Nelnet Q1 GAAP net income $82.6M ($2.26/sh); announces ALLO redemption for ~$410M, new buyback

NELNET INC

2025-Q1 EPS reported $2.26

GAAP net income of $82.6M ($2.26 EPS) vs $73.4M ($1.98) YoY; adjusted net income $87.4M ($2.39 EPS).
AGM net interest income $52.9M (up from $40.6M); acquired $832.6M loans incl. $702.8M FFELP.
Loan Servicing revenue $120.7M; private servicing up to $22.7M from $12.6M on Discover/SoFi conversions.
ALLO to redeem interests for ~$410M cash; Nelnet expects $175M pre-tax gain, ownership decreases to ~26%.
Board authorized new 3-yr buyback up to 5M shares; Q2 dividend $0.28/sh payable June 16, 2025.

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