v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts on Outstanding Derivatives
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 
$1,400,000 
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge federally insured loans held by the Asset Generation and Management operating segment (Non-Nelnet Bank) that are earning fixed-rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
As of June 30, 2026As of December 31, 2025
MaturityNotional amountWeighted-average fixed rate paid by the CompanyNotional amountWeighted-average fixed rate paid by the Company
2026$— — %$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 %
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.
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 %
Schedule of Fair Value of Asset Derivatives 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 
Schedule of Fair Value of Liabilities Derivatives 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 
Schedule of Derivative Impact on Statement 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)