NNI — what changed in the latest 10-Q
A section-by-section comparison of NNI's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +57 | −49 | ~97 | 91 |
| Market risk (Item 3) | Text added/removed | +3 | −1 | ~11 | 23 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +4 | −1 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
Operating results for the three and six months ended June 30, 2026 compared to the same periods in 2025 were influenced by several transactions that significantly affected certain components of income. The impacts of these items are summarized below to provide additional context for the Company’s fi…
In its initial years, Nelnet Bank incurred operating losses as it invested in the personnel and infrastructure needed to support future growth. As the bank has matured, operating expenses have stabilized while loan and deposit balances have continued to expand. This operating leverage has contribute…
During 2026, the Company’s AGM operating segment contributed certain student loan trusts to Nelnet Bank, including $716.3 million of federally insured loans. Following these contributions, Nelnet Bank repaid the related securitization debt and funded the loans with deposits. These transactions were …
During the three and six months ended June 30, 2026, the Company recognized an unrealized gain of $8.6 million and an unrealized loss of $1.1 million, respectively, from changes in the fair value of certain marketable equity securities. These fair value adjustments were a significant driver of the i…
During the three and six months ended June 30, 2026, the Company recognized $22.5 million and $45.0 million of losses related to its solar tax equity partnerships, respectively. These losses reflect the accounting treatment required under the HLBV method and were influenced by contributions made to …
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Unallocated shared services and corporate costs(11,106)(9,988)
Net loss attributable to noncontrolling interests15,526 1,430
Operating results for the three months ended March 31, 2026 were influenced by several transactions that significantly affected certain components of income. The impacts of these items are summarized below to provide additional context for the Company’s financial performance during the period.
Growth in Pay Later receivable volumes contributed to higher loan interest income during the quarter, along with increased provision for loan losses and borrower late fee income. AGM began acquiring Pay Later receivables during the third quarter of 2025; these receivables are generally purchased at …
In addition, AGM holds interests in certain joint ventures engaged in the acquisition and management of loan portfolios. During the three months ended March 31, 2026, AGM recognized $15.4 million of income from these joint ventures.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-08-06
90-day average SOFR / 3-month CME Term SOFR (a)Quarterly— 891,591
(a) The Company has certain basis swaps outstanding in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps"). The Company entered into these derivative instruments…
Six months ended June 30, 2026Six months ended June 30, 2025
Text removed vs the prior filing · source: 10-Q · 2026-05-07
(a) The Company has certain basis swaps outstanding in which the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps"). The Company entered into these derivative instruments…
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-06
The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the second quarter of 2026, each of which is intended to satisfy the affirmative defense conditions of Rule 10b…
Name and TitleDate of Adoption of Rule 10b5-1 Trading PlanScheduled Expiration Date of Rule 10b5-1 Trading Plan (a)Aggregate Number of Securities to Be Purchased or Sold
(a) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
(b) Mr. Tewes retired from the Company effective June 30, 2026. The Rule 10b5-1 trading arrangement was adopted on June 12, 2026, while Mr. Tewes was serving as President.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
During the first quarter of 2026, none of the Company's officers or directors adopted or terminated any contract, instruction, or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 1…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice