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The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2025 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report").

Loans and accrued interest receivable consisted of the following:

			As of						As of
			June 30, 2026						December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a):
Stafford and other			$	1,744,658					1,772,172
Consolidation			4,748,739						5,665,071
Total			6,493,397						7,437,243
Private education loans			122,818						139,209
Consumer loans and other financing receivables (b)			1,213,556						1,122,717
Non-Nelnet Bank loans			7,829,771						8,699,169
Nelnet Bank:
Federally insured loans (a):
Stafford and other			53,525						23,960
Consolidation			799,816						148,360
Total			853,341						172,320
Private education loans			521,159						518,634
Consumer and other loans			264,597						266,608
Nelnet Bank loans			1,639,097						957,562
Accrued interest receivable			542,799						528,936
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs			(44,387)						(46,894)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans			(38,173)						(42,080)
Private education loans			(6,239)						(6,894)
Consumer loans and other financing receivables			(92,215)						(57,360)
Non-Nelnet Bank allowance for loan losses			(136,627)						(106,334)
Nelnet Bank:
Federally insured loans			(3,016)						(676)
Private education loans			(12,609)						(12,932)
Consumer and other loans			(12,813)						(12,136)
Nelnet Bank allowance for loan losses			(28,438)						(25,744)
			$	9,802,215					10,006,695

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(a)    During 2026, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) contributed certain student loan securitization trusts to Nelnet Bank that included $716.3 million in federally insured loans.

(b)    Included in "consumer loans and other financing receivables" in the above table are Pay Later receivables that the Company began to purchase in the third quarter of 2025. As of June 30, 2026 and December 31, 2025, the balance of Pay Later receivables was $699.8 million and $744.2 million, respectively.

The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios:

			As of						As of
			June 30, 2026						December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a)			0.59		%				0.57		%
Private education loans			5.08		%				4.95		%
Consumer loans and other financing receivables (b)			7.60		%				5.11		%
Nelnet Bank:
Federally insured loans (a)			0.35		%				0.39		%
Private education loans			2.42		%				2.49		%
Consumer and other loans			4.84		%				4.55		%

(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for Non-Nelnet Bank was 20.1% and 19.3%, and for Nelnet Bank was 17.1% and 17.3%, as of June 30, 2026 and December 31, 2025, respectively.

(b)    The increase in allowance for loan losses as a percentage of the ending loan balance for consumer loans and other financing receivables was driven by (1) a shift in loan mix, reflecting growth in certain consumer loans (non-Pay Later receivables) that carry a higher expected loss rate than the overall portfolio; and (2) the seasoning of Pay Later receivables, which the Company began acquiring in the third quarter of 2025. This increase was not due to a deterioration in credit quality, and delinquency and net charge-off rates remained consistent with management's expectations during the period.

Activity in the Allowance for Loan Losses

The following table presents the activity in the allowance for loan losses by portfolio segment:

			Balance at beginning of period						Provision (negative provision) for loan losses						Charge-offs						Recoveries						Initial allowance on loans purchased with credit deterioration						Loan sales/contributions						Balance at end of period
			Three months ended June 30, 2026
Non-Nelnet Bank:
Federally insured loans			$	40,043					2,387						(2,687)						—						—						(1,570)						38,173
Private education loans			6,385						—						(392)						246						—						—						6,239
Consumer loans and other financing receivables			79,593						38,939						(29,396)						3,079						—						—						92,215
Nelnet Bank:
Federally insured loans			1,725						(158)						(121)						—						—						1,570						3,016
Private education loans			13,182						572						(1,498)						353						—						—						12,609
Consumer and other loans			14,263						(717)						(829)						96						—						—						12,813
			$	155,191					41,023						(34,923)						3,774						—						—						165,065
			Three months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans			$	48,906					2,112						(3,391)						—						—						—						47,627
Private education loans			10,394						(2,760)						(523)						295						—						—						7,406
Consumer loans and other financing receivables			43,904						11,781						(7,967)						310						—						—						48,028
Nelnet Bank:
Federally insured loans			362						9						(16)						—						—						—						355
Private education loans			9,893						2,839						(1,739)						307						1,060						—						12,360
Consumer and other loans			6,617						3,731						(878)						103						—						—						9,573
			$	120,076					17,712						(14,514)						1,015						1,060						—						125,349

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			Balance at beginning of period						Provision (negative provision) for loan losses						Charge-offs						Recoveries						Initial allowance on loans purchased with credit deterioration						Loan sales/contributions						Balance at end of period
			Six months ended June 30, 2026
Non-Nelnet Bank:
Federally insured loans			$	42,080					4,459						(5,655)						—						—						(2,711)						38,173
Private education loans			6,894						(306)						(777)						428						—						—						6,239
Consumer loans and other financing receivables			57,360						85,639						(55,529)						4,745						—						—						92,215
Nelnet Bank:
Federally insured loans			676						(191)						(180)						—						—						2,711						3,016
Private education loans			12,932						2,337						(3,291)						631						—						—						12,609
Consumer and other loans			12,136						2,657						(2,178)						198						—						—						12,813
			$	132,078					94,595						(67,610)						6,002						—						—						165,065
			Six months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans			$	49,091					4,746						(6,210)						—						—						—						47,627
Private education loans			11,130						(2,760)						(1,457)						493						—						—						7,406
Consumer loans and other financing receivables			38,468						22,158						(13,143)						545						—						—						48,028
Nelnet Bank:
Federally insured loans			—						374						(19)						—						—						—						355
Private education loans			10,086						3,925						(3,134)						423						1,060						—						12,360
Consumer and other loans			6,115						4,734						(1,447)						171						—						—						9,573
			$	114,890					33,177						(25,410)						1,632						1,060						—						125,349

During the periods presented above, the primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods.

The increase in provision for loan losses and charge-offs for Non-Nelnet Bank consumer loans and other financing receivables during the three and six month periods ended June 30, 2026 compared with the same periods in 2025 was due to an increase in consumer loans and Pay Later receivables acquired during 2026 as compared with 2025. The Company began to purchase Pay Later receivables in the third quarter of 2025. The increase in provision expense and charge-offs reflects the volume of new loans added to the portfolio rather than a deterioration in credit quality. Credit performance metrics, including delinquency rates and charge-offs, remained consistent with management’s expectations.

The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios:

			Three months ended June 30,												Six months ended June 30,
			2026						2025						2026						2025
Non-Nelnet Bank:
Federally insured loans			0.16		%				0.16		%				0.16		%				0.14		%
Private education loans			0.46		%				0.55		%				0.54		%				1.02		%
Consumer loans and other financing receivables			8.78		%				7.62		%				8.86		%				6.58		%
Nelnet Bank:
Federally insured loans			0.07		%				0.06		%				0.07		%				0.06		%
Private education loans			0.87		%				1.10		%				1.00		%				1.08		%
Consumer and other loans			1.10		%				1.71		%				1.50		%				1.49		%

Annualized net charge-offs as a percentage of average loans for the Company's Non-Nelnet Bank consumer and other financing receivables portfolio increased during the three and six months ended June 30, 2026 compared with the same periods in 2025. This increase was primarily attributable to the cumulative growth in the volume of Pay Later receivables acquired since the

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third quarter of 2025 and the seasoning of the portfolio, and was not indicative of a deterioration in credit quality. Delinquency and net charge-off rates remained consistent with management's expectations during the period.

