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 ($37.4k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $128.88. Options: 3 managers hold calls ($657.7k notional), 1 hold puts ($12.9k).
Trends to Q1 2026
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 |
| Q3 2025 | 204 |
| Q4 2025 | 220 |
| Q1 2026 | 219 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 81 | 67 |
| Q3 2024 | 69 | 69 |
| Q4 2024 | 74 | 68 |
| Q1 2025 | 88 | 61 |
| Q2 2025 | 90 | 75 |
| Q3 2025 | 98 | 81 |
| Q4 2025 | 100 | 92 |
| Q1 2026 | 110 | 88 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $0 | $0 | — |
| Q3 2025 | $0 | $852.6k | — |
| Q4 2025 | $0 | $0 | — |
| Q1 2026 | $657.7k | $12.9k | 0.02 |
Biggest buyers
| AMERICAN CENTURY COMPANIES INC | Added | +71.4k |
| BlackRock, Inc. | Added | +53.0k |
| AQR CAPITAL MANAGEMENT LLC | Added | +42.9k |
| FRANKLIN RESOURCES INC | New | +38.0k |
| Qube Research & Technologies Ltd | Added | +31.9k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +31.9k |
| HUB Investment Partners, LLC | New | +20.3k |
| MERCER GLOBAL ADVISORS INC /ADV | Added | +19.7k |
| Man Group plc | New | +19.2k |
| RENAISSANCE TECHNOLOGIES LLC | Added | +17.8k |
Biggest sellers
| Bandera Partners LLC | Reduced | -55.2k |
| Sycale Advisors (NY) LLC | Reduced | -52.0k |
| UBS Group AG | Reduced | -49.9k |
| JPMORGAN CHASE & CO | Reduced | -47.6k |
| Philadelphia Financial Management of San Francisco, LLC | Sold out | -46.9k |
| D. E. Shaw & Co., Inc. | Reduced | -45.6k |
| HRT FINANCIAL LP | Sold out | -32.0k |
| ALGERT GLOBAL LLC | Sold out | -23.4k |
| TUDOR INVESTMENT CORP ET AL | Sold out | -23.2k |
| Y-Intercept (Hong Kong) Ltd | Sold out | -21.6k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $322.4k2.5k shares |
| CITADEL ADVISORS LLC | New | $245.0k1.9k shares |
| SIMPLEX TRADING, LLC | New | $90.3k700 shares |
Biggest puts
| SIMPLEX TRADING, LLC | New | $12.9k100 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 Q1 2026
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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q3 2025 | 0 | — | 1 | $1.1m | $1.1m |
| Q4 2025 | 0 | — | 1 | $51.6k | $51.6k |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 1.8m $238.3m | Reduced -1.3k |
| MAGNOLIA GROUP, LLC 40.04% of their portfolio | 1.7m $215.2m | Unchanged |
| FARMERS & MERCHANTS INVESTMENTS INC 4.21% of their portfolio | 1.2m $152.7m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 978.0k $126.1m | Added +53.0k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 679.4k $87.6m | First filing |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 577.9k $74.5m | First filing |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 346.7k $44.7m | Added +31.9k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 335.7k $43.3m | Added +71.4k |
| STATE STREET CORP 0.00% of their portfolio | 315.0k $40.6m | Added +16.7k |
| GENERAL AMERICAN INVESTORS CO INC 2.00% of their portfolio | 234.0k $30.2m | Reduced -9.4k |
| QVT Financial LP 2.36% of their portfolio | 231.4k $29.8m | Added +1.7k |
| Empyrean Capital Partners, LP 0.99% of their portfolio | 231.0k $29.8m | Unchanged |
| Bragg Financial Advisors, Inc 0.93% of their portfolio | 226.8k $29.2m | Added +14.2k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 173.4k $22.4m | Added +12.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 162.1k $20.9m | Added +7.3k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 133.9k $17.3m | Reduced -47.6k |
| Qube Research & Technologies Ltd 0.02% of their portfolio | 108.8k $14.0m | Added +31.9k |
| BAR HARBOR WEALTH MANAGEMENT 0.82% of their portfolio | 108.7k $14.0m | Reduced -1.5k |
| Sycale Advisors (NY) LLC 6.49% of their portfolio | 100.5k $13.0m | Reduced -52.0k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 88.5k $11.4m | First filing |
| UBS Group AG 0.00% of their portfolio | 82.5k $10.6m | Reduced -49.9k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 81.4k $10.5m | Added +6.3k |
| MORGAN STANLEY 0.00% of their portfolio | 77.2k $10.0m | Added +10.4k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 69.6k $9.0m | Reduced -155 |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 67.4k $8.7m | Added +42.9k |
| LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE 2.50% of their portfolio | 66.5k $8.6m | Added +325 |
| Guardian Wealth Management, Inc. 3.61% of their portfolio | 51.4k $6.6m | Added +2.1k |
| Edgestream Partners, L.P. 0.21% of their portfolio | 50.7k $6.5m | Added +16.4k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 48.9k $6.3m | Added +3.7k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 48.0k $6.2m | Added +17.8k |
| Bandera Partners LLC 2.75% of their portfolio | 47.2k $6.1m | Reduced -55.2k |
| Crawford Fund Management, LLC 1.97% of their portfolio | 47.0k $6.1m | Added +865 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 41.9k $5.4m | Added +17.7k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 41.7k $5.4m | Added +14.2k |
| DENALI ADVISORS LLC 0.59% of their portfolio | 41.2k $5.3m | Reduced -3.4k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 38.0k $4.9m | New |
| LPL Financial LLC 0.00% of their portfolio | 37.6k $4.8m | Added +4.9k |
