NELNET INC NNI
CL A · Common Stock · CUSIP 64031N108
Conglomerate centered on student loan repayment and education financial services
- SectorFinancials
- IndustryPersonal Credit Institutions
- HeadquartersLincoln, NE
- Websitenelnet.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($504.0k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $121.12. Options: 1 managers hold calls ($0 notional), 1 hold puts ($0).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 151 |
| Q4 2022 | 164 |
| Q1 2023 | 152 |
| Q2 2023 | 145 |
| Q3 2023 | 146 |
| Q4 2023 | 158 |
| Q1 2024 | 154 |
| Q2 2024 | 160 |
| Q3 2024 | 160 |
| Q4 2024 | 166 |
| Q1 2025 | 180 |
| Q2 2025 | 193 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 63 | 62 |
| Q4 2023 | 72 | 71 |
| Q1 2024 | 66 | 86 |
| Q2 2024 | 81 | 67 |
| Q3 2024 | 69 | 69 |
| Q4 2024 | 74 | 68 |
| Q1 2025 | 88 | 61 |
| Q2 2025 | 90 | 75 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $0 | $0 | — |
| Q4 2024 | $32.0k | $117.5k | 3.67 |
| Q1 2025 | $11.1k | $22.2k | 2.00 |
| Q2 2025 | $0 | $0 | — |
Biggest buyers
| MASSACHUSETTS INSTITUTE OF TECHNOLOGY | New | +197.2k |
| Bragg Financial Advisors, Inc | New | +103.0k |
| JPMORGAN CHASE & CO | Added | +39.4k |
| Qube Research & Technologies Ltd | Added | +38.6k |
| MARSHALL WACE, LLP | Added | +37.6k |
| CITADEL ADVISORS LLC | Added | +25.7k |
| AMERICAN CENTURY COMPANIES INC | Added | +21.8k |
| Crawford Fund Management, LLC | Added | +18.1k |
| MORGAN STANLEY | Added | +17.3k |
| UBS Group AG | Added | +15.8k |
Biggest sellers
| MAGNOLIA GROUP, LLC | Reduced | -231.0k |
| Madison Avenue Partners, LP | Reduced | -89.6k |
| Sycale Advisors (NY) LLC | Reduced | -64.8k |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -60.3k |
| BlackRock, Inc. | Reduced | -42.4k |
| DEUTSCHE BANK AG\ | Reduced | -29.4k |
| Edgestream Partners, L.P. | Reduced | -25.0k |
| Bandera Partners LLC | Reduced | -24.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -17.9k |
| STATE STREET CORP | Reduced | -17.4k |
Biggest calls
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| DUNLAP MICHAEL S 13D · may seek influence filed 2025-11-13 | 37.8% |
| Whitetail Rock Capital Management, LLC 13G · institution filed 2026-05-13 | 21.6% |
| MUHLEISEN ANGIE 13G · exempt (held before listing) filed 2025-11-13 | 18.1% |
| UNION BANK & TRUST CO / TRUSTEE 13G · exempt (held before listing) filed 2025-11-13 | 7.9% |
MAGNOLIA CAPITAL FUND, LP
13D · may seek influence
no change · filed 2026-06-05
Stated purposeThis 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… Full filing |
5.9% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 2 | $302.4k | $302.4k |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 1 | $172.9k | $172.9k |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 2 | $320.8k | $320.8k |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 1.9m $233.5m | Reduced -60.3k |
| MAGNOLIA GROUP, LLC 31.08% of their portfolio | 1.7m $202.1m | Reduced -231.0k |
| VANGUARD GROUP INC 0.00% of their portfolio | 1.5m $186.7m | Added +5.7k |
| FARMERS & MERCHANTS INVESTMENTS INC 4.25% of their portfolio | 1.2m $145.6m | Reduced -2.5k |
| BlackRock, Inc. 0.00% of their portfolio | 1.1m $133.9m | Reduced -42.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 383.8k $46.5m | Added +1.4k |
| STATE STREET CORP 0.00% of their portfolio | 334.0k $40.5m | Reduced -17.4k |
| GENERAL AMERICAN INVESTORS CO INC 1.98% of their portfolio | 243.4k $29.5m | Unchanged |
| QVT Financial LP 3.89% of their portfolio | 229.7k $27.8m | Unchanged |
| NORTHERN TRUST CORP 0.00% of their portfolio | 199.1k $24.1m | Reduced -16.6k |
