7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 2008-03-31 
      
    		                                                
      net income attributable to nelnet, inc.
    		106,685,000 181,458,000 82,560,000 63,159,000 2,388,000 45,288,000 73,210,000 -8,554,000 45,332,000 28,267,000 26,487,000 30,774,000 104,797,000 85,129,000 186,647,000 132,683,000 53,138,000 83,867,000 123,598,000 234,991,000 71,502,000 86,482,000 -40,532,000 42,380,000 33,213,000 24,619,000 41,591,000 113,925,000 56,634,000 36,828,000 41,394,000 43,141,000                 
      net income attributable to noncontrolling interests
    		-6,009,000 -3,605,000 -1,430,000 268,000 -4,329,000 -1,867,000 -2,202,000 -21,359,000 -3,096,000 -9,172,000 -3,470,000 -2,791,000 -4,328,000 -2,226,000 -1,761,000 -3,536,000 -1,919,000 -854,000 -694,000 -3,385,000 -327,000 128,000 767,000 -547,000 -77,000 59,000 56,000 -740,000                     
      net income
    		100,676,000 177,853,000 81,130,000 63,427,000 -1,941,000 43,421,000 71,008,000 -29,913,000 42,236,000 19,095,000 23,017,000 27,983,000 100,469,000 82,903,000 184,886,000 129,147,000 51,219,000 83,013,000 122,904,000 231,606,000 71,175,000 86,610,000 -39,765,000 41,833,000 33,136,000 24,678,000 41,647,000 113,185,000 56,653,000 36,952,000 41,530,000 43,293,000 64,879,000 47,451,000 37,125,000 54,880,000   49,993,000 54,322,000 59,063,000 46,404,000 8,203,000 25,455,000 30,997,000 23,785,000 43,705,000 -69,825,000 
      adjustments to reconcile net income to net cash from operating activities, net of acquisitions:
    		                                                
      depreciation and amortization, including debt discounts and loan premiums and deferred origination costs
    		15,855,000 29,283,000 23,123,000 26,505,000 36,399,000 35,666,000 33,957,000 16,735,000 35,085,000 59,362,000 34,211,000 62,593,000 39,575,000 37,745,000 36,335,000 18,674,000 36,897,000 38,339,000 38,415,000 49,298,000 49,893,000 50,519,000 48,763,000 50,143,000 48,398,000 47,173,000 46,948,000 43,301,000                     
      loan discount and deferred lender fees accretion
    		-15,605,000 -23,095,000 -19,407,000 -17,215,000 -14,300,000                                            
      benefit from loan losses
    		-3,563,000 17,930,000 15,337,000 22,056,000 18,111,000 3,512,000 10,928,000  10,659,000           -10,116,000 -5,821,000 2,998,000 76,299,000 13,000,000 10,000,000 9,000,000 7,000,000 4,000,000 3,500,000 5,000,000 7,000,000 6,000,000 7,000,000 5,250,000 5,250,000 3,750,000 6,000,000 5,500,000 6,200,000 5,000,000 6,000,000 7,500,000 8,000,000 7,500,000 7,000,000 7,000,000 6,000,000 5,000,000 
      derivative market value adjustments
    		788,000 3,866,000 6,324,000 -13,792,000 13,165,000 -1,533,000 -7,964,000 9,507,000 -3,141,000 -2,004,000 37,411,000 7,434,000 -52,990,000 -40,401,000 -145,734,000 -48,358,000 -7,261,000 1,615,000 -38,809,000 7,072,000 -3,441,000 3,911,000 20,602,000 2,930,000 5,630,000 37,061,000 30,574,000                      
      payments to clearinghouse - initial and variation margin
    		                    4,048,000 -4,067,000 -20,386,000                          
      gain on partial redemption of allo investment
    		0                                                
      loss on sale of loans
    		   -42,000 106,000                                      196,000 206,000     
      (gain) loss on investments
    		-27,426,000 -11,343,000 -8,307,000                                              
      income from repurchases of debt
    		                                                
      deferred income tax benefit
    		6,459,000    -17,893,000 -2,580,000 -2,234,000              3,787,000 11,238,000 -26,000,000       -8,658,000           11,597,000 -3,790,000   14,511,000 258,000 3,152,000 -27,389,000 
      non-cash compensation expense
    		3,551,000 3,398,000 3,115,000 3,091,000 2,950,000 2,838,000 3,166,000 4,495,000 4,171,000 3,972,000 3,838,000 4,304,000 3,701,000 3,251,000 2,920,000 2,849,000 2,844,000 2,928,000 2,052,000 11,201,000 1,957,000 1,724,000 1,857,000 1,833,000 1,810,000 1,662,000 1,476,000 1,161,000 854,000 754,000 712,000 700,000 455,000 482,000 535,000 557,000 561,000 600,000 596,000 523,000     1,650,000 1,298,000 1,273,000 3,099,000 
      impairment expense and benefit from beneficial interests
    		9,145,000 10,288,000 1,591,000 5,764,000 29,052,000                                            
      changes in operating assets and liabilities:
    		                                                
