MAGNOLIA CAPITAL FUND, LP 4

What Happened

• Adam K. Peterson, a director of Nelnet, Inc. (NNI), resigned from the Board effective March 23, 2026 and voluntarily filed an exit Form 4 to confirm he is no longer subject to Section 16 reporting. No purchases or sales of Nelnet securities are reported in this filing.
• The filing discloses 9,544 shares of Class A Common Stock directly owned by Mr. Peterson and an indirect interest in 1,668,976 shares held by Magnolia Capital Fund, LP (Magnolia Capital), for which The Magnolia Group, LLC (TMG) is general partner and Mr. Peterson is the managing member.

Key Details

• Effective/resignation date: March 23, 2026; Form 4 filed: April 27, 2026.
• No transaction codes (no purchase, sale, exercise, or award) — this is an exit/confirmation filing.
• Holdings after report: 9,544 shares directly owned by Mr. Peterson; 1,668,976 shares held by Magnolia Capital Fund, LP (indirect).
• Footnote: TMG is general partner and investment manager of Magnolia Capital; Mr. Peterson is managing member of TMG. TMG and Mr. Peterson disclaim beneficial ownership except to the extent of pecuniary interest in the 1,668,976 shares; the filing states it should not be deemed an admission of beneficial ownership for Section 16 or other purposes.
• Filing notes: Voluntarily filed as confirmation of exit; covers a March 23 resignation and was submitted ~35 days later.

Context

• This is an administrative exit Form 4 confirming resignation and current reported holdings — there were no market transactions (buys or sells) reported, so it does not itself signal insider buying or selling activity. The large block of shares is held by an investment fund (Magnolia Capital); Mr. Peterson’s direct economic stake is limited to the 9,544 Class A shares reported.