NNI

SEC source: 0001567619-23-005049 · doc1.xml · nonDerivative · entry 7

Dunlap Matthew W · CIK 0001917996 · Director · Chief Business Develop. Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,635

F5 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2023 award by the issuer of 1,574 shares of bonus compensation stock.

F6 · price: 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 March 1, 2023 through March 7, 2023.

SEC source: 0001567619-23-005049 · doc1.xml · nonDerivative · entry 6

Dunlap Matthew W · CIK 0001917996 · Director · Chief Business Develop. Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,097

F4 · shares: 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 2022 paid in stock, which the reporting person became entitled to receive on March 10, 2023.

SEC source: 0001567619-23-005049 · doc1.xml · nonDerivative · entry 5

Dunlap Matthew W · CIK 0001917996 · Director · Chief Business Develop. Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,523

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, 2023.

SEC source: 0001567619-23-005049 · doc1.xml · nonDerivative · entry 4

Dunlap Matthew W · CIK 0001917996 · Director · Chief Business Develop. Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,590

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, 2023.

SEC source: 0001567619-23-005049 · doc1.xml · nonDerivative · entry 3

Dunlap Matthew W · CIK 0001917996 · Director · Chief Business Develop. Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,618

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, 2023.

SEC source: 0001567619-23-005049 · doc1.xml · nonDerivative · entry 2

Dunlap Matthew W · CIK 0001917996 · Director · Chief Business Develop. Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,629

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, 2023.

SEC source: 0001567619-23-005049 · doc1.xml · nonDerivative · entry 1

Dunlap Matthew W · CIK 0001917996 · Director · Chief Business Develop. Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,658

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, 2023.

F3 · balance_after: Includes 53 shares of Class A common stock acquired by the reporting person pursuant to the issuer's dividend reinvestment plan since June 14, 2022.

SEC source: 0001437749-22-029605 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,839,574

F1 · kind: This gift to a charitable organization as described in Section 501(c)(3) of the Internal Revenue Code was effected pursuant to a Rule 10b5-1 plan that was entered into by the reporting person on August 11, 2022.

F2 · kind: Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows executives of a company who are not in possession of material non-public information to establish pre-arranged plans to buy, sell, or otherwise transfer a specified number of shares of such company's stock. Once a plan is established, the executive does not retain or exercise any discretion over transfers of stock under the plan and the pre-planned transfers may be executed at later dates as set forth in the plan, without regard to any subsequent material non-public information related to the company that the executive may receive.

SEC source: 0001437749-22-027301 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,271

F1 · kind: These shares were sold pursuant to a Rule 10b5-1 Trading Plan (the "Plan") entered into by the reporting person on June 15, 2022, which provided for the sale of shares of the issuer's Class A Common Stock. With the sale of the shares reported in this Form 4, the Plan has been completed and no future sales may occur pursuant to the Plan.

F2 · kind: Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows executives of a company who are not in possession of material non-public information to establish pre-arranged plans to buy or sell a specified number of shares of such company's stock. Once a plan is established, the executive does not retain or exercise any discretion over purchases or sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan, without regard to any subsequent material non-public information related to the company that the executive may receive.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-024239 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,771

F1 · kind: These shares were sold pursuant to a Rule 10b5-1 Trading Plan (the "Plan") entered into by the reporting person on June 15, 2022. The Plan provides for the sale of shares of the issuer's Class A Common Stock, subject to limit price provisions and an expiration date of June 14, 2023. To the extent any future sales occur pursuant to the Plan, such sales will be publicly disclosed in Form 4 filings with the Securities and Exchange Commission.

F2 · kind: Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows executives of a company who are not in possession of material non-public information to establish pre-arranged plans to buy or sell a specified number of shares of such company's stock. Once a plan is established, the executive does not retain or exercise any discretion over purchases or sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan, without regard to any subsequent material non-public information related to the company that the executive may receive.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-029611 · rdgdoc.xml · nonDerivative · entry 3

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

Muhleisen Dan D · CIK 0001754038 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By adult daughter

Disclosed balance after: 869,025

F1 · kind: On September 23, 2022, the Alicia L. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons was the beneficiary, distributed 88,070 shares to the adult daughter of the reporting persons pursuant to the terms of the trust.

F3 · kind: On September 23, 2022, the D. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons was the beneficiary, distributed 88,070 shares to the adult daughter of the reporting persons pursuant to the terms of the trust.

SEC source: 0001437749-22-029611 · rdgdoc.xml · nonDerivative · entry 2

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

Muhleisen Dan D · CIK 0001754038 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By trust

Disclosed balance after: 0

F3 · kind: On September 23, 2022, the D. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons was the beneficiary, distributed 88,070 shares to the adult daughter of the reporting persons pursuant to the terms of the trust.

