Nelnet, Inc.
A financial services and technology company born in Lincoln, Nebraska, Nelnet started in 1996 when founders Mike Dunlap and Steve Butterfield set out to make student loan servicing friendlier. Today it services loans for millions of borrowers, runs the FACTS tuition payment and school software platform, and operates Nelnet Bank. Its name is short for "National Education Loan Network," a tidy title for a company that has since branched into sports video (Hudl) and fiber-optic internet (ALLO).
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.
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.
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.
| Holder | Schedule | % of class | Shares | Filed |
|---|---|---|---|---|
| Magnolia Capital Fund, LP | 13D/AActivist | 5.9% | 1.49M | Jun 5, 2026 |
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. | ||||
| The Magnolia Group, LLC | 13D/AActivist | 5.9% | 1.49M | Jun 5, 2026 |
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. | ||||
| Adam K. Peterson | 13D/AActivist | 5.9% | 1.50M | Jun 5, 2026 |
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. | ||||
| Whitetail Rock Capital Management, LLC | 13G/APassive | 21.6% | 6.88M | May 13, 2026 |
| The Vanguard Group | 13G/APassive | 0% | 0 | Mar 27, 2026 |
| Dunlap, Michael S. | 13D/AActivist | 37.8% | 13.39M | Nov 13, 2025 |
| Muhleisen, Angela L. | 13G/APassive | 18.1% | 4.68M | Nov 13, 2025 |
| UNION BANK & TRUST CO / TRUSTEE | 13G/APassive | 7.9% | 2.05M | Nov 13, 2025 |
| Union Financial Services, Inc. | 13D/AActivist | 5.9% | 1.59M | Nov 13, 2025 |
| Dunlap Holdings, LLC | 13D/AActivist | 5.9% | 1.60M | Nov 13, 2025 |