v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $165,065 and $132,078, respectively) $ 9,802,215 $ 10,006,695
Cash and cash equivalents:    
Cash and cash equivalents 172,430 295,983
Investments at fair value 1,701,392 1,414,636
Other investments and notes receivable, net 967,352 933,335
Total investments and notes receivable 2,668,744 2,347,971
Restricted cash 285,845 357,639
Restricted cash - due to customers 508,039 319,924
Accounts receivable (net of allowance for doubtful accounts of $4,098 and $2,758, respectively) 169,922 193,453
Excess cost over fair value of net assets acquired (goodwill) 206,835 158,029
Intangible assets, net 96,003 29,283
Property and equipment, net 80,732 75,532
Other assets 284,299 279,274
Total assets 14,275,064 14,063,783
Liabilities:    
Bonds and notes payable 7,043,156 7,780,927
Accrued interest payable 16,265 20,426
Bank deposits 2,219,249 1,669,173
Other liabilities 521,048 558,184
Due to customers 839,910 457,844
Total liabilities 10,639,628 10,486,554
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 1,777 1,481
Retained earnings 3,770,251 3,681,333
Accumulated other comprehensive (loss) earnings, net (1,847) 2,619
Total Nelnet, Inc. shareholders' equity 3,770,539 3,685,792
Noncontrolling interests (135,103) (108,563)
Total equity 3,635,436 3,577,229
Total liabilities and equity 14,275,064 14,063,783
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $165,065 and $132,078, respectively) 7,742,049 8,780,878
Cash and cash equivalents:    
Restricted cash 271,573 326,281
Liabilities:    
Bonds and notes payable 7,189,895 8,112,424
Common stock:    
Accrued interest payable and other liabilities (121,220) (133,502)
Net assets of consolidated education and other lending variable-interest entities 702,507 861,233
Class A    
Common stock:    
Common stock 252 253
Class B    
Common stock:    
Common stock 106 106
Nonrelated Party    
Cash and cash equivalents:    
Cash and cash equivalents 46,783 128,142
Related Party    
Cash and cash equivalents:    
Cash and cash equivalents $ 125,647 $ 167,841