Michael S. Dunlap - Jul 28, 2025 Form 4 Insider Report for NELNET INC (NNI)

Role: Executive Chairman of Board, Director, 10%+ Owner
Signature: /s/ Audra Hoffschneider, Attorney-in-Fact for Michael S. Dunlap
Stock symbol: NNI
Transactions as of: Jul 28, 2025
Transactions value $: $0
Form type: 4
Date filed: 7/30/2025, 06:51 PM
Previous filing: Nov 18, 2024
Next filing: Nov 21, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
DUNLAP MICHAEL S	Executive Chairman of Board, Director, 10%+ Owner	121 SOUTH 13TH STREET, SUITE 100, LINCOLN	/s/ Audra Hoffschneider, Attorney-in-Fact for Michael S. Dunlap	2025-07-30	0001269797

Transactions Table

Type	Sym	Class	Shares After	Date	Ownership	Footnotes
holding	NNI	Class B Common Stock	1.59M	Jul 28, 2025	By corporation	F1
holding	NNI	Class B Common Stock	330K	Jul 28, 2025	By GRAT	F2
holding	NNI	Class B Common Stock	461K	Jul 28, 2025	By GRAT	F3
holding	NNI	Class B Common Stock	279K	Jul 28, 2025	By GRAT	F4
holding	NNI	Class B Common Stock	359K	Jul 28, 2025	By GRAT	F5
holding	NNI	Class B Common Stock	240K	Jul 28, 2025	By trust	F6
holding	NNI	Class B Common Stock	353K	Jul 28, 2025	By trust	F7
holding	NNI	Class B Common Stock	353K	Jul 28, 2025	By trust	F8
holding	NNI	Class B Common Stock	46.3K	Jul 28, 2025	By trust	F9
holding	NNI	Class B Common Stock	44.8K	Jul 28, 2025	By trust	F10
holding	NNI	Class B Common Stock	67.4K	Jul 28, 2025	By trust	F11
holding	NNI	Class B Common Stock	67.4K	Jul 28, 2025	By trust	F12
holding	NNI	Class B Common Stock	65.2K	Jul 28, 2025	By trust	F13
holding	NNI	Class B Common Stock	65.2K	Jul 28, 2025	By trust	F14
holding	NNI	Class A Common Stock	46	Jul 28, 2025	By trust	F15
holding	NNI	Class B Common Stock	173K	Jul 28, 2025	By trust	F15
holding	NNI	Class A Common Stock	45	Jul 28, 2025	By trust	F16
holding	NNI	Class B Common Stock	173K	Jul 28, 2025	By trust	F16
holding	NNI	Class A Common Stock	45	Jul 28, 2025	By trust	F17
holding	NNI	Class B Common Stock	173K	Jul 28, 2025	By trust	F17
holding	NNI	Class B Common Stock	125K	Jul 28, 2025	By Dynasty Trust	F18
holding	NNI	Class B Common Stock	125K	Jul 28, 2025	By Dynasty Trust	F19
holding	NNI	Class B Common Stock	125K	Jul 28, 2025	By Dynasty Trust	F20
holding	NNI	Class B Common Stock	100	Jul 28, 2025	By 2019 Dynasty Trust	F21
holding	NNI	Class B Common Stock	100	Jul 28, 2025	By 2019 Dynasty Trust	F22

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares held by Union Financial Services, Inc. ("UFS"), of which the reporting person is president and owns 50.0% of the outstanding capital stock. The reporting person continues to report beneficial ownership of all the shares held by UFS, but disclaims beneficial ownership of the shares held by UFS except to the extent of his pecuniary interest therein.
F2	Shares held by a Grantor Retained Annuity Trust dated October 13, 2015. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F3	Shares held by a separate Grantor Retained Annuity Trust dated October 13, 2015. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F4	Shares held by a separate Grantor Retained Annuity Trust dated October 13, 2015. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F5	Shares held by a separate Grantor Retained Annuity Trust dated October 13, 2015. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F6	Shares held by a Michael S. Dunlap 2011 Post Annuity Irrevocable Trust. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F7	Shares held by a separate Michael S. Dunlap 2011 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F8	Shares held by a separate Michael S. Dunlap 2011 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F9	Shares held by a 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F10	Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F11	Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F12	Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F13	Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F14	Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F15	Shares held by a Michael S. Dunlap 2023 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F16	Shares held by a separate Michael S. Dunlap 2023 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F17	Shares held by a separate Michael S. Dunlap 2023 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F18	Shares held by a Dynasty Trust established by the reporting person in 2011, of which an adult son of the reporting person is the initial beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F19	Shares held by a separate Dynasty Trust established by the reporting person in 2011, of which an adult son of the reporting person is the initial beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F20	Shares held by a separate Dynasty Trust established by the reporting person in 2011, of which an adult son of the reporting person is the initial beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F21	Shares held by a Dynasty Trust established by the reporting person in 2019, of which the adult sons of the reporting person and his spouse are the initial beneficiaries. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F22	Shares held by a Dynasty Trust established by the reporting person's spouse in 2019, of which the adult sons of the reporting person and his spouse are the initial beneficiaries. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.

Remarks:

Two of two Form 4s filed on July 30, 2025 for the reporting of the July 28, 2025 transfers included in the first Form 4. This second Form 4 includes additional holdings that could not be included in the first Form 4 due to a limitation on the number of line items that can be included per table in a single Form 4.