NNI

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 10

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 62,687

F6 · kind: 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.

F3 · balance_after: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 9

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By GRAT

Disclosed balance after: 0

F6 · kind: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 8

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 53,341

F5 · kind: 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.

F4 · balance_after: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 7

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 53,341

F5 · kind: 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.

F3 · balance_after: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 6

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By GRAT

Disclosed balance after: 0

F5 · kind: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 5

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 38,651

F2 · kind: 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.

F4 · balance_after: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 4

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 38,652

F2 · kind: 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.

F3 · balance_after: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 3

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By GRAT

Disclosed balance after: 0

F2 · kind: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 2

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,202,879

F1 · kind: 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.

SEC source: 0001008886-25-000228 · form4.xml · nonDerivative · entry 1

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By Estate

Disclosed balance after: 0

F1 · kind: 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 16

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 24,178

F7 · kind: Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 19,505 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,438 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 4,281 shares on May 12, 2025.

F4 · balance_after: Shares held by a separate 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 15

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 24,179

F7 · kind: Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 19,505 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,438 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 4,281 shares on May 12, 2025.

F3 · balance_after: Shares held by a separate 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 14

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 16,119

F7 · kind: Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 19,505 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,438 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 4,281 shares on May 12, 2025.

F2 · balance_after: Shares held by a 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 13

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By GRAT

Disclosed balance after: 0

F7 · kind: Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 19,505 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,438 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 4,281 shares on May 12, 2025.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 12

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 16,863

F6 · kind: Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 18,725 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,340 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 3,020 shares on May 12, 2025.

F4 · balance_after: Shares held by a separate 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 11

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 16,865

F6 · kind: Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 18,725 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,340 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 3,020 shares on May 12, 2025.

F3 · balance_after: Shares held by a separate 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 10

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 11,243

F6 · kind: Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 18,725 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,340 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 3,020 shares on May 12, 2025.

F2 · balance_after: Shares held by a 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 9

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By GRAT

Disclosed balance after: 0

F6 · kind: Represents the transfer of shares upon the termination of a Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 18,725 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 2,340 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person's spouse of 3,020 shares on May 12, 2025.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 8

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 9,842

F5 · kind: Represents the transfer of shares upon the termination of a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 13,399 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 1,675 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 3,043 shares on May 12, 2025.

F4 · balance_after: Shares held by a separate 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 7

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 9,843

F5 · kind: Represents the transfer of shares upon the termination of a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 13,399 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 1,675 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 3,043 shares on May 12, 2025.

F3 · balance_after: Shares held by a separate 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 6

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 6,561

F5 · kind: Represents the transfer of shares upon the termination of a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 13,399 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 1,675 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 3,043 shares on May 12, 2025.

F2 · balance_after: Shares held by a 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 5

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By GRAT

Disclosed balance after: 0

F5 · kind: Represents the transfer of shares upon the termination of a separate Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 13,399 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) above. The remaining 1,675 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 3,043 shares on May 12, 2025.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 4

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 4,817

F1 · kind: Represents the transfer of shares upon the termination of a Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 12,847 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) below. The remaining 1,606 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 2,206 shares on May 12, 2025.

F4 · balance_after: Shares held by a separate 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 3

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 4,818

F1 · kind: Represents the transfer of shares upon the termination of a Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 12,847 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) below. The remaining 1,606 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 2,206 shares on May 12, 2025.

F3 · balance_after: Shares held by a separate 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 2

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 3,212

F1 · kind: Represents the transfer of shares upon the termination of a Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 12,847 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) below. The remaining 1,606 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 2,206 shares on May 12, 2025.

F2 · balance_after: Shares held by a 2020 Post-Annuity Trust, of which an adult son of the reporting person is the beneficiary. 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.

SEC source: 0001008886-25-000230 · form4.xml · nonDerivative · entry 1

DUNLAP MICHAEL S · CIK 0001269797 · Director · Executive Chairman of Board · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By GRAT

Disclosed balance after: 0

F1 · kind: Represents the transfer of shares upon the termination of a Michael S. Dunlap Grantor Retained Annuity Trust dated May 12, 2020 pursuant to its terms. 12,847 shares of Class B Common Stock were transferred to the trusts described in footnotes (2) through (4) below. The remaining 1,606 shares of Class B Common Stock were transferred to an adult son of the reporting person. Prior to the termination of the trust, the number of Class B Common Stock held by the trust reflected an annuity distribution from the trust to the reporting person of 2,206 shares on May 12, 2025.

SEC source: 0001008886-25-000234 · form4.xml · nonDerivative · entry 1

Dunlap Matthew W · CIK 0001917996 · Director · President, NFS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 163,071

SEC source: 0001008886-25-000218 · form4.xml · nonDerivative · entry 1

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 972,199

F1 · balance_after: Shares held by Angela L. Muhleisen. The number of shares includes (i) shares distributed to Ms. Muhleisen by Grantor Retained Annuity Trust ("GRATs") as discussed in footnotes (7) through (16) below and (ii) 52,344 shares formerly held in a joint account with her deceased spouse, Dan D. Muhleisen.

