Every Form 4 that Nelnet, Inc. (NNI) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A Form 4 covers the transactions officers, directors and large holders report, so if you follow NNI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NNI filings page.
NELNET INC (symbol: NNI) is the issuer of record for a Form 4 filing submitted to the SEC. Rath Kimberly Kay reported acquisition or exercise transactions in this Form 4 filing.
NELNET INC (NNI) reported that director Kimberly Kay Rath received an award of 93 units of phantom stock on September 15, 2026 under the company’s Directors Stock Compensation Plan. Each unit is convertible 1-for-1 into Class A Common Stock and becomes payable only after her service on the Board ends, either in a lump sum or in up to five annual installments, as she elects. Following this award and dividend reinvestments under the plan, she now holds 65,491 phantom stock units.
NELNET INC (symbol: NNI) is the issuer of record for a Form 4 filing submitted to the SEC. Farrell Kathleen Anne reported acquisition or exercise transactions in this Form 4 filing.
NELNET INC (NNI) director Kathleen Anne Farrell received an automatic equity award of 185 shares of Class A Common Stock on September 15, 2026, under the company’s Directors Stock Compensation Plan. After this grant, she directly holds 22,755 Class A shares. No Rule 10b5-1 trading plan is reported.
NELNET INC (NNI) reported that director David S. Graff received a grant of Class A Common Stock. On September 15, 2026, he acquired 93 shares as a grant or award at a reference value of $108.37 per share, bringing his directly held stake to 31,953 shares. The shares were granted under the issuer's Directors Stock Compensation Plan.
NELNET INC (NNI) reported that director Edward Sysel Pallesen acquired 1,046 shares of Class A Common Stock on September 15, 2026 through a stock grant under the company’s Directors Stock Compensation Plan. The award was valued at $108.37 per share, and his directly held stake after the grant is 1,046 shares. No Rule 10b5-1 trading plan is reported.
NELNET INC (symbol: NNI) is the issuer of record for a Form 4 filing submitted to the SEC. KLEIN ANGIE J reported acquisition or exercise transactions in this Form 4 filing.
NELNET INC (NNI) director Angie J. Klein received a grant of 1,108 shares of Class A Common Stock on September 15, 2026, valued at $108.37 per share, under the company’s Directors Stock Compensation Plan. After this award, she directly holds 1,108 shares of Nelnet stock.
NELNET INC Chief Financial Officer James D. Kruger reported a Form 4 detailing his direct and indirect holdings of Class A Common Stock and a bona fide gift. He transferred 2,500 shares as a gift to a trust for the benefit of his adult son, with the trust now holding 2,500 shares. He continues to report beneficial ownership of shares held by various family trusts and GRATs but disclaims beneficial ownership except to the extent of his pecuniary interest. Following these entries, he reports 69,569 shares held directly, plus additional indirect holdings through his spouse, revocable trusts, and multiple family trusts.
Bansal Preeta D reported acquisition or exercise transactions in this Form 4 filing.
Nelnet Inc. director Preeta D. Bansal received a grant of 1,626 shares of Class A Common Stock at $110.76 per share. The shares were awarded under the company’s Directors Stock Compensation Plan. Following this grant, she directly holds 20,243 shares.
Farrell Kathleen Anne reported acquisition or exercise transactions in this Form 4 filing.
Nelnet Inc. director Kathleen Anne Farrell received 1,626 shares of Class A Common Stock as a grant. The shares were awarded on June 15, 2026 at a price of $110.76 per share pursuant to the issuer's Directors Stock Compensation Plan. Following this compensation award, she directly holds 22,570 shares of Nelnet Class A Common Stock.
Van Deun Jona M reported acquisition or exercise transactions in this Form 4 filing.
Nelnet Inc. director Jona M. Van Deun received new equity awards as board compensation. On the transaction date, Van Deun was granted 407 shares of Class A Common Stock at a reference price of $110.76 per share under the issuer's Directors Stock Compensation Plan, bringing direct Class A holdings to 1,111 shares.
Van Deun was also granted 1,219 shares of phantom stock, credited at the same $110.76 reference price, increasing total phantom stock units to 8,398. The phantom stock is granted on a 1-for-1 basis and will be settled in shares of Class A Common Stock after the director's service on the board ends, either in a lump sum or up to five annual installments, as elected.
Nelnet Inc. director Kimberly Kay Rath received a grant of 1,535 phantom stock units under the company’s Directors Stock Compensation Plan. Each unit is on a 1-for-1 basis with Class A Common Stock and will be paid in shares after her board service ends, either in a lump sum or up to five annual installments, as she elects.
