Magnolia Capital Fund, LP, The Magnolia Group, LLC, and Adam K. Peterson jointly filed Amendment No. 1 to Schedule 13G with the SEC on November 12, 2026, disclosing their beneficial ownership positions in Nelnet, Inc. Class A Common Stock as of September 30, 2026.

Key Highlights

  • Issuer: Nelnet, Inc., headquartered at 121 South 13th Street, Suite 201, Lincoln, Nebraska 68508, issues Class A Common Stock with a par value of $0.01 per share (CUSIP 64031N108).
  • Fund and adviser holdings: Magnolia Capital Fund, LP and The Magnolia Group, LLC each report sole voting and dispositive power over 421,981 shares, representing 1.7% of the class.
  • Peterson aggregate ownership: Adam K. Peterson reports sole voting and dispositive power over 427,535 shares, also representing 1.7% of the class.
  • Beneficial ownership disclaimer: According to the filing, The Magnolia Group, LLC and Adam K. Peterson "disclaim beneficial ownership of the Common Stock" held by Magnolia Capital Fund, LP, though they may be deemed indirect beneficial owners by virtue of their management roles.
  • Ownership threshold: The filing states that all three reporting persons hold 5 percent or less of the class.
  • Event date: The date of event requiring this filing is September 30, 2026.

Reporting Persons' Ownership Structure in Nelnet Class A Shares

According to the Schedule 13G filing, Nelnet, Inc. is a Nebraska-based company whose principal executive offices are located at 121 South 13th Street, Suite 201, Lincoln, Nebraska 68508. The filing covers Nelnet's Class A Common Stock, par value $0.01 per share, traded on the NYSE under the ticker NYSE:NNI. The three reporting persons are Magnolia Capital Fund, LP (a Delaware limited partnership), The Magnolia Group, LLC (a Nebraska limited liability company and registered investment adviser), and Adam K. Peterson (a U.S. citizen).

The filing describes the relationships among the reporting persons: The Magnolia Group, LLC serves as the general partner of Magnolia Capital Fund, LP, and Adam K. Peterson is the managing member of The Magnolia Group, LLC. As a result of these roles, the filing states that The Magnolia Group, LLC 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." However, the filing explicitly notes that both The Magnolia Group, LLC and Mr. Peterson disclaim beneficial ownership of that Common Stock.

Magnolia Capital Fund, LP and The Magnolia Group, LLC each report 421,981 shares with sole voting and dispositive power and zero shared voting or dispositive power, equaling 1.7% of the class. Adam K. Peterson reports 427,535 shares with sole voting and dispositive power and zero shared voting or dispositive power, also representing 1.7% of the class. The filing certifies that the securities "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."

What Was Disclosed

This Amendment No. 1 to Schedule 13G discloses that Magnolia Capital Fund, LP, The Magnolia Group, LLC, and Adam K. Peterson collectively hold positions in Nelnet, Inc. Class A Common Stock as of September 30, 2026, each representing 1.7% of the class, with an explicit disclaimer of beneficial ownership by The Magnolia Group, LLC and Mr. Peterson with respect to shares held by the fund.