      decrease in loan and investment accrued interest receivable
    		-324,000 1,730,000 13,488,000    79,841,000    16,630,000                                      
      decrease in accounts receivable
    		-20,304,000 2,436,000 30,087,000  6,224,000 -25,165,000 61,494,000  5,596,000 15,467,000 43,675,000                                     1,332,000 
      decrease in other assets
    		19,978,000                3,140,000 27,094,000 5,147,000          -8,000 66,000 1,124,000 1,140,000     10,433,000 -12,013,000    -60,000    4,509,000   
      decrease in the carrying amount of rou asset
    		907,000 1,004,000 954,000 1,007,000 946,000 958,000 953,000 1,022,000 1,469,000 1,139,000 1,251,000 1,226,000 1,741,000 1,296,000 1,439,000 1,518,000 1,690,000   2,444,000 3,202,000                            
      decrease in accrued interest payable
    		-257,000 -3,098,000 -2,974,000   -4,842,000 -3,408,000         125,000 -481,000 -605,000 -23,174,000  -3,148,000        -1,866,000 -1,551,000 -1,094,000 -353,000    -3,566,000 -574,000   -3,017,000  -10,052,000 -13,165,000 -33,500,000   -6,244,000 -36,706,000 
      increase in other liabilities
    		13,727,000   38,791,000    66,405,000    34,613,000    -11,265,000    3,174,000    -15,601,000    -36,205,000 1,408,000   14,040,000 -9,622,000   -11,637,000 7,338,000 7,437,000 -4,625,000 1,319,000 -31,898,000 23,959,000 7,799,000 2,817,000 -15,816,000 26,586,000   
      decrease in the carrying amount of lease liability
    		-981,000 -2,487,000 -897,000 -939,000 -886,000 -957,000 -1,025,000 -1,444,000 -1,340,000 -1,293,000 -1,275,000 -1,415,000 -1,367,000 -1,360,000 -1,500,000 -1,820,000 -1,870,000 -2,041,000 -1,247,000 -917,000 -3,655,000 -2,447,000 -2,382,000                          
      other
    		464,000 15,000 996,000  -116,000 -329,000 -36,000        -110,000         -2,506,000 73,000 -194,000 -20,000 -4,302,000                     
      total adjustments
    		11,765,000 -96,093,000 10,039,000                                              
      net cash from operating activities
    		112,441,000 81,760,000 91,169,000 180,533,000 137,038,000 133,404,000 211,915,000 79,761,000 154,235,000 76,134,000 122,845,000 27,187,000 173,158,000 298,249,000 185,465,000 155,174,000 202,082,000 138,953,000 48,658,000 39,780,000 278,636,000 38,854,000 -144,455,000 155,997,000 160,753,000 121,830,000 -139,665,000 57,952,000 38,721,000 99,330,000 60,696,000 100,571,000 98,916,000 43,730,000 86,549,000 81,667,000 179,038,000 -45,581,000 58,725,000 2,686,000 110,056,000 58,634,000 45,650,000 110,366,000 63,526,000 70,480,000 112,154,000 74,943,000 
      capex
    		-11,670,000 -3,696,000 -3,378,000 17,377,000 -4,438,000 -10,617,000 -23,225,000 -21,448,000 -15,351,000 -12,823,000 -24,430,000 -14,998,000 -10,271,000 -18,358,000 -15,794,000 -16,358,000 -13,810,000 -10,886,000 -17,898,000 -32,614,000 -33,704,000 -21,433,000 -25,561,000 -24,818,000 -23,966,000 -18,902,000 -24,813,000 -28,068,000 -2,574,000 -2,965,000 -2,099,000 -2,306,000 -4,391,000 -1,495,000 -5,289,000 -2,992,000 -5,274,000 -2,826,000 -1,787,000 -2,883,000 -738,000 -22,000 -382,000 -62,000 -47,000 -1,373,000 -2,371,000 -1,350,000 
      free cash flows
    		100,771,000 78,064,000 87,791,000 197,910,000 132,600,000 122,787,000 188,690,000 58,313,000 138,884,000 63,311,000 98,415,000 12,189,000 162,887,000 279,891,000 169,671,000 138,816,000 188,272,000 128,067,000 30,760,000 7,166,000 244,932,000 17,421,000 -170,016,000 131,179,000 136,787,000 102,928,000 -164,478,000 29,884,000 36,147,000 96,365,000 58,597,000 98,265,000 94,525,000 42,235,000 81,260,000 78,675,000 173,764,000 -48,407,000 56,938,000 -197,000 109,318,000 58,612,000 45,268,000 110,304,000 63,479,000 69,107,000 109,783,000 73,593,000 
      cash flows from investing activities, net of acquisitions:
    		                                                
      purchases and originations of loans, including cash paid for student loan trusts, net of cash and restricted cash acquired
    		-1,616,279,000 -194,568,000 -173,931,000                                              
      purchases of loans from a related party
    		-70,001,000 0 -136,667,000     0 -35,000   -68,000 -567,000 -6,626,000 -1,049,000 -1,202,000 -629,000 -1,116,000 -19,731,000 -72,421,000 0 -33,901,000 -41,217,000  0                        
      net proceeds from loan repayments, claims, and capitalized interest
    		1,200,066,000 457,279,000 423,817,000 434,668,000 620,032,000 977,639,000 1,147,413,000 649,005,000 561,552,000 663,865,000 684,962,000 1,439,086,000 1,162,167,000 944,742,000 848,188,000 1,093,131,000 963,000,000 410,370,000 637,275,000 434,550,000 409,511,000 1,282,939,000 517,347,000                          
      proceeds from sale of loans
    		167,772,000 124,000 72,502,000 402,557,000 -19,317,000 111,047,000 199,963,000 211,258,000 50,803,000 133,513,000 157,444,000 84,570,000 23,281,000 108,000 15,170,000 0 20,682,000   0 45,661,000 4,000 90,461,000 154,349,000 0                        
      proceeds from sale of loans to a related party
    		229,983,000 242,000 59,939,000                                              
      purchases of available-for-sale securities
    		-175,608,000 -101,469,000 -139,007,000 -212,534,000 -118,987,000 -108,421,000 -163,610,000 -70,718,000 -214,336,000 -54,098,000 -242,370,000 -84,850,000 -209,448,000 -595,945,000 -139,195,000 -213,252,000 -158,080,000 -319,150,000 -44,335,000 -250,083,000 -108,752,000 -83,017,000 -29,658,000 0 0   -28,164,000 -35,193,000 -101,395,000 -25,943,000 -27,719,000                 
      proceeds from sales of available-for-sale securities
    		96,345,000 34,828,000 74,781,000 75,050,000 105,009,000 112,854,000 153,033,000 187,021,000 198,548,000 85,375,000 492,173,000 60,667,000 130,705,000 205,772,000 113,980,000 56,456,000 66,009,000 20,434,000 18,077,000 76,506,000 73,906,000 1,175,000 22,197,000 -64,000 -23,000   21,951,000 53,000,000 84,638,000 21,373,000 6,843,000                 
      proceeds from beneficial interest in loan securitizations
    		17,630,000 19,287,000 18,948,000 18,336,000 14,385,000 13,638,000 5,875,000  10,516,000 8,512,000 4,725,000  4,542,000 5,941,000 7,271,000    8,603,000 9,842,000 12,606,000 10,501,000 11,264,000                          
      purchases of other investments and issuance of notes receivable
    		-88,162,000 -81,737,000 -80,091,000 -196,124,000 -90,150,000 -126,465,000 -70,975,000 -165,286,000 -39,503,000 -69,620,000 -70,509,000 -70,573,000 -45,373,000                                    
      proceeds from other investments and repayments of notes receivable
    		56,390,000 439,161,000 15,668,000 18,789,000 25,460,000 42,815,000 10,820,000                                          
      redemption of held-to-maturity debt securities
    		2,753,000 4,020,000 3,776,000 12,888,000 6,849,000 3,262,000 1,779,000 1,686,000 1,406,000                                        
      purchases of property and equipment
    		-11,670,000 -3,696,000 -3,378,000 17,377,000 -4,438,000 -10,617,000 -23,225,000 -21,448,000 -15,351,000 -12,823,000 -24,430,000 -14,998,000 -10,271,000 -18,358,000 -15,794,000 -16,358,000 -13,810,000 -10,886,000 -17,898,000 -32,614,000 -33,704,000 -21,433,000 -25,561,000 -24,818,000 -23,966,000 -18,902,000 -24,813,000 -28,068,000 -2,574,000 -2,965,000 -2,099,000 -2,306,000 -4,391,000 -1,495,000 -5,289,000 -2,992,000 -5,274,000 -2,826,000 -1,787,000 -2,883,000 -738,000 -22,000 -382,000 -62,000 -47,000 -1,373,000 -2,371,000 -1,350,000 
      net cash from investing activities
    		-190,781,000 573,471,000 136,357,000 334,866,000 254,245,000 737,543,000 1,086,079,000 631,607,000 416,142,000 166,401,000 723,932,000 532,753,000 902,320,000 233,885,000 603,069,000 642,493,000 786,864,000 -711,784,000 468,362,000 -332,418,000 236,351,000 611,614,000 105,672,000 331,951,000 337,135,000 469,179,000 386,301,000 102,330,000 -2,168,141,000 924,171,000 114,481,000 336,835,000 309,583,000 311,452,000 466,336,000 352,452,000 2,493,233,000 251,921,000 -1,869,875,000 -1,036,576,000 1,639,709,000 529,423,000 97,442,000 -452,969,000 1,015,933,000 -487,375,000 1,507,579,000 -976,211,000 
      nelnet, inc. and subsidiaries
    		                                                
