 1,103,055

Gross charge-offs - three months ended March 31, 2026 $ — 14,841 8,004 2,421 833 33 26,132

Three months ended March 31, 2026 2025 2024 2023 2022 Prior years Total

Gross charge-offs - six months ended June 30, 2026 $ 5,794 36,101 9,724 2,949 927 34 55,529

Private education loans - Nelnet Bank:

12 unchanged sentences

Total private education loans and accrued interest receivable, net of allowance for loan losses $ 513,709

Gross charge-offs - three months ended March 31, 2026 $ 8 84 115 318 215 1,052 1,792

Gross charge-offs - six months ended June 30, 2026 $ 20 240 325 559 494 1,653 3,291

Six months ended June 30, 2026 2025 2024 2023 2022 Prior years Total

Consumer and other loans - Nelnet Bank:

11 unchanged sentences

Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 257,153

Gross charge-offs - three months ended March 31, 2026 $ — 227 848 71 — 203 1,349

Gross charge-offs - six months ended June 30, 2026 $ — 518 1,360 71 — 229 2,178

Bonds and Notes Payable

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

As of March 31, 2026

As of June 30, 2026

Interest rate

4 unchanged sentences

Bonds and notes based on auction 10,915 4.74 %

3/22/32 - 8/25/37

Total FFELP variable-rate bonds and notes 5,531,261

Fixed-rate bonds and notes issued in FFELP loan asset-backed

securitizations 293,183 1.42 % - 3.45 %

Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 277,696 1.42 % - 3.45 %

10/25/67 - 8/27/68

21 unchanged sentences

10/25/67 - 8/27/68

FFELP loan warehouse facility 213,982 4.83 % / 4.84 %

12 unchanged sentences

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 March 31, 2026:

The following table summarizes the Company's warehouse and other facilities as of June 30, 2026:

Type of loans Maximum financing amount Amount outstanding Amount available Expiration of liquidity provisions Final maturity date Advance rate Advanced as equity support

3 unchanged sentences

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

On May 5, 2026, the Company decreased 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.

(b) This facility has a static advance rate until the expiration date of the liquidity provisions.

11 unchanged sentences

The Company's obligations under the agreement are guaranteed by certain subsidiaries of the Company.

As of March 31, 2026, no amount was outstanding on the new line of credit and $ 435.0 million was available for future use.

As of June 30, 2026, no amount was outstanding on the new line of credit and $ 435.0 million was available for future use.

Debt Repurchases

3 unchanged sentences

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 March 31, 2026, the Company holds $ 238.1 million (par value) of its own FFELP asset-backed securities.

As of June 30, 2026, the Company holds $ 111.5 million (par value) of its own FFELP asset-backed securities.

Upon sale, these notes would be shown as "bonds and notes payable" in the Company's consolidated balance sheet.

3 unchanged sentences

Non-Nelnet Bank Derivatives

The following table summarizes the Company’s Basis Swaps outstanding as of March 31, 2026 and December 31, 2025 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets.

The Company has entered into basis swaps in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements.

The following table summarizes the Company’s Basis Swaps outstanding as of June 30, 2026 and December 31, 2025 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets.

The Company has entered into basis swaps

in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements.

Maturity Notional amount

1 unchanged sentence

Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company as of March 31, 2026 and December 31, 2025 to economically hedge loans earning fixed-rate floor income.

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.

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

As of June 30, 2026 As of December 31, 2025

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

2026 $ — — % $ 200,000 3.92 %

8 unchanged sentences

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 March 31, 2026 and December 31, 2025 to hedge intercompany deposits.

The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of June 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.

2 unchanged sentences

2029 25,000 3.37

2030 50,000 3.06

2032 (a) 25,000 4.03

2032 (b) 25,000 4.03

2033 25,000 3.90

2035 (c) 30,000 3.79

2035 (b) 30,000 3.79

$ 195,000 3.50 %

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

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

(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.

Interest Rate Swaps - Third-Party Deposits

The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of March 31, 2026 and December 31, 2025 to hedge third-party deposits.

The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of June 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.

5 unchanged sentences

Balance Sheets

Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse.