Unfunded Loan Commitments

The Company maintains an allowance for unfunded loan commitments that are not unconditionally cancelable, at a level the Company believes is appropriate as of the balance sheet date, to absorb expected credit losses on this exposure. As of June 30, 2026 and December 31, 2025, Nelnet Bank had a liability of approximately $0.5 million and $0.8 million, respectively, related to $79.5 million and $76.5 million, respectively, of unfunded private education, consumer, and other loan commitments. Other than the estimation of the probability of funding, this reserve is estimated in a manner similar to the methodology used for determining reserves for loans included on the consolidated balance sheet. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet. Net adjustments to this reserve are included in "provision for loan losses" on the consolidated income statement. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income:

			Three months ended												Six months ended
			June 30,												June 30,
			2026						2025						2026						2025
Provision for loan losses from allowance activity table above			$	41,023					17,712						94,595						33,177
Provision expense (negative provision) for unfunded loan commitments, net			54						218						(274)						90
Provision for loan losses reported in consolidated statements of income			$	41,077					17,930						94,321						33,267

Key Credit Quality Indicators

Loan Status and Delinquencies

Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. The following table presents the Company’s loan status and delinquency amounts:

			As of June 30, 2026																		As of December 31, 2025																		As of June 30, 2025
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment			$	304,960					4.7		%										$	336,749					4.5		%										$	393,460					4.7		%
Loans in forbearance			504,082						7.8												493,277						6.6												555,469						6.6
Loans in repayment status:
Loans current			5,013,702												88.2		%				5,701,660												86.3		%				6,378,571												86.0		%
Loans delinquent 31-60 days			184,769												3.2						234,259												3.5						261,809												3.5
Loans delinquent 61-90 days			126,576												2.2						147,645												2.2						175,562												2.4
Loans delinquent 91-120 days			71,368												1.3						94,765												1.4						111,678												1.5
Loans delinquent 121-270 days			190,828												3.4						280,899												4.3						360,754												4.9
Loans delinquent 271 days or greater			97,112												1.7						147,989												2.3						129,782												1.7
Total loans in repayment			5,684,355						87.5						100.0		%				6,607,217						88.9						100.0		%				7,418,156						88.7						100.0		%
Total federally insured loans			6,493,397						100.0		%										7,437,243						100.0		%										8,367,085						100.0		%
Accrued interest receivable			482,085																		506,943																		545,288
Loan discount, net of unamortized premiums and deferred origination costs			(26,000)																		(23,513)																		(26,523)
Allowance for loan losses			(38,173)																		(42,080)																		(47,627)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses			$	6,911,309																	$	7,878,593																	$	8,838,223

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			As of June 30, 2026																		As of December 31, 2025																		As of June 30, 2025
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment			$	2,852					2.3		%										$	3,094					2.2		%										$	4,433					2.8		%
Loans in forbearance			2,679						2.2												3,049						2.2												1,530						1.0
Loans in repayment status:
Loans current			114,669												97.8		%				130,018												97.7		%				147,690												98.0		%
Loans delinquent 31-60 days			858												0.7						1,253												0.9						1,246												0.8
Loans delinquent 61-90 days			854												0.7						515												0.4						564												0.4
Loans delinquent 91 days or greater			906												0.8						1,280												1.0						1,151												0.8
Total loans in repayment			117,287						95.5						100.0		%				133,066						95.6						100.0		%				150,651						96.2						100.0		%
Total private education loans			122,818						100.0		%										139,209						100.0		%										156,614						100.0		%
Accrued interest receivable			1,062																		1,120																		1,299
Loan discount, net of unamortized premiums			(3,474)																		(4,317)																		(5,162)
Allowance for loan losses			(6,239)																		(6,894)																		(7,406)
Total private education loans and accrued interest receivable, net of allowance for loan losses			$	114,167																	$	129,118																	$	145,345
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance			$	1,489					0.1		%										$	1,698					0.2		%										$	1,355					0.3		%
Loans in repayment status:
Loans current			1,173,003												96.8		%				1,085,883												96.9		%				399,263												97.3		%
Loans delinquent 31-60 days			15,436												1.3						13,723												1.2						3,731												0.9
Loans delinquent 61-90 days			11,384												0.9						10,797												1.0						3,096												0.8
Loans delinquent 91 days or greater			12,244												1.0						10,616												0.9						4,025												1.0
Total loans in repayment			1,212,067						99.9						100.0		%				1,121,019						99.8						100.0		%				410,115						99.7						100.0		%
Total consumer loans and other financing receivables			1,213,556						100.0		%										1,122,717						100.0		%										411,470						100.0		%
Accrued interest receivable			2,238																		1,497																		2,260
Loan discount and deferred lender fees, net of unamortized premiums			(20,524)																		(17,845)																		(6,296)
Allowance for loan losses			(92,215)																		(57,360)																		(48,028)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses			$	1,103,055																	$	1,049,009																	$	359,406
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment			$	29,991					3.5		%										$	6,162					3.6		%										$	2,665					2.5		%
Loans in forbearance			43,723						5.1												8,787						5.1												5,550						5.2
Loans in repayment status:
Loans current			713,274												91.5		%				141,357												89.9		%				88,408												89.9		%
Loans delinquent 30-59 days			19,771												2.5						5,686												3.6						2,806												2.9
Loans delinquent 60-89 days			13,982												1.8						2,703												1.7						2,001												2.0
Loans delinquent 90-119 days			6,700												0.9						980												0.6						1,683												1.7
Loans delinquent 120-270 days			18,696												2.4						4,844												3.1						2,495												2.5
Loans delinquent 271 days or greater			7,204												0.9						1,801												1.1						947												1.0
Total loans in repayment			779,627						91.4						100.0		%				157,371						91.3						100.0		%				98,340						92.3						100.0		%
Total federally insured loans			853,341						100.0		%										172,320						100.0		%										106,555						100.0		%
Accrued interest receivable			46,323																		10,939																		5,194
Loan premium and deferred origination costs, net of unaccreted discount			6,174																		910																		1,221
Allowance for loan losses			(3,016)																		(676)																		(355)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses			$	902,822																	$	183,493																	$	112,615

