Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-31924 | |
Entity Registrant Name | NELNET, INC. | |
Entity Incorporation, State or Country Code | NE | |
Entity Tax Identification Number | 84-0748903 | |
Entity Address, Address Line One | 121 South 13th Street, Suite 100 | |
Entity Address, City or Town | Lincoln, | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68508 | |
City Area Code | 402 | |
Local Phone Number | 458-2370 | |
Title of 12(b) Security | Class A Common Stock, Par Value $0.01 per Share | |
Trading Symbol | NNI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001258602 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25,703,894 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,663,088 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Loans and accrued interest receivable | $ 11,829,078 | $ 13,108,204 |
Cash and cash equivalents: | ||
Cash and cash equivalents | 179,682 | 168,112 |
Investments and notes receivable (including investments at fair value of $1,037,637 and $988,841, respectively) | 1,921,691 | 1,870,968 |
Restricted cash | 618,363 | 488,723 |
Restricted cash - due to customers | 142,778 | 368,656 |
Restricted investments | 36,076 | 17,969 |
Accounts receivable (net of allowance for doubtful accounts of $4,248 and $4,304, respectively) | 134,647 | 196,200 |
Goodwill | 158,029 | 158,029 |
Intangible assets, net | 42,670 | 44,819 |
Property and equipment, net | 149,249 | 127,008 |
Other assets | 186,399 | 187,957 |
Total assets | 15,398,662 | 16,736,645 |
Liabilities: | ||
Bonds and notes payable | 10,582,513 | 11,828,393 |
Accrued interest payable | 31,983 | 35,391 |
Bank deposits | 802,061 | 743,599 |
Other liabilities | 449,568 | 481,840 |
Due to customers | 274,757 | 425,507 |
Total liabilities | 12,140,882 | 13,514,730 |
Commitments and contingencies | ||
Nelnet, Inc. shareholders' equity: | ||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock: | ||
Additional paid-in capital | 1,101 | 3,096 |
Retained earnings | 3,312,869 | 3,279,273 |
Accumulated other comprehensive loss, net | (8,476) | (20,119) |
Total Nelnet, Inc. shareholders' equity | 3,305,862 | 3,262,621 |
Noncontrolling interests | (48,082) | (40,706) |
Total equity | 3,257,780 | 3,221,915 |
Total liabilities and equity | 15,398,662 | 16,736,645 |
Nonrelated Party | ||
Cash and cash equivalents: | ||
Cash and cash equivalents | 39,407 | 34,912 |
Related Party | ||
Cash and cash equivalents: | ||
Cash and cash equivalents | 140,275 | 133,200 |
Variable Interest Entity, Primary Beneficiary | ||
Assets: | ||
Loans and accrued interest receivable | 11,293,401 | 12,676,932 |
Cash and cash equivalents: | ||
Restricted cash | 587,980 | 451,932 |
Liabilities: | ||
Bonds and notes payable | 10,841,316 | 12,006,170 |
Common stock: | ||
Accrued interest payable and other liabilities | (121,130) | (135,748) |
Net assets of consolidated education and other lending variable interest entities | 918,935 | 986,946 |
Class A | ||
Common stock: | ||
Common stock | 261 | 264 |
Class B | ||
Common stock: | ||
Common stock | $ 107 | $ 107 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for loan losses | $ 106,008 | $ 104,643 |
Investments at fair value | 1,037,637 | 988,841 |
Allowance for doubtful accounts | $ 4,248 | $ 4,304 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common Class A | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 26,055,314 | 26,400,630 |
Common stock, outstanding (in shares) | 26,055,314 | 26,400,630 |
Common Class B | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, issued (in shares) | 10,663,088 | 10,663,088 |
Common stock, outstanding (in shares) | 10,663,088 | 10,663,088 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loan interest | $ 216,724 | $ 225,243 |
Investment interest | 52,078 | 40,725 |
Total interest income | 268,802 | 265,968 |
Interest expense on bonds and notes payable and bank deposits | 194,580 | 199,449 |
Net interest income | 74,222 | 66,519 |
Less provision for loan losses | 10,928 | 34,275 |
Net interest income after provision for loan losses | 63,294 | 32,244 |
Other income (expense): | ||
Other, net | 17,015 | (14,071) |
(Loss) gain on sale of loans, net | (41) | 11,812 |
Derivative market value adjustments and derivative settlements, net | 9,721 | (14,074) |
Total other income (expense), net | 311,161 | 265,148 |
Cost of services: | ||
Cost of services | 62,839 | 56,003 |
Operating expenses: | ||
Salaries and benefits | 143,875 | 152,710 |
Depreciation and amortization | 16,769 | 16,627 |
Other expenses | 56,845 | 40,785 |
Total operating expenses | 217,489 | 210,122 |
Income before income taxes | 94,127 | 31,267 |
Income tax expense | 23,119 | 8,250 |
Net income | 71,008 | 23,017 |
Net loss attributable to noncontrolling interests | 2,202 | 3,470 |
Net income attributable to Nelnet, Inc. | $ 73,210 | $ 26,487 |
Earnings per common share: | ||
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) | $ 1.97 | $ 0.71 |
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) | $ 1.97 | $ 0.71 |
Weighted-average common shares outstanding - basic (in shares) | 37,156,971 | 37,344,604 |
Weighted-average common shares outstanding - diluted (in shares) | 37,156,971 | 37,344,604 |
Loan servicing and systems | ||
Other income (expense): | ||
Revenue | $ 127,201 | $ 139,227 |
Education technology services and payments revenue | ||
Other income (expense): | ||
Revenue | 143,539 | 133,603 |
Cost of services: | ||
Cost of services | 48,610 | 47,704 |
Solar construction | ||
Other income (expense): | ||
Revenue | 13,726 | 8,651 |
Cost of services: | ||
Cost of services | $ 14,229 | $ 8,299 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 71,008 | $ 23,017 |
Other comprehensive income: | ||
Net changes related to foreign currency translation adjustments | 5 | (3) |
Net changes related to available-for-sale debt securities: | ||
Unrealized holding gains arising during period, net of losses | 16,761 | 8,651 |
Reclassification of (gains) losses recognized in net income, net | (552) | 4,982 |
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity | 71 | 0 |
Income tax effect | (3,907) | (3,272) |
Unrealized gains (losses) during period after reclassifications and tax | 12,373 | 10,361 |
Net changes related to equity method investee's other comprehensive income: | ||
(Loss) gain on cash flow hedge | (967) | 2 |
Income tax effect | 232 | 0 |
Net changes related to equity method investee's other comprehensive, after income tax effect | (735) | 2 |
Other comprehensive income | 11,643 | 10,360 |
Comprehensive income | 82,651 | 33,377 |
Comprehensive loss attributable to noncontrolling interests | 2,202 | 3,470 |
Comprehensive income attributable to Nelnet, Inc. | $ 84,853 | $ 36,847 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred stock | Common stock Common Class A | Common stock Common Class B | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Noncontrolling interests |
Beginning balance (in shares) at Dec. 31, 2022 | 0 | 26,461,651 | 10,668,460 | |||||
Beginning balance at Dec. 31, 2022 | $ 3,199,902 | $ 0 | $ 265 | $ 107 | $ 1,109 | $ 3,234,844 | $ (37,366) | $ 943 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of noncontrolling interests | 1,201 | 1,201 | ||||||
Net income (loss) | 23,017 | 26,487 | (3,470) | |||||
Other comprehensive income (loss) | 10,360 | 10,360 | ||||||
Distribution to noncontrolling interests | (5,028) | (5,028) | ||||||
Cash dividend on Class A and Class B common stock | (9,654) | (9,654) | ||||||
Issuance of common stock, net of forfeitures (in shares) | 198,524 | |||||||
Issuance of common stock, net of forfeitures | 3,064 | $ 1 | 3,063 | |||||
Compensation expense for stock based awards | 3,769 | 3,769 | ||||||
Repurchase of common stock (in shares) | (36,513) | |||||||
Repurchase of common stock | (3,302) | (3,302) | ||||||
Ending balance (in shares) at Mar. 31, 2023 | 0 | 26,623,662 | 10,668,460 | |||||
Ending balance at Mar. 31, 2023 | 3,223,329 | $ 0 | $ 266 | $ 107 | 4,639 | 3,251,677 | (27,006) | (6,354) |
Beginning balance (in shares) at Dec. 31, 2023 | 0 | 26,400,630 | 10,663,088 | |||||
Beginning balance at Dec. 31, 2023 | 3,221,915 | $ 0 | $ 264 | $ 107 | 3,096 | 3,279,273 | (20,119) | (40,706) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of noncontrolling interests | 1,532 | 1,532 | ||||||
Net income (loss) | 71,008 | 73,210 | (2,202) | |||||
Other comprehensive income (loss) | 11,643 | 11,643 | ||||||
Distribution to noncontrolling interests | (6,706) | (6,706) | ||||||
Cash dividend on Class A and Class B common stock | (10,370) | (10,370) | ||||||
Issuance of common stock, net of forfeitures (in shares) | 51,408 | |||||||
Issuance of common stock, net of forfeitures | 1,127 | $ 1 | 1,126 | |||||
Compensation expense for stock based awards | 3,100 | 3,100 | ||||||
Repurchase of common stock (in shares) | (396,724) | |||||||
Repurchase of common stock | (35,469) | $ (4) | (6,221) | (29,244) | ||||
Ending balance (in shares) at Mar. 31, 2024 | 0 | 26,055,314 | 10,663,088 | |||||
Ending balance at Mar. 31, 2024 | $ 3,257,780 | $ 0 | $ 261 | $ 107 | $ 1,101 | $ 3,312,869 | $ (8,476) | $ (48,082) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common Class A | ||
Cash dividend on common stock (in dollars per share) | $ 0.28 | $ 0.26 |
Common Class B | ||
Cash dividend on common stock (in dollars per share) | $ 0.28 | $ 0.26 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net cash provided by operating activities: | |||
Net income attributable to Nelnet, Inc. | $ 73,210 | $ 26,487 | |
Net loss attributable to noncontrolling interests | (2,202) | (3,470) | |
Net income | 71,008 | 23,017 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs | 33,957 | 34,211 | |
Loan discount accretion | (7,433) | (7,676) | |
Provision for loan losses | 10,928 | 34,275 | |
Derivative market value adjustments | (7,964) | 37,411 | |
Proceeds from termination of derivative instruments | 0 | 164,079 | |
Proceeds from (payments to) clearinghouse - initial and variation margin, net | 4,054 | (210,284) | |
Loss (gain) on sale of loans, net | 41 | (11,812) | |
Loss on investments, net of gains | 8,348 | 24,344 | |
Deferred income tax benefit | (2,234) | (13,750) | |
Non-cash compensation expense | 3,166 | 3,838 | |
Decrease in loan and investment accrued interest receivable | 79,841 | 16,630 | |
Decrease in accounts receivable | 61,494 | 43,675 | |
Decrease (increase) in other assets, net | 10,443 | (9,955) | |
Decrease in the carrying amount of ROU asset, net | 953 | 1,251 | |
Decrease in accrued interest payable | (3,408) | (1,675) | |
Decrease in other liabilities | (50,218) | (3,729) | |
Decrease in the carrying amount of lease liability | (1,025) | (1,275) | |
Other | (36) | 270 | |
Net cash provided by operating activities | 211,915 | 122,845 | |
Cash flows from investing activities: | |||
Purchases and originations of loans | (157,047) | (289,177) | |
Net proceeds from loan repayments, claims, and capitalized interest | 1,147,413 | 684,962 | |
Proceeds from sale of loans | 199,963 | 157,444 | |
Purchases of available-for-sale securities | (163,610) | (242,370) | |
Purchases of restricted available-for-sale securities | (18,287) | 0 | |
Proceeds from sales of available-for-sale securities | 153,033 | 492,173 | |
Proceeds from sales of restricted available-for-sale securities | 340 | 0 | |
Proceeds from beneficial interest in loan securitizations | 5,875 | 4,725 | |
Purchases of other investments and issuance of notes receivable | (70,975) | (70,509) | |
Proceeds from other investments and repayments of notes receivable | 10,820 | 11,114 | |
Redemption of held-to-maturity debt securities | 1,779 | 0 | |
Purchases of property and equipment | (23,225) | (24,430) | |
Net cash provided by investing activities | 1,086,079 | 723,932 | |
Cash flows from financing activities: | |||
Payments on bonds and notes payable | (1,276,160) | (1,415,424) | |
Proceeds from issuance of bonds and notes payable | 18,108 | 204,884 | |
Payments of debt issuance costs | (31) | (169) | |
Increase (decrease) in bank deposits, net | 58,462 | (15,555) | |
Decrease in due to customers | (150,712) | (67,642) | |
Dividends paid | (10,370) | (9,654) | |
Repurchases of common stock | (35,469) | (3,302) | |
Proceeds from issuance of common stock | 374 | 395 | |
Issuance of noncontrolling interests | 14,098 | 1,201 | |
Distribution to noncontrolling interests | (799) | (993) | |
Net cash used in financing activities | (1,382,499) | (1,306,259) | |
Effect of exchange rate changes on cash and restricted cash | (163) | (91) | |
Net decrease in cash, cash equivalents, and restricted cash | (84,668) | (459,573) | |
Cash, cash equivalents, and restricted cash, beginning of period | 1,025,491 | 1,357,616 | |
Cash, cash equivalents, and restricted cash, end of period | 940,823 | 898,043 | |
Supplemental disclosures of cash flow information: | |||
Cash disbursements made for interest | 185,784 | 189,795 | |
Cash disbursements made for income taxes, net of refunds and credits received | [1] | 791 | 961 |
Cash disbursements made for operating leases | 1,258 | 1,705 | |
Non-cash operating, investing, and financing activity: | |||
ROU assets obtained in exchange for lease obligations | 48 | 15,545 | |
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans | 0 | 34,540 | |
Receipt of asset-backed investment securities as consideration from sale of loans | 0 | 58,182 | |
Distribution to noncontrolling interests | 5,907 | 4,035 | |
Issuance of noncontrolling interests | $ 12,566 | $ 0 | |
[1]The Company utilized $8.6 million and $5.7 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2024 and 2023, respectively. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Cash Flows [Abstract] | ||
Federal and state tax credit utilized | $ 8,600 | $ 5,700 |
Cash and cash equivalents: | ||
Total cash and cash equivalents | 179,682 | 187,574 |
Restricted cash | 618,363 | 576,267 |
Restricted cash - due to customers | 142,778 | 134,202 |
Cash, cash equivalents, and restricted cash | $ 940,823 | $ 898,043 |
Basis of Financial Reporting
Basis of Financial Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Reporting | Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 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 months ended March 31, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. 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, 2023 (the "2023 Annual Report"). |
Loans and Accrued Interest Rece
Loans and Accrued Interest Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Accrued Interest Receivable and Allowance for Loan Losses | Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following: As of As of March 31, 2024 December 31, 2023 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 2,546,852 2,936,174 Consolidation 7,836,200 8,750,033 Total 10,383,052 11,686,207 Private education loans 261,582 277,320 Consumer and other loans 155,308 85,935 Non-Nelnet Bank loans 10,799,942 12,049,462 Nelnet Bank: Private education loans 364,766 360,520 Consumer and other loans 118,957 72,352 Nelnet Bank loans 483,723 432,872 Accrued interest receivable 684,095 764,385 Loan discount, net of unamortized loan premiums and deferred origination costs (32,674) (33,872) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (61,723) (68,453) Private education loans (14,736) (15,750) Consumer and other loans (18,761) (11,742) Non-Nelnet Bank allowance for loan losses (95,220) (95,945) Nelnet Bank: Private education loans (3,660) (3,347) Consumer and other loans (7,128) (5,351) Nelnet Bank allowance for loan losses (10,788) (8,698) $ 11,829,078 13,108,204 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 March 31, 2024 December 31, 2023 Non-Nelnet Bank: Federally insured loans (a) 0.59 % 0.59 % Private education loans 5.63 % 5.68 % Consumer and other loans 12.08 % 13.66 % Nelnet Bank: Private education loans 1.00 % 0.93 % Consumer and other loans 5.99 % 7.40 % (a) As of March 31, 2024 and December 31, 2023, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty was 21.7% and 21.8%, respectively. Loan Sales The Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations that are included in "investments and notes receivable" on the Company's consolidated balance sheets. The following table summarizes the loans sold and gains/losses recognized by the Company during the three months ended March 31, 2024 and 2023. Loans sold Gain (loss) Loan type Residual interest received in securitization Three months ended March 31, 2024 March 27 $ 199,694 — FFELP — March 28 405 (41) Home equity — $ 200,099 (41) Three months ended March 31, 2023 January 31 $ 97,350 (1,441) Home equity 64.8 % (a) January 31 42,275 4,350 Consumer 13.3 March 2 122,132 8,966 Consumer 24.6 (a) March 22 145 (63) Home equity — $ 261,902 11,812 (a) In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet. 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 Loan sales Balance at end of period Three months ended March 31, 2024 Non-Nelnet Bank: Federally insured loans $ 68,453 (1,870) (4,860) — — 61,723 Private education loans 15,750 (265) (1,013) 264 — 14,736 Consumer and other loans 11,742 8,690 (1,957) 381 (95) 18,761 Nelnet Bank: Private education loans 3,347 757 (446) 2 — 3,660 Consumer and other loans 5,351 3,717 (1,967) 27 — 7,128 $ 104,643 11,029 (10,243) 674 (95) 106,008 Three months ended March 31, 2023 Non-Nelnet Bank: Federally insured loans $ 83,593 2,411 (6,673) — — 79,331 Private education loans 15,411 240 (640) 164 — 15,175 Consumer and other loans 30,263 29,207 (2,267) 220 (22,106) 35,317 Nelnet Bank: Federally insured loans 170 (9) (1) — — 160 Private education loans 2,390 614 (110) — — 2,894 Consumer and other loans — 1,827 — — — 1,827 $ 131,827 34,290 (9,691) 384 (22,106) 134,704 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 March 31, 2024 2023 Non-Nelnet Bank: Federally insured loans 0.17 % 0.20 % Private education loans 1.12 % 0.78 % Consumer and other loans 5.73 % 2.59 % Nelnet Bank: Federally insured loans — 0.01 % Private education loans 0.49 % 0.13 % Consumer and other loans 8.01 % — The Company recorded a negative provision for loan losses for the three months ended March 31, 2024 for its Non-Nelnet Bank federally insured and private education loan portfolios primarily due to the amortization of these portfolios. The primary item impacting provision for loan losses for Non-Nelnet Bank consumer loans and Nelnet Bank's loan portfolios for the three months ended March 31, 2024 was the establishment of an initial allowance for loans originated and acquired during the period. The Company recorded a provision for loan losses for the three months ended March 31, 2023 due to (i) management's estimate of declining economic conditions as of March 31, 2023 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2022; and (ii) the establishment of an initial allowance for loans originated and acquired during the period. These amounts were partially offset by the amortization of the federally insured loan portfolio. Unfunded Loan Commitments As of March 31, 2024 and December 31, 2023, Nelnet Bank had a liability of approximately $57,000 and $158,000, respectively, related to $9.1 million and $12.3 million, respectively, of unfunded private education, consumer, and other loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheets. During the three months ended March 31, 2024 and 2023, Nelnet Bank recognized negative provision for loan losses of approximately $101,000 and $15,000, respectively, related to unfunded loan commitments. 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. The following table presents the Company’s loan status and delinquency amounts. As of March 31, 2024 As of December 31, 2023 As of March 31, 2023 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 490,402 4.7 % $ 522,304 4.5 % $ 641,914 5.0 % Loans in forbearance 777,141 7.5 979,588 8.4 984,738 7.6 Loans in repayment status: Loans current 7,691,650 84.4 % 8,416,624 82.6 % 9,859,751 87.2 % Loans delinquent 31-60 days 360,237 3.9 377,108 3.7 346,665 3.1 Loans delinquent 61-90 days 189,035 2.1 254,553 2.5 254,353 2.2 Loans delinquent 91-120 days 143,656 1.6 187,145 1.9 178,078 1.6 Loans delinquent 121-270 days 422,979 4.6 685,829 6.7 440,695 3.9 Loans delinquent 271 days or greater 307,952 3.4 263,056 2.6 225,365 2.0 Total loans in repayment 9,115,509 87.8 100.0 % 10,184,315 87.1 100.0 % 11,304,907 87.4 100.0 % Total federally insured loans 10,383,052 100.0 % 11,686,207 100.0 % 12,931,559 100.0 % Accrued interest receivable 677,001 757,713 791,476 Loan discount, net of unamortized premiums and deferred origination costs (26,658) (28,963) (32,626) Allowance for loan losses (61,723) (68,453) (79,331) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 10,971,672 $ 12,346,504 $ 13,611,078 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 8,979 3.4 % $ 9,475 3.4 % $ 12,218 5.1 % Loans in forbearance 2,601 1.0 2,529 0.9 2,698 1.1 Loans in repayment status: Loans current 243,637 97.4 % 257,639 97.1 % 220,921 97.5 % Loans delinquent 31-60 days 2,162 0.9 3,395 1.3 2,014 0.9 Loans delinquent 61-90 days 1,542 0.6 1,855 0.7 931 0.4 Loans delinquent 91 days or greater 2,661 1.1 2,427 0.9 2,733 1.2 Total loans in repayment 250,002 95.6 100.0 % 265,316 95.7 100.0 % 226,599 93.8 100.0 % Total private education loans 261,582 100.0 % 277,320 100.0 % 241,515 100.0 % Accrued interest receivable 2,560 2,653 2,277 Loan discount, net of unamortized premiums (7,616) (8,037) 79 Allowance for loan losses (14,736) (15,750) (15,175) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 241,790 $ 256,186 $ 228,696 As of March 31, 2024 As of December 31, 2023 As of March 31, 2023 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 54 0.0 % $ 146 0.2 % $ 40 0.0 % Loans in repayment status: Loans current 150,947 97.2 % 81,195 94.6 % 304,414 98.3 % Loans delinquent 31-60 days 1,758 1.1 2,035 2.4 2,037 0.7 Loans delinquent 61-90 days 1,471 1.0 1,189 1.4 1,236 0.4 Loans delinquent 91 days or greater 1,078 0.7 1,370 1.6 1,819 0.6 Total loans in repayment 155,254 100.0 100.0 % 85,789 99.8 100.0 % 309,506 100.0 100.0 % Total consumer and other loans 155,308 100.0 % 85,935 100.0 % 309,546 100.0 % Accrued interest receivable 1,209 861 3,288 Loan discount, net of unamortized premiums (5,451) (2,474) 913 Allowance for loan losses (18,761) (11,742) (35,317) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 132,305 $ 72,580 $ 278,430 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 42,699 11.7 % $ 25,957 7.2 % $ 17,021 4.8 % Loans in forbearance 1,277 0.4 1,285 0.4 681 0.2 Loans in repayment status: Loans current 318,906 99.4 % 331,580 99.4 % 336,967 99.7 % Loans delinquent 30-59 days 327 0.1 839 0.3 388 0.1 Loans delinquent 60-89 days 665 0.2 253 0.1 536 0.2 Loans delinquent 90 days or greater 892 0.3 606 0.2 112 — Total loans in repayment 320,790 87.9 100.0 % 333,278 92.4 100.0 % 338,003 95.0 100.0 % Total private education loans 364,766 100.0 % 360,520 100.0 % 355,705 100.0 % Accrued interest receivable 2,445 2,023 1,385 Deferred origination costs, net of unaccreted discount 5,692 5,608 5,400 Allowance for loan losses (3,660) (3,347) (2,894) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 369,243 $ 364,804 $ 359,596 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 141 0.1 % $ 103 0.1 % $ — — % Loans in repayment status: Loans current 115,152 96.9 % 69,584 96.3 % 19,903 100.0 % Loans delinquent 30-59 days 1,511 1.3 1,075 1.5 — — Loans delinquent 60-89 days 1,084 0.9 941 1.3 — — Loans delinquent 90 days or greater 1,069 0.9 649 0.9 — — Total loans in repayment 118,816 99.9 100.0 % 72,249 99.9 100.0 % 19,903 100.0 100.0 % Total consumer and other loans 118,957 100.0 % 72,352 100.0 % 19,903 100.0 % Accrued interest receivable 880 575 117 Loan premium, net of unaccreted discount 1,359 (6) 1 Allowance for loan losses (7,128) (5,351) (1,827) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 114,068 $ 67,570 $ 18,194 (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. 