James D. Kruger - 10 Mar 2026 Form 4 Insider Report for NELNET INC (NNI)

Signature
/s/ Philip J. Morgan, Attorney-in-Fact for James D. Kruger
Issuer symbol
NNI
Transactions as of
10 Mar 2026
Net transactions value
$0
Form type
4
Filing time
12 Mar 2026, 21:58:32 UTC
Previous filing
12 Mar 2025

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Kruger James D Chief Financial Officer 121 SOUTH 13TH STREET, SUITE 100, LINCOLN /s/ Philip J. Morgan, Attorney-in-Fact for James D. Kruger 12 Mar 2026 0001593432

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NNI Class A Common Stock Tax liability -795 -1.4% $131.23* 57,710 10 Mar 2026 Direct F1, F2, F3
transaction NNI Class A Common Stock Tax liability -356 -0.62% $131.23* 57,354 10 Mar 2026 Direct F1, F2, F3
transaction NNI Class A Common Stock Tax liability -322 -0.56% $131.23* 57,032 10 Mar 2026 Direct F1, F2, F3
transaction NNI Class A Common Stock Tax liability -135 -0.24% $131.23* 56,897 10 Mar 2026 Direct F1, F2, F3
transaction NNI Class A Common Stock Award +7,527 +13% $0.000000* 64,424 10 Mar 2026 Direct F3, F4
transaction NNI Class A Common Stock Award +8,656 +13% $0.000000* 73,080 10 Mar 2026 Direct F3, F5
transaction NNI Class A Common Stock Tax liability -3,702 -5.1% $132.87* 69,378 10 Mar 2026 Direct F6, F7
holding NNI Class A Common Stock 6,800 10 Mar 2026 By GRAT F8
holding NNI Class A Common Stock 6,800 10 Mar 2026 By GRAT F9
holding NNI Class A Common Stock 5,000 10 Mar 2026 By Trust F10
holding NNI Class A Common Stock 10,000 10 Mar 2026 By Trust F11
holding NNI Class A Common Stock 10,000 10 Mar 2026 By Trust F12
holding NNI Class A Common Stock 45,192 10 Mar 2026 By revocable trust F13
holding NNI Class A Common Stock 45,000 10 Mar 2026 By revocable trust F14
holding NNI Class A Common Stock 8,200 10 Mar 2026 By spouse F15
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d).
F2 Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 10, 2025.
F3 Includes 4,538 shares issued pursuant to the issuer's Employee Share Purchase Plan. Also includes (i) 1,000 shares held jointly with spouse and (ii) 2,210 shares distributed to the reporting person by a grantor retained annuity trust ("GRAT") as discussed in footnote (8) below.
F4 These restricted shares were awarded to the reporting person pursuant to the issuer's Restricted Stock Plan. The shares vest equally over a five-year period, with one-fifth of the amount vesting annually on March 10 of each year.
F5 These shares were issued to the reporting person pursuant to the issuer's Restricted Stock Plan, as the annual personal performance-based incentive bonus compensation for 2025 paid in stock, which the reporting person became entitled to receive on March 10, 2026.
F6 Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2026 award by the issuer of 8,656 shares of bonus compensation stock.
F7 Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the average market closing price of the shares for February 27, 2026 through March 5, 2026.
F8 Shares held by a GRAT established by the reporting person on September 1, 2021, which reflect an annuity distribution from the trust to the reporting person of 2,210 shares on September 2, 2025. 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 GRAT established by the reporting person's spouse on September 1, 2021, which reflect an annuity distribution from the trust to the reporting person's spouse of 2,210 shares on September 2, 2025. 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 trust for the benefit of an adult son of the reporting person. 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 trust for the benefit of another adult son of the reporting person. 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 trust for the benefit of an adult daughter of the reporting person. 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 revocable trust established by the reporting person, of which trust the reporting person is the sole trustee and sole lifetime beneficiary.
F14 Shares held by a revocable trust established by the reporting person's spouse, of which trust the reporting person's spouse is the sole trustee and sole lifetime beneficiary.
F15 Includes 2,210 shares distributed to the reporting person's spouse by a GRAT as discussed in footnote (9) above.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney