X0609 4 2026-04-30 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 2026-04-30 4 G false 5000 0 D 5000 I By Trust Class A Common Stock 69569 D Class A Common Stock 6800 I By GRAT Class A Common Stock 6800 I By GRAT Class A Common Stock 5000 I By Trust Class A Common Stock 10000 I By Trust Class A Common Stock 45192 I By revocable trust Class A Common Stock 45000 I By revocable trust Class A Common Stock 8200 I By spouse Represents the distribution of shares to an adult son of the reporting person from a trust for the benefit of such adult son of the reporting person. The reporting person continues to report beneficial ownership of 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. Includes 4,729 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 191 shares under the issuer's Employee Share Purchase Plan since March 12, 2026. Also includes 1,000 shares held jointly with spouse. Shares held by a grantor retained annuity trust ("GRAT") established by the reporting person on September 1, 2021. 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 GRAT established by the reporting person's spouse on September 1, 2021. 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. 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. /s/ Nicole M. Stawniak, Attorney-in-Fact for James D. Kruger 2026-05-04