| MASSACHUSETTS INSTITUTE OF TECHNOLOGY 2.40% of their portfolio | 197.2k $23.9m | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 191.1k $23.1m | Reduced -5.8k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 172.1k $20.8m | Added +39.4k |
| Sycale Advisors (NY) LLC 5.90% of their portfolio | 158.1k $19.1m | Reduced -64.8k |
| Madison Avenue Partners, LP 1.17% of their portfolio | 144.2k $17.5m | Reduced -89.6k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 143.0k $17.3m | Added +21.8k |
| UBS Group AG 0.00% of their portfolio | 115.3k $14.0m | Added +15.8k |
| BAR HARBOR WEALTH MANAGEMENT 0.85% of their portfolio | 109.6k $13.3m | Added +335 |
| Bragg Financial Advisors, Inc 0.45% of their portfolio | 103.0k $12.5m | New |
| Bandera Partners LLC 5.59% of their portfolio | 102.4k $12.4m | Reduced -24.6k |
| LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE 2.28% of their portfolio | 101.0k $12.2m | Reduced -122 |
| Qube Research & Technologies Ltd 0.02% of their portfolio | 96.8k $11.7m | Added +38.6k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 91.9k $11.1m | Reduced -839 |
| MORGAN STANLEY 0.00% of their portfolio | 83.0k $10.1m | Added +17.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 58.3k $7.1m | Reduced -428 |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 50.2k $6.1m | Added +25.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 49.2k $6.0m | Reduced -9.2k |
| Guardian Wealth Management, Inc. 3.85% of their portfolio | 47.7k $5.8m | Added +1.4k |
| HighTower Advisors, LLC 0.01% of their portfolio | 47.6k $5.8m | Added +2.0k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 46.5k $5.6m | Added +37.6k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 46.4k $5.6m | Reduced -2.0k |
| DENALI ADVISORS LLC 0.56% of their portfolio | 44.4k $5.4m | Reduced -5.1k |
| Brandywine Global Investment Management, LLC 0.04% of their portfolio | 41.4k $5.0m | Reduced -1.6k |
| Western Standard LLC 2.45% of their portfolio | 36.3k $4.4m | Added +4.6k |
| Crawford Fund Management, LLC 2.48% of their portfolio | 34.8k $4.2m | Added +18.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 31.1k $3.8m | Reduced -17.9k |
| LPL Financial LLC 0.00% of their portfolio | 30.7k $3.7m | Added +1.6k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 30.3k $3.7m | Added +1.4k |
| Nuveen, LLC 0.00% of their portfolio | 30.3k $3.7m | Reduced -9.7k |
| Swiss National Bank 0.00% of their portfolio | 27.0k $3.3m | Reduced -300 |
| Invesco Ltd. 0.00% of their portfolio | 26.6k $3.2m | Reduced -5.2k |
| MARTINGALE ASSET MANAGEMENT L P 0.08% of their portfolio | 26.2k $3.2m | Added +10.7k |
| BARCLAYS PLC 0.00% of their portfolio | 26.1k $3.2m | Added +2.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 24.2k $2.9m | Added +3.0k |
| D.A. DAVIDSON & CO. 0.02% of their portfolio | 22.9k $2.8m | Added +2.5k |
| ALGERT GLOBAL LLC 0.06% of their portfolio | 22.3k $2.7m | Added +410 |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 21.1k $2.6m | Added +5.1k |
| JAMES INVESTMENT RESEARCH, INC. 0.30% of their portfolio | 20.8k $2.5m | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 19.0k $2.3m | Reduced -400 |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 17.5k $2.1m | Reduced -1.9k |
| Prescott Group Capital Management, L.L.C. 0.25% of their portfolio | 17.2k $2.1m | Unchanged |
| CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio | 16.2k $2.0m | Added +42 |
| DARK FOREST CAPITAL MANAGEMENT LP 0.08% of their portfolio | 16.1k $1.9m | Added +12.5k |
| Legal & General Group Plc 0.00% of their portfolio | 15.8k $1.9m | Added +821 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 13.0k $1.6m | Added +181 |
