[144] Waystar Holding Corp. SEC Filing

Rhea-AI Filing Summary

Nelnet, Inc. (NNI) – Form 4 filed 07/21/2025

Director and >10% owner Angela L. Muhleisen reported a Code G gift of 41,250 Class A shares on 07/17/2025 at $0.00 per share. Her direct holdings fall to 972,199 shares (down c. 4%).

She continues to report ~2.23 million additional shares held indirectly through her late spouse’s estate (1.23 m) and multiple dynasty trusts/GRATs, bringing total reported beneficial ownership to roughly 3.2 million shares. The filing states that 857,353 shares held by her adult son and 869,025 shares held by her adult daughter are no longer included in her reportable holdings.

No open-market sales, purchases, or derivative transactions were disclosed; the activity appears related to estate or family wealth planning and is unlikely to affect Nelnet’s capital structure or liquidity.

Positive

• None.

Negative

• Direct stake reduced by 41,250 shares, though total beneficial ownership remains above 3 million shares.

Insights

Securities Analyst

TL;DR: Gift of 41k shares; no cash sale; minimal market impact.

The Form 4 shows an internal transfer (Code G) rather than a sale, so there is no price signal or liquidity event. Post-gift, Muhleisen still controls over 3 m shares, preserving her >10% ownership position. Because the transaction is non-monetary and does not change insider sentiment toward the stock, the filing is informational rather than market-moving. Short-term trading implications are negligible.

Corporate Governance Expert

TL;DR: Estate-planning transfer; ownership concentration unchanged.

The shift of 41,250 shares from direct to other family vehicles slightly lowers direct ownership but leaves overall influence intact. Large indirect holdings through trusts and the estate maintain the Muhleisen family’s controlling interest. Investors should note that the son’s and daughter’s holdings are now excluded, improving disclosure clarity. Governance risk profile remains stable; no red flags surface.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	38806	1424180.20	173018999	07/21/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/21/2025	Exercise of Stock Options	Issuer			38806	07/21/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for ERIC L SINCLAIR III 1550 Digital Drive, #300 Lehi UT 84043	Common	06/25/2025	9702	390256.16
10b5-1 Sales for ERIC L SINCLAIR III 1550 Digital Drive, #300 Lehi UT 84043	Common	06/20/2025	9702	366616.27
10b5-1 Sales for ERIC L SINCLAIR III 1550 Digital Drive, #300 Lehi UT 84043	Common	05/30/2025	9702	388080.00
10b5-1 Sales for ERIC L SINCLAIR III 1550 Digital Drive, #300 Lehi UT 84043	Common	05/21/2025	9702	379970.10

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Nelnet (NNI) shares did Angela L. Muhleisen transfer?

She gifted 41,250 Class A shares on 07/17/2025.

What is Muhleisen’s direct Nelnet shareholding after the gift?

Her direct ownership stands at 972,199 shares.

Does the filing involve any stock sales or purchases?

No. The only reported transaction is a gift (Code G) with no cash proceeds.

How many Nelnet shares does Muhleisen own in total?

Including indirect interests, she reports about 3.2 million shares.

Why were shares held by her adult children removed from the report?

The filing notes Muhleisen no longer has a reportable beneficial interest in those shares, so they are excluded.