Bonds and Notes Payable (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Outstanding Debt Obligations

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


	As of September 30, 2025
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	6,258,938	4.68% - 6.27%	8/26/30 - 9/25/69
Bonds and notes based on auction	60,585		0.01% - 5.50%	3/22/32 - 3/1/42
Total FFELP variable-rate bonds and notes	6,319,523
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	312,850		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facilities	535,389		5.02% - 5.19%	1/29/27 / 5/1/27

Consumer loan warehouse and other facilities	625,570		5.43% - 6.12%	11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	39,924		5.65% / 6.61%	6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations	30,952		7.15%	11/25/53
Unsecured line of credit	—		—	9/22/26
Participation agreements	1,648		5.05% - 5.82%	5/4/26 / 7/28/32



	7,865,856
Discount on bonds and notes payable and debt issuance costs	(43,325)
Total	$	7,822,531


	As of December 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	$	6,923,824	4.89% - 6.45%	8/26/30 - 9/25/69
Bonds and notes based on auction	36,395		5.71% - 5.72%	3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes	6,960,219
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	346,359		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP loan warehouse facilities	853,165		4.41% - 4.69%	1/31/26 / 4/1/26

Consumer loan warehouse facilities	90,000		4.46% / 4.57%	8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	54,973		5.90% / 6.82%	6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations	50,415		5.35% / 7.15%	12/28/43 / 11/25/53
Unsecured line of credit	—		—	9/22/26
Participation agreements	3,320		5.27% - 5.82%	5/4/25 / 1/30/33



	8,358,451
Discount on bonds and notes payable and debt issuance costs	(48,654)
Total	$	8,309,797

Schedule of Outstanding Line of Credit Facilities

The following table summarizes the Company's warehouse and other facilities as of September 30, 2025:


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)	$	800,000	393,141	406,859	1/30/2026	1/29/2027	note (b)		$	29,556
FFELP (c)	375,000		142,248	232,752	5/1/2026	5/1/2027	92	%	12,197
	$	1,175,000	535,389	639,611					$	41,753





Consumer loans and other financing receivables	$	925,000	625,570	299,430	11/13/2026 - 7/31/2027	11/13/2027 - 2/29/2028	50% - 90%		$	120,711

(a) On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively. On July 17, 2025, the Company increased the maximum financing amount from $600 million to $800 million and extended the liquidity provisions and final maturity date to January 30, 2026 and January 29, 2027, respectively.

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

(c) On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.

Schedule Of Debt Repurchased

The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.


	Three months ended September 30,			Nine months ended September 30,
	2025		2024	2025	2024
Purchase price	$	(385,853)	(357)	(528,723)	(4,556)
Par value	377,571		365	520,891	4,555
Remaining unamortized cost of issuance	(22)		(1)	(33)	(1)
(Loss) gain, net	$	(8,304)	7	(7,865)	(2)

NELNET INC 10-Q