Strong earnings remind investors the company's business plan is on track.Financial conglomerate Nelnet (NNI 10.80%) reported better-than-expected first-quarter results, and investors are taking notice. Nelnet shares traded up 10% in the final hour of trading Friday following the strong report.Strong showing in a challenging economyNelnet is a collection of assets including student and consumer lending, payment processing, banking, as well as an investment portfolio with exposure to a number of different sec ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-31924 NELNET, INC. (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction of ...

For Release: May 9, 2024 Investor Contact: Phil Morgan, 402.458.3038 Nelnet, Inc. supplemental financial information for the first quarter 2024 (All dollars are in thousands, except per share amounts, unless otherwise noted) The following information should be read in connection with Nelnet, Inc.'s (the "Company's") press release for first quarter 2024 earnings, dated May 9, 2024, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the "Q1 2024 10-Q Quarterly Report"). Forw ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . COMMISSION FILE NUMBER 001-31924 NELNET, INC. (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction of incor ...

For Release: February 27, 2024 Investor Contact: Phil Morgan, 402.458.3038 Nelnet, Inc. supplemental financial information for the fourth quarter 2023 (All dollars are in thousands, except per share amounts, unless otherwise noted) The following information should be read in connection with Nelnet, Inc.'s (the "Company's") press release for fourth quarter 2023 earnings, dated February 27, 2024, and the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking and cautionary ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 121 South 13th Street, Suite 100 (Address of principal executive offices) (Zip Code) Lincoln, Nebrask ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 121 South 13th Street, Suite 100 (Address of principal executive offices) (Zip Code) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-31924 NELNET, INC. (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction of ...

Loan Servicing and Revenue - As of December 31, 2022, the Company serviced $587.5 billion of loans for 17.6 million borrowers[28]. - Nelnet Servicing and Great Lakes serviced $545.4 billion of student loans for 15.8 million borrowers, representing 32% of the Company's revenue in 2022[29]. - The Company's servicing contracts with the Department are set to expire on December 14, 2023, which could significantly impact servicing revenue if not renewed[30]. - The Company processed applications for the Total and Permanent Disability Discharge program, earning fees on a per application basis and monthly servicing fees[31]. - As of December 31, 2022, NDS serviced private education and consumer loans on behalf of 35 third-party servicing customers[39]. - The Company is modernizing its private education and consumer loan servicing systems to expand services and drive growth[38]. - NDS provides backup servicing for 20 entities, covering more than 17 million borrowers[42]. Financial Performance - FACTS generated $244 million in revenue for the year ended December 31, 2022, up from $184 million in 2021[51]. - Nelnet Campus Commerce generated $113 million in revenue for the year ended December 31, 2022, compared to $99 million in 2021[59]. - Nelnet Payment Services generated $50 million in revenue for the year ended December 31, 2022, up from $43 million in 2021, reflecting a year-over-year increase of approximately 16.3%[63]. - Nelnet Community Engagement (NCE) generated $4 million in revenue for the year ended December 31, 2022, down from $6 million in 2021, indicating a decline of 33.3%[64]. - Nelnet International generated $7 million in revenue for both years ended December 31, 2022 and 2021, maintaining consistent revenue levels[71]. Investment and Portfolio Management - Nelnet Bank's loan portfolio reached $419.8 million as of December 31, 2022, with plans to expand into unsecured consumer loans in 2023[82]. - The Company's loan portfolio under Asset Generation and Management (AGM) was valued at $14.2 billion as of December 31, 2022, with 95.7% federally insured[75]. - During 2022, the Company purchased $524.5 million of private education, consumer, and other non-FFELP loans, indicating a strategic shift towards expanding these portfolios[78]. - Whitetail Rock Capital Management, LLC (WRCM) had $3.5 billion in assets under management as of December 31, 2022, earning $6 million in management fees during the year[89]. - Nelnet Bank's deposits totaled $789.6 million as of December 31, 2022, with $98.3 million classified as intercompany deposits[84]. - The Company has a $2.1 billion portfolio of investments, including $1.4 billion in student loan and other asset-backed securities as of December 31, 2022[96]. - The company has invested $249.4 million in 73 early-stage and emerging growth companies, with the largest investment being $133.9 million in Agile Sports Technologies, Inc. (Hudl)[98]. - The company holds 31 real estate investments across the United States, valued at $80.4 million, including developments in Lincoln, Nebraska[99]. Regulatory Compliance - The company is subject to various federal and state regulations, including the Higher Education Act and the Dodd-Frank Act, which impact its operations and compliance costs[100][104]. - The company’s payment processing services are governed by the EFTA and NACHA requirements, ensuring compliance with federal and state laws[111][112]. - The company’s higher education clients are subject to FERPA, which protects the privacy of student education records, impacting how the company handles personally identifiable information[113]. - The company’s federal servicing contract must comply with Federal Acquisition Regulations, and violations of the Telephone Consumer Protection Act could result in damages of $500 per violation[103]. - The Consumer Financial Protection Bureau (CFPB) oversees the company's student loan servicing business, with authority to enforce compliance and impose financial penalties[104][105]. - Nelnet Bank, a subsidiary, is regulated by the FDIC and UDFI, and must comply with additional laws and regulations as a private education and consumer loan originator[117]. - The company’s contracts with higher education institutions require compliance with Title IV regulations of the Higher Education Act, ensuring students have access to financial aid without unreasonable fees[115]. - The company has designed its servicing operations to comply with the Higher Education Act, which is subject to reauthorization by Congress every five years, with the last reauthorization occurring in 2008[102]. Workforce and Culture - As of December 31, 2022, the total associate headcount was 8,237, with 54.4% in NDS and 34.9% in NBS[124]. - In 2022, the company hired approximately 5,200 new associates, including about 900 temporary associates[126]. - The overall associate engagement score from a culture survey was 78 out of 100, which is three points above the industry benchmark[127]. - The voluntary turnover rate for associates in 2022 was approximately 25%, a decrease of 3 percentage points from 2021[128]. - The company's workforce was approximately 66% women and 29% people of color as of December 31, 2022[130]. - The company filled nearly 70% of open management positions internally during 2022[134]. - The company provided over $310,000 in tuition assistance for associates in 2022[136]. - The company has developed a comprehensive diversity and inclusion learning and development plan to promote inclusive behaviors[131]. - The company has implemented safety measures in response to the COVID-19 pandemic, allowing associates to choose between remote, in-office, or hybrid work[138]. Ethics and Governance - The company actively protects its intellectual property, owning 94 registered trademarks and one published patent application[122]. - The Company has a Code of Ethics and Conduct that applies to all associates, including executive officers and directors[142]. - The Company provides compliance training programs to ensure associates conduct business with high levels of ethics and integrity[140]. - An anonymous portal is maintained for associates to raise concerns about financial reporting and internal controls[140]. - The Company's investor relations website offers free access to annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K[141]. - Amendments and waivers to the Code of Ethics and Conduct will be disclosed on the investor relations website as required by securities laws[142]. - Corporate Governance Guidelines and various committee charters are available on the investor relations website[142]. - The Company emphasizes the importance of ethics and integrity in its communications and everyday actions[140]. - The Company has established an Ask Ethics email for associates to report concerns confidentially[140]. - Information on the Company's websites is not considered part of the official report[143]. - The Company regularly posts important information for investors on its investor relations website[141].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 NELNET, INC. (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No ...