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. Nelnet Bank Private Education Loans Loan balance as of March 31, 2024 Three months ended March 31, 2024 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 380 4,175 5,349 4,524 381 14,809 705 - 734 834 9,946 21,468 8,410 519 41,177 735 - 764 954 9,479 32,227 14,383 1,338 58,381 765 - 794 625 6,815 50,588 26,414 1,322 85,764 Greater than 794 1,523 18,207 75,304 56,079 4,979 156,092 No FICO score available or required 2,488 6,055 — — — 8,543 $ 6,804 54,677 184,936 109,810 8,539 364,766 Loan balance as of December 31, 2023 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 3,840 5,495 4,647 386 14,368 705 - 734 9,534 21,961 8,805 525 40,825 735 - 764 8,648 32,969 14,910 1,358 57,885 765 - 794 5,776 52,045 27,221 1,374 86,416 Greater than 794 15,057 77,996 58,695 5,226 156,974 No FICO score available or required 4,052 — — — 4,052 $ 46,907 190,466 114,278 8,869 360,520 Nelnet Bank Consumer and Other Loans Loan balance as of March 31, 2024 Three months ended March 31, 2024 2023 2022 2021 2020 Total FICO at origination: Less than 720 $ 12,913 18,324 — — — 31,237 720 - 769 21,017 29,900 48 — — 50,965 Greater than 769 21,359 14,280 108 — — 35,747 No FICO score available or required 230 441 282 55 — 1,008 $ 55,519 62,945 438 55 — 118,957 Loan balance as of December 31, 2023 2023 2022 2021 2020 Total FICO at origination: Less than 720 $ 21,412 — — — 21,412 720 - 769 33,571 51 — — 33,622 Greater than 769 16,484 109 — — 16,593 No FICO score available or required 386 284 55 — 725 $ 71,853 444 55 — 72,352 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 March 31, 2024 and December 31, 2023, was not material. 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 March 31, 2024 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program 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. Three months ended March 31, 2024 2023 2022 2021 2020 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ — — 806 3,751 869 3,553 8,979 Loans in forbearance — — 21 141 604 1,835 2,601 Loans in repayment status: Loans current — 208 4,367 4,908 44,180 189,974 243,637 Loans delinquent 31-60 days — — 13 51 94 2,004 2,162 Loans delinquent 61-90 days — — — — 55 1,487 1,542 Loans delinquent 91 days or greater — — — — 91 2,570 2,661 Total loans in repayment — 208 4,380 4,959 44,420 196,035 250,002 Total private education loans $ — 208 5,207 8,851 45,893 201,423 261,582 Accrued interest receivable 2,560 Loan discount, net of unamortized premiums (7,616) Allowance for loan losses (14,736) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 241,790 Gross charge-offs - three months ended March 31, 2024 $ — — — 76 36 901 1,013 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ — 54 — — — — 54 Loans in repayment status: Loans current 48,660 96,183 4,887 690 300 227 150,947 Loans delinquent 31-60 days — 1,253 449 51 — 5 1,758 Loans delinquent 61-90 days — 1,024 375 24 21 27 1,471 Loans delinquent 91 days or greater — 652 344 71 4 7 1,078 Total loans in repayment 48,660 99,112 6,055 836 325 266 155,254 Total consumer and other loans $ 48,660 99,166 6,055 836 325 266 155,308 Accrued interest receivable 1,209 Loan discount, net of unamortized premiums (5,451) Allowance for loan losses (18,761) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 132,305 Gross charge-offs - three months ended March 31, 2024 $ — 733 1,076 101 21 26 1,957 Three months ended March 31, 2024 2023 2022 2021 2020 Prior years Total Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 4,367 26,586 10,074 739 933 — 42,699 Loans in forbearance — 84 591 493 109 — 1,277 Loans in repayment status: Loans current 2,437 27,592 173,645 107,735 7,497 — 318,906 Loans delinquent 30-59 days — 89 135 103 — — 327 Loans delinquent 60-89 days — 237 305 123 — — 665 Loans delinquent 90 days or greater — 89 186 617 — — 892 Total loans in repayment 2,437 28,007 174,271 108,578 7,497 — 320,790 Total private education loans $ 6,804 54,677 184,936 109,810 8,539 — 364,766 Accrued interest receivable 2,445 Deferred origination costs, net of unaccreted discount 5,692 Allowance for loan losses (3,660) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 369,243 Gross charge-offs - three months ended March 31, 2024 $ — 178 146 122 — — 446 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 86 55 — — — — 141 Loans in repayment status: Loans current 55,344 59,315 438 55 — — 115,152 Loans delinquent 30-59 days 89 1,422 — — — — 1,511 Loans delinquent 60-89 days — 1,084 — — — — 1,084 Loans delinquent 90 days or greater — 1,069 — — — — 1,069 Total loans in repayment 55,433 62,890 438 55 — — 118,816 Total consumer and other loans $ 55,519 62,945 438 55 — — 118,957 Accrued interest receivable 880 Loan premium, net of unaccreted discount 1,359 Allowance for loan losses (7,128) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 114,068 Gross charge-offs - three months ended March 31, 2024 $ — 1,967 — — — — 1,967 (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. |
Bonds and Notes Payable
Bonds and Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Bonds and Notes Payable | Bonds and Notes Payable The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2024 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 $ 8,766,041 5.47% - 7.44% 8/26/30 - 9/25/69 Bonds and notes based on auction 84,660 0.00% - 6.44% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 8,850,701 Fixed-rate bonds and notes issued in FFELP loan asset-backed 430,061 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facilities 1,066,197 5.41% - 5.57% 4/2/25 / 5/22/25 Consumer loan warehouse facility 41,762 5.55% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 71,963 6.90% / 7.57% 6/25/49 / 11/25/53 Fixed-rate bonds and notes issued in private education loan asset-backed securitizations 70,310 5.35% / 7.15% 12/28/43 / 11/25/53 Unsecured line of credit — — 9/22/26 Participation agreements 9,023 5.58% - 6.06% 5/4/24 / 1/30/33 Repurchase agreement 114,498 6.43% - 6.74% 11/27/24 / 12/20/24 Other - due to related party 5,591 5.00% - 6.05% 4/30/24 - 11/15/30 10,660,106 Discount on bonds and notes payable and debt issuance costs (77,593) Total $ 10,582,513 As of December 31, 2023 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 $ 9,552,667 5.45% - 7.47% 8/26/30 - 9/25/69 Bonds and notes based on auction 87,360 0.00% - 6.45% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 9,640,027 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 471,427 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facilities 1,398,485 5.41% - 5.70% 4/2/25 / 5/22/25 Consumer loan warehouse facility 23,691 5.70% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 80,393 6.90% / 7.57% 6/25/49 / 11/25/53 Fixed-rate bonds and notes issued in private education loan asset-backed securitizations 80,130 5.35% / 7.15% 12/28/43 / 11/25/53 Unsecured line of credit — — 9/22/26 Participation agreements 10,063 5.58% - 6.08% 3/12/24 / 5/4/24 Repurchase agreement 208,164 6.35% - 6.81% 1/22/24 - 12/20/24 Other - due to related party 5,778 5.00% - 6.05% 3/1/24 - 11/15/30 11,918,158 Discount on bonds and notes payable and debt issuance costs (89,765) Total $ 11,828,393 Warehouse Facilities The Company funds a portion of its loan acquisitions using warehouse 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 facilities as of March 31, 2024. 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) $ 950,000 712,198 237,802 11/22/2024 5/22/2025 note (b) $ 50,093 FFELP (c) 432,000 353,999 78,001 4/2/2024 4/2/2025 92 % 29,196 $ 1,382,000 1,066,197 315,803 $ 79,289 Consumer (d) 150,000 41,762 108,238 11/14/2024 11/14/2025 70 % 17,405 (a) Effective March 6, 2024, the maximum financing amount on this facility was reduced from $1.25 billion to $950 million. (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. (c) On April 2, 2024, this facility was amended to reduce the maximum financing amount from $432 million to $375 million, and to extend the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively. (d) On March 11, 2024, this facility was amended to reduce the maximum financing amount from $200 million to $150 million. Unsecured Line of Credit The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of March 31, 2024, no amount was outstanding on the line of credit and $495.0 million was available for future use. Repurchase Agreement The Company has a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by certain private education loan asset-backed securities (bond investments). The outstanding balance under this agreement as of March 31, 2024 was $114.5 million. The agreement has various maturity dates through December 20, 2024 or earlier if either party provides 180 days’ prior written notice, and the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities on any scheduled reset date. See note 5 for additional information about the private education loan asset-backed securities investments serving as collateral for this repurchase agreement. Debt Repurchases The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. 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 or redeem the notes at par as cash is generated by the trust estate. 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 March 31, 2024, the Company holds $310.3 million (par value) of its own FFELP asset-backed securities. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Non-Nelnet Bank Derivatives The Company uses settled-to-market derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2023 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2024 and December 31, 2023 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps as of March 31, 2024 and December 31, 2023, in which the Company receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Prior to the discontinuation of LIBOR on June 30, 2023, the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount 2024 $ 1,750,000 2026 1,150,000 2027 250,000 $ 3,150,000 The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2024 and December 31, 2023 was the term adjusted SOFR (plus the tenor spread adjustment relating to LIBOR) plus 10.1 basis points. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company as of March 31, 2024 and December 31, 2023, to economically hedge loans earning fixed rate floor income. Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2026 $ 200,000 3.92 % 2028 50,000 3.56 2029 (b) 50,000 3.17 2030 (c) 100,000 3.63 $ 400,000 3.71 % (a) For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly. (b) This $50 million notional amount derivative has a forward effective start date in January 2026. (c) A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025. During the first quarter of 2023, the Company received $183.2 million, which included $19.1 million related to 2023 settlements, to terminate $2.8 billion in notional amount of floor income interest rate swaps prior to their final maturity. Nelnet Bank Derivatives Interest Rate Swaps The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank as of March 31, 2024 and December 31, 2023, to hedge exposure to variability in cash flows related to variable rate intercompany deposits. Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2028 $ 40,000 3.33 % 2030 (b) 50,000 3.06 2032 (c) 25,000 4.03 2033 (d) 25,000 3.90 $ 140,000 3.46 % (a) For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly. (b) These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively. (c) This $25 million notional amount derivative has a forward effective start date in February 2027. (d) This $25 million notional amount derivative has a forward effective start date in November 2025. Consolidated Financial Statement Impact Related to Derivatives Balance Sheets Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's 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 the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets. Fair value of asset derivatives Fair value of liability derivatives As of March 31, 2024 As of December 31, 2023 As of March 31, 2024 As of December 31, 2023 Interest rate swaps - Nelnet Bank $ 1,820 452 1,085 1,976 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. Three months ended March 31, 2024 2023 Settlements: 1:3 basis swaps $ 365 859 Interest rate swaps - floor income hedges 1,190 22,478 Interest rate swaps - Nelnet Bank 202 — Total settlements - income 1,757 23,337 Change in fair value: 1:3 basis swaps (354) (23) Interest rate swaps - floor income hedges 6,060 (37,388) Interest rate swaps - Nelnet Bank 2,258 — Total change in fair value - income (expense) 7,964 (37,411) Derivative market value adjustments and derivative settlements, net - income (expense) $ 9,721 (14,074) |
Investments and Notes Receivabl
Investments and Notes Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Investments and Notes Receivable | Investments and Notes Receivable "Restricted investments" and “investments and notes receivable” consisted of the following: As of March 31, 2024 As of December 31, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Restricted available-for-sale investments (at fair value): FFELP loan and other debt securities $ 34,958 1,198 (80) 36,076 16,993 1,069 (93) 17,969 Non-restricted available-for-sale investments (at fair value): Non-Nelnet Bank: FFELP loan $ 263,335 6,226 (3,043) 266,518 271,479 4,883 (5,393) 270,969 Private education loan (a) 269,983 — (21,547) 248,436 281,791 — (28,874) 252,917 Other debt securities 20,586 1,803 — 22,389 41,693 2,020 (1,275) 42,438 Total Non-Nelnet Bank 553,904 8,029 (24,590) 537,343 594,963 6,903 (35,542) 566,324 Nelnet Bank: FFELP loan 300,235 7,171 (1,611) 305,795 304,555 4,488 (2,286) 306,757 Private education loan 29,440 88 — 29,528 17,083 20 (10) 17,093 Other debt securities 110,915 528 (1,498) 109,945 49,284 117 (1,641) 47,760 Total Nelnet Bank 440,590 7,787 (3,109) 445,268 370,922 4,625 (3,937) 371,610 Total available-for-sale asset-backed securities $ 994,494 15,816 (27,699) 982,611 965,885 11,528 (39,479) 937,934 Equity securities 55,026 50,907 Total investments at fair value 1,037,637 988,841 Other Investments and Notes Receivable (not measured at fair value): Held-to-maturity investments Non-Nelnet Bank: Debt securities 4,700 4,700 Nelnet Bank: FFELP loan asset-backed securities 148,438 149,938 Private education loan asset-backed securities 8,100 8,100 Total Nelnet Bank 156,538 158,038 Total held-to-maturity investments 161,238 162,738 Venture capital and funds: Measurement alternative 194,574 194,084 Equity method 102,309 91,464 Total venture capital and funds 296,883 285,548 Real estate: Equity method 105,523 103,811 Investment in ALLO: Voting interest/equity method (b) — 10,693 Preferred membership interest and accrued and unpaid preferred return (c) 157,456 155,047 Total investment in ALLO 157,456 165,740 Beneficial interest in loan securitizations (d): Consumer loans 147,076 134,113 Private education loans 66,307 68,372 Federally insured student loans 22,441 22,594 Total beneficial interest in loan securitizations 235,824 225,079 Solar (e) (133,772) (121,779) Notes receivable 53,140 53,747 Tax liens, affordable housing, and other 7,762 7,243 Total investments (not measured at fair value) 884,054 882,127 Total investments and notes receivable $ 1,921,691 $ 1,870,968 (a) A portion of the private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreement." As of March 31, 2024, the par value and fair value of these securities was $151.9 million and $135.3 million, respectively. (b) The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $10.7 million and $20.2 million during the three months ended March 31, 2024 and 2023, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. Absent additional equity contributions, the Company will not recognize additional losses for its voting membership interests in ALLO. (c) As of March 31, 2024, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $155.0 million and $2.4 million, respectively. The preferred membership interests of ALLO held by the Company historically earned a preferred annual return of 6.25% that increased to 10.00% on April 1, 2024. The Company recognized income on its ALLO preferred membership interests of $2.4 million and $2.2 million during the three months ended March 31, 2024 and 2023, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (d) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2024, the Company's ownership correlates to approximately $965 million, $490 million, and $335 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (e) As of March 31, 2024, the Company has funded a total of $491.8 million in solar investments, which includes $208.9 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. As of March 31, 2024, the Company has earned a total of $511.6 million of tax credits, which includes $248.6 million earned by syndication partners. The solar investment carrying value on the consolidated balance sheet of $(133.8) million as of March 31, 2024 represents the sum of total tax credits earned on solar projects placed-in-service through March 31, 2024 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment balance as of March 31, 2024, excluding the portion owned by syndication partners and reflected as "noncontrolling interests" on the consolidated balance sheet, was $(70.1) million. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized net gains of $3.0 million and net losses of $1.9 million on its solar investments during the three months ended March 31, 2024 and 2023, respectively. These amounts, which include net losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar net losses attributed to noncontrolling interest investors was $1.2 million and $2.7 million for the three months ended March 31, 2024 and 2023, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding net losses attributed to noncontrolling interest investors, the Company recognized net gains on its solar investments of $4.2 million and $0.8 million during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company is committed to fund an additional $146.6 million on solar investments, of which $76.2 million is expected to be provided by syndication partners. The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of March 31, 2024: As of March 31, 2024 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 Restricted Investments: FFELP loan and other debt securities $ — 9,267 4,017 21,674 34,958 Fair value — 9,270 4,037 22,769 36,076 Non-Nelnet Bank: FFELP loan 8,796 9,206 22,190 223,143 263,335 Private education loan — — — 269,983 269,983 Other debt securities — 99 — 20,487 20,586 Total Non-Nelnet Bank 8,796 9,305 22,190 513,613 553,904 Fair value 8,697 9,244 21,651 497,751 537,343 Nelnet Bank: FFELP loan 60,739 22,744 26,144 190,608 300,235 Private education loan — — 15,940 13,500 29,440 Other debt securities — 47,839 11,868 51,208 110,915 Total Nelnet Bank 60,739 70,583 53,952 255,316 440,590 Fair value 61,249 70,585 53,924 259,510 445,268 Total available-for-sale asset-backed securities at amortized cost $ 69,535 89,155 80,159 790,603 1,029,452 Total available-for-sale asset-backed securities at fair value $ 69,946 89,099 79,612 780,030 1,018,687 Held-to-maturity investments Non-Nelnet Bank: Debt securities $ 4,700 — — — 4,700 Fair value 4,700 — — — 4,700 Nelnet Bank: FFELP loan asset-backed securities — 3,278 1,407 143,753 148,438 Private education loan asset-backed securities — — — 8,100 8,100 Total Nelnet Bank — 3,278 1,407 151,853 156,538 Fair value — 3,351 1,435 155,007 159,793 Total held-to-maturity investments at amortized cost $ 4,700 3,278 1,407 151,853 161,238 Total held-to-maturity investments at fair value $ 4,700 3,351 1,435 155,007 164,493 Beneficial interest in loan securitizations (a): Amortized cost $ — — — — 235,824 Fair value $ — — — — 260,537 (a) The Company's beneficial interest in loan securitizations are not due at a singe maturity date. The following table summarizes the unrealized positions for held-to-maturity investments and the beneficial interest in loan securitizations as of March 31, 2024: Carrying value Gross unrealized gains Gross unrealized losses (a) Fair value Asset-backed and other securities $ 161,238 3,302 (47) 164,493 Beneficial interest in loan securitizations 235,824 28,806 (4,093) 260,537 (a) None of the unrealized losses at March 31, 2024 were due to credit losses. The following table presents securities classified as available-for-sale that have gross unrealized losses at March 31, 2024 and the fair value of such securities as of March 31, 2024. 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 March 31, 2024 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 Restricted Investments: FFELP loan and other debt securities $ (80) 8,175 — — (80) 8,175 Non-Nelnet Bank: FFELP loan (335) 16,011 (2,708) 119,466 (3,043) 135,477 Private education loan — — (21,547) 248,436 (21,547) 248,436 Total Non-Nelnet Bank (335) 16,011 (24,255) 367,902 (24,590) 383,913 Nelnet Bank: FFELP loan (779) 26,112 (832) 34,654 (1,611) 60,766 Other debt securities (63) 15,088 (1,435) 14,713 (1,498) 29,801 Total Nelnet Bank (842) 41,200 (2,267) 49,367 (3,109) 90,567 Total available-for-sale asset-backed securities $ (1,257) 65,386 (26,522) 417,269 (27,779) 482,655 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 March 31, 2024 2023 Gross proceeds from sales $ 153,373 492,173 Gross realized gains $ 1,054 1,274 Gross realized losses (502) (6,256) Net gains (losses) $ 552 (4,982) |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of the following: Weighted average remaining useful life as of March 31, 2024 (months) As of As of March 31, 2024 December 31, 2023 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $48,617 and $46,573, respectively) 102 $ 40,987 43,031 Trade names (net of accumulated amortization of $148 and $8,268, respectively) 97 622 642 Computer software (net of accumulated amortization of $659 and $574, respectively) 37 1,061 1,146 Total amortizable intangible assets, net 100 $ 42,670 44,819 The Company recorded amortization expense on its intangible assets of $2.1 million and $2.7 million for the three months ended March 31, 2024 and 2023, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2024, the Company estimates it will record amortization expense as follows: 2024 (April 1 - December 31) $ 6,342 2025 6,099 2026 6,012 2027 5,714 2028 5,354 2029 and thereafter 13,149 $ 42,670 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill [Abstract] | |
