Terry J. Heimes - 10 Mar 2026 Form 4 Insider Report for NELNET INC (NNI)

Reporting relationship: Chief Operating Officer
Issuer ticker: NNI
Reported as of: 10 Mar 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 12 Mar 2026, 21:58:30 UTC
Prior SEC filing: 12 Mar 2025
Source filing: View source filing
Reporting owner signature: /s/ Philip J. Morgan, Attorney-in-Fact for Terry J. Heimes

Key filing fact

Terry J. Heimes filed Form 4 for NELNET INC (NNI) on 12 Mar 2026.

Key facts

This page summarizes Terry J. Heimes's Form 4 filing for NELNET INC (NNI).
7 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 12 Mar 2026, 21:58.

Change

Previous filing in this sequence was filed on 12 Mar 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 0001269804 Primary reporting owner

HEIMES TERRY J

Relationship: Chief Operating Officer
Address: 121 SOUTH 13TH STREET, SUITE 100, LINCOLN
Signature: /s/ Philip J. Morgan, Attorney-in-Fact for Terry J. Heimes
Signature date: 12 Mar 2026

Reported non-derivative transactions

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

NNI transaction

Class A Common Stock

Tax liability

Transaction value
Shares: -791
Change %: -4.1%
Price: $131.23^*
Shares after: 18,387
Date: 10 Mar 2026
Ownership: Direct
Footnotes: F1, F2, F3

NNI transaction

Class A Common Stock

Tax liability

Transaction value
Shares: -356
Change %: -1.9%
Price: $131.23^*
Shares after: 18,031
Date: 10 Mar 2026
Ownership: Direct
Footnotes: F1, F2

NNI transaction

Class A Common Stock

Tax liability

Transaction value
Shares: -322
Change %: -1.8%
Price: $131.23^*
Shares after: 17,709
Date: 10 Mar 2026
Ownership: Direct
Footnotes: F1, F2

NNI transaction

Class A Common Stock

Tax liability

Transaction value
Shares: -135
Change %: -0.76%
Price: $131.23^*
Shares after: 17,574
Date: 10 Mar 2026
Ownership: Direct
Footnotes: F1, F2

NNI transaction

Class A Common Stock

Award

Transaction value
Shares: +7,527
Change %: +43%
Price: $0.000000^*
Shares after: 25,101
Date: 10 Mar 2026
Ownership: Direct
Footnotes: F4

NNI transaction

Class A Common Stock

Award

Transaction value
Shares: +6,492
Change %: +26%
Price: $0.000000^*
Shares after: 31,593
Date: 10 Mar 2026
Ownership: Direct
Footnotes: F5

NNI transaction

Class A Common Stock

Tax liability

Transaction value
Shares: -3,670
Change %: -12%
Price: $132.87^*
Shares after: 27,923
Date: 10 Mar 2026
Ownership: Direct
Footnotes: F6, F7

NNI holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 139,373
Date: 10 Mar 2026
Ownership: By revocable trust
Footnotes: F8

NNI holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 5,247
Date: 10 Mar 2026
Ownership: By spouse

NNI holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 50,000
Date: 10 Mar 2026
Ownership: By revocable trust
Footnotes: F9

NNI holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 7,420
Date: 10 Mar 2026
Ownership: By trust
Footnotes: F10

NNI holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 7,420
Date: 10 Mar 2026
Ownership: By trust
Footnotes: F11

NNI holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 7,420
Date: 10 Mar 2026
Ownership: By trust
Footnotes: F12

NNI holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 7,420
Date: 10 Mar 2026
Ownership: By trust
Footnotes: F13

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

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 13 footnotes

Footnote 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).

Footnote 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, 2026.

Footnote F3

The number of shares reflects shares contributed to a revocable trust as discussed in footnote (8) below.

Footnote 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.

Footnote 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.

Footnote 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 6,492 shares of bonus compensation stock.

Footnote 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.

Footnote F8

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. On March 31, 2025, the reporting person contributed a total of 2,637 shares to the revocable trust.

Footnote F9

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.

Footnote F10

Shares held by a trust for the benefit of a 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.

Footnote F11

Shares held by a trust for the benefit of another 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.

Footnote F12

Shares held by a trust for the benefit of another 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.

Footnote F13

Shares held by a trust for the benefit of the 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.

SEC remarks

Exhibit List: Exhibit 24 - Power of Attorney

We use cookies and similar technologies to provide certain features, enhance the user experience and, if you allow them, measure engagement and deliver advertising. Analytics and marketing storage stay off until you grant consent. By clicking on "Agree and continue", you declare your consent to the use of the selected optional cookies. to update or revoke optional consent for future visits. For more information, see our Privacy Policy .