Transaction Details

Footnotes

1-for-1. | The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. On March 23, 2026, Adam Peterson notified Nelnet, Inc. of his resignation from the Board of Directors effective immediately. The phantom shares became payable in shares of Class A Common Stock at that time. | 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 9,544 shares of Class A Common Stock for his own account. | Includes a total of 23 shares acquired on September 16, 2025, 24 shares acquired on December 15, 2025, and 25 shares acquired on March 13, 2026 pursuant to the dividend reinvestment feature of the issuers Directors Stock Compensation Plan.