DUNLAP MICHAEL S (Executive Chairman of Board) reported 8 transactions at NELNET INC

Review the transaction codes below to understand the nature of each event.

DUNLAP MICHAEL S

Filed: 12/3/2025ACC: 0001008886-25-000310

InsiderDUNLAP MICHAEL SCIK 1269797

→

IssuerNELNET INCCIK 1258602

DirectorOfficer10% Owner· Executive Chairman of Board

Since Nov 2018

-63.13K

Net shares

Net seller

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

505.01K acquired · 568.13K disposed

Non-Derivative Transactions8

Class B Common Stock

Indirect

G · Gift

−302.04K

Price / share

—

Trade value

—

% of position

New position

12/1/2025

302.04K→0.00

Class B Common Stock

Indirect

G · Gift

+67.12K

Price / share

—

Trade value

—

% of position

144.9%

12/1/2025

46.33K→113.45K

Class B Common Stock

Indirect

G · Gift

+100.68K

Price / share

—

Trade value

—

% of position

149.3%

12/1/2025

67.44K→168.12K

Class B Common Stock

Indirect

G · Gift

+100.68K

Price / share

—

Trade value

—

% of position

149.3%

12/1/2025

67.44K→168.12K

Class B Common Stock

Indirect

G · Gift

−266.09K

Price / share

—

Trade value

—

% of position

New position

12/1/2025

266.09K→0.00

Class B Common Stock

Indirect

G · Gift

+59.13K

Price / share

—

Trade value

—

% of position

132.1%

12/1/2025

44.77K→103.91K

Class B Common Stock

Indirect

G · Gift

+88.70K

Price / share

—

Trade value

—

% of position

136.1%

12/1/2025

65.18K→153.88K

Class B Common Stock

Indirect

G · Gift

+88.70K

Price / share

—

Trade value

—

% of position

136.1%

12/1/2025

65.18K→153.88K

Total

Net shares

−63.13K

Net value

$0.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class B Common Stock Indirect	12/1/2025	G · Gift	−302.04K	—	—	New position	302.04K	0.00
Class B Common Stock Indirect	12/1/2025	G · Gift	+67.12K	—	—	144.9%	46.33K	113.45K
Class B Common Stock Indirect	12/1/2025	G · Gift	+100.68K	—	—	149.3%	67.44K	168.12K
Class B Common Stock Indirect	12/1/2025	G · Gift	+100.68K	—	—	149.3%	67.44K	168.12K
Class B Common Stock Indirect	12/1/2025	G · Gift	−266.09K	—	—	New position	266.09K	0.00
Class B Common Stock Indirect	12/1/2025	G · Gift	+59.13K	—	—	132.1%	44.77K	103.91K
Class B Common Stock Indirect	12/1/2025	G · Gift	+88.70K	—	—	136.1%	65.18K	153.88K
Class B Common Stock Indirect	12/1/2025	G · Gift	+88.70K	—	—	136.1%	65.18K	153.88K
Total			−63.13K		$0.00

Derivative Transactions0

No derivative transactions reported

Non-Derivative Holdings (Post-Transaction)22

Class B Common Stock

Indirect

Shares owned452.67K

Class B Common Stock

Indirect

Shares owned24.57K

Class B Common Stock

Indirect

Shares owned173.18K

Class B Common Stock

Indirect

Shares owned31.20K

Class B Common Stock

Indirect

Shares owned351.26K

Class A Common Stock

Indirect

Shares owned46.00

Class B Common Stock

Indirect

Shares owned545.29K

Class A Common Stock

Indirect

Shares owned45.00

Class B Common Stock

Indirect

Shares owned23.86K

Class B Common Stock

Indirect

Shares owned36.02K

Class B Common Stock

Indirect

Shares owned27.29K

Class B Common Stock

Indirect

Shares owned16.12K

Class B Common Stock

Indirect

Shares owned21.42K

Class B Common Stock

Indirect

Shares owned34.73K

Class B Common Stock

Indirect

Shares owned24.18K

Class B Common Stock

Indirect

Shares owned39.72K

Class A Common Stock

Direct

Shares owned1.38M

Class B Common Stock

Indirect

Shares owned173.18K

Class A Common Stock

Indirect

Shares owned45.00

Class B Common Stock

Indirect

Shares owned173.18K

Class B Common Stock

Indirect

Shares owned24.18K

Class B Common Stock

Direct

Shares owned575.11K

Total

1.96M direct·2.17M indirect4.13M

Security Title	Shares Owned	Ownership Type
Class B Common Stock	452.67K	Indirect
Class B Common Stock	24.57K	Indirect
Class B Common Stock	173.18K	Indirect
Class B Common Stock	31.20K	Indirect
Class B Common Stock	351.26K	Indirect
Class A Common Stock	46.00	Indirect
Class B Common Stock	545.29K	Indirect
Class A Common Stock	45.00	Indirect
Class B Common Stock	23.86K	Indirect
Class B Common Stock	36.02K	Indirect
Class B Common Stock	27.29K	Indirect
Class B Common Stock	16.12K	Indirect
Class B Common Stock	21.42K	Indirect
Class B Common Stock	34.73K	Indirect
Class B Common Stock	24.18K	Indirect
Class B Common Stock	39.72K	Indirect
Class A Common Stock	1.38M	Direct
Class B Common Stock	173.18K	Indirect
Class A Common Stock	45.00	Indirect
Class B Common Stock	173.18K	Indirect
Class B Common Stock	24.18K	Indirect
Class B Common Stock	575.11K	Direct
Total	4.13M	1.96M direct·2.17M indirect

Derivative Holdings (Post-Transaction)0

No derivative holdings reported