[Form 4] Nelnet, Inc. Insider Trading Activity

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

Financial Analyst

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.

Corporate Governance Expert

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.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MUHLEISEN ANGIE

(Last) (First) (Middle)

C/O FARMERS & MERCHANTS INVESTMENT INC.

6801 SOUTH 27TH STREET

(Street)

LINCOLN NE 68512

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NELNET INC [ NNI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/18/2025		G		11,699	D	$0	2,191,180	D
Class A Common Stock								30,050(1)	I	By GRAT
Class A Common Stock								35,258(2)	I	By GRAT
Class A Common Stock								33,831(3)	I	By GRAT
Class A Common Stock								39,348(4)	I	By GRAT
Class A Common Stock								26,810(5)	I	By GRAT
Class A Common Stock								32,980(6)	I	By GRAT
Class A Common Stock								37,425(7)	I	By GRAT
Class A Common Stock								44,825(8)	I	By GRAT
Class A Common Stock								276,000(9)	I	By Dynasty Trust
Class A Common Stock								276,000(10)	I	By Dynasty Trust
Class A Common Stock								10,000(11)	I	By 2020 Dynasty Trust
Class A Common Stock								10,000(12)	I	By 2020 Dynasty Trust
Class A Common Stock								72,482(13)	I	By trust
Class A Common Stock								72,483(14)	I	By trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

13. 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.

14. 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.

	/s/ Audra Hoffschneider, Attorney-in-Fact for Angela L. Muhleisen	08/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Angela L. Muhleisen report on Form 4 for NNI?

The Form 4 reports a disposition of 11,699 Class A shares on 08/18/2025 with a reported price of $0.

How many Nelnet (NNI) shares does Ms. Muhleisen beneficially own after the reported transaction?

The filing shows 2,191,180 shares held directly following the reported transaction, plus additional indirect holdings via trusts.

What indirect holdings does the Form 4 disclose for Angela Muhleisen?

The filing lists multiple indirect holdings in Class A common stock held by several GRATs and Dynasty Trusts with specified share counts for each trust.

Who signed the Form 4 on behalf of Angela Muhleisen?

The Form 4 is signed by Audra Hoffschneider, Attorney-in-Fact for Angela L. Muhleisen on 08/20/2025.

Does the Form 4 explain the nature of the $0 price reported for the disposition?

No. The filing shows a price of $0 but does not provide additional explanation within the document.