F4 · balance_after: The shares were held by the D. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons was the beneficiary. The reporting persons reported beneficial ownership of all the shares held by the trust, but disclaimed beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.

SEC source: 0001437749-22-029611 · rdgdoc.xml · nonDerivative · entry 1

MUHLEISEN ANGIE · CIK 0001269812 · 10% owner

Muhleisen Dan D · CIK 0001754038 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By trust

Disclosed balance after: 0

F1 · kind: On September 23, 2022, the Alicia L. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons was the beneficiary, distributed 88,070 shares to the adult daughter of the reporting persons pursuant to the terms of the trust.

F2 · balance_after: The shares were held by the Alicia L. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons was the beneficiary. The reporting persons reported beneficial ownership of all the shares held by the trust, but disclaimed beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.

SEC source: 0001437749-22-022315 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,271

F1 · kind: These shares were sold pursuant to a Rule 10b5-1 Trading Plan (the "Plan") entered into by the reporting person on June 15, 2022. The Plan provides for the sale of shares of the issuer's Class A Common Stock, subject to limit price provisions and an expiration date of June 14, 2023. To the extent any future sales occur pursuant to the Plan, such sales will be publicly disclosed in Form 4 filings with the Securities and Exchange Commission.

F2 · kind: Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows executives of a company who are not in possession of material non-public information to establish pre-arranged plans to buy or sell a specified number of shares of such company's stock. Once a plan is established, the executive does not retain or exercise any discretion over purchases or sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan, without regard to any subsequent material non-public information related to the company that the executive may receive.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-015483 · rdgdoc.xml · nonDerivative · entry 1

Farrell Kathleen Anne · CIK 0001417962 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,471

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

SEC source: 0001437749-22-015492 · rdgdoc.xml · derivative · entry 1

Rath Kimberly Kay · CIK 0001417993 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 55,290

Underlying: Class A Common Stock · 2,607 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 at 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 at 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 at 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 at 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 at 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 at 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 586 shares acquired since June 22, 2021 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

SEC source: 0001437749-22-015489 · rdgdoc.xml · nonDerivative · entry 1

HENNING THOMAS EDWARD · CIK 0001269806 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,152

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

SEC source: 0001437749-22-015494 · rdgdoc.xml · derivative · entry 2

Van Deun Jona M · CIK 0001917118 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,339

Underlying: Class A Common Stock · 2,071 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 at 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 at 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 at 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 at 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 at 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 at 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 1 share acquired since March 17, 2022 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

SEC source: 0001437749-22-015494 · rdgdoc.xml · nonDerivative · entry 1

Van Deun Jona M · CIK 0001917118 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 779

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

SEC source: 0001437749-22-015479 · rdgdoc.xml · derivative · entry 2

Cintani William Robert · CIK 0001550909 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,580

Underlying: Class A Common Stock · 2,761 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 at 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 at 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 at 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 at 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 at 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 at 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 299 shares acquired since June 22, 2021 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

SEC source: 0001437749-22-015486 · rdgdoc.xml · nonDerivative · entry 1

Graff David S · CIK 0001604854 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,496

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

SEC source: 0001437749-22-015475 · rdgdoc.xml · nonDerivative · entry 1

Bansal Preeta D · CIK 0001758392 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,444

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

SEC source: 0001398344-22-012309 · fp0077092_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: Not disclosed

Ownership: Direct

Disclosed balance after: 1,903,119

Underlying: Class A Common Stock · 2,761 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 at 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 at 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 at 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 at 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 at 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 at the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F3 · balance_after: 1,900,000 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 1,900,000 shares of Common Stock of Nelnet Inc held by Magnolia Capital Fund, LP. Mr. Peterson holds directly the 3,119 shares of Phantom Stock for his own account.

F4 · balance_after: Includes a total of 2 shares acquired since June 21, 2022 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

SEC source: 0001437749-22-014991 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,771

F1 · kind: These shares were sold pursuant to a Rule 10b5-1 Trading Plan (the "Plan") entered into by the reporting person on September 16, 2021, which provided for the sale of shares of the issuer's Class A Common Stock. With the sale of the shares reported in this Form 4, the Plan has been completed and no future sales may occur pursuant to the Plan.

F2 · kind: Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows executives of a company who are not in possession of material non-public information to establish pre-arranged plans to buy or sell a specified number of shares of such company's stock. Once a plan is established, the executive does not retain or exercise any discretion over purchases or sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan, without regard to any subsequent material non-public information related to the company that the executive may receive.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-014996 · rdgdoc.xml · nonDerivative · entry 1

Dunlap Matthew W · CIK 0001917996 · Director · Chief Business Develop. Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,616

F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a prior grant of shares approved in accordance with the provisions of Rule 16b-3.

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, 2022.