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 Nelnet Bank's derivatives as reflected in the consolidated balance sheets:

The following table summarizes the fair value of these derivatives as reflected in the consolidated balance sheets:

Fair value of asset derivatives Fair value of liability derivatives

As of March 31, 2026 As of December 31, 2025 As of March 31, 2026 As of December 31, 2025

Interest rate swaps - intercompany deposits $ 1,239 614 869 1,243

Interest rate swaps - third-party deposits (cash flow hedges) — — 182 484

As of June 30, 2026 As of December 31, 2025 As of June 30, 2026 As of December 31, 2025

Nelnet Bank interest rate swaps - intercompany deposits $ 2,379 614 295 1,243

Nelnet Bank interest rate swaps - third-party deposits (cash flow hedges) 383 — — 484

Other derivative instruments 14 — — —

$ 2,776 614 295 1,727

1 unchanged sentence

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 March 31,

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

2026 2025 2026 2025

Basis swaps $ 154 154 307 307

12 unchanged sentences

“Total investments and notes receivable” consisted of the following:

As of March 31, 2026 As of December 31, 2025

As of June 30, 2026 As of December 31, 2025

Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value

3 unchanged sentences

FFELP loan $ 43,466 2,878 ( 146 ) 46,198 36,824 2,950 ( 129 ) 39,645

FFELP loan and other debt securities - restricted 192,496 3,030 ( 838 ) 194,688 172,739 3,384 ( 323 ) 175,800

Private education loan (a) 187,507 — ( 14,228 ) 173,279 197,568 20 ( 13,436 ) 184,152

FFELP loan and other debt securities - restricted (a) 192,387 3,045 ( 662 ) 194,770 172,739 3,384 ( 323 ) 175,800

Private education loan (b) 177,299 90 ( 12,258 ) 165,131 197,568 20 ( 13,436 ) 184,152

Other debt securities 114,801 2,628 ( 70 ) 117,359 55,874 2,528 — 58,402

15 unchanged sentences

Voting interest/equity method — —

Preferred membership interest and accrued and unpaid preferred return 24,626 10,148

Preferred membership interest 23,500 10,148

Total interest in ALLO 23,500 10,148

Beneficial interest in loan securitizations (b):

Consumer and private education loans, net of allowance for credit losses of $ 54,932 and $ 50,802 as of March 31, 2026 and December 31, 2025, respectively

Beneficial interest in loan securitizations (c):

Consumer and private education loans, net of allowance for credit losses of $ 55,123 and $ 50,802 as of June 30, 2026 and December 31, 2025, respectively

173,752 180,262

1 unchanged sentence

Total beneficial interest in loan securitizations, net of allowance 188,852 194,830

Solar (c) ( 268,466 ) ( 240,370 )

Solar (d) ( 286,992 ) ( 240,370 )

Notes receivable 41,772 32,085

2 unchanged sentences

Total investments and notes receivable $ 2,668,744 $ 2,347,971

(a) 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.

(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 March 31, 2026, the par value and fair value of these securities was $ 187.5 million and $ 172.9 million, respectively.

(b) The Company has partial ownership in certain securitizations.

As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2026, the Company's ownership correlates to approximately $ 990 million, $ 370 million, and $ 280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.

The Company has recorded an allowance for credit losses (and related provision expense) related to certain loan securitizations, due primarily to an increase in cumulative loss expectations, of $ 4.1 million and $ 1.5 million during the three months ended March 31, 2026 and 2025, respectively, which is included in “provision for beneficial interests” on the consolidated statements of income.

(c) As of March 31, 2026, the Company has contributed a total of $ 360.3 million and its third-party partners have contributed $ 418.7 million in tax equity to renewable energy solar partnerships.

The bonds purchased to satisfy the risk retention requirement are included in the above table and as of June 30, 2026, the amortized cost and fair value of these securities was $ 177.1 million and $ 164.9 million, respectively.

As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2026, the Company's ownership correlates to approximately $ 950 million, $ 350 million, and $ 280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.

The Company has recorded an allowance for credit losses (and related provision expense) related to certain loan securitizations, due primarily to an increase in cumulative loss expectations, of $ 2.4 million and $ 5.0 million during the three months ended June 30, 2026 and 2025, respectively, and $ 6.6 million and $ 6.5 million during the six months ended June 30, 2026 and 2025, respectively, which is included in “provision for beneficial interests” on the consolidated statements of income.

