Form 4: Nelnet Director Gifts Shares to Family Trusts

Angie Muhleisen, a Director and 10% Owner of Nelnet Inc., gifted 11,699 shares of Class A Common Stock to family trusts.

Summary

• Angie Muhleisen, a Director and 10% Owner of Nelnet Inc. (NNI), disposed of 11,699 shares of Class A Common Stock on August 18, 2025.
• The transaction was a gift (G transaction code) with a price of $0 per share.
• Following this transaction, Ms. Muhleisen's direct beneficial ownership of Class A Common Stock is 2,191,180 shares.
• She also holds indirect beneficial ownership of 997,492 shares through various Angela L. Muhleisen GRATs, Dynasty Trusts, and Dan D. Muhleisen 2020 Post-Annuity GRATs.
• Her total beneficial ownership after the reported transaction is 3,188,672 shares.

Sentiment

Score: 5

Explanation: The filing reports a gift of shares to family trusts, which is a common estate planning maneuver by insiders and does not typically indicate a change in confidence in the company's performance or outlook. It is a neutral event for the company's operational or financial health.

Related Party Transactions

• Gift of 11,699 shares of Class A Common Stock to various Angela L. Muhleisen GRATs, Dynasty Trusts, and Dan D. Muhleisen 2020 Post-Annuity GRATs.

Stakeholder Impact

• Shareholders: The transaction represents a shift in the beneficial ownership structure of a significant insider (10% owner and Director) from direct holdings to indirect holdings through trusts, which is typical for estate planning and generally has no immediate operational impact.
• Reporting Person: The transaction facilitates estate planning and wealth transfer to beneficiaries while retaining beneficial ownership for reporting purposes.

Key Dates

Keywords

Nelnet Inc., NNI, SEC Form 4, Insider Transaction, Stock Gift, Beneficial Ownership, Estate Planning, Trusts, Director, 10% Owner