      consolidated statements of cash flows
    		                                                
      cash flows from financing activities, net of acquisitions:
    		                                                
      payments on bonds and notes payable
    		-621,392,000 -770,635,000 -347,217,000 -633,744,000 -727,533,000 -1,007,221,000 -1,276,160,000 -609,244,000 -579,294,000 -1,002,198,000 -1,415,424,000 -1,304,082,000 -1,339,385,000 -777,427,000 -918,270,000 -1,204,188,000 -1,406,059,000 -489,220,000 -584,303,000 -326,271,000 -729,504,000 -810,506,000 -1,263,204,000 -980,027,000 -1,711,368,000 -1,075,476,000 -932,007,000 -901,008,000 -1,649,080,000 -1,274,892,000 -827,719,000 -692,408,000 -552,152,000 -603,508,000 -692,156,000 -1,090,797,000 -3,022,961,000 -763,523,000 -749,738,000 -1,028,622,000 -2,665,743,000 -1,794,398,000 -1,563,514,000 -620,595,000 -1,551,044,000 115,626,000 -4,894,090,000 -550,318,000 
      proceeds from issuance of bonds and notes payable
    		557,346,000   -54,385,000 85,000,000 -18,071,000 18,108,000 4,914,000 -49,880,000 601,264,000 204,884,000 888,163,000 253,460,000 146,419,000 13,512,000 209,154,000 623,584,000 1,107,021,000 7,800,000 424,165,000 208,164,000 58,972,000 1,193,388,000 587,609,000 1,318,177,000 521,654,000 570,532,000 756,700,000 3,834,700,000 295,690,000 656,893,000 279,667,000 104,740,000 250,090,000 212,457,000 533,097,000 347,773,000 517,881,000 2,524,743,000 2,061,893,000 926,861,000 1,176,863,000 1,544,738,000 1,039,942,000 415,317,000 464,405,000 3,301,721,000 1,459,422,000 
      payments of debt issuance costs
    		-804,000 -3,930,000 -69,000 -136,000 -1,498,000 -662,000 -31,000 -3,511,000 -19,000 -2,045,000 -169,000 -2,635,000 -309,000 -539,000 -312,000 -315,000 -3,743,000 -2,421,000 -614,000 -1,530,000 -1,281,000 -1,009,000 -4,854,000 -3,879,000 -5,012,000 -2,739,000 -2,776,000 -1,650,000 -10,567,000 -2,037,000 -3,998,000 -1,595,000 0 -776,000 -46,000 -1,460,000 -1,347,000 -928,000 -2,974,000 -4,069,000 -3,363,000 -3,046,000 -1,382,000 -1,448,000 -108,000 -144,000 -11,450,000 -3,184,000 
      increase in bank deposits
    		94,723,000 68,635,000 127,276,000 115,373,000 180,286,000 88,411,000 58,462,000 25,546,000 -12,993,000 55,279,000 -15,555,000 110,497,000 -7,649,000 104,427,000 139,732,000 143,664,000 -2,190,000 91,011,000 57,197,000                              
      decrease in due to customers
    		13,627,000 49,687,000 -99,176,000  15,457,000 114,070,000 -150,712,000    -67,642,000    -89,884,000    -70,849,000  17,543,000 48,634,000 -217,851,000   62,546,000 -153,207,000 -58,606,000                     
      dividends paid
    		-10,835,000 -10,161,000 -10,161,000 -10,160,000 -10,148,000 -10,158,000 -10,370,000 -10,370,000 -9,701,000 -9,694,000 -9,654,000 -9,648,000 -8,925,000 -8,972,000 -9,063,000 -9,138,000 -8,407,000 -8,475,000 -8,437,000 -8,435,000 -7,664,000 -7,733,000 -7,946,000 -7,939,000 -7,143,000 -7,171,000 -7,232,000 -6,506,000 -52,051,000 -4,737,000 -4,737,000 -4,712,000 -4,713,000 -4,811,000 -4,852,000 -3,387,000 -23,695,000 -3,435,000 -3,507,000 -3,494,000     0 0 0 -3,458,000 
      repurchases of common stock
    		-27,273,000 -21,360,000 -4,458,000 -403,000 -576,000 -46,842,000 -35,469,000 -23,718,000 -543,000 -465,000 -3,302,000 -4,461,000 -14,293,000 -46,032,000 -32,899,000 -30,625,000 -25,078,000 -399,000 -2,009,000 -213,000 -4,618,000 -67,274,000 -1,253,000 -149,000 -221,000 -23,683,000 -16,358,000 -11,418,000 -21,293,000 -206,000 -199,000 -1,116,000 -6,004,000 -20,595,000 -225,000 -310,000 -133,000 -26,614,000 -12,822,000 -236,000 -260,000 -108,000 -26,000 -36,000 -766,000 -103,000 -179,000 -488,000 
      proceeds from issuance of common stock
    		472,000 579,000 341,000 522,000 457,000 593,000 374,000 465,000 425,000 495,000 395,000 427,000 405,000 366,000 435,000 357,000 419,000 308,000 381,000 403,000 469,000 370,000 411,000 381,000 447,000 263,000 461,000 274,000 131,000 100,000 133,000 116,000 106,000 141,000 141,000 124,000 157,000 124,000 130,000 117,000 120,000 98,000 113,000 118,000 144,000 143,000   
