Nelnet

NNI • NYSE

Nelnet is a financial - credit services company in the financial services sector on NYSE, led by Jeffrey R. Noordhoek, with a market cap of $4.8B. As of Q3 2025, 33% of shares are held by 200 institutional investors, with DIMENSIONAL FUND ADVISORS LP as the largest holder at 5.22%.

Chief Executive OfficerJeffrey R. Noordhoek

Market Cap$4.8B

Financial - Credit Services

Financial Services

Employees7.6K

Websitenelnet.com

Country

United States of America

Overview

Overview of institutional ownership in NNI as of Q3 2025 with a market cap of $4.5B

All Institutions

Institutions: 200
Value Held: $1.5B
Shares Held: 11.9M
Avg Position: $7.5M
Median Position: $477.8K

Hedge Funds

Hedge Funds: 28
Value Held: $335.6M
Shares Held: 2.7M
Avg Position: $12.0M
Median Position: $1.5M

Ownership Breakdown

Institutional (non-HF)

25.46%

$1.2B

Hedge Funds

7.4%

$335.6M

Retail & Other

67.14%

$3.0B

Based on market cap of $4.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NNI as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$236.6M 0.05% of portfolio	5.22% 1.9M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
M MAGNOLIA GROUP, LLC Hedge Fund•Value	Adam Kenneth Peterson Managing Partner	$209.3M 33.17% of portfolio	4.61% 1.7M shares	Q3 2017 Held for 8y 2m	$630.8M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$193.8M 0.00% of portfolio	4.27% 1.5M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
F FARMERS & MERCHANTS INVESTMENTS INC Institution	-	$148.4M 4.21% of portfolio	3.27% 1.2M shares	≤ Q2 2013 Held for 12y 5m+	$3.5B
B BlackRock, Inc. Institution	-	$125.3M 0.00% of portfolio	2.76% 999.7K shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$42.3M 0.00% of portfolio	0.93% 337.4K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$40.6M 0.00% of portfolio	0.89% 323.7K shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
GENERAL AMERICAN INVESTORS CO INC RIA/Wealth	Larry Chaiya Lee Chairman	$30.5M 1.91% of portfolio	0.67% 243.4K shares	≤ Q2 2013 Held for 12y 5m+	$1.6B
Empyrean Capital Partners, LP Hedge Fund•Event Driven	Amos Meron CIO	$29.0M 1.51% of portfolio	0.64% 231.0K shares	Q3 2025 Held for 2 months	$1.9B
QVT Financial LP Hedge Fund•Multi-Strategy	Daniel Allen Gold CEO	$28.8M 3.30% of portfolio	0.63% 229.7K shares	Q3 2021 Held for 4y 2m	$873.7M

Net Capital Flow

Institutional buying and selling activity for NNI in Q3 2025

Traded: −$13.0M
Buyers: 95
Sellers: 82
Total Bought: +$86.5M
Total Sold: −$99.5M
Avg Position: $6.8M

Biggest Buyers

Institution	Net Bought	Current Position
Empyrean Capital Partners, LP Hedge Fund•Event Driven	+$29.0M +231.0K shares	$29.0M 231.0K shares
Bragg Financial Advisors, Inc RIA/Wealth	+$12.9M +103.0K shares	$25.8M 206.0K shares
UBS Group AG Institution	+$9.6M +76.5K shares	$24.1M 191.8K shares
A AMERICAN CENTURY COMPANIES INC Institution	+$5.2M +41.3K shares	$23.1M 184.3K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$3.2M +25.3K shares	$3.5M 28.0K shares
D D. E. Shaw & Co., Inc. Institution	+$2.2M +17.2K shares	$8.0M 63.6K shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	+$1.7M +13.8K shares	$2.8M 22.1K shares
JPMORGAN CHASE & CO Institution	+$1.6M +12.9K shares	$23.2M 185.0K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$1.6M +12.7K shares	$2.5M 20.2K shares
J JANE STREET GROUP, LLC Institution	+$1.4M +11.3K shares	$4.1M 32.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
M MASSACHUSETTS INSTITUTE OF TECHNOLOGY Institution	−$23.9M −197.2K shares	Sold Off 0 shares
Madison Avenue Partners, LP Hedge Fund•Value	−$14.1M −112.7K shares	$4.0M 31.5K shares
B BlackRock, Inc. Institution	−$13.3M −106.0K shares	$125.3M 999.7K shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	−$5.8M −46.4K shares	$42.3M 337.4K shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	−$5.2M −41.2K shares	$236.6M 1.9M shares
Western Standard, LLC Hedge Fund•Long/Short	−$4.4M −36.3K shares	Sold Off 0 shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$3.0M −23.6K shares	$21.0M 167.5K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$2.7M −21.8K shares	$3.4M 27.4K shares
F FARMERS & MERCHANTS INVESTMENTS INC Institution	−$2.4M −18.9K shares	$148.4M 1.2M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$2.1M −16.8K shares	$1.8M 14.4K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NNI in Q3 2025

