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Nelnet, Inc. (NNI) is the subject of an amended beneficial-ownership report jointly filed by Magnolia Capital Fund, LP, The Magnolia Group, LLC, and Adam K. Peterson. As of September 30, 2026, the fund and its general partner each reported 421,981 Class A shares, or 1.7% of the class; Peterson reported 427,535 shares, also 1.7%. The Magnolia Group is the fund’s general partner and registered investment adviser, and Peterson is its managing member. The report says both may exercise voting and dispositive power over fund-held shares, may therefore be deemed indirect beneficial owners, and disclaim beneficial ownership.
Key Figures
Reported beneficial ownership — Magnolia Capital Fund, LP:421,981 sharesReported beneficial ownership — The Magnolia Group, LLC:421,981 sharesReported beneficial ownership — Adam K. Peterson:427,535 shares
3 metrics
Reported beneficial ownership — Magnolia Capital Fund, LP421,981 sharesClass A common stock; 1.7% of the class as of September 30, 2026.
Reported beneficial ownership — The Magnolia Group, LLC421,981 sharesClass A common stock; 1.7% of the class as of September 30, 2026.
Reported beneficial ownership — Adam K. Peterson427,535 sharesClass A common stock; 1.7% of the class as of September 30, 2026.
Key Terms
Aggregate Amount Beneficially Owned by Each Reporting Person, Sole Voting Power, Sole Dispositive Power
3 terms
Aggregate Amount Beneficially Owned by Each Reporting Persontechnical
"Aggregate Amount Beneficially Owned by Each Reporting Person"
Sole Voting Powertechnical
"Sole Voting Power 421,981.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Sole Dispositive Powertechnical
"Sole Dispositive Power 421,981.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many Nelnet (NNI) shares did Magnolia Capital and Adam K. Peterson report?
Magnolia Capital Fund, LP and The Magnolia Group, LLC each reported beneficial ownership of 421,981 Class A shares; Adam K. Peterson reported 427,535 shares. Each reported amount represented 1.7% of the class as of September 30, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
NELNET, INC.
(Name of Issuer)
Class A Common Stock, Par Value $0.01 per Share
(Title of Class of Securities)
64031N108
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
64031N108
1
Names of Reporting Persons
Magnolia Capital Fund, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
421,981.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
421,981.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
421,981.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.7 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
64031N108
1
Names of Reporting Persons
The Magnolia Group, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEBRASKA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
421,981.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
421,981.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
421,981.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.7 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
64031N108
1
Names of Reporting Persons
Adam K. Peterson
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
427,535.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
427,535.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
427,535.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NELNET, INC.
(b)
Address of issuer's principal executive offices:
121 SOUTH 13TH STREET, STE 201, LINCOLN, NEBRASKA, 68508
Item 2.
(a)
Name of person filing:
This Schedule 13G is being jointly filed by Magnolia Capital Fund, LP ("MCF"), The Magnolia Group, LLC ("TMG"), a registered investment adviser, and Adam K. Peterson (each a "Reporting Person" and, collectively, the "Reporting Persons") with respect to shares of the common stock, $0.01 par value of the Issuer (the, "Common Stock").
TMG is the general partner of MCF. Mr. Peterson is the managing member of TMG. TMG and Mr. Peterson may each exercise voting and dispositive power over the Common Stock held by MCF and, as a result, may be deemed to be indirect beneficial owners of the shares of Common Stock held by MCF. TMG and Mr. Peterson disclaim beneficial ownership of the Common Stock.
(b)
Address or principal business office or, if none, residence:
1601 Dodge Street, Suite 3300, Omaha, NE 68102
(c)
Citizenship:
MCF is a Delaware limited partnership. TMG is a Nebraska limited liability company and registered investment adviser. Mr. Peterson is a U.S. citizen.
(d)
Title of class of securities:
Class A Common Stock, Par Value $0.01 per Share
(e)
CUSIP No.:
64031N108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
(i) 421,981
(ii) 421,981
(iii) 427,535
(b)
Percent of class:
(i) 1.7%
(ii) 1.7%
(iii) 1.7%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(i) 421,981
(ii) 421,981
(iii) 427,535
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
(i) 421,981
(ii) 421,981
(iii) 427,535
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Magnolia Capital Fund, LP
Signature:
/s/ Adam K. Peterson
Name/Title:
Adam K. Peterson, Manager
Date:
11/12/2026
The Magnolia Group, LLC
Signature:
/s/ Adam K. Peterson
Name/Title:
Adam K. Peterson, Manager
Date:
11/12/2026
Adam K. Peterson
Signature:
/s/ Adam K. Peterson
Name/Title:
Adam K. Peterson
Date:
11/12/2026
Exhibit Information
Joint Filing Agreement, dated as of November 12, 2026, by and between Magnolia Capital Fund, LP, The Magnolia Group, LLC, and Adam K. Peterson.