      acquisition of noncontrolling interest
    		0   0 0               1,400,000 0       -13,449,000                     
      issuance of noncontrolling interests
    		39,404,000 6,711,000 8,869,000 28,380,000 23,849,000 13,298,000 14,098,000 55,808,000 18,563,000 12,817,000 1,201,000 36,397,000 14,238,000 3,138,000 2,004,000 36,811,000 6,425,000 5,540,000 1,940,000     512,000                         
      distribution to noncontrolling interests
    		-1,860,000 -1,501,000 -1,850,000 -2,388,000 -1,252,000 -1,536,000 -799,000 -2,138,000 -599,000 -927,000 -993,000 -2,395,000 -454,000 -334,000 -365,000 -330,000 -125,000 -321,000 -102,000 -428,000 -327,000 -311,000 -22,000 -62,000 -60,000 -91,000 -22,000 -19,000                     
      net cash from financing activities
    		43,408,000 -685,894,000 -326,445,000 -482,757,000 -435,958,000 -868,443,000 -1,382,499,000 -478,644,000 -591,735,000 -326,560,000 -1,306,259,000 -245,940,000 -1,205,923,000 -535,410,000 -805,226,000 -854,610,000 -815,174,000 703,044,000 -528,147,000 349,492,000 -534,761,000 -829,491,000 -83,480,000 -403,554,000 -413,678,000 -588,637,000 -387,402,000 -177,076,000 2,101,777,000 -986,082,000 -179,622,000 -419,276,000 -458,023,000 -379,429,000 -484,681,000 -669,783,000 -2,704,831,000 -164,740,000 1,755,832,000 1,025,788,000 -1,745,877,000 -620,591,000 -19,970,000 396,461,000 -1,214,619,000 603,448,000 -1,605,450,000 913,693,000 
      effect of exchange rate changes on cash and restricted cash
    		-48,000 312,000 26,000 -640,000 290,000 76,000 -163,000                                          
      net decrease in cash, cash equivalents, and restricted cash
    		-34,980,000 -30,351,000 -98,893,000  -44,385,000 2,580,000 -84,668,000  -21,480,000 -84,018,000 -459,573,000    -16,523,000    -11,204,000  -19,774,000 -179,023,000 -122,263,000    -140,766,000 -16,794,000                     
      cash, cash equivalents, and restricted cash, beginning of period
    		0 0 931,020,000 0 0 0 1,025,491,000 0 0 0 1,357,616,000 0 0 0 1,194,189,000 0 0 0 958,395,000  0 0 1,222,601,000  0 0 1,192,391,000 942,066,000                     
      cash, cash equivalents, and restricted cash, end of period
    		-34,980,000 -30,351,000 832,127,000 32,002,000 -44,385,000 2,580,000 940,823,000 232,946,000 -21,480,000 -84,018,000 898,043,000 314,287,000 -130,713,000 -3,624,000 1,177,666,000 -56,889,000 173,705,000 130,182,000 947,191,000  -19,774,000 -179,023,000 1,100,338,000  84,210,000 2,372,000 1,051,625,000 925,272,000                     
      (payments to) proceeds from clearinghouse - initial and variation margin
    		 -3,220,000 -810,000     -3,755,000 -282,000 398,000 -210,284,000             -10,718,000 17,262,000 -63,255,000 -13,974,000                      
      (gain) loss on sale of loans
    		 0 -909,000                                              
      deferred income tax expense
    		  4,316,000         -22,993,000 7,743,000 10,447,000 39,443,000 22,544,000 14,905,000 2,768,000 15,405,000         16,883,000        100,000   -280,000 7,509,000    1,323,000     
      increase in other assets
    		  -18,886,000       -1,720,000 -9,760,000 62,016,000 -65,276,000 -6,052,000 -1,963,000         10,911,000 -20,433,000 30,781,000 -32,324,000             -51,071,000        -11,678,000 
      decrease in other liabilities
    		  -37,102,000   -12,420,000 -50,218,000   -5,187,000 -3,729,000   -376,000 -11,824,000   -3,288,000 -10,375,000   15,230,000 -42,047,000   1,072,000 -5,741,000                     -26,027,000 
      proceeds from termination of derivative instruments
    		       0 0 0 164,079,000 0 23,765,000             0 2,119,000                  4,965,000 7,856,000 0 7,547,000 
      proceeds from (payments to) clearinghouse - initial and variation margin
    		     1,662,000 4,054,000         50,261,000 2,593,000 359,000 38,081,000                              
      proceeds from sale of equity securities, net of purchases
    		                                                