Following this award, she holds a total of 65,229 phantom stock units, which includes 636 units acquired through the plan’s dividend reinvestment feature since June 18, 2025. This filing reflects a compensation-related award rather than an open‑market stock purchase or sale.
Graff David S reported acquisition or exercise transactions in this Form 4 filing.
Nelnet Inc. director David S. Graff received a stock grant of 1,535 shares of Class A Common Stock on June 15, 2026. The shares were granted under the issuer's Directors Stock Compensation Plan and are reported at $110.76 per share. Following this award, Graff directly holds 31,860 shares of Nelnet Class A Common Stock. This filing reflects a compensation-related share award rather than an open-market purchase or sale.
HENNING THOMAS EDWARD reported acquisition or exercise transactions in this Form 4 filing.
Nelnet Inc. director Thomas Edward Henning reported updated equity holdings and a new compensation grant. He received 1,738 phantom stock units at $110.76 per unit under the Directors Stock Compensation Plan, convertible 1-for-1 into Class A Common Stock after his board service ends, either in a lump sum or up to five annual installments.
Following this grant, he holds 59,312 phantom stock units, 11,058 Class A shares directly, and small indirect positions of 13 shares in his IRA and 8 shares in his spouse’s IRA. The filing notes these IRA holdings, including 574 shares accumulated via dividend reinvestment since June 18, 2025, were previously omitted from Section 16 reports.
NELNET INC director and executive Matthew W. Dunlap reported a small, routine tax-withholding transaction related to vesting equity awards. On the reported date, 15 shares of Class A Common Stock were withheld by the issuer at a per-share value of $130.72 to satisfy his tax obligation from the vesting of a previously granted share award under Rule 16b-3(d). This was not an open-market sale.
After this tax-withholding disposition, Dunlap directly holds 17,054 shares of Class A Common Stock and 226,197 shares of Class B Common Stock, indicating the transaction affected only a very small portion of his overall position.
Nelnet Inc.'s Chief Financial Officer, James D. Kruger, reported updated holdings and a non-market gift of Class A Common Stock. The filing shows a bona fide gift of 5,000 shares on April 30, 2026, transferred indirectly through a trust for the benefit of his adult son.
After these updates, Kruger reports 69,569 shares held directly and additional indirect holdings through his spouse, revocable trusts, GRATs, and family trusts. The footnotes state he continues to report beneficial ownership of certain trust-held shares while disclaiming beneficial ownership beyond his pecuniary interest.
Nelnet Inc. insider reporting shows that entities associated with Adam K. Peterson hold a significant position in the company’s Class A Common Stock, with no new buy or sell transaction reported. The Form 4 is filed as an “Exit” filing linked to his board resignation.
The filing notes that 1,668,976 shares of Class A Common Stock are directly owned by Magnolia Capital Fund, LP, whose general partner and investment manager is The Magnolia Group, LLC, managed by Mr. Peterson. Through these roles, The Magnolia Group and Mr. Peterson may be deemed to share indirect beneficial ownership of those shares.
In addition, Adam Peterson directly holds 9,544 shares of Class A Common Stock for his own account, bringing his reported total direct and indirect holdings to 1,678,520 shares following the reported position. The footnote explains that March 23, 2026 is used as the transaction date because on that day Mr. Peterson notified Nelnet of his immediate resignation from the Board of Directors, and this Form 4 is voluntarily filed to confirm he is no longer subject to Section 16 reporting.
NELNET INC executive William J. Munn, the Secretary, Chief Legal Officer, and General Counsel, reported gifting a total of 2,104 shares of Class A Common Stock on April 15, 2026. One gift of 1,052 shares reduced his direct holdings to 6,872 shares, while another 1,052-share gift involved his indirect holdings.
The indirect transaction relates to a living trust described as having Munn and his spouse as trustees and beneficiaries, which now holds 12,155 shares. Both transactions are reported as bona fide gifts at a price of $0.00 per share, meaning they were not market sales and did not generate cash proceeds.
Nelnet Inc. insider Adam K. Peterson converted 9,544 phantom stock units into 9,544 shares of Class A Common Stock. These phantom shares were granted under the issuer's Directors Stock Compensation Plan and became payable in stock when he resigned from the Board of Directors on March 23, 2026.
Following the conversion and related exercise, Peterson is reported as having 1,678,520 shares of Class A Common Stock, including 1,668,976 shares directly owned by Magnolia Capital Fund, LP, where The Magnolia Group, LLC is general partner and investment manager and Peterson is the managing member.
