Investments and Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Investments and Notes Receivable

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


	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
Investments at fair value:






Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan	$	43,466	2,878	(146)	46,198		36,824	2,950	(129)	39,645
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
Total Non-Nelnet Bank	527,953		8,641	(13,136)	523,458		463,005	8,882	(13,888)	457,999
Nelnet Bank:
FFELP loan	244,004		6,109	(778)	249,335		258,208	6,513	(798)	263,923
Private education loan	11,815		—	(35)	11,780		13,623	—	(37)	13,586
Other debt securities	797,091		721	(4,045)	793,767		569,528	1,433	(1,481)	569,480
Total Nelnet Bank	1,052,910		6,830	(4,858)	1,054,882		841,359	7,946	(2,316)	846,989
Total available-for-sale asset-backed securities	$	1,580,863	15,471	(17,994)	1,578,340		1,304,364	16,828	(16,204)	1,304,988
Equity securities and funds measured at net asset value					123,052					109,648
Total investments at fair value					1,701,392					1,414,636
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities - FFELP loan					210,908					211,299







Venture capital, funds, and other:
Measurement alternative					236,062					227,962
Equity method					258,331					248,253
Total venture capital and funds					494,393					476,215

Real estate equity method					272,713					233,167
ALLO:
Voting interest/equity method					—					—
Preferred membership interest					23,500					10,148
Total interest in ALLO					23,500					10,148
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

Federally insured student loans					15,100					14,568

Total beneficial interest in loan securitizations, net of allowance					188,852					194,830
Solar (d)					(286,992)					(240,370)
Notes receivable					41,772					32,085
Tax liens, affordable housing, and other					22,206					15,961
Total other investments and notes receivable (not measured at fair value)					967,352					933,335
Total investments and notes receivable					$	2,668,744				$	2,347,971

(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 June 30, 2026, the amortized cost and fair value of these securities was $177.1 million and $164.9 million, respectively.

(c)The Company has partial ownership in certain securitizations. 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 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 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 from solar investments (gross)	(22,497)		(1,502)	(45,028)	(1,046)


Less: 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

Schedule of Investments Classified by Contractual Maturity Date

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
Available-for-sale asset-backed securities



Non-Nelnet Bank:
FFELP loan	$	—	206	2,543	40,717	43,466
FFELP loan and other debt securities - restricted	—		6,158	54,040	132,189	192,387
Private education loan	—		—	215	177,084	177,299
Other debt securities	100		—	11,687	103,014	114,801
Total Non-Nelnet Bank	100		6,364	68,485	453,004	527,953
Fair value	100		6,446	68,319	448,593	523,458
Nelnet Bank:
FFELP loan	40,757		11,913	17,536	173,798	244,004
Private education loan	—		—	11,720	95	11,815
Other debt securities	—		17,436	130,261	649,394	797,091
Total Nelnet Bank	40,757		29,349	159,517	823,287	1,052,910
Fair value	40,472		29,292	159,507	825,611	1,054,882
Total available-for-sale asset-backed securities at amortized cost	$	40,857	35,713	228,002	1,276,291	1,580,863
Total available-for-sale asset-backed securities at fair value	$	40,572	35,738	227,826	1,274,204	1,578,340
Held-to-maturity asset-backed securities



Nelnet Bank:




FFELP loan - amortized cost	$	—	2,337	12,404	196,167	210,908
FFELP loan - fair value	$	—	2,336	12,201	200,436	214,973
Beneficial interest in loan securitizations (a):
Amortized cost	$	—	—	—	—	188,852
Fair value	$	—	—	—	—	202,812

(a) The Company's beneficial interest in loan securitizations is not due at a single maturity date.

Schedule of Debt Securities, Held-to-Maturity and Beneficial Interest in Securitization

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
Asset-backed securities	$	210,908	4,869	(804)	214,973
Beneficial interest in loan securitizations	188,852		14,885	(925)	202,812

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

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. All securities in the table below have been evaluated to determine if a credit loss exists. 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 June 30, 2026
	Unrealized loss position less than 12 months			Unrealized loss position 12 months or more		Total
	Unrealized loss		Fair value	Unrealized loss	Fair value	Unrealized loss	Fair value
Available-for-sale asset-backed securities


Non-Nelnet Bank:
FFELP loan	$	(10)	7,921	(136)	2,408	(146)	10,329
FFELP loan and other debt securities - restricted	(379)		95,553	(283)	16,719	(662)	112,272
Private education loan	(7)		208	(12,251)	134,648	(12,258)	134,856
Other debt securities	(70)		17,401	—	—	(70)	17,401
Total Non-Nelnet Bank	(466)		121,083	(12,670)	153,775	(13,136)	274,858
Nelnet Bank:
FFELP loan	(154)		38,238	(624)	53,641	(778)	91,879
Private education loan	(1)		149	(34)	11,536	(35)	11,685
Other debt securities	(2,446)		434,731	(1,599)	41,695	(4,045)	476,426
Total Nelnet Bank	(2,601)		473,118	(2,257)	106,872	(4,858)	579,990
Total available-for-sale asset-backed securities	$	(3,067)	594,201	(14,927)	260,647	(17,994)	854,848

Schedule of Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities

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			Six months ended
	June 30,			June 30,
	2026		2025	2026	2025
Gross proceeds from sales	$	100,488	34,828	148,021	109,609

Gross realized gains	$	535	622	966	1,555
Gross realized losses	(56)		(27)	(64)	(478)
Net gains	$	479	595	902	1,077

Schedule of Unrealized Gains and Losses related to 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 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			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
Less: realized losses on securities sold during the period, net	421		—	1,879	—
Unrealized gains on securities still held as of the reporting date, net	$	10,068	2,752	809	4,134