SEC source: 0001437749-22-011914 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,271

F1 · kind: These shares were sold pursuant to a Rule 10b5-1 Trading Plan (the "Plan") entered into by the reporting person on September 16, 2021. The Plan provides for the sale of shares of the issuer's Class A Common Stock, subject to limit price provisions and an expiration date of September 15, 2022. To the extent any future sales occur pursuant to the Plan, such sales will be publicly disclosed in Form 4 filings with the Securities and Exchange Commission.

F2 · kind: Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows executives of a company who are not in possession of material non-public information to establish pre-arranged plans to buy or sell a specified number of shares of such company's stock. Once a plan is established, the executive does not retain or exercise any discretion over purchases or sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan, without regard to any subsequent material non-public information related to the company that the executive may receive.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-008686 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,771

F1 · kind: These shares were sold pursuant to a Rule 10b5-1 Trading Plan (the "Plan") entered into by the reporting person on September 16, 2021. The Plan provides for the sale of shares of the issuer's Class A Common Stock, subject to limit price provisions and an expiration date of September 15, 2022. To the extent any future sales occur pursuant to the Plan, such sales will be publicly disclosed in Form 4 filings with the Securities and Exchange Commission.

F2 · kind: Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows executives of a company who are not in possession of material non-public information to establish pre-arranged plans to buy or sell a specified number of shares of such company's stock. Once a plan is established, the executive does not retain or exercise any discretion over purchases or sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan, without regard to any subsequent material non-public information related to the company that the executive may receive.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-008688 · rdgdoc.xml · nonDerivative · entry 4

Kruger James D · CIK 0001593432 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By revocable trust

Disclosed balance after: 45,000

F4 · shares: Shares that were jointly held by the reporting person and his spouse and transferred to 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.

F6 · balance_after: 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.

SEC source: 0001437749-22-008688 · rdgdoc.xml · nonDerivative · entry 3

Kruger James D · CIK 0001593432 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,697

F4 · shares: Shares that were jointly held by the reporting person and his spouse and transferred to 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.

F5 · balance_after: Includes 3,743 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of 255 shares on March 31, 2022. Also includes 2,908 shares held jointly with spouse, which number of jointly held shares reflects the transfer of 45,000 shares to a revocable living trust established by the reporting person's spouse, as reported herein.

SEC source: 0001437749-22-008688 · rdgdoc.xml · nonDerivative · entry 2

Kruger James D · CIK 0001593432 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By revocable trust

Disclosed balance after: 45,192

F1 · shares: Shares that were jointly held by the reporting person and his spouse and transferred to a revocable trust established by the reporting person, of which trust the reporting person is the sole trustee and sole lifetime beneficiary.

F3 · balance_after: 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.

SEC source: 0001437749-22-008688 · rdgdoc.xml · nonDerivative · entry 1

Kruger James D · CIK 0001593432 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 85,697

F1 · shares: Shares that were jointly held by the reporting person and his spouse and transferred to a revocable trust established by the reporting person, of which trust the reporting person is the sole trustee and sole lifetime beneficiary.

F2 · balance_after: Includes 3,743 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of 255 shares on March 31, 2022. Also includes 47,908 shares held jointly with spouse, which number of jointly held shares reflects the transfer of 45,192 shares to a revocable living trust established by the reporting person, as reported herein.

SEC source: 0001437749-22-006626 · rdgdoc.xml · derivative · entry 2

Van Deun Jona M · CIK 0001917118 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 267

Underlying: Class A Common Stock · 267 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 at 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 at 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 at 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 at 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 at 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 at the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

SEC source: 0001437749-22-006626 · rdgdoc.xml · nonDerivative · entry 1

Van Deun Jona M · CIK 0001917118 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 89

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

SEC source: 0001437749-22-006622 · rdgdoc.xml · derivative · entry 3

ABEL JAMES P · CIK 0001269787 · Former Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 63,801 shares

Expires 2022-03-17

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each share of phantom stock granted to the reporting person under the issuer's Directors Stock Compensation Plan, or otherwise acquired by the reporting person pursuant to the dividend reinvestment feature of such plan, was the economic equivalent of one share of the issuer's Class A common stock. The reporting person settled all shares of phantom stock into shares of the issuer's Class A common stock on a one-for-one basis at the time of the retirement of the reporting person from the issuer's Board of Directors.

F1 · kind: Settlement at the time of the reporting person's retirement from the issuer's Board of Directors on March 17, 2022 of previously reported grants of shares of phantom stock under Rule 16b-3(d), as well as shares of phantom stock acquired pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan, the terms of which as associated with prior grants of phantom stock were approved in accordance with Rule 16b-3(d).

