v3.25.2
Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 04, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Interest income:            
Loan interest   $ 172,104 $ 202,129 $ 338,543 $ 418,853  
Investment interest   40,185 40,737 81,574 92,814  
Total interest income   212,289 242,866 420,117 511,667  
Interest expense   132,854 176,459 257,968 371,039  
Net interest income   79,435 66,407 162,149 140,628  
Less provision for loan losses   17,930 3,611 33,267 14,440  
Net interest income after provision for loan losses   61,505 62,796 128,882 126,188  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   22,976 14,020 46,670 18,103  
Gain (loss) on sale of loans, net   0 (1,438) 909 (1,579)  
Gain on partial redemption of ALLO investment $ 175,000 175,044 0 175,044 0  
Derivative settlements, net   744 1,649 1,489 3,406  
Derivative market value adjustments, net   (3,866) 1,533 (10,190) 9,497  
Total other income (expense), net   461,177 266,270 776,955 577,179  
Cost of services and expenses:            
Cost of services   55,739 48,490 113,247 111,328  
Operating Expenses            
Salaries and benefits   134,699 139,634 272,922 283,509  
Depreciation and amortization   7,624 15,142 16,879 31,911  
Reinsurance losses and underwriting expenses   25,662 10,988 47,874 22,305  
Postage Expense   0 0 0 0  
Servicing Fees   0 0 0 0  
Other expenses   51,306 48,608 99,532 94,136  
Intersegment expenses, net   0 0 0 0  
Total operating expenses   219,291 214,372 437,207 431,861  
Impairment expense and provision for beneficial interests   10,288 7,776 11,879 7,813  
Total expenses   285,318 270,638 562,333 551,002  
Income before income taxes   237,364 58,428 343,504 152,365  
Income tax (expense) benefit   (59,510) (14,753) (84,521) (37,936)  
Net income   177,854 43,675 258,983 114,429  
Net (income) loss attributable to noncontrolling interests   3,605 1,416 5,035 4,069  
Net income (loss) attributable to Nelnet, Inc.   181,459 45,091 264,018 118,498  
Total assets   13,711,088 14,501,193 13,711,088 14,501,193 $ 13,777,753
Operating Segments            
Interest income:            
Total interest income   204,720 233,622 404,085 491,908  
Interest expense   134,738 182,401 261,118 382,803  
Net interest income   69,982 51,221 142,967 109,105  
Less provision for loan losses   17,930 3,611 33,267 14,440  
Net interest income after provision for loan losses   52,052 47,610 109,700 94,665  
Other income (expense):            
Intersegment revenue   5,668 6,162 11,416 13,097  
Other, net   8,012 2,797 12,261 8,866  
Gain (loss) on sale of loans, net   0 (1,438) 909 (1,579)  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   744 1,649 1,489 3,406  
Derivative market value adjustments, net   (3,866) 1,533 (10,190) 9,497  
Total other income (expense), net   249,466 236,664 522,865 529,988  
Cost of services and expenses:            
Cost of services   41,689 40,418 91,369 89,028  
Operating Expenses            
Salaries and benefits   111,407 115,278 226,759 236,082  
Depreciation and amortization   4,678 8,395 10,101 16,446  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense   9,551 9,277 17,127 19,883  
Servicing Fees   7,926 8,734 15,504 17,918  
Other expenses   25,436 22,929 47,562 41,636  
Intersegment expenses, net   25,425 24,898 49,467 50,796  
Total operating expenses   184,423 189,511 366,520 382,761  
Impairment expense and provision for beneficial interests   4,977 5,911 6,487 5,911  
Total expenses   231,089 235,840 464,376 477,700  
Income before income taxes   70,429 48,434 168,189 146,953  
Income tax (expense) benefit   (16,908) (11,607) (40,343) (35,237)  
Net income   53,521 36,827 127,846 111,716  
Net (income) loss attributable to noncontrolling interests   (23) 29 5 46  
Net income (loss) attributable to Nelnet, Inc.   53,498 36,856 127,851 111,762  
Total assets   12,505,399 13,242,970 12,505,399 13,242,970  
Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Total interest income   624 1,258 1,345 3,152  
Interest expense   0 0 0 0  
Net interest income   624 1,258 1,345 3,152  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   624 1,258 1,345 3,152  
Other income (expense):            
Intersegment revenue   5,603 6,106 11,287 12,991  
Other, net   113 685 225 1,395  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   126,440 115,843 252,977 250,638  
Cost of services and expenses:            
Cost of services   1,845 196 3,478 196  
Operating Expenses            
