Form 4: Nelnet Executive Chairman Discloses Indirect Holdings

Michael S. Dunlap, Nelnet's Executive Chairman, filed a Form 4 detailing his indirect beneficial ownership of Class B Common Stock through various trusts and entities.

Summary

• Michael S. Dunlap, Executive Chairman of Nelnet Inc. (NNI), filed a Form 4 to report his indirect beneficial ownership of Nelnet Class B Common Stock.
• This filing is the second of two Form 4s submitted on November 21, 2025, specifically for reporting a gift of shares that occurred on November 19, 2025.
• The additional holdings are included in this second Form 4 due to limitations on the number of line items that could be included in the first filing.
• The total reported indirect beneficial ownership following the reported transaction is 2,889,996 shares of Class B Common Stock.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of indirect beneficial ownership by a key executive and does not contain information that would significantly alter the company's sentiment, thus maintaining a neutral score.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

This Form 4 filing is a routine disclosure of insider beneficial ownership, a standard regulatory requirement across all publicly traded companies. It provides transparency regarding the holdings of a key executive but does not offer insights into broader industry trends or competitive landscape.

Related Party Transactions

• Indirect beneficial ownership of 1,586,691 shares held by Union Financial Services, Inc. (UFS), where Michael S. Dunlap is president and owns 50.0% of the outstanding capital stock.
• Indirect beneficial ownership of 240,025 shares held by a Michael S. Dunlap 2011 Post Annuity Irrevocable Trust.
• Indirect beneficial ownership of 353,417 shares held by a separate Michael S. Dunlap 2011 Post Annuity Irrevocable Trust, with an adult son as beneficiary.
• Indirect beneficial ownership of 353,417 shares held by another separate Michael S. Dunlap 2011 Post Annuity Irrevocable Trust, with an adult son as beneficiary.
• Indirect beneficial ownership of 46,329 shares held by a 2015 post annuity irrevocable trust, with an adult son as beneficiary.
• Indirect beneficial ownership of 44,773 shares held by a separate 2015 post annuity irrevocable trust, with an adult son as beneficiary.
• Indirect beneficial ownership of 67,439 shares held by a separate 2015 post annuity irrevocable trust, with an adult son as beneficiary.
• Indirect beneficial ownership of 67,439 shares held by a separate 2015 post annuity irrevocable trust, with an adult son as beneficiary.
• Indirect beneficial ownership of 65,183 shares held by a separate 2015 post annuity irrevocable trust, with an adult son as beneficiary.
• Indirect beneficial ownership of 65,183 shares held by a separate 2015 post annuity irrevocable trust, with an adult son as beneficiary.
• Indirect beneficial ownership of 100 shares held by a Dynasty Trust established by the reporting person in 2019, with adult sons and spouse as initial beneficiaries.
• Indirect beneficial ownership of 100 shares held by a Dynasty Trust established by the reporting person's spouse in 2019, with adult sons and spouse as initial beneficiaries.

Stakeholder Impact

• Shareholders: Provides transparency regarding the significant indirect holdings of a key executive, which can influence perceptions of insider alignment and control within the company.

Key Dates

Keywords

Nelnet, NNI, Michael S. Dunlap, Form 4, Beneficial Ownership, Insider Holdings, Class B Common Stock, Trusts, Corporate Governance