Adam Peterson (NNI) exit Form 4 details 1.68M Nelnet Class A shares

Rhea-AI Filing Summary

Nelnet Inc. insider reporting shows that entities associated with Adam K. Peterson hold a significant position in the company’s Class A Common Stock, with no new buy or sell transaction reported. The Form 4 is filed as an “Exit” filing linked to his board resignation.

The filing notes that 1,668,976 shares of Class A Common Stock are directly owned by Magnolia Capital Fund, LP, whose general partner and investment manager is The Magnolia Group, LLC, managed by Mr. Peterson. Through these roles, The Magnolia Group and Mr. Peterson may be deemed to share indirect beneficial ownership of those shares.

In addition, Adam Peterson directly holds 9,544 shares of Class A Common Stock for his own account, bringing his reported total direct and indirect holdings to 1,678,520 shares following the reported position. The footnote explains that March 23, 2026 is used as the transaction date because on that day Mr. Peterson notified Nelnet of his immediate resignation from the Board of Directors, and this Form 4 is voluntarily filed to confirm he is no longer subject to Section 16 reporting.

Insights

Equity ownership & governance analyst

Exit Form 4 confirms Adam Peterson’s board departure and documents his remaining Nelnet share exposure via Magnolia entities.

This filing primarily clarifies ownership structure rather than recording a new trade. Magnolia Capital Fund, LP directly owns 1,668,976 shares of Nelnet Class A Common Stock, with The Magnolia Group, LLC as general partner and investment manager and Adam Peterson as its managing member, creating potential indirect beneficial ownership.

Peterson also directly holds 9,544 shares, for total reported direct and indirect holdings of 1,678,520 shares after the reported position. The key governance point is that on March 23, 2026 he resigned from Nelnet’s Board of Directors, and this is an “Exit” Form 4 voluntarily filed to confirm he is no longer subject to ongoing insider reporting. No purchase, sale, or option exercise is disclosed, so the filing is informational rather than transactional.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Peterson Adam K, MAGNOLIA CAPITAL FUND, LP, MAGNOLIA GROUP, LLC

Role null | null | null

Type	Security	Shares	Price	Value
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 1,678,520 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Magnolia Capital Fund LP holdings: 1,668,976 shares Adam Peterson direct holdings: 9,544 shares Total reported holdings after position: 1,678,520 shares +1 more

4 metrics

Magnolia Capital Fund LP holdings 1,668,976 shares Class A Common Stock directly owned by Magnolia Capital Fund, LP

Adam Peterson direct holdings 9,544 shares Class A Common Stock held directly by Adam K. Peterson

Total reported holdings after position 1,678,520 shares Total shares following reported position in Form 4

Form 4 date reference March 23, 2026 Date Adam Peterson resigned from Nelnet’s Board of Directors

Key Terms

Exit Form 4, indirect beneficial ownership, general partner and investment manager, Class A Common Stock, +1 more

5 terms

Exit Form 4 regulatory

"As such, this 'Exit' Form 4 is voluntarily filed as confirmation..."

indirect beneficial ownership financial

"TMG and Mr. Peterson could both be deemed to share indirect beneficial ownership of 1,668,976 shares..."

general partner and investment manager financial

"Magnolia Capital Fund, LP, of which The Magnolia Group, LLC ("TMG") is the general partner and investment manager."

Class A Common Stock financial

"Mr. Peterson holds directly 9,544 shares of Class A Common Stock for his own account."

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Board of Directors regulatory

"Adam Peterson notified NelNet, Inc. of his resignation from the Board of Directors effective immediately."

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Peterson Adam K

(Last) (First) (Middle)

1601 DODGE STREET, SUITE 3300

(Street)

OMAHA NEBRASKA 68102

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NELNET INC [ NNI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See below

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock								1,678,520(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Peterson Adam K

(Last) (First) (Middle)

1601 DODGE STREET, SUITE 3300

(Street)

OMAHA NEBRASKA 68102

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See below

1. Name and Address of Reporting Person^*

MAGNOLIA CAPITAL FUND, LP

(Last) (First) (Middle)

1601 DODGE STREET, SUITE 3300

(Street)

OMAHA NEBRASKA 68102

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See remarks

1. Name and Address of Reporting Person^*

MAGNOLIA GROUP, LLC

(Last) (First) (Middle)

1601 DODGE STREET

SUITE 3300

(Street)

OMAHA NEBRASKA 68102

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See remarks

Explanation of Responses:

1. 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. In reference to Item 3. Date of Earliest Transaction, March 23, 2026 is used as on that date, Adam Peterson notified NelNet, Inc. of his resignation from the Board of Directors effective immediately. As such, this 'Exit' Form 4 is voluntarily filed as confirmation that Adam Peterson is no longer subject to this filing.

Remarks:

TMG and Mr. Peterson disclaim beneficial ownership except to the extent of their respective pecuniary interests therein of shares except the 9,544 shares Mr. Peterson directly owns, and this report shall not be deemed an admission of beneficial ownership of these securities for Section 16 or for any other purposes.

	/s/ Adam K. Peterson	04/27/2026
	/s/ Adam K. Peterson on behalf of the Magnolia Capital Fund, LP by its General Partner, The Magnolia Group, LLC	04/27/2026
	/s/ Adam K. Peterson, managing member on behalf of The Magnolia Group, LLC	04/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What does Adam Peterson’s latest Form 4 for Nelnet (NNI) report?

The Form 4 reports Adam K. Peterson’s remaining holdings in Nelnet Class A shares, mainly through Magnolia Capital Fund, LP. It is an Exit Form 4 filed after his board resignation, and does not disclose any new stock purchases or sales.

How many Nelnet (NNI) shares does Magnolia Capital Fund, LP hold?

Magnolia Capital Fund, LP directly owns 1,668,976 shares of Nelnet Class A Common Stock. The Magnolia Group, LLC is its general partner and investment manager, and Adam K. Peterson is The Magnolia Group’s managing member, so they may share indirect beneficial ownership of those shares.

How many Nelnet (NNI) shares does Adam Peterson hold directly?

Adam K. Peterson directly holds 9,544 shares of Nelnet Class A Common Stock for his own account. Combined with the indirectly owned Magnolia Capital Fund, LP position, his reported direct and indirect holdings total 1,678,520 shares following the reported position.

Why is this Nelnet (NNI) Form 4 described as an Exit filing?

The footnote explains this is an “Exit” Form 4 because on March 23, 2026 Adam K. Peterson notified Nelnet of his immediate resignation from its Board of Directors. The filing is voluntarily made to confirm he is no longer subject to ongoing Section 16 reporting requirements.

Does Adam Peterson’s Nelnet (NNI) Form 4 show any stock trades?

No, the Form 4 does not show any new stock purchases, sales, or option exercises. It records Peterson’s direct and indirect holdings after his board resignation, including shares held by Magnolia Capital Fund, LP and his own directly held Class A Common Stock.