# EDGAR Filing Document

**Accession Number:** 0001541685
**File Stem:** 0001008886-26-000116
**Filing Date:** 2026-5
**Character Count:** 18719
**Document Hash:** 920cdba06281f016900cbc3ca1e0eee6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001008886-26-000116.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001008886-26-000116

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NELNET INC
- **CENTRAL INDEX KEY:** 0001258602
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 840748903
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-79624
- **FILM NUMBER:** 26974393

**BUSINESS ADDRESS:**
- **STREET 1:** 121 SOUTH 13TH ST
- **STREET 2:** STE 201
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508
- **BUSINESS PHONE:** 402-458-2370

**MAIL ADDRESS:**
- **STREET 1:** 121 SOUTH 13TH ST
- **STREET 2:** STE 201
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Whitetail Rock Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001541685

**ORGANIZATION NAME:**
- **EIN:** 274866996
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 121 SOUTH 13TH STREET, SUITE 201
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508
- **BUSINESS PHONE:** (402)458-2243

**MAIL ADDRESS:**
- **STREET 1:** 121 SOUTH 13TH STREET, SUITE 201
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508

## Exhibit 99.1

------

Exhibit 99.1

#### POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby makes, constitutes and appoints each of Thomas G. (Greer) McCurley, Matthew J. Brinkman, William J. Munn, Philip J. Morgan, Brooke N. Ward, Nicole M. Stawniak, and Audra Hoffschneider, or any of them acting singly, and with full power of substitution and re-substitution, the undersigned's true and lawful attorney-in-fact (each of such persons and their substitutes being referred to herein as the "Attorney-in-Fact"), with full power to act for the undersigned and in the undersigned's name, place and stead, in any and all capacities, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) Prepare, execute, and submit or cause to be submitted to the U.S. Securities and Exchange Commission (the "SEC") a Form ID, including amendments thereto, and any other documents necessary or appropriate to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required or considered by the Attorney-in-Fact to be advisable under Section 13 or Section 16 of the Securities Exchange Act of 1934 (the "Exchange Act") or any rule or regulation of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(2) Prepare, execute and submit to the SEC, Nelnet, Inc. (the "Company"), and/or any national securities exchange on which the Company's securities are listed any and all reports (including any amendments thereto) the undersigned is required to file with the SEC, or which the Attorney-in-Fact considers it advisable to file with the SEC, under Section 13 or Section 16 of the Exchange Act or any rule or regulation thereunder, or under Rule 144 under the Securities Act of 1933 ("Rule 144"), with respect to any security of the Company, including Forms 3, 4 and 5, Schedules 13D and 13G, Forms 13F, and Forms 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(3) Obtain, as the undersigned's representative and on the undersigned's behalf, information regarding transactions in the Company's equity securities from any third party, including the Company and any brokers, dealers, employee benefit plan administrators and trustees, and the undersigned hereby authorizes any such third party to release any such information to the Attorney-in-Fact.

The undersigned acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) This Power of Attorney authorizes, but does not require, the Attorney-in-Fact to act in his or her discretion on information provided to such Attorney-in-Fact without independent verification of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Any documents prepared or executed by the Attorney-in-Fact on behalf of the undersigned pursuant to this Power of Attorney will be in such form and will contain such information as the Attorney-in-Fact, in his or her discretion, deems necessary or desirable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Neither the Company nor the Attorney-in-Fact assumes any liability for the undersigned's responsibility to comply with the requirements of Section 13 or Section 16 of the Exchange Act or Rule 144, any liability of the undersigned for any failure to comply with such requirements, or any liability of the undersigned for disgorgement of profits under Section 16(b) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) This Power of Attorney does not relieve the undersigned from responsibility for compliance with the undersigned's obligations under Section 13 or Section 16 of the Exchange Act, including, without limitation, the reporting requirements under Section 13 or Section 16 of the Exchange Act.

