National Research Corp received an amended Schedule 13G/A reporting significant institutional ownership of its ordinary shares (CUSIP 637372202) as of December 31, 2025. Kayne Anderson Rudnick Investment Management, LLC reports beneficial ownership of 2,657,832 shares, representing 11.7% of the class. It has sole voting power over 458,587 shares and shared voting power over 2,176,636 shares, with similar levels of dispositive power.
Virtus Investment Advisers, LLC reports beneficial ownership of 1,739,966 shares, or 7.7% of the class, all with shared voting and dispositive power. Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund reports 1,708,009 shares, or 7.5%, also entirely with shared voting and dispositive power. The filers certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of National Research Corp.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 12)
National Research Corp
(Name of Issuer)
National Research Ord Shs
(Title of Class of Securities)
637372202
(CUSIP Number)
12/31/2025
(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)
SCHEDULE 13G
CUSIP No.
637372202
1
Names of Reporting Persons
Kayne Anderson Rudnick Investment Management, 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
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
458,587.00
6
Shared Voting Power
2,176,636.00
7
Sole Dispositive Power
481,196.00
8
Shared Dispositive Power
2,176,636.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,657,832.00
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)
11.7 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
637372202
1
Names of Reporting Persons
Virtus Investment Advisers, 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
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,739,966.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,739,966.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,739,966.00
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)
7.7 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: The amounts reported on this page are also included in the amounts reported by Kayne Anderson Rudnick Investment Management, LLC on this Schedule 13G
SCHEDULE 13G
CUSIP No.
637372202
1
Names of Reporting Persons
Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund
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
0.00
6
Shared Voting Power
1,708,009.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,708,009.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,708,009.00
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)
7.5 %
12
Type of Reporting Person (See Instructions)
IV
Comment for Type of Reporting Person: The amounts reported on this page are also included in the amounts reported by Virtus Investment Advisers, LLC on this Schedule 13G.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
National Research Corp
(b)
Address of issuer's principal executive offices:
1245 Q Street, Lincoln, NE, 68508-1430, US
Item 2.
(a)
Name of person filing:
(1) Kayne Anderson Rudnick Investment Management, LLC (2) Virtus Investment Advisers, LLC (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund
(b)
Address or principal business office or, if none, residence:
(1) Kayne Anderson Rudnick Investment Management, LLC - 2000 Avenue of the Stars, Suite 1110, Los Angeles, 90067, CA, United States (2) Virtus Investment Advisers, LLC - One Financial Plaza, Hartford, 06103, CT, United States (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund - 101 Munson Street, Greenfield, 01301, MA, United States
(c)
Citizenship:
(1) Kayne Anderson Rudnick Investment Management, LLC - CALIFORNIA (2) Virtus Investment Advisers, LLC - MASSACHUSETTS (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund- DELAWARE
(d)
Title of class of securities:
National Research Ord Shs
(e)
CUSIP No.:
637372202
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:
(1)Kayne Anderson Rudnick Investment Management,LLC: 2657832 (2)Virtus Investment Advisers,LLC: 1739966 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 1708009
(b)
Percent of class:
(1)Kayne Anderson Rudnick Investment Management,LLC: 11.7% (2)Virtus Investment Advisers,LLC: 7.7% (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 7.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(1)Kayne Anderson Rudnick Investment Management,LLC: 458587 (2)Virtus Investment Advisers,LLC: 0 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 0
(ii) Shared power to vote or to direct the vote:
(1)Kayne Anderson Rudnick Investment Management,LLC: 2176636 (2)Virtus Investment Advisers,LLC: 1739966 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 1708009
(iii) Sole power to dispose or to direct the disposition of:
(1)Kayne Anderson Rudnick Investment Management,LLC: 481196 (2)Virtus Investment Advisers,LLC: 0 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 0
(iv) Shared power to dispose or to direct the disposition of:
(1)Kayne Anderson Rudnick Investment Management,LLC: 2176636 (2)Virtus Investment Advisers,LLC: 1739966 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 1708009
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
With respect to securities owned by a registered investment company included in this filing, only the custodian for such investment company, has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. No other person is known to have such right, except that the shareholders of such investment company participate proportionately in any dividends and distributions so paid.
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.
Kayne Anderson Rudnick Investment Management, LLC
Signature:
/s/Michael Shoemaker
Name/Title:
Chief Compliance Officer
Date:
02/13/2026
Virtus Investment Advisers, LLC
Signature:
/s/Chetram Persaud
Name/Title:
Chief Compliance Officer
Date:
02/13/2026
Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund
What does this Schedule 13G/A filing report for NRC?
The filing reports significant institutional ownership of National Research Corp ordinary shares. Kayne Anderson Rudnick, Virtus Investment Advisers, and a Virtus fund disclose sizable stakes and related voting and dispositive powers, while certifying the shares are held in the ordinary course of business, not to influence control.
How many National Research Corp shares does Kayne Anderson Rudnick hold?
Kayne Anderson Rudnick Investment Management, LLC reports beneficial ownership of 2,657,832 National Research Corp ordinary shares, representing 11.7% of the class. It has sole voting power over 458,587 shares and shared voting power over 2,176,636 shares, with similar sole and shared dispositive authority levels.
What stake in NRC is reported by Virtus Investment Advisers, LLC?
Virtus Investment Advisers, LLC reports beneficial ownership of 1,739,966 National Research Corp shares, equal to 7.7% of the class. All of these shares are reported with shared voting and shared dispositive power, and the amounts are also included in the totals reported by Kayne Anderson Rudnick.
What ownership does Virtus KAR Small-Cap Growth Fund report in NRC?
Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund reports beneficial ownership of 1,708,009 National Research Corp shares, or 7.5% of the class. All shares are held with shared voting and shared dispositive power, and the amounts are also included in the figures for Virtus Investment Advisers, LLC.
Do the reporting persons intend to influence control of National Research Corp?
The reporting persons state the securities were acquired and are held in the ordinary course of business. They certify the holdings were not acquired and are not held to change or influence control of National Research Corp, other than activities solely in connection with a nomination under Rule 240.14a-11.
Who signed the NRC Schedule 13G/A on behalf of the reporting entities?
The filing is signed by compliance and legal officers of the reporting entities. Signatories include Michael Shoemaker and Chetram Persaud, each as Chief Compliance Officer, and Daphne Chisolm as Vice President, Counsel and Assistant Secretary, certifying the accuracy and completeness of the information provided.
