Angie Muhleisen - Aug 18, 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: Aug 18, 2025
Transactions value $: $0
Form type: 4
Date filed: 8/20/2025, 05:11 PM
Previous 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	2025-08-20	0001269812

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NNI	Class A Common Stock	Gift	$0	-11.7K	-0.53%	$0.00	2.19M	Aug 18, 2025	Direct
holding	NNI	Class A Common Stock						30.1K	Aug 18, 2025	By GRAT	F1
holding	NNI	Class A Common Stock						35.3K	Aug 18, 2025	By GRAT	F2
holding	NNI	Class A Common Stock						33.8K	Aug 18, 2025	By GRAT	F3
holding	NNI	Class A Common Stock						39.3K	Aug 18, 2025	By GRAT	F4
holding	NNI	Class A Common Stock						26.8K	Aug 18, 2025	By GRAT	F5
holding	NNI	Class A Common Stock						33K	Aug 18, 2025	By GRAT	F6
holding	NNI	Class A Common Stock						37.4K	Aug 18, 2025	By GRAT	F7
holding	NNI	Class A Common Stock						44.8K	Aug 18, 2025	By GRAT	F8
holding	NNI	Class A Common Stock						276K	Aug 18, 2025	By Dynasty Trust	F9
holding	NNI	Class A Common Stock						276K	Aug 18, 2025	By Dynasty Trust	F10
holding	NNI	Class A Common Stock						10K	Aug 18, 2025	By 2020 Dynasty Trust	F11
holding	NNI	Class A Common Stock						10K	Aug 18, 2025	By 2020 Dynasty Trust	F12
holding	NNI	Class A Common Stock						72.5K	Aug 18, 2025	By trust	F13
holding	NNI	Class A Common Stock						72.5K	Aug 18, 2025	By trust	F14

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.
F3	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.
F4	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.
F5	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.
F6	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.
F7	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.
F8	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.
F9	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.
F10	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.
F11	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.
F12	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.
F13	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.
F14	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.