Goodwill | Goodwill The following table presents the carrying amount of goodwill as of March 31, 2024 and December 31, 2023 by reportable operating segment: Nelnet Financial Services Loan Servicing and Systems Education Technology Services and Payments Asset Nelnet Bank NFS Other Operating Segments Corporate and Other Activities Total Total goodwill $ 23,639 92,507 41,883 — — — 158,029 |
Bank Deposits
Bank Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Bank Deposits | Bank Deposits The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits: As of As of March 31, 2024 December 31, 2023 Retail and other savings $ 575,732 517,960 Brokered CDs, net of brokered deposit fees 204,174 203,522 Retail and other CDs (commercial and institutional) 19,320 20,060 Commercial 2,835 2,057 Total interest-bearing deposits $ 802,061 743,599 As of March 31, 2024 and December 31, 2023, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $158.6 million and $104.0 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 certificates of deposit remaining maturities as of March 31, 2024: One year or less $ — After one year to two years 63,026 After two years to three years 159,320 After three years to four years 348 After four years to five years 800 After five years — Total $ 223,494 Retail and other deposits include savings deposits from Educational 529 College Savings, Short Term Federal Investment Trusts, and Health Savings plan deposits. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. There were no deposits exceeding the FDIC insurance limits as of March 31, 2024, with the exception of $45.0 million, which includes the commercial deposit, the pledged deposit from Nelnet, Inc., and an earmarked deposit required for intercompany transactions. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share 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. Three months ended March 31, 2024 2023 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 71,727 1,483 73,210 25,945 542 26,487 Denominator: Weighted-average common shares outstanding - basic and diluted 36,404,364 752,607 37,156,971 36,580,204 764,400 37,344,604 Earnings per share - basic and diluted $ 1.97 1.97 1.97 0.71 0.71 0.71 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting See note 16 of the notes to consolidated financial statements included in the 2023 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 March 31, 2024 Nelnet Financial Services Loan Servicing and Systems Education Technology Services and Payments Asset Nelnet Bank NFS Other Operating Segments Corporate and Other Activities Eliminations Total Total interest income $ 1,894 7,866 231,463 17,064 15,616 3,815 (8,915) 268,802 Interest expense — — 190,905 9,497 2,418 676 (8,915) 194,580 Net interest income 1,894 7,866 40,558 7,567 13,198 3,139 — 74,222 Less provision for loan losses — — 6,555 4,373 — — — 10,928 Net interest income after provision for loan losses 1,894 7,866 34,003 3,194 13,198 3,139 — 63,294 Other income (expense): Loan servicing and systems revenue 127,201 — — — — — — 127,201 Intersegment revenue 6,886 49 — — — — (6,935) — Education technology services and payments revenue — 143,539 — — — — — 143,539 Solar construction revenue — — — — — 13,726 — 13,726 Other, net 710 — 4,983 375 12,941 (1,994) — 17,015 (Loss) gain on sale of loans, net — — (41) — — — — (41) Derivative settlements, net — — 1,555 202 — — — 1,757 Derivative market value adjustments, net — — 5,706 2,258 — — — 7,964 Total other income (expense), net 134,797 143,588 12,203 2,835 12,941 11,732 (6,935) 311,161 Cost of services: Cost to provide education technology services and payments — 48,610 — — — — — 48,610 Cost to provide solar construction services — — — — — 14,229 — 14,229 Total cost of services — 48,610 — — — 14,229 — 62,839 Operating expenses: Salaries and benefits 76,722 40,167 1,195 2,721 358 23,521 (807) 143,875 Depreciation and amortization 5,109 2,683 — 260 — 8,716 — 16,769 Other expenses 19,538 7,558 3,418 1,128 11,802 13,402 — 56,845 Intersegment expenses, net 19,332 4,801 7,850 773 217 (26,845) (6,128) — Total operating expenses 120,701 55,209 12,463 4,882 12,377 18,794 (6,935) 217,489 Income (loss) before income taxes 15,990 47,635 33,743 1,147 13,762 (18,152) — 94,127 Income tax (expense) benefit (3,838) (11,435) (8,099) (259) (3,274) 3,785 — (23,119) Net income (loss) 12,152 36,200 25,644 888 10,488 (14,367) — 71,008 Net loss (income) attributable to noncontrolling interests — 17 — — (120) 2,305 — 2,202 Net income (loss) attributable to Nelnet, Inc. $ 12,152 36,217 25,644 888 10,368 (12,062) — 73,210 Total assets as of March 31, 2024 $ 212,381 389,990 12,315,238 1,125,122 1,111,587 880,107 (635,763) 15,398,662 Three months ended March 31, 2023 Nelnet Financial Services Loan Servicing and Systems Education Technology Services and Payments Asset Nelnet Bank NFS Other Operating Segments Corporate and Other Activities Eliminations Total Total interest income $ 1,037 6,036 234,719 12,259 18,660 2,539 (9,282) 265,968 Interest expense — — 189,198 7,214 11,827 491 (9,282) 199,449 Net interest income 1,037 6,036 45,521 5,045 6,833 2,048 — 66,519 Less provision for loan losses — — 31,858 2,417 — — — 34,275 Net interest income after provision for loan losses 1,037 6,036 13,663 2,628 6,833 2,048 — 32,244 Other income (expense): Loan servicing and systems revenue 139,227 — — — — — — 139,227 Intersegment revenue 7,790 56 — — — — (7,846) — Education technology services and payments revenue — 133,603 — — — — — 133,603 Solar construction revenue — — — — — 8,651 — 8,651 Other, net 608 — 2,845 210 (741) (16,993) — (14,071) (Loss) gain on sale of loans, net — — 11,812 — — — — 11,812 Derivative settlements, net — — 23,337 — — — — 23,337 Derivative market value adjustments, net — — (37,411) — — — — (37,411) Total other income (expense), net 147,625 133,659 583 210 (741) (8,342) (7,846) 265,148 Cost of services: Cost to provide education technology services and payments — 47,704 — — — — — 47,704 Cost to provide solar construction services — — — — — 8,299 — 8,299 Total cost of services — 47,704 — — — 8,299 — 56,003 Operating expenses: Salaries and benefits 84,560 37,913 755 2,064 219 27,200 — 152,710 Depreciation and amortization 4,513 2,578 — 5 — 9,531 — 16,627 Other expenses 13,313 8,063 5,016 782 567 13,044 — 40,785 Intersegment expenses, net 21,057 5,800 8,696 80 129 (27,916) (7,846) — Total operating expenses 123,443 54,354 14,467 2,931 915 21,859 (7,846) 210,122 Income (loss) before income taxes 25,219 37,637 (221) (93) 5,177 (36,452) — 31,267 Income tax (expense) benefit (6,053) (9,066) 53 35 (1,209) 7,990 — (8,250) Net income (loss) 19,166 28,571 (168) (58) 3,968 (28,462) — 23,017 Net loss (income) attributable to noncontrolling interests — 138 — — (140) 3,472 — 3,470 Net income (loss) attributable to Nelnet, Inc. $ 19,166 28,709 (168) (58) 3,828 (24,990) — 26,487 Total assets as of March 31, 2023 $ 232,667 424,742 14,939,324 1,000,659 1,206,023 1,002,249 (723,055) 18,082,609 |
Disaggregated Revenue
Disaggregated Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregated Revenue | Disaggregated Revenue The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments. Loan Servicing and Systems Three months ended March 31, 2024 2023 Government loan servicing $ 105,474 108,880 Private education and consumer loan servicing 12,620 12,164 FFELP loan servicing 3,380 3,368 Software services 4,541 9,697 Outsourced services 1,186 5,118 Loan servicing and systems revenue $ 127,201 139,227 Education Technology Services and Payments Three months ended March 31, 2024 2023 Tuition payment plan services $ 38,880 34,187 Payment processing 47,786 44,041 Education technology services 56,021 54,787 Other 852 588 Education technology services and payments revenue $ 143,539 133,603 Solar Construction Three months ended March 31, 2024 2023 Commercial revenue $ 11,578 5,876 Residential revenue (a) 2,148 2,775 Solar construction revenue $ 13,726 8,651 (a) On April 12, 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will decline in future periods as existing customer contracts are completed. 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 March 31, 2024 2023 Reinsurance premiums $ 12,780 535 Borrower late fee income 3,133 2,247 Gain (loss) from solar investments, net 2,971 (1,947) ALLO preferred return 2,409 2,249 Administration/sponsor fee income 1,546 1,772 Investment advisory services (WRCM) 1,508 1,612 Loss from ALLO voting membership interest investment (10,693) (20,213) Investment activity, net (1,298) (3,577) Other 4,659 3,251 Other, net $ 17,015 (14,071) |
Major Customer
Major Customer | 3 Months Ended |
Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Major Customer | Major Customer Government Loan Servicing Nelnet Servicing, a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by the Company related to this contract was $105.5 million and $108.9 million for the three months ended March 31, 2024 and 2023, respectively. The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which replaced the legacy Department student loan servicing contract. The New Government Servicing Contract became effective April 24, 2023 and has a five year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers will be allocated by the Department to Nelnet Servicing and four other third-party servicers that were awarded a USDS contract based on service and performance levels. Under the New Government Servicing Contract, Nelnet Servicing immediately began to make required servicing platform enhancements, for which it will be compensated from the Department on certain of these investments. Servicing under the New Government Servicing Contract went live on April 1, 2024 and the Company will recognize revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2024 As of December 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Asset-backed debt securities - available-for-sale $ 99 1,018,588 1,018,687 99 955,804 955,903 Equity securities 56 — 56 73 — 73 Equity securities measured at net asset value (a) 54,970 50,834 Total investments 155 1,018,588 1,073,713 172 955,804 1,006,810 Derivative instruments — 1,820 1,820 — 452 452 Total assets $ 155 1,020,408 1,075,533 172 956,256 1,007,262 Liabilities: Derivative instruments $ — 1,085 1,085 — 1,976 1,976 Total liabilities $ — 1,085 1,085 — 1,976 1,976 (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. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2024 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 11,479,342 11,144,983 — — 11,479,342 Accrued loan interest receivable 684,095 684,095 — 684,095 — Cash and cash equivalents 179,682 179,682 179,682 — — Investments (at fair value) 1,073,713 1,073,713 155 1,018,588 — Investments - held-to-maturity 164,493 161,238 — 164,493 — Notes receivable 53,140 53,140 — 53,140 — Beneficial interest in loan securitizations 260,537 235,824 — — 260,537 Restricted cash 618,363 618,363 618,363 — — Restricted cash – due to customers 142,778 142,778 142,778 — — Derivative instruments 1,820 1,820 — 1,820 — Financial liabilities: Bonds and notes payable 10,481,221 10,582,513 — 10,481,221 — Accrued interest payable 31,983 31,983 — 31,983 — Bank deposits 781,814 802,061 528,315 253,499 — Due to customers 274,757 274,757 274,757 — — Derivative instruments 1,085 1,085 — 1,085 — As of December 31, 2023 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 12,800,638 12,343,819 — — 12,800,638 Accrued loan interest receivable 764,385 764,385 — 764,385 — Cash and cash equivalents 168,112 168,112 168,112 — — Investments (at fair value) 1,006,810 1,006,810 172 955,804 — Investments - held-to-maturity 163,622 162,738 — 163,622 — Notes receivable 53,747 53,747 — 53,747 — Beneficial interest in loan securitizations 262,093 225,079 — — 262,093 Restricted cash 488,723 488,723 488,723 — — Restricted cash – due to customers 368,656 368,656 368,656 — — Derivative instruments 452 452 — 452 — Financial liabilities: Bonds and notes payable 11,629,359 11,828,393 — 11,629,359 — Accrued interest payable 35,391 35,391 — 35,391 — Bank deposits 722,973 743,599 467,420 255,553 — Due to customers 425,507 425,507 425,507 — — Derivative instruments 1,976 1,976 — 1,976 — The methodologies for estimating the fair value of financial assets and liabilities are described in note 23 of the notes to consolidated financial statements included in the 2023 Annual Report. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income attributable to Nelnet, Inc. | $ 73,210 | $ 26,487 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Kathleen A. Farrell [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | 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 first quarter of 2024, 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 Kathleen A. Farrell Director 3/6/2024 3/5/2025 Sale of 1,700 shares of Class A common stock (a) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed. |
Name | Kathleen A. Farrell |
Title | Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/6/2024 |
Arrangement Duration | 365 days |
Aggregate Available | 1,700 |
Basis of Financial Reporting (P
Basis of Financial Reporting (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Reporting | The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 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 months ended March 31, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. 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, 2023 (the "2023 Annual Report"). |
Loans and Accrued Interest Re_2
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loans Receivable and Accrued Interest Receivable | Loans and accrued interest receivable consisted of the following: As of As of March 31, 2024 December 31, 2023 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 2,546,852 2,936,174 Consolidation 7,836,200 8,750,033 Total 10,383,052 11,686,207 Private education loans 261,582 277,320 Consumer and other loans 155,308 85,935 Non-Nelnet Bank loans 10,799,942 12,049,462 Nelnet Bank: Private education loans 364,766 360,520 Consumer and other loans 118,957 72,352 Nelnet Bank loans 483,723 432,872 Accrued interest receivable 684,095 764,385 Loan discount, net of unamortized loan premiums and deferred origination costs (32,674) (33,872) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (61,723) (68,453) Private education loans (14,736) (15,750) Consumer and other loans (18,761) (11,742) Non-Nelnet Bank allowance for loan losses (95,220) (95,945) Nelnet Bank: Private education loans (3,660) (3,347) Consumer and other loans (7,128) (5,351) Nelnet Bank allowance for loan losses (10,788) (8,698) $ 11,829,078 13,108,204 |
Schedule of Net Charge-offs as a Percentage of Average Loans | 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 March 31, 2024 December 31, 2023 Non-Nelnet Bank: Federally insured loans (a) 0.59 % 0.59 % Private education loans 5.63 % 5.68 % Consumer and other loans 12.08 % 13.66 % Nelnet Bank: Private education loans 1.00 % 0.93 % Consumer and other loans 5.99 % 7.40 % (a) As of March 31, 2024 and December 31, 2023, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty was 21.7% and 21.8%, respectively. 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 March 31, 2024 2023 Non-Nelnet Bank: Federally insured loans 0.17 % 0.20 % Private education loans 1.12 % 0.78 % Consumer and other loans 5.73 % 2.59 % Nelnet Bank: Federally insured loans — 0.01 % Private education loans 0.49 % 0.13 % Consumer and other loans 8.01 % — |
Schedule of Financing Receivable, Loans Sold and Gains Recognized | The following table summarizes the loans sold and gains/losses recognized by the Company during the three months ended March 31, 2024 and 2023. Loans sold Gain (loss) Loan type Residual interest received in securitization Three months ended March 31, 2024 March 27 $ 199,694 — FFELP — March 28 405 (41) Home equity — $ 200,099 (41) Three months ended March 31, 2023 January 31 $ 97,350 (1,441) Home equity 64.8 % (a) January 31 42,275 4,350 Consumer 13.3 March 2 122,132 8,966 Consumer 24.6 (a) March 22 145 (63) Home equity — $ 261,902 11,812 (a) In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet. |
Schedule of 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 Loan sales Balance at end of period Three months ended March 31, 2024 Non-Nelnet Bank: Federally insured loans $ 68,453 (1,870) (4,860) — — 61,723 Private education loans 15,750 (265) (1,013) 264 — 14,736 Consumer and other loans 11,742 8,690 (1,957) 381 (95) 18,761 Nelnet Bank: Private education loans 3,347 757 (446) 2 — 3,660 Consumer and other loans 5,351 3,717 (1,967) 27 — 7,128 $ 104,643 11,029 (10,243) 674 (95) 106,008 Three months ended March 31, 2023 Non-Nelnet Bank: Federally insured loans $ 83,593 2,411 (6,673) — — 79,331 Private education loans 15,411 240 (640) 164 — 15,175 Consumer and other loans 30,263 29,207 (2,267) 220 (22,106) 35,317 Nelnet Bank: Federally insured loans 170 (9) (1) — — 160 Private education loans 2,390 614 (110) — — 2,894 Consumer and other loans — 1,827 — — — 1,827 $ 131,827 34,290 (9,691) 384 (22,106) 134,704 |
Schedule of Loan Status and Delinquencies | The following table presents the Company’s loan status and delinquency amounts. As of March 31, 2024 As of December 31, 2023 As of March 31, 2023 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 490,402 4.7 % $ 522,304 4.5 % $ 641,914 5.0 % Loans in forbearance 777,141 7.5 979,588 8.4 984,738 7.6 Loans in repayment status: Loans current 7,691,650 84.4 % 8,416,624 82.6 % 9,859,751 87.2 % Loans delinquent 31-60 days 360,237 3.9 377,108 3.7 346,665 3.1 Loans delinquent 61-90 days 189,035 2.1 254,553 2.5 254,353 2.2 Loans delinquent 91-120 days 143,656 1.6 187,145 1.9 178,078 1.6 Loans delinquent 121-270 days 422,979 4.6 685,829 6.7 440,695 3.9 Loans delinquent 271 days or greater 307,952 3.4 263,056 2.6 225,365 2.0 Total loans in repayment 9,115,509 87.8 100.0 % 10,184,315 87.1 100.0 % 11,304,907 87.4 100.0 % Total federally insured loans 10,383,052 100.0 % 11,686,207 100.0 % 12,931,559 100.0 % Accrued interest receivable 677,001 757,713 791,476 Loan discount, net of unamortized premiums and deferred origination costs (26,658) (28,963) (32,626) Allowance for loan losses (61,723) (68,453) (79,331) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 10,971,672 $ 12,346,504 $ 13,611,078 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 8,979 3.4 % $ 9,475 3.4 % $ 12,218 5.1 % Loans in forbearance 2,601 1.0 2,529 0.9 2,698 1.1 Loans in repayment status: Loans current 243,637 97.4 % 257,639 97.1 % 220,921 97.5 % Loans delinquent 31-60 days 2,162 0.9 3,395 1.3 2,014 0.9 Loans delinquent 61-90 days 1,542 0.6 1,855 0.7 931 0.4 Loans delinquent 91 days or greater 2,661 1.1 2,427 0.9 2,733 1.2 Total loans in repayment 250,002 95.6 100.0 % 265,316 95.7 100.0 % 226,599 93.8 100.0 % Total private education loans 261,582 100.0 % 277,320 100.0 % 241,515 100.0 % Accrued interest receivable 2,560 2,653 2,277 Loan discount, net of unamortized premiums (7,616) (8,037) 79 Allowance for loan losses (14,736) (15,750) (15,175) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 241,790 $ 256,186 $ 228,696 As of March 31, 2024 As of December 31, 2023 As of March 31, 2023 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 54 0.0 % $ 146 0.2 % $ 40 0.0 % Loans in repayment status: Loans current 150,947 97.2 % 81,195 94.6 % 304,414 98.3 % Loans delinquent 31-60 days 1,758 1.1 2,035 2.4 2,037 0.7 Loans delinquent 61-90 days 1,471 1.0 1,189 1.4 1,236 0.4 Loans delinquent 91 days or greater 1,078 0.7 1,370 1.6 1,819 0.6 Total loans in repayment 155,254 100.0 100.0 % 85,789 99.8 100.0 % 309,506 100.0 100.0 % Total consumer and other loans 155,308 100.0 % 85,935 100.0 % 309,546 100.0 % Accrued interest receivable 1,209 861 3,288 Loan discount, net of unamortized premiums (5,451) (2,474) 913 Allowance for loan losses (18,761) (11,742) (35,317) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 132,305 $ 72,580 $ 278,430 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 42,699 11.7 % $ 25,957 7.2 % $ 17,021 4.8 % Loans in forbearance 1,277 0.4 1,285 0.4 681 0.2 Loans in repayment status: Loans current 318,906 99.4 % 331,580 99.4 % 336,967 99.7 % Loans delinquent 30-59 days 327 0.1 839 0.3 388 0.1 Loans delinquent 60-89 days 665 0.2 253 0.1 536 0.2 Loans delinquent 90 days or greater 892 0.3 606 0.2 112 — Total loans in repayment 320,790 87.9 100.0 % 333,278 92.4 100.0 % 338,003 95.0 100.0 % Total private education loans 364,766 100.0 % 360,520 100.0 % 355,705 100.0 % Accrued interest receivable 2,445 2,023 1,385 Deferred origination costs, net of unaccreted discount 5,692 5,608 5,400 Allowance for loan losses (3,660) (3,347) (2,894) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 369,243 $ 364,804 $ 359,596 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 141 0.1 % $ 103 0.1 % $ — — % Loans in repayment status: Loans current 115,152 96.9 % 69,584 96.3 % 19,903 100.0 % Loans delinquent 30-59 days 1,511 1.3 1,075 1.5 — — Loans delinquent 60-89 days 1,084 0.9 941 1.3 — — Loans delinquent 90 days or greater 1,069 0.9 649 0.9 — — Total loans in repayment 118,816 99.9 100.0 % 72,249 99.9 100.0 % 19,903 100.0 100.0 % Total consumer and other loans 118,957 100.0 % 72,352 100.0 % 19,903 100.0 % Accrued interest receivable 880 575 117 Loan premium, net of unaccreted discount 1,359 (6) 1 Allowance for loan losses (7,128) (5,351) (1,827) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 114,068 $ 67,570 $ 18,194 (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. |