| HighTower Advisors, LLC 0.00% of their portfolio | 34.1k $4.4m | Reduced -769 |
| Nuveen, LLC 0.00% of their portfolio | 28.3k $3.6m | Added +2.3k |
| Swiss National Bank 0.00% of their portfolio | 27.7k $3.6m | Unchanged |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 27.2k $3.5m | Added +177 |
| Militia Capital Management LLC 0.26% of their portfolio | 27.0k $3.5m | First filing |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 26.2k $3.4m | Reduced -4.8k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 24.3k $3.1m | Added +7.1k |
| D.A. DAVIDSON & CO. 0.02% of their portfolio | 24.0k $3.1m | Reduced -60 |
| Invesco Ltd. 0.00% of their portfolio | 23.1k $3.0m | Added +3.5k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 23.0k $3.0m | Added +128 |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 21.3k $2.7m | Added +19.7k |
| JAMES INVESTMENT RESEARCH, INC. 0.30% of their portfolio | 20.8k $2.7m | Unchanged |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 20.4k $2.6m | Reduced -45.6k |
| HUB Investment Partners, LLC 0.06% of their portfolio | 20.3k $2.6m | New |
| Man Group plc 0.01% of their portfolio | 19.2k $2.5m | New |
| MARTINGALE ASSET MANAGEMENT L P 0.06% of their portfolio | 18.7k $2.4m | Reduced -891 |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 18.3k $2.4m | Reduced -6.9k |
| Prescott Group Capital Management, L.L.C. 0.22% of their portfolio | 17.2k $2.2m | Unchanged |
| FIRST MANHATTAN CO. LLC. 0.01% of their portfolio | 17.2k $2.2m | Reduced -4.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 16.5k $2.2m | Added +1.3k |
| Fieldview Capital Management, LLC 0.61% of their portfolio | 16.2k $2.1m | Added +5.7k |
| CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio | 16.0k $2.1m | Added +562 |
| Creative Planning 0.00% of their portfolio | 14.8k $1.9m | Added +1.6k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 14.7k $1.9m | Added +1.7k |
| BARCLAYS PLC 0.00% of their portfolio | 14.3k $1.8m | Reduced -3.3k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 14.2k $1.8m | Added +2.3k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.16% of their portfolio | 14.2k $1.8m | Added +11.7k |
| ANCHOR CAPITAL ADVISORS LLC 0.05% of their portfolio | 13.8k $1.8m | Reduced -231 |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 13.5k $1.7m | Reduced -2.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 13.3k $1.7m | Added +3.7k |
| Pilgrim Partners Asia Pte Ltd 0.65% of their portfolio | 12.0k $1.5m | Unchanged |
| Legal & General Group Plc 0.00% of their portfolio | 11.8k $1.5m | Reduced -2.3k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 11.7k $1.5m | First filing |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 11.7k $1.5m | Reduced -1.5k |
| ExodusPoint Capital Management, LP 0.01% of their portfolio | 11.6k $1.5m | New |
| CITIGROUP INC 0.00% of their portfolio | 10.7k $1.4m | Added +5.3k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 10.4k $1.3m | Added +2.0k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 9.4k $1.2m | Added +459 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 8.9k $180.3k | Added +8.1k |
| WEDGE CAPITAL MANAGEMENT L L P/NC 0.02% of their portfolio | 8.9k $1.2m | Added +185 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 8.6k $1.1m | Added +708 |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.04% of their portfolio | 8.1k $1.0m | Reduced -6.3k |
| Brevan Howard Capital Management LP 0.01% of their portfolio | 7.8k $1.0m | Added +6.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 7.7k $991.7k | Added +555 |
| NorthCrest Asset Manangement, LLC 0.03% of their portfolio | 7.5k $976.1k | Added +48 |
| Aquatic Capital Management LLC 0.03% of their portfolio | 7.5k $961.0k | New |
| MetLife Investment Management, LLC 0.00% of their portfolio | 7.0k $908.4k | Added +859 |
| Asset Value Investors Ltd 0.82% of their portfolio | 6.4k $821.5k | Unchanged |
| KLP KAPITALFORVALTNING AS 0.00% of their portfolio | 6.2k $799.6k | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 6.0k $777.0k | Added +1.6k |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 6.0k $774.4k | Unchanged |
| Integrated Quantitative Investments LLC 0.14% of their portfolio | 5.9k $760.0k | Added +235 |
| IEQ CAPITAL, LLC 0.00% of their portfolio | 5.8k $746.0k | Added +3.8k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 5.7k $740.0k | Reduced -19.8k |
| Squarepoint Ops LLC 0.00% of their portfolio | 5.7k $738.6k | New |
| Engineers Gate Manager LP 0.01% of their portfolio | 5.7k $737.5k | Added +3.0k |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 5.6k $720.0k | First filing |
| SG Americas Securities, LLC 0.00% of their portfolio | 5.5k $715.0k | Reduced -6.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 5.5k $711.8k | Reduced -7.7k |
| Legato Capital Management LLC 0.06% of their portfolio | 5.5k $710.6k | Added +1.9k |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 5.4k $688.0k | Added +198 |
| Mariner, LLC 0.00% of their portfolio | 5.3k $678.5k | Added +2.9k |
| Handelsbanken Fonder AB 0.00% of their portfolio | 5.2k $664.0k | Unchanged |