Salaries and benefits   65,549 70,631 135,123 147,353  
Depreciation and amortization   1,821 5,342 4,474 10,450  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense   9,551 9,277 17,127 19,883  
Servicing Fees    
Other expenses   11,099 11,188 21,931 20,119  
Intersegment expenses, net   17,240 18,224 33,718 37,555  
Total operating expenses   105,260 114,662 212,373 235,360  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   107,105 114,858 215,851 235,556  
Income before income taxes   19,959 2,243 38,471 18,234  
Income tax (expense) benefit   (4,790) (538) (9,233) (4,376)  
Net income   15,169 1,705 29,238 13,858  
Net (income) loss attributable to noncontrolling interests   0 0 0 0  
Net income (loss) attributable to Nelnet, Inc.   15,169 1,705 29,238 13,858  
Total assets   168,435 264,381 168,435 264,381  
Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Total interest income   5,417 5,715 12,356 13,580  
Interest expense   0 0 0 0  
Net interest income   5,417 5,715 12,356 13,580  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   5,417 5,715 12,356 13,580  
Other income (expense):            
Intersegment revenue   65 56 129 106  
Other, net   0 0 0 0  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   118,249 116,965 265,644 260,555  
Cost of services and expenses:            
Cost of services   39,844 40,222 87,891 88,832  
Operating Expenses            
Salaries and benefits   41,598 40,736 83,339 80,903  
Depreciation and amortization   2,505 2,712 4,936 5,395  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense    
Servicing Fees    
Other expenses   9,904 8,600 18,952 16,158  
Intersegment expenses, net   6,273 4,811 11,877 9,612  
Total operating expenses   60,280 56,859 119,104 112,068  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   100,124 97,081 206,995 200,900  
Income before income taxes   23,542 25,599 71,005 73,235  
Income tax (expense) benefit   (5,650) (6,150) (17,052) (17,585)  
Net income   17,892 19,449 53,953 55,650  
Net (income) loss attributable to noncontrolling interests   0 29 45 46  
Net income (loss) attributable to Nelnet, Inc.   17,892 19,478 53,998 55,696  
Total assets   533,317 478,077 533,317 478,077  
Operating Segments | Asset Generation and Management            
Interest income:            
Total interest income   169,941 207,416 337,179 438,879  
Interest expense   120,066 171,632 234,369 362,537  
Net interest income   49,875 35,784 102,810 76,342  
Less provision for loan losses   11,133 (4,225) 24,144 2,230  
Net interest income after provision for loan losses   38,742 40,009 78,666 74,112  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   7,507 1,337 11,502 6,321  
Gain (loss) on sale of loans, net   0 (1,438) 909 (1,579)  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   581 1,442 1,162 2,997  
Derivative market value adjustments, net   (2,165) 936 (5,961) 6,642  
Total other income (expense), net   5,923 2,277 7,612 14,381  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   1,469 1,113 2,690 2,308  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense    
Servicing Fees   7,102 8,541 14,013 17,492  
Other expenses   2,464 1,139 3,352 2,246  
Intersegment expenses, net   1,260 1,272 2,510 2,481  
Total operating expenses   12,295 12,065 22,565 24,527  
Impairment expense and provision for beneficial interests   4,977 5,911 6,487 5,911  
Total expenses   17,272 17,976 29,052 30,438  
Income before income taxes   27,393 24,310 57,226 58,055  
Income tax (expense) benefit   (6,569) (5,835) (13,725) (13,933)  
Net income   20,824 18,475 43,501 44,122  
Net (income) loss attributable to noncontrolling interests   (23) 0 (40) 0  
Net income (loss) attributable to Nelnet, Inc.   20,801 18,475 43,461 44,122  
Total assets   10,036,454 11,315,210 10,036,454 11,315,210  
Operating Segments | Nelnet Bank            
Interest income:            
Total interest income   28,738 19,233 53,205 36,297  
Interest expense   14,672 10,769 26,749 20,266  
Net interest income   14,066 8,464 26,456 16,031  
Less provision for loan losses   6,797 7,836 9,123 12,210  
Net interest income after provision for loan losses   7,269 628 17,333 3,821  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   392 775 534 1,150  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   163 207 327 409  
Derivative market value adjustments, net   (1,701) 597 (4,229) 2,855  
