SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* MUHLEISEN ANGIE (Last) (First) (Middle) C/O FARMERS & MERCHANTS INVESTMENT INC. 6801 SOUTH 27TH STREET (Street) LINCOLN NE 68512 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol NELNET INC [ NNI ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 07/28/2025
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/28/2025		W(1)		1,230,680	D	$0	0	I	By Estate
Class A Common Stock	07/28/2025		W(1)		1,230,680	A	$0	2,202,879	D
Class A Common Stock	07/28/2025		G(2)		28,037	D	$0	0	I	By GRAT
Class A Common Stock	07/28/2025		G(2)		14,019	A	$0	38,652(3)	I	By trust
Class A Common Stock	07/28/2025		G(2)		14,018	A	$0	38,651(4)	I	By trust
Class A Common Stock	07/28/2025		G(5)		29,379	D	$0	0	I	By GRAT
Class A Common Stock	07/28/2025		G(5)		14,689	A	$0	53,341(3)	I	By trust
Class A Common Stock	07/28/2025		G(5)		14,690	A	$0	53,341(4)	I	By trust
Class A Common Stock	07/28/2025		G(6)		18,692	D	$0	0	I	By GRAT
Class A Common Stock	07/28/2025		G(6)		9,346	A	$0	62,687(3)	I	By trust
Class A Common Stock	07/28/2025		G(6)		9,346	A	$0	62,687(4)	I	By trust
Class A Common Stock	07/28/2025		G(7)		19,591	D	$0	0	I	By GRAT
Class A Common Stock	07/28/2025		G(7)		9,795	A	$0	72,482(3)	I	By trust
Class A Common Stock	07/28/2025		G(7)		9,796	A	$0	72,483(4)	I	By trust
Class A Common Stock								30,050(8)	I	By GRAT
Class A Common Stock								35,258(9)	I	By GRAT
Class A Common Stock								33,831(10)	I	By GRAT
Class A Common Stock								39,348(11)	I	By GRAT
Class A Common Stock								26,810(12)	I	By GRAT
Class A Common Stock								32,980(13)	I	By GRAT
Class A Common Stock								37,425(14)	I	By GRAT
Class A Common Stock								44,825(15)	I	By GRAT
Class A Common Stock								276,000(16)	I	By Dynasty Trust
Class A Common Stock								276,000(17)	I	By Dynasty Trust
Class A Common Stock								10,000(18)	I	By 2020 Dynasty Trust
Class A Common Stock								10,000(19)	I	By 2020 Dynasty Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the transfer of shares from the estate of Dan D. Muhleisen (the "Estate") to Angela L. Muhleisen. Ms. Muhleisen reported beneficial ownership the shares held by the Estate while it was being administered, but disclaimed beneficial ownership of the shares held by the Estate except to the extent of her pecuniary interest therein.

2. Represents the transfer of shares upon the termination of a Dan D. Muhleisen GRAT dated 6/10/2020 pursuant to its terms. The shares were transferred to the trusts described in footnotes (3) and (4) below.

3. Shares held by the Dan D. Muhleisen 2020 Post-Annuity GRAT, of which an adult daughter of Ms. and Mr. Muhleisen is the beneficiary. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

4. Shares held by the Dan D. Muhleisen 2020 Post-Annuity GRAT, of which an adult son of Ms. and Mr. Muhleisen is the beneficiary. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

5. Represents the transfer of shares upon the termination of a separate Dan D. Muhleisen GRAT dated 6/10/2020 pursuant to its terms. The shares were transferred to the trusts described in footnotes (3) and (4) above.

6. Represents the transfer of shares upon the termination of an Angela L. Muhleisen GRAT dated 6/10/2020 pursuant to its terms. The shares were transferred to the trusts described in footnotes (3) and (4) above.

7. Represents the transfer of shares upon the termination of a separate Angela L. Muhleisen GRAT dated 6/10/2020 pursuant to its terms. The shares were transferred to the trusts described in footnotes (3) and (4) above.

8. Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

9. Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

10. Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

11. Shares held by a separate Angela L. Muhleisen GRAT dated 6/10/2020. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

12. Shares held by an Angela L. Muhleisen GRAT dated 11/29/2022. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

13. Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

14. Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

15. Shares held by a separate Angela L. Muhleisen GRAT dated 11/29/2022. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

16. Shares held by a Dynasty Trust established by Ms. and Mr. Muhleisen in 2012, of which the adult daughter of Ms. and Mr. Muhleisen is the initial beneficiary. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

17. Shares held by a Dynasty Trust established by Ms. and Mr. Muhleisen in 2012, of which the adult son of Ms. and Mr. Muhleisen is the initial beneficiary. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

18. Shares held by a Dynasty Trust established by Ms. Muhleisen in 2020, of which the adult daughter and the adult son of Ms. and Mr. Muhleisen are the initial beneficiaries. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

19. Shares held by a Dynasty Trust established by Mr. Muhleisen in 2020, of which the adult daughter and the adult son of Ms. and Mr. Muhleisen are the initial beneficiaries. Ms. Muhleisen continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

	/s/ Audra Hoffschneider, Attorney-in-Fact for Angela L. Muhleisen	07/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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