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			As of June 30, 2026																		As of December 31, 2025																		As of June 30, 2025
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment			$	69,136					13.3		%										$	56,667					10.9		%										$	45,107					8.7		%
Loans in forbearance			1,342						0.3												1,684						0.3												1,926						0.4
Loans in repayment status:
Loans current			443,365												98.3		%				451,221												98.0		%				460,426												98.0		%
Loans delinquent 30-59 days			2,639												0.6						4,001												0.9						3,102												0.7
Loans delinquent 60-89 days			2,091												0.5						2,327												0.5						2,710												0.6
Loans delinquent 90 days or greater			2,586												0.6						2,734												0.6						3,392												0.7
Total loans in repayment			450,681						86.4						100.0		%				460,283						88.8						100.0		%				469,630						90.9						100.0		%
Total private education loans			521,159						100.0		%										518,634						100.0		%										516,663						100.0		%
Accrued interest receivable			8,726																		6,599																		5,540
Loan discount, net of unamortized premiums and deferred origination costs			(3,567)																		(5,686)																		(8,589)
Allowance for loan losses			(12,609)																		(12,932)																		(12,360)
Total private education loans and accrued interest receivable, net of allowance for loan losses			$	513,709																	$	506,615																	$	501,254
Consumer and other loans - Nelnet Bank (a):
Loans in deferment			$	9,911					3.7		%										$	10,006					3.8		%										$	8,538					4.2		%
Loans in repayment status:
Loans current			252,216												99.0		%				254,448												99.2		%				194,507												99.3		%
Loans delinquent 30-59 days			985												0.4						1,225												0.5						1,001												0.5
Loans delinquent 60-89 days			935												0.4						560												0.2						193												0.1
Loans delinquent 90 days or greater			550												0.2						369												0.1						184												0.1
Total loans in repayment			254,686						96.3						100.0		%				256,602						96.2						100.0		%				195,885						95.8						100.0		%
Total consumer and other loans			264,597						100.0		%										266,608						100.0		%										204,423						100.0		%
Accrued interest receivable			2,365																		1,838																		1,346
Loan premium, net of unaccreted discount			3,004																		3,557																		2,444
Allowance for loan losses			(12,813)																		(12,136)																		(9,573)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses			$	257,153																	$	259,867																	$	198,640

(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.

FICO Scores

An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination or purchase. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase:

Nelnet Bank Private Education Loans

			Loan balance as of June 30, 2026
			Six months ended June 30, 2026						2025						2024						2023						2022						Prior years						Total						Percent of total
FICO at origination or purchase:
Less than 705			$	1,959					6,907						2,641						2,550						3,621						19,626						37,304						7.2		%
705 - 734			2,379						12,104						4,444						6,651						15,689						19,047						60,314						11.6
735 - 764			2,948						16,514						5,118						6,536						24,589						29,207						84,912						16.3
765 - 794			4,502						22,812						6,183						4,600						38,357						41,690						118,144						22.7
Greater than 794			9,618						32,452						12,988						10,312						52,963						96,730						215,063						41.2
No FICO score available or required (a)			—						—						1,858						3,564						—						—						5,422						1.0
			$	21,406					90,789						33,232						34,213						135,219						206,300						521,159						100.0		%

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			Loan balance as of December 31, 2025
			2025						2024						2023						2022						2021						Prior years						Total						Percent of total
FICO at origination or purchase:
Less than 705			$	5,540					2,788						2,909						4,061						3,519						18,772						37,589						7.2		%
705 - 734			9,056						4,795						7,480						17,048						6,565						14,410						59,354						11.4
735 - 764			12,256						5,534						7,073						26,369						11,066						21,511						83,809						16.2
765 - 794			16,293						6,471						5,035						40,851						20,858						26,025						115,533						22.3
Greater than 794			23,370						14,017						11,819						57,404						40,529						68,618						215,757						41.6
No FICO score available or required (a)			—						2,275						4,317						—						—						—						6,592						1.3
			$	66,515					35,880						38,633						145,733						82,537						149,336						518,634						100.0		%

Nelnet Bank Consumer and Other Loans

			Loan balance as of June 30, 2026
			Six months ended June 30, 2026						2025						2024						2023						2022						Prior years						Total						Percent of total
FICO at origination:
Less than 720			$	413					12,537						15,245						1,600						—						1,220						31,015						11.7		%
720 - 769			2,099						22,707						32,934						3,485						13						10,749						71,987						27.2
Greater than 769			8,285						47,706						43,070						5,371						56						7,421						111,909						42.3
No FICO score available or required (a)			3,108						34,946						10,879						428						272						53						49,686						18.8
			$	13,905					117,896						102,128						10,884						341						19,443						264,597						100.0		%

			Loan balance as of December 31, 2025
			2025						2024						2023						2022						2021						Prior years						Total						Percent of total
FICO at origination:
Less than 720			$	13,054					16,301						1,618						—						275						1,210						32,458						12.2		%
720 - 769			24,995						36,292						3,621						15						5,231						6,686						76,840						28.8
Greater than 769			54,681						47,537						5,819						90						5,084						3,161						116,372						43.6
No FICO score available or required (a)			30,719						9,473						431						259						53						3						40,938						15.4
			$	123,449					109,603						11,489						364						10,643						11,060						266,608						100.0		%

(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.

Nonaccrual Status

The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of June 30, 2026 and December 31, 2025, was not material.

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Amortized Cost Basis by Origination Year

The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2026 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.

			Six months ended June 30, 2026						2025						2024						2023						2022						Prior years						Total
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment			$	—					—						—						—						226						2,626						2,852
Loans in forbearance			—						—						—						—						68						2,611						2,679
Loans in repayment status:
Loans current			—						—						—						157						3,203						111,309						114,669
Loans delinquent 31-60 days			—						—						—						—						17						841						858
Loans delinquent 61-90 days			—						—						—						—						—						854						854
Loans delinquent 91 days or greater			—						—						—						—						7						899						906
Total loans in repayment			—						—						—						157						3,227						113,903						117,287
Total private education loans			$	—					—						—						157						3,521						119,140						122,818
Accrued interest receivable																																							1,062
Loan discount, net of unamortized premiums																																							(3,474)
Allowance for loan losses																																							(6,239)
Total private education loans and accrued interest receivable, net of allowance for loan losses																																							$	114,167
Gross charge-offs - six months ended June 30, 2026			$	—					—						—						—						20						757						777
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance			$	62					171						441						815						—						—						1,489
Loans in repayment status:
Loans current			970,862						173,954						15,398						11,232						1,181						376						1,173,003
Loans delinquent 31-60 days			12,195						1,915						730						525						57						14						15,436
Loans delinquent 61-90 days			8,994						1,442						622						312						12						2						11,384
Loans delinquent 91 days or greater			7,409						2,936						995						808						72						24						12,244
Total loans in repayment			999,460						180,247						17,745						12,877						1,322						416						1,212,067
Total consumer loans and other financing receivables			$	999,522					180,418						18,186						13,692						1,322						416						1,213,556
Accrued interest receivable																																							2,238
Loan discount and deferred lender fees, net of unamortized premiums																																							(20,524)
Allowance for loan losses																																							(92,215)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses																																							$	1,103,055
Gross charge-offs - six months ended June 30, 2026			$	5,794					36,101						9,724						2,949						927						34						55,529
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment			$	8,027					34,463						13,978						6,579						3,701						2,388						69,136
Loans in forbearance			—						33						—						84						517						708						1,342
Loans in repayment status:
Loans current			13,280						55,638						18,831						26,815						130,182						198,619						443,365
Loans delinquent 30-59 days			67						222						173						105						467						1,605						2,639
Loans delinquent 60-89 days			15						208						106						422						221						1,119						2,091
Loans delinquent 90 days or greater			17						225						144						208						131						1,861						2,586
Total loans in repayment			13,379						56,293						19,254						27,550						131,001						203,204						450,681
Total private education loans			$	21,406					90,789						33,232						34,213						135,219						206,300						521,159
Accrued interest receivable																																							8,726
Loan discount, net of unamortized premiums and deferred origination costs																																							(3,567)
Allowance for loan losses																																							(12,609)
Total private education loans and accrued interest receivable, net of allowance for loan losses																																							$	513,709
Gross charge-offs - six months ended June 30, 2026			$	20					240						325						559						494						1,653						3,291