Total other income (expense), net   (1,146) 1,579 (3,368) 4,414  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   2,791 2,798 5,607 5,518  
Depreciation and amortization   352 341 691 601  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense    
Servicing Fees   824 193 1,491 426  
Other expenses   1,969 2,002 3,327 3,113  
Intersegment expenses, net   652 591 1,362 1,148  
Total operating expenses   6,588 5,925 12,478 10,806  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   6,588 5,925 12,478 10,806  
Income before income taxes   (465) (3,718) 1,487 (2,571)  
Income tax (expense) benefit   101 916 (333) 657  
Net income   (364) (2,802) 1,154 (1,914)  
Net (income) loss attributable to noncontrolling interests   0 0 0 0  
Net income (loss) attributable to Nelnet, Inc.   (364) (2,802) 1,154 (1,914)  
Total assets   1,767,193 1,185,302 1,767,193 1,185,302  
NFS Other Operating Segments            
Interest income:            
Total interest income   8,870 15,880 17,690 31,495  
Interest expense   1,428 2,606 2,198 5,024  
Net interest income   7,442 13,274 15,492 26,471  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   7,442 13,274 15,492 26,471  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   5,265 851 6,376 1,013  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   31,377 15,702 57,175 28,644  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   539 374 1,017 732  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   25,662 10,988 47,874 22,305  
Postage Expense    
Servicing Fees    
Other expenses   2,206 841 2,978 1,327  
Intersegment expenses, net   321 248 565 465  
Total operating expenses   28,728 12,451 52,434 24,829  
Impairment expense and provision for beneficial interests   0 0 81 0  
Total expenses   28,728 12,451 52,515 24,829  
Income before income taxes   10,091 16,525 20,152 30,286  
Income tax (expense) benefit   (2,395) (3,935) (4,779) (7,209)  
Net income   7,696 12,590 15,373 23,077  
Net (income) loss attributable to noncontrolling interests   (114) (129) (238) (249)  
Net income (loss) attributable to Nelnet, Inc.   7,582 12,461 15,135 22,828  
Total assets   1,077,523 1,038,068 1,077,523 1,038,068  
Corporate and Other Activities            
Interest income:            
Total interest income   2,661 2,646 4,973 6,461  
Interest expense   651 733 1,284 1,409  
Net interest income   2,010 1,913 3,689 5,052  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   2,010 1,913 3,689 5,052  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   9,603 10,372 27,840 8,224  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   175,044 0 175,044 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   185,906 20,066 208,138 31,644  
Cost of services and expenses:            
Cost of services   14,050 8,072 21,878 22,300  
Operating Expenses            
Salaries and benefits   22,784 24,786 45,279 48,307  
Depreciation and amortization   2,946 6,748 6,778 15,464  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense    
Servicing Fees    
Other expenses   11,695 12,842 27,281 26,243  
Intersegment expenses, net   (25,616) (25,803) (49,670) (52,648)  
Total operating expenses   11,809 18,573 29,668 37,366  
Impairment expense and provision for beneficial interests   5,311 1,865 5,311 1,902  
Total expenses   31,170 28,510 56,857 61,568  
Income before income taxes   156,746 (6,531) 154,970 (24,872)  
Income tax (expense) benefit   (40,207) 788 (39,398) 4,511  
Net income   116,539 (5,743) 115,572 (20,361)  
Net (income) loss attributable to noncontrolling interests   3,838 1,516 5,461 4,272  
Net income (loss) attributable to Nelnet, Inc.   120,377 (4,227) 121,033 (16,089)  
Total assets   541,471 778,549 541,471 778,549  
Eliminations/ Reclassifications            
Interest income:            
Total interest income   (3,963) (9,282) (6,632) (18,197)  
Interest expense   (3,963) (9,282) (6,632) (18,197)  
Net interest income   0 0 0 0  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   0 0 0 0  
Other income (expense):            
Intersegment revenue   (5,668) (6,162) (11,416) (13,097)  
Other, net   96 0 193 0  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   (5,572) (6,162) (11,223) (13,097)  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   (30) (804) (134) (1,611)  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense   (9,551) (9,277) (17,127) (19,883)  
Servicing Fees   (7,926) (8,734) (15,504) (17,918)  
Other expenses   11,969 11,996 21,711 24,928  
