Form 4: Nelnet Director Angie Muhleisen Reports Significant Share Transfers for Estate and Trust Planning

Angie Muhleisen, a Director and 10% owner of Nelnet Inc., reported multiple non-market transfers of Class A Common Stock totaling over 1.2 million shares, primarily for estate and trust planning purposes, effective July 28, 2025.

Summary

• Angie Muhleisen, a Director and 10% owner of Nelnet Inc. (NNI), reported several transactions involving Class A Common Stock.
• On July 28, 2025, 1,230,680 shares were transferred from the estate of Dan D. Muhleisen to Angela L. Muhleisen directly, with a transaction price of $0.
• Following this transfer, Angela L. Muhleisen directly beneficially owns 2,202,879 Class A Common Stock shares.
• Multiple transfers occurred from various Grantor Retained Annuity Trusts (GRATs) established by Dan D. Muhleisen and Angela L. Muhleisen, dated June 10, 2020, and November 29, 2022.
• These GRAT transfers, totaling 109,717 shares disposed from GRATs and 58,889 shares acquired by trusts, were made to post-annuity trusts for the benefit of Ms. and Mr. Muhleisen's adult daughter and son, with a transaction price of $0.
• Ms. Muhleisen continues to report beneficial ownership of shares held by these trusts but disclaims beneficial ownership except to the extent of her pecuniary interest.
• The filing also lists significant indirect beneficial ownership through various other GRATs and Dynasty Trusts, including 30,050 shares, 35,258 shares, 33,831 shares, 39,348 shares, 26,810 shares, 32,980 shares, 37,425 shares, 44,825 shares held by different Angela L. Muhleisen GRATs.
• Additionally, 276,000 shares are held by a 2012 Dynasty Trust for the adult daughter, 276,000 shares by a 2012 Dynasty Trust for the adult son, 10,000 shares by a 2020 Dynasty Trust established by Ms. Muhleisen, and 10,000 shares by a 2020 Dynasty Trust established by Mr. Muhleisen.

Sentiment

Score: 5

Explanation: The filing reports internal transfers of shares for estate planning purposes at a $0 price, which is a neutral event for the company's operational or financial outlook. It does not indicate positive or negative sentiment regarding the company's performance.

Future Outlook

The filing does not provide forward-looking statements or guidance regarding the company's operations or financial performance; it solely reports changes in beneficial ownership for estate planning purposes.

Industry Context

This filing is a standard insider transaction report (Form 4) and does not provide information relevant to broader industry trends or competitive landscape. It reflects individual estate planning activities of a significant shareholder and director.

Related Party Transactions

• Transfer of shares from the estate of Dan D. Muhleisen to Angela L. Muhleisen.
• Transfers of shares from various Grantor Retained Annuity Trusts (GRATs) established by Dan D. Muhleisen and Angela L. Muhleisen to trusts benefiting their adult children.

Stakeholder Impact

• Shareholders: The filing clarifies the beneficial ownership structure of a significant shareholder and director, indicating a shift of ownership within family trusts for estate planning purposes. This does not directly impact the company's operations or financial health.
• Employees, Customers, Suppliers, Creditors: No direct impact is indicated as the filing pertains solely to insider share ownership changes.

Key Dates

Keywords

SEC Form 4, insider transaction, beneficial ownership, Nelnet Inc., NNI, stock transfer, estate planning, trusts, GRAT, Class A Common Stock, corporate governance