# EDGAR Filing Document

**Accession Number:** 0001618333
**File Stem:** 0001398344-26-010479
**Filing Date:** 2026-6
**Character Count:** 13129
**Document Hash:** 82bd8a9478f8b621c80694bb8b6857d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010479.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001398344-26-010479

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

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**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 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-79624
- **FILM NUMBER:** 261070366

**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:** MAGNOLIA CAPITAL FUND, LP
- **CENTRAL INDEX KEY:** 0001618333

**ORGANIZATION NAME:**
- **EIN:** 464969706
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 DODGE STREET, SUITE 3300
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68102
- **BUSINESS PHONE:** 402-509-8456

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

## Ex-1

Exhibit 1

JOINT FILING AGREEMENT

Pursuant to Rule 13d-1(k)(1) under the Securities Exchange act of 1934, the undersigned agree, as of June 5, 2026, that only one statement containing the information required by Schedule 13D, and each amendment thereto, need to be filed with respect to the ownership by each of the undersigned of shares of NelNet, Inc., and such statement to which this Joint Filing Agreement is attached as Exhibit 1 is filed on behalf of each of the undersigned.

---

| | |
|:---|:---|
| Dated: | June 5, 2026 |
| By: | /s/ Adam K. Peterson |
|  | Adam K. Peterson |
| Magnolia Capital Fund, LP | Magnolia Capital Fund, LP |
| By: | The Magnolia Group, LLC, General Partner |
| By: | /s/ Adam K. Peterson |
|  | Adam K. Peterson, Manager |
|  | The Magnolia Group, LLC |
| By: | /s/ Adam K. Peterson |
|  | Adam K. Peterson, Manager |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**NELNET, INC.**

*(Name of Issuer)*

**Class A Common Stock, Par Value $0.01 per Share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Adam K. Peterson**<br>1601 Dodge Street<br>Suite 3300<br>Omaha NE 68102<br>402-509-8456

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**05/14/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Magnolia Capital Fund, LP** | Name of reporting person<br>**Magnolia Capital Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1493149.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1493149.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1493149.00** | Aggregate amount beneficially owned by each reporting person<br>**1493149.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.9%** | Percent of class represented by amount in Row (11)<br>**5.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**The Magnolia Group, LLC** | Name of reporting person<br>**The Magnolia Group, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEBRASKA** | Citizenship or place of organization<br>**NEBRASKA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1493149.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1493149.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1493149.00** | Aggregate amount beneficially owned by each reporting person<br>**1493149.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.9%** | Percent of class represented by amount in Row (11)<br>**5.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Adam K. Peterson** | Name of reporting person<br>**Adam K. Peterson** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1502703.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1502703.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1502703.00** | Aggregate amount beneficially owned by each reporting person<br>**1502703.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.9%** | Percent of class represented by amount in Row (11)<br>**5.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, Par Value $0.01 per Share

**(b) Name of Issuer:**
NELNET, INC.

**(c) Address of Issuer's Principal Executive Offices:**
121 SOUTH 13TH STREET, STE 201, LINCOLN, NE, 68508

**Item 4. Purpose of Transaction**

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.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The Reporting Persons beneficially own 1,502,703 shares of Class A Common Stock.

Based on the foregoing:

Mr. Peterson may be deemed the beneficial owner of 1,502,703 shares of Common Stock held for himself and the accounts of MCF.

TMG may be deemed the beneficial owner of 1,493,149 shares of Common Stock held for itself and the accounts of MCF.

MCF may be deemed the beneficial owner of 1,493,149 shares of Common Stock that it holds.

The Issuer's 10-Q, filed on May 7, 2026, listed 25,317,348 shares of the Issuer's Class A Common Stock outstanding.  The shares beneficially owned, in total, represent approximately 5.9% of the shares issued and outstanding.

**(b)**
The information set forth in Rows 5 through 11 of the cover page for each Reporting Person is hereby incorporated by reference into this item 5(b) for each such Reporting Person.

**(c)**
In the past 60 days, the following transactions were effected by Reporting Persons:

MCF distributed in-kind to withdrawing limited partners, 76,401 and 99,426 shares of the Issuer's Common Stock, effective as of May 13 and May 14, 2026, respectively.  No purchase price was paid in connection with these transactions.  The transactions were effected through MCF's account.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The powers of disposition and voting of the shares held for MCF are held pursuant to a limited partnership agreement entered into between MCF and TMG.  As described above in Item 2, Mr. Peterson is the managing member of TMG.

### 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.

**Reporting Person:** Magnolia Capital Fund, LP

**Signature:** /s/ Adam K. Peterson

**Name/Title:** Adam K. Peterson, Manager

**Date:** 06/05/2026

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.

**Reporting Person:** The Magnolia Group, LLC

**Signature:** /s/ Adam K. Peterson

**Name/Title:** Adam K. Peterson, Manager

**Date:** 06/05/2026

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.

**Reporting Person:** Adam K. Peterson

**Signature:** /s/ Adam K. Peterson

**Name/Title:** Adam K. Peterson

**Date:** 06/05/2026