As of November 10, 2026, 5 holders' latest Schedule 13D or 13G filings report owning 5% or more of Nelnet, Inc. The largest reported stake is Dunlap, Michael S.'s, at 37.8%. 7 filings are on record since November 13, 2025 (Schedule 13D/A, November 13, 2025).
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Key facts
- · Reporting person: Magnolia Capital Fund, LP · Sole voting: 1,493,149 · Shared voting: 0 · Sole dispositive: 1,493,149 · Shared dispositive: 0 · SCHEDULE 13D/A, 2026-06-05
- · Holder: Magnolia Capital Fund, LP · Percent: 5.9% · SCHEDULE 13G
- · Holder: Whitetail Rock Capital Management, LLC · Percent: 21.6% · SCHEDULE 13G/A
- · Holder: The Vanguard Group · Percent: 0% · SCHEDULE 13G/A
- · Holder: Union Bank & Trust Co / Trustee · Percent: 7.9% · SCHEDULE 13G/A
Nelnet, Inc. has 7 Schedule 13D or 13G filings on record since 2025-11-13. 5 holders' latest filing reports 5% or more of class a common stock, par value $0.01 per share. Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| Dunlap, Michael S. | 37.8% | 13,387,235 | SCHEDULE 13D/A, 2025-11-13 | 2025-11-10 |
| Whitetail Rock Capital Management, LLC | 21.6% | 6,881,976 | SCHEDULE 13G/A, 2026-05-13 | 2026-03-31 |
| Muhleisen, Angela L. | 18.1% | 4,683,900 | SCHEDULE 13G/A, 2025-11-13 | 2025-09-30 |
| Union Bank & Trust Co / Trustee | 7.9% | 2,047,228 | SCHEDULE 13G/A, 2025-11-13 | 2025-09-30 |
| Magnolia Capital Fund, LP | 5.9% | 1,493,149 | SCHEDULE 13D/A, 2026-06-05 | 2026-05-14 |
| The Vanguard Group | 0% | 0 | SCHEDULE 13G/A, 2026-03-27 | 2026-03-13 |
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More on Nelnet, Inc. and the records around it.
Nelnet, Inc. elsewhere on the record
- Leadership changes Sep 2026
- Who owns it
Companies that share a holder
- Magnolia Capital Fund, LP also filed stake reports on 5 other companies: Boston Omaha Corporation (Sep 2026), America's Car-Mart Inc. (Sep 2026), Pure Cycle Corporation (Aug 2026)
- The Vanguard Group also filed stake reports on 2384 other companies: BellRing Brands, Inc. (Sep 2026), CAL-MAINE FOODS INC (Sep 2026), FTAI Aviation Ltd. (Sep 2026)
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Voting and dispositive power, as filed
| Reporting person | Sole voting | Shared voting | Sole dispositive | Shared dispositive | Filing |
|---|---|---|---|---|---|
| Magnolia Capital Fund, LP | 1,493,149 | 0 | 1,493,149 | 0 | SCHEDULE 13D/A, 2026-06-05 |
| The Magnolia Group, LLC | 1,493,149 | 0 | 1,493,149 | 0 | SCHEDULE 13D/A, 2026-06-05 |
| Adam K. Peterson | 1,502,703 | 0 | 1,502,703 | 0 | SCHEDULE 13D/A, 2026-06-05 |
The latest filing identifies Nelnet, Inc. by CUSIP 64031N108 and gives its principal executive office as 121 SOUTH 13TH STREET, STE 201, LINCOLN, NE 68508 (SCHEDULE 13D/A, 2026-06-05).
Source of funds (Item 3)
The source and consideration for the Common Stock beneficially owned by the Reporting Persons, as described in this Schedule 13D, are as follows: (1) MCF directly holds 1,493,149 shares of Common Stock. Its cost basis in these assets is $87,260,681.24. Consideration for these assets came from the working capital of MCF. (2) Adam K. Peterson directly holds 9,554 shares of Common Stock for his own account.Magnolia Capital Fund, LP, SCHEDULE 13D/A, 2026-06-05
Purpose of Transaction (Item 4)
Magnolia Capital Fund, LP
This Schedule 13D amendment is being jointly filed to report that, in partial satisfaction of certain withdrawal requests, effective May 13 and May 14, 2026, MCF distributed in-kind, to withdrawing limited partners 76,401 and 99,426 shares, respectively, of the Issuer's Common Stock. As a result of the distributions: (1) MCF is no longer deemed a beneficial owner of such distributed shares and, accordingly, the number of shares reported by MCF is decreased by 175,827 (with a corresponding decrease in the number of shares beneficially owned by TMG, as the general partner of MCF, and Adam Peterson, as the managing member of TMG). Although Reporting Persons have no specific plan or proposal to acquire additional Common Stock or dispose of the Common Stock, Reporting Persons at any time and from time to time may acquire additional Common Stock or dispose of any or all of its Common Stock depending upon on ongoing evaluation of the investment in the Common Stock, prevailing market conditions, other investment opportunities, liquidity requirements of the Reporting Person and/or other investment considerations. On March 23, 2026, Adam Peterson notified Nelnet, Inc. of his resignation from the Board of Directors effective immediately. As a result of Mr. Peterson's resignation and the noted distributions herein, the Reporting Persons requirement to maintain a Schedule 13D have ceased.Item 4 of the SCHEDULE 13D/A filed 2026-06-05
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-11-13 | Union Bank & Trust Co / Trustee | 7.9% | SCHEDULE 13G/A |
| 2025-11-13 | Muhleisen, Angela L. | 18.1% | SCHEDULE 13G/A |
| 2025-11-13 | Dunlap, Michael S. | 37.8% | SCHEDULE 13D/A |
| 2026-03-27 | The Vanguard Group | 0% | SCHEDULE 13G/A |
| 2026-05-13 | Whitetail Rock Capital Management, LLC | 21.6% | SCHEDULE 13G/A |
| 2026-06-05 | Magnolia Capital Fund, LP | 5.9% | SCHEDULE 13G |
| 2026-06-05 | Magnolia Capital Fund, LP | 5.9% | SCHEDULE 13D/A |
Questions about who owns Nelnet, Inc.
Who owns Nelnet, Inc.?
On this page, 5 holders' latest ownership filings report 5% or more of Nelnet, Inc.: Dunlap, Michael S. (37.8%, Schedule 13D/A, filed 2025-11-13), Whitetail Rock Capital Management, LLC (21.6%, Schedule 13G/A, filed 2026-05-13), Muhleisen, Angela L. (18.1%, Schedule 13G/A, filed 2025-11-13), Union Bank & Trust Co / Trustee (7.9%, Schedule 13G/A, filed 2025-11-13) and Magnolia Capital Fund, LP (5.9%, Schedule 13D/A, filed 2026-06-05).
Who are the largest shareholders of Nelnet, Inc.?
By the share each holder's latest filing reports, the largest holders of Nelnet, Inc. on this page are Dunlap, Michael S. (37.8%), Whitetail Rock Capital Management, LLC (21.6%) and Muhleisen, Angela L. (18.1%).
When did Dunlap, Michael S. buy into Nelnet, Inc.?
The filings give report dates, not purchase dates. The earliest filing from Dunlap, Michael S. on this page is the Schedule 13D/A, filed 2025-11-13, reporting 37.8%. That earliest filing is itself an amendment, which updates an earlier report.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 7 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
Also on the record for Nelnet, Inc.
| Date | Record | Figure | Our page | Source |
|---|---|---|---|---|
| September 16, 2026 | Leadership change: Angela Klein appointed, Director, and 1 more | — | Leadership changes | Source |
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.