      deferred income tax (benefit) expense
    		       -27,251,000 -8,568,000 -2,394,000 -13,750,000             2,327,000 5,431,000 -12,216,000 -2,807,000     -7,190,000                 
      decrease (increase) in loan and investment accrued interest receivable
    		       41,604,000      -10,510,000 10,694,000                                  
      decrease (increase) in accounts receivable
    		            2,728,000 26,344,000 18,442,000     -4,595,000 3,867,000 -10,577,000 52,185,000     177,000     -4,760,000 -7,778,000           6,551,000 -2,653,000   
      decrease (increase) in other assets
    		     29,224,000 10,443,000 -3,179,000            39,691,000 -3,501,000 -8,371,000 31,363,000     49,415,000     356,000   1,016,000        7,236,000     
      increase in accrued interest payable
    		   -4,534,000    -1,000,000 465,000 1,552,000 -1,675,000 14,253,000 8,833,000 5,747,000 2,650,000        -3,411,000 -5,060,000 -4,126,000 -5,687,000 479,000 4,213,000     2,669,000 -1,147,000           -10,536,000    
      purchases and originations of loans, including purchase of student loan residual interests
    		                                                
      purchases of held-to-maturity debt securities
    		       -1,100,000 -8,436,000                                        
      business acquisitions, net of cash and restricted cash acquired
    		                                                
      years ended december 31, 2024, 2023, and 2022
    		                                                
      increase in due to customers
    		           41,797,000 -103,011,000   11,393,000 51,400,000       128,447,000                         
      net increase in cash, cash equivalents, and restricted cash
    		           314,287,000 -130,713,000   -56,889,000 173,705,000        84,210,000                        
      adjustments to reconcile net income to net cash from operating activities:
    		                                                
      loss on investments
    		    -390,000    20,680,000 22,916,000 24,344,000   406,000 2,801,000                                  
      cash flows from investing activities:
    		                                                
      purchases and originations of loans
    		    -181,020,000 -273,528,000 -157,047,000 -178,748,000 -144,387,000 -122,691,000 -289,177,000 -912,900,000 -142,632,000 -235,152,000 -161,334,000 -172,830,000 -105,202,000 -888,244,000 -152,329,000                              
      purchases of restricted available-for-sale securities
    		    0 -5,001,000 -18,287,000                                          
      proceeds from sales of restricted available-for-sale securities
    		    620,000 320,000 340,000                                          
      cash flows from financing activities:
    		                                                
      loan discount accretion
    		      -7,433,000 -8,286,000 -7,115,000 -7,736,000 -7,676,000 -39,517,000 -8,409,000 -9,627,000 -9,927,000 17,058,000 -10,442,000 -7,388,000 -7,218,000 -7,471,000 -8,618,000 -9,754,000 -9,442,000 -8,270,000 -8,748,000 -9,113,000 -9,693,000 -11,691,000                     
      gain on sale of loans
    		      41,000 -6,988,000 -5,362,000 -15,511,000 -11,812,000 2,713,000 -2,627,000 0 -2,989,000      -14,817,000        -36,000 -47,000   -33,000 0 0 -1,345,000             
      loss on investments, net of gains
    		      8,348,000                                          
      adjustments to reconcile net income to net cash from operating activities, net of business acquisitions:
    		                                                
      provision (negative provision) for loan losses
    		          34,275,000 27,801,000 9,666,000                                    
      gain on investments
    		           11,038,000                                     
      impairment expense
    		       26,951,000             0 332,000 34,087,000                      0 0 0 18,834,000 
      increase in accounts receivable
    		               -84,845,000 7,309,000 -5,615,000 -3,831,000     -48,312,000 -1,665,000 10,599,000 -16,571,000   -4,398,000 -2,786,000 -561,000    -198,000 16,099,000 -11,277,000 3,268,000 -18,661,000  2,838,000 -9,531,000 -487,000     
      cash flows from investing activities, net of business acquisitions:
    		                                                
      proceeds from and sale of beneficial interest in loan securitizations
    		               9,791,000 11,734,000                                
      cash flows from financing activities, net of business acquisitions:
    		                                                
      effect of exchange rate changes on cash
    		       222,000 -122,000 7,000 -91,000 287,000 -268,000 -348,000 169,000 54,000 -67,000 -31,000 -77,000                              
      adjustments to reconcile net income to net cash from operating activities, net of business acquisition:
    		                                                
      proceeds from sale of equity securities
    		        0 0 75,000                                      
      proceeds from other investments
    		        15,365,000 3,289,000 11,114,000 22,845,000 18,569,000 14,179,000 9,776,000 -17,813,000 41,813,000 57,531,000 110,290,000 4,483,000 1,758,000 3,635,000 3,135,000                          
      business acquisition, net of cash acquired
    		                           -109,152,000          0 0 -3,000,000         
      increase in loan and investment accrued interest receivable
    		           -22,294,000     -1,443,000 -40,374,000 -114,000 -33,898,000                             
      gain from deconsolidation of allo, including cash impact
    		                                                
      (gain) income from repurchases of debt
    		           0 -160,000                                    
      proceeds from sale (purchases) of equity securities
    		           -22,000 465,000 41,826,000 572,000                                  
      proceeds from clearinghouse - initial and variation margin, net of payments
    		            93,826,000 -16,027,000 149,649,000                                  
      benefit from beneficial interests and impairment expense
    		               4,137,000                                 
      business acquisitions, net of cash acquired
    		                                            0 0 0 -18,000,000 
      provision (negative provision) for beneficial interests and impairment expense
    		                                                
      negative benefit from loan losses
    		              -435,000                                  
      negative benefit from beneficial interests
    		                                                
      purchases of other investments
    		              -73,944,000 -87,230,000 -38,653,000 -56,421,000 -71,590,000 -45,632,000 -4,986,000 -84,706,000 -32,892,000                          
      (negative provision) benefit from loan losses
    		               -1,579,000 5,827,000 374,000 -17,048,000                              
      payments to terminate derivative instruments
    		                                            -12,688,000    
      gain from sale of loans
    		               0 -3,444,000      -18,206,000 -15,549,000 0                        
      gain from investments
    		               -3,518,000 -1,105,000   23,711,000 10,636,000                            
      loss on (gain from) repurchases and extinguishments of debt
    		                                                
      purchases of equity securities
    		                                                
      payments to extinguish debt
    		                                                
      gain from repurchases of debt
    		                3,269,000                                
      purchases of equity securities - trading
    		                -21,827,000 -6,252,000 -13,512,000                              
      (negative provision) benefit from beneficial interests and impairment expense
    		                 500,000 -2,436,000                              
      income from investments
    		                  13,849,000    4,046,000                          
      decrease (increase) in the carrying amount of rou asset
    		                  1,418,000                              
      cash flows from investing activities, net of acquisition:
    		                                                
