<SEC-DOCUMENT>0001008886-25-000291.txt : 20251113
<SEC-HEADER>0001008886-25-000291.hdr.sgml : 20251113
<ACCEPTANCE-DATETIME>20251113170315
ACCESSION NUMBER:		0001008886-25-000291
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251113
DATE AS OF CHANGE:		20251113

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NELNET INC
		CENTRAL INDEX KEY:			0001258602
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		ORGANIZATION NAME:           	02 Finance
		EIN:				840748903
		STATE OF INCORPORATION:			NE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-79624
		FILM NUMBER:		251479605

	BUSINESS ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
		BUSINESS PHONE:		402-458-2370

	MAIL ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUHLEISEN ANGIE
		CENTRAL INDEX KEY:			0001269812
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	MAIL ADDRESS:	
		STREET 1:		3643 S 48TH STREET P O BOX 82535
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68501-2535

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MULHEISEN ANGIE
		DATE OF NAME CHANGE:	20031110
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001269812</cik>
<ccc>XXXXXXXX</ccc>
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<liveTestFlag>LIVE</liveTestFlag>



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<formData>
<coverPageHeader>
<amendmentNo>21</amendmentNo>
<securitiesClassTitle>Class A Common Stock</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001258602</issuerCik>
<issuerName>NELNET, INC.</issuerName>
<issuerCusip>64031N108</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>121 South 13th St</com:street1>
<com:street2>Ste 100</com:street2>
<com:city>Lincoln</com:city>
<com:stateOrCountry>NE</com:stateOrCountry>
<com:zipCode>68508</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
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<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
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<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Muhleisen, Angela L.</reportingPersonName>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>2191180</soleVotingPower>
<sharedVotingPower>2492720</sharedVotingPower>
<soleDispositivePower>2191180</soleDispositivePower>
<sharedDispositivePower>2492720</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4683900</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>Y</aggregateAmountExcludesCertainSharesFlag>
<classPercent>18.1</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
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<items>
<item1>
<issuerName>NELNET, INC.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>121 South 13th St, Ste 100, Lincoln, Nebraska, 68508</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>Muhleisen, Angela L.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>c/o Farmers &amp; Merchants Investment Inc., 6801 South 27th Street, Lincoln, Nebraska 68512</principalBusinessOfficeOrResidenceAddress>
<citizenship>United States</citizenship>
</item2>
<item3>
<notApplicableFlag>Y</notApplicableFlag>
</item3>
<item4>
<amountBeneficiallyOwned>The reporting person has sole voting and dispositive power over 2,191,180 shares of Class A common stock held by the reporting person.&#13;
&#13;
The reporting person may be deemed to have shared voting and dispositive power over 1,909,748 shares of Class A common stock and 582,972 shares of Class B common stock (which shares are convertible into the same number of shares of Class A common stock at the option of the holder at any time, with each share of Class A common stock having one vote and each share of Class B common stock having ten votes on all matters to be voted upon by the issuer's shareholders). This includes (i) a total of 552,000 shares of Class A common stock held in two separate irrevocable trusts established by the reporting person and Dan D. Muhleisen, the deceased spouse of the reporting person, of which the adult children of the reporting person are the initial beneficiaries; (ii) a total of 144,965 shares of Class A common stock held in two separate irrevocable trusts for the benefit of the adult children of the reporting person; (iii) a total of 138,487 shares of Class A common stock held in four separate GRATs established by the reporting person in 2020; (iv) a total of 20,000 shares of Class A common stock held in two separate dynasty trusts established by the reporting person and Mr. Muhleisen in 2020, of which the adult children of the reporting person and her spouse are the initial beneficiaries; (v) a total of 142,040 shares of Class A common stock held in four separate GRATs established by the reporting person in 2022; and also includes shares that are owned by entities that the reporting person may be deemed to control, consisting of: (a) a total of 194,878 shares of Class A common stock and a total of 582,972 shares of Class B common stock  held by Union Bank and Trust Company ("Union Bank"), of which the reporting person is a director, chairperson, and a significant shareholder through Farmers &amp; Merchants Investment Inc. (of which the reporting person is a director and officer and owns through a GRAT approximately 49.2% of the outstanding voting common stock of Union Bank), as trustee for an estate, certain GRATs, and certain other irrevocable trusts; (b) 30,000 shares of Class A common stock held by Union Bank for its profit sharing plan; and (c) a total of 687,378 shares of Class A common stock held for the accounts of miscellaneous trusts, IRAs, and investment accounts at Union Bank, which is a commercial bank and trust company.  