Schedule of Loans Receivable Credit Quality Indicators | 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. Nelnet Bank Private Education Loans Loan balance as of March 31, 2024 Three months ended March 31, 2024 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 380 4,175 5,349 4,524 381 14,809 705 - 734 834 9,946 21,468 8,410 519 41,177 735 - 764 954 9,479 32,227 14,383 1,338 58,381 765 - 794 625 6,815 50,588 26,414 1,322 85,764 Greater than 794 1,523 18,207 75,304 56,079 4,979 156,092 No FICO score available or required 2,488 6,055 — — — 8,543 $ 6,804 54,677 184,936 109,810 8,539 364,766 Loan balance as of December 31, 2023 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 3,840 5,495 4,647 386 14,368 705 - 734 9,534 21,961 8,805 525 40,825 735 - 764 8,648 32,969 14,910 1,358 57,885 765 - 794 5,776 52,045 27,221 1,374 86,416 Greater than 794 15,057 77,996 58,695 5,226 156,974 No FICO score available or required 4,052 — — — 4,052 $ 46,907 190,466 114,278 8,869 360,520 Nelnet Bank Consumer and Other Loans Loan balance as of March 31, 2024 Three months ended March 31, 2024 2023 2022 2021 2020 Total FICO at origination: Less than 720 $ 12,913 18,324 — — — 31,237 720 - 769 21,017 29,900 48 — — 50,965 Greater than 769 21,359 14,280 108 — — 35,747 No FICO score available or required 230 441 282 55 — 1,008 $ 55,519 62,945 438 55 — 118,957 Loan balance as of December 31, 2023 2023 2022 2021 2020 Total FICO at origination: Less than 720 $ 21,412 — — — 21,412 720 - 769 33,571 51 — — 33,622 Greater than 769 16,484 109 — — 16,593 No FICO score available or required 386 284 55 — 725 $ 71,853 444 55 — 72,352 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 March 31, 2024 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program 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. Three months ended March 31, 2024 2023 2022 2021 2020 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ — — 806 3,751 869 3,553 8,979 Loans in forbearance — — 21 141 604 1,835 2,601 Loans in repayment status: Loans current — 208 4,367 4,908 44,180 189,974 243,637 Loans delinquent 31-60 days — — 13 51 94 2,004 2,162 Loans delinquent 61-90 days — — — — 55 1,487 1,542 Loans delinquent 91 days or greater — — — — 91 2,570 2,661 Total loans in repayment — 208 4,380 4,959 44,420 196,035 250,002 Total private education loans $ — 208 5,207 8,851 45,893 201,423 261,582 Accrued interest receivable 2,560 Loan discount, net of unamortized premiums (7,616) Allowance for loan losses (14,736) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 241,790 Gross charge-offs - three months ended March 31, 2024 $ — — — 76 36 901 1,013 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ — 54 — — — — 54 Loans in repayment status: Loans current 48,660 96,183 4,887 690 300 227 150,947 Loans delinquent 31-60 days — 1,253 449 51 — 5 1,758 Loans delinquent 61-90 days — 1,024 375 24 21 27 1,471 Loans delinquent 91 days or greater — 652 344 71 4 7 1,078 Total loans in repayment 48,660 99,112 6,055 836 325 266 155,254 Total consumer and other loans $ 48,660 99,166 6,055 836 325 266 155,308 Accrued interest receivable 1,209 Loan discount, net of unamortized premiums (5,451) Allowance for loan losses (18,761) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 132,305 Gross charge-offs - three months ended March 31, 2024 $ — 733 1,076 101 21 26 1,957 Three months ended March 31, 2024 2023 2022 2021 2020 Prior years Total Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 4,367 26,586 10,074 739 933 — 42,699 Loans in forbearance — 84 591 493 109 — 1,277 Loans in repayment status: Loans current 2,437 27,592 173,645 107,735 7,497 — 318,906 Loans delinquent 30-59 days — 89 135 103 — — 327 Loans delinquent 60-89 days — 237 305 123 — — 665 Loans delinquent 90 days or greater — 89 186 617 — — 892 Total loans in repayment 2,437 28,007 174,271 108,578 7,497 — 320,790 Total private education loans $ 6,804 54,677 184,936 109,810 8,539 — 364,766 Accrued interest receivable 2,445 Deferred origination costs, net of unaccreted discount 5,692 Allowance for loan losses (3,660) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 369,243 Gross charge-offs - three months ended March 31, 2024 $ — 178 146 122 — — 446 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 86 55 — — — — 141 Loans in repayment status: Loans current 55,344 59,315 438 55 — — 115,152 Loans delinquent 30-59 days 89 1,422 — — — — 1,511 Loans delinquent 60-89 days — 1,084 — — — — 1,084 Loans delinquent 90 days or greater — 1,069 — — — — 1,069 Total loans in repayment 55,433 62,890 438 55 — — 118,816 Total consumer and other loans $ 55,519 62,945 438 55 — — 118,957 Accrued interest receivable 880 Loan premium, net of unaccreted discount 1,359 Allowance for loan losses (7,128) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 114,068 Gross charge-offs - three months ended March 31, 2024 $ — 1,967 — — — — 1,967 (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. |
Bonds and Notes Payable (Tables
Bonds and Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt Obligations | The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2024 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 $ 8,766,041 5.47% - 7.44% 8/26/30 - 9/25/69 Bonds and notes based on auction 84,660 0.00% - 6.44% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 8,850,701 Fixed-rate bonds and notes issued in FFELP loan asset-backed 430,061 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facilities 1,066,197 5.41% - 5.57% 4/2/25 / 5/22/25 Consumer loan warehouse facility 41,762 5.55% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 71,963 6.90% / 7.57% 6/25/49 / 11/25/53 Fixed-rate bonds and notes issued in private education loan asset-backed securitizations 70,310 5.35% / 7.15% 12/28/43 / 11/25/53 Unsecured line of credit — — 9/22/26 Participation agreements 9,023 5.58% - 6.06% 5/4/24 / 1/30/33 Repurchase agreement 114,498 6.43% - 6.74% 11/27/24 / 12/20/24 Other - due to related party 5,591 5.00% - 6.05% 4/30/24 - 11/15/30 10,660,106 Discount on bonds and notes payable and debt issuance costs (77,593) Total $ 10,582,513 As of December 31, 2023 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 $ 9,552,667 5.45% - 7.47% 8/26/30 - 9/25/69 Bonds and notes based on auction 87,360 0.00% - 6.45% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 9,640,027 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 471,427 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facilities 1,398,485 5.41% - 5.70% 4/2/25 / 5/22/25 Consumer loan warehouse facility 23,691 5.70% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 80,393 6.90% / 7.57% 6/25/49 / 11/25/53 Fixed-rate bonds and notes issued in private education loan asset-backed securitizations 80,130 5.35% / 7.15% 12/28/43 / 11/25/53 Unsecured line of credit — — 9/22/26 Participation agreements 10,063 5.58% - 6.08% 3/12/24 / 5/4/24 Repurchase agreement 208,164 6.35% - 6.81% 1/22/24 - 12/20/24 Other - due to related party 5,778 5.00% - 6.05% 3/1/24 - 11/15/30 11,918,158 Discount on bonds and notes payable and debt issuance costs (89,765) Total $ 11,828,393 |
Schedule of Outstanding Line of Credit Facilities | The following table summarizes the Company's warehouse facilities as of March 31, 2024. 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) $ 950,000 712,198 237,802 11/22/2024 5/22/2025 note (b) $ 50,093 FFELP (c) 432,000 353,999 78,001 4/2/2024 4/2/2025 92 % 29,196 $ 1,382,000 1,066,197 315,803 $ 79,289 Consumer (d) 150,000 41,762 108,238 11/14/2024 11/14/2025 70 % 17,405 (a) Effective March 6, 2024, the maximum financing amount on this facility was reduced from $1.25 billion to $950 million. (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. (c) On April 2, 2024, this facility was amended to reduce the maximum financing amount from $432 million to $375 million, and to extend the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively. (d) On March 11, 2024, this facility was amended to reduce the maximum financing amount from $200 million to $150 million. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts on Outstanding Derivatives | The following table summarizes the Company’s outstanding basis swaps as of March 31, 2024 and December 31, 2023, in which the Company receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Prior to the discontinuation of LIBOR on June 30, 2023, the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount 2024 $ 1,750,000 2026 1,150,000 2027 250,000 $ 3,150,000 The following table summarizes the outstanding derivative instruments used by the Company as of March 31, 2024 and December 31, 2023, to economically hedge loans earning fixed rate floor income. Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2026 $ 200,000 3.92 % 2028 50,000 3.56 2029 (b) 50,000 3.17 2030 (c) 100,000 3.63 $ 400,000 3.71 % (a) For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly. (b) This $50 million notional amount derivative has a forward effective start date in January 2026. (c) A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025. The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank as of March 31, 2024 and December 31, 2023, to hedge exposure to variability in cash flows related to variable rate intercompany deposits. Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2028 $ 40,000 3.33 % 2030 (b) 50,000 3.06 2032 (c) 25,000 4.03 2033 (d) 25,000 3.90 $ 140,000 3.46 % (a) For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly. (b) These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively. (c) This $25 million notional amount derivative has a forward effective start date in February 2027. (d) This $25 million notional amount derivative has a forward effective start date in November 2025. |
Schedule of Derivative Impact on Statement of Income | The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. Three months ended March 31, 2024 2023 Settlements: 1:3 basis swaps $ 365 859 Interest rate swaps - floor income hedges 1,190 22,478 Interest rate swaps - Nelnet Bank 202 — Total settlements - income 1,757 23,337 Change in fair value: 1:3 basis swaps (354) (23) Interest rate swaps - floor income hedges 6,060 (37,388) Interest rate swaps - Nelnet Bank 2,258 — Total change in fair value - income (expense) 7,964 (37,411) Derivative market value adjustments and derivative settlements, net - income (expense) $ 9,721 (14,074) |
Schedule of Fair Value of Asset Derivatives | The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets. Fair value of asset derivatives Fair value of liability derivatives As of March 31, 2024 As of December 31, 2023 As of March 31, 2024 As of December 31, 2023 Interest rate swaps - Nelnet Bank $ 1,820 452 1,085 1,976 |
Schedule of Fair Value of Liabilities Derivatives | The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets. Fair value of asset derivatives Fair value of liability derivatives As of March 31, 2024 As of December 31, 2023 As of March 31, 2024 As of December 31, 2023 Interest rate swaps - Nelnet Bank $ 1,820 452 1,085 1,976 |
Investments and Notes Receiva_2
Investments and Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Schedule of Investments and Notes Receivable | "Restricted investments" and “investments and notes receivable” consisted of the following: As of March 31, 2024 As of December 31, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Restricted available-for-sale investments (at fair value): FFELP loan and other debt securities $ 34,958 1,198 (80) 36,076 16,993 1,069 (93) 17,969 Non-restricted available-for-sale investments (at fair value): Non-Nelnet Bank: FFELP loan $ 263,335 6,226 (3,043) 266,518 271,479 4,883 (5,393) 270,969 Private education loan (a) 269,983 — (21,547) 248,436 281,791 — (28,874) 252,917 Other debt securities 20,586 1,803 — 22,389 41,693 2,020 (1,275) 42,438 Total Non-Nelnet Bank 553,904 8,029 (24,590) 537,343 594,963 6,903 (35,542) 566,324 Nelnet Bank: FFELP loan 300,235 7,171 (1,611) 305,795 304,555 4,488 (2,286) 306,757 Private education loan 29,440 88 — 29,528 17,083 20 (10) 17,093 Other debt securities 110,915 528 (1,498) 109,945 49,284 117 (1,641) 47,760 Total Nelnet Bank 440,590 7,787 (3,109) 445,268 370,922 4,625 (3,937) 371,610 Total available-for-sale asset-backed securities $ 994,494 15,816 (27,699) 982,611 965,885 11,528 (39,479) 937,934 Equity securities 55,026 50,907 Total investments at fair value 1,037,637 988,841 Other Investments and Notes Receivable (not measured at fair value): Held-to-maturity investments Non-Nelnet Bank: Debt securities 4,700 4,700 Nelnet Bank: FFELP loan asset-backed securities 148,438 149,938 Private education loan asset-backed securities 8,100 8,100 Total Nelnet Bank 156,538 158,038 Total held-to-maturity investments 161,238 162,738 Venture capital and funds: Measurement alternative 194,574 194,084 Equity method 102,309 91,464 Total venture capital and funds 296,883 285,548 Real estate: Equity method 105,523 103,811 Investment in ALLO: Voting interest/equity method (b) — 10,693 Preferred membership interest and accrued and unpaid preferred return (c) 157,456 155,047 Total investment in ALLO 157,456 165,740 Beneficial interest in loan securitizations (d): Consumer loans 147,076 134,113 Private education loans 66,307 68,372 Federally insured student loans 22,441 22,594 Total beneficial interest in loan securitizations 235,824 225,079 Solar (e) (133,772) (121,779) Notes receivable 53,140 53,747 Tax liens, affordable housing, and other 7,762 7,243 Total investments (not measured at fair value) 884,054 882,127 Total investments and notes receivable $ 1,921,691 $ 1,870,968 (a) A portion of the private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreement." As of March 31, 2024, the par value and fair value of these securities was $151.9 million and $135.3 million, respectively. (b) The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $10.7 million and $20.2 million during the three months ended March 31, 2024 and 2023, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. Absent additional equity contributions, the Company will not recognize additional losses for its voting membership interests in ALLO. (c) As of March 31, 2024, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $155.0 million and $2.4 million, respectively. The preferred membership interests of ALLO held by the Company historically earned a preferred annual return of 6.25% that increased to 10.00% on April 1, 2024. The Company recognized income on its ALLO preferred membership interests of $2.4 million and $2.2 million during the three months ended March 31, 2024 and 2023, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (d) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2024, the Company's ownership correlates to approximately $965 million, $490 million, and $335 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (e) As of March 31, 2024, the Company has funded a total of $491.8 million in solar investments, which includes $208.9 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. As of March 31, 2024, the Company has earned a total of $511.6 million of tax credits, which includes $248.6 million earned by syndication partners. The solar investment carrying value on the consolidated balance sheet of $(133.8) million as of March 31, 2024 represents the sum of total tax credits earned on solar projects placed-in-service through March 31, 2024 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment balance as of March 31, 2024, excluding the portion owned by syndication partners and reflected as "noncontrolling interests" on the consolidated balance sheet, was $(70.1) million. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized net gains of $3.0 million and net losses of $1.9 million on its solar investments during the three months ended March 31, 2024 and 2023, respectively. These amounts, which include net losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar net losses attributed to noncontrolling interest investors was $1.2 million and $2.7 million for the three months ended March 31, 2024 and 2023, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding net losses attributed to noncontrolling interest investors, the Company recognized net gains on its solar investments of $4.2 million and $0.8 million during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company is committed to fund an additional $146.6 million on solar investments, of which $76.2 million is expected to be provided by syndication partners. |
Schedule of Investments Classified by Contractual Maturity Date | The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of March 31, 2024: As of March 31, 2024 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 Restricted Investments: FFELP loan and other debt securities $ — 9,267 4,017 21,674 34,958 Fair value — 9,270 4,037 22,769 36,076 Non-Nelnet Bank: FFELP loan 8,796 9,206 22,190 223,143 263,335 Private education loan — — — 269,983 269,983 Other debt securities — 99 — 20,487 20,586 Total Non-Nelnet Bank 8,796 9,305 22,190 513,613 553,904 Fair value 8,697 9,244 21,651 497,751 537,343 Nelnet Bank: FFELP loan 60,739 22,744 26,144 190,608 300,235 Private education loan — — 15,940 13,500 29,440 Other debt securities — 47,839 11,868 51,208 110,915 Total Nelnet Bank 60,739 70,583 53,952 255,316 440,590 Fair value 61,249 70,585 53,924 259,510 445,268 Total available-for-sale asset-backed securities at amortized cost $ 69,535 89,155 80,159 790,603 1,029,452 Total available-for-sale asset-backed securities at fair value $ 69,946 89,099 79,612 780,030 1,018,687 Held-to-maturity investments Non-Nelnet Bank: Debt securities $ 4,700 — — — 4,700 Fair value 4,700 — — — 4,700 Nelnet Bank: FFELP loan asset-backed securities — 3,278 1,407 143,753 148,438 Private education loan asset-backed securities — — — 8,100 8,100 Total Nelnet Bank — 3,278 1,407 151,853 156,538 Fair value — 3,351 1,435 155,007 159,793 Total held-to-maturity investments at amortized cost $ 4,700 3,278 1,407 151,853 161,238 Total held-to-maturity investments at fair value $ 4,700 3,351 1,435 155,007 164,493 Beneficial interest in loan securitizations (a): Amortized cost $ — — — — 235,824 Fair value $ — — — — 260,537 (a) The Company's beneficial interest in loan securitizations are not due at a singe maturity date. |
Schedule of Debt Securities, Held-to-Maturity and Beneficial Interest in Securitization | The following table summarizes the unrealized positions for held-to-maturity investments and the beneficial interest in loan securitizations as of March 31, 2024: Carrying value Gross unrealized gains Gross unrealized losses (a) Fair value Asset-backed and other securities $ 161,238 3,302 (47) 164,493 Beneficial interest in loan securitizations 235,824 28,806 (4,093) 260,537 (a) None of the unrealized losses at March 31, 2024 were due to credit losses. |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table presents securities classified as available-for-sale that have gross unrealized losses at March 31, 2024 and the fair value of such securities as of March 31, 2024. 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 March 31, 2024 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 Restricted Investments: FFELP loan and other debt securities $ (80) 8,175 — — (80) 8,175 Non-Nelnet Bank: FFELP loan (335) 16,011 (2,708) 119,466 (3,043) 135,477 Private education loan — — (21,547) 248,436 (21,547) 248,436 Total Non-Nelnet Bank (335) 16,011 (24,255) 367,902 (24,590) 383,913 Nelnet Bank: FFELP loan (779) 26,112 (832) 34,654 (1,611) 60,766 Other debt securities (63) 15,088 (1,435) 14,713 (1,498) 29,801 Total Nelnet Bank (842) 41,200 (2,267) 49,367 (3,109) 90,567 Total available-for-sale asset-backed securities $ (1,257) 65,386 (26,522) 417,269 (27,779) 482,655 |
Schedule of Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities | The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities. Three months ended March 31, 2024 2023 Gross proceeds from sales $ 153,373 492,173 Gross realized gains $ 1,054 1,274 Gross realized losses (502) (6,256) Net gains (losses) $ 552 (4,982) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: Weighted average remaining useful life as of March 31, 2024 (months) As of As of March 31, 2024 December 31, 2023 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $48,617 and $46,573, respectively) 102 $ 40,987 43,031 Trade names (net of accumulated amortization of $148 and $8,268, respectively) 97 622 642 Computer software (net of accumulated amortization of $659 and $574, respectively) 37 1,061 1,146 Total amortizable intangible assets, net 100 $ 42,670 44,819 |
Schedule of Intangible Assets Future Amortization Expense | The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2024, the Company estimates it will record amortization expense as follows: 2024 (April 1 - December 31) $ 6,342 2025 6,099 2026 6,012 2027 5,714 2028 5,354 2029 and thereafter 13,149 $ 42,670 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill [Abstract] | |
Schedule of Goodwill | The following table presents the carrying amount of goodwill as of March 31, 2024 and December 31, 2023 by reportable operating segment: Nelnet Financial Services Loan Servicing and Systems Education Technology Services and Payments Asset Nelnet Bank NFS Other Operating Segments Corporate and Other Activities Total Total goodwill $ 23,639 92,507 41,883 — — — 158,029 |
Bank Deposits (Tables)
Bank Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Schedule of Interest-Bearing Deposits | The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits: As of As of March 31, 2024 December 31, 2023 Retail and other savings $ 575,732 517,960 Brokered CDs, net of brokered deposit fees 204,174 203,522 Retail and other CDs (commercial and institutional) 19,320 20,060 Commercial 2,835 2,057 Total interest-bearing deposits $ 802,061 743,599 |
