SCHEDULE: Muhleisen Amends Nelnet Stake, Ownership Shifts

Angela L. Muhleisen updated her beneficial ownership in Nelnet, Inc. Class A Common Stock to 18.1%, detailing changes in shared voting and dispositive power.

Summary

• Angela L. Muhleisen reported beneficial ownership of 4,683,900 shares of Nelnet, Inc. Class A Common Stock.
• This represents 18.1% of the Class A Common Stock.
• She holds sole voting and dispositive power over 2,191,180 shares.
• She holds shared voting and dispositive power over 2,492,720 shares.
• Shared power includes shares held in various trusts (irrevocable, GRATs, dynasty) and through Union Bank and Trust Company, where she is a director, chairperson, and significant shareholder.
• Effective November 10, 2025, she will no longer have shared voting and dispositive power over 1,725,553 shares of Class A common stock held in individual accounts of her adult children at Union Bank.

Sentiment

Score: 5

Explanation: This is a neutral informational filing regarding beneficial ownership. The slight reduction in shared control is a planned family-related change, not indicative of positive or negative company performance or a significant shift in overall influence.

Positives

• The reporting person maintains a significant beneficial ownership stake of 18.1% in Nelnet, Inc., indicating continued long-term interest.

Negatives

• The future reduction in shared voting and dispositive power over 1,725,553 shares, effective November 10, 2025, could be perceived as a slight decrease in direct influence, although it is a planned structural change related to family accounts.

Future Outlook

Effective November 10, 2025, Angela L. Muhleisen's shared voting and dispositive power will decrease by 1,725,553 shares of Class A common stock, as these shares in her adult children's individual accounts at Union Bank will no longer be under her shared control.

Industry Context

This filing provides an update on the beneficial ownership of a significant insider, Angela L. Muhleisen, in Nelnet, Inc. It offers transparency into the ownership structure and control dynamics, which is a standard aspect of corporate governance and investor relations in publicly traded companies.

Related Party Transactions

• The filing details shares held in various trusts for the benefit of the reporting person's adult children and through Union Bank and Trust Company, where the reporting person is a director, chairperson, and significant shareholder.

Stakeholder Impact

• Shareholders: Provides transparency on a significant insider's ownership structure and future changes in shared control, which could slightly alter perceptions of insider influence.

Key Dates

Recommendation

This Schedule 13G filing primarily provides an update on Angela L. Muhleisen's beneficial ownership in Nelnet, Inc., detailing the distribution of her significant stake across various trusts and entities. While the filing indicates a future reduction in her shared voting and dispositive power over a portion of her adult children's shares, this is a structural change related to family accounts rather than a direct divestment or a reflection of company performance. Her overall beneficial ownership remains substantial at 18.1%. As such, the filing does not present new information that would fundamentally alter the investment thesis for Nelnet, Inc. It reinforces the presence of a significant insider stake, which can be a positive, but the specific changes are not material enough to warrant a change from a 'hold' position based solely on this disclosure.

Keywords

Nelnet Inc., NNI, Schedule 13G, Beneficial Ownership, Class A Common Stock, Angela L. Muhleisen, Institutional Ownership, SEC Filing