The number of Class A shares of common stock over which the reporting person may be deemed to have shared voting and dispositive power reflects that effective November 10, 2025, the reporting person does not have shared voting and dispositive power over certain individual accounts at Union Bank of her adult children holding a total of 1,725,553 shares of Class A common stock. The number of shares for which the reporting person may be deemed to have shared voting and dispositive power excludes a total of 6,775,420 shares of Class B common stock and 510 shares of Class A common stock held by Union Bank as trustee (including shares of Class B common stock held indirectly through the holding of 50% of the outstanding capital stock of Union Financial Services, Inc. ("UFS"), which holds a total of 1,586,691 shares of Class B common stock) for certain GRATs (but does not exclude shares held for GRATs established by the reporting person and Mr. Muhliesen), certain post-annuity trusts established upon the expiration of the annuity terms of certain GRATs, and certain other irrevocable trusts for which a majority owned subsidiary of the issuer has been designated to serve as investment adviser with investment power with respect to shares of the issuer's stock held by such trusts and voting power with respect to shares of the issuer's stock held by such trusts, including, with respect to a certain trust, shares of the issuer's stock held indirectly through the holding of 50% of the outstanding capital stock of UFS.  The reporting person disclaims beneficial ownership of the shares discussed above except to the extent that the reporting person actually has or shares voting power or investment power with respect to such shares, and the reporting thereof shall not be construed as an admission that the reporting person is a beneficial owner of such shares.</amountBeneficiallyOwned>
<classPercent>18.1%</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>2,191,180</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>2,492,720</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>2,191,180</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>2,492,720</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>As discussed in Item 4(a) above, which is incorporated by reference herein, certain securities reported in this Schedule are held on behalf of persons other than the reporting person, which other persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>Y</notApplicableFlag>
</item10>
</items>
<exhibitInfo>Exhibit 99.1 Power of Attorney</exhibitInfo>
<signatureInformation>
<reportingPersonName>Muhleisen, Angela L.</reportingPersonName>
<signatureDetails>
<signature>/s/ Nicole M. Stawniak, pursuant to power of attorney filed herewith</signature>
<title>Nicole M. Stawniak, Attorney-in-Fact</title>
<date>11/13/2025</date>
</signatureDetails>
</signatureInformation>
</formData>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;">Exhibit 99.1<br>
  </div>
  <div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">POWER OF ATTORNEY</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Know all by these presents, that the undersigned hereby makes, constitutes and appoints each of William J. Munn, Philip J. Morgan, Brooke N. Ward, Nicole M. Stawniak, and Audra
      Hoffschneider, or any of them acting singly, and with full power of substitution and re-substitution, the undersigned&#8217;s true and lawful attorney&#8209;in&#8209;fact (each of such persons and their substitutes being referred to herein as the &#8220;Attorney-in-Fact&#8221;),
      with full power to act for the undersigned and in the undersigned&#8217;s name, place and stead, in any and all capacities, to:</div>
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          <td style="width: 36pt; vertical-align: top; font-size: 12pt;">(1)</td>
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            <div style="font-size: 12pt;">Prepare, execute, and submit or cause to be submitted to the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) a Form ID, including amendments thereto, and any other documents necessary or appropriate to obtain
              codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required or considered by the Attorney-in-Fact to be advisable under Section 13 or Section 16 of the Securities Exchange Act of 1934 (the
              &#8220;Exchange Act&#8221;) or any rule or regulation of the SEC;</div>
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          <td style="width: 36pt; vertical-align: top; font-size: 12pt;">(2)</td>
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            <div style="font-size: 12pt;">Prepare, execute and submit to the SEC, Nelnet, Inc. (the &#8220;Company&#8221;), and/or any national securities exchange on which the Company&#8217;s securities are listed any and all reports (including any amendments thereto) the
