NNINYSEPersonal Credit InstitutionsFiscal year ends December 31
NELNET INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$125.10−2.32 (-1.82%)
Close on Oct 19, 2026
- Market cap
- $4.51B
- P/E (TTM)
- 15.0
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
33.0%
12M of 36M shares
Institutional holders
213
25 new, 25 sold out
Net institutional buying
0M
In Q2 2026
Insider trades, 12 months
0 buys · 1 sales
Net sold $51.58K
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Whitetail Rock Capital Management, LLC | 6,881,976 | 21.60% | 13G (passive) amendment | Mar 31, 2026 |
| Muhleisen, Angela L. | 4,683,900 | 18.10% | 13G (passive) amendment | Sep 30, 2025 |
| Muhleisen, Dan D | 3,688,084 | – | 13G (passive) amendment | Dec 31, 2023 |
| Shelby J. Butterfield | 2,873,527 | 9.80% | 13G (passive) amendment | Dec 31, 2023 |
| Dimensional Fund Advisors LP | 2,076,549 | 7.80% | 13G (passive) amendment | Dec 29, 2023 |
| Union Bank & Trust Co / Trustee | 2,047,228 | 7.90% | 13G (passive) amendment | Sep 30, 2025 |
| Deborah Bartels | 1,864,177 | 7.10% | 13G (passive) amendment | Dec 31, 2023 |
| Adam K. Peterson | 1,502,703 | 5.90% | 13D (active) amendment | May 14, 2026 |
| Dunlap, Michael S. | 13,387,235 | 37.80% | 13D (active) amendment | Nov 10, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of NNI | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Dimensional Fund Advisors LP | 1,852,273 | 5.18% | $246.96M | +4,574 | 0.04% |
| Magnolia Group, LLC | 1,269,723 | 3.55% | $169.29M | −399,253 | 35.54% |
| Farmers & Merchants Investments Inc | 1,179,351 | 3.30% | $157.24M | −5,000 | 3.81% |
| BlackRock, Inc. | 1,162,288 | 3.25% | $154.97M | +184,254 | 0.00% |
| Vanguard Portfolio Management LLC | 695,621 | 1.94% | $92.75M | +16,226 | 0.00% |
| Vanguard Capital Management LLC | 584,970 | 1.63% | $77.99M | +7,030 | 0.00% |
| American Century Companies Inc | 420,692 | 1.18% | $56.09M | +84,990 | 0.02% |
| Geode Capital Management, LLC | 389,595 | 1.09% | $51.95M | +42,907 | 0.00% |
| State Street Corp | 365,440 | 1.02% | $48.72M | +50,462 | 0.00% |
| Bragg Financial Advisors, Inc | 248,493 | 0.69% | $33.13M | +21,711 | 0.89% |
| QVT Financial LP | 231,414 | 0.65% | $30.85M | – | 1.86% |
| Empyrean Capital Partners, LP | 231,000 | 0.65% | $30.80M | – | 1.02% |
| General American Investors Co Inc | 230,998 | 0.65% | $30.80M | −3,028 | 1.82% |
| Northern Trust Corp | 189,609 | 0.53% | $25.28M | +16,204 | 0.00% |
| Charles Schwab Investment Management Inc | 167,793 | 0.47% | $22.37M | +5,701 | 0.00% |
| JPMorgan Chase & Co | 152,759 | 0.43% | $20.40M | +18,824 | 0.00% |
| Bar Harbor Wealth Management | 108,589 | 0.30% | $14.48M | −119 | 0.78% |
| Morgan Stanley | 94,412 | 0.26% | $12.59M | +17,227 | 0.00% |
| Vanguard Fiduciary Trust Co | 91,686 | 0.26% | $12.22M | +3,199 | 0.00% |
| Bank of New York Mellon Corp | 88,973 | 0.25% | $11.86M | +7,538 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 213 | 12M | 33.0% | 25 / 95 | 55 / 25 | 1M | 1M |
| Q1 2026 | 219 | 12M | 32.6% | 33 / 85 | 58 / 30 | 2M | 1M |
| Q4 2025 | 220 | 12M | 32.5% | 38 / 65 | 73 / 20 | 1M | 1M |
| Q3 2025 | 204 | 12M | 33.7% | 35 / 64 | 63 / 19 | 1M | 1M |
| Q2 2025 | 191 | 12M | 33.5% | 30 / 63 | 60 / 15 | 1M | 1M |
| Q1 2025 | 178 | 12M | 33.7% | 27 / 63 | 51 / 12 | 1M | 0M |
| Q4 2024 | 164 | 12M | 33.4% | 24 / 56 | 49 / 19 | 0M | 0M |
| Q3 2024 | 159 | 12M | 33.4% | 25 / 47 | 46 / 23 | 2M | 1M |
