Key facts
- This page summarizes Michael S. Dunlap's Form 4 filing for NELNET INC (NNI).
- 8 reported transactions and 0 derivative rows are listed below.
- Accepted by SEC: 03 Dec 2025, 16:30.
Michael S. Dunlap - 01 Dec 2025 Form 4 Insider Report for NELNET INC (NNI)
- Reporting relationship
- Executive Chairman of Board, Director, 10%+ Owner
- Issuer ticker
- NNI
- Reported as of
- 01 Dec 2025
- Net transaction value
- $0
- SEC form
- 4
- Accepted by SEC
- 03 Dec 2025, 16:30:47 UTC
- Prior SEC filing
- 21 Nov 2025
- Source filing
- View source filing
- Reporting owner signature
- /s/ Nicole M. Stawniak, Attorney-in-Fact for Michael S. Dunlap
Source evidence
Original filing metadata and source links for verification.
4 source fields
Reporting owner
1 detail
Key filing fact
Michael S. Dunlap filed Form 4 for NELNET INC (NNI) on 03 Dec 2025.
Change
- Previous filing in this sequence was filed on 21 Nov 2025.
- Current net transaction value: $0.
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
View source filing
Ownership activity is grounded in SEC Form 4 disclosures.
Reporting Owners (1)
CIK 0001269797
Primary reporting owner
DUNLAP MICHAEL S
- Relationship
- Executive Chairman of Board, Director, 10%+ Owner
- Address
- 121 SOUTH 13TH STREET, SUITE 100, LINCOLN
- Signature
- /s/ Nicole M. Stawniak, Attorney-in-Fact for Michael S. Dunlap
- Signature date
- 03 Dec 2025
Reported non-derivative transactions
Shares, units, or other non-derivative securities reported in this filing.
NNI
transaction
Class B Common Stock
Gift
- Transaction value
- $0
- Shares
- -302,040
- Change %
- -100%
- Price
- $0.000000
- Shares after
- 0
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F1
NNI
transaction
Class B Common Stock
Gift
- Transaction value
- $0
- Shares
- +67,120
- Change %
- +145%
- Price
- $0.000000
- Shares after
- 113,449
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F1, F2
NNI
transaction
Class B Common Stock
Gift
- Transaction value
- $0
- Shares
- +100,680
- Change %
- +149%
- Price
- $0.000000
- Shares after
- 168,119
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F1, F3
NNI
transaction
Class B Common Stock
Gift
- Transaction value
- $0
- Shares
- +100,680
- Change %
- +149%
- Price
- $0.000000
- Shares after
- 168,119
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F1, F4
NNI
transaction
Class B Common Stock
Gift
- Transaction value
- $0
- Shares
- -266,092
- Change %
- -100%
- Price
- $0.000000
- Shares after
- 0
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F5
NNI
transaction
Class B Common Stock
Gift
- Transaction value
- $0
- Shares
- +59,132
- Change %
- +132%
- Price
- $0.000000
- Shares after
- 103,905
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F5, F6
NNI
transaction
Class B Common Stock
Gift
- Transaction value
- $0
- Shares
- +88,697
- Change %
- +136%
- Price
- $0.000000
- Shares after
- 153,880
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F5, F7
NNI
transaction
Class B Common Stock
Gift
- Transaction value
- $0
- Shares
- +88,697
- Change %
- +136%
- Price
- $0.000000
- Shares after
- 153,880
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F5, F8
NNI
holding
Class A Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 1,382,982
- Date
- 01 Dec 2025
- Ownership
- Direct
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 575,114
- Date
- 01 Dec 2025
- Ownership
- Direct
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 545,289
- Date
- 01 Dec 2025
- Ownership
- By spouse
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 452,669
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F9
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 351,259
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F10
NNI
holding
Class A Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 46
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F11
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 173,182
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F11
NNI
holding
Class A Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 45
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F12
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 173,183
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F12
NNI
holding
Class A Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 45
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F13
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 173,183
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F13
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 16,119
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F14
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 24,179
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F15
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 24,178
- Date
- 01 Dec 2025
- Ownership
- By trust
- Footnotes
- F16
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 21,417
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F17
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 24,570
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F18
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 23,864
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F19
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 27,294
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F20
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 31,204
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F21
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 36,021
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F22
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 34,732
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F23
NNI
holding
Class B Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 39,720
- Date
- 01 Dec 2025
- Ownership
- By GRAT
- Footnotes
- F24
* marks a reported price that did not pass the local price check.
Additional SEC filing notes
Filing notes and footnotes
Explanation of responses 24 footnotes
Footnote F1
Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated October 13, 2015 pursuant to its terms. 268,480 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) below. The remaining 33,560 shares of Class B Common Stock were transferred to an adult son of the reporting person.
Footnote F2
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.
Footnote F3
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.
Footnote F4
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.
Footnote F5
Represents the transfer of shares upon the termination of a separate Grantor Retained Annuity Trust dated October 13, 2015 pursuant to its terms. 236,526 shares of Class B Common Stock were transferred to the trusts described in footnotes (6) through (8) below. The remaining 29,566 shares of Class B Common Stock were transferred to an adult son of the reporting person.
Footnote F6
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.
Footnote F7
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.
Footnote F8
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.
Footnote F9
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.
Footnote F10
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.
Footnote F11
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.
Footnote F12
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.
Footnote F13
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.
Footnote F14
Shares held by a 2020 Post-Annuity 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.
Footnote F15
Shares held by a separate 2020 Post-Annuity 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.
Footnote F16
Shares held by a separate 2020 Post-Annuity 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.
Footnote F17
Shares held by a Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020. 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.
Footnote F18
Shares held by a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020. 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.
Footnote F19
Shares held by a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020. 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.
Footnote F20
Shares held by a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020. 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.
Footnote F21
Shares held by a Grantor Retained Annuity Trust dated May 12, 2020. 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.
Footnote F22
Shares held by a separate Grantor Retained Annuity Trust dated May 12, 2020. 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.
Footnote F23
Shares held by a separate Grantor Retained Annuity Trust dated May 12, 2020. 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.
Footnote F24
Shares held by a separate Grantor Retained Annuity Trust dated May 12, 2020. 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.
SEC remarks
One of two Form 4s filed on December 3, 2025 for the reporting of the December 1, 2025 transfers included in this first Form 4. The second Form 4 includes additional holdings that could not be included in this first Form 4 due to a limitation on the number of line items that can be included per table in a single Form 4.