Intersegment expenses, net   (130) 657 (362) 1,387  
Total operating expenses   (5,668) (6,162) (11,416) (13,097)  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   (5,668) (6,162) (11,416) (13,097)  
Income before income taxes   96 0 193 0  
Income tax (expense) benefit   0 0 0 0  
Net income   96 0 193 0  
Net (income) loss attributable to noncontrolling interests   (96) 0 (193) 0  
Net income (loss) attributable to Nelnet, Inc.   0 0 0 0  
Total assets   (413,305) (558,394) (413,305) (558,394)  
Loan interest            
Interest income:            
Loan interest   172,104 202,129 338,543 418,853  
Loan interest | Operating Segments            
Interest income:            
Loan interest   172,104 202,129 338,543 418,853  
Loan interest | Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Operating Segments | Asset Generation and Management            
Interest income:            
Loan interest   157,300 193,707 311,768 403,335  
Loan interest | Operating Segments | Nelnet Bank            
Interest income:            
Loan interest   14,804 8,422 26,775 15,518  
Loan interest | NFS Other Operating Segments            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Corporate and Other Activities            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Eliminations/ Reclassifications            
Interest income:            
Loan interest   0 0 0 0  
Investment interest            
Interest income:            
Investment interest   40,185 40,737 81,574 92,814  
Investment interest | Operating Segments            
Interest income:            
Investment interest   32,616 31,493 65,542 73,055  
Investment interest | Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Investment interest   624 1,258 1,345 3,152  
Investment interest | Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Investment interest   5,417 5,715 12,356 13,580  
Investment interest | Operating Segments | Asset Generation and Management            
Interest income:            
Investment interest   12,641 13,709 25,411 35,544  
Investment interest | Operating Segments | Nelnet Bank            
Interest income:            
Investment interest   13,934 10,811 26,430 20,779  
Investment interest | NFS Other Operating Segments            
Interest income:            
Investment interest   8,870 15,880 17,690 31,495  
Investment interest | Corporate and Other Activities            
Interest income:            
Investment interest   2,661 2,646 4,973 6,461  
Investment interest | Eliminations/ Reclassifications            
Interest income:            
Investment interest   (3,963) (9,282) (6,632) (18,197)  
Loan servicing and systems revenue            
Other income (expense):            
Revenue   120,724 109,052 241,465 236,252  
Cost of services and expenses:            
Cost of services   1,845 196 3,478 196  
Loan servicing and systems revenue | Operating Segments            
Other income (expense):            
Revenue   120,724 109,052 241,465 236,252  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   120,724 109,052 241,465 236,252  
Loan servicing and systems revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue            
Other income (expense):            
Revenue   118,184 116,909 265,515 260,449  
Cost of services and expenses:            
Cost of services   39,844 40,222 87,891 88,832  
Education technology services and payments revenue | Operating Segments            
Other income (expense):            
Revenue   118,184 116,909 265,515 260,449  
Education technology services and payments revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   118,184 116,909 265,515 260,449  
Education technology services and payments revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned            
Other income (expense):            
Revenue   26,112 14,851 50,799 27,631  
Reinsurance premiums earned | Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | NFS Other Operating Segments            
Other income (expense):            
Revenue   26,112 14,851 50,799 27,631  
Reinsurance premiums earned | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue            
Other income (expense):            
Revenue   1,259 9,694 5,254 23,420  
Cost of services and expenses:            
Cost of services   14,050 8,072 21,878 22,300  
Solar construction revenue | Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   1,259 9,694 5,254 23,420  
Solar construction revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   $ 0 $ 0 $ 0 $ 0