New Positions: 18
New Value: $3.6M
Exited Positions: 19
Exited Value: $34.1M

New Positions

Institution	Position Value
WEDGE CAPITAL MANAGEMENT L L P/NC Long Only Manager	$1.1M 8.7K shares
Susquehanna Portfolio Strategies, LLC Private Equity	$587.3K 4.7K shares
C CAXTON ASSOCIATES LLP Institution	$556.6K 4.4K shares
E Entropy Technologies, LP Hedge Fund•Quant Macro	$487.6K 3.9K shares
P Polymer Capital Management LTD Hedge Fund•Multi-Strategy	$364.5K 2.9K shares
Integrated Quantitative Investments LLC Long Only Manager	$206.5K 1.6K shares
S State of Alaska, Department of Revenue Institution	$134.2K 1.1K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	$86.3K 668.0 shares
SRS Capital Advisors, Inc. RIA/Wealth	$29.2K 233.0 shares
R Root Financial Partners, LLC RIA/Wealth	$12.8K 102.0 shares

Exited Positions

Institution	Previous Position
M MASSACHUSETTS INSTITUTE OF TECHNOLOGY Institution	$23.9M 197.2K shares
Western Standard, LLC Hedge Fund•Long/Short	$4.4M 36.3K shares
A Allianz Asset Management AG Institution	$1.2M 9.8K shares
X XTX Topco Ltd Institution	$791.6K 6.5K shares
S SG Americas Securities, LLC Institution	$790.7K 6.5K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$736.8K 6.1K shares
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	$705.9K 5.8K shares
ZACKS INVESTMENT MANAGEMENT RIA/Wealth	$525.5K 4.3K shares
Mach-1 Financial Group, Inc. RIA/Wealth	$339.6K 2.8K shares
MACKENZIE FINANCIAL CORP Long Only Manager	$332.4K 2.7K shares

Options Activity

Institutions with the largest Call and Put options positions in NNI as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 1
Put Value: $852.6K

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$852.6K 68.0 contracts

Most Committed Institutions

Institutions with NNI as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
M MAGNOLIA GROUP, LLC Hedge Fund•Value	Adam Kenneth Peterson Managing Partner	33.17% $209.3M	4.61% 1.7M shares	Q3 2017 Held for 8y 2m	$630.8M
Sycale Advisors LLC Hedge Fund•Distressed	Arnold Ephraim Dande Ngoje CFO	5.77% $18.5M	0.41% 147.4K shares	Q4 2019 Held for 5y 11m	$320.5M
Bandera Partners LLC Hedge Fund•Value	Jefferson Philip Gramm Managing Partner	5.63% $12.8M	0.28% 102.4K shares	Q2 2023 Held for 2y 5m	$228.1M
F FARMERS & MERCHANTS INVESTMENTS INC Institution	-	4.21% $148.4M	3.27% 1.2M shares	≤ Q2 2013 Held for 12y 5m+	$3.5B
Guardian Wealth Management, Inc. RIA/Wealth	Thibault Basquin Member	3.67% $6.2M	0.14% 49.5K shares	Q4 2021 Held for 3y 11m	$169.3M
QVT Financial LP Hedge Fund•Multi-Strategy	Daniel Allen Gold CEO	3.30% $28.8M	0.63% 229.7K shares	Q3 2021 Held for 4y 2m	$873.7M
L LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE RIA/Wealth	Thomas Joseph Sudyka Director	2.40% $12.7M	0.28% 100.9K shares	Q1 2024 Held for 1y 8m	$528.2M
Crawford Fund Management, LLC Hedge Fund•Long/Short	Christopher Leigh Crawford Managing Partner	2.36% $4.4M	0.10% 34.8K shares	Q4 2023 Held for 1y 11m	$185.0M
D Dauntless Investment Group, LLC Institution	-	2.02% $768.0K	0.02% 6.1K shares	Q2 2025 Held for 5 months	$38.1M
GENERAL AMERICAN INVESTORS CO INC RIA/Wealth	Larry Chaiya Lee Chairman	1.91% $30.5M	0.67% 243.4K shares	≤ Q2 2013 Held for 12y 5m+	$1.6B

Hedge Fund Spotlight

Discover hedge funds investing in NNI

Empyrean Capital Partners, LP

Hedge Fund • Event Driven

Portfolio ManagerAmos Meron

Portfolio Value: $1.9B
Positions: 70
Last Reported: Q3 2025

Sector Allocation

Position in Nelnet

Market Value: $29.0M
Shares Held: 231.0K
Portfolio Weight: 1.51%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 AerCap Holdings N.V. AER	Rental & Leasing Services Industrials	$181.5M	9.44%
2 Marathon Petroleum MPC	Oil & Gas Refining & Marketing Energy	$108.4M	5.64%
3 PG&E PCG	Regulated Electric Utilities	$89.0M	4.63%