(d) As of June 30, 2026, the Company has contributed a total of $ 367.6 million and its third-party partners have contributed $ 469.7 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 March 31, 2026, the Company and its third-party partners have earned $ 420.1 million and $ 456.0 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 $ 268.5 million as of March 31, 2026 represents the sum of total tax credits earned on solar projects placed in service through March 31, 2026 and the calculated HLBV cumulative net losses being larger than the total contributions made by the Company and its syndication partners on such projects.

The negative carrying value as of March 31, 2026, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $ 123.4 million.

As of June 30, 2026, the Company and its third-party partners have earned $ 423.1 million and $ 464.2 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 $ 287.0 million as of June 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 June 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 June 30, 2026, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $ 131.4 million.

The following table presents (i) HLBV losses recognized by the Company and gains recognized upon the sale of partnership interests, including amounts attributable to third-party noncontrolling interest partners (syndication partners), which are included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses attributed to noncontrolling interest partners included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the recognized pre-tax net (loss) gain attributable to the Company:

Three months ended March 31,

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

2026 2025 2026 2025

Losses from HLBV accounting (gross) $ ( 29,351 ) ( 6,463 ) ( 51,882 ) ( 9,079 )

Gains from sales (gross) 6,854 4,961 6,854 8,033

(Losses) gains from solar investments, (gross) ( 22,531 ) 456

losses attributable to noncontrolling members, net ( 13,445 ) ( 1,046 )

Losses from solar investments (gross) ( 22,497 ) ( 1,502 ) ( 45,028 ) ( 1,046 )

losses attributable to noncontrolling members ( 19,491 ) ( 3,159 ) ( 32,936 ) ( 4,204 )

Net (loss) gain attributable to the Company $ ( 3,006 ) 1,657 ( 12,092 ) 3,158

The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of March 31, 2026:

As of March 31, 2026

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

As of June 30, 2026

1 year or less After 1 year through 5 years After 5 years through 10 years After 10 years Total

21 unchanged sentences

(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 March 31, 2026:

The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of June 30, 2026:

Carrying value Gross unrealized gains Gross unrealized losses Fair value

1 unchanged sentence

Beneficial interest in loan securitizations 188,852 14,885 ( 925 ) 202,812

The following table presents securities classified as available-for-sale that have gross unrealized losses as of March 31, 2026 and the fair value of such securities as of March 31, 2026.

The following table presents securities classified as available-for-sale that have gross unrealized losses as of June 30, 2026 and the fair value of such securities as of June 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.

1 unchanged sentence

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 March 31, 2026

As of June 30, 2026

Unrealized loss position less than 12 months Unrealized loss position 12 months or more Total

13 unchanged sentences

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

Three months ended

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Gross proceeds from sales $ 100,488 34,828 148,021 109,609

3 unchanged sentences

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 March 31, 2026 and 2025.

The following table summarizes the unrealized gains and losses related to equity securities and funds measured at net asset value held at June 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 ended

Unrealized (losses) gains recognized during the period, net $ ( 7,801 ) 1,383

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Unrealized gains recognized during the period, net $ 10,489 2,752 2,688 4,134

realized losses on securities sold during the period, net 421 — 1,879 —

Unrealized (losses) gains on securities still held as of the reporting date, net $ ( 9,258 ) 1,383

Unrealized gains on securities still held as of the reporting date, net $ 10,068 2,752 809 4,134

Business Combination

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 for total consideration of CAD $ 144.2 million (USD $ 105.8 million).

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").

NDS Canada is a Canadian student loan servicing business that services the Canada Student Loan Program for federal and provincial student financial assistance programs, including loan origination, disbursement, servicing, customer support, delinquency management, and reporting.

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.

1 unchanged sentence

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.

The fair value of the assets and liabilities related to NDS Canada are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition.

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 receivable 17,590

Property and equipment 2,933

Other assets 336

8 unchanged sentences

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.

Nelnet Canada's assets acquired and liabilities assumed were recorded by the Company at their respective fair values at the date of acquisition, and Nelnet Canada's operating results from the date of acquisition forward are included in the Company's consolidating operating results.

The pro forma impacts of the Nelnet Canada acquisition on the Company's historical results prior to the acquisition were not material.

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.