| ANCHOR CAPITAL ADVISORS LLC 0.05% of their portfolio | 12.9k $1.6m | Reduced -456 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 11.7k $1.4m | Added +1.7k |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 11.6k $1.4m | Added +6.9k |
| Edgestream Partners, L.P. 0.04% of their portfolio | 11.1k $1.3m | Reduced -25.0k |
| INTECH INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 10.9k $1.3m | Unchanged |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 10.8k $1.3m | Added +6.1k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 10.7k $1.3m | Reduced -3.2k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 10.5k $1.3m | Reduced -1.2k |
| TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio | 10.3k $1.2m | Reduced -11.7k |
| Allianz Asset Management GmbH 0.00% of their portfolio | 9.8k $1.2m | Added +1.2k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 9.6k $1.2m | Reduced -29.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 9.5k $1.2m | Added +145 |
| CITIGROUP INC 0.00% of their portfolio | 9.5k $1.1m | Reduced -4.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 8.8k $1.1m | Reduced -173 |
| Creative Planning 0.00% of their portfolio | 8.8k $1.1m | Reduced -370 |
| MetLife Investment Management, LLC 0.01% of their portfolio | 8.4k $1.0m | Unchanged |
| Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio | 8.3k $1.0m | Added +4.2k |
| Asset Value Investors Ltd 0.74% of their portfolio | 8.3k $1.0m | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 7.5k $911.1k | Reduced -1.1k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 7.0k $850.0k | Added +471 |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 7.0k $846.0k | Added +5.5k |
| TEACHER RETIREMENT SYSTEM OF TEXAS 0.00% of their portfolio | 6.7k $808.7k | Reduced -760 |
| XTX Topco Ltd 0.03% of their portfolio | 6.5k $791.6k | Added +3.1k |
| SG Americas Securities, LLC 0.00% of their portfolio | 6.5k $791.0k | New |
| NorthCrest Asset Manangement, LLC 0.02% of their portfolio | 6.3k $772.8k | Reduced -1.1k |
| QRG CAPITAL MANAGEMENT, INC. 0.01% of their portfolio | 6.2k $755.1k | Added +704 |
| Dauntless Investment Group, LLC 3.49% of their portfolio | 6.1k $741.9k | Not comparable |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 6.1k $736.8k | New |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 6.0k $727.5k | Unchanged |
| KLP KAPITALFORVALTNING AS 0.00% of their portfolio | 6.0k $726.7k | Unchanged |
| READYSTATE ASSET MANAGEMENT LP 0.03% of their portfolio | 5.8k $705.9k | New |
| HRT FINANCIAL LP 0.00% of their portfolio | 5.7k $685.0k | New |
| AVITY INVESTMENT MANAGEMENT INC. 0.05% of their portfolio | 5.0k $606.6k | New |
| RMR Capital Management, LLC 0.43% of their portfolio | 4.9k $595.5k | Added +464 |
| Proficio Capital Partners LLC 0.03% of their portfolio | 4.5k $545.0k | Unchanged |
| CreativeOne Wealth, LLC 0.01% of their portfolio | 4.4k $538.3k | Unchanged |
| ZACKS INVESTMENT MANAGEMENT 0.00% of their portfolio | 4.3k $525.5k | New |
| ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio | 4.1k $499.6k | Added +82 |
| SEI INVESTMENTS CO 0.00% of their portfolio | 4.1k $495.3k | Added +1.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 4.1k $492.8k | Reduced -4.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 4.1k $492.3k | Added +369 |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 3.6k $433.9k | Reduced -887 |
| Handelsbanken Fonder AB 0.00% of their portfolio | 3.6k $430.0k | Unchanged |
| MML INVESTORS SERVICES, LLC 0.00% of their portfolio | 3.3k $404.0k | Added +633 |
| Inspire Investing, LLC 0.04% of their portfolio | 3.2k $391.9k | Added +123 |