X0609 4 2026-10-05 0001258602 NELNET INC NNI 0001593432 Kruger James D false 121 SOUTH 13TH STREET SUITE 100 LINCOLN NE 68508 false true false false Chief Financial Officer false Class A Common Stock 2026-10-05 4 G false 4080 0 D 0 I By GRAT Class A Common Stock 2026-10-05 4 G false 1360 0 A 3860 I By Trust Class A Common Stock 2026-10-05 4 G false 1360 0 A 6360 I By Trust Class A Common Stock 2026-10-05 4 G false 1360 0 A 11360 I By Trust Class A Common Stock 2026-10-05 4 G false 4080 0 D 0 I By GRAT Class A Common Stock 2026-10-05 4 G false 1360 0 A 5220 I By Trust Class A Common Stock 2026-10-05 4 G false 1360 0 A 7720 I By Trust Class A Common Stock 2026-10-05 4 G false 1360 0 A 12720 I By Trust Class A Common Stock 72289 D Class A Common Stock 45192 I By revocable trust Class A Common Stock 45000 I By revocable trust Class A Common Stock 10920 I By spouse Represents the transfer of shares upon the termination of a grantor retained annuity trust ("GRAT") established by the reporting person on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person of 2,720 shares on September 24, 2026. Shares held by a trust for the benefit of an adult 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 adult 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 an adult 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. Represents the transfer of shares upon the termination of a GRAT established by the reporting person's spouse on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person's spouse of 2,720 shares on September 24, 2026. Includes 4,729 shares issued pursuant to the issuer's Employee Share Purchase Plan. Also includes (i) 1,000 shares held jointly with spouse and (ii) 2,720 shares distributed to the reporting person by a GRAT as discussed in footnote (1) above. 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. 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. Includes 2,720 shares distributed to the reporting person's spouse by a GRAT as discussed in footnote (5) above. /s/ Nicole M. Stawniak, Attorney-in-Fact for James D. Kruger 2026-10-07