Intangible Assets

1 unchanged sentence

Weighted-average remaining useful life as of

March 31, 2026 (months)

March 31, 2026 December 31, 2025

June 30, 2026 (months)

June 30, 2026 December 31, 2025

Amortizable intangible assets, net:

3 unchanged sentences

Total amortizable intangible assets, net 72 $ 96,003 29,283

The Company recorded amortization expense on its intangible assets of $ 3.7 million and $ 1.5 million for the three months ended March 31, 2026 and 2025, respectively.

The Company recorded amortization expense on its intangible assets of $ 4.7 million and $ 1.5 million for the three months ended June 30, 2026 and 2025, respectively, and $ 8.4 million and $ 3.1 million during the six months ended June 30, 2026 and 2025, respectively.

The Company will continue to amortize intangible assets over their remaining useful lives.

As of March 31, 2026, the Company estimates it will record amortization expense as follows:

2026 (April 1 - December 31) $ 13,630

As of June 30, 2026, the Company estimates it will record amortization expense as follows:

2026 (July 1 - December 31) $ 9,363

2031 and thereafter 18,598

5 unchanged sentences

Goodwill as of December 31, 2025 $ 23,639 92,507 41,883 — — — 158,029

Goodwill acquired during the period 46,969 — — — — — 46,969

Effect of foreign currency fluctuations ( 1,068 ) — — — — — ( 1,068 )

Goodwill acquired during the period (NDS Canada) 46,969 — — — — — 46,969

Foreign currency translation ( 1,068 ) — — — — — ( 1,068 )

Goodwill as of March 31, 2026 69,540 92,507 41,883 — — — 203,930

Goodwill acquired during the period (a) — 3,017 — — — — 3,017

NDS Canada purchase price allocation adjustment 845 — — — — — 845

Foreign currency translation ( 845 ) ( 112 ) — — — — ( 957 )

Goodwill as of June 30, 2026 $ 69,540 95,412 41,883 — — — 206,835

(a) On April 30, 2026, the Company acquired 100 percent of the outstanding stock of Australia‑based Invision Digital Pty Ltd, which was subsequently renamed Invision Marketing Services PTY Ltd and 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.

Bank Deposits

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Retail and other savings $ 1,435,278 1,337,873

2 unchanged sentences

Total interest-bearing deposits $ 2,219,249 1,669,173

As of March 31, 2026 and December 31, 2025, Nelnet Bank had intercompany deposits from Nelnet, Inc.

As of June 30, 2026 and December 31, 2025, Nelnet Bank had intercompany deposits from Nelnet, Inc.

and its subsidiaries totaling $ 285.8 million and $ 93.8 million, respectively, including a $ 40.0 million pledged deposit from Nelnet, Inc.

1 unchanged sentence

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 March 31, 2026:

The following table presents the remaining maturities of certificates of deposit as of June 30, 2026:

One year or less $ 618,698

5 unchanged sentences

Total $ 783,971

Deposits that exceeded the FDIC insurance limits as of March 31, 2026 were $ 41.1 million, the majority of which were intercompany deposits from Nelnet, Inc.

Deposits that exceeded the FDIC insurance limits as of June 30, 2026 were $ 40.9 million, the majority of which were intercompany deposits from Nelnet, Inc.

and its subsidiaries.

4 unchanged sentences

Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total

Three months ended March 31,

Three months ended June 30,

Net income attributable to Nelnet, Inc.

3 unchanged sentences

Earnings per share - basic and diluted $ 1.85 1.85 1.85 4.97 4.97 4.97

Six months ended June 30,

Net income attributable to Nelnet, Inc.

$ 135,287 2,501 137,788 259,158 4,860 264,018

Weighted-average common shares outstanding - basic and diluted

35,402,521 654,581 36,057,102 35,810,499 671,536 36,482,035

Earnings per share - basic and diluted $ 3.82 3.82 3.82 7.24 7.24 7.24

Segment Reporting

1 unchanged sentence

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

Three months ended March 31, 2026

Three months ended June 30, 2026

Reportable Segments Reconciling Items

8 unchanged sentences

Net interest income 582 4,732 63,166 19,291 87,771 6,639 1,601 — 96,011

Less provision for loan losses — — 48,466 4,778 53,244 — — — 53,244

Less provision (negative provision) for loan losses — — 41,326 ( 249 ) 41,077 — — — 41,077