Schedule of Certificates of Deposit Maturities | The following table presents certificates of deposit remaining maturities as of March 31, 2024: One year or less $ — After one year to two years 63,026 After two years to three years 159,320 After three years to four years 348 After four years to five years 800 After five years — Total $ 223,494 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings per Share | 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. Three months ended March 31, 2024 2023 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 71,727 1,483 73,210 25,945 542 26,487 Denominator: Weighted-average common shares outstanding - basic and diluted 36,404,364 752,607 37,156,971 36,580,204 764,400 37,344,604 Earnings per share - basic and diluted $ 1.97 1.97 1.97 0.71 0.71 0.71 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Operating Segments Reconciled to Consolidated Financial Statements | The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements. Three months ended March 31, 2024 Nelnet Financial Services Loan Servicing and Systems Education Technology Services and Payments Asset Nelnet Bank NFS Other Operating Segments Corporate and Other Activities Eliminations Total Total interest income $ 1,894 7,866 231,463 17,064 15,616 3,815 (8,915) 268,802 Interest expense — — 190,905 9,497 2,418 676 (8,915) 194,580 Net interest income 1,894 7,866 40,558 7,567 13,198 3,139 — 74,222 Less provision for loan losses — — 6,555 4,373 — — — 10,928 Net interest income after provision for loan losses 1,894 7,866 34,003 3,194 13,198 3,139 — 63,294 Other income (expense): Loan servicing and systems revenue 127,201 — — — — — — 127,201 Intersegment revenue 6,886 49 — — — — (6,935) — Education technology services and payments revenue — 143,539 — — — — — 143,539 Solar construction revenue — — — — — 13,726 — 13,726 Other, net 710 — 4,983 375 12,941 (1,994) — 17,015 (Loss) gain on sale of loans, net — — (41) — — — — (41) Derivative settlements, net — — 1,555 202 — — — 1,757 Derivative market value adjustments, net — — 5,706 2,258 — — — 7,964 Total other income (expense), net 134,797 143,588 12,203 2,835 12,941 11,732 (6,935) 311,161 Cost of services: Cost to provide education technology services and payments — 48,610 — — — — — 48,610 Cost to provide solar construction services — — — — — 14,229 — 14,229 Total cost of services — 48,610 — — — 14,229 — 62,839 Operating expenses: Salaries and benefits 76,722 40,167 1,195 2,721 358 23,521 (807) 143,875 Depreciation and amortization 5,109 2,683 — 260 — 8,716 — 16,769 Other expenses 19,538 7,558 3,418 1,128 11,802 13,402 — 56,845 Intersegment expenses, net 19,332 4,801 7,850 773 217 (26,845) (6,128) — Total operating expenses 120,701 55,209 12,463 4,882 12,377 18,794 (6,935) 217,489 Income (loss) before income taxes 15,990 47,635 33,743 1,147 13,762 (18,152) — 94,127 Income tax (expense) benefit (3,838) (11,435) (8,099) (259) (3,274) 3,785 — (23,119) Net income (loss) 12,152 36,200 25,644 888 10,488 (14,367) — 71,008 Net loss (income) attributable to noncontrolling interests — 17 — — (120) 2,305 — 2,202 Net income (loss) attributable to Nelnet, Inc. $ 12,152 36,217 25,644 888 10,368 (12,062) — 73,210 Total assets as of March 31, 2024 $ 212,381 389,990 12,315,238 1,125,122 1,111,587 880,107 (635,763) 15,398,662 Three months ended March 31, 2023 Nelnet Financial Services Loan Servicing and Systems Education Technology Services and Payments Asset Nelnet Bank NFS Other Operating Segments Corporate and Other Activities Eliminations Total Total interest income $ 1,037 6,036 234,719 12,259 18,660 2,539 (9,282) 265,968 Interest expense — — 189,198 7,214 11,827 491 (9,282) 199,449 Net interest income 1,037 6,036 45,521 5,045 6,833 2,048 — 66,519 Less provision for loan losses — — 31,858 2,417 — — — 34,275 Net interest income after provision for loan losses 1,037 6,036 13,663 2,628 6,833 2,048 — 32,244 Other income (expense): Loan servicing and systems revenue 139,227 — — — — — — 139,227 Intersegment revenue 7,790 56 — — — — (7,846) — Education technology services and payments revenue — 133,603 — — — — — 133,603 Solar construction revenue — — — — — 8,651 — 8,651 Other, net 608 — 2,845 210 (741) (16,993) — (14,071) (Loss) gain on sale of loans, net — — 11,812 — — — — 11,812 Derivative settlements, net — — 23,337 — — — — 23,337 Derivative market value adjustments, net — — (37,411) — — — — (37,411) Total other income (expense), net 147,625 133,659 583 210 (741) (8,342) (7,846) 265,148 Cost of services: Cost to provide education technology services and payments — 47,704 — — — — — 47,704 Cost to provide solar construction services — — — — — 8,299 — 8,299 Total cost of services — 47,704 — — — 8,299 — 56,003 Operating expenses: Salaries and benefits 84,560 37,913 755 2,064 219 27,200 — 152,710 Depreciation and amortization 4,513 2,578 — 5 — 9,531 — 16,627 Other expenses 13,313 8,063 5,016 782 567 13,044 — 40,785 Intersegment expenses, net 21,057 5,800 8,696 80 129 (27,916) (7,846) — Total operating expenses 123,443 54,354 14,467 2,931 915 21,859 (7,846) 210,122 Income (loss) before income taxes 25,219 37,637 (221) (93) 5,177 (36,452) — 31,267 Income tax (expense) benefit (6,053) (9,066) 53 35 (1,209) 7,990 — (8,250) Net income (loss) 19,166 28,571 (168) (58) 3,968 (28,462) — 23,017 Net loss (income) attributable to noncontrolling interests — 138 — — (140) 3,472 — 3,470 Net income (loss) attributable to Nelnet, Inc. $ 19,166 28,709 (168) (58) 3,828 (24,990) — 26,487 Total assets as of March 31, 2023 $ 232,667 424,742 14,939,324 1,000,659 1,206,023 1,002,249 (723,055) 18,082,609 |
Disaggregated Revenue (Tables)
Disaggregated Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments. Loan Servicing and Systems Three months ended March 31, 2024 2023 Government loan servicing $ 105,474 108,880 Private education and consumer loan servicing 12,620 12,164 FFELP loan servicing 3,380 3,368 Software services 4,541 9,697 Outsourced services 1,186 5,118 Loan servicing and systems revenue $ 127,201 139,227 Three months ended March 31, 2024 2023 Tuition payment plan services $ 38,880 34,187 Payment processing 47,786 44,041 Education technology services 56,021 54,787 Other 852 588 Education technology services and payments revenue $ 143,539 133,603 Three months ended March 31, 2024 2023 Commercial revenue $ 11,578 5,876 Residential revenue (a) 2,148 2,775 Solar construction revenue $ 13,726 8,651 (a) On April 12, 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will decline in future periods as existing customer contracts are completed. |
Schedule of Components of Other Income (Expenses) | The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income: Three months ended March 31, 2024 2023 Reinsurance premiums $ 12,780 535 Borrower late fee income 3,133 2,247 Gain (loss) from solar investments, net 2,971 (1,947) ALLO preferred return 2,409 2,249 Administration/sponsor fee income 1,546 1,772 Investment advisory services (WRCM) 1,508 1,612 Loss from ALLO voting membership interest investment (10,693) (20,213) Investment activity, net (1,298) (3,577) Other 4,659 3,251 Other, net $ 17,015 (14,071) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2024 As of December 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Asset-backed debt securities - available-for-sale $ 99 1,018,588 1,018,687 99 955,804 955,903 Equity securities 56 — 56 73 — 73 Equity securities measured at net asset value (a) 54,970 50,834 Total investments 155 1,018,588 1,073,713 172 955,804 1,006,810 Derivative instruments — 1,820 1,820 — 452 452 Total assets $ 155 1,020,408 1,075,533 172 956,256 1,007,262 Liabilities: Derivative instruments $ — 1,085 1,085 — 1,976 1,976 Total liabilities $ — 1,085 1,085 — 1,976 1,976 (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. |
Schedule of Fair Value, by Balance Sheet Grouping | The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2024 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 11,479,342 11,144,983 — — 11,479,342 Accrued loan interest receivable 684,095 684,095 — 684,095 — Cash and cash equivalents 179,682 179,682 179,682 — — Investments (at fair value) 1,073,713 1,073,713 155 1,018,588 — Investments - held-to-maturity 164,493 161,238 — 164,493 — Notes receivable 53,140 53,140 — 53,140 — Beneficial interest in loan securitizations 260,537 235,824 — — 260,537 Restricted cash 618,363 618,363 618,363 — — Restricted cash – due to customers 142,778 142,778 142,778 — — Derivative instruments 1,820 1,820 — 1,820 — Financial liabilities: Bonds and notes payable 10,481,221 10,582,513 — 10,481,221 — Accrued interest payable 31,983 31,983 — 31,983 — Bank deposits 781,814 802,061 528,315 253,499 — Due to customers 274,757 274,757 274,757 — — Derivative instruments 1,085 1,085 — 1,085 — As of December 31, 2023 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 12,800,638 12,343,819 — — 12,800,638 Accrued loan interest receivable 764,385 764,385 — 764,385 — Cash and cash equivalents 168,112 168,112 168,112 — — Investments (at fair value) 1,006,810 1,006,810 172 955,804 — Investments - held-to-maturity 163,622 162,738 — 163,622 — Notes receivable 53,747 53,747 — 53,747 — Beneficial interest in loan securitizations 262,093 225,079 — — 262,093 Restricted cash 488,723 488,723 488,723 — — Restricted cash – due to customers 368,656 368,656 368,656 — — Derivative instruments 452 452 — 452 — Financial liabilities: Bonds and notes payable 11,629,359 11,828,393 — 11,629,359 — Accrued interest payable 35,391 35,391 — 35,391 — Bank deposits 722,973 743,599 467,420 255,553 — Due to customers 425,507 425,507 425,507 — — Derivative instruments 1,976 1,976 — 1,976 — |
Loans and Accrued Interest Re_3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable | $ 684,095 | $ 764,385 | ||
Loan discount, net of unamortized premiums and deferred origination costs | (32,674) | (33,872) | ||
Allowance for loan losses | (106,008) | (104,643) | $ (134,704) | $ (131,827) |
Financing receivable, after allowance for credit loss | 11,829,078 | 13,108,204 | ||
Non-Nelnet Bank loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 10,799,942 | 12,049,462 | ||
Allowance for loan losses | (95,220) | (95,945) | ||
Federally insured loans - Non-Nelnet Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 10,383,052 | 11,686,207 | 12,931,559 | |
Accrued interest receivable | 677,001 | 757,713 | 791,476 | |
Loan discount, net of unamortized premiums and deferred origination costs | (26,658) | (28,963) | (32,626) | |
Allowance for loan losses | (61,723) | (68,453) | (79,331) | (83,593) |
Financing receivable, after allowance for credit loss | 10,971,672 | 12,346,504 | 13,611,078 | |
Federally insured loans - Non-Nelnet Bank | Stafford and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,546,852 | 2,936,174 | ||
Federally insured loans - Non-Nelnet Bank | Consolidation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 7,836,200 | 8,750,033 | ||
Private education loans - Non-Nelnet Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 261,582 | 277,320 | 241,515 | |
Accrued interest receivable | 2,560 | 2,653 | 2,277 | |
Loan discount, net of unamortized premiums and deferred origination costs | (7,616) | (8,037) | 79 | |
Allowance for loan losses | (14,736) | (15,750) | (15,175) | (15,411) |
Financing receivable, after allowance for credit loss | 241,790 | 256,186 | 228,696 | |
Consumer loans and other loans - Non-Nelnet Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 155,308 | 85,935 | 309,546 | |
Accrued interest receivable | 1,209 | 861 | 3,288 | |
Loan discount, net of unamortized premiums and deferred origination costs | (5,451) | (2,474) | 913 | |
Allowance for loan losses | (18,761) | (11,742) | (35,317) | (30,263) |
Financing receivable, after allowance for credit loss | 132,305 | 72,580 | 278,430 | |
Nelnet Bank loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 483,723 | 432,872 | ||
Allowance for loan losses | (10,788) | (8,698) | ||
Private education loans - Nelnet Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 364,766 | 360,520 | 355,705 | |
Accrued interest receivable | 2,445 | 2,023 | 1,385 | |
Loan discount, net of unamortized premiums and deferred origination costs | 5,692 | 5,608 | 5,400 | |
Allowance for loan losses | (3,660) | (3,347) | (2,894) | (2,390) |
Financing receivable, after allowance for credit loss | 369,243 | 364,804 | 359,596 | |
Consumer and other loans - Nelnet Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 118,957 | 72,352 | 19,903 | |
Accrued interest receivable | 880 | 575 | 117 | |
Loan discount, net of unamortized premiums and deferred origination costs | 1,359 | (6) | 1 | |
Allowance for loan losses | (7,128) | (5,351) | (1,827) | $ 0 |
Financing receivable, after allowance for credit loss | $ 114,068 | $ 67,570 | $ 18,194 |
Loans and Accrued Interest Re_4
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details) | Mar. 31, 2024 | Dec. 31, 2023 |
Federally insured loans - Non-Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 0.59% | 0.59% |
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty | 21.70% | 21.80% |
Private education loans - Non-Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 5.63% | 5.68% |
Consumer loans and other loans - Non-Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 12.08% | 13.66% |
Private education loans - Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 1% | 0.93% |
Consumer and other loans - Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 5.99% | 7.40% |
Loans and Accrued Interest Re_5
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Sold and Gains Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 28, 2024 | Mar. 27, 2024 | Mar. 22, 2023 | Mar. 02, 2023 | Jan. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans sold (par value) | $ 200,099 | $ 261,902 | |||||
Gain (loss) | (41) | 11,812 | |||||
Receipt of asset-backed investment securities as consideration from sale of loans | $ 43,700 | $ 14,500 | $ 0 | $ 58,182 | |||
FFELP | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans sold (par value) | $ 199,694 | ||||||
Gain (loss) | $ 0 | ||||||
Residual interest received in securitization | 0% | ||||||
Home equity | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans sold (par value) | $ 405 | $ 145 | 97,350 | ||||
Gain (loss) | $ (41) | $ (63) | $ (1,441) | ||||
Residual interest received in securitization | 0% | 0% | 64.80% | ||||
Consumer loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans sold (par value) | 122,132 | $ 42,275 | |||||
Gain (loss) | $ 8,966 | $ 4,350 | |||||
Residual interest received in securitization | 24.60% | 13.30% |
Loans and Accrued Interest Re_6
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 104,643 | $ 131,827 |
Provision (negative provision) for loan losses | 11,029 | 34,290 |
Charge-offs | (10,243) | (9,691) |
Recoveries | 674 | 384 |
Loan sales | (95) | (22,106) |
Balance at end of period | 106,008 | 134,704 |
Federally insured loans - Non-Nelnet Bank | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 68,453 | 83,593 |
Provision (negative provision) for loan losses | (1,870) | 2,411 |
Charge-offs | (4,860) | (6,673) |
Recoveries | 0 | 0 |
Loan sales | 0 | 0 |
Balance at end of period | 61,723 | 79,331 |
Private education loans - Non-Nelnet Bank | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 15,750 | 15,411 |
Provision (negative provision) for loan losses | (265) | 240 |
Charge-offs | (1,013) | (640) |
Recoveries | 264 | 164 |
Loan sales | 0 | 0 |
Balance at end of period | 14,736 | 15,175 |
Consumer loans and other loans - Non-Nelnet Bank | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 11,742 | 30,263 |
Provision (negative provision) for loan losses | 8,690 | 29,207 |
Charge-offs | (1,957) | (2,267) |
Recoveries | 381 | 220 |
Loan sales | (95) | (22,106) |
Balance at end of period | 18,761 | 35,317 |
Federally insured loans - Nelnet Bank: | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 170 | |
Provision (negative provision) for loan losses | (9) | |
Charge-offs | (1) | |
Recoveries | 0 | |
Loan sales | 0 | |
Balance at end of period | 160 | |
Private education loans - Nelnet Bank | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 3,347 | 2,390 |
Provision (negative provision) for loan losses | 757 | 614 |
Charge-offs | (446) | (110) |
Recoveries | 2 | 0 |
Loan sales | 0 | 0 |
Balance at end of period | 3,660 | 2,894 |
Consumer and other loans - Nelnet Bank | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 5,351 | 0 |
Provision (negative provision) for loan losses | 3,717 | 1,827 |
Charge-offs | (1,967) | 0 |
Recoveries | 27 | 0 |
Loan sales | 0 | 0 |
Balance at end of period | $ 7,128 | $ 1,827 |
Loans and Accrued Interest Re_7
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Federally insured loans - Non-Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Net charge-offs as a percentage of average loans | 0.17% | 0.20% |
Private education loans - Non-Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Net charge-offs as a percentage of average loans | 1.12% | 0.78% |
Consumer loans and other loans - Non-Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Net charge-offs as a percentage of average loans | 5.73% | 2.59% |
Federally insured loans - Nelnet Bank: | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Net charge-offs as a percentage of average loans | 0% | 0.01% |
Private education loans - Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Net charge-offs as a percentage of average loans | 0.49% | 0.13% |
Consumer and other loans - Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Net charge-offs as a percentage of average loans | 8.01% | 0% |
Loans and Accrued Interest Re_8
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - Consumer Portfolio Segment, Unfunded Private Education Loan Commitments - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Liability related to unfunded education loan commitments | $ 57 | $ 158 | |
Unfunded private education loan commitments | 9,100 | $ 12,300 | |
Provision for loan losses | $ (101) | $ (15) |
Loans and Accrued Interest Re_9
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans in repayment status: | ||||
Accrued interest receivable | $ 684,095 | $ 764,385 | ||
Loan premium (discount) | (32,674) | (33,872) | ||
Allowance for loan losses | (106,008) | (104,643) | $ (134,704) | $ (131,827) |
Financing receivable, after allowance for credit loss | 11,829,078 | 13,108,204 | ||
Federally insured loans - Non-Nelnet Bank | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 490,402 | $ 522,304 | $ 641,914 | |
Loans in-school/grace/deferment, percent | 4.70% | 4.50% | 5% | |
Loans in forbearance | $ 777,141 | $ 979,588 | $ 984,738 | |
Loans in forbearance, percent | 7.50% | 8.40% | 7.60% | |
Loans in repayment status: | ||||
Loans receivable, gross | $ 10,383,052 | $ 11,686,207 | $ 12,931,559 | |
Total loans in repayment, percentage | 100% | 100% | 100% | |
Total loans in repayment | $ 9,115,509 | $ 10,184,315 | $ 11,304,907 | |
Loans in repayment, percent | 87.80% | 87.10% | 87.40% | |
Total loans, percent | 100% | 100% | 100% | |
Accrued interest receivable | $ 677,001 | $ 757,713 | $ 791,476 | |
Loan premium (discount) | (26,658) | (28,963) | (32,626) | |
Allowance for loan losses | (61,723) | (68,453) | (79,331) | (83,593) |
Financing receivable, after allowance for credit loss | 10,971,672 | 12,346,504 | 13,611,078 | |
Federally insured loans - Non-Nelnet Bank | Loans current | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 7,691,650 | $ 8,416,624 | $ 9,859,751 | |
Loans current, percentage | 84.40% | 82.60% | 87.20% | |
Federally insured loans - Non-Nelnet Bank | Loans delinquent 31-60 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 360,237 | $ 377,108 | $ 346,665 | |
Loans past due, percentage | 3.90% | 3.70% | 3.10% | |
Federally insured loans - Non-Nelnet Bank | Loans delinquent 61-90 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 189,035 | $ 254,553 | $ 254,353 | |
Loans past due, percentage | 2.10% | 2.50% | 2.20% | |
Federally insured loans - Non-Nelnet Bank | Loans delinquent 91-120 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 143,656 | $ 187,145 | $ 178,078 | |
Loans past due, percentage | 1.60% | 1.90% | 1.60% | |
Federally insured loans - Non-Nelnet Bank | Loans delinquent 121-270 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 422,979 | $ 685,829 | $ 440,695 | |
Loans past due, percentage | 4.60% | 6.70% | 3.90% | |
Federally insured loans - Non-Nelnet Bank | Loans delinquent 271 days or greater | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 307,952 | $ 263,056 | $ 225,365 | |
Loans past due, percentage | 3.40% | 2.60% | 2% | |
Private education loans - Non-Nelnet Bank | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 8,979 | $ 9,475 | $ 12,218 | |
Loans in-school/grace/deferment, percent | 3.40% | 3.40% | 5.10% | |
Loans in forbearance | $ 2,601 | $ 2,529 | $ 2,698 | |
Loans in forbearance, percent | 1% | 0.90% | 1.10% | |
Loans in repayment status: | ||||
Loans receivable, gross | $ 261,582 | $ 277,320 | $ 241,515 | |
Total loans in repayment, percentage | 100% | 100% | 100% | |
Total loans in repayment | $ 250,002 | $ 265,316 | $ 226,599 | |
Loans in repayment, percent | 95.60% | 95.70% | 93.80% | |
Total loans, percent | 100% | 100% | 100% | |
Accrued interest receivable | $ 2,560 | $ 2,653 | $ 2,277 | |
Loan premium (discount) | (7,616) | (8,037) | 79 | |
Allowance for loan losses | (14,736) | (15,750) | (15,175) | (15,411) |
Financing receivable, after allowance for credit loss | 241,790 | 256,186 | 228,696 | |
Private education loans - Non-Nelnet Bank | Loans current | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 243,637 | $ 257,639 | $ 220,921 | |
Loans current, percentage | 97.40% | 97.10% | 97.50% | |
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 2,162 | $ 3,395 | $ 2,014 | |
Loans past due, percentage | 0.90% | 1.30% | 0.90% | |
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 1,542 | $ 1,855 | $ 931 | |
Loans past due, percentage | 0.60% | 0.70% | 0.40% | |
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 2,661 | $ 2,427 | $ 2,733 | |
Loans past due, percentage | 1.10% | 0.90% | 1.20% | |
Consumer loans and other loans - Non-Nelnet Bank | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 54 | $ 146 | $ 40 | |
Loans in-school/grace/deferment, percent | 0% | 0.20% | 0% | |
Loans in repayment status: | ||||
Loans receivable, gross | $ 155,308 | $ 85,935 | $ 309,546 | |
Total loans in repayment, percentage | 100% | 100% | 100% | |
Total loans in repayment | $ 155,254 | $ 85,789 | $ 309,506 | |
Loans in repayment, percent | 100% | 99.80% | 100% | |
Total loans, percent | 100% | 100% | 100% | |
Accrued interest receivable | $ 1,209 | $ 861 | $ 3,288 | |
Loan premium (discount) | (5,451) | (2,474) | 913 | |
Allowance for loan losses | (18,761) | (11,742) | (35,317) | (30,263) |
Financing receivable, after allowance for credit loss | 132,305 | 72,580 | 278,430 | |
Consumer loans and other loans - Non-Nelnet Bank | Loans current | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 150,947 | $ 81,195 | $ 304,414 | |
Loans current, percentage | 97.20% | 94.60% | 98.30% | |
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 1,758 | $ 2,035 | $ 2,037 | |
Loans past due, percentage | 1.10% | 2.40% | 0.70% | |
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 1,471 | $ 1,189 | $ 1,236 | |
Loans past due, percentage | 1% | 1.40% | 0.40% | |
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 1,078 | $ 1,370 | $ 1,819 | |
Loans past due, percentage | 0.70% | 1.60% | 0.60% | |
Private education loans - Nelnet Bank | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 42,699 | $ 25,957 | $ 17,021 | |
Loans in-school/grace/deferment, percent | 11.70% | 7.20% | 4.80% | |
Loans in forbearance | $ 1,277 | $ 1,285 | $ 681 | |
Loans in forbearance, percent | 0.40% | 0.40% | 0.20% | |
Loans in repayment status: | ||||
Loans receivable, gross | $ 364,766 | $ 360,520 | $ 355,705 | |
Total loans in repayment, percentage | 100% | 100% | 100% | |
Total loans in repayment | $ 320,790 | $ 333,278 | $ 338,003 | |
Loans in repayment, percent | 87.90% | 92.40% | 95% | |
Total loans, percent | 100% | 100% | 100% | |
Accrued interest receivable | $ 2,445 | $ 2,023 | $ 1,385 | |
Loan premium (discount) | 5,692 | 5,608 | 5,400 | |
Allowance for loan losses | (3,660) | (3,347) | (2,894) | (2,390) |
Financing receivable, after allowance for credit loss | 369,243 | 364,804 | 359,596 | |
Private education loans - Nelnet Bank | Loans current | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 318,906 | $ 331,580 | $ 336,967 | |
Loans current, percentage | 99.40% | 99.40% | 99.70% | |
Private education loans - Nelnet Bank | Loans delinquent 30-59 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 327 | $ 839 | $ 388 | |
