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10-K primary document
NNI · Annual Report (Form 10-K) · Filed February 26, 2026

Nelnet Inc — 10-K exhibit

nni-12312025xex_211.htm
Nelnet Inc on Boardroom Alpha
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Exhibit 21.1

List of Direct and Indirect Subsidiaries of Nelnet, Inc. as of December 31, 2025
NameOrganized inRelationship to Nelnet Inc.Percentage Ownership
1 1867 - C2, LLCNebraskaIndirect100.00
2 1867 - C2-NY, LLCNebraskaIndirect100.00
3 1867 - CC23, LLCNebraskaIndirect100.00
4 1867 - GRNE23, LLCNebraskaIndirect100.00
5 1867 - GS20, LLCNebraskaIndirect100.00
6 1867 - KingNet24, LLCNebraskaIndirect100.00
7 1867 - NelRock25, LLCDelawareIndirect100.00
8 1867 - NelShare23, LLCDelawareIndirect100.00
9 1867 - NelStar24, LLCDelawareIndirect100.00
10 1867 - NetBlack I, LLCNebraskaIndirect100.00
11 1867 - NUG21, LLCNebraskaIndirect100.00
12 1867 - RP20, LLCNebraskaIndirect100.00
13 1867 - RP23, LLCNebraskaIndirect100.00
14 1867 - SeaNet23, LLCDelawareIndirect100.00
15 1867 - SeaNet24, LLCNebraskaIndirect100.00
16 1867 - SOL21, LLCNebraskaIndirect100.00
17 1867 - SOL22 LLCNebraskaIndirect100.00
18 1867 - SR, LLCNebraskaIndirect100.00
19 1867 - SRiver24, LLCDelawareIndirect100.00
20 1867 Capital-1, LLCNebraskaIndirect100.00
21 2024-3AL Loan Transferor, LLCDelawareIndirect100.00
22 ACM F Acquisition, LLCNebraskaIndirect100.00
23 Braxton School of Puerto Rico, Inc.PennsylvaniaIndirect100.00
24 CampusGuard Pty LtdAustraliaIndirect100.00
25 CampusGuard, LLCNebraskaIndirect100.00
26 Community Development Opportunity Fund I, LLCNebraskaDirect100.00
27 Community Development Opportunity Fund III, LLCNebraskaIndirect100.00
28 Community Development Opportunity Fund IV, LLCNebraskaIndirect100.00
29 Community Development Opportunity Fund V, LLCNebraskaDirect100.00
30 Community Development Opportunity Fund VI, LLCNebraskaIndirect100.00
31 Community Development Opportunity Fund VII, LLCNebraskaIndirect100.00
32 Community Development Opportunity Fund VIII, LLCNebraskaIndirect100.00
33 Education Funding Capital I, LLCDelawareIndirect100.00
34 EF Investment, LLCNebraskaIndirect100.00
35 EFS Finance Co., LLCNebraskaIndirect100.00
36 ENRG Farms Building 01, LLCNebraskaIndirect100.00
37 ENRG-Nelnet, LLCNebraskaIndirect100.00
38 FACTS Education CorporationNebraskaIndirect100.00
39 FACTS Education Solutions, LLCArizonaIndirect100.00
40 FACTS Management AUS Pty LtdAustraliaIndirect100.00
41 First National Life Insurance Company of the USA, Inc.NebraskaIndirect100.00
42 FM Systems LLCDelawareIndirect100.00