Less provision for beneficial interests — — 2,441 — 2,441 — — — 2,441

7 unchanged sentences

Other, net ( 57 ) 1,902 19,765 564 22,174 11,122 ( 14,913 ) 16 18,399

Gain on partial redemption of ALLO investment — — — — — — — — —

Derivative settlements, net — — 89 77 166 — — — 166

17 unchanged sentences

$ 11,265 14,716 22,180 10,518 58,679 16,617 ( 8,633 ) — 66,662

Total assets as of March 31, 2026 $ 479,061 452,962 9,490,162 2,515,559 12,937,744 1,129,447 771,091 ( 660,365 ) 14,177,917

(a) Other expenses for each reportable segment includes:

Total assets as of June 30, 2026 $ 704,764 519,834 8,877,882 2,997,294 13,099,774 1,093,814 681,431 ( 599,955 ) 14,275,064

(a) Other expenses for each reportable segment consist primarily of the following:

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

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

AGM - trustee fees, subscriptions and memberships, professional fees, and travel.

Nelnet Bank - occupancy, marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.

Three months ended March 31, 2025

ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.

AGM - trustee fees, professional fees, and travel.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, travel, and management fee expense.

Three months ended June 30, 2025

Reportable Segments Reconciling Items

8 unchanged sentences

Net interest income 624 5,417 49,875 14,066 69,982 7,442 2,010 — 79,435

Less provision for loan losses — — 13,012 2,325 15,337 — — — 15,337

Less provision (negative provision) for loan losses — — 11,133 6,797 17,930 — — — 17,930

Less provision for beneficial interests — — 4,977 — 4,977 — — — 4,977

7 unchanged sentences

Other, net 113 — 7,507 392 8,012 5,265 9,603 96 22,976

Gain on partial redemption of ALLO investment — — — — — — 175,044 — 175,044

Derivative settlements, net — — 581 163 744 — — — 744

17 unchanged sentences

$ 15,169 17,892 20,801 ( 364 ) 53,498 7,582 120,377 — 181,459

Total assets as of March 31, 2025 $ 184,142 469,706 10,362,549 1,689,633 12,706,030 874,667 873,211 ( 261,950 ) 14,191,958

(a) Other expenses for each reportable segment includes:

Total assets as of June 30, 2025 $ 168,435 533,317 10,036,454 1,767,193 12,505,399 1,077,523 541,471 ( 413,305 ) 13,711,088

(a) Other expenses for each reportable segment consist primarily of the following:

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

1 unchanged sentence

AGM - trustee fees and professional fees.

Nelnet Bank - occupancy, marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.

Three months ended March 31, 2026

Three months ended March 31, 2025

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

Six months ended June 30, 2026

Reportable Segments Reconciling Items

Loan Servicing and Systems (LSS) Education Technology Services and Payments (ETSP) Asset

Generation and

Management Nelnet Bank Total Reportable Segments NFS Other Operating Segments Corporate and Other Activities Eliminations/ Reclassifications Total

Interest income:

Loan interest $ — — 292,616 43,006 335,622 — — — 335,622

Investment interest 2,008 10,851 20,987 35,178 69,024 16,326 5,300 ( 10,133 ) 80,517

Total interest income 2,008 10,851 313,603 78,184 404,646 16,326 5,300 ( 10,133 ) 416,139

Interest expense 834 — 182,981 41,064 224,879 2,544 1,195 ( 10,133 ) 218,485

Net interest income 1,174 10,851 130,622 37,120 179,767 13,782 4,105 — 197,654

Less provision (negative provision) for loan losses — — 89,792 4,529 94,321 — — — 94,321

Less provision for beneficial interests — — 6,571 — 6,571 — — — 6,571

Net interest income after provision 1,174 10,851 34,259 32,591 78,875 13,782 4,105 — 96,762

Other income (expense):

LSS revenue 260,086 — — — 260,086 — — — 260,086

ETSP revenue — 273,319 — — 273,319 — — — 273,319

Intersegment revenue 9,804 145 — — 9,949 — — ( 9,949 ) —

Reinsurance premiums earned — — — — — 63,161 — — 63,161

Solar construction revenue — — — — — — — — —

Other, net ( 267 ) 1,902 46,012 2,122 49,769 7,536 ( 28,493 ) 24 28,836

Gain on partial redemption of ALLO investment — — — — — — — — —

Derivative settlements, net — — 193 116 309 — 437 — 746

Derivative market value adjustments, net — — 3,466 2,714 6,180 — ( 907 ) — 5,273

Total other income (expense), net 269,623 275,366 49,671 4,952 599,612 70,697 ( 28,963 ) ( 9,925 ) 631,421