The undersigned hereby grants to the Attorney-in-Fact full power and authority to do and perform each and every act and thing requisite, necessary or advisable to be done in connection with the foregoing, as fully, to all intents and purposes, as the undersigned might or could do in person, hereby ratifying and confirming all that the Attorney-in-Fact, or his or her substitute or substitutes, shall lawfully do or cause to be done by authority of this Power of Attorney.

This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 4 or 5 or Schedules 13D or 13G or Forms 13F or Forms 144 with respect to the undersigned's holdings of and transactions in securities of the Company, unless earlier revoked by the undersigned in a signed writing delivered to the Attorney-in-Fact. This Power of Attorney revokes all previous powers of attorney with respect to the subject matter of this Power of Attorney.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of this 20<sup>th</sup> day of August, 2025.

---

| |
|:---|
| WHITETAIL ROCK CAPITAL MANAGEMENT, LLC |
| /s/ Matthew J. Brinkman |
| Matthew J. Brinkman |
| Vice President and Chief Compliance Officer |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 15)**

**Issuer:** Nelnet, Inc.

**Title of Class of Securities:** Class A Common Stock

**CUSIP Number:** —

**Date of Event Which Requires Filing of this Statement:** 03/31/2026

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Whitetail Rock Capital Management, LLC | Names of Reporting Persons<br>Whitetail Rock Capital Management, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>NE | Citizenship or Place of Organization<br>NE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6881976 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6881976 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6881976 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6881976 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>21.6% | Percent of Class Represented by Amount in Row (9)<br>21.6% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

**Item 1(a). Name of Issuer:**
Nelnet, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
121 South 13th Street, Suite 100, Lincoln, Nebraska 68508

