Transaction Details

Footnotes

1-for-1. | 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. | 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. | 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.