Shelby J. Butterfield - 28 Jul 2025 Form 4 Insider Report for NELNET INC (NNI)

Role: 10%+ Owner
Signature: /s/ Audra Hoffschneider, Attorney-in-Fact for Shelby J. Butterfield
Issuer symbol: NNI
Transactions as of: 28 Jul 2025
Net transactions value: $0
Form type: 4
Filing time: 30 Jul 2025, 18:54:19 UTC
Previous filing: 03 Jan 2025
Next filing: 27 Aug 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Butterfield Shelby J	10%+ Owner	C/O NELNET, INC., 121 SOUTH 13TH STREET, SUITE 100, LINCOLN	/s/ Audra Hoffschneider, Attorney-in-Fact for Shelby J. Butterfield	30 Jul 2025	0001808121

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NNI	Class B Common Stock	Gift	$0	-18,424	-100%	$0.000000	0	28 Jul 2025	By CLAT	F1
transaction	NNI	Class B Common Stock	Gift	$0	+3,685		$0.000000	3,685	28 Jul 2025	By trust	F1, F2
transaction	NNI	Class B Common Stock	Gift	$0	+3,684		$0.000000	3,684	28 Jul 2025	By trust	F1, F3
holding	NNI	Class A Common Stock						510	28 Jul 2025	By Butterfield GST Non-Exempt Marital Trust	F4
holding	NNI	Class B Common Stock						220,882	28 Jul 2025	By Butterfield GST Non-Exempt Marital Trust	F4
holding	NNI	Class B Common Stock						210,047	28 Jul 2025	By Butterfield GST Exempt Marital Trust	F5
holding	NNI	Class B Common Stock						42,879	28 Jul 2025	Direct
holding	NNI	Class B Common Stock						1,586,691	28 Jul 2025	By corporation	F6
holding	NNI	Class B Common Stock						70,582	28 Jul 2025	By GRAT	F7
holding	NNI	Class B Common Stock						93,841	28 Jul 2025	By GRAT	F8
holding	NNI	Class B Common Stock						100,000	28 Jul 2025	By GRAT	F9
holding	NNI	Class B Common Stock						61,392	28 Jul 2025	By GRAT	F10
holding	NNI	Class B Common Stock						75,640	28 Jul 2025	By GRAT	F11
holding	NNI	Class B Common Stock						82,729	28 Jul 2025	By GRAT	F12
holding	NNI	Class B Common Stock						61,309	28 Jul 2025	By GRAT	F13
holding	NNI	Class B Common Stock						70,488	28 Jul 2025	By GRAT	F14
holding	NNI	Class B Common Stock						5	28 Jul 2025	By the Estate of Stephen F. Butterfield	F15
holding	NNI	Class B Common Stock						18,394	28 Jul 2025	By trust	F16
holding	NNI	Class B Common Stock						18,394	28 Jul 2025	By trust	F17
holding	NNI	Class B Common Stock						136,636	28 Jul 2025	By limited liability company	F18
holding	NNI	Class B Common Stock						100	28 Jul 2025	By the reporting person as UTMA custodian for daughter
holding	NNI	Class B Common Stock						100	28 Jul 2025	By the reporting person as UTMA custodian for son

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

Explanation of Responses:

Id	Content
F1	Represents the transfer of shares upon the termination of the charitable lead annuity trust ("CLAT") established by Stephen F. Butterfield in accordance with its terms. 7,369 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) and (3) below. The remaining 11,055 shares of Class B Common Stock were transferred to descendants of Mr. Butterfield who do not share the reporting person's household.
F2	Shares held by a Butterfield CLAT Post-Annuity Trust, of which the daughter of the reporting person is the beneficiary.
F3	Shares held by a separate Butterfield CLAT Post-Annuity Trust, of which the son of the reporting person is the beneficiary.
F4	Shares held by the Stephen F. Butterfield GST Non-Exempt Marital Trust (the "Non-Exempt Marital Trust"), an estate planning trust for the family of Stephen F. Butterfield. The number of shares of Class B Common Stock reflects the transfer of 7,571 shares of Class B Common Stock from the Estate of Stephen F. Butterfield (the "Butterfield Estate") to the Non-Exempt Marital Trust on February 6, 2025 as discussed in footnote (15) below . The reporting person reports beneficial ownership of all the shares held by the Non-Exempt Marital Trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.
F5	Shares held by the Stephen F. Butterfield GST Exempt Marital Trust, an estate planning trust for the family of Stephen F. Butterfield. The reporting person reports 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 her pecuniary interest therein.
F6	Shares held by Union Financial Services, Inc. ("UFS"), of which the Butterfield GST Non-Exempt Marital Trust owns 50.0% of the outstanding capital stock and the Executive Chairman of the issuer owns the other 50.0% of the outstanding capital stock. The reporting person reports beneficial ownership of all the shares held by UFS, but disclaims beneficial ownership of the shares held by UFS except to the extent of her pecuniary interest therein.
F7	Shares held by a GRAT established by the reporting person on December 18, 2015. The reporting person reports 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 her pecuniary interest therein.
F8	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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 her pecuniary interest therein.
F9	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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 her pecuniary interest therein.
F10	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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 her pecuniary interest therein.
F11	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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 her pecuniary interest therein.
F12	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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 her pecuniary interest therein.
F13	Shares held by a GRAT established by Stephen F. Butterfield on December 18, 2015. The reporting person reports 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 her pecuniary interest therein.
F14	Shares held by a separate GRAT established by Stephen F. Butterfield on December 18, 2015. The reporting person reports 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 her pecuniary interest therein.
F15	Shares held by the Butterfield Estate, for which the reporting person is the personal representative, and which number of shares reflects the transfer of 7,571 shares of Class B Common Stock from the Butterfield Estate to the Non-Exempt Marital Trust on February 6, 2025 as discussed in footnote (4) above. The reporting person disclaims beneficial ownership of the shares held by the Butterfield Estate, except to the extent of her pecuniary interest therein.
F16	Shares held by a trust for the benefit of the reporting person's daughter.
F17	Shares held by a trust for the benefit of the reporting person's son.
F18	Shares held by a family limited liability company controlled by the reporting person. The reporting person disclaims beneficial ownership of the shares held by the limited liability company, except to the extent of her pecuniary interest therein.