[Form 4] Nelnet, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Tilray Brands (TLRY) – insider buying signal

In a Form 4 filed 30-Jul-2025, President & CEO Irwin D. Simon disclosed an open-market purchase of 165,000 common shares at an average price of $0.6067, a cash outlay of roughly $100 k. The transaction lifts his direct holding to 3,941,633 shares (unvested RSUs excluded), increasing his stake by about 4.4%. No derivative securities were acquired or disposed.

Open-market buying by a sitting CEO is typically read as a vote of confidence in the company’s valuation and near-term prospects, given insiders’ superior operational visibility. Although the dollar amount is modest relative to Tilray’s c.$1.4 bn market cap, the disclosure counters concerns about insider selling and may provide a psychological floor for retail investors. The filing contains no other material events, option exercises, or sales.

Positive

• CEO Irwin D. Simon bought 165,000 TLRY shares, indicating insider confidence.
• Direct ownership rises to 3.94 million shares, further aligning executive and shareholder interests.

Negative

• Transaction value (~$100 k) is immaterial versus Tilray’s market capitalization.
• Purchase price near record lows highlights ongoing market skepticism toward the stock.

Insights

Equity Research Analyst

TL;DR – CEO’s open-market buy signals confidence; modest size tempers impact.

The $100 k purchase at $0.6067 increases Simon’s stake to ~3.9 M shares, aligning incentives with shareholders. Insider buying near a 52-week low often precedes positive sentiment shifts, though the transaction represents less than 0.1 % of Tilray’s float. Given Tilray’s ongoing cost-cutting and diversification efforts, the move may reassure investors but is unlikely to materially alter valuation on its own.

Portfolio Manager

TL;DR – Positive governance cue; low monetary weight limits fundamental effect.

Executives rarely deploy personal capital without conviction. This buy reduces perceived downside risk and could attract momentum from retail traders watching insider activity trackers. However, institutional investors will note the purchase equals roughly one trading day’s volume and doesn’t change supply-demand mechanics materially. Impact: sentiment boost, not thesis-changing.

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
Estimated average burden
hours per response:			0.5

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^*

Dunlap Matthew W

(Last) (First) (Middle)

121 SOUTH 13TH STREET

SUITE 100

(Street)

LINCOLN NE 68508

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

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 B Common Stock	07/28/2025		G		8,059	A	$0	163,071	D
Class A Common Stock								13,347(1)	D

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. Includes 28 shares of Class A common stock acquired by the reporting person pursuant to the issuer's dividend reinvestment plan since June 11, 2025.

Remarks:

This Form 4 excludes certain shares of the issuer held by various estate planning trusts and by a family limited liability company in which the reporting person has an interest by virtue of being a beneficiary of various trusts, but with respect to which shares the reporting person does not have or share investment control, because the reporting person does not have or share investment or dispositive power or voting power, and thus the reporting person is not deemed to beneficially own such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934.

	/s/ Audra Hoffschneider, Attorney-in-Fact for Matthew W. Dunlap	07/30/2025
	** 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

How many TLRY shares did CEO Irwin D. Simon purchase on 30-Jul-2025?

He bought 165,000 common shares on the open market.

What was the average price paid for the insider purchase?

The shares were acquired at $0.6067 per share.

What is the CEO’s total direct stake in Tilray Brands after the transaction?

Following the purchase, Simon directly owns 3,941,633 TLRY shares (excluding unvested RSUs).

Did the Form 4 report any derivative security transactions?

No. The filing shows no options, warrants, or other derivatives acquired or sold.

Was the transaction executed under a Rule 10b5-1 trading plan?

The form does not indicate use of a 10b5-1 plan; the relevant box is unchecked.

Why is insider buying considered important for investors?

Open-market purchases by executives may signal confidence in the company’s valuation and prospects, potentially improving market sentiment.

When was the Form 4 filed with the SEC?

The Form 4 was filed on 30-Jul-2025.