Loans past due, percentage | 0.10% | 0.30% | 0.10% | |
Private education loans - Nelnet Bank | Loans delinquent 60-89 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 665 | $ 253 | $ 536 | |
Loans past due, percentage | 0.20% | 0.10% | 0.20% | |
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 892 | $ 606 | $ 112 | |
Loans past due, percentage | 0.30% | 0.20% | 0% | |
Consumer and other loans - Nelnet Bank | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 141 | $ 103 | $ 0 | |
Loans in-school/grace/deferment, percent | 0.10% | 0.10% | 0% | |
Loans in repayment status: | ||||
Loans receivable, gross | $ 118,957 | $ 72,352 | $ 19,903 | |
Total loans in repayment, percentage | 100% | 100% | 100% | |
Total loans in repayment | $ 118,816 | $ 72,249 | $ 19,903 | |
Loans in repayment, percent | 99.90% | 99.90% | 100% | |
Total loans, percent | 100% | 100% | 100% | |
Accrued interest receivable | $ 880 | $ 575 | $ 117 | |
Loan premium (discount) | 1,359 | (6) | 1 | |
Allowance for loan losses | (7,128) | (5,351) | (1,827) | $ 0 |
Financing receivable, after allowance for credit loss | 114,068 | 67,570 | 18,194 | |
Consumer and other loans - Nelnet Bank | Loans current | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 115,152 | $ 69,584 | $ 19,903 | |
Loans current, percentage | 96.90% | 96.30% | 100% | |
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 1,511 | $ 1,075 | $ 0 | |
Loans past due, percentage | 1.30% | 1.50% | 0% | |
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 1,084 | $ 941 | $ 0 | |
Loans past due, percentage | 0.90% | 1.30% | 0% | |
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater | ||||
Loans in repayment status: | ||||
Loans receivable, gross | $ 1,069 | $ 649 | $ 0 | |
Loans past due, percentage | 0.90% | 0.90% | 0% |
Loans and Accrued Interest R_10
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Private education loans - Nelnet Bank | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | $ 6,804 | $ 46,907 | |
Fiscal year before current fiscal year | 54,677 | 190,466 | |
Fiscal year two years before current fiscal year | 184,936 | 114,278 | |
Fiscal year three years before current fiscal year | 109,810 | 8,869 | |
Fiscal year four years before current fiscal year | 8,539 | ||
Total loans | 364,766 | 360,520 | $ 355,705 |
Private education loans - Nelnet Bank | Less than 705 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 380 | 3,840 | |
Fiscal year before current fiscal year | 4,175 | 5,495 | |
Fiscal year two years before current fiscal year | 5,349 | 4,647 | |
Fiscal year three years before current fiscal year | 4,524 | 386 | |
Fiscal year four years before current fiscal year | 381 | ||
Total loans | 14,809 | 14,368 | |
Private education loans - Nelnet Bank | 705 - 734 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 834 | 9,534 | |
Fiscal year before current fiscal year | 9,946 | 21,961 | |
Fiscal year two years before current fiscal year | 21,468 | 8,805 | |
Fiscal year three years before current fiscal year | 8,410 | 525 | |
Fiscal year four years before current fiscal year | 519 | ||
Total loans | 41,177 | 40,825 | |
Private education loans - Nelnet Bank | 735 - 764 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 954 | 8,648 | |
Fiscal year before current fiscal year | 9,479 | 32,969 | |
Fiscal year two years before current fiscal year | 32,227 | 14,910 | |
Fiscal year three years before current fiscal year | 14,383 | 1,358 | |
Fiscal year four years before current fiscal year | 1,338 | ||
Total loans | 58,381 | 57,885 | |
Private education loans - Nelnet Bank | 765 - 794 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 625 | 5,776 | |
Fiscal year before current fiscal year | 6,815 | 52,045 | |
Fiscal year two years before current fiscal year | 50,588 | 27,221 | |
Fiscal year three years before current fiscal year | 26,414 | 1,374 | |
Fiscal year four years before current fiscal year | 1,322 | ||
Total loans | 85,764 | 86,416 | |
Private education loans - Nelnet Bank | Greater than 794 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 1,523 | 15,057 | |
Fiscal year before current fiscal year | 18,207 | 77,996 | |
Fiscal year two years before current fiscal year | 75,304 | 58,695 | |
Fiscal year three years before current fiscal year | 56,079 | 5,226 | |
Fiscal year four years before current fiscal year | 4,979 | ||
Total loans | 156,092 | 156,974 | |
Private education loans - Nelnet Bank | No FICO score available or required | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 2,488 | 4,052 | |
Fiscal year before current fiscal year | 6,055 | 0 | |
Fiscal year two years before current fiscal year | 0 | 0 | |
Fiscal year three years before current fiscal year | 0 | 0 | |
Fiscal year four years before current fiscal year | 0 | ||
Total loans | 8,543 | 4,052 | |
Consumer and other loans - Nelnet Bank | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 55,519 | 71,853 | |
Fiscal year before current fiscal year | 62,945 | 444 | |
Fiscal year two years before current fiscal year | 438 | 55 | |
Fiscal year three years before current fiscal year | 55 | 0 | |
Fiscal year four years before current fiscal year | 0 | ||
Total loans | 118,957 | 72,352 | $ 19,903 |
Consumer and other loans - Nelnet Bank | Less than 720 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 12,913 | 21,412 | |
Fiscal year before current fiscal year | 18,324 | 0 | |
Fiscal year two years before current fiscal year | 0 | 0 | |
Fiscal year three years before current fiscal year | 0 | 0 | |
Fiscal year four years before current fiscal year | 0 | ||
Total loans | 31,237 | 21,412 | |
Consumer and other loans - Nelnet Bank | 720 - 769 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 21,017 | 33,571 | |
Fiscal year before current fiscal year | 29,900 | 51 | |
Fiscal year two years before current fiscal year | 48 | 0 | |
Fiscal year three years before current fiscal year | 0 | 0 | |
Fiscal year four years before current fiscal year | 0 | ||
Total loans | 50,965 | 33,622 | |
Consumer and other loans - Nelnet Bank | Greater than 769 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 21,359 | 16,484 | |
Fiscal year before current fiscal year | 14,280 | 109 | |
Fiscal year two years before current fiscal year | 108 | 0 | |
Fiscal year three years before current fiscal year | 0 | 0 | |
Fiscal year four years before current fiscal year | 0 | ||
Total loans | 35,747 | 16,593 | |
Consumer and other loans - Nelnet Bank | No FICO score available or required | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 230 | 386 | |
Fiscal year before current fiscal year | 441 | 284 | |
Fiscal year two years before current fiscal year | 282 | 55 | |
Fiscal year three years before current fiscal year | 55 | 0 | |
Fiscal year four years before current fiscal year | 0 | ||
Total loans | $ 1,008 | $ 725 |
Loans and Accrued Interest R_11
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Accrued interest receivable | $ 684,095 | $ 764,385 | ||
Loan discount, net of unamortized premiums | (32,674) | (33,872) | ||
Allowance for loan losses | (106,008) | (104,643) | $ (134,704) | $ (131,827) |
Financing receivable, after allowance for credit loss | 11,829,078 | 13,108,204 | ||
Private education loans - Non-Nelnet Bank | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 208 | |||
2022 | 5,207 | |||
2021 | 8,851 | |||
2020 | 45,893 | |||
Prior years | 201,423 | |||
Total loans | 261,582 | 277,320 | 241,515 | |
Accrued interest receivable | 2,560 | 2,653 | 2,277 | |
Loan discount, net of unamortized premiums | (7,616) | (8,037) | 79 | |
Allowance for loan losses | (14,736) | (15,750) | (15,175) | (15,411) |
Financing receivable, after allowance for credit loss | 241,790 | 256,186 | 228,696 | |
Current period gross charge-offs, current fiscal year | 0 | |||
Current period gross charge-offs, fiscal year before current fiscal year | 0 | |||
Current period gross charge-offs, two years before current fiscal year | 0 | |||
Current period gross charge-offs, three years before current fiscal year | 76 | |||
Current period gross charge-offs, four years before current fiscal year | 36 | |||
Current period gross charge-offs, more than five years before current fiscal year | 901 | |||
Current period gross charge-offs, total | 1,013 | |||
Private education loans - Non-Nelnet Bank | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 243,637 | 257,639 | 220,921 | |
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,162 | 3,395 | 2,014 | |
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,542 | 1,855 | 931 | |
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,661 | 2,427 | 2,733 | |
Private education loans - Non-Nelnet Bank | Loans in-school/grace/deferment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 0 | |||
2022 | 806 | |||
2021 | 3,751 | |||
2020 | 869 | |||
Prior years | 3,553 | |||
Total loans | 8,979 | |||
Private education loans - Non-Nelnet Bank | Loans in forbearance | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 0 | |||
2022 | 21 | |||
2021 | 141 | |||
2020 | 604 | |||
Prior years | 1,835 | |||
Total loans | 2,601 | |||
Private education loans - Non-Nelnet Bank | Loans in repayment status: | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 208 | |||
2022 | 4,380 | |||
2021 | 4,959 | |||
2020 | 44,420 | |||
Prior years | 196,035 | |||
Total loans | 250,002 | |||
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 208 | |||
2022 | 4,367 | |||
2021 | 4,908 | |||
2020 | 44,180 | |||
Prior years | 189,974 | |||
Total loans | 243,637 | |||
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 0 | |||
2022 | 13 | |||
2021 | 51 | |||
2020 | 94 | |||
Prior years | 2,004 | |||
Total loans | 2,162 | |||
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 55 | |||
Prior years | 1,487 | |||
Total loans | 1,542 | |||
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 91 | |||
Prior years | 2,570 | |||
Total loans | 2,661 | |||
Consumer loans and other loans - Non-Nelnet Bank | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 48,660 | |||
2023 | 99,166 | |||
2022 | 6,055 | |||
2021 | 836 | |||
2020 | 325 | |||
Prior years | 266 | |||
Total loans | 155,308 | 85,935 | 309,546 | |
Accrued interest receivable | 1,209 | 861 | 3,288 | |
Loan discount, net of unamortized premiums | (5,451) | (2,474) | 913 | |
Allowance for loan losses | (18,761) | (11,742) | (35,317) | (30,263) |
Financing receivable, after allowance for credit loss | 132,305 | 72,580 | 278,430 | |
Current period gross charge-offs, current fiscal year | 0 | |||
Current period gross charge-offs, fiscal year before current fiscal year | 733 | |||
Current period gross charge-offs, two years before current fiscal year | 1,076 | |||
Current period gross charge-offs, three years before current fiscal year | 101 | |||
Current period gross charge-offs, four years before current fiscal year | 21 | |||
Current period gross charge-offs, more than five years before current fiscal year | 26 | |||
Current period gross charge-offs, total | 1,957 | |||
Consumer loans and other loans - Non-Nelnet Bank | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 150,947 | 81,195 | 304,414 | |
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,758 | 2,035 | 2,037 | |
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,471 | 1,189 | 1,236 | |
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,078 | 1,370 | 1,819 | |
Consumer loans and other loans - Non-Nelnet Bank | Loans in-school/grace/deferment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 54 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 54 | |||
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 48,660 | |||
2023 | 99,112 | |||
2022 | 6,055 | |||
2021 | 836 | |||
2020 | 325 | |||
Prior years | 266 | |||
Total loans | 155,254 | |||
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 48,660 | |||
2023 | 96,183 | |||
2022 | 4,887 | |||
2021 | 690 | |||
2020 | 300 | |||
Prior years | 227 | |||
Total loans | 150,947 | |||
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 1,253 | |||
2022 | 449 | |||
2021 | 51 | |||
2020 | 0 | |||
Prior years | 5 | |||
Total loans | 1,758 | |||
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 1,024 | |||
2022 | 375 | |||
2021 | 24 | |||
2020 | 21 | |||
Prior years | 27 | |||
Total loans | 1,471 | |||
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 652 | |||
2022 | 344 | |||
2021 | 71 | |||
2020 | 4 | |||
Prior years | 7 | |||
Total loans | 1,078 | |||
Private education loans - Nelnet Bank | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 6,804 | 46,907 | ||
2023 | 54,677 | 190,466 | ||
2022 | 184,936 | 114,278 | ||
2021 | 109,810 | 8,869 | ||
2020 | 8,539 | |||
Prior years | 0 | |||
Total loans | 364,766 | 360,520 | 355,705 | |
Accrued interest receivable | 2,445 | 2,023 | 1,385 | |
Loan discount, net of unamortized premiums | 5,692 | 5,608 | 5,400 | |
Deferred origination costs, net of unaccreted discount | 5,692 | |||
Allowance for loan losses | (3,660) | (3,347) | (2,894) | (2,390) |
Financing receivable, after allowance for credit loss | 369,243 | 364,804 | 359,596 | |
Current period gross charge-offs, current fiscal year | 0 | |||
Current period gross charge-offs, fiscal year before current fiscal year | 178 | |||
Current period gross charge-offs, two years before current fiscal year | 146 | |||
Current period gross charge-offs, three years before current fiscal year | 122 | |||
Current period gross charge-offs, four years before current fiscal year | 0 | |||
Current period gross charge-offs, more than five years before current fiscal year | 0 | |||
Current period gross charge-offs, total | 446 | |||
Private education loans - Nelnet Bank | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 318,906 | 331,580 | 336,967 | |
Private education loans - Nelnet Bank | Loans delinquent 30-59 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 327 | 839 | 388 | |
Private education loans - Nelnet Bank | Loans delinquent 60-89 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 665 | 253 | 536 | |
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 892 | 606 | 112 | |
Private education loans - Nelnet Bank | Loans in-school/grace/deferment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 4,367 | |||
2023 | 26,586 | |||
2022 | 10,074 | |||
2021 | 739 | |||
2020 | 933 | |||
Prior years | 0 | |||
Total loans | 42,699 | |||
Private education loans - Nelnet Bank | Loans in forbearance | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 84 | |||
2022 | 591 | |||
2021 | 493 | |||
2020 | 109 | |||
Prior years | 0 | |||
Total loans | 1,277 | |||
Private education loans - Nelnet Bank | Loans in repayment status: | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 2,437 | |||
2023 | 28,007 | |||
2022 | 174,271 | |||
2021 | 108,578 | |||
2020 | 7,497 | |||
Prior years | 0 | |||
Total loans | 320,790 | |||
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 2,437 | |||
2023 | 27,592 | |||
2022 | 173,645 | |||
2021 | 107,735 | |||
2020 | 7,497 | |||
Prior years | 0 | |||
Total loans | 318,906 | |||
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 89 | |||
2022 | 135 | |||
2021 | 103 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 327 | |||
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 237 | |||
2022 | 305 | |||
2021 | 123 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 665 | |||
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 89 | |||
2022 | 186 | |||
2021 | 617 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 892 | |||
Consumer and other loans - Nelnet Bank | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 55,519 | 71,853 | ||
2023 | 62,945 | 444 | ||
2022 | 438 | 55 | ||
2021 | 55 | 0 | ||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 118,957 | 72,352 | 19,903 | |
Accrued interest receivable | 880 | 575 | 117 | |
Loan discount, net of unamortized premiums | 1,359 | (6) | 1 | |
Allowance for loan losses | (7,128) | (5,351) | (1,827) | $ 0 |
Financing receivable, after allowance for credit loss | 114,068 | 67,570 | 18,194 | |
Current period gross charge-offs, current fiscal year | 0 | |||
Current period gross charge-offs, fiscal year before current fiscal year | 1,967 | |||
Current period gross charge-offs, two years before current fiscal year | 0 | |||
Current period gross charge-offs, three years before current fiscal year | 0 | |||
Current period gross charge-offs, four years before current fiscal year | 0 | |||
Current period gross charge-offs, more than five years before current fiscal year | 0 | |||
Current period gross charge-offs, total | 1,967 | |||
Consumer and other loans - Nelnet Bank | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 115,152 | 69,584 | 19,903 | |
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,511 | 1,075 | 0 | |
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,084 | 941 | 0 | |
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,069 | $ 649 | $ 0 | |
Consumer and other loans - Nelnet Bank | Loans in deferment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 86 | |||
2023 | 55 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 141 | |||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 55,433 | |||
2023 | 62,890 | |||
2022 | 438 | |||
2021 | 55 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 118,816 | |||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 55,344 | |||
2023 | 59,315 | |||
2022 | 438 | |||
2021 | 55 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 115,152 | |||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 89 | |||
2023 | 1,422 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 1,511 | |||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 1,084 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | 1,084 | |||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2024 | 0 | |||
2023 | 1,069 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
Prior years | 0 | |||
Total loans | $ 1,069 |
Bonds and Notes Payable - Outst
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 10,660,106 | $ 11,918,158 |
Discount on bonds and notes payable and debt issuance costs | (77,593) | (89,765) |
Bonds and notes payable, net | 10,582,513 | 11,828,393 |
Unsecured line of credit | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 0 | $ 0 |
Interest rate | 0% | 0% |
Participation agreements | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 9,023 | $ 10,063 |
Repurchase agreement | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 114,498 | 208,164 |
Other - due to related party | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 5,591 | 5,778 |
Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 8,766,041 | 9,552,667 |
Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 84,660 | 87,360 |
Federally insured | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 8,850,701 | 9,640,027 |
Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 430,061 | 471,427 |
Federally insured | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 1,066,197 | 1,398,485 |
Consumer loans | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 41,762 | $ 23,691 |
Interest rate | 5.55% | 5.70% |
Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 71,963 | $ 80,393 |
Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 70,310 | $ 80,130 |
Minimum | Participation agreements | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.58% | 5.58% |
Minimum | Repurchase agreement | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.43% | 6.35% |
Minimum | Other - due to related party | ||
Debt Instrument [Line Items] | ||
Interest rate | 5% | 5% |
Minimum | Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.47% | 5.45% |
Minimum | Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Interest rate | 0% | 0% |
Minimum | Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.42% | 1.42% |
Minimum | Federally insured | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.41% | 5.41% |
Minimum | Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.90% | 6.90% |
Minimum | Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.35% | 5.35% |
Maximum | Participation agreements | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.06% | 6.08% |
Maximum | Repurchase agreement | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.74% | 6.81% |
Maximum | Other - due to related party | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.05% | 6.05% |
Maximum | Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.44% | 7.47% |
Maximum | Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.44% | 6.45% |
Maximum | Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.45% | 3.45% |
Maximum | Federally insured | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.57% | 5.70% |
Maximum | Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.57% | 7.57% |
Maximum | Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.15% | 7.15% |
Bonds and Notes Payable - Out_2
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse facilities - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2024 | Apr. 02, 2024 | Apr. 01, 2024 | Mar. 11, 2024 | Mar. 10, 2024 | Mar. 06, 2024 | Mar. 05, 2024 | |
FFELP Warehouse Facilities | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum financing amount | $ 1,382,000 | ||||||
Amount outstanding | 1,066,197 | ||||||
Amount available | 315,803 | ||||||
Advanced as equity support | 79,289 | ||||||
FFELP Warehouse Facility Due November 2024 | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum financing amount | 950,000 | $ 950,000 | $ 1,250,000 | ||||
Amount outstanding | 712,198 | ||||||
Amount available | 237,802 | ||||||
Advanced as equity support | $ 50,093 | ||||||
Advance rate, maximum, lower range | 90% | ||||||
Advance rate, maximum, higher range | 96% | ||||||
Advance rate, minimum, lower range | 84% | ||||||
Advance rate, minimum, higher range | 90% | ||||||
FFELP Warehouse Facility Due April 2025 | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum financing amount | $ 432,000 | ||||||
Amount outstanding | 353,999 | ||||||
Amount available | $ 78,001 | ||||||
Advance rate | 92% | ||||||
Advanced as equity support | $ 29,196 | ||||||
FFELP Warehouse Facility Due April 2025 | Subsequent Event | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum financing amount | $ 375,000 | $ 432,000 | |||||
Consumer Loan Warehouse Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum financing amount | 150,000 | $ 150,000 | $ 200,000 | ||||
Amount outstanding | 41,762 | ||||||
Amount available | $ 108,238 | ||||||
Advance rate | 70% | ||||||
Advanced as equity support | $ 17,405 |
Bonds and Notes Payable - Narra
Bonds and Notes Payable - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Debt Instrument [Line Items] | |
Repurchase agreements, amount collateralized by private education loan asset-backed securities | $ 114,500,000 |