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			Six months ended June 30, 2026						2025						2024						2023						2022						Prior years						Total
Consumer and other loans - Nelnet Bank:
Loans in deferment			$	5,687					4,107						117						—						—						—						9,911
Loans in repayment status:
Loans current			8,218						112,636						101,003						10,659						341						19,359						252,216
Loans delinquent 30-59 days			—						274						600						107						—						4						985
Loans delinquent 60-89 days			—						696						162						—						—						77						935
Loans delinquent 90 days or greater			—						183						246						118						—						3						550
Total loans in repayment			8,218						113,789						102,011						10,884						341						19,443						254,686
Total consumer and other loans			$	13,905					117,896						102,128						10,884						341						19,443						264,597
Accrued interest receivable																																							2,365
Loan premium, net of unaccreted discount																																							3,004
Allowance for loan losses																																							(12,813)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses																																							$	257,153
Gross charge-offs - six months ended June 30, 2026			$	—					518						1,360						71						—						229						2,178

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The following tables summarize the Company’s outstanding debt obligations by type of instrument:

			As of June 30, 2026
			Carrying amount						Interest rate range						Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices			$	5,520,346					3.99% - 5.76%						10/25/33 - 11/27/90
Bonds and notes based on auction			10,915						4.74%						8/25/37
Total FFELP variable-rate bonds and notes			5,531,261
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations			277,696						1.42% - 3.45%						10/25/67 - 8/27/68
FFELP loan warehouse facility			469,041						4.72% / 4.73%						7/30/27
Consumer loan warehouse and other facilities			752,435						4.92% - 5.42%						11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations			27,414						5.15% / 5.88%						6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization			20,534						7.15%						11/25/53
Unsecured line of credit			—						—						3/31/31
Participation agreements			796						4.37% - 5.82%						5/4/27 / 7/28/32
			7,079,177
Discount on bonds and notes payable and debt issuance costs			(36,021)
Total			$	7,043,156

			As of December 31, 2025
			Carrying amount						Interest rate range						Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices			$	6,448,212					4.35% - 5.85%						3/22/32 - 11/27/90
Bonds and notes based on auction			24,150						0.01% - 5.10%						3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes			6,472,362
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations			302,791						1.42% - 3.45%						10/25/67 - 8/27/68
FFELP loan warehouse facility			213,982						4.83% / 4.84%						1/29/27
Consumer loan warehouse and other facilities			767,951						5.01% - 5.67%						11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations			35,770						5.15% / 6.12%						6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitization			27,391						7.15%						11/25/53
Unsecured line of credit			—						—						9/22/26
Participation agreements			1,322						4.53% - 5.82%						5/4/26 / 7/28/32
			7,821,569
Discount on bonds and notes payable and debt issuance costs			(40,642)
Total			$	7,780,927

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Warehouse and Other Facilities

The Company funds a portion of its loan acquisitions through the use of warehouse and other secured facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse and other facilities as of June 30, 2026:

			Type of loans						Maximum financing amount						Amount outstanding						Amount available						Expiration of liquidity provisions						Final maturity date						Advance rate						Advanced as equity support
			FFELP (a)						$	500,000					469,041						30,959						7/31/2026						7/30/2027						note (b)						$	30,143
			Consumer loans and other financing receivables						$	925,000					752,435						172,565						11/13/2026 - 7/31/2027						11/13/2027 - 2/29/2028						50% - 90%						$	107,953

(a)    On January 30, 2026, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2026 and July 30, 2027, respectively. On May 5, 2026, the Company decreased the maximum financing amount from $800 million to $500 million. On July 31, 2026, the Company extended the liquidity provisions and final maturity date to September 30, 2026 and September 30, 2027, respectively.

(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.

Unsecured Line of Credit

On March 31, 2026, the Company entered into a new $435.0 million unsecured line of credit. In conjunction with entering into the new line of credit, the Company terminated its $495.0 million line of credit which had a scheduled maturity date of September 22, 2026. There was no outstanding balance on the $495.0 million line of credit on the date of termination.

Borrowings by the Company under the new line of credit will bear interest at rates that will vary based on market conditions, the Company's credit rating, interest elections by the Company under the agreement, and other factors at the time of the borrowings. The maturity date of the new line of credit is March 31, 2031.

The new line of credit contains affirmative and negative covenants, including, but not limited to, certain financial covenants related to maintenance of a minimum consolidated net worth, a limitation on recourse indebtedness to adjusted EBITDA, a limitation on permitted investments, and an asset quality test related to non-FFELP loans held by the Company and its consolidated subsidiaries. Any violation of these covenants could lead to an event of default under the agreement. The Company's obligations under the agreement are guaranteed by certain subsidiaries of the Company.

As of June 30, 2026, no amount was outstanding on the new line of credit and $435.0 million was available for future use.

Debt Repurchases

The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market or retained such instruments upon initial issuance. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties, redeem the notes at par as cash is generated by the trust estate, or pledge the securities as collateral on repurchase agreements. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of June 30, 2026, the Company holds $111.5 million (par value) of its own FFELP asset-backed securities. Upon sale, these notes would be shown as "bonds and notes payable" in the Company's consolidated balance sheet.

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

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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.

Maturity						Notional amount
2026						$	1,150,000
2027						250,000
						$	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, 2026												As of December 31, 2025
Maturity						Notional amount						Weighted-average fixed rate paid by the Company						Notional amount						Weighted-average fixed rate paid by the Company
2026						$	—					—		%				$	200,000					3.92		%
2028						50,000						3.56						50,000						3.56
2029						50,000						3.17						50,000						3.17
2030						100,000						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.

Maturity						Notional amount						Weighted-average fixed rate paid by the Company
2028						$	40,000					3.33		%
2029						25,000						3.37
2030						50,000						3.06
2032 (a)						25,000						4.03
2033						25,000						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.

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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.

Maturity						Notional amount						Weighted-average fixed rate paid by the Company
2030						$	25,000					3.57		%
2035						25,000						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 derivatives												Fair value of liability derivatives
			As of June 30, 2026						As of December 31, 2025						As of June 30, 2026						As 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 instruments			14						—						—						—
			$	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,
			2026						2025						2026						2025
Settlements:
Basis swaps			$	154					154						307						307
Interest rate swaps - floor income hedges			(65)						427						(114)						855
Interest rate swaps - Nelnet Bank intercompany deposits			77						163						116						327
Other derivative instruments			—						—						437						—
Total settlements - income			166						744						746						1,489
Change in fair value:
Basis swaps			(150)						(143)						(298)						(281)
Interest rate swaps - floor income hedges			2,108						(2,022)						3,750						(5,680)
Interest rate swaps - Nelnet Bank intercompany deposits			1,714						(1,701)						2,714						(4,229)
Other derivative instruments			14						—						(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)

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“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.