SEC source: 0001398344-25-011946 · fp0094006-1_4.xml · derivative · entry 1

Peterson Adam K · CIK 0001667769 · Director · See below

MAGNOLIA CAPITAL FUND, LP · CIK 0001618333 · See remarks

MAGNOLIA GROUP, LLC · CIK 0001618376 · See remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,678,448

Underlying: Class A Common Stock · 1,884 shares

Expires not disclosed

F1 · derivative.exercise_price: 1-for-1.

F2 · derivative.exercise_date: The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F2 · derivative.expiration_date: The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F3 · balance_after: 1,668,976 of the reported shares are directly owned by Magnolia Capital Fund, LP, of which The Magnolia Group, LLC ("TMG") is the general partner and investment manager. Adam K. Peterson ("Mr. Peterson") is the managing member of TMG. TMG and Mr. Peterson could both be deemed to share indirect beneficial ownership of 1,668,976 shares of Common Stock of Nelnet Inc held by Magnolia Capital Fund, LP. Mr. Peterson holds directly the 9,472 shares of Phantom Stock for his own account.

F4 · balance_after: Includes a total of 19 shares acquired on September 13, 2024, 20 shares acquired on December 16, 2024, 19 shares acquired on March 14, 2025, and 19 shares acquired on June 16, 2025 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

SEC source: 0001008886-25-000195 · form4.xml · derivative · entry 1

Rath Kimberly Kay · CIK 0001417993 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,058

Underlying: Class A Common Stock · 1,779 shares

Expires not disclosed

F1 · derivative.exercise_price: 1-for-1.

F2 · derivative.exercise_date: The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F2 · derivative.expiration_date: The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F3 · balance_after: Includes a total of 610 shares acquired since June 18, 2024 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

SEC source: 0001008886-25-000189 · form4.xml · nonDerivative · entry 1

Farrell Kathleen Anne · CIK 0001417962 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,944

F1 · shares: These shares were granted pursuant to the issuer's Directors Stock Compensation Plan.

SEC source: 0001008886-25-000193 · form4.xml · derivative · entry 3

HENNING THOMAS EDWARD · CIK 0001269806 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 57,000

Underlying: Class A Common Stock · 2,015 shares

Expires not disclosed

F1 · derivative.exercise_price: 1-for-1.

F2 · derivative.exercise_date: The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F2 · derivative.expiration_date: The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F3 · balance_after: Includes a total of 546 shares acquired since June 18, 2024 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

SEC source: 0001008886-25-000197 · form4.xml · derivative · entry 2

Van Deun Jona M · CIK 0001917118 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,105

Underlying: Class A Common Stock · 1,413 shares

Expires not disclosed

F2 · derivative.exercise_price: 1-for-1.

F3 · derivative.exercise_date: The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F3 · derivative.expiration_date: The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F4 · balance_after: Includes 58 share acquired since June 18, 2024 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

SEC source: 0001008886-25-000197 · form4.xml · nonDerivative · entry 1

Van Deun Jona M · CIK 0001917118 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,104

F1 · shares: These shares were granted pursuant to the issuer's Directors Stock Compensation Plan.

SEC source: 0001008886-25-000191 · form4.xml · nonDerivative · entry 1

Graff David S · CIK 0001604854 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,325

F1 · shares: These shares were granted pursuant to the issuer's Directors Stock Compensation Plan.

SEC source: 0001008886-25-000187 · form4.xml · nonDerivative · entry 1

Bansal Preeta D · CIK 0001758392 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,617

F1 · shares: These shares were granted pursuant to the issuer's Directors Stock Compensation Plan.

SEC source: 0001008886-25-000179 · form4.xml · nonDerivative · entry 1

Dunlap Matthew W · CIK 0001917996 · Director · President, NFS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,319

F1 · shares: 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).

F2 · price: 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 June 10, 2025.

F3 · balance_after: Includes 26 shares of Class A common stock acquired by the reporting person pursuant to the issuer's dividend reinvestment plan since March 12, 2025.

SEC source: 0001398344-25-011713 · fp0093871-1_4.xml · nonDerivative · entry 1

Peterson Adam K · CIK 0001667769 · Director · See below

MAGNOLIA CAPITAL FUND, LP · CIK 0001618333 · (See remarks)

MAGNOLIA GROUP, LLC · CIK 0001618376 · (See remarks)

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,676,487

F4 · kind: In satisfaction of a partial withdrawal request, MCF distributed in-kind to three limited partners a total of 231,024 shares of the Issuer's Common Stock on June 9, 2025. As a result of the distribution, MCF is no longer deemed beneficial owner of such distributed shares and, accordingly, the number of shares reported by MCF decreased by 231,024 (with a corresponding decrease in the number of shares beneficially owned by TMG, as the general partner of MCF, and Mr. Peterson, as the managing member of TMG).