| Q2 2024 | 159 | 12M | 33.3% | 27 / 56 | 49 / 18 | 1M | 1M |
| Q1 2024 | 153 | 12M | 34.5% | 23 / 45 | 59 / 27 | 1M | 1M |
| Q4 2023 | 157 | 13M | 35.3% | 27 / 52 | 57 / 14 | 1M | 1M |
| Q3 2023 | 146 | 12M | 34.7% | 10 / 55 | 53 / 8 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of NNI | Value | % of fund | As of |
|---|---|---|---|---|---|
| U.S. Small Cap Value Portfolio | 539,608 | 1.51% | $73.32M | 0.38% | Jul 31, 2026 |
| Vanguard Total Stock Market Index Fund | 402,356 | 1.12% | $53.65M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 389,398 | 1.09% | $51.92M | 0.06% | Jun 30, 2026 |
| Avantis U.S. Small Cap Value ETF | 330,884 | 0.92% | $43.20M | 0.16% | May 31, 2026 |
| Vanguard Small-Cap Index Fund | 290,092 | 0.81% | $38.68M | 0.02% | Jun 30, 2026 |
| U.S. Targeted Value Portfolio | 236,090 | 0.66% | $32.08M | 0.19% | Jul 31, 2026 |
| U.S. Small Cap Portfolio | 218,481 | 0.61% | $29.69M | 0.15% | Jul 31, 2026 |
| FPA Queens Road Small Cap Value Fund | 213,043 | 0.60% | $27.82M | 2.06% | May 31, 2026 |
| Vanguard Small-Cap Value Index Fund | 183,903 | 0.51% | $24.52M | 0.04% | Jun 30, 2026 |
| Dimensional U.S. Targeted Value ETF | 162,825 | 0.46% | $22.12M | 0.15% | Jul 31, 2026 |
| Fidelity Small Cap Index Fund | 162,697 | 0.45% | $22.11M | 0.06% | Jul 31, 2026 |
| Vanguard Extended Market Index Fund | 159,391 | 0.45% | $21.25M | 0.02% | Jun 30, 2026 |
| iShares Russell 2000 Value ETF | 144,364 | 0.40% | $19.25M | 0.13% | Jun 30, 2026 |
| Dimensional US Small Cap Value ETF | 132,052 | 0.37% | $17.94M | 0.22% | Jul 31, 2026 |
| Dimensional U.S. Small Cap ETF | 82,740 | 0.23% | $11.24M | 0.07% | Jul 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Matthew W. Dunlap | President, NFS, Director | 243,251 | 0.68% | Jun 11, 2026 |
| Michael S. Dunlap | Executive Chairman of Board, Director, 10% owner | 2,165,980 | 6.05% | Dec 3, 2025 |
| James D. Kruger | Chief Financial Officer | 177,261 | 0.50% | Jul 10, 2026 |
| Joseph Ernest Popevis | President, NDS | 25,986 | 0.07% | May 19, 2026 |
| William J. Munn | Secy/Chief Legal Off/Gen Coun | 19,027 | 0.05% | Apr 17, 2026 |
| Jeffrey R. Noordhoek | Chief Executive Officer | 420,591 | 1.18% | Mar 12, 2026 |
| Timothy Tewes | President | 146,322 | 0.41% | Mar 12, 2026 |
| Terry J. Heimes | Chief Operating Officer | 90,590 | 0.25% | Mar 12, 2026 |
| Emily Olinger | Chief People Services Officer | 8,368 | 0.02% | Mar 12, 2026 |
| DeeAnn Wenger | Pres, Nelnet Business Services | 26,176 | 0.07% | Mar 12, 2026 |
| Angie J. Klein | Director | 1,108 | 0.00% | Sep 16, 2026 |
| David S. Graff | Director | 31,953 | 0.09% | Sep 16, 2026 |
| Kimberly Kay Rath | Director | 0 | – | Sep 16, 2026 |
| Kathleen Anne Farrell | Director | 22,755 | 0.06% | Sep 16, 2026 |
| Edward Sysel Pallesen | Director | 1,046 | 0.00% | Sep 16, 2026 |
| Thomas Edward Henning | Director | 11,079 | 0.03% | Jun 17, 2026 |
| Preeta D. Bansal | Director | 20,243 | 0.06% | Jun 17, 2026 |
| Deun Jona M. Van | Director | 1,111 | 0.00% | Jun 17, 2026 |
| Adam K. Peterson | – | 1,678,520 | 4.69% | Apr 27, 2026 |
| Magnolia Capital Fund, Lp | – | 3,576,487 | 10.00% | Apr 27, 2026 |
| Magnolia Group, Llc | – | 1,678,520 | 4.69% | Apr 27, 2026 |
| Shelby J. Butterfield | – | 690,149 | 1.93% | Aug 27, 2025 |
| Angie Muhleisen | 10% owner | 2,583,494 | 7.22% | Aug 20, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Kathleen Anne Farrell Director | Sep 15, 2026 | Award | +185 | $108.37 | $20.05K | 22,755 |
