Angie Muhleisen - Jul 17, 2025 Form 4 Insider Report for NELNET INC (NNI)

Role
10%+ Owner
Signature
/s/ Audra Hoffschneider, Attorney-in-Fact for Angela L. Muhleisen
Stock symbol
NNI
Transactions as of
Jul 17, 2025
Transactions value $
$0
Form type
4
Date filed
7/21/2025, 04:27 PM
Previous filing
Dec 20, 2023
Next filing
Jul 30, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
MUHLEISEN ANGIE 10%+ Owner C/O FARMERS & MERCHANTS INVESTMENT INC., 6801 SOUTH 27TH STREET, LINCOLN /s/ Audra Hoffschneider, Attorney-in-Fact for Angela L. Muhleisen 2025-07-21 0001269812

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NNI Class A Common Stock Gift $0 -41.3K -4.07% $0.00 972K Jul 17, 2025 Direct F1
holding NNI Class A Common Stock 1.23M Jul 17, 2025 By Estate F2
holding NNI Class A Common Stock 276K Jul 17, 2025 By Dynasty Trust F3
holding NNI Class A Common Stock 276K Jul 17, 2025 By Dynasty Trust F4
holding NNI Class A Common Stock 28K Jul 17, 2025 By GRAT F5
holding NNI Class A Common Stock 29.4K Jul 17, 2025 By GRAT F6
holding NNI Class A Common Stock 18.7K Jul 17, 2025 By GRAT F7
holding NNI Class A Common Stock 19.6K Jul 17, 2025 By GRAT F8
holding NNI Class A Common Stock 30.1K Jul 17, 2025 By GRAT F9
holding NNI Class A Common Stock 35.3K Jul 17, 2025 By GRAT F10
holding NNI Class A Common Stock 33.8K Jul 17, 2025 By GRAT F11
holding NNI Class A Common Stock 39.3K Jul 17, 2025 By GRAT F12
holding NNI Class A Common Stock 26.8K Jul 17, 2025 By GRAT F13
holding NNI Class A Common Stock 33K Jul 17, 2025 By GRAT F14
holding NNI Class A Common Stock 37.4K Jul 17, 2025 By GRAT F15
holding NNI Class A Common Stock 44.8K Jul 17, 2025 By GRAT F16
holding NNI Class A Common Stock 10K Jul 17, 2025 By 2020 Dynasty Trust F17
holding NNI Class A Common Stock 10K Jul 17, 2025 By 2020 Dynasty Trust F18
holding NNI Class A Common Stock 24.6K Jul 17, 2025 By trust F19
holding NNI Class A Common Stock 24.6K Jul 17, 2025 By trust F20
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares held by Angela L. Muhleisen. The number of shares includes (i) shares distributed to Ms. Muhleisen by Grantor Retained Annuity Trust ("GRATs") as discussed in footnotes (7) through (16) below and (ii) 52,344 shares formerly held in a joint account with her deceased spouse, Dan D. Muhleisen.
F2 Shares held by the estate of Mr. Muhleisen (the "Estate"). The number of shares includes shares distributed to Mr. Muhleisen and the Estate by GRATs as discussed in footnotes (5) and (6) below. Ms. Muhleisen continues to report beneficial ownership the shares held by the Estate while it is being administered, but disclaims beneficial ownership of the shares held by the Estate except to the extent of her pecuniary interest therein.
F3 Shares held by a Dynasty Trust established by Ms. and Mr. 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.
F4 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.
F5 Shares held by a Dan D. Muhleisen GRAT dated 6/10/2020, which reflect annuity distributions from the trust (i) to Mr. Muhleisen of 5,866 shares on 6/10/2024 and (ii) to the Estate of 5,162 shares on 6/10/2025. 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.
F6 Shares held by a separate Dan D. Muhleisen GRAT dated 6/10/2020, which reflect annuity distributions from the trust (i) to Mr. Muhleisen of 6,846 shares on 6/10/2024 and (ii) to the Estate of 7,280 shares on 6/10/2025. 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.
F7 Shares held by an Angela L. Muhleisen GRAT dated 6/10/2020, which reflect annuity distributions from the trust to Ms. Muhleisen of 3,912 shares on 6/10/2024 and 3,428 shares on 6/10/2025. 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.
F8 Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020, which reflect annuity distributions from the trust to Ms. Muhleisen of 4,566 shares on 6/10/2024 and 4,836 shares on 6/10/2025. 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.
F9 Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020, which reflect annuity distributions from the trust to Ms. Muhleisen of 1,793 shares on 6/10/2024 and 1,565 shares on 6/10/2025. 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.
F10 Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020, which reflect annuity distributions from the trust to Ms. Muhleisen of 1,060 shares on 6/10/2024 and 1,171 shares on 6/10/2025. 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.
F11 Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020, which reflect annuity distributions from the trust to Ms. Muhleisen of 1,087 shares on 6/10/2024 and 948 shares on 6/10/2025. 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.
F12 Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020, which reflect annuity distributions from the trust to Ms. Muhleisen of 145 shares on 6/10/2024 and 215 shares on 6/10/2025. 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.
F13 Shares held by an Angela L. Muhleisen GRAT dated 11/29/2022, which reflect an annuity distribution from the trust to Ms. Muhleisen of 10,194 shares on 12/18/2024. 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.
F14 Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022, which reflect an annuity distribution from the trust to Ms. Muhleisen of 8,259 shares on 12/18/2024. 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.
F15 Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022, which reflect an annuity distribution from the trust to Ms. Muhleisen of 5,486 shares on 12/18/2024. 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.
F16 Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022, which reflect an annuity distribution from the trust to Ms. Muhleisen of 2,475 shares on 12/18/2024. 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.
F17 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.
F18 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.
F19 Shares held by the Dan D. Muhleisen 2020 Post-Annuity GRAT FBO Alicia Muhleisen, of which an 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.
F20 Shares held by the Dan D. Muhleisen 2020 Post-Annuity GRAT FBO Jason Muhleisen, of which an 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. Ms. Muhleisen no longer has a reportable beneficial interest in 857,353 shares of Class A Common Stock held by her adult son or 869,025 shares of Class A Common Stock held by her adult daughter, which were included in her prior ownership reports.