      (payments to) proceeds from termination of derivative instruments
    		                                                
      (gain from) loss on repurchases and extinguishment of debt
    		                                                
      purchases of loans
    		                   -427,060,000 -159,649,000 -463,583,000 -409,404,000 -647,334,000 -363,750,000 -652,492,000 -344,631,000 -610,855,000                     
      net increase in cash, cash equivalents and restricted cash
    		                                                
      cash, cash equivalents, and restricted cash, beginning of year
    		                                                
      cash, cash equivalents, and restricted cash, end of year
    		                                                
      payments from termination of derivative instruments
    		                                                
      (gain) loss on repurchases and extinguishment of debt
    		                    -105,000                            
      increase in accrued interest receivable
    		                     -90,109,000 -33,167,000 3,278,000 -12,897,000 -8,245,000 -36,722,000           -20,588,000 -61,253,000 -6,929,000         
      increase in the carrying amount of rou asset
    		                      -1,000,000                          
      unrealized foreign currency transaction adjustment
    		                                                
      loss on extinguishment of debt
    		                       874,000 14,014,000                        
      purchases of investments and issuance of notes receivable
    		                       -32,650,000 -44,286,000 -10,344,000 -15,970,000 -16,370,000                     
      proceeds from investments and notes receivable
    		                       15,653,000 30,088,000 23,012,000 1,719,000 9,718,000                     
      business (acquisitions) sale, net of cash and restricted cash acquired
    		                                                
      payment of contingent consideration
    		                                                
      adjustments to reconcile net income to net cash from operating activities, net of acquisition:
    		                                                
      gain from debt repurchases
    		                           -359,000 -2,973,000 -148,000   0 0 0 -6,962,000             
      gain from investments and notes receivable
    		                        -1,921,000 -4,121,000 1,151,000                      
      net proceeds from loan repayments, claims, capitalized interest, and other
    		                        739,072,000 1,119,088,000 769,996,000 863,270,000                     
      business acquisition, net of cash and restricted cash acquired
    		                                                
      payment of debt extinguishment costs
    		                        -12,636,000                        
      derivative market value adjustment
    		                           -60,033,000 -39,516,000 5,426,000 78,758,000 -16,835,000 31,830,000 87,341,000 -2,208,000 -66,450,000 -17,405,000 -73,662,000 100,631,000 67,570,000 13,060,000 -42,182,000 -29,852,000 52,122,000 -33,823,000 119,861,000 -11,459,000 -36,003,000 
      proceeds (payments) from termination of derivative instruments
    		                                                
      payments to enter into derivative instruments
    		                                                
      proceeds from clearinghouse - initial and variation margin
    		                                                
      (gain) income from investments and notes receivable
    		                                                
      increase in loan accrued interest receivable
    		                           -59,038,000                     
      proceeds from sale of business
    		                                                
      proceeds from clearinghouse to settle variation margin
    		                           62,689,000                     
      gain from equity securities, net of losses
    		                           -6,838,000                     
      depreciation and amortization, including debt discounts and student loan premiums and deferred origination costs
    		                                                
      student loan discount accretion
    		                                                
      (gain) income from sales of available-for-sale securities
    		                                                
      proceeds (purchases) related to trading securities
    		                                                
      purchases of student loans
    		                             -146,071,000                   
      net proceeds from student loan repayments, claims, capitalized interest, and other
    		                                                
      proceeds from sale of student loans
    		                            14,944,000 32,184,000 27,373,000 32,592,000 26,166,000 47,000 0 95,131,000 2,175,236,000 6,155,000 1,004,000 20,032,000 1,766,917,000 549,835,000 216,000 125,000 539,987,000 0 426,739,000 841,087,000 
      purchases of investments and loans receivable and issuance of notes receivable
    		                                                
      proceeds from investments and other receivables
    		                                                
      decrease (increase) in restricted cash
    		                                                
      net decrease in cash and cash equivalents
    		                                 -24,247,000 68,204,000 -235,664,000             
      cash and cash equivalents, beginning of period
    		                             0 0 42,570,000  0 0 283,801,000  0 0 338,181,000  0 0 189,847,000  0 0 111,746,000 
      cash and cash equivalents, end of period
    		                             37,419,000 -4,445,000 60,700,000  -24,247,000 68,204,000 48,137,000  41,600,000 -55,318,000 330,079,000  -32,534,000 123,122,000 243,705,000  186,553,000 14,283,000 124,171,000 
      cash disbursements made for:
    		                                                
      interest
    		                                                
      income taxes, net of refunds
    		                                                
      foreign currency transaction adjustment
    		                            25,747,000 20,798,000 -59,226,000 32,242,000 -43,608,000 -73,452,000 19,020,000 65,334,000 -22,113,000 106,467,000 -93,400,000 -71,675,000 -18,325,000 39,356,000 63,865,000 -47,242,000 -12,526,000 -128,890,000 -4,407,000 92,937,000 
      net increase in cash and cash equivalents
    		                            -27,643,000 37,419,000 -4,445,000 18,130,000     -32,560,000 41,600,000 -55,318,000 -8,102,000 3,888,000 -32,534,000 123,122,000 53,858,000 -135,160,000 186,553,000 14,283,000 12,425,000 
      supplemental noncash operating activities:
    		                                                
      increase in other assets related to centrally cleared variation margin settlements on derivative instruments
    		                                                
      proceeds from termination of derivative instruments, net of payments
    		                                                
      payment to enter into interest rate caps
    		                                                
      gain from sales of available-for-sale securities
    		                                                
      decrease (increase) in accrued interest receivable
    		                                22,670,000 -9,121,000 6,003,000 9,668,000         58,224,000 -28,558,000 25,000,000 66,778,000 
      purchases of student loans and student loan residual interests
    		                                                
      increase in restricted cash and investments
    		                            90,099,000 7,394,000 -207,002,000 -91,631,000    -127,472,000 23,945,000 -22,813,000 57,969,000 -102,366,000   136,032,000 -221,240,000 84,743,000    
      cash flows from financing activities, net of borrowings assumed:
    		                                                