F5 · balance_after: MCF may be deemed the beneficial owner of 1,668,976 shares of Common Stock that it holds. TMG may be deemed the beneficial owner of 1,668,976 shares of Common Stock that it holds. Mr. Peterson may be deemed the beneficial owner of 1,676,487 shares of Common Stock, including the 7,511 shares of Phantom Stock that he holds directly and he holds interest in MCF and TMG.

F1 · ownership.direct: The reported shares are directly owned by Adam K. Peterson ("Mr. Peterson"), The Magnolia Group, LLC ("TMG") and Magnolia Capital Fund ("MCF"). TMG is the general partner and investment manager of MCF. Mr. Peterson is the managing member of TMG. TMG and Mr. Peterson could both be deemed to share indirect beneficial ownership of the shares reported herein for those reporting persons.

F2 · ownership.direct: TMG and Mr. Peterson disclaim beneficial ownership with respect to the shares reported indirectly except to the extent of their respective pecuniary interests therein, and this report shall not be deemed an admission of beneficial ownership of these securities for Section 16 or for any other purposes.

F3 · ownership.direct: Mr. Peterson serves on the Board of Directors of the Issuer.

SEC source: 0001008886-25-000097 · form4.xml · nonDerivative · entry 2

Munn William J · CIK 0001294176 · Secy/Chief Legal Off/Gen Coun

10b5-1 filing: No plan indicated

Ownership: Indirect · By Trust

Disclosed balance after: 11,103

F1 · shares: Shares gifted to a living trust of which the reporting person and his spouse are the trustees and beneficiaries.

F2 · balance_after: Shares held by a living trust of which the reporting person and his spouse are the trustees and beneficiaries.

SEC source: 0001008886-25-000097 · form4.xml · nonDerivative · entry 1

Munn William J · CIK 0001294176 · Secy/Chief Legal Off/Gen Coun

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,520

F1 · shares: Shares gifted to a living trust of which the reporting person and his spouse are the trustees and beneficiaries.

SEC source: 0001008886-25-000059 · form4.xml · nonDerivative · entry 6

Wenger DeeAnn · CIK 0002022982 · Pres, Nelnet Business Services

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,375

F3 · shares: 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.

SEC source: 0001008886-25-000059 · form4.xml · nonDerivative · entry 5

Wenger DeeAnn · CIK 0002022982 · Pres, Nelnet Business Services

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,207

F1 · shares: 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).

F2 · price: 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, 2025.

SEC source: 0001008886-25-000059 · form4.xml · nonDerivative · entry 4

Wenger DeeAnn · CIK 0002022982 · Pres, Nelnet Business Services

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,276

F1 · shares: 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).

F2 · price: 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, 2025.

SEC source: 0001008886-25-000059 · form4.xml · nonDerivative · entry 3

Wenger DeeAnn · CIK 0002022982 · Pres, Nelnet Business Services

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,405

F1 · shares: 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).

F2 · price: 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, 2025.

SEC source: 0001008886-25-000059 · form4.xml · nonDerivative · entry 2

Wenger DeeAnn · CIK 0002022982 · Pres, Nelnet Business Services

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,505

F1 · shares: 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).

F2 · price: 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, 2025.

SEC source: 0001008886-25-000059 · form4.xml · nonDerivative · entry 1

Wenger DeeAnn · CIK 0002022982 · Pres, Nelnet Business Services

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,604

F1 · shares: 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).

F2 · price: 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, 2025.

SEC source: 0001008886-25-000055 · form4.xml · nonDerivative · entry 2

Olinger Emily · CIK 0002022948 · Chief People Services Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,473

F3 · shares: 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.

SEC source: 0001008886-25-000055 · form4.xml · nonDerivative · entry 1

Olinger Emily · CIK 0002022948 · Chief People Services Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,639

F1 · shares: 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).

F2 · price: 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, 2025.

SEC source: 0001008886-25-000057 · form4.xml · nonDerivative · entry 4

Tewes Timothy · CIK 0001427909 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 83,074

F4 · shares: 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.

F3 · balance_after: Includes 1,492 shares issued pursuant to the issuer's Employee Share Purchase Plan. Also includes the following shares that were inadvertently omitted from prior Section 16 filings: (i) 606 shares acquired through a dividend reinvestment program and (ii) 825 shares for which acquisition records are no longer available.

SEC source: 0001008886-25-000057 · form4.xml · nonDerivative · entry 3

Tewes Timothy · CIK 0001427909 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 80,781

F1 · shares: 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).

F2 · price: 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, 2025.

F3 · balance_after: Includes 1,492 shares issued pursuant to the issuer's Employee Share Purchase Plan. Also includes the following shares that were inadvertently omitted from prior Section 16 filings: (i) 606 shares acquired through a dividend reinvestment program and (ii) 825 shares for which acquisition records are no longer available.