Repurchase agreements, contractual maturity adjustment, written notice period | 180 days |
Par value of asset-based securities | $ 1,018,687,000 |
Asset-backed securities | |
Debt Instrument [Line Items] | |
Par value of asset-based securities | 310,300,000 |
Unsecured Line of Credit | Line of Credit | |
Debt Instrument [Line Items] | |
Amount outstanding | 0 |
Amount available | 495,000,000 |
Unsecured Line of Credit | Unsecured Debt | Line of Credit | |
Debt Instrument [Line Items] | |
Maximum financing amount | $ 495,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Outstanding Basis Swap (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
1:3 basis swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 3,150,000,000 | $ 3,150,000,000 |
2024 | ||
Derivative [Line Items] | ||
Notional amount | 1,750,000,000 | 1,750,000,000 |
2026 | ||
Derivative [Line Items] | ||
Notional amount | 1,150,000,000 | 1,150,000,000 |
2027 | ||
Derivative [Line Items] | ||
Notional amount | $ 250,000,000 | $ 250,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
1:3 basis swaps | Secured Overnight Financing Rate (SOFR) | |||
Derivative [Line Items] | |||
Weighted average rate | 0.101% | 0.101% | |
Interest rate swaps - Nelnet Bank | Interest rate swaps - floor income hedge | |||
Derivative [Line Items] | |||
Cash received or receivable from derivative | $ 183.2 | ||
Proceeds for settlement of terminated derivatives | 19.1 | ||
Derivative, notional amount, terminated | $ 2,800 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Interest rate swaps - floor income hedges | ||
Derivative [Line Items] | ||
Notional amount | $ 400,000,000 | $ 400,000,000 |
Weighted average fixed rate paid by the Company | 3.71% | 3.71% |
2026 | ||
Derivative [Line Items] | ||
Notional amount | $ 200,000,000 | $ 200,000,000 |
Weighted average fixed rate paid by the Company | 3.92% | 3.92% |
2028 | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Weighted average fixed rate paid by the Company | 3.56% | 3.56% |
2029 | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Weighted average fixed rate paid by the Company | 3.17% | 3.17% |
2030 | ||
Derivative [Line Items] | ||
Notional amount | $ 100,000,000 | $ 100,000,000 |
Weighted average fixed rate paid by the Company | 3.63% | 3.63% |
Interest Rate Swap, 2030 With November 2025 Effective Start Date | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Interest Rate Swaps (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Interest rate swaps - Nelnet Bank | ||
Derivative [Line Items] | ||
Notional amount | $ (140,000,000) | $ (140,000,000) |
Weighted average fixed rate paid by the Company | 3.46% | 3.46% |
2028 | ||
Derivative [Line Items] | ||
Notional amount | $ (40,000,000) | $ (40,000,000) |
Weighted average fixed rate paid by the Company | 3.33% | 3.33% |
2030 | ||
Derivative [Line Items] | ||
Notional amount | $ (50,000,000) | $ (50,000,000) |
Weighted average fixed rate paid by the Company | 3.06% | 3.06% |
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of April 2026 | ||
Derivative [Line Items] | ||
Notional amount | $ (25,000,000) | $ (25,000,000) |
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of May 2026 | ||
Derivative [Line Items] | ||
Notional amount | (25,000,000) | (25,000,000) |
2032 | ||
Derivative [Line Items] | ||
Notional amount | $ (25,000,000) | $ (25,000,000) |
Weighted average fixed rate paid by the Company | 4.03% | 4.03% |
2033 | ||
Derivative [Line Items] | ||
Notional amount | $ (25,000,000) | $ (25,000,000) |
Weighted average fixed rate paid by the Company | 3.90% | 3.90% |
Derivative Financial Instrume_7
Derivative Financial Instruments - Fair Value of Asset and Liability Derivatives (Details) - Interest rate swaps - Nelnet Bank - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Fair value of asset derivatives | $ 1,820 | $ 452 |
Fair value of liability derivatives | $ 1,085 | $ 1,976 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | $ 1,757 | $ 23,337 |
Change in fair value | $ 7,964 | (37,411) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Derivative market value adjustments and derivative settlements, net | |
Derivative market value adjustments and derivative settlements, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | $ 1,757 | 23,337 |
Derivative market value adjustments and derivative settlements, net - income (expense) | 9,721 | (14,074) |
1:3 basis swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value | (354) | (23) |
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | 365 | 859 |
Interest rate swaps - floor income hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value | 6,060 | (37,388) |
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | 1,190 | 22,478 |
Interest rate swaps - Nelnet Bank | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value | 2,258 | 0 |
Interest rate swaps - Nelnet Bank | Derivative market value adjustments and derivative settlements, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | $ 202 | $ 0 |
Investments and Notes Receiva_3
Investments and Notes Receivable - Summary of Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investments (at fair value): | |||
Amortized cost | $ 1,029,452 | ||
Fair value | 1,018,687 | ||
Equity securities | 55,026 | $ 50,907 | |
Total investments at fair value | 1,037,637 | 988,841 | |
Held-to-maturity investments | |||
Fair value | 161,238 | 162,738 | |
Beneficial interest in securitizations | 235,824 | 225,079 | |
Notes receivable | 53,140 | 53,747 | |
Other investments | 884,054 | 882,127 | |
Total investments and notes receivable | 1,921,691 | 1,870,968 | |
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value | 151,900 | ||
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value | 135,300 | ||
ALLO preferred return | 2,409 | $ 2,249 | |
Net loss attributable to noncontrolling interests | (2,202) | (3,470) | |
Net income attributable to Nelnet, Inc. | 73,210 | 26,487 | |
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments | |||
Investments (at fair value): | |||
Amortized cost | 34,958 | 16,993 | |
Gross unrealized gains | 1,198 | 1,069 | |
Gross unrealized losses | (80) | (93) | |
Fair value | 36,076 | 17,969 | |
Asset-Backed Securities, Available-For-Sale, Non-Nelnet And Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 994,494 | 965,885 | |
Gross unrealized gains | 15,816 | 11,528 | |
Gross unrealized losses | (27,699) | (39,479) | |
Fair value | 982,611 | 937,934 | |
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 553,904 | 594,963 | |
Gross unrealized gains | 8,029 | 6,903 | |
Gross unrealized losses | (24,590) | (35,542) | |
Fair value | 537,343 | 566,324 | |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 263,335 | 271,479 | |
Gross unrealized gains | 6,226 | 4,883 | |
Gross unrealized losses | (3,043) | (5,393) | |
Fair value | 266,518 | 270,969 | |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 269,983 | 281,791 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | (21,547) | (28,874) | |
Fair value | 248,436 | 252,917 | |
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 20,586 | 41,693 | |
Gross unrealized gains | 1,803 | 2,020 | |
Gross unrealized losses | 0 | (1,275) | |
Fair value | 22,389 | 42,438 | |
Asset-Backed Securities, Available-For-Sale, Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 440,590 | 370,922 | |
Gross unrealized gains | 7,787 | 4,625 | |
Gross unrealized losses | (3,109) | (3,937) | |
Fair value | 445,268 | 371,610 | |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 300,235 | 304,555 | |
Gross unrealized gains | 7,171 | 4,488 | |
Gross unrealized losses | (1,611) | (2,286) | |
Fair value | 305,795 | 306,757 | |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 29,440 | 17,083 | |
Gross unrealized gains | 88 | 20 | |
Gross unrealized losses | 0 | (10) | |
Fair value | 29,528 | 17,093 | |
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank | |||
Investments (at fair value): | |||
Amortized cost | 110,915 | 49,284 | |
Gross unrealized gains | 528 | 117 | |
Gross unrealized losses | (1,498) | (1,641) | |
Fair value | 109,945 | 47,760 | |
Debt Securities, Held-To-Maturity, Non-Nelnet Bank | |||
Held-to-maturity investments | |||
Fair value | 4,700 | 4,700 | |
Held-To-Maturity Investments, Nelnet Bank | |||
Held-to-maturity investments | |||
Fair value | 156,538 | 158,038 | |
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | |||
Held-to-maturity investments | |||
Fair value | 148,438 | 149,938 | |
Asset-Backed Securities, Held-To-Maturity, Private Education Loans, Nelnet Bank | |||
Held-to-maturity investments | |||
Fair value | 8,100 | 8,100 | |
Venture capital funds | |||
Held-to-maturity investments | |||
Measurement alternative | 194,574 | 194,084 | |
Equity method | 102,309 | 91,464 | |
Other investments | 296,883 | 285,548 | |
Real estate | |||
Held-to-maturity investments | |||
Equity method | 105,523 | 103,811 | |
Partnership Interest | |||
Held-to-maturity investments | |||
Equity method | 0 | 10,693 | |
Preferred membership interest and accrued and unpaid preferred return | 157,456 | 155,047 | |
Other investments | 157,456 | 165,740 | |
Equity securities, realized loss | 10,700 | 20,200 | |
Partnership Interest | ALLO | |||
Held-to-maturity investments | |||
Preferred membership interest and accrued and unpaid preferred return | 155,000 | ||
Equity method investment, accrued and unpaid preferred return | 2,400 | ||
Beneficial interest in consumer loan securitizations | |||
Held-to-maturity investments | |||
Beneficial interest in securitizations | 147,076 | 134,113 | |
Loans corresponding to beneficial interest | 965,000 | ||
Beneficial interest in private education loan securitizations | |||
Held-to-maturity investments | |||
Beneficial interest in securitizations | 66,307 | 68,372 | |
Loans corresponding to beneficial interest | 490,000 | ||
Beneficial interest in federally insured loan securitizations | |||
Held-to-maturity investments | |||
Beneficial interest in securitizations | 22,441 | 22,594 | |
Loans corresponding to beneficial interest | 335,000 | ||
Solar | |||
Held-to-maturity investments | |||
Solar | (133,772) | (121,779) | |
Amount funded or committed to fund | 491,800 | ||
Amount funded or committed to fund by partners | 208,900 | ||
Tax credits | 511,600 | ||
Tax Credits by partners | 248,600 | ||
Carrying value | (133,800) | ||
Noncontrolling interest balance | (70,100) | ||
Pre-tax loss from equity investment | 3,000 | (1,900) | |
Net loss attributable to noncontrolling interests | (1,200) | (2,700) | |
Net income attributable to Nelnet, Inc. | 4,200 | 800 | |
Equity method investment, amount committed to fund | 146,600 | ||
Equity method investment, amount committed to fund by partners | 76,200 | ||
Tax liens, affordable housing, and other | |||
Held-to-maturity investments | |||
Other investments | $ 7,762 | $ 7,243 | |
Preferred Partnership Interest | |||
Held-to-maturity investments | |||
Equity method investment, preferred annual return | 6.25% | ||
Equity method investment, preferred annual, after increase | 10% | ||
ALLO preferred return | $ 2,400 | $ 2,200 |
Investments and Notes Receiva_4
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | $ 69,535 | |
Amortized cost, after 1 year through 5 years | 89,155 | |
Amortized cost, after 5 years through 10 years | 80,159 | |
Amortized cost, after 10 years | 790,603 | |
Amortized cost | 1,029,452 | |
Fair value | ||
Fair value, 1 year or less | 69,946 | |
Fair value, after 1 year through 5 years | 89,099 | |
Fair value, after 5 years through 10 years | 79,612 | |
Fair value, after 10 years | 780,030 | |
Total | 1,018,687 | |
Held-to-maturity investments | ||
Amortized cost, 1 year or less | 4,700 | |
Amortized cost, after 1 year through 5 years | 3,278 | |
Amortized cost, after 5 years through 10 years | 1,407 | |
Amortized cost, after 10 years | 151,853 | |
Total | 161,238 | $ 162,738 |
Fair value | ||
Fair value, 1 year or less | 4,700 | |
Fair value, after 1 year through 5 years | 3,351 | |
Fair value, after 5 years through 10 years | 1,435 | |
Fair value, after 10 years | 155,007 | |
Total | 164,493 | |
Beneficial interest in loan securitizations | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 0 | |
Beneficial interest in securitizations | 235,824 | 225,079 |
Fair value | ||
Fair value, 1 year or less | 0 | |
Fair value, after 1 year through 5 years | 0 | |
Fair value, after 5 years through 10 years | 0 | |
Fair value, after 10 years | 0 | |
Beneficial interest in loan securitizations, Fair Value | 260,537 | |
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 9,267 | |
Amortized cost, after 5 years through 10 years | 4,017 | |
Amortized cost, after 10 years | 21,674 | |
Amortized cost | 34,958 | 16,993 |
Fair value | ||
Fair value, 1 year or less | 0 | |
Fair value, after 1 year through 5 years | 9,270 | |
Fair value, after 5 years through 10 years | 4,037 | |
Fair value, after 10 years | 22,769 | |
Total | 36,076 | 17,969 |
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 8,796 | |
Amortized cost, after 1 year through 5 years | 9,305 | |
Amortized cost, after 5 years through 10 years | 22,190 | |
Amortized cost, after 10 years | 513,613 | |
Amortized cost | 553,904 | 594,963 |
Fair value | ||
Fair value, 1 year or less | 8,697 | |
Fair value, after 1 year through 5 years | 9,244 | |
Fair value, after 5 years through 10 years | 21,651 | |
Fair value, after 10 years | 497,751 | |
Total | 537,343 | 566,324 |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 8,796 | |
Amortized cost, after 1 year through 5 years | 9,206 | |
Amortized cost, after 5 years through 10 years | 22,190 | |
Amortized cost, after 10 years | 223,143 | |
Amortized cost | 263,335 | 271,479 |
Fair value | ||
Total | 266,518 | 270,969 |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 269,983 | |
Amortized cost | 269,983 | 281,791 |
Fair value | ||
Total | 248,436 | 252,917 |
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 99 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 20,487 | |
Amortized cost | 20,586 | 41,693 |
Fair value | ||
Total | 22,389 | 42,438 |
Asset-Backed Securities, Available-For-Sale, Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 60,739 | |
Amortized cost, after 1 year through 5 years | 70,583 | |
Amortized cost, after 5 years through 10 years | 53,952 | |
Amortized cost, after 10 years | 255,316 | |
Amortized cost | 440,590 | 370,922 |
Fair value | ||
Fair value, 1 year or less | 61,249 | |
Fair value, after 1 year through 5 years | 70,585 | |
Fair value, after 5 years through 10 years | 53,924 | |
Fair value, after 10 years | 259,510 | |
Total | 445,268 | 371,610 |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 60,739 | |
Amortized cost, after 1 year through 5 years | 22,744 | |
Amortized cost, after 5 years through 10 years | 26,144 | |
Amortized cost, after 10 years | 190,608 | |
Amortized cost | 300,235 | 304,555 |
Fair value | ||
Total | 305,795 | 306,757 |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 15,940 | |
Amortized cost, after 10 years | 13,500 | |
Amortized cost | 29,440 | 17,083 |
Fair value | ||
Total | 29,528 | 17,093 |
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 47,839 | |
Amortized cost, after 5 years through 10 years | 11,868 | |
Amortized cost, after 10 years | 51,208 | |
Amortized cost | 110,915 | 49,284 |
Fair value | ||
Total | 109,945 | 47,760 |
Debt Securities, Held-To-Maturity, Non-Nelnet Bank | ||
Held-to-maturity investments | ||
Amortized cost, 1 year or less | 4,700 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 0 | |
Total | 4,700 | 4,700 |
Fair value | ||
Fair value, 1 year or less | 4,700 | |
Fair value, after 1 year through 5 years | 0 | |
Fair value, after 5 years through 10 years | 0 | |
Fair value, after 10 years | 0 | |
Total | 4,700 | |
Held-To-Maturity Investments, Nelnet Bank | ||
Held-to-maturity investments | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 3,278 | |
Amortized cost, after 5 years through 10 years | 1,407 | |
Amortized cost, after 10 years | 151,853 | |
Total | 156,538 | 158,038 |
Fair value | ||
Fair value, 1 year or less | 0 | |
Fair value, after 1 year through 5 years | 3,351 | |
Fair value, after 5 years through 10 years | 1,435 | |
Fair value, after 10 years | 155,007 | |
Total | 159,793 | |
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | ||
Held-to-maturity investments | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 3,278 | |
Amortized cost, after 5 years through 10 years | 1,407 | |
Amortized cost, after 10 years | 143,753 | |
Total | 148,438 | $ 149,938 |
Private education loan, Held-To-Maturity, Nelnet Bank | ||
Held-to-maturity investments | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 8,100 | |
Total | $ 8,100 |
Investments and Notes Receiva_5
Investments and Notes Receivable - Schedule of Unrealized Positions for Held-to-Maturity Investments and Beneficial Interest in Loan Securitizations (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, All Other Investments [Abstract] | ||
Carrying value | $ 161,238,000 | $ 162,738,000 |
Gross unrealized gains | 3,302,000 | |
Gross unrealized losses | (47,000) | |
Fair value | 164,493,000 | |
Beneficial interest in loan securitizations, Carrying Value | 235,824,000 | $ 225,079,000 |
Gross unrealized gains | 28,806,000 | |
Gross unrealized losses | (4,093,000) | |
Beneficial interest in loan securitizations, Fair Value | 260,537,000 | |
Unrealized losses due to credit losses | 0 | |
Unrealized losses due to credit losses | $ 0 |
Investments and Notes Receiva_6
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) | Mar. 31, 2024 USD ($) |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Asset -backed securities unrealized loss position not due to credit loss | $ 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (1,257,000) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (26,522,000) |
Total, unrealized loss | (27,779,000) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 65,386,000 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 417,269,000 |
Total, fair value | 482,655,000 |
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (80,000) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | 0 |
Total, unrealized loss | (80,000) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 8,175,000 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 0 |
Total, fair value | 8,175,000 |
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (335,000) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (24,255,000) |
Total, unrealized loss | (24,590,000) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 16,011,000 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 367,902,000 |
Total, fair value | 383,913,000 |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (335,000) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (2,708,000) |
Total, unrealized loss | (3,043,000) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 16,011,000 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 119,466,000 |
Total, fair value | 135,477,000 |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | 0 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (21,547,000) |
Total, unrealized loss | (21,547,000) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 0 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 248,436,000 |
Total, fair value | 248,436,000 |
Asset-Backed Securities, Available-For-Sale, Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (842,000) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (2,267,000) |
Total, unrealized loss | (3,109,000) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 41,200,000 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 49,367,000 |
Total, fair value | 90,567,000 |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (779,000) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (832,000) |
Total, unrealized loss | (1,611,000) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 26,112,000 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 34,654,000 |
Total, fair value | 60,766,000 |
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (63,000) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (1,435,000) |
Total, unrealized loss | (1,498,000) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 15,088,000 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 14,713,000 |
Total, fair value | $ 29,801,000 |
Investments and Notes Receiva_7
Investments and Notes Receivable - Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments [Abstract] | ||
Gross proceeds from sales | $ 153,373 | $ 492,173 |
Gross realized gains | 1,054 | 1,274 |
Gross realized losses | (502) | (6,256) |
Net gains (losses) | $ 552 | $ (4,982) |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset useful life | 100 months | |
Finite lived intangible assets | $ 42,670 | $ 44,819 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset useful life | 102 months | |
Finite lived intangible assets | $ 40,987 | 43,031 |
Accumulated amortization | $ 48,617 | 46,573 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset useful life | 97 months | |
Finite lived intangible assets | $ 622 | 642 |
Accumulated amortization | $ 148 | 8,268 |
Computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset useful life | 37 months | |
Finite lived intangible assets | $ 1,061 | 1,146 |
Accumulated amortization | $ 659 | $ 574 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Amortization of intangible assets | $ 2.1 | $ 2.7 |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2024 (April 1 - December 31) | $ 6,342 | |
2025 | 6,099 | |
2026 | 6,012 | |
2027 | 5,714 | |
2028 | 5,354 | |
2029 and thereafter | 13,149 | |
Finite lived intangible assets, net | $ 42,670 | $ 44,819 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill [Line Items] | ||
Total goodwill | $ 158,029 | $ 158,029 |
NFS Other Operating Segments | ||
Goodwill [Line Items] | ||
Total goodwill | 0 | 0 |
Corporate and Other Activities | ||
Goodwill [Line Items] | ||
Total goodwill | 0 | 0 |
Loan Servicing and Systems | Operating Segments | ||
Goodwill [Line Items] | ||
Total goodwill | 23,639 | 23,639 |
Education Technology Services and Payments | Operating Segments | ||
Goodwill [Line Items] | ||
Total goodwill | 92,507 | 92,507 |
Asset Generation and Management | Operating Segments | ||
Goodwill [Line Items] | ||
Total goodwill | 41,883 | 41,883 |
Nelnet Bank | Operating Segments | ||
Goodwill [Line Items] | ||
Total goodwill | $ 0 | $ 0 |
Bank Deposits - Interest-Bearin
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Retail and other savings | $ 575,732 | $ 517,960 |
Brokered CDs, net of brokered deposit fees | 204,174 | 203,522 |
Retail and other CDs (commercial and institutional) | 19,320 | 20,060 |
Commercial | 2,835 | 2,057 |
Total interest-bearing deposits | $ 802,061 | $ 743,599 |
Bank Deposits - Narrative (Deta