Cost of services and expenses:

Total cost of services 4,174 89,136 — — 93,310 — — — 93,310

Salaries and benefits 142,545 88,292 3,511 6,504 240,852 3,081 48,125 ( 23 ) 292,035

Depreciation and amortization 9,073 4,811 — 658 14,542 — 4,770 — 19,312

Reinsurance losses and underwriting expenses — — — — — 56,414 — — 56,414

Postage expense 17,043 17,043 ( 17,043 ) —

Servicing fees 15,904 2,862 18,766 ( 18,766 ) —

Other expenses (a) 29,386 24,474 2,051 3,120 59,031 2,923 38,056 26,028 126,038

Intersegment expenses, net 33,952 12,326 2,748 1,352 50,378 943 ( 51,176 ) ( 145 ) —

Total operating expenses 231,999 129,903 24,214 14,496 400,612 63,361 39,775 ( 9,949 ) 493,799

Income (loss) before income taxes 34,624 67,178 59,716 23,047 184,565 21,118 ( 64,633 ) 24 141,074

Income tax (expense) benefit ( 8,309 ) ( 16,123 ) ( 14,325 ) ( 5,416 ) ( 44,173 ) ( 5,086 ) 9,256 — ( 40,003 )

Net income (loss) 26,315 51,055 45,391 17,631 140,392 16,032 ( 55,377 ) 24 101,071

Net (income) loss attributable to noncontrolling interests — — ( 27 ) — ( 27 ) 72 36,696 ( 24 ) 36,717

Net income (loss) attributable to Nelnet, Inc.

$ 26,315 51,055 45,364 17,631 140,365 16,104 ( 18,681 ) — 137,788

Total assets as of June 30, 2026 $ 704,764 519,834 8,877,882 2,997,294 13,099,774 1,093,814 681,431 ( 599,955 ) 14,275,064

(a) Other expenses for each reportable segment consist primarily of the following:

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

ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.

AGM - trustee fees, professional fees, and travel.

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

Six months ended June 30, 2025

Reportable Segments Reconciling Items

Loan Servicing and Systems (LSS) Education Technology Services and Payments (ETSP) Asset

Generation and

Management Nelnet Bank Total Reportable Segments NFS Other Operating Segments Corporate and Other Activities Eliminations/ Reclassifications Total

Interest income:

Loan interest $ — — 311,768 26,775 338,543 — — — 338,543

Investment interest 1,345 12,356 25,411 26,430 65,542 17,690 4,973 ( 6,632 ) 81,574

Total interest income 1,345 12,356 337,179 53,205 404,085 17,690 4,973 ( 6,632 ) 420,117

Interest expense — — 234,369 26,749 261,118 2,198 1,284 ( 6,632 ) 257,968

Net interest income 1,345 12,356 102,810 26,456 142,967 15,492 3,689 — 162,149

Less provision (negative provision) for loan losses — — 24,144 9,123 33,267 — — — 33,267

Less provision for beneficial interests — — 6,487 — 6,487 — — — 6,487

Net interest income after provision 1,345 12,356 72,179 17,333 103,213 15,492 3,689 — 122,395

Other income (expense):

LSS revenue 241,465 — — — 241,465 — — — 241,465

ETSP revenue — 265,515 — — 265,515 — — — 265,515

Intersegment revenue 11,287 129 — — 11,416 — — ( 11,416 ) —

Reinsurance premiums earned — — — — — 50,799 — — 50,799

Solar construction revenue — — — — — — 5,254 — 5,254

Other, net 225 — 12,411 534 13,170 6,376 27,840 193 47,579

Gain on partial redemption of ALLO investment — — — — — — 175,044 — 175,044

Derivative settlements, net — — 1,162 327 1,489 — — — 1,489

Derivative market value adjustments, net — — ( 5,961 ) ( 4,229 ) ( 10,190 ) — — — ( 10,190 )

Total other income (expense), net 252,977 265,644 7,612 ( 3,368 ) 522,865 57,175 208,138 ( 11,223 ) 776,955

Cost of services and expenses:

