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, 16:32:26 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

Key filing fact

Michael S. Dunlap filed Form 4 for NELNET INC (NNI) on 03 Dec 2025.

Key facts

This page summarizes Michael S. Dunlap's Form 4 filing for NELNET INC (NNI).
0 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 03 Dec 2025, 16:32.

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

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

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 holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 1,586,691
Date: 01 Dec 2025
Ownership: By corporation
Footnotes: F1

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 240,025
Date: 01 Dec 2025
Ownership: By trust
Footnotes: F2

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 353,417
Date: 01 Dec 2025
Ownership: By trust
Footnotes: F3

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 353,417
Date: 01 Dec 2025
Ownership: By trust
Footnotes: F4

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 432,774
Date: 01 Dec 2025
Ownership: By GRAT
Footnotes: F5

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 353,254
Date: 01 Dec 2025
Ownership: By GRAT
Footnotes: F6

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 1,600,000
Date: 01 Dec 2025
Ownership: By Dunlap Holdings, LLC
Footnotes: F7

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 125,000
Date: 01 Dec 2025
Ownership: By Dynasty Trust
Footnotes: F8

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 125,000
Date: 01 Dec 2025
Ownership: By Dynasty Trust
Footnotes: F9

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 125,000
Date: 01 Dec 2025
Ownership: By Dynasty Trust
Footnotes: F10

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 100
Date: 01 Dec 2025
Ownership: By 2019 Dynasty Trust
Footnotes: F11

NNI holding

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 100
Date: 01 Dec 2025
Ownership: By 2019 Dynasty Trust
Footnotes: F12

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 12 footnotes

Footnote 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.

Footnote F2

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.

Footnote F3

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.

Footnote F4

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.

Footnote F5

Shares held by a Michael S. Dunlap Grantor Retained Annuity Trust dated December 19, 2011. 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 F6

Shares held by a separate Michael S. Dunlap Grantor Retained Annuity Trust dated December 19, 2011. 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 Dunlap Holdings, LLC, a family limited liability company which is controlled by the reporting person and his family. The reporting person continues to report beneficial ownership of all the shares held by Dunlap Holdings, LLC, but disclaims beneficial ownership of the shares held by Dunlap Holdings, LLC except to the extent of his pecuniary interest therein.

Footnote F8

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.

Footnote F9

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.

Footnote F10

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.

Footnote F11

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.

Footnote F12

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.

SEC remarks

Two of two Form 4s filed on December 3, 2025 for the reporting of the December 1, 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.

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