43 GRNE Solarfield 05, LLCIllinoisIndirect100.00
44 GRNE Solarfield 06, LLCIllinoisIndirect100.00
45 GRNE Solarfield 07, LLCIllinoisIndirect100.00
46 GRNE Solarfield 09, LLCIllinoisIndirect100.00
47 GRNE Solarfield 11, LLCIllinoisIndirect100.00
48 GRNE-Nelnet Holdco 2023, LLCNebraskaIndirect100.00
49 GSD, LLCNebraskaIndirect100.00
50 HigherSchool Publishing CompanyIllinoisIndirect100.00
51 MFT 2025-1 Loan Transferor, LLCDelawareIndirect100.00
52 Municipal Tax Investment, LLCNebraskaDirect100.00
53 Municipal Tax Property, LLCNebraskaIndirect100.00
54 National Education Loan Network, Inc.NebraskaDirect100.00
55 NDS EU Services Company S.R.L.RomaniaIndirect100.00
56 Nelnet Academic Services, LLCNebraskaDirect100.00
57 Nelnet Accident Captive Insurance, LLCUtahIndirect100.00
58 Nelnet Bank, IncUtahDirect100.00
59 Nelnet Business Solutions, Inc.NebraskaIndirect100.00
60 Nelnet Canada, Inc.OntarioIndirect100.00
61 Nelnet Capital Strategies, Inc.WisconsinDirect100.00
62 Nelnet Captive Insurance Company LLCUtahIndirect100.00
63 Nelnet Core Assurance LLCUtahIndirect100.00
64 Nelnet Devco, LLCNebraskaIndirect100.00
65 Nelnet Diversified Solutions, LLCNebraskaDirect100.00
66 Nelnet Education Loan Funding, Inc.NebraskaIndirect100.00
67 Nelnet FFELP Student Loan Warehouse-I, LLCDelawareIndirect100.00
68 Nelnet FFELP Student Loan Warehouse-III, LLCDelawareIndirect100.00
69 Nelnet Finance Corp.NebraskaIndirect100.00
70 Nelnet Fund Management, LLCNebraskaDirect100.00
71 Nelnet Government Services, LLCNebraskaIndirect100.00
72 Nelnet Harmony Captive Insurance, LLCUtahIndirect100.00
73 Nelnet Insurance Services, LLCNebraskaIndirect100.00
74 Nelnet International Pty LtdAustraliaIndirect100.00
75 Nelnet Loan Acquisition CorporationNebraskaIndirect100.00
76 Nelnet Management Corporation -1NevadaIndirect100.00
77 Nelnet Payment Services, LLCNebraskaIndirect100.00
78 Nelnet Philippines, Inc.PhilippinesIndirect100.00
79 Nelnet Private Education Loan Funding, LLCDelawareIndirect100.00
80 Nelnet Private Student Loan Financing CorporationNebraskaIndirect100.00
81 Nelnet Private Student Loan Warehouse-2, LLCDelawareIndirect100.00
82 Nelnet Private Student Loan Warehouse-I, LLCDelawareIndirect100.00
83 Nelnet Real Estate Ventures, LLCNebraskaIndirect100.00
84 Nelnet Reserve, LLCNebraskaIndirect100.00
85 Nelnet Servicing, LLCNebraskaIndirect100.00
86 Nelnet Solar Holdings, LLCNebraskaIndirect100.00
87 Nelnet Solar, LLCNebraskaDirect100.00
88 Nelnet Student Loan Depositor, LLCNebraskaIndirect100.00
89 Nelnet Student Loan Funding II Management CorporationNebraskaIndirect100.00


