# EDGAR Filing Document

**Accession Number:** 0001258602
**File Stem:** 0001008886-25-000232
**Filing Date:** 2025-7
**Character Count:** 15792
**Document Hash:** a7614592a6cd49d92f69102e954a14cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001008886-25-000232.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001008886-25-000232

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250728

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** DUNLAP MICHAEL S
- **CENTRAL INDEX KEY:** 0001269797

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31924
- **FILM NUMBER:** 251168691

**MAIL ADDRESS:**
- **STREET 1:** 121 SOUTH 13TH STREET
- **STREET 2:** SUITE 100
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NELNET INC
- **CENTRAL INDEX KEY:** 0001258602
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 840748903
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 121 SOUTH 13TH ST
- **STREET 2:** STE 201
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508
- **BUSINESS PHONE:** 402-458-2370

**MAIL ADDRESS:**
- **STREET 1:** 121 SOUTH 13TH ST
- **STREET 2:** STE 201
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>DUNLAP MICHAEL S<br><sub>(Last) (First) (Middle)</sub><br>121 SOUTH 13TH STREET<br>SUITE 100<br><sub>(Street)</sub><br>LINCOLN, NE 68508<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-28 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Executive Chairman of Board_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NELNET INC [ NNI ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class B Common Stock |  |  |  |  |  |  |  | 1586691<sup>(1)</sup> | I | By corporation |
| Class B Common Stock |  |  |  |  |  |  |  | 330271<sup>(2)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 461196<sup>(3)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 279021<sup>(4)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 359058<sup>(5)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 240025<sup>(6)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 353417<sup>(7)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 353417<sup>(8)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 46329<sup>(9)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 44773<sup>(10)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 67439<sup>(11)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 67439<sup>(12)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 65183<sup>(13)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 65183<sup>(14)</sup> | I | By trust |
| Class A Common Stock |  |  |  |  |  |  |  | 46<sup>(15)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 173182<sup>(15)</sup> | I | By trust |
| Class A Common Stock |  |  |  |  |  |  |  | 45<sup>(16)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 173183<sup>(16)</sup> | I | By trust |
| Class A Common Stock |  |  |  |  |  |  |  | 45<sup>(17)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 173183<sup>(17)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 125000<sup>(18)</sup> | I | By Dynasty Trust |
| Class B Common Stock |  |  |  |  |  |  |  | 125000<sup>(19)</sup> | I | By Dynasty Trust |
| Class B Common Stock |  |  |  |  |  |  |  | 125000<sup>(20)</sup> | I | By Dynasty Trust |
| Class B Common Stock |  |  |  |  |  |  |  | 100<sup>(21)</sup> | I | By 2019 Dynasty Trust |
| Class B Common Stock |  |  |  |  |  |  |  | 100<sup>(22)</sup> | I | By 2019 Dynasty Trust |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Shares held by Union Financial Services, Inc. ("UFS"), of which the reporting person is president and owns 50.0% of the outstanding capital stock. The reporting person continues to report beneficial ownership of all the shares held by UFS, but disclaims beneficial ownership of the shares held by UFS except to the extent of his pecuniary interest therein.

(2) Shares held by a Grantor Retained Annuity Trust dated October 13, 2015. The reporting person 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 his pecuniary interest therein.

(3) Shares held by a separate Grantor Retained Annuity Trust dated October 13, 2015. The reporting person 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 his pecuniary interest therein.

(4) Shares held by a separate Grantor Retained Annuity Trust dated October 13, 2015. The reporting person 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 his pecuniary interest therein.

(5) Shares held by a separate Grantor Retained Annuity Trust dated October 13, 2015. The reporting person 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 his pecuniary interest therein.

(6) Shares held by a Michael S. Dunlap 2011 Post Annuity Irrevocable Trust. The reporting person 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 his pecuniary interest therein.

(7) Shares held by a separate Michael S. Dunlap 2011 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(8) Shares held by a separate Michael S. Dunlap 2011 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(9) Shares held by a 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(10) Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(11) Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(12) Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(13) Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(14) Shares held by a separate 2015 post annuity irrevocable trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(15) Shares held by a Michael S. Dunlap 2023 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(16) Shares held by a separate Michael S. Dunlap 2023 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(17) Shares held by a separate Michael S. Dunlap 2023 Post Annuity Irrevocable Trust, of which an adult son of the reporting person is the beneficiary. The reporting person 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 his pecuniary interest therein.

(18) Shares held by a Dynasty Trust established by the reporting person in 2011, of which an adult son of the reporting person is the initial beneficiary. The reporting person 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 his pecuniary interest therein.

(19) Shares held by a separate Dynasty Trust established by the reporting person in 2011, of which an adult son of the reporting person is the initial beneficiary. The reporting person 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 his pecuniary interest therein.

(20) Shares held by a separate Dynasty Trust established by the reporting person in 2011, of which an adult son of the reporting person is the initial beneficiary. The reporting person 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 his pecuniary interest therein.

(21) Shares held by a Dynasty Trust established by the reporting person in 2019, of which the adult sons of the reporting person and his spouse are the initial beneficiaries. The reporting person 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 his pecuniary interest therein.

(22) Shares held by a Dynasty Trust established by the reporting person's spouse in 2019, of which the adult sons of the reporting person and his spouse are the initial beneficiaries. The reporting person 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 his pecuniary interest therein.

**Remarks:**
Two of two Form 4s filed on July 30, 2025 for the reporting of the July 28, 2025 transfers included in the first Form 4. This second Form 4 includes additional holdings that could not be included in the first Form 4 due to a limitation on the number of line items that can be included per table in a single Form 4.

**Signature:** /s/ Audra Hoffschneider, Attorney-in-Fact for Michael S. Dunlap  
**Date:** 2025-07-30

### Remarks:

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.**