| David S. Graff Director | Sep 15, 2026 | Award | +93 | $108.37 | $10.08K | 31,953 |
| Edward Sysel Pallesen Director | Sep 15, 2026 | Award | +1,046 | $108.37 | $113.36K | 1,046 |
| Angie J. Klein Director | Sep 15, 2026 | Award | +1,108 | $108.37 | $120.07K | 1,108 |
| James D. Kruger Chief Financial Officer | Jul 9, 2026 | Gift | −2,500 | – | – | 2,500 |
| Preeta D. Bansal Director | Jun 15, 2026 | Award | +1,626 | $110.76 | $180.10K | 20,243 |
| Deun Jona M. Van Director | Jun 15, 2026 | Award | +407 | $110.76 | $45.08K | 1,111 |
| David S. Graff Director | Jun 15, 2026 | Award | +1,535 | $110.76 | $170.02K | 31,860 |
| Kathleen Anne Farrell Director | Jun 15, 2026 | Award | +1,626 | $110.76 | $180.10K | 22,570 |
| Matthew W. Dunlap President, NFS, Director | Jun 10, 2026 | Tax withholding | −15 | $130.72 | $1.96K | 17,054 |
| James D. Kruger Chief Financial Officer | Apr 30, 2026 | Gift | −5,000 | – | – | 5,000 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Apr 15, 2026 | Gift | −1,052 | – | – | 6,872 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Apr 15, 2026 | Gift | +1,052 | – | – | 12,155 |
| Magnolia Group, Llc – | Mar 30, 2026 | Option exercise | +9,544 | – | – | 1,678,520 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Mar 10, 2026 | Award | +3,011 | – | – | 6,090 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Mar 10, 2026 | Award | +2,597 | – | – | 8,687 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Mar 10, 2026 | Tax withholding | −763 | $132.87 | $101.38K | 7,924 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Mar 10, 2026 | Tax withholding | −50 | $131.23 | $6.56K | 3,079 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Mar 10, 2026 | Tax withholding | −129 | $131.23 | $16.93K | 3,129 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Mar 10, 2026 | Tax withholding | −143 | $131.23 | $18.77K | 3,258 |
| William J. Munn Secy/Chief Legal Off/Gen Coun | Mar 10, 2026 | Tax withholding | −119 | $131.23 | $15.62K | 3,401 |
| Jeffrey R. Noordhoek Chief Executive Officer | Mar 10, 2026 | Award | +7,527 | – | – | 109,583 |
| Jeffrey R. Noordhoek Chief Executive Officer | Mar 10, 2026 | Tax withholding | −204 | $131.23 | $26.77K | 102,056 |
| Jeffrey R. Noordhoek Chief Executive Officer | Mar 10, 2026 | Tax withholding | −486 | $131.23 | $63.78K | 102,260 |
| Jeffrey R. Noordhoek Chief Executive Officer | Mar 10, 2026 | Tax withholding | −537 | $131.23 | $70.47K | 102,746 |
| Jeffrey R. Noordhoek Chief Executive Officer | Mar 10, 2026 | Tax withholding | −1,195 | $131.23 | $156.82K | 103,283 |
| DeeAnn Wenger Pres, Nelnet Business Services | Mar 10, 2026 | Tax withholding | −100 | $131.23 | $13.12K | 26,176 |
| DeeAnn Wenger Pres, Nelnet Business Services | Mar 10, 2026 | Tax withholding | −636 | $132.87 | $84.51K | 31,025 |
| DeeAnn Wenger Pres, Nelnet Business Services | Mar 10, 2026 | Award | +2,164 | – | – | 31,661 |
| DeeAnn Wenger Pres, Nelnet Business Services | Mar 10, 2026 | Award | +3,764 | – | – | 29,497 |
| DeeAnn Wenger Pres, Nelnet Business Services | Mar 10, 2026 | Tax withholding | −245 | $131.23 | $32.15K | 25,733 |
| DeeAnn Wenger Pres, Nelnet Business Services | Mar 10, 2026 | Tax withholding | −69 | $131.23 | $9.05K | 25,978 |
| DeeAnn Wenger Pres, Nelnet Business Services | Mar 10, 2026 | Tax withholding | −129 | $131.23 | $16.93K | 26,047 |