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(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

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.

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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

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

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

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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

Nelnet Diversified Services Canada, Inc.

On February 2, 2026, the Company acquired 100 percent of the outstanding stock of a wholly owned subsidiary of DH Corporation. The acquired entity was subsequently renamed Nelnet Diversified Services Canada, Inc. ("NDS Canada"). During the three months ended June 30, 2026, the Company finalized the post-closing working capital adjustment. As a result, consideration transferred increased by CAD $2.6 million (USD $1.8 million) from the preliminary amount previously reported. Accordingly, the purchase price was revised from CAD $144.2 million (USD $105.8 million) to CAD $146.8 million (USD $107.6 million). The increase was recorded as a measurement period adjustment and resulted in a corresponding increase to goodwill.

NDS Canada is a Canadian student loan servicing business that services Canadian student loans for governments and a financial institution, providing assistance programs that include loan origination, disbursement, servicing, customer support, delinquency management, and reporting. The acquisition of NDS Canada has expanded the Company's portfolio of loans it services. The operating results of NDS Canada are included in the Loan Servicing and Systems operating segment.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended June 30, 2026, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The impact of these adjustments had no impact on operating results.

Restricted cash - due to customers			$	302,901
Accounts receivable			17,590
Other assets			336
Intangible assets			69,805
Excess cost over fair value of net assets acquired (goodwill)			47,814
Other liabilities			(27,898)
Due to customers			(302,901)
Net assets acquired			$	107,647

The $69.8 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 6 years. The intangible assets that made up this amount include customer relationships of $43.5 million (7-year useful life) and software of $26.3 million (5-year useful life).

The $47.8 million of goodwill was assigned to the Loan Servicing and Systems operating segment and is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to expected future economic benefits associated with the Company's servicing expertise and scale supporting NDS Canada's ongoing operations, along with the deferred tax liability related to the differences between the carrying amounts and tax bases of acquired identifiable intangible assets.

NDS Canada's assets acquired and liabilities assumed were recorded by the Company at their respective fair values at the date of acquisition, and NDS Canada's operating results from the date of acquisition forward are included in the Company's consolidated operating results. The pro forma impacts of the NDS Canada acquisition on the Company's historical results prior to the acquisition were not material.

---

Intangible assets consisted of the following:

			Weighted-average remaining useful life as of June 30, 2026 (months)
									As of						As of
									June 30, 2026						December 31, 2025
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $64,445 and $58,561, respectively)			78						$	70,815					29,283
Computer software (net of accumulated amortization of $2,344)			54						25,188						—
Total amortizable intangible assets, net			72						$	96,003					29,283

The Company recorded amortization expense on its intangible assets of $4.7 million and $1.5 million for the three months ended June 30, 2026 and 2025, respectively, and $8.4 million and $3.1 million during the six months ended June 30, 2026 and 2025, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2026, the Company estimates it will record amortization expense as follows:

2026 (July 1 - December 31)			$	9,363
2027			18,657
2028			18,412
2029			15,596
2030			15,377
2031 and thereafter			18,598
			$	96,003

The change in the carrying amount of goodwill by reportable operating segment was as follows:

															Nelnet Financial Services
			Loan Servicing and Systems						Education Technology Services and Payments						Asset Generation and Management						Nelnet Bank						NFS Other Operating Segments						Corporate and Other Activities						Total
Goodwill as of December 31, 2025			$	23,639					92,507						41,883						—						—						—						158,029
Goodwill acquired during the period (NDS Canada)			46,969						—						—						—						—						—						46,969
Foreign currency translation			(1,068)						—						—						—						—						—						(1,068)
Goodwill as of March 31, 2026			69,540						92,507						41,883						—						—						—						203,930
Goodwill acquired during the period (a)			—						3,017						—						—						—						—						3,017
NDS Canada purchase price allocation adjustment			845						—						—						—						—						—						845
Foreign currency translation			(845)						(112)						—						—						—						—						(957)
Goodwill as of June 30, 2026			$	69,540					95,412						41,883						—						—						—						206,835

(a)    On April 30, 2026, the Company acquired 100 percent of the outstanding stock of Australia‑based Invision Digital Pty Ltd, which was subsequently renamed Invision Marketing Services PTY Ltd and is the owner of the Passtab brand. Passtab is a leading school visitor, contractor, and compliance management platform, expanding Nelnet's global education technology offerings.

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The following table summarizes Nelnet Bank’s deposits, excluding intercompany deposits:

			As of						As of
			June 30, 2026						December 31, 2025
Retail and other savings			$	1,435,278					1,337,873
Brokered CDs, net of brokered deposit fees			759,032						311,015
Retail and other CDs, net of issuance fees			24,939						20,285
Total interest-bearing deposits			$	2,219,249					1,669,173

As of June 30, 2026 and December 31, 2025, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $285.8 million and $93.8 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.

The following table presents the remaining maturities of certificates of deposit as of June 30, 2026:

One year or less			$	618,698
After one year to two years			8,842
After two years to three years			61,935
After three years to four years			20,588
After four years to five years			19,850
After five years			54,058
Total			$	783,971

Deposits that exceeded the FDIC insurance limits as of June 30, 2026 were $40.9 million, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries.

The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.

			Common shareholders						Unvested restricted stock shareholders						Total						Common shareholders						Unvested restricted stock shareholders						Total
			Three months ended June 30,
			2026																		2025
Numerator:
Net income attributable to Nelnet, Inc.			$	65,433					1,229						66,662						178,170						3,289						181,459
Denominator:
Weighted-average common shares outstanding - basic and diluted			35,373,041						664,468						36,037,509						35,824,313						661,292						36,485,605
Earnings per share - basic and diluted			$	1.85					1.85						1.85						4.97						4.97						4.97
			Six months ended June 30,
			2026																		2025
Numerator:
Net income attributable to Nelnet, Inc.			$	135,287					2,501						137,788						259,158						4,860						264,018
Denominator:
Weighted-average common shares outstanding - basic and diluted			35,402,521						654,581						36,057,102						35,810,499						671,536						36,482,035
Earnings per share - basic and diluted			$	3.82					3.82						3.82						7.24						7.24						7.24

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See note 16 of the notes to consolidated financial statements included in the 2025 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:

