X0508 4 2026-03-10 0001258602 NELNET INC NNI 0001269804 HEIMES TERRY J 121 SOUTH 13TH STREET SUITE 100 LINCOLN NE 68508 false true false false Chief Operating Officer false Class A Common Stock 2026-03-10 4 F false 791 131.23 D 18387 D Class A Common Stock 2026-03-10 4 F false 356 131.23 D 18031 D Class A Common Stock 2026-03-10 4 F false 322 131.23 D 17709 D Class A Common Stock 2026-03-10 4 F false 135 131.23 D 17574 D Class A Common Stock 2026-03-10 4 A false 7527 0 A 25101 D Class A Common Stock 2026-03-10 4 A false 6492 0 A 31593 D Class A Common Stock 2026-03-10 4 F false 3670 132.87 D 27923 D Class A Common Stock 139373 I By revocable trust Class A Common Stock 5247 I By spouse Class A Common Stock 50000 I By revocable trust Class A Common Stock 7420 I By trust Class A Common Stock 7420 I By trust Class A Common Stock 7420 I By trust Class A Common Stock 7420 I By trust These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 10, 2026. The number of shares reflects shares contributed to a revocable trust as discussed in footnote (8) below. These restricted shares were awarded to the reporting person pursuant to the issuer's Restricted Stock Plan. The shares vest equally over a five-year period, with one-fifth of the amount vesting annually on March 10 of each year. These shares were issued to the reporting person pursuant to the issuer's Restricted Stock Plan, as the annual personal performance-based incentive bonus compensation for 2025 paid in stock, which the reporting person became entitled to receive on March 10, 2026. Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2026 award by the issuer of 6,492 shares of bonus compensation stock. Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the average market closing price of the shares for February 27, 2026 through March 5, 2026. Shares held by a revocable trust established by the reporting person, of which trust the reporting person is the sole trustee and sole lifetime beneficiary. On March 31, 2025, the reporting person contributed a total of 2,637 shares to the revocable trust. Shares held by a revocable trust established by the reporting person's spouse, of which trust the reporting person's spouse is the sole trustee and sole lifetime beneficiary. Shares held by a trust for the benefit of a son of the reporting person. The reporting person 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 his pecuniary interest therein. Shares held by a trust for the benefit of another son of the reporting person. The reporting person 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 his pecuniary interest therein. Shares held by a trust for the benefit of another son of the reporting person. The reporting person 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 his pecuniary interest therein. Shares held by a trust for the benefit of the daughter of the reporting person. The reporting person 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 his pecuniary interest therein. Exhibit List: Exhibit 24 - Power of Attorney /s/ Philip J. Morgan, Attorney-in-Fact for Terry J. Heimes 2026-03-12