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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used are described in note 6 of the notes to consolidated financial statements included in the 2025 Annual Report.
Non-Nelnet Bank Derivatives
Basis Swaps
The following table summarizes the Company’s Basis Swaps outstanding as of 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.
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge federally insured loans held by the Asset Generation and Management operating segment (Non-Nelnet Bank) that are earning fixed-rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
As of June 30, 2026As of December 31, 2025
MaturityNotional amountWeighted-average fixed rate paid by the CompanyNotional amountWeighted-average fixed rate paid by the Company
2026$— — %$200,000 3.92 %
202850,000 3.56 50,000 3.56 
202950,000 3.17 50,000 3.17 
2030100,000 3.63 100,000 3.63 
$200,000 3.50 %$400,000 3.71 %
Nelnet Bank Derivatives
Nelnet Bank uses derivative instruments to hedge exposure to variability in cash flows from variable-rate intercompany and third-party deposits to minimize volatility from future changes in interest rates.
Interest Rate Swaps - Intercompany Deposits
Nelnet Bank's derivatives used to hedge intercompany deposits are structured so that each is economically effective; however, because these derivatives are hedging intercompany deposits, the derivative instruments are not eligible for hedge accounting in the consolidated financial statements. The following table summarizes the outstanding derivative instruments used by Nelnet Bank as of 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.
MaturityNotional amountWeighted-average fixed rate paid by the Company
2028$40,000 3.33 %
202925,000 3.37 
203050,000 3.06 
2032 (a)25,000 4.03 
203325,000 3.90 
2035 (b)30,000 3.79 
$195,000 3.50 %
(a)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(b)    This $30 million notional amount derivative has a forward effective start date in May 2028.
Interest Rate Swaps - 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.
MaturityNotional amountWeighted-average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
$50,000 3.72 %
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Certain derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of these derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2026As of December 31, 2025As of June 30, 2026As 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 instruments14 — — — 
$2,776 614 295 1,727 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:
Three months ended June 30,Six months ended June 30,
2026202520262025
Settlements:
Basis swaps$154 154 307 307 
Interest rate swaps - floor income hedges(65)427 (114)855 
Interest rate swaps - Nelnet Bank intercompany deposits77 163 116 327 
Other derivative instruments— — 437 — 
Total settlements - income166 744 746 1,489 
Change in fair value:
Basis swaps(150)(143)(298)(281)
Interest rate swaps - floor income hedges2,108 (2,022)3,750 (5,680)
Interest rate swaps - Nelnet Bank intercompany deposits1,714 (1,701)2,714 (4,229)
Other derivative instruments14 — (893)— 
Total change in fair value - income (expense)3,686 (3,866)5,273 (10,190)
Derivative market value adjustments and derivative settlements, net - income (expense)$3,852 (3,122)6,019 (8,701)