              undersigned is required to file with the SEC, or which the Attorney-in-Fact considers it advisable to file with the SEC, under Section 13 or Section 16 of the Exchange Act or any rule or regulation thereunder, or under Rule 144 under the
              Securities Act of 1933 (&#8220;Rule 144&#8221;), with respect to any security of the Company, including Forms 3, 4 and 5, Schedules 13D and 13G, and Forms 144; and</div>
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          <td style="width: 36pt; vertical-align: top; font-size: 12pt;">(3)</td>
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            <div style="font-size: 12pt;">Obtain, as the undersigned&#8217;s representative and on the undersigned&#8217;s behalf, information regarding transactions in the Company&#8217;s equity securities from any third party, including the Company and any brokers,
              dealers, employee benefit plan administrators and trustees, and the undersigned hereby authorizes any such third party to release any such information to the Attorney-in-Fact.</div>
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    <div><br>
    </div>
    <div style="text-indent: 36pt; font-size: 12pt;">The undersigned acknowledges that:</div>
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          <td style="width: 36pt; vertical-align: top; font-size: 12pt;">(a)</td>
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            <div style="font-size: 12pt;">This Power of Attorney authorizes, but does not require, the Attorney-in-Fact to act in his or her discretion on information provided to such Attorney-in-Fact without independent verification of such information;</div>
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          <td style="width: 36pt; vertical-align: top; font-size: 12pt;">(b)</td>
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            <div style="font-size: 12pt;">Any documents prepared or executed by the Attorney-in-Fact on behalf of the undersigned pursuant to this Power of Attorney will be in such form and will contain such information as the Attorney-in-Fact, in his or
              her discretion, deems necessary or desirable;</div>
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          <td style="width: 36pt; vertical-align: top; font-size: 12pt;">(c)</td>
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            <div style="font-size: 12pt;">Neither the Company nor the Attorney-in-Fact assumes any liability for the undersigned&#8217;s responsibility to comply with the requirements of Section 13 or Section 16 of the Exchange Act or Rule 144, any liability of
              the undersigned for any failure to comply with such requirements, or any liability of the undersigned for disgorgement of profits under Section 16(b) of the Exchange Act; and</div>
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          <td style="width: 36pt; vertical-align: top; font-size: 12pt;">(d)</td>
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            <div style="font-size: 12pt;">This Power of Attorney does not relieve the undersigned from responsibility for compliance with the undersigned&#8217;s obligations under Section 13 or Section 16 of the Exchange Act, including, without limitation, the
              reporting requirements under Section 13 or Section 16 of the Exchange Act.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The undersigned hereby grants to the Attorney-in-Fact full power and authority to do and perform each and every act and thing requisite, necessary or advisable to be done in
      connection with the foregoing, as fully, to all intents and purposes, as the undersigned might or could do in person, hereby ratifying and confirming all that the Attorney-in-Fact, or his or her substitute or substitutes, shall lawfully do or cause
      to be done by authority of this Power of Attorney.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 4 or 5 or Schedules 13D or 13G or Forms 144 with respect to the
      undersigned&#8217;s holdings of and transactions in securities of the Company, unless earlier revoked by the undersigned in a signed writing delivered to the Attorney-in-Fact.&#160; This Power of Attorney revokes all previous powers of attorney with respect to
      the subject matter of this Power of Attorney.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of this 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of August, 2025.</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"> </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">
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              <div>&#160;</div>
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              <div style="font-size: 12pt;">/s/ Angela L. Muhleisen</div>
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            <td style="width: 50%;" rowspan="1">&#160;</td>
            <td style="width: 50%; font-size: 12pt; text-align: left; vertical-align: middle;" rowspan="1">Angela L. Muhleisen</td>
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