Nelnet Inc.'s Secretary and Chief Legal Officer William J. Munn reported compensation-related stock activity. On March 10, 2026, he received 3,011 restricted shares under the Restricted Stock Plan that vest in equal installments over five years, and 2,597 shares as a 2025 performance-based bonus paid in stock. To cover related tax obligations, the issuer withheld a total of 1,204 shares at values based on closing market prices. After these awards and tax-withholding dispositions, Munn holds 7,924 Class A shares directly and 11,103 shares indirectly through a living trust he and his spouse administer.
Nelnet Inc Chief People Services Officer Emily Olinger reported routine equity compensation activity in Class A Common Stock. On March 10, 2026, she received a total of 3,990 shares as restricted and performance-based stock awards, while 670 shares were withheld by the company to cover tax obligations. After these transactions, she directly holds 7,859 shares.
Nelnet Inc. Chief Financial Officer James D. Kruger reported stock-based compensation and related tax withholding in Class A Common Stock. On March 10, 2026, he received two share awards totaling 16,183 shares under the company’s restricted stock and bonus plans. The company withheld 5,310 shares, valued at per-share amounts including $131.23 and $132.87, to cover his tax obligations rather than selling shares on the open market. Following these transactions, he continues to hold a substantial direct position in Nelnet stock and also reports indirect beneficial ownership through GRATs, revocable trusts, and family trusts, while disclaiming beneficial ownership beyond his pecuniary interest.
Nelnet Inc. Chief Operating Officer Terry J. Heimes reported compensation-related stock activity in Class A Common Stock. He received 7,527 restricted shares that vest in equal installments over five years and 6,492 shares as his 2025 performance-based bonus, both under the company’s Restricted Stock Plan. The issuer withheld 5,274 shares at assigned per-share values of 131.23 and 132.87 to satisfy related tax obligations, a non-market disposition. Following these transactions, Heimes holds 27,923 shares directly, and also reports additional indirect holdings through revocable trusts, a spouse account, and children’s trusts.
NELNET INC executive DeeAnn Wenger, President of Nelnet Business Services, reported stock-based compensation activity in Class A Common Stock on March 10, 2026. She received 3,764 restricted shares under the Restricted Stock Plan that vest equally over five years starting each March 10, and 2,164 shares as her 2025 performance-based bonus paid in stock. To cover related tax obligations, the issuer withheld a total of 1,278 shares at per-share values based on closing market prices, leaving her with 31,025 shares held directly after these routine, non–open-market transactions.
NELNET INC President Timothy Tewes reported equity compensation awards and related tax-withholding transactions in Class A Common Stock. On March 10, 2026, he received 7,527 restricted shares under the Restricted Stock Plan that vest in equal installments over five years, and 8,656 shares as his 2025 performance-based bonus paid in stock. To cover associated tax obligations, 5,307 shares were withheld by the issuer at per-share values of $131.23 and $132.87 assigned under the tax arrangements. Following these awards and tax withholdings, Tewes directly holds 94,048 shares of Class A Common Stock, reflecting routine compensation activity rather than open-market buying or selling.
NELNET INC director and NFS President Matthew W. Dunlap reported routine equity compensation activity involving Class A common stock. On March 10, he received a grant of 3,764 restricted Class A shares at a stated price of $0.00 per share, increasing his direct Class A holdings to 17,069 shares, which include 28 shares acquired through the company’s dividend reinvestment plan since December 3, 2025.
On the same date, 97 Class A shares (two entries of 30 and 67 shares) were withheld by the issuer at a per-share value of $131.23 to cover tax obligations arising from the vesting of a previously reported share grant. These tax-withholding dispositions are not open‑market sales. He also directly holds 226,197 shares of Class B common stock as of this filing.
Nelnet Inc. Chief Executive Officer Jeffrey R. Noordhoek reported compensation-related share movements in Class A Common Stock. On March 10, 2026, he received 7,527 restricted shares as an award with no purchase price. These shares vest in five equal installments each year on March 10 under the company’s Restricted Stock Plan.
On the same date, a total of 2,422 shares were withheld by the issuer at $131.23 per share to cover his tax obligations from the vesting of a previously reported grant, a non-market "F" tax-withholding disposition under Rule 16b-3(d). After these transactions, he directly holds 109,583 shares, which include 5,148 shares from the Employee Share Purchase Plan, and also reports indirect holdings through two trusts as disclosed.