						Three months ended June 30, 2026
						Reportable Segments																														Reconciling Items
						Loan Servicing and Systems (LSS)						Education Technology Services and Payments (ETSP)						Asset Generation and Management						Nelnet Bank						Total Reportable Segments						NFS Other Operating Segments						Corporate and Other Activities						Eliminations/ Reclassifications						Total
Interest income:
Loan interest						$	—					—						140,264						24,334						164,598						—						—						—						164,598
Investment interest						868						4,732						10,327						18,614						34,541						7,809						2,165						(4,200)						40,315
Total interest income						868						4,732						150,591						42,948						199,139						7,809						2,165						(4,200)						204,913
Interest expense						286						—						87,425						23,657						111,368						1,170						564						(4,200)						108,902
Net interest income						582						4,732						63,166						19,291						87,771						6,639						1,601						—						96,011
Less provision (negative provision) for loan losses						—						—						41,326						(249)						41,077						—						—						—						41,077
Less provision for beneficial interests						—						—						2,441						—						2,441						—						—						—						2,441
Net interest income after provision						582						4,732						19,399						19,540						44,253						6,639						1,601						—						52,493
Other income (expense):
LSS revenue						132,244						—						—						—						132,244						—						—						—						132,244
ETSP revenue						—						118,884						—						—						118,884						—						—						—						118,884
Intersegment revenue						4,798						74						—						—						4,872						—						—						(4,872)						—
Reinsurance premiums earned						—						—						—						—						—						40,625						—						—						40,625
Solar construction revenue						—						—						—						—						—						—						—						—						—
Other, net						(57)						1,902						19,765						564						22,174						11,122						(14,913)						16						18,399
Gain on partial redemption of ALLO investment						—						—						—						—						—						—						—						—						—
Derivative settlements, net						—						—						89						77						166						—						—						—						166
Derivative market value adjustments, net						—						—						1,972						1,714						3,686						—						—						—						3,686
Total other income (expense), net						136,985						120,860						21,826						2,355						282,026						51,747						(14,913)						(4,856)						314,004
Cost of services and expenses:
Total cost of services						2,087						39,183						—						—						41,270						—						—						—						41,270
Salaries and benefits						74,924						45,596						1,883						3,589						125,992						1,568						25,110						(6)						152,664
Depreciation and amortization						5,071						2,442						—						306						7,819						—						2,323						—						10,142
Reinsurance losses and underwriting expenses						—						—						—						—						—						32,809						—						—						32,809
Postage expense						8,237																								8,237																		(8,237)						—
Servicing fees																		7,752						1,635						9,387																		(9,387)						—
Other expenses (a)						15,193						12,714						1,000						1,842						30,749						1,662						18,954						12,833						64,199
Intersegment expenses, net						17,233						6,293						1,396						695						25,617						486						(26,028)						(75)						—
Total operating expenses						120,658						67,045						12,031						8,067						207,801						36,525						20,359						(4,872)						259,814
Income (loss) before income taxes						14,822						19,364						29,194						13,828						77,208						21,861						(33,671)						16						65,413
Income tax (expense) benefit						(3,557)						(4,648)						(7,005)						(3,310)						(18,520)						(5,247)						3,825						—						(19,942)
Net income (loss)						11,265						14,716						22,189						10,518						58,688						16,614						(29,846)						16						45,471
Net (income) loss attributable to noncontrolling interests						—						—						(9)						—						(9)						3						21,213						(16)						21,191
Net income (loss) attributable to Nelnet, Inc.						$	11,265					14,716						22,180						10,518						58,679						16,617						(8,633)						—						66,662
Total assets as of June 30, 2026						$	704,764					519,834						8,877,882						2,997,294						13,099,774						1,093,814						681,431						(599,955)						14,275,064

(a)    Other expenses for each reportable segment consist primarily of the following:

LSS - occupancy, professional fees, software, and computer services and subscriptions.

ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.

AGM - trustee fees, professional fees, and travel.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, travel, and management fee expense.

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						Three months ended June 30, 2025
						Reportable Segments																														Reconciling Items
						Loan Servicing and Systems (LSS)						Education Technology Services and Payments (ETSP)						Asset Generation and Management						Nelnet Bank						Total Reportable Segments						NFS Other Operating Segments						Corporate and Other Activities						Eliminations/ Reclassifications						Total
Interest income:
Loan interest						$	—					—						157,300						14,804						172,104						—						—						—						172,104
Investment interest						624						5,417						12,641						13,934						32,616						8,870						2,661						(3,963)						40,185
Total interest income						624						5,417						169,941						28,738						204,720						8,870						2,661						(3,963)						212,289
Interest expense						—						—						120,066						14,672						134,738						1,428						651						(3,963)						132,854
Net interest income						624						5,417						49,875						14,066						69,982						7,442						2,010						—						79,435
Less provision (negative provision) for loan losses						—						—						11,133						6,797						17,930						—						—						—						17,930
Less provision for beneficial interests						—						—						4,977						—						4,977						—						—						—						4,977
Net interest income after provision						624						5,417						33,765						7,269						47,075						7,442						2,010						—						56,528
Other income (expense):
LSS revenue						120,724						—						—						—						120,724						—						—						—						120,724
ETSP revenue						—						118,184						—						—						118,184						—						—						—						118,184
Intersegment revenue						5,603						65						—						—						5,668						—						—						(5,668)						—
Reinsurance premiums earned						—						—						—						—						—						26,112						—						—						26,112
Solar construction revenue						—						—						—						—						—						—						1,259						—						1,259
Other, net						113						—						7,507						392						8,012						5,265						9,603						96						22,976
Gain on partial redemption of ALLO investment						—						—						—						—						—						—						175,044						—						175,044
Derivative settlements, net						—						—						581						163						744						—						—						—						744
Derivative market value adjustments, net						—						—						(2,165)						(1,701)						(3,866)						—						—						—						(3,866)
Total other income (expense), net						126,440						118,249						5,923						(1,146)						249,466						31,377						185,906						(5,572)						461,177
Cost of services and expenses:
Total cost of services						1,845						39,844						—						—						41,689						—						14,050						—						55,739
Salaries and benefits						65,549						41,598						1,469						2,791						111,407						539						22,784						(30)						134,699
Depreciation and amortization						1,821						2,505						—						352						4,678						—						2,946						—						7,624
Reinsurance losses and underwriting expenses						—						—						—						—						—						25,662						—						—						25,662
Postage expense						9,551																								9,551																		(9,551)						—
Servicing fees																		7,102						824						7,926																		(7,926)						—
Other expenses (a)						11,099						9,904						2,464						1,969						25,436						2,206						17,006						11,969						56,617
Intersegment expenses, net						17,240						6,273						1,260						652						25,425						321						(25,616)						(130)						—
Total operating expenses						105,260						60,280						12,295						6,588						184,423						28,728						17,120						(5,668)						224,602
Income (loss) before income taxes						19,959						23,542						27,393						(465)						70,429						10,091						156,746						96						237,364
Income tax (expense) benefit						(4,790)						(5,650)						(6,569)						101						(16,908)						(2,395)						(40,207)						—						(59,510)
Net income (loss)						15,169						17,892						20,824						(364)						53,521						7,696						116,539						96						177,854
Net (income) loss attributable to noncontrolling interests						—						—						(23)						—						(23)						(114)						3,838						(96)						3,605
Net income (loss) attributable to Nelnet, Inc.						$	15,169					17,892						20,801						(364)						53,498						7,582						120,377						—						181,459
Total assets as of June 30, 2025						$	168,435					533,317						10,036,454						1,767,193						12,505,399						1,077,523						541,471						(413,305)						13,711,088

(a)    Other expenses for each reportable segment consist primarily of the following:

LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.

ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.

AGM - trustee fees and professional fees.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.

