# EDGAR Filing Document

**Accession Number:** 0001258602
**File Stem:** 0001008886-25-000230
**Filing Date:** 2025-7
**Character Count:** 17091
**Document Hash:** 8f66851d5b99275546652616fac33995
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001008886-25-000230.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001008886-25-000230

**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:** 251168681

**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 | 2025-07-28 |  | G<sup>(1)</sup> |  | 14453 | D | $0 | 0 | I | By GRAT |
| Class B Common Stock | 2025-07-28 |  | G<sup>(1)</sup> |  | 3212 | A | $0 | 3212<sup>(2)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(1)</sup> |  | 4818 | A | $0 | 4818<sup>(3)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(1)</sup> |  | 4817 | A | $0 | 4817<sup>(4)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(5)</sup> |  | 15074 | D | $0 | 0 | I | By GRAT |
| Class B Common Stock | 2025-07-28 |  | G<sup>(5)</sup> |  | 3349 | A | $0 | 6561<sup>(2)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(5)</sup> |  | 5025 | A | $0 | 9843<sup>(3)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(5)</sup> |  | 5025 | A | $0 | 9842<sup>(4)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(6)</sup> |  | 21065 | D | $0 | 0 | I | By GRAT |
| Class B Common Stock | 2025-07-28 |  | G<sup>(6)</sup> |  | 4682 | A | $0 | 11243<sup>(2)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(6)</sup> |  | 7022 | A | $0 | 16865<sup>(3)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(6)</sup> |  | 7021 | A | $0 | 16863<sup>(4)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(7)</sup> |  | 21943 | D | $0 | 0 | I | By GRAT |
| Class B Common Stock | 2025-07-28 |  | G<sup>(7)</sup> |  | 4876 | A | $0 | 16119<sup>(2)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(7)</sup> |  | 7314 | A | $0 | 24179<sup>(3)</sup> | I | By trust |
| Class B Common Stock | 2025-07-28 |  | G<sup>(7)</sup> |  | 7315 | A | $0 | 24178<sup>(4)</sup> | I | By trust |
| Class B Common Stock |  |  |  |  |  |  |  | 575114<sup>(8)</sup> | D |  |
| Class A Common Stock |  |  |  |  |  |  |  | 1417982 | D |  |
| Class B Common Stock |  |  |  |  |  |  |  | 487803<sup>(9)</sup> | I | By spouse |
| Class B Common Stock |  |  |  |  |  |  |  | 21417<sup>(10)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 24570<sup>(11)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 23864<sup>(12)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 27294<sup>(13)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 31204<sup>(14)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 36021<sup>(15)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 34732<sup>(16)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 39720<sup>(17)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 432774<sup>(18)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 353254<sup>(19)</sup> | I | By GRAT |
| Class B Common Stock |  |  |  |  |  |  |  | 1600000<sup>(20)</sup> | I | By Dunlap Holdings, LLC |

---

## 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 a Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 12,847 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) below. The remaining 1,606 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 2,206 shares on May 12, 2025.

(2) Shares held by a 2020 Post-Annuity 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.

(3) Shares held by a separate 2020 Post-Annuity 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.

(4) Shares held by a separate 2020 Post-Annuity 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.

(5) Represents the transfer of shares upon the termination of a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 13,399 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 1,675 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 3,043 shares on May 12, 2025.

(6) Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 18,725 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,340 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 3,020 shares on May 12, 2025.

(7) Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 19,505 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,438 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 4,281 shares on May 12, 2025.

(8) Includes shares distributed to the reporting person by grantor retained annuity trusts as discussed in footnotes (1) and (5) above and (10) through (13) and (18) and (19) below.

(9) Includes shares distributed to the reporting person's spouse by grantor retained annuity trusts as discussed in footnotes (6) and (7) above and (14) through (17) below.

(10) Shares held by a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020, which reflect an annuity distribution from the trust to the reporting person of 1,069 shares on May 12, 2025. 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 Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020, which reflect an annuity distribution from the trust to the reporting person of 827 shares on May 12, 2025. 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 Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020, which reflect an annuity distribution from the trust to the reporting person of 563 shares on May 12, 2025. 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 Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020, which reflect an annuity distribution from the trust to the reporting person of 109 shares on May 12, 2025. 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 Grantor Retained Annuity Trust dated May 12, 2020, which reflect an annuity distribution from the trust to the reporting person's spouse of 1,366 shares on May 12, 2025. 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 separate Grantor Retained Annuity Trust dated May 12, 2020, which reflect an annuity distribution from the trust to the reporting person's spouse of 1,012 shares on May 12, 2025. 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 Grantor Retained Annuity Trust dated May 12, 2020, which reflect an annuity distribution from the trust to the reporting person's spouse of 814 shares on May 12, 2025. 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 Grantor Retained Annuity Trust dated May 12, 2020, which reflect an annuity distribution from the trust to the reporting person's spouse of 153 shares on May 12, 2025. 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 Michael S. Dunlap Grantor Retained Annuity Trust dated December 19, 2011, which reflect an annuity distribution from the trust to the reporting person of 12,313 shares on December 19, 2024. 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 Michael S. Dunlap Grantor Retained Annuity Trust dated December 19, 2011, which reflect an annuity distribution from the trust to the reporting person of 6,050 shares on December 19, 2024. 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 Dunlap Holdings, LLC, a family limited liability company which is controlled by the reporting person and his family. The reporting person continues to report beneficial ownership of all the shares held by Dunlap Holdings, LLC, but disclaims beneficial ownership of the shares held by Dunlap Holdings, LLC except to the extent of his pecuniary interest therein.

**Remarks:**
One of two Form 4s filed on July 30, 2025 for the reporting of the July 28, 2025 transfers included in this first Form 4. The second Form 4 includes additional holdings that could not be included in this 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.**