Total cost of services 3,478 87,891 — — 91,369 — 21,878 — 113,247

Salaries and benefits 135,123 83,339 2,690 5,607 226,759 1,017 45,279 ( 134 ) 272,922

Depreciation and amortization 4,474 4,936 — 691 10,101 — 6,778 — 16,879

Reinsurance losses and underwriting expenses — — — — — 47,874 — — 47,874

Postage expense 17,127 17,127 ( 17,127 ) —

Servicing fees 14,013 1,491 15,504 ( 15,504 ) —

Other expenses (a) 21,931 18,952 3,352 3,327 47,562 3,059 32,592 21,711 104,924

Intersegment expenses, net 33,718 11,877 2,510 1,362 49,467 565 ( 49,670 ) ( 362 ) —

Total operating expenses 212,373 119,104 22,565 12,478 366,520 52,515 34,979 ( 11,416 ) 442,599

Income (loss) before income taxes 38,471 71,005 57,226 1,487 168,189 20,152 154,970 193 343,504

Income tax (expense) benefit ( 9,233 ) ( 17,052 ) ( 13,725 ) ( 333 ) ( 40,343 ) ( 4,779 ) ( 39,398 ) — ( 84,521 )

Net income (loss) 29,238 53,953 43,501 1,154 127,846 15,373 115,572 193 258,983

Net (income) loss attributable to noncontrolling interests — 45 ( 40 ) — 5 ( 238 ) 5,461 ( 193 ) 5,035

Net income (loss) attributable to Nelnet, Inc.

$ 29,238 53,998 43,461 1,154 127,851 15,135 121,033 — 264,018

Total assets as of June 30, 2025 $ 168,435 533,317 10,036,454 1,767,193 12,505,399 1,077,523 541,471 ( 413,305 ) 13,711,088

(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.

Disaggregated Revenue

1 unchanged sentence

Loan Servicing and Systems

Three months ended March 31,

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

2026 2025 2026 2025

Department of Education loan servicing $ 74,639 85,737 150,759 173,100

Canada Student Loan Program loan servicing (a) 11,332 —

Canada student loans (a) 17,685 — 29,016 —

Private education and consumer loan servicing 26,114 22,733 51,775 45,426

4 unchanged sentences

(a) 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.

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 March 31,

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

2026 2025 2026 2025

Tuition payment plan services $ 37,005 36,013 78,859 76,085

1 unchanged sentence

Education technology services 42,312 44,481 98,426 100,177

Other 158 175 737 202

Education technology services and payments revenue $ 118,884 118,184 273,319 265,515

1 unchanged sentence

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

Three months ended March 31,

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

2026 2025 2026 2025

Investment activity, net $ 19,643 14,837 35,794 28,412

2 unchanged sentences

Investment advisory services (WRCM) 1,380 1,504 2,715 2,977

ALLO preferred return 978 8,416

Loss from solar investments, net ( 22,497 ) ( 1,502 ) ( 45,028 ) ( 1,046 )

2 unchanged sentences

The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:

Three months ended March 31,

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Premiums written:

10 unchanged sentences

Reinsurance losses and underwriting expenses $ 32,809 25,662 56,414 47,874

The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $ 78.2 million and $ 72.3 million as of March 31, 2026 and December 31, 2025, respectively, which is included in "other liabilities" on the consolidated balance sheets.

The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $ 92.1 million and $ 72.3 million as of June 30, 2026 and December 31, 2025, respectively, which is included in "other liabilities" on the consolidated balance sheets.

Major Customer

1 unchanged sentence

Department of Education (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 $ 76.1 million and $ 87.4 million for the three months ended March 31, 2026 and 2025, respectively.

Revenue earned by the Company related to this contract was $ 74.6 million and $ 85.7 million for the three months ended June 30, 2026 and 2025, respectively, and $ 150.8 million and $ 173.1 million for the six months ended June 30, 2026 and 2025, respectively.

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:

As of March 31, 2026 As of December 31, 2025

As of June 30, 2026 As of December 31, 2025

Level 1 Level 2 Total Level 1 Level 2 Total

10 unchanged sentences

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 March 31, 2026

As of June 30, 2026

Fair value Carrying value Level 1 Level 2 Level 3

36 unchanged sentences

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.

What changed 10-Q

Item 1. Financial Statements