**Item 2(a). Name of Person Filing:**
Whitetail Rock Capital Management, LLC

**Item 2(b). Address of Principal Business Office:**
121 South 13th Street
Suite 100
Lincoln, Nebraska 68508

**Item 2(c). Citizenship:**
Nebraska

**Item 2(d). Title of Class of Securities:**
Class A Common Stock

**Item 2(e). CUSIP Number:**
—

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

The reporting person may be deemed to have shared voting and dispositive power over 402,205 shares of Class A common stock and 6,479,771 shares of Class B common stock (which shares are convertible into the same number of shares of Class A common stock at the option of the holder at any time, with each share of Class A common stock having one vote and each share of Class B common stock having ten votes on all matters to be voted upon by the issuer's shareholders). The shares of Class B common stock are held in (i) two separate grantor retained annuity trusts ("GRATs") and three separate other trusts (collectively, the "Dynasty Trusts") established by Michael S. Dunlap in 2011; (ii) three separate post-annuity trusts established in connection with the expiration of the annuity terms of other separate GRATs established by Mr. Dunlap in 2011 (collectively, the "2011 Post-Annuity Trusts"); (iii) two separate GRATs established by Mr. Dunlap's spouse in 2015; (iv) six separate post-annuity trusts established upon the expiration of the annuity term of other GRATs established by Mr. Dunlap's spouse in 2015 (collectively, the "2015 Post-Annuity Trusts"); (v) eight separate GRATs established by Mr. Dunlap and his spouse in 2020; (vi) three separate post-annuity trusts established upon the expiration of the annuity term of other separate GRATs established by Mr. Dunlap's spouse in 2020 (collectively, the "2020 Dunlap Post-Annuity Trusts"); (vii) four separate GRATs established by Shelby J. Butterfield, the widow of Stephen F. Butterfield, in 2015; (viii) two separate post-annuity trusts established following the termination of a charitable lead annuity trust established by Mr. Butterfield in 2016 (together, the "Post-CLAT Trusts"); (ix) the Stephen F. Butterfield GST Non-Exempt Marital Trust (the "Butterfield GST Non-Exempt Marital Trust") and the Stephen F. Butterfield GST Exempt Marital Trust; and (x) two separate trusts for the benefit of the children of Ms. Butterfield (collectively, the "Butterfield Children Trusts").  The shares of Class A common stock are held in (a) four separate GRATs established by Angela L. Muhleisen in 2020; (b) four separate post-annuity trusts established in connection with the expiration of the annuity terms of other separate GRATs established by Dan D. Muhleisen (deceased spouse of Ms. Muhleisen) in 2020 (together, the "2020 Muhleisen Post-Annuity Trusts"); (c) four separate GRATs established by Ms. Muhleisen in 2022; and (d) the Butterfield GST Non-Exempt Marital Trust.  All of the GRATs, along with the Dynasty Trusts, the 2011 Post-Annuity Trusts, the 2015 Post-Annuity Trusts, the 2020 Dunlap Post-Annuity Trusts, the Post-CLAT Trusts, the Butterfield GST Non-Exempt Marital Trust, the Stephen F. Butterfield GST Exempt Marital Trust, the Butterfield Children Trusts, and the 2020 Muhleisen Post-Annuity Trusts, referred to herein, are collectively referred to herein as the "Trusts".  Under the Trusts, the reporting person, which is registered as an investment adviser under Section 203 of the Investment Advisers Act of 1940, has been designated to serve as investment adviser with investment power with respect to shares of the issuer's stock held by the Trusts and voting power with respect to shares of the issuer's stock held by the Trusts, including, with respect to the Butterfield GST Non-Exempt Marital Trust, shares of the issuer's stock held indirectly through the holding of 50% of the outstanding capital stock of Union Financial Services, Inc. ("UFS"), which holds a total of 1,586,691 shares of Class B common stock.  Accordingly, the reporting person is reporting beneficial ownership pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of the subject securities held by the Trusts, including, with respect to the Butterfield GST Non-Exempt Marital Trust, securities held indirectly through UFS.  The reporting person is not a beneficiary of any of the Trusts, does not have any pecuniary interest under the provisions of Rule 16a-1(a)(2) under the Exchange Act in the securities held by the Trusts, and, for purposes of Section 16 of the Exchange Act pursuant to the provisions of Rule 16a-1(a)(1) thereunder, is not deemed to be the beneficial owner of the securities held in the Trusts for the benefit of third parties.  The reporting person is a majority owned subsidiary of the issuer, of which Michael S. Dunlap is Executive Chairman of the Board of Directors and a significant shareholder, Angela L. Muhleisen (a sister of Mr. Dunlap) is a significant shareholder, Shelby J. Butterfield is a significant shareholder, and Stephen F. Butterfield was Vice Chairman of the Board of Directors and a significant shareholder.

**(b) Percent of class:**

21.6%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

0

**(ii) Shared power to vote or to direct the vote:**

6,881,976

**(iii) Sole power to dispose or to direct the disposition of:**

0

**(iv) Shared power to dispose or to direct the disposition of:**

6,881,976

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

As discussed Item 4(a) above, which is incorporated by reference herein, the securities resulting in the filing of this Schedule by the reporting person, in its capacity as investment adviser, are held by the Trusts and by UFS, 50% of the outstanding capital stock of which is held by the Butterfield GST Non-Exempt Marital Trust and the other 50% of the outstanding capital stock of which is held by Michael S. Dunlap, who is also president and treasurer of UFS.  The Trusts have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities that the Trusts hold.  UFS has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the 1,586,691 shares of Class B common stock that UFS holds, which represents more than five percent of the class of securities to which this Schedule relates.  Except for the Butterfield GST Non-Exempt Marital Trust, which through its holding of 50% of the outstanding capital stock of UFS as well as securities of the issuer it holds directly may be deemed to have such right or power related to more than five percent of the class of securities to which this Schedule relates, no individual Trust has such right or power related to more than five percent of the class of securities to which this Schedule relates.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Whitetail Rock Capital Management, LLC**

**Date:** 05/13/2026

**By:** /s/ Nicole M. Stawniak, pursuant to power of attorney filed herewith

**Name & Title:** Nicole M. Stawniak, Attorney-in-Fact