# EDGAR Filing Document

**Accession Number:** 0001258602
**File Stem:** 0001008886-25-000236
**Filing Date:** 2025-7
**Character Count:** 13029
**Document Hash:** 3bff0fb54057183e858cf3406ce79dd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001008886-25-000236.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001008886-25-000236

**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:** Butterfield Shelby J
- **CENTRAL INDEX KEY:** 0001808121

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31924
- **FILM NUMBER:** 251168703

**MAIL ADDRESS:**
- **STREET 1:** 121 SOUTH 13TH STREET, 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>Butterfield Shelby J<br><sub>(Last) (First) (Middle)</sub><br>C/O NELNET, INC.<br>121 SOUTH 13TH STREET, 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>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **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 | 2025-07-28 |  | G<sup>(1)</sup> |  | 18424 | D | $0 | 0 | I | By CLAT |
| Class B Common Stock | 2025-07-28 |  | G<sup>(1)</sup> |  | 3685 | A | $0 | 3685<sup>(2)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(1)</sup> |  | 3684 | A | $0 | 3684<sup>(3)</sup> | I | By trust |
| Class A Common Stock |  |  |  |  |  |  |  | 510<sup>(4)</sup> | I | By Butterfield GST Non-Exempt Marital Trust |
| Class B Common Stock |  |  |  |  |  |  |  | 220882<sup>(4)</sup> | I | By Butterfield GST Non-Exempt Marital Trust |
| Class B Common Stock |  |  |  |  |  |  |  | 210047<sup>(5)</sup> | I | By Butterfield GST Exempt Marital Trust |
| Class B Common Stock |  |  |  |  |  |  |  | 42879 | D |  |
| Class B Common Stock |  |  |  |  |  |  |  | 1586691<sup>(6)</sup> | I | By corporation |
| Class B Common Stock |  |  |  |  |  |  |  | 70582<sup>(7)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 93841<sup>(8)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 100000<sup>(9)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 61392<sup>(10)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 75640<sup>(11)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 82729<sup>(12)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 61309<sup>(13)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 70488<sup>(14)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 5<sup>(15)</sup> | I | By the Estate of Stephen F. Butterfield |
| Class B Common Stock |  |  |  |  |  |  |  | 18394<sup>(16)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 18394<sup>(17)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 136636<sup>(18)</sup> | I | By limited liability company |
| Class B Common Stock |  |  |  |  |  |  |  | 100 | I | By the reporting person as UTMA custodian for daughter |
| Class B Common Stock |  |  |  |  |  |  |  | 100 | I | By the reporting person as UTMA custodian for son |

---

## 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) Represents the transfer of shares upon the termination of the charitable lead annuity trust ("CLAT") established by Stephen F. Butterfield in accordance with its terms. 7,369 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) and (3) below. The remaining 11,055 shares of Class B Common Stock were transferred to descendants of Mr. Butterfield who do not share the reporting person's household.

(2) Shares held by a Butterfield CLAT Post-Annuity Trust, of which the daughter of the reporting person is the beneficiary.

(3) Shares held by a separate Butterfield CLAT Post-Annuity Trust, of which the son of the reporting person is the beneficiary.

(4) Shares held by the Stephen F. Butterfield GST Non-Exempt Marital Trust (the "Non-Exempt Marital Trust"), an estate planning trust for the family of Stephen F. Butterfield. The number of shares of Class B Common Stock reflects the transfer of 7,571 shares of Class B Common Stock from the Estate of Stephen F. Butterfield (the "Butterfield Estate") to the Non-Exempt Marital Trust on February 6, 2025 as discussed in footnote (15) below . The reporting person reports beneficial ownership of all the shares held by the Non-Exempt Marital Trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

(5) Shares held by the Stephen F. Butterfield GST Exempt Marital Trust, an estate planning trust for the family of Stephen F. Butterfield. The reporting person reports 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.

(6) Shares held by Union Financial Services, Inc. ("UFS"), of which the Butterfield GST Non-Exempt Marital Trust owns 50.0% of the outstanding capital stock and the Executive Chairman of the issuer owns the other 50.0% of the outstanding capital stock. The reporting person reports beneficial ownership of all the shares held by UFS, but disclaims beneficial ownership of the shares held by UFS except to the extent of her pecuniary interest therein.

(7) Shares held by a GRAT established by the reporting person on December 18, 2015. The reporting person reports 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.

(8) Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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.

(9) Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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.

(10) Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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.

(11) Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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.

(12) Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports 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.

(13) Shares held by a GRAT established by Stephen F. Butterfield on December 18, 2015. The reporting person reports 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.

(14) Shares held by a separate GRAT established by Stephen F. Butterfield on December 18, 2015. The reporting person reports 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.

(15) Shares held by the Butterfield Estate, for which the reporting person is the personal representative, and which number of shares reflects the transfer of 7,571 shares of Class B Common Stock from the Butterfield Estate to the Non-Exempt Marital Trust on February 6, 2025 as discussed in footnote (4) above. The reporting person disclaims beneficial ownership of the shares held by the Butterfield Estate, except to the extent of her pecuniary interest therein.

(16) Shares held by a trust for the benefit of the reporting person's daughter.

(17) Shares held by a trust for the benefit of the reporting person's son.

(18) Shares held by a family limited liability company controlled by the reporting person. The reporting person disclaims beneficial ownership of the shares held by the limited liability company, except to the extent of her pecuniary interest therein.

**Signature:** /s/ Audra Hoffschneider, Attorney-in-Fact for Shelby J. Butterfield  
**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.**