Nelnet, Inc. director Jona M. Van Deun reported a small open-market sale of company stock. On 12/09/2025, she sold 400 shares of Nelnet Class A common stock at a price of $128.95 per share, coded as a sale transaction.
After this trade, she beneficially owns 704 shares of Class A common stock in direct form. The filing notes that this transaction was carried out under a pre-arranged Rule 10b5-1 trading plan that she entered into on September 9, 2025, which is designed to allow insiders to sell shares according to a set schedule.
Nelnet Inc. insider activity shows a significant share transfer. Reporting person Matthew W. Dunlap, a director and President of NFS at Nelnet Inc. (NNI), reported a transaction dated 12/01/2025 involving Class B common stock with transaction code G, indicating a bona fide gift. He acquired 63,126 shares of Class B common stock at a reported price of $0, bringing his direct beneficial ownership of Class B shares to 226,197. He also directly holds 13,374 shares of Class A common stock, which includes 27 Class A shares acquired through the company’s dividend reinvestment plan since July 30, 2025. The report notes that certain shares held in estate planning trusts and a family limited liability company are excluded because he is not deemed to beneficially own them for Section 16(a) purposes.
Nelnet Inc’s executive chairman Michael S. Dunlap, who is also a director and 10% owner, reports his indirect holdings of the company’s Class B Common Stock as of a December 1, 2025 transaction date. The report shows 1,586,691 Class B shares held through Union Financial Services, Inc., where he is president and a 50% stockholder, and 1,600,000 Class B shares held by Dunlap Holdings, LLC, a family-controlled entity. Additional Class B shares are held through multiple 2011 grantor retained annuity trusts and dynasty trusts for the benefit of his adult sons and family members. For each entity, Dunlap states that he continues to report beneficial ownership of all shares but disclaims beneficial ownership except to the extent of his pecuniary interest. This filing is the second of two submitted to cover all December 1, 2025 transfers.
Nelnet Inc. insider Michael S. Dunlap, Executive Chairman and a 10% owner, reported several internal transfers of Class B Common Stock on December 1, 2025. The filing shows gifts and trust-related movements at a reported price of $0 per share, reflecting estate and trust planning rather than open‑market trades.
According to the footnotes, one Grantor Retained Annuity Trust that terminated on October 13, 2015 transferred 268,480 Class B shares to multiple 2015 post‑annuity irrevocable trusts and 33,560 shares to an adult son. A separate terminating Grantor Retained Annuity Trust dated the same day transferred 236,526 Class B shares to additional 2015 post‑annuity irrevocable trusts and 29,566 shares to an adult son.
Dunlap continues to report beneficial ownership of shares held by the various trusts and Grantor Retained Annuity Trusts, but in each case disclaims beneficial ownership except to the extent of his pecuniary interest. This Form 4 is the first of two related filings, with the second covering additional holdings not accommodated in this table.
Nelnet Inc. (NNI) executive Michael S. Dunlap, who serves as Executive Chairman of the Board, director, and 10% owner, filed a Form 4 updating his indirect holdings of Class B Common Stock as of a transaction date of 11/19/2025. This filing is identified as the second of two forms used to report a gift of shares on that date and was needed because of limits on the number of line items allowed per table.
The report lists substantial indirect beneficial ownership, including 1,586,691 shares of Class B Common Stock held by Union Financial Services, Inc., where Dunlap is president and owns 50% of the capital stock. Additional indirect holdings are reported through multiple 2011 and 2015 post-annuity irrevocable trusts and two 2019 dynasty trusts, with individual trust positions such as 240,025, 353,417, 67,439, and 44,773 Class B shares, plus two dynasty trusts holding 100 shares each. For each entity, Dunlap reports beneficial ownership but formally disclaims it beyond his pecuniary interest.
Nelnet Inc. (NNI) executive chairman and director Michael S. Dunlap, who is also a 10% owner, reported a charitable gift of 35,000 shares of Class A common stock on November 19, 2025, recorded at a price of $0 per share as a gift transaction. The filing notes this donation to a Section 501(c)(3) charitable organization was made under a Rule 10b5-1 trading plan entered into on August 19, 2025.
After this transaction, Dunlap directly holds 1,382,982 shares of Class A common stock. He also reports extensive indirect beneficial ownership of Class B common stock through his spouse, multiple grantor retained annuity trusts, several irrevocable and post-annuity trusts for adult sons, a family limited liability company (Dunlap Holdings, LLC) holding 1,600,000 Class B shares, and multiple Dynasty Trusts each holding 125,000 Class B shares, while disclaiming beneficial ownership beyond his pecuniary interest.