X0508 4 2025-12-01 0001258602 NELNET INC NNI 0001917996 Dunlap Matthew W 121 SOUTH 13TH STREET SUITE 100 LINCOLN NE 68508 true true President, NFS false Class B Common Stock 2025-12-01 4 G 0 63126 0 A 226197 D Class A Common Stock 13374 D Includes 27 shares of Class A common stock acquired by the reporting person pursuant to the issuer's dividend reinvestment plan since July 30, 2025. This Form 4 excludes certain shares of the issuer held by various estate planning trusts and by a family limited liability company in which the reporting person has an interest by virtue of being a beneficiary of various trusts, but with respect to which shares the reporting person does not have or share investment control, because the reporting person does not have or share investment or dispositive power or voting power, and thus the reporting person is not deemed to beneficially own such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934. Exhibit List: Exhibit 24 - Power of Attorney /s/ Nicole M. Stawniak, Attorney-in-Fact for Matthew W. Dunlap 2025-12-03