Shelby J. Butterfield - 25 Aug 2025 Form 4 Insider Report for NELNET INC (NNI)

Reporting relationship
Former 10% Owner
Issuer ticker
NNI
Reported as of
25 Aug 2025
Net transaction value
-$5,000,033
Source evidence Original filing metadata and source links for verification. 4 source fields
SEC form
4
Accepted by SEC
27 Aug 2025, 17:18:48 UTC
Prior SEC filing
30 Jul 2025
Source filing
View source filing
Reporting owner 1 detail
Reporting owner signature
/s/ Audra Hoffschneider, Attorney-in-Fact for Shelby J. Butterfield
Filing notes and source

Key filing fact

Shelby J. Butterfield filed Form 4 for NELNET INC (NNI) on 27 Aug 2025.

Key facts

  • This page summarizes Shelby J. Butterfield's Form 4 filing for NELNET INC (NNI).
  • 3 reported transactions and 0 derivative rows are listed below.
  • Accepted by SEC: 27 Aug 2025, 17:18.

Change

  • Previous filing in this sequence was filed on 30 Jul 2025.
  • Current net transaction value: -$5,000,033.

Research use

  • This tells you what this filing adds before you inspect full transaction and derivative tables.
  • You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001808121 Primary reporting owner

Butterfield Shelby J

Relationship
Former 10% Owner
Address
C/O NELNET, INC., 121 SOUTH 13TH STREET, SUITE 100, LINCOLN
Signature
/s/ Audra Hoffschneider, Attorney-in-Fact for Shelby J. Butterfield
Signature date
27 Aug 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

NNI transaction

Class B Common Stock

Conversion of derivative security

Transaction value
Shares
-41,929
Change %
-19%
Price
Shares after
178,953
Date
25 Aug 2025
Ownership
By Butterfield GST Non-Exempt Marital Trust
Footnotes
F1, F2
NNI transaction

Class A Common Stock

Conversion of derivative security

Transaction value
Shares
+41,929
Change %
+8221%
Price
Shares after
42,439
Date
25 Aug 2025
Ownership
By Butterfield GST Non-Exempt Marital Trust
Footnotes
F1, F2
NNI transaction

Class A Common Stock

Sale

Transaction value
-$5,000,033
Shares
-41,929
Change %
-99%
Price
$119.25
Shares after
510
Date
25 Aug 2025
Ownership
By Butterfield GST Non-Exempt Marital Trust
Footnotes
F2, F3, F4
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
210,047
Date
25 Aug 2025
Ownership
By Butterfield GST Exempt Marital Trust
Footnotes
F5
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
42,879
Date
25 Aug 2025
Ownership
Direct
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
1,586,691
Date
25 Aug 2025
Ownership
By corporation
Footnotes
F6
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
70,582
Date
25 Aug 2025
Ownership
By GRAT
Footnotes
F7
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
93,841
Date
25 Aug 2025
Ownership
By GRAT
Footnotes
F8
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
100,000
Date
25 Aug 2025
Ownership
By GRAT
Footnotes
F9
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
61,392
Date
25 Aug 2025
Ownership
By GRAT
Footnotes
F10
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
75,640
Date
25 Aug 2025
Ownership
By GRAT
Footnotes
F11
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
82,729
Date
25 Aug 2025
Ownership
By GRAT
Footnotes
F12
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
61,309
Date
25 Aug 2025
Ownership
By GRAT
Footnotes
F13
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
70,488
Date
25 Aug 2025
Ownership
By GRAT
Footnotes
F14
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
5
Date
25 Aug 2025
Ownership
By the Estate of Stephen F. Butterfield
Footnotes
F15
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
18,394
Date
25 Aug 2025
Ownership
By trust
Footnotes
F16
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
18,394
Date
25 Aug 2025
Ownership
By trust
Footnotes
F17
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
136,636
Date
25 Aug 2025
Ownership
By limited liability company
Footnotes
F18
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
3,685
Date
25 Aug 2025
Ownership
By trust
Footnotes
F19
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
3,684
Date
25 Aug 2025
Ownership
By trust
Footnotes
F20
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
100
Date
25 Aug 2025
Ownership
By the reporting person as UTMA custodian for daughter
NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
100
Date
25 Aug 2025
Ownership
By the reporting person as UTMA custodian for son
* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

Shelby J. Butterfield is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 20 footnotes

Footnote F1

Shares of the issuer's Class B common stock are convertible at a fixed one-for-one ratio into an equal number of shares of the issuer's Class A common stock at any time at the holder's option. On August 25, 2025, the trust referred to in the footnote (2) below converted shares of Class B common stock into an equal number of shares of Class A common stock. Such conversion of convertible common stock at a fixed ratio was exempt from Section 16(b) under Rule 16a-6(b).

Footnote F2

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 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.

Footnote F3

These shares were acquired by the issuer under the issuer's previously announced stock repurchase program in a privately negotiated transaction.

Footnote F4

Pursuant to the terms of the privately negotiated issuer repurchase transaction, this price was based on a discount to the closing market price on August 21, 2025.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote F15

Shares held by the Estate of Stephen F. Butterfield (the "Butterfield Estate"), for which the reporting person is the personal representative. The reporting person disclaims beneficial ownership of the shares held by the Butterfield Estate, except to the extent of her pecuniary interest therein.

Footnote F16

Shares held by a trust for the benefit of the reporting person's daughter.

Footnote F17

Shares held by a trust for the benefit of the reporting person's son.

Footnote 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.

Footnote F19

Shares held by a Butterfield CLAT Post-Annuity Trust, of which the daughter of the reporting person is the beneficiary.

Footnote F20

Shares held by a separate Butterfield CLAT Post-Annuity Trust, of which the son of the reporting person is the beneficiary.

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