SCHEDULE: Union Bank & Trust Updates Nelnet Stake to 7.9%
Beneficial Ownership Update
Union Bank & Trust Co / Trustee has filed an amendment to its Schedule 13G, reporting a 7.9% beneficial ownership in Nelnet, Inc.'s Class A Common Stock as of September 30, 2025.
Summary
- Union Bank & Trust Co / Trustee reported beneficial ownership of 2,047,228 shares of Nelnet, Inc. Class A Common Stock.
- This beneficial ownership represents 7.9% of the Class A Common Stock.
- The reporting person holds sole voting and dispositive power over 30,000 shares.
- Shared voting and dispositive power is held over 2,017,228 shares.
- Shared power includes shares held as trustee for grantor retained annuity trusts (GRATs), an estate, and certain other irrevocable trusts, as well as shares for the benefit of adult children of Angela L. Muhleisen.
- Effective November 10, 2025, the reporting person no longer has shared voting and dispositive power over 1,777,897 shares of Class A common stock in certain individual accounts of Ms. Muhleisen and her adult children.
- The reporting person disclaims beneficial ownership of 6,775,420 Class B common stock shares and 426,002 Class A common stock shares where a majority-owned subsidiary of Nelnet, Inc. serves as investment adviser.
Sentiment
Score: 5
Explanation: Neutral, as this is a routine disclosure of beneficial ownership by an existing significant shareholder, with no explicit positive or negative implications for the company's operations or valuation.
Future Outlook
NA
Industry Context
NA
Related Party Transactions
- The reporting person disclaims beneficial ownership of certain shares where a majority-owned subsidiary of Nelnet, Inc. has been designated to serve as investment adviser with investment and voting power. This indicates a relationship where Nelnet's subsidiary manages some of the trusts holding Nelnet shares, which could be considered a related party arrangement in terms of influence, though beneficial ownership is disclaimed by the reporting person.
Stakeholder Impact
- Shareholders: Provides updated information on a significant institutional holder's stake, which can influence market perception of institutional confidence.
Key Dates
| Date | Description |
|---|---|
| 2025-08-20 | Date of Power of Attorney execution by Union Bank and Trust Company. |
| 2025-09-30 | Date of event requiring the filing of this Schedule 13G amendment. |
| 2025-11-10 | Effective date when Union Bank & Trust Co / Trustee no longer has shared voting and dispositive power over certain individual accounts totaling 1,777,897 Class A shares. |
| 2025-11-13 | Date of filing signature for the Schedule 13G amendment. |
Keywords
Nelnet Inc., Class A Common Stock, Union Bank & Trust Co, Schedule 13G, Beneficial Ownership, Institutional Investor, SEC Filing, Equity Stake
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