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						Six months ended June 30, 2026
						Reportable Segments																														Reconciling Items
						Loan Servicing and Systems (LSS)						Education Technology Services and Payments (ETSP)						Asset Generation and Management						Nelnet Bank						Total Reportable Segments						NFS Other Operating Segments						Corporate and Other Activities						Eliminations/ Reclassifications						Total
Interest income:
Loan interest						$	—					—						292,616						43,006						335,622						—						—						—						335,622
Investment interest						2,008						10,851						20,987						35,178						69,024						16,326						5,300						(10,133)						80,517
Total interest income						2,008						10,851						313,603						78,184						404,646						16,326						5,300						(10,133)						416,139
Interest expense						834						—						182,981						41,064						224,879						2,544						1,195						(10,133)						218,485
Net interest income						1,174						10,851						130,622						37,120						179,767						13,782						4,105						—						197,654
Less provision (negative provision) for loan losses						—						—						89,792						4,529						94,321						—						—						—						94,321
Less provision for beneficial interests						—						—						6,571						—						6,571						—						—						—						6,571
Net interest income after provision						1,174						10,851						34,259						32,591						78,875						13,782						4,105						—						96,762
Other income (expense):
LSS revenue						260,086						—						—						—						260,086						—						—						—						260,086
ETSP revenue						—						273,319						—						—						273,319						—						—						—						273,319
Intersegment revenue						9,804						145						—						—						9,949						—						—						(9,949)						—
Reinsurance premiums earned						—						—						—						—						—						63,161						—						—						63,161
Solar construction revenue						—						—						—						—						—						—						—						—						—
Other, net						(267)						1,902						46,012						2,122						49,769						7,536						(28,493)						24						28,836
Gain on partial redemption of ALLO investment						—						—						—						—						—						—						—						—						—
Derivative settlements, net						—						—						193						116						309						—						437						—						746
Derivative market value adjustments, net						—						—						3,466						2,714						6,180						—						(907)						—						5,273
Total other income (expense), net						269,623						275,366						49,671						4,952						599,612						70,697						(28,963)						(9,925)						631,421
Cost of services and expenses:
Total cost of services						4,174						89,136						—						—						93,310						—						—						—						93,310
Salaries and benefits						142,545						88,292						3,511						6,504						240,852						3,081						48,125						(23)						292,035
Depreciation and amortization						9,073						4,811						—						658						14,542						—						4,770						—						19,312
Reinsurance losses and underwriting expenses						—						—						—						—						—						56,414						—						—						56,414
Postage expense						17,043																								17,043																		(17,043)						—
Servicing fees																		15,904						2,862						18,766																		(18,766)						—
Other expenses (a)						29,386						24,474						2,051						3,120						59,031						2,923						38,056						26,028						126,038
Intersegment expenses, net						33,952						12,326						2,748						1,352						50,378						943						(51,176)						(145)						—
Total operating expenses						231,999						129,903						24,214						14,496						400,612						63,361						39,775						(9,949)						493,799
Income (loss) before income taxes						34,624						67,178						59,716						23,047						184,565						21,118						(64,633)						24						141,074
Income tax (expense) benefit						(8,309)						(16,123)						(14,325)						(5,416)						(44,173)						(5,086)						9,256						—						(40,003)
Net income (loss)						26,315						51,055						45,391						17,631						140,392						16,032						(55,377)						24						101,071
Net (income) loss attributable to noncontrolling interests						—						—						(27)						—						(27)						72						36,696						(24)						36,717
Net income (loss) attributable to Nelnet, Inc.						$	26,315					51,055						45,364						17,631						140,365						16,104						(18,681)						—						137,788
Total assets as of June 30, 2026						$	704,764					519,834						8,877,882						2,997,294						13,099,774						1,093,814						681,431						(599,955)						14,275,064

(a)    Other expenses for each reportable segment consist primarily of the following:

LSS - occupancy, professional fees, software, and computer services and subscriptions.

ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.

AGM - trustee fees, professional fees, and travel.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.

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						Six months ended June 30, 2025
						Reportable Segments																														Reconciling Items
						Loan Servicing and Systems (LSS)						Education Technology Services and Payments (ETSP)						Asset Generation and Management						Nelnet Bank						Total Reportable Segments						NFS Other Operating Segments						Corporate and Other Activities						Eliminations/ Reclassifications						Total
Interest income:
Loan interest						$	—					—						311,768						26,775						338,543						—						—						—						338,543
Investment interest						1,345						12,356						25,411						26,430						65,542						17,690						4,973						(6,632)						81,574
Total interest income						1,345						12,356						337,179						53,205						404,085						17,690						4,973						(6,632)						420,117
Interest expense						—						—						234,369						26,749						261,118						2,198						1,284						(6,632)						257,968
Net interest income						1,345						12,356						102,810						26,456						142,967						15,492						3,689						—						162,149
Less provision (negative provision) for loan losses						—						—						24,144						9,123						33,267						—						—						—						33,267
Less provision for beneficial interests						—						—						6,487						—						6,487						—						—						—						6,487
Net interest income after provision						1,345						12,356						72,179						17,333						103,213						15,492						3,689						—						122,395
Other income (expense):
LSS revenue						241,465						—						—						—						241,465						—						—						—						241,465
ETSP revenue						—						265,515						—						—						265,515						—						—						—						265,515
Intersegment revenue						11,287						129						—						—						11,416						—						—						(11,416)						—
Reinsurance premiums earned						—						—						—						—						—						50,799						—						—						50,799
Solar construction revenue						—						—						—						—						—						—						5,254						—						5,254
Other, net						225						—						12,411						534						13,170						6,376						27,840						193						47,579
Gain on partial redemption of ALLO investment						—						—						—						—						—						—						175,044						—						175,044
Derivative settlements, net						—						—						1,162						327						1,489						—						—						—						1,489
Derivative market value adjustments, net						—						—						(5,961)						(4,229)						(10,190)						—						—						—						(10,190)
Total other income (expense), net						252,977						265,644						7,612						(3,368)						522,865						57,175						208,138						(11,223)						776,955
Cost of services and expenses:
Total cost of services						3,478						87,891						—						—						91,369						—						21,878						—						113,247
Salaries and benefits						135,123						83,339						2,690						5,607						226,759						1,017						45,279						(134)						272,922
Depreciation and amortization						4,474						4,936						—						691						10,101						—						6,778						—						16,879
Reinsurance losses and underwriting expenses						—						—						—						—						—						47,874						—						—						47,874
Postage expense						17,127																								17,127																		(17,127)						—
Servicing fees																		14,013						1,491						15,504																		(15,504)						—
Other expenses (a)						21,931						18,952						3,352						3,327						47,562						3,059						32,592						21,711						104,924
Intersegment expenses, net						33,718						11,877						2,510						1,362						49,467						565						(49,670)						(362)						—
Total operating expenses						212,373						119,104						22,565						12,478						366,520						52,515						34,979						(11,416)						442,599
Income (loss) before income taxes						38,471						71,005						57,226						1,487						168,189						20,152						154,970						193						343,504
Income tax (expense) benefit						(9,233)						(17,052)						(13,725)						(333)						(40,343)						(4,779)						(39,398)						—						(84,521)
Net income (loss)						29,238						53,953						43,501						1,154						127,846						15,373						115,572						193						258,983
Net (income) loss attributable to noncontrolling interests						—						45						(40)						—						5						(238)						5,461						(193)						5,035
Net income (loss) attributable to Nelnet, Inc.						$	29,238					53,998						43,461						1,154						127,851						15,135						121,033						—						264,018
Total assets as of June 30, 2025						$	168,435					533,317						10,036,454						1,767,193						12,505,399						1,077,523						541,471						(413,305)						13,711,088

(a)    Other expenses for each reportable segment consist primarily of the following:

LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.

ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.

AGM - trustee fees and professional fees.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.

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The following tables present disaggregated revenue for the Company's fee-based operating segments:

Loan Servicing and Systems

			Three months ended June 30,												Six months ended June 30,
			2026						2025						2026						2025
Department of Education loan servicing			$	74,639					85,737						150,759						173,100
Canada student loans (a)			17,685						—						29,016						—
Private education and consumer loan servicing			26,114						22,733						51,775						45,426
FFELP loan servicing			1,968						2,241						4,222						4,873
Software services			11,384						9,452						23,147						16,444
Outsourced services			454						561						1,167						1,622
Loan servicing and systems revenue			$	132,244					120,724						260,086						241,465

(a)    On February 2, 2026, the Company acquired a Canadian student loan servicing business, NDS Canada. The operating results of NDS Canada are included in the Company's consolidated operating results beginning on the acquisition date of February 2, 2026. See note 6 for additional information.

Education Technology Services and Payments

			Three months ended June 30,												Six months ended June 30,
			2026						2025						2026						2025
Tuition payment plan services			$	37,005					36,013						78,859						76,085
Payment processing			39,409						37,515						95,297						89,051
Education technology services			42,312						44,481						98,426						100,177
Other			158						175						737						202
Education technology services and payments revenue			$	118,884					118,184						273,319						265,515

Other Income (Expense)

The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:

			Three months ended June 30,												Six months ended June 30,
			2026						2025						2026						2025
Investment activity, net			$	19,643					14,837						35,794						28,412
Borrower late fee income			7,791						1,642						16,249						3,231
Administration/sponsor fee income			1,606						1,293						3,155						2,598
Investment advisory services (WRCM)			1,380						1,504						2,715						2,977
Loss from solar investments, net			(22,497)						(1,502)						(45,028)						(1,046)
Other			10,476						5,202						15,951						11,407
Other, net			$	18,399					22,976						28,836						47,579

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The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:

			Three months ended												Six months ended
			June 30,												June 30,
			2026						2025						2026						2025
Premiums written:
Assumed			$	59,131					55,798						103,902						110,404
Ceded			(17,159)						(16,916)						(32,009)						(36,965)
Net premiums written			$	41,972					38,882						71,893						73,439
Premiums earned:
Assumed			$	55,467					44,079						95,792						91,803
Ceded			(14,842)						(17,967)						(32,631)						(41,004)
Net premiums earned			$	40,625					26,112						63,161						50,799
Loss reserve, commissions, and broker fees:
Assumed			$	46,312					45,100						86,287						87,741
Ceded			(13,503)						(19,438)						(29,873)						(39,867)
Reinsurance losses and underwriting expenses			$	32,809					25,662						56,414						47,874

The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $92.1 million and $72.3 million as of June 30, 2026 and December 31, 2025, respectively, which is included in "other liabilities" on the consolidated balance sheets.

The Company earns loan servicing revenue from a servicing contract with the U.S. Department of Education (the "Department") that became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. Revenue earned by the Company related to this contract was $74.6 million and $85.7 million for the three months ended June 30, 2026 and 2025, respectively, and $150.8 million and $173.1 million for the six months ended June 30, 2026 and 2025, respectively.

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:

			As of June 30, 2026																		As of December 31, 2025
			Level 1						Level 2												Total						Level 1						Level 2												Total
Assets:
Investments:
Asset-backed debt securities - available-for-sale			$	100					1,578,240												1,578,340						100						1,304,888												1,304,988
Equity securities			24,659						—												24,659						22,107						—												22,107
Equity securities measured at net asset value (a)																					98,393																								87,541
Total investments			24,759						1,578,240												1,701,392						22,207						1,304,888												1,414,636
Derivative instruments			—						2,776												2,776						—						614												614
Total assets			$	24,759					1,581,016												1,704,168						22,207						1,305,502												1,415,250
Liabilities:
Derivative instruments			$	—					295												295						—						1,727												1,727
Total liabilities			$	—					295												295						—						1,727												1,727

(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

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The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2025 Annual Report.

			As of June 30, 2026
			Fair value						Carrying value						Level 1						Level 2						Level 3
Financial assets:
Loans receivable			$	9,718,535					9,259,416						—						—						9,718,535
Accrued loan interest receivable			542,799						542,799						—						542,799						—
Cash and cash equivalents			172,430						172,430						172,430						—						—
Investments at fair value			1,701,392						1,701,392						24,759						1,578,240						—
Investments - held-to-maturity asset-backed securities			214,973						210,908						—						214,973						—
Notes receivable			41,772						41,772						—						41,772						—
Beneficial interest in loan securitizations			202,812						188,852						—						—						202,812
Restricted cash			285,845						285,845						285,845						—						—
Restricted cash – due to customers			508,039						508,039						508,039						—						—
Derivative instruments			2,776						2,776						—						2,776						—
Financial liabilities:
Bonds and notes payable			7,065,938						7,043,156						—						7,065,938						—
Accrued interest payable			16,265						16,265						—						16,265						—
Bank deposits			2,206,275						2,219,249						1,187,152						1,019,123						—
Due to customers			839,910						839,910						839,910						—						—
Derivative instruments			295						295						—						295						—

			As of December 31, 2025
			Fair value						Carrying value						Level 1						Level 2						Level 3
Financial assets:
Loans receivable			$	9,978,262					9,477,759						—						—						9,978,262
Accrued loan interest receivable			528,936						528,936						—						528,936						—
Cash and cash equivalents			295,983						295,983						295,983						—						—
Investments at fair value			1,414,636						1,414,636						22,207						1,304,888						—
Investments - held-to-maturity asset-backed securities			215,722						211,299						—						215,722						—
Notes receivable			32,085						32,085						—						32,085						—
Beneficial interest in loan securitizations			211,398						194,830						—						—						211,398
Restricted cash			357,639						357,639						357,639						—						—
Restricted cash – due to customers			319,924						319,924						319,924						—						—
Derivative instruments			614						614						—						614						—
Financial liabilities:
Bonds and notes payable			7,784,936						7,780,927						—						7,784,936						—
Accrued interest payable			20,426						20,426						—						20,426						—
Bank deposits			1,658,675						1,669,173						1,040,077						618,598						—
Due to customers			457,844						457,844						457,844						—						—
Derivative instruments			1,727						1,727						—						1,727						—

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The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the second quarter of 2026, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans:

Name and Title

Date of Adoption of Rule 10b5-1 Trading Plan

Scheduled Expiration Date of Rule 10b5-1 Trading Plan (a)

Aggregate Number of Securities to Be Purchased or Sold

Timothy Tewes (b) Former President

6/12/2026

6/11/2027

Sale of 30,000 shares of Class A common stock

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