90 Nelnet Student Loan Funding II, LLCDelawareIndirect100.00
91 Nelnet Student Loan Funding III, LLCDelawareIndirect100.00
92 Nelnet Student Loan Funding Management CorporationNevadaIndirect100.00
93 Nelnet Student Loan Funding, LLCDelawareIndirect100.00
94 Nelnet UK Captive Insurance Company, LLCUtahIndirect100.00
95 Nelnet UK LimitedCardiffIndirect100.00
96 Nelnet UNL Alliance, LLCNebraskaDirect100.00
97 NGWeb Solutions, LLCNebraskaIndirect100.00
98 NHELP – II, LLCDelawareIndirect100.00
99 NHELP – III, LLCDelawareIndirect100.00
100 NN Legacy Build, LLCNebraskaIndirect100.00
101 NNI-KLAR Holdings, LLCDelawareIndirect100.00
102 NNI-SBNA JV Manager, LLCNebraskaIndirect100.00
103 NNI-SP Holdings I, LLCDelawareIndirect100.00
104 NNI-SQ Holdings I, LLCNebraskaIndirect100.00
105 NRE, LLCNebraskaDirect100.00
106 Residential Solar Holdings, LLCNebraskaIndirect100.00
107 SF MPU WI, LLCWisconsinIndirect100.00
108 Tenant Liability Insurance Company, LLCUtahIndirect100.00
109 Wachovia Education Loan Funding LLCDelawareIndirect100.00
110 1867 - SeaNet25, LLCNebraskaIndirect94.00
111 Whitetail Rock Capital Management, LLCNebraskaIndirect90.00
112 Whitetail Rock Fund Management, LLCNebraskaIndirect90.00
113 Excellence 23, LLCNebraskaIndirect88.00
114 1867 - NelShare24, LLCDelawareIndirect79.00
115 Community Development Opportunity Fund II, LLCNebraskaIndirect78.11
116 2024-3AL MOA, LLCDelawareIndirect75.64
117 1867 - Nel KSI III B, LLCNebraskaIndirect75.00
118 1867 - NetBC I, LLCNebraskaIndirect63.00
119 1867 - SRiver23, LLCDelawareIndirect62.00
120 1867 - NelRock24, LLCDelawareIndirect47.00
121 1867 - Kear21, LLCNebraskaIndirect46.00
122 Alerion Nelnet Renewable Energy Fund LLCDelawareIndirect39.00
123 1867 - REV22, LLCNebraskaIndirect37.00
124 1867 - GS24CO, LLCNebraskaIndirect31.00
125 1867 - NELKSI21, LLCNebraskaIndirect27.00
126 1867 - CC22, LLCNebraskaIndirect21.00
127 1867 - GS21, LLCNebraskaIndirect19.00
128 1867 - NelSun21, LLCNebraskaIndirect19.00
129 1867 - GS23CO, LLCNebraskaIndirect14.00
130 1867 - SSI21, LLCNebraskaIndirect12.62
131 1867 - GS20A, LLCNebraskaIndirect11.00
132 1867 - ActNet25, LLCNebraskaIndirect10.00
133 1867 - CC24, LLCNebraskaIndirect10.00
134 1867 - GS22CA, LLCDelawareIndirect10.00
135 1867 - NetBlack II, LLCNebraskaIndirect10.00
136 1867 - Nexcel22, LLCDelawareIndirect10.00


137 1867 - REV23, LLCNebraskaIndirect10.00
138 1867 - RP Fund 8, LLCDelawareIndirect10.00
139 1867 - RP21, LLCNebraskaIndirect10.00
140 1867 - SOL21A, LLCNebraskaIndirect10.00
141 1867 - SOL23 LLCNebraskaIndirect10.00
142 1867 - SSI22, LLCNebraskaIndirect10.00
143 1867 - SSI22A, LLCDelawareIndirect10.00
144 1867 - SSI23, LLCDelawareIndirect10.00
145 Filecoin NNI Renewable Energy Fund, LLCDelawareIndirect10.00
146 IBKR NNI Renewable Energy Fund, LLCDelawareIndirect10.00
147 NNI IBGH Renewable Energy Fund-2DelawareIndirect10.00
148 Ripple Nelnet Renewable Energy Fund, LLCDelawareIndirect10.00
149 1867 - NelShare24A, LLCDelawareIndirect7.00
150 GRNE Solarfield 04, LLCIllinoisIndirect4.00
151 Carbonvert NNI Renewable Energy Fund, LLCNebraskaIndirect3.00

Note: This list does not include Nelnet Student Loan Trusts utilized in asset backed security financings.


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