Bank Deposits - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Intercompany deposits | $ 158,600 | $ 104,000 | ||
Restricted cash | 618,363 | $ 488,723 | $ 576,267 | $ 945,159 |
Deposits exceeding the FDIC insurance limits | 45,000 | |||
Nelnet Bank | Asset Pledged as Collateral | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Restricted cash | $ 40,000 |
Bank Deposits - Certificates of
Bank Deposits - Certificates of Deposit Maturities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Deposits [Abstract] | |
One year or less | $ 0 |
After one year to two years | 63,026 |
After two years to three years | 159,320 |
After three years to four years | 348 |
After four years to five years | 800 |
After five years | 0 |
Total | $ 223,494 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income attributable to Nelnet, Inc., basic | $ 73,210 | $ 26,487 |
Net income attributable to Nelnet, Inc., diluted | $ 73,210 | $ 26,487 |
Weighted-average common shares outstanding - basic (in shares) | 37,156,971 | 37,344,604 |
Weighted-average common shares outstanding - diluted (in shares) | 37,156,971 | 37,344,604 |
Earnings per share - basic (in dollars per share) | $ 1.97 | $ 0.71 |
Earnings per share - diluted (in dollars per share) | $ 1.97 | $ 0.71 |
Common shareholders | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income attributable to Nelnet, Inc., basic | $ 71,727 | $ 25,945 |
Net income attributable to Nelnet, Inc., diluted | $ 71,727 | $ 25,945 |
Weighted-average common shares outstanding - basic (in shares) | 36,404,364 | 36,580,204 |
Weighted-average common shares outstanding - diluted (in shares) | 36,404,364 | 36,580,204 |
Earnings per share - basic (in dollars per share) | $ 1.97 | $ 0.71 |
Earnings per share - diluted (in dollars per share) | $ 1.97 | $ 0.71 |
Unvested restricted stock shareholders | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income attributable to Nelnet, Inc., basic | $ 1,483 | $ 542 |
Net income attributable to Nelnet, Inc., diluted | $ 1,483 | $ 542 |
Weighted-average common shares outstanding - basic (in shares) | 752,607 | 764,400 |
Weighted-average common shares outstanding - diluted (in shares) | 752,607 | 764,400 |
Earnings per share - basic (in dollars per share) | $ 1.97 | $ 0.71 |
Earnings per share - diluted (in dollars per share) | $ 1.97 | $ 0.71 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Total interest income | $ 268,802 | $ 265,968 | |
Interest expense | 194,580 | 199,449 | |
Net interest income | 74,222 | 66,519 | |
Less provision for loan losses | 10,928 | 34,275 | |
Net interest income after provision for loan losses | 63,294 | 32,244 | |
Other income (expense): | |||
Intersegment revenue | 0 | 0 | |
Other, net | 17,015 | (14,071) | |
(Loss) gain on sale of loans, net | (41) | 11,812 | |
Derivative settlements, net | 1,757 | 23,337 | |
Derivative market value adjustments, net | 7,964 | (37,411) | |
Total other income (expense), net | 311,161 | 265,148 | |
Cost of services: | |||
Cost of services | 62,839 | 56,003 | |
Operating expenses: | |||
Salaries and benefits | 143,875 | 152,710 | |
Depreciation and amortization | 16,769 | 16,627 | |
Other expenses | 56,845 | 40,785 | |
Intersegment expenses, net | 0 | 0 | |
Total operating expenses | 217,489 | 210,122 | |
Income (loss) before income taxes | 94,127 | 31,267 | |
Income tax (expense) benefit | (23,119) | (8,250) | |
Net income | 71,008 | 23,017 | |
Net loss (income) attributable to noncontrolling interests | 2,202 | 3,470 | |
Net income attributable to Nelnet, Inc. | 73,210 | 26,487 | |
Total assets | 15,398,662 | 18,082,609 | $ 16,736,645 |
Operating Segments | Loan Servicing and Systems | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 1,894 | 1,037 | |
Interest expense | 0 | 0 | |
Net interest income | 1,894 | 1,037 | |
Less provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 1,894 | 1,037 | |
Other income (expense): | |||
Intersegment revenue | 6,886 | 7,790 | |
Other, net | 710 | 608 | |
(Loss) gain on sale of loans, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income (expense), net | 134,797 | 147,625 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 76,722 | 84,560 | |
Depreciation and amortization | 5,109 | 4,513 | |
Other expenses | 19,538 | 13,313 | |
Intersegment expenses, net | 19,332 | 21,057 | |
Total operating expenses | 120,701 | 123,443 | |
Income (loss) before income taxes | 15,990 | 25,219 | |
Income tax (expense) benefit | (3,838) | (6,053) | |
Net income | 12,152 | 19,166 | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income attributable to Nelnet, Inc. | 12,152 | 19,166 | |
Total assets | 212,381 | 232,667 | |
Operating Segments | Education Technology Services and Payments | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 7,866 | 6,036 | |
Interest expense | 0 | 0 | |
Net interest income | 7,866 | 6,036 | |
Less provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 7,866 | 6,036 | |
Other income (expense): | |||
Intersegment revenue | 49 | 56 | |
Other, net | 0 | 0 | |
(Loss) gain on sale of loans, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income (expense), net | 143,588 | 133,659 | |
Cost of services: | |||
Cost of services | 48,610 | 47,704 | |
Operating expenses: | |||
Salaries and benefits | 40,167 | 37,913 | |
Depreciation and amortization | 2,683 | 2,578 | |
Other expenses | 7,558 | 8,063 | |
Intersegment expenses, net | 4,801 | 5,800 | |
Total operating expenses | 55,209 | 54,354 | |
Income (loss) before income taxes | 47,635 | 37,637 | |
Income tax (expense) benefit | (11,435) | (9,066) | |
Net income | 36,200 | 28,571 | |
Net loss (income) attributable to noncontrolling interests | 17 | 138 | |
Net income attributable to Nelnet, Inc. | 36,217 | 28,709 | |
Total assets | 389,990 | 424,742 | |
Operating Segments | Asset Generation and Management | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 231,463 | 234,719 | |
Interest expense | 190,905 | 189,198 | |
Net interest income | 40,558 | 45,521 | |
Less provision for loan losses | 6,555 | 31,858 | |
Net interest income after provision for loan losses | 34,003 | 13,663 | |
Other income (expense): | |||
Intersegment revenue | 0 | 0 | |
Other, net | 4,983 | 2,845 | |
(Loss) gain on sale of loans, net | (41) | 11,812 | |
Derivative settlements, net | 1,555 | 23,337 | |
Derivative market value adjustments, net | 5,706 | (37,411) | |
Total other income (expense), net | 12,203 | 583 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 1,195 | 755 | |
Depreciation and amortization | 0 | 0 | |
Other expenses | 3,418 | 5,016 | |
Intersegment expenses, net | 7,850 | 8,696 | |
Total operating expenses | 12,463 | 14,467 | |
Income (loss) before income taxes | 33,743 | (221) | |
Income tax (expense) benefit | (8,099) | 53 | |
Net income | 25,644 | (168) | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income attributable to Nelnet, Inc. | 25,644 | (168) | |
Total assets | 12,315,238 | 14,939,324 | |
Operating Segments | Nelnet Bank | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 17,064 | 12,259 | |
Interest expense | 9,497 | 7,214 | |
Net interest income | 7,567 | 5,045 | |
Less provision for loan losses | 4,373 | 2,417 | |
Net interest income after provision for loan losses | 3,194 | 2,628 | |
Other income (expense): | |||
Intersegment revenue | 0 | 0 | |
Other, net | 375 | 210 | |
(Loss) gain on sale of loans, net | 0 | 0 | |
Derivative settlements, net | 202 | 0 | |
Derivative market value adjustments, net | 2,258 | 0 | |
Total other income (expense), net | 2,835 | 210 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 2,721 | 2,064 | |
Depreciation and amortization | 260 | 5 | |
Other expenses | 1,128 | 782 | |
Intersegment expenses, net | 773 | 80 | |
Total operating expenses | 4,882 | 2,931 | |
Income (loss) before income taxes | 1,147 | (93) | |
Income tax (expense) benefit | (259) | 35 | |
Net income | 888 | (58) | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income attributable to Nelnet, Inc. | 888 | (58) | |
Total assets | 1,125,122 | 1,000,659 | |
NFS Other Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 15,616 | 18,660 | |
Interest expense | 2,418 | 11,827 | |
Net interest income | 13,198 | 6,833 | |
Less provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 13,198 | 6,833 | |
Other income (expense): | |||
Intersegment revenue | 0 | 0 | |
Other, net | 12,941 | (741) | |
(Loss) gain on sale of loans, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income (expense), net | 12,941 | (741) | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 358 | 219 | |
Depreciation and amortization | 0 | 0 | |
Other expenses | 11,802 | 567 | |
Intersegment expenses, net | 217 | 129 | |
Total operating expenses | 12,377 | 915 | |
Income (loss) before income taxes | 13,762 | 5,177 | |
Income tax (expense) benefit | (3,274) | (1,209) | |
Net income | 10,488 | 3,968 | |
Net loss (income) attributable to noncontrolling interests | (120) | (140) | |
Net income attributable to Nelnet, Inc. | 10,368 | 3,828 | |
Total assets | 1,111,587 | 1,206,023 | |
Corporate and Other Activities | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 3,815 | 2,539 | |
Interest expense | 676 | 491 | |
Net interest income | 3,139 | 2,048 | |
Less provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 3,139 | 2,048 | |
Other income (expense): | |||
Intersegment revenue | 0 | 0 | |
Other, net | (1,994) | (16,993) | |
(Loss) gain on sale of loans, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income (expense), net | 11,732 | (8,342) | |
Cost of services: | |||
Cost of services | 14,229 | 8,299 | |
Operating expenses: | |||
Salaries and benefits | 23,521 | 27,200 | |
Depreciation and amortization | 8,716 | 9,531 | |
Other expenses | 13,402 | 13,044 | |
Intersegment expenses, net | (26,845) | (27,916) | |
Total operating expenses | 18,794 | 21,859 | |
Income (loss) before income taxes | (18,152) | (36,452) | |
Income tax (expense) benefit | 3,785 | 7,990 | |
Net income | (14,367) | (28,462) | |
Net loss (income) attributable to noncontrolling interests | 2,305 | 3,472 | |
Net income attributable to Nelnet, Inc. | (12,062) | (24,990) | |
Total assets | 880,107 | 1,002,249 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total interest income | (8,915) | (9,282) | |
Interest expense | (8,915) | (9,282) | |
Net interest income | 0 | 0 | |
Less provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 0 | 0 | |
Other income (expense): | |||
Intersegment revenue | (6,935) | (7,846) | |
Other, net | 0 | 0 | |
(Loss) gain on sale of loans, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income (expense), net | (6,935) | (7,846) | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | (807) | 0 | |
Depreciation and amortization | 0 | 0 | |
Other expenses | 0 | 0 | |
Intersegment expenses, net | (6,128) | (7,846) | |
Total operating expenses | (6,935) | (7,846) | |
Income (loss) before income taxes | 0 | 0 | |
Income tax (expense) benefit | 0 | 0 | |
Net income | 0 | 0 | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income attributable to Nelnet, Inc. | 0 | 0 | |
Total assets | (635,763) | (723,055) | |
Loan servicing and systems | |||
Other income (expense): | |||
Revenue | 127,201 | 139,227 | |
Loan servicing and systems | Operating Segments | Loan Servicing and Systems | |||
Other income (expense): | |||
Revenue | 127,201 | 139,227 | |
Loan servicing and systems | Operating Segments | Education Technology Services and Payments | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Operating Segments | Asset Generation and Management | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Operating Segments | Nelnet Bank | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Loan servicing and systems | NFS Other Operating Segments | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Corporate and Other Activities | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Eliminations | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Education technology services and payments | |||
Other income (expense): | |||
Revenue | 143,539 | 133,603 | |
Cost of services: | |||
Cost of services | 48,610 | 47,704 | |
Education technology services and payments | Operating Segments | Loan Servicing and Systems | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology services and payments | Operating Segments | Education Technology Services and Payments | |||
Other income (expense): | |||
Revenue | 143,539 | 133,603 | |
Cost of services: | |||
Cost of services | 48,610 | 47,704 | |
Education technology services and payments | Operating Segments | Asset Generation and Management | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology services and payments | Operating Segments | Nelnet Bank | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology services and payments | NFS Other Operating Segments | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology services and payments | Corporate and Other Activities | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology services and payments | Eliminations | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Solar construction | |||
Other income (expense): | |||
Revenue | 13,726 | 8,651 | |
Cost of services: | |||
Cost of services | 14,229 | 8,299 | |
Solar construction | Operating Segments | Loan Servicing and Systems | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Solar construction | Operating Segments | Education Technology Services and Payments | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Solar construction | Operating Segments | Asset Generation and Management | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Solar construction | Operating Segments | Nelnet Bank | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Solar construction | NFS Other Operating Segments | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Solar construction | Corporate and Other Activities | |||
Other income (expense): | |||
Revenue | 13,726 | 8,651 | |
Cost of services: | |||
Cost of services | 14,229 | 8,299 | |
Solar construction | Eliminations | |||
Other income (expense): | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | $ 0 | $ 0 |
Disaggregated Revenue - Disaggr
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Solar construction revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 13,726 | $ 8,651 |
Commercial revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,578 | 5,876 |
Residential revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,148 | 2,775 |
Loan servicing and systems revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 127,201 | 139,227 |
Government loan servicing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 105,474 | 108,880 |
Private education and consumer loan servicing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12,620 | 12,164 |
FFELP loan servicing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,380 | 3,368 |
Software services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,541 | 9,697 |
Outsourced services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,186 | 5,118 |
Education technology services and payments revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 143,539 | 133,603 |
Tuition payment plan services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 38,880 | 34,187 |
Payment processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 47,786 | 44,041 |
Education technology services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 56,021 | 54,787 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 852 | $ 588 |
Disaggregated Revenue - Other I
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Reinsurance premiums | $ 12,780 | $ 535 |
Borrower late fee income | $ 3,133 | 2,247 |
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other, net | |
ALLO preferred return | $ 2,409 | 2,249 |
Administration/sponsor fee income | $ 1,546 | 1,772 |
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other, net | |
Investment activity, net | $ (1,298) | (3,577) |
Other | 4,659 | 3,251 |
Other, net | 17,015 | (14,071) |
Solar | ||
Disaggregation of Revenue [Line Items] | ||
Gain (loss) on investments | 2,971 | (1,947) |
ALLO Voting Membership Interests Investment | ||
Disaggregation of Revenue [Line Items] | ||
Gain (loss) on investments | (10,693) | (20,213) |
Investment Advice | ||
Disaggregation of Revenue [Line Items] | ||
Investment advisory services (WRCM) | $ 1,508 | $ 1,612 |
Major Customer (Details)
Major Customer (Details) - Government Loan Servicing $ in Millions | 3 Months Ended | ||
Apr. 24, 2023 extension | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Concentration Risk [Line Items] | |||
Revenue | $ | $ 105.5 | $ 108.9 | |
Contract with customer, contract term | 5 years | ||
Contract with customer, option to extend, option one, number of extensions | 2 | ||
Contract with customer, option to extend, option one, extension period | 2 years | ||
Contract with customer, option to extend, option two, number of extensions | 1 | ||
Contract with customer, option to extend, option two, extension period | 1 year |
Fair Value - Fair Value, Assets
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Investments | $ 1,073,713 | $ 1,006,810 |
Derivative instruments | $ 1,820 | 452 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
Total assets | $ 1,075,533 | 1,007,262 |
Liabilities: | ||
Derivative instruments | $ 1,085 | 1,976 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | |
Total liabilities | $ 1,085 | 1,976 |
Asset-backed debt securities - available-for-sale | ||
Assets: | ||
Investments | 1,018,687 | 955,903 |
Equity securities | ||
Assets: | ||
Investments | 56 | 73 |
Equity securities measured at net asset value | ||
Assets: | ||
Investments | 54,970 | 50,834 |
Level 1 | ||
Assets: | ||
Investments | 155 | 172 |
Derivative instruments | 0 | 0 |
Total assets | 155 | 172 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 | Asset-backed debt securities - available-for-sale | ||
Assets: | ||
Investments | 99 | 99 |
Level 1 | Equity securities | ||
Assets: | ||
Investments | 56 | 73 |
Level 2 | ||
Assets: | ||
Investments | 1,018,588 | 955,804 |
Derivative instruments | 1,820 | 452 |
Total assets | 1,020,408 | 956,256 |
Liabilities: | ||
Derivative instruments | 1,085 | 1,976 |
Total liabilities | 1,085 | 1,976 |
Level 2 | Asset-backed debt securities - available-for-sale | ||
Assets: | ||
Investments | 1,018,588 | 955,804 |
Level 2 | Equity securities | ||
Assets: | ||
Investments | $ 0 | $ 0 |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||||
Loans receivable | $ 11,829,078 | $ 13,108,204 | ||
Accrued loan interest receivable | 684,095 | 764,385 | ||
Cash and cash equivalents | 179,682 | 168,112 | $ 187,574 | $ 118,146 |
Investments - held-to-maturity | 164,493 | |||
Beneficial interest in loan securitizations, Fair Value | 260,537 | |||
Restricted cash - due to customers | 142,778 | 368,656 | $ 134,202 | $ 294,311 |
Financial liabilities: | ||||
Accrued interest payable | 31,983 | 35,391 | ||
Bank deposits | 802,061 | 743,599 | ||
Due to customers | 274,757 | 425,507 | ||
Fair value | ||||
Financial assets: | ||||
Loans receivable | 11,479,342 | 12,800,638 | ||
Accrued loan interest receivable | 684,095 | 764,385 | ||
Cash and cash equivalents | 179,682 | 168,112 | ||
Investments (at fair value) | 1,073,713 | 1,006,810 | ||
Investments - held-to-maturity | 164,493 | 163,622 | ||
Notes receivable | 53,140 | 53,747 | ||
Beneficial interest in loan securitizations, Fair Value | 260,537 | 262,093 | ||
Restricted cash | 618,363 | 488,723 | ||
Restricted cash - due to customers | 142,778 | 368,656 | ||
Derivative instruments | 1,820 | 452 | ||
Financial liabilities: | ||||
Bonds and notes payable | 10,481,221 | 11,629,359 | ||
Accrued interest payable | 31,983 | 35,391 | ||
Bank deposits | 781,814 | 722,973 | ||
Due to customers | 274,757 | 425,507 | ||
Derivative instruments | 1,085 | 1,976 | ||
Fair value | Level 1 | ||||
Financial assets: | ||||
Loans receivable | 0 | 0 | ||
Accrued loan interest receivable | 0 | 0 | ||
Cash and cash equivalents | 179,682 | 168,112 | ||
Investments (at fair value) | 155 | 172 | ||
Investments - held-to-maturity | 0 | 0 | ||
Notes receivable | 0 | 0 | ||
Beneficial interest in loan securitizations, Fair Value | 0 | 0 | ||
Restricted cash | 618,363 | 488,723 | ||
Restricted cash - due to customers | 142,778 | 368,656 | ||
Derivative instruments | 0 | 0 | ||
Financial liabilities: | ||||
Bonds and notes payable | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Bank deposits | 528,315 | 467,420 | ||
Due to customers | 274,757 | 425,507 | ||
Derivative instruments | 0 | 0 | ||
Fair value | Level 2 | ||||
Financial assets: | ||||
Loans receivable | 0 | 0 | ||
Accrued loan interest receivable | 684,095 | 764,385 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments (at fair value) | 1,018,588 | 955,804 | ||
Investments - held-to-maturity | 164,493 | 163,622 | ||
Notes receivable | 53,140 | 53,747 | ||
Beneficial interest in loan securitizations, Fair Value | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Restricted cash - due to customers | 0 | 0 | ||
Derivative instruments | 1,820 | 452 | ||
Financial liabilities: | ||||
Bonds and notes payable | 10,481,221 | 11,629,359 | ||
Accrued interest payable | 31,983 | 35,391 | ||
Bank deposits | 253,499 | 255,553 | ||
Due to customers | 0 | 0 | ||
Derivative instruments | 1,085 | 1,976 | ||
Fair value | Level 3 | ||||
Financial assets: | ||||
Loans receivable | 11,479,342 | 12,800,638 | ||
Accrued loan interest receivable | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments (at fair value) | 0 | 0 | ||
Investments - held-to-maturity | 0 | 0 | ||
Notes receivable | 0 | 0 | ||
Beneficial interest in loan securitizations, Fair Value | 260,537 | 262,093 | ||
Restricted cash | 0 | 0 | ||
Restricted cash - due to customers | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Financial liabilities: | ||||
Bonds and notes payable | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Bank deposits | 0 | 0 | ||
Due to customers | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Carrying value | ||||
Financial assets: | ||||
Loans receivable | 11,144,983 | 12,343,819 | ||
Accrued loan interest receivable | 684,095 | 764,385 | ||
Cash and cash equivalents | 179,682 | 168,112 | ||
Investments (at fair value) | 1,073,713 | 1,006,810 | ||
Investments - held-to-maturity | 161,238 | 162,738 | ||
Notes receivable | 53,140 | 53,747 | ||
Beneficial interest in loan securitizations, Fair Value | 235,824 | 225,079 | ||
Restricted cash | 618,363 | 488,723 | ||
Restricted cash - due to customers | 142,778 | 368,656 | ||
Derivative instruments | 1,820 | 452 | ||
Financial liabilities: | ||||
Bonds and notes payable | 10,582,513 | 11,828,393 | ||
Accrued interest payable | 31,983 | 35,391 | ||
Bank deposits | 802,061 | 743,599 | ||
Due to customers | 274,757 | 425,507 | ||
Derivative instruments | $ 1,085 | $ 1,976 |