# EDGAR Filing Document

**Accession Number:** 0001618376
**File Stem:** 0001398344-25-017196
**Filing Date:** 2025-8
**Character Count:** 9331
**Document Hash:** a5a00bba97c9f63b4695f00d5df1b84d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017196.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001398344-25-017196

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MAGNOLIA GROUP, LLC
- **CENTRAL INDEX KEY:** 0001618376

**ORGANIZATION NAME:**
- **EIN:** 383924814
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17143
- **FILM NUMBER:** 251280613

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 DODGE STREET
- **STREET 2:** SUITE 3300
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68102
- **BUSINESS PHONE:** 918-796-3158

**MAIL ADDRESS:**
- **STREET 1:** 1601 DODGE STREET
- **STREET 2:** SUITE 3300
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAGNOLIA GROUP LLC
- **DATE OF NAME CHANGE:** 20140902

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001618376

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** MAGNOLIA GROUP, LLC

**Address:** 1601 DODGE STREET, OMAHA, NE 68102

**Telephone number:** 402-509-8456

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-17143

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                       | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                             | VOTE CATEGORY                |     SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| America's Car-Mart, Inc.             | 03062T105 | 08/27/2024     | To approve an advisory resolution regarding the Company's compensation of its named executive officers.                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES | 768410           |                0 | FOR         |                         768410           | FOR                         |  |
| Asbury Automotive Group, Inc.        | 043436104 | 05/13/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 168623           |                0 | FOR         |                         168623           | FOR                         |  |
| Boston Omaha Corporation             | 101044105 | 09/20/2024     | To conduct a non-binding advisory vote to approve the compensation of the named executive officers.                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |      1.08671e+07 |                0 | FOR         |                              1.08671e+07 | FOR                         |  |
| Boston Omaha Corporation             | 101044105 | 09/20/2024     | To conduct an advisory (non-binding) vote on the frequency of the vote to approve the executive compensation of the named executive officers.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |      1.08671e+07 |                0 | FOR         |                              1.08671e+07 | FOR                         |  |
| Core Natural Resources Inc.          | 218937100 | 04/29/2025     | Approval, on an Advisory Basis, of the Compensation paid to Core Natural Resources, Inc.'s Named Executive Officers in 2024.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES | 110000           |                0 | FOR         |                         110000           | FOR                         |  |
| Frontier Communications Parent, Inc. | 35909D109 | 11/13/2024     | To approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to the Company's named executive officers in connection with the consummation of the merger.                                                                                 | SECTION 14A SAY-ON-PAY VOTES | 800797           |                0 | AGAINST     |                         800797           | AGAINST                     |  |
| Nelnet, Inc.                         | 64031N108 | 05/15/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      1.9e+06     |                0 | FOR         |                              1.9e+06     | FOR                         |  |
| Nuvera Communications Inc.           | 67075V100 | 05/22/2025     | To approve the Company's executive compensation.                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 303407           |                0 | FOR         |                         303407           | FOR                         |  |
| Nuvera Communications Inc.           | 67075V100 | 05/22/2025     | To cast an advisory vote regarding the frequency of future advisory say-on-pay votes on executive compensation.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 303407           |                0 | 1 Year      |                         303407           | AGAINST                     |  |
| OLD MARKET CAPITAL CORPORATION       | 65373A109 | 09/24/2024     | To provide an advisory vote on the compensation for our named executive officers as disclosed in the Executive Compensation Discussion and Analysis section and the accompanying compensation tables and narrative discussion contained in the accompanying Proxy Statement. | SECTION 14A SAY-ON-PAY VOTES |      2.42607e+06 |                0 | FOR         |                              2.42607e+06 | FOR                         |  |
| Pure Cycle Corp.                     | 746228303 | 01/15/2025     | Approval on an advisory basis, of compensation of the Company's named executive officers.                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |      2.08341e+06 |                0 | FOR         |                              2.08341e+06 | FOR                         |  |
| ReMax Holdings, Inc.                 | 75524W108 | 05/14/2025     | Advisory vote on the compensation of our named executive officers.                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |      3.24793e+06 |                0 | FOR         |                              3.24793e+06 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** MAGNOLIA GROUP, LLC

**By (Signature):** Adam K. Peterson

**By (Printed Signature):** Adam K. Peterson

**By (Title):** Manager

**Date:** 08/29/2025