F3 · shares: Includes a total of 513 shares of phantom stock acquired since June 22, 2021 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

F2 · price: Each share of phantom stock granted to the reporting person under the issuer's Directors Stock Compensation Plan, or otherwise acquired by the reporting person pursuant to the dividend reinvestment feature of such plan, was the economic equivalent of one share of the issuer's Class A common stock. The reporting person settled all shares of phantom stock into shares of the issuer's Class A common stock on a one-for-one basis at the time of the retirement of the reporting person from the issuer's Board of Directors.

F4 · derivative.exercise_date: The shares of phantom stock were granted or otherwise acquired pursuant to the issuer's Directors Stock Compensation Plan and became payable in lump sum in shares of Class A Common Stock at the time of termination of the reporting person's service as a member of the issuer's Board of Directors.

F4 · derivative.expiration_date: The shares of phantom stock were granted or otherwise acquired pursuant to the issuer's Directors Stock Compensation Plan and became payable in lump sum in shares of Class A Common Stock at the time of termination of the reporting person's service as a member of the issuer's Board of Directors.

SEC source: 0001437749-22-006622 · rdgdoc.xml · nonDerivative · entry 1

ABEL JAMES P · CIK 0001269787 · Former Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 74,026

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Settlement at the time of the reporting person's retirement from the issuer's Board of Directors on March 17, 2022 of previously reported grants of shares of phantom stock under Rule 16b-3(d), as well as shares of phantom stock acquired pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan, the terms of which as associated with prior grants of phantom stock were approved in accordance with Rule 16b-3(d).

F2 · price: Each share of phantom stock granted to the reporting person under the issuer's Directors Stock Compensation Plan, or otherwise acquired by the reporting person pursuant to the dividend reinvestment feature of such plan, was the economic equivalent of one share of the issuer's Class A common stock. The reporting person settled all shares of phantom stock into shares of the issuer's Class A common stock on a one-for-one basis at the time of the retirement of the reporting person from the issuer's Board of Directors.

SEC source: 0001398344-22-006115 · fp0074350_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: Not disclosed

Ownership: Direct

Disclosed balance after: 1,900,356

Underlying: Class A Common Stock · 356 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 at 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 at 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 at 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 at 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 at 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 at the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.

F3 · balance_after: 1,900,000 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 1,900,000 shares of Common Stock of Nelnet Inc held by Magnolia Capital Fund, LP. Mr. Peterson holds directly the 356 shares of Phantom Stock for his own account.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,271

F8 · kind: These shares were sold pursuant to a Rule 10b5-1 Trading Plan (the "Plan") entered into by the reporting person on September 16, 2021. The Plan provides for the sale of shares of the issuer's Class A Common Stock, subject to limit price provisions and an expiration date of September 15, 2022. To the extent any future sales occur pursuant to the Plan, such sales will be publicly disclosed in Form 4 filings with the Securities and Exchange Commission.

F9 · kind: Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows executives of a company who are not in possession of material non-public information to establish pre-arranged plans to buy or sell a specified number of shares of such company's stock. Once a plan is established, the executive does not retain or exercise any discretion over purchases or sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan, without regard to any subsequent material non-public information related to the company that the executive may receive.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-006135 · rdgdoc.xml · nonDerivative · entry 2

Tewes Timothy · CIK 0001427909 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 77,830

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.

SEC source: 0001437749-22-006135 · rdgdoc.xml · nonDerivative · entry 1

Tewes Timothy · CIK 0001427909 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,778

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, 2022.

F3 · balance_after: Includes 1,492 shares issued pursuant to the issuer's Employee Share Purchase Plan.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 8

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,771

F6 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2022 award by the issuer of 4,176 shares of bonus compensation stock.

F7 · price: 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 March 1, 2022 through March 7, 2022.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,997

F5 · shares: 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 2021 paid in stock, which the reporting person became entitled to receive on March 10, 2022.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,821

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 500 shares held jointly with spouse.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,400

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, 2022.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,519

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, 2022.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,656

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, 2022.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,772

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, 2022.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-006138 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,898

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, 2022.

F3 · balance_after: Includes 500 shares held jointly with spouse.

SEC source: 0001437749-22-006126 · rdgdoc.xml · nonDerivative · entry 4

HEIMES TERRY J · CIK 0001269804 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,860

F6 · shares: Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2022 award by the issuer of 5,446 shares of bonus compensation stock.

F7 · price: 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 March 1, 2022 through March 7, 2022.

SEC source: 0001437749-22-006126 · rdgdoc.xml · nonDerivative · entry 3

HEIMES TERRY J · CIK 0001269804 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 56,669

F5 · shares: 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 2021 paid in stock, which the reporting person became entitled to receive on March 10, 2022.

SEC source: 0001437749-22-006126 · rdgdoc.xml · nonDerivative · entry 2

HEIMES TERRY J · CIK 0001269804 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,223

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.