      noncash activity:
    		                                                
      investing activity - student loans and other assets acquired
    		                                                
      financing activity - borrowings and other liabilities assumed in acquisition of student loans
    		                                                
      payments for purchases of trading securities
    		                                                
      (payments for) proceeds from (purchases) sales of trading securities
    		                                                
      net income attributable to noncontrolling interest
    		                            19,000 124,000 136,000 152,000                 
      purchases of trading investments
    		                                                
      decrease in accrued interest receivable
    		                            -39,662,000 18,277,000 10,245,000 12,023,000          -4,080,000 3,157,000 83,563,000     
      purchase of student loans from a related party
    		                                                
      net proceeds from student loan repayments, claims, capitalized interest, participations, and other
    		                            612,739,000 1,050,395,000 852,576,000 597,034,000 456,990,000 428,385,000 719,738,000 630,606,000   434,281,000 615,431,000 365,685,000 330,526,000 443,010,000 734,445,000 708,897,000 476,624,000 637,195,000 424,315,000 
      decrease in restricted cash and investments
    		                                                
      issuance of noncontrolling interest
    		                            0                    
      distribution to noncontrolling interest
    		                                                
      adjustments to reconcile net income to net cash from operating activities, net of asset acquisitions:
    		                                                
      proceeds from the termination/amendment of derivative instruments, net of payments
    		                                                
      cash flows from investing activities, net of asset acquisitions:
    		                                                
      purchases of student loans from a related party
    		                             -9,000 -69,000 -221,000      -4,000           
      decrease (increase) in restricted cash and investments
    		                                -13,104,000 42,982,000       173,144,000        
      asset acquisitions, including contingency payments
    		                                                
      payments received on employee stock notes receivable
    		                            368,000 0 0 772,000 0    0 80,000 0 199,000 0 0   0 0 177,000 398,000 
      cash and cash equivalents, beginning of year
    		                                                
      cash and cash equivalents, end of year
    		                                                
      payments to terminate and/or amend derivative instruments, net of proceeds
    		                                                
      purchases of student loans - held for sale
    		                                                
      supplemental disclosures of cash flow information:
    		                                                
      interest paid
    		                            55,599,000 58,184,000 59,485,000 61,338,000 52,950,000 52,160,000 47,333,000 53,674,000  68,873,000 53,006,000 49,777,000 54,291,000 86,502,000 116,831,000 177,210,000 242,171,000 224,891,000 234,674,000 354,904,000 
      income taxes paid, net of refunds
    		                            27,960,000 29,685,000 54,193,000 2,920,000 35,540,000 34,309,000 31,038,000 32,293,000 28,181,000 25,887,000 26,764,000 25,123,000 31,567,000 39,625,000 22,203,000 8,096,000 -244,000 10,176,000 8,783,000 5,343,000 
      purchases of cost-method investments
    		                                                
      business acquisition contingency payment
    		                                                
      adjustments to reconcile net income to net cash from operating activities, net of business and asset acquisitions:
    		                                                
      (payments) proceeds to terminate and/or amend derivative instruments
    		                            425,000                    
      originations and purchases of student loans - held for sale
    		                                                
      change in investments - trading securities
    		                            277,000 -1,795,000 523,000 -752,000 -946,000 -18,170,000 6,055,000 5,517,000 -10,154,000 -2,065,000           
      other non-cash items
    		                            304,000 1,923,000 -605,000 -697,000 677,000 -232,000 297,000 -189,000 611,000 -697,000 241,000 254,000 -1,593,000 -5,123,000 7,668,000 1,024,000 530,000 914,000 153,000 191,000 
      cash flows from investing activities, net of business and asset acquisitions:
    		                                                
      originations and purchases of student loans
    		                               -176,212,000                 
      business and asset acquisitions, including contingency payments
    		                                                
      distribution from equity method investment
    		                                                
      distribution made to noncontrolling interest
    		                                                
      depreciation and amortization, including loan and debt premiums/discounts and deferred origination costs
    		                             18,153,000 18,003,000 17,521,000                 
      gain from sale of available-for-sale securities
    		                                                
      business and asset acquisition contingency payments
    		                               -1,550,000                 
      payments on bonds payable due to a related party
    		                                0 0 0 -107,050,000             
      investing activity - student loans acquired
    		                                                
      operating activity - other assets acquired and other liabilities assumed
    		                                                
      financing activity - borrowings assumed in acquisition of student loans and other assets
    		                                                
      proceeds to terminate and/or amend derivative instruments
    		                                1,238,000 0 0 12,369,000   13,909,000 855,000 50,000 2,388,000 1,382,000 50,000     
      issuance of minority membership interest
    		                              0 5,000                 
      payments to terminate and/or amend derivative instruments
    		                                -174,000 -9,546,000 -381,000 -141,000 -2,586,000 0   -3,359,000 0 50,000 -11,760,000     
      originations and purchases of student loans, including loan premiums and deferred origination costs, net of discounts
    		                                                
      proceeds from sale of student loans to a related party
    		                                        14,996,000 21,419,000 20,017,000 20,016,000     
      business and asset acquisitions, net of cash acquired, including contingency payments
    		                                                
      proceeds from issuance of bonds payable due to a related party
    		                                                
      adjustments to reconcile net income to net cash from operating activities,
    		                                                
      net of business and asset acquisitions:
    		                                                
      depreciation and amortization, including loan premiums/discount and deferred origination costs
    		                                 18,621,000 16,877,000 18,964,000             
      originations and purchases of student loans-held for sale
    		                                                
      accrued litigation settlement
    		                                                
      originations and purchases of student loans, including loan premiums/discounts
    		                                                
      and deferred origination costs
    		                                        -672,323,000        
      purchases of student loans, including loan premiums, from a related party
    		                                 -30,000 0 -29,000    -535,907,000 -7,972,000 -19,257,000 -6,589,000 -13,803,000 0 0 -35,100,000 -177,788,000 
      business and asset acquisitions, net of cash acquired, including contingency payments/receipts
    		                                                
      supplemental disclosures of non-cash operating, investing, and financing activities regarding the company's acquisition of student loans from an affiliate of greystone & co., inc. are contained in note 2.
    		                                                
      see accompanying notes to consolidated financial statements.
    		                                                