| DeeAnn Wenger Pres, Nelnet Business Services | Mar 10, 2026 | Tax withholding | −99 | $131.23 | $12.99K | 26,276 |
| Matthew W. Dunlap President, NFS, Director | Mar 10, 2026 | Tax withholding | −67 | $131.23 | $8.79K | 13,305 |
| Matthew W. Dunlap President, NFS, Director | Mar 10, 2026 | Award | +3,764 | – | – | 17,069 |
| Matthew W. Dunlap President, NFS, Director | Mar 10, 2026 | Tax withholding | −30 | $131.23 | $3.94K | 13,372 |
| Emily Olinger Chief People Services Officer | Mar 10, 2026 | Award | +1,732 | – | – | 8,368 |
| Emily Olinger Chief People Services Officer | Mar 10, 2026 | Award | +2,258 | – | – | 6,636 |
| Emily Olinger Chief People Services Officer | Mar 10, 2026 | Tax withholding | −50 | $131.23 | $6.56K | 4,378 |
| Emily Olinger Chief People Services Officer | Mar 10, 2026 | Tax withholding | −111 | $131.23 | $14.57K | 4,428 |
| Emily Olinger Chief People Services Officer | Mar 10, 2026 | Tax withholding | −509 | $132.87 | $67.63K | 7,859 |
| Timothy Tewes President | Mar 10, 2026 | Tax withholding | −3,700 | $132.87 | $491.62K | 94,048 |
| Timothy Tewes President | Mar 10, 2026 | Award | +8,656 | – | – | 97,748 |
| Timothy Tewes President | Mar 10, 2026 | Award | +7,527 | – | – | 89,092 |
| Timothy Tewes President | Mar 10, 2026 | Tax withholding | −135 | $131.23 | $17.72K | 81,565 |
| Timothy Tewes President | Mar 10, 2026 | Tax withholding | −322 | $131.23 | $42.26K | 81,700 |
| Timothy Tewes President | Mar 10, 2026 | Tax withholding | −356 | $131.23 | $46.72K | 82,022 |
| Timothy Tewes President | Mar 10, 2026 | Tax withholding | −794 | $131.23 | $104.20K | 82,378 |
| James D. Kruger Chief Financial Officer | Mar 10, 2026 | Tax withholding | −322 | $131.23 | $42.26K | 57,032 |
| James D. Kruger Chief Financial Officer | Mar 10, 2026 | Tax withholding | −356 | $131.23 | $46.72K | 57,354 |
| James D. Kruger Chief Financial Officer | Mar 10, 2026 | Tax withholding | −795 | $131.23 | $104.33K | 57,710 |
| James D. Kruger Chief Financial Officer | Mar 10, 2026 | Tax withholding | −3,702 | $132.87 | $491.88K | 69,378 |
| James D. Kruger Chief Financial Officer | Mar 10, 2026 | Award | +8,656 | – | – | 73,080 |
| James D. Kruger Chief Financial Officer | Mar 10, 2026 | Award | +7,527 | – | – | 64,424 |
| James D. Kruger Chief Financial Officer | Mar 10, 2026 | Tax withholding | −135 | $131.23 | $17.72K | 56,897 |
| Terry J. Heimes Chief Operating Officer | Mar 10, 2026 | Tax withholding | −3,670 | $132.87 | $487.63K | 27,923 |
| Terry J. Heimes Chief Operating Officer | Mar 10, 2026 | Award | +6,492 | – | – | 31,593 |
| Terry J. Heimes Chief Operating Officer | Mar 10, 2026 | Award | +7,527 | – | – | 25,101 |
| Terry J. Heimes Chief Operating Officer | Mar 10, 2026 | Tax withholding | −135 | $131.23 | $17.72K | 17,574 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Deun Jona M. Van Director | Dec 9, 2025 | 400 | $51.58K | Dec 9, 2025 | RSU Vesting |
| Thomas Edward Henning Director | Sep 5, 2025 | 8,196 | $1.06M | Sep 5, 2025 | IPO shares |
| Deun Jona M. Van Director | Nov 15, 2024 | 440 | $48.54K | Nov 15, 2024 | RSU Vesting |
| William J. Munn Officer | Nov 13, 2024 | 2,500 | $272.23K | Nov 13, 2024 | Stock Grant |
| Kathleen Anne Farrell Director | Jun 6, 2024 | 1,700 | $172.94K | Jun 6, 2024 | Stock Grant |
| William J. Munn Officer | Aug 31, 2023 | 2,500 | $228.25K | Aug 31, 2023 | Stock Grant |
| Deun Jona M. Van Director | Aug 15, 2023 | 785 | $74.10K | Aug 15, 2023 | RSU vesting |