Nelnet (NNI) Schedule 13G: Magnolia/Adam Peterson report 5.9% stake

Rhea-AI Filing Summary

Nelnet, Inc. Schedule 13G reports that Magnolia Capital Fund, LP and related parties beneficially hold 1,493,149 shares of Class A common stock and that Adam K. Peterson is shown with 1,502,703 shares, each representing 5.9% of the class. The filing states that The Magnolia Group, LLC is the general partner of Magnolia Capital Fund and that Mr. Peterson is the managing member; TMG and Mr. Peterson disclaim beneficial ownership while the filing is jointly submitted. The document includes a Joint Filing Agreement dated 06/05/2026.

Insights

Governance Analyst

Joint Schedule 13G shows an institutional owner and affiliated entities holding ~5.9% of Nelnet.

The filing lists 1,493,149 shares held by Magnolia Capital Fund, LP and affiliated TMG (general partner) and 1,502,703 shares associated with Adam K. Peterson, each line reported as 5.9% of the class. The text states voting and dispositive powers and includes the joint filing agreement dated 06/05/2026.

Operationally, the filing is an ownership disclosure under Schedule 13G; the filing records beneficial ownership percentages and the claimed voting/dispositive powers. Subsequent filings would show changes in holdings; timing of any dispositions is not in the excerpt.

Compliance Counsel

Filing attributes voting and dispositive authority while including a disclaimer of beneficial ownership by affiliated parties.

The document states that The Magnolia Group, LLC is the general partner of Magnolia Capital Fund and that Mr. Peterson may exercise voting and dispositive power over the shares held by the fund, while disclaiming beneficial ownership. The filing is signed by Mr. Peterson and attaches a joint filing agreement dated 06/05/2026.

These statements and signatures satisfy Schedule 13G disclosure mechanics; any legal effect depends on future filings or changes in holdings reflected in subsequent reports.

Key Figures

Magnolia Capital Fund shares: 1,493,149 shares Adam K. Peterson shares: 1,502,703 shares Percent of class: 5.9% +2 more

5 metrics

Magnolia Capital Fund shares 1,493,149 shares reported holding by Magnolia Capital Fund, LP

Adam K. Peterson shares 1,502,703 shares reported amount associated with Adam K. Peterson

Percent of class 5.9% percentage reported for each reporting line

CUSIP 64031N108 Class A Common Stock identifier

Joint Filing Agreement date 06/05/2026 date of the attached joint filing agreement

Key Terms

beneficially owned, sole dispositive power, joint filing agreement, disclaim beneficial ownership

4 terms

beneficially owned regulatory

"Amount beneficially owned: (i) 1,493,149 (ii) 1,493,149 (iii) 1,502,703"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"Sole Dispositive Power 1,493,149.00"

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.

joint filing agreement legal

"Joint Filing Agreement, dated as of June 5, 2026"

disclaim beneficial ownership regulatory

"TMG and Mr. Peterson disclaim beneficial ownership of the Common Stock."

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

NELNET, INC.

(Name of Issuer)

Class A Common Stock, Par Value $0.01 per Share

(Title of Class of Securities)

64031N108

(CUSIP Number)

05/14/2026

(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 1,493,149.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,493,149.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,493,149.00

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)

5.9 %

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 1,493,149.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,493,149.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,493,149.00

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)

5.9 %

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 1,502,703.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,502,703.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,502,703.00

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)

5.9 %

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 Number(s): 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) 1,493,149 (ii) 1,493,149 (iii) 1,502,703
(b)	Percent of class: (i) 5.9% (ii) 5.9% (iii) 5.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (i) 1,493,149 (ii) 1,493,149 (iii) 1,502,703
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: (i) 1,493,149 (ii) 1,493,149 (iii) 1,502,703
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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:	06/05/2026

The Magnolia Group, LLC

Signature:	/s/ Adam K. Peterson
Name/Title:	Adam K. Peterson, Manager
Date:	06/05/2026

Adam K. Peterson

Signature:	/s/ Adam K. Peterson
Name/Title:	Adam K. Peterson
Date:	06/05/2026

Exhibit Information

Joint Filing Agreement, dated as of June 5, 2026, by and between Magnolia Capital Fund, LP, The Magnolia Group, LLC, and Adam K. Peterson.

FAQ

What stake does Magnolia Capital Fund hold in Nelnet (NNI)?

Magnolia Capital Fund is reported as beneficially owning 1,493,149 shares of Class A common stock, representing 5.9% of the class as disclosed in the filing.

How many Nelnet shares does Adam K. Peterson report owning?

Adam K. Peterson is reported with 1,502,703 shares of Class A common stock, which the filing lists as 5.9% of the outstanding class.

Do The Magnolia Group, LLC and Mr. Peterson claim direct beneficial ownership?

The filing states that TMG and Mr. Peterson disclaim beneficial ownership while noting they may exercise voting and dispositive power over the shares held by Magnolia Capital Fund.

When was the joint filing agreement executed?

The filing includes a Joint Filing Agreement dated 06/05/2026, signed by Adam K. Peterson on behalf of the reporting persons.

What is the issuer and class referenced in the Schedule 13G?

The issuer is NELNET, INC. and the class is Class A Common Stock, par value $0.01 per share (CUSIP 64031N108), as stated in the filing.