NNI Form 4: Angela Muhleisen Disposes 11,699 Class A Shares
Rhea-AI Filing Summary
Angela L. Muhleisen, a director of Nelnet, Inc. (NNI), filed a Form 4 reporting a transaction on 08/18/2025. The filing shows a disposition of 11,699 shares of Class A common stock on that date, recorded with transaction code "G" and a reported price of $0. After the reported transaction, Ms. Muhleisen is shown as beneficially owning 2,191,180 shares directly. The filing also lists numerous indirect holdings in Class A common stock held through multiple GRATs and Dynasty Trusts, with specific share counts disclosed for each trust. The Form 4 is signed by Audra Hoffschneider as attorney-in-fact for Ms. Muhleisen on 08/20/2025.
Positive
- Comprehensive disclosure of both direct and detailed indirect holdings across multiple trusts
- Continued substantial direct ownership of 2,191,180 Class A shares after the reported transaction
- Form signed by attorney-in-fact, indicating an executed filing process
Negative
- Disposition of 11,699 Class A shares on 08/18/2025 reduces direct holdings
- Reported price of $0 for the disposition may indicate a non-sale transfer, but the filing provides no context
Insights
TL;DR: Insider reported a small disposition and retains a large direct and indirect stake in NNI.
The Form 4 records an 11,699-share disposition on 08/18/2025 with a reported price of $0, which the filing presents without additional context. The registrant continues to report substantial ownership: 2,191,180 shares held directly plus multiple indirect holdings via GRATs and Dynasty Trusts totaling several hundred thousand shares by line items. From a shareholder-capital perspective, the filing documents a routine change in beneficial ownership rather than an unexpected large-scale divestiture.
TL;DR: Disclosure is thorough; multiple estate-planning vehicles are disclosed as indirect holdings.
The report appropriately identifies the reporting person as a director and provides detailed descriptions of indirect ownership through several grantor retained annuity trusts and dynasty trusts, each with explicit share counts and disclaimers of beneficial ownership except as to pecuniary interest. The filing is signed by an attorney-in-fact, indicating use of a power-of-attorney for submission. The transaction appears procedural based on the information provided.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Class A Common Stock | 11,699 | $0.00 | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- Shares held by an Angela L. Muhleisen GRAT dated 6/10/2020. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by an Angela L. Muhleisen GRAT dated 11/29/2022. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a Dynasty Trust established by Ms. Muhleisen and her deceased spouse, Dan D. Muhleisen, in 2012, of which the adult daughter of Ms. and Mr. Muhleisen is the initial beneficiary. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a Dynasty Trust established by Ms. and Mr. Muhleisen in 2012, of which the adult son of Ms. and Mr. Muhleisen is the initial beneficiary. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a Dynasty Trust established by Ms. Muhleisen in 2020, of which the adult daughter and the adult son of Ms. and Mr. Muhleisen are the initial beneficiaries. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by a Dynasty Trust established by Mr. Muhleisen in 2020, of which the adult daughter and the adult son of Ms. and Mr. Muhleisen are the initial beneficiaries. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by the Dan D. Muhleisen 2020 Post-Annuity GRAT, of which the adult daughter of Ms. and Mr. Muhleisen is the beneficiary. Ms. Muhleisen 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 her pecuniary interest therein. Shares held by the Dan D. Muhleisen 2020 Post-Annuity GRAT, of which the adult son of Ms. and Mr. Muhleisen is the beneficiary. Ms. Muhleisen 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 her pecuniary interest therein.