      cash flows from investing activities, net of business acquisition:
    		                                                
      originations and purchases of student loans, including loan premiums/discounts and deferred origination costs
    		                                  -426,725,000 -235,599,000             
      adjustments to reconcile income to net cash from operating activities, net of business acquisition:
    		                                                
      business acquisitions, net of cash acquired, including contingency payments
    		                                   -7,193,000             
      income from discontinued operations
    		                                            837,000 0   
      income from continuing operations
    		                                        59,063,000 46,404,000   30,160,000 23,785,000 42,724,000 -69,825,000 
      adjustments to reconcile income from continuing operations to net cash from operating activities, net of business acquisition:
    		                                                
      change in value of put options issued in business acquisitions
    		                                            0 2,945,000 111,000 427,000 
      gain from repurchase of bonds and notes payable
    		                                    -16,062,000 -9,885,000 -8,759,000 -10,177,000 -22,498,000        
      (gain) loss on sale of student loans
    		                                                
      net cash flows from operating activities - continuing operations
    		                                        110,056,000        
      net cash flows from operating activities - discontinued operations
    		                                                
      originations, purchases, and consolidations of student loans, including loan premiums and deferred origination costs
    		                                          -494,862,000 -972,450,000 -317,647,000 -887,924,000 -305,939,000 -1,174,366,000 
      purchase of equity method investment
    		                                                
      net cash flows from investing activities - continuing operations
    		                                        1,639,709,000        
      net cash flows from investing activities - discontinued operations
    		                                                
      payments on bonds and notes payable due to a related party
    		                                                
      proceeds from issuance of bonds and notes payable due to a related party
    		                                                
      payment on settlement of put option
    		                                                
      net cash flows from financing activities - continuing operations
    		                                                
      net cash flows from financing activities - discontinued operations
    		                                                
      interest paid:
    		                                                
      adjustments to reconcile income to net cash from operating
    		                                                
      activities, net of business acquisition:
    		                                                
      depreciation and amortization, including loan premiums
    		                                                
      proceeds received to terminate and/or amend derivative instruments
    		                                                
      originations and purchases of student loans, including loan
    		                                                
      premiums/discounts and deferred origination costs
    		                                                
      net proceeds from student loan repayments, claims,
    		                                                
      capitalized interest, participations, and other
    		                                                
      depreciation and amortization, including loan premiums and deferred origination costs
    		                                      23,329,000 26,864,000 27,920,000 30,228,000 27,756,000 30,134,000 33,661,000 33,632,000 35,360,000 38,952,000 
      originations and purchases of student loans, including loan premiums and deferred origination costs
    		                                       -1,027,883,000         
      adjustments to reconcile income from continuing operations to net cash provided
    		                                                
      by operating activities:
    		                                                
      loss on sale of business
    		                                                
      gain on sale of equity method investment
    		                                                
      originations, purchases, and consolidations of student loans, including loan premiums
    		                                                
      purchases of equity method investments
    		                                            0 0 -1,270,000 -1,718,000 
      distributions from equity method investments
    		                                                
      sale of business, net of cash sold
    		                                                
      business acquisitions - contingent consideration and purchase price adjustments
    		                                                
      proceeds from sale of equity method investment
    		                                                
      payments from issuance of notes payable due to a related party
    		                                                
      effect of exchange rate fluctuations on cash
    		                                                
      supplemental disclosures of noncash financing activities:
    		                                                
      notes payable assumed in connection with an acquisition of an entity under common control
    		                                                
      common stock issued in consideration for notes receivable
    		                                                
      business acquisition - contingent consideration
    		                                                
      (payments) proceeds from issuance of notes payable due to a related party
    		                                         0 0 -21,520,000     
      net cash flows used in financing activities - continuing operations
    		                                                
      net cash flows used in financing activities - discontinued operations
    		                                                
      adjustments to reconcile income from continuing operations to net cash from operating activities:
    		                                                
      change in value of put options issued in business combinations
    		                                                
      gain from purchase of debt
    		                                                
      net cash flows from operating activities — continuing operations
    		                                            63,526,000   74,943,000 
      net cash flows from operating activities — discontinued operations
    		                                                
      business acquisition — contingent consideration
    		                                                
      net cash flows from investing activities — continuing operations
    		                                            1,015,933,000   -976,211,000 
      net cash flows from investing activities — discontinued operations
    		                                                
      net cash flows from financing activities — continuing operations
    		                                            -1,214,619,000   913,693,000 
      net cash flows from financing activities — discontinued operations
    		                                                
      gain from purchase of unsecured debt
    		                                           -8,075,000     
      adjustments to reconcile income from continuing operations to net cash from operating activities, net of business acquisitions:
    		                                                
      proceeds from sale of floor contracts
    		                                                
      gain on sale of student loans
    		                                            3,988,000 0   
      loans to employees for purchases of common stock
    		                                                
      notes payable assumed in connection with acquisition of entities under common control
    		                                                
      proceeds (payments) from issuance of notes payable due to a related party
    		                                             23,521,000 -2,052,000 11,321,000 
      payments to terminate floor contracts
    		                                                
      increase in restricted cash
    		                                              787,977,000 -858,209,000 
      purchases of restricted investments
    		                                              -80,936,000 -89,576,000 
      proceeds from maturities of restricted investments
    		                                              81,284,000 79,394,000 
      proceeds from sale of business, net of cash sold
    		                                                
      gain on sale of student loans and reduction in fair value related to loans held for sale
    		                                               47,474,000 
      proceeds from termination of interest rate swaps
    		                                                
      purchase of loan origination rights
    		                                                
      consideration paid to expand customer relationships
    		                                                
      depreciation and amortization, including amortization of loan premiums and deferred origination costs
    		                                                
      income from equity method investments
    		                                                
      gain on sale of fixed asset
    		                                                
      provision (recovery) for loan losses
    		                                                
      proceeds from sale of fixed asset
    		                                                
      purchase of equity method investments
    		                                                
      proceeds from issuance of notes payable due to a related party
    		                                                
      note payable assumed in connection with purchase of property
    		                                                
      supplemental disclosures of noncash operating, investing, and financing activities regarding business acquisitions and the company’s cash flow hedge are contained in notes 4 and 8, respectively.
    		                                                
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.