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Nelnet, Inc. 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and Nelnet, Inc.’s Form 8-K, filed May 20, 2025 (Item 5.07 on EDGAR). Page generated October 14, 2026.

  • 5Ballot items
  • 204Asset managers
  • 1,252Fund votes
  • May 15, 2025Meeting date

Results at a glance

Meeting of May 15, 2025: 5 items on Nelnet, Inc.’s Form 8-K, filed May 20, 2025: 3 elected · 2 approved.

Material dissent

None.

Material dissent: a director nominee under 80% of the votes cast, say-on-pay under 70%, any other item the board put forward under 80%, or a shareholder proposal with more than 50%, on the company’s own Form 8-K tally. How this is decided

Proxy season: 2023-2024 2024-2025 2025-2026

Explore Nelnet, Inc. in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by Nelnet, Inc.

These tallies are Nelnet, Inc.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 20, 2025 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

Nelnet, Inc. — official shareholder meeting results, meeting held May 15, 2025
Ballot itemForAgainst AbstainWithheldBroker non-votesSupport (of votes cast)Reported outcomeVoting standard
Elect Director: Matthew W. Dunlap 126,520,873456,0276,970 --1,311,468 99.6%Elected—
Elect Director: Adam K. Peterson 125,579,4871,385,44718,936 --1,311,468 99%Elected—
Elect Director: Kimberly K. Rath 122,794,7874,172,30116,782 --1,311,468 97%Elected—
2. Ratification of the appointment of KPMG LLP 128,155,793125,35114,194 ---- 99.9%Approved—
3. Advisory vote on executive compensation 126,823,158123,56037,152 --1,311,468 99.9%Approved—

Source: Nelnet, Inc., Form 8-K, filed with the SEC on May 20, 2025 — read the filing on EDGAR.

How asset managers voted at the Nelnet, Inc. 2024-2025 meeting

Each item below shows how the 204 asset managers that disclosed a Nelnet, Inc. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report.

1. Elect Director: Adam K. Peterson

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%
FOR: 125,579,487AGAINST: 1,385,447
Details: description as filed, official tally, votes by 61 asset managers

Description as filed by funds: Election of three Class II directors for three-year terms: Adam K. Peterson

Nelnet, Inc.’s own tally for this item (“Elect Director: Adam K. Peterson”): 125,579,487 for, 1,385,447 against, per its Form 8-K filed May 20, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: Elected, in the filing’s own words: “Our shareholders elected the following three Class II directors to hold office until the 2028 annual meeting of shareholders and until their successors have been duly elected or appointed.”
Support: 99% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 61 asset managers below reported 4,463,925 for, 718,162 against, 0 abstained.

FOR
FOR: 4,463,925AGAINST: 718,162ABSTAIN: 0
Largest asset managers voting on “Election of three Class II directors for three-year terms: Adam K. Peterson” at Nelnet, Inc., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Dimensional1,789,0860 00For
Vanguard1,475,9690 00For
BlackRock0555,011 00Against
Fidelity337,1473,728 00For
GENERAL AMERICAN INVESTORS CO INC243,4150 00For
Charles Schwab196,4590 00For
American Century113,5690 00For
Northern Trust062,635 00Against
WisdomTree48,5170 00For
Equitable041,651 00Against
State Street35,7254 00For
TIAA33,2060 00For
AMERICAN BEACON FUNDS27,2700 00For
QUANTITATIVE MASTER SERIES LLC024,364 00Against
Invesco20,8270 00For
JAMES ADVANTAGE FUNDS20,6460 00For
Lincoln Financial15,2210 00For
First Trust13,2110 00For
Global X11,7080 00For
Pacific Life2,8597,517 00Mixed
John Hancock9,8200 00For
Bridge Builder Trust09,048 00Against
Jackson National8,0440 00For
AIG/SunAmerica6,9650 00For
PIMCO5,2170 00For

Showing the 25 largest of 61 asset managers. See all 61 in the interactive database.

2. Elect Director: Kimberly K. Rath

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 5 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%
FOR: 122,794,787AGAINST: 4,172,301
Details: description as filed, official tally, votes by 61 asset managers

Description as filed by funds: Election of three Class II directors for three-year terms: Kimberly K. Rath

Nelnet, Inc.’s own tally for this item (“Elect Director: Kimberly K. Rath”): 122,794,787 for, 4,172,301 against, per its Form 8-K filed May 20, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: Elected, in the filing’s own words: “Our shareholders elected the following three Class II directors to hold office until the 2028 annual meeting of shareholders and until their successors have been duly elected or appointed.”
Support: 97% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 61 asset managers below reported 2,358,232 for, 2,823,855 against, 0 abstained.

FORAGAINST
FOR: 2,358,232AGAINST: 2,823,855ABSTAIN: 0
Largest asset managers voting on “Election of three Class II directors for three-year terms: Kimberly K. Rath” at Nelnet, Inc., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Dimensional01,789,086 00Against
Vanguard1,472,1023,867 00For
BlackRock555,0110 00For
Fidelity3,728337,147 00Against
GENERAL AMERICAN INVESTORS CO INC243,4150 00For
Charles Schwab0196,459 00Against
American Century0113,569 00Against
Northern Trust062,635 00Against
WisdomTree048,517 00Against
Equitable22,81418,837 00Mixed
State Street10735,622 00Against
TIAA033,206 00Against
AMERICAN BEACON FUNDS027,270 00Against
QUANTITATIVE MASTER SERIES LLC24,3640 00For
Invesco020,827 00Against
JAMES ADVANTAGE FUNDS020,646 00Against
Lincoln Financial015,221 00Against
First Trust013,211 00Against
Global X011,708 00Against
Pacific Life7,5172,859 00Mixed
John Hancock09,820 00Against
Bridge Builder Trust6,7292,319 00Mixed
Jackson National08,044 00Against
AIG/SunAmerica06,965 00Against
PIMCO05,217 00Against

Showing the 25 largest of 61 asset managers. See all 61 in the interactive database.

3. Elect Director: Matthew W. Dunlap

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 5 wordings of this item as funds reported it.

99.6% Majority: yes · of votes cast

FOR 99.6%
FOR: 126,520,873AGAINST: 456,027
Details: description as filed, official tally, votes by 61 asset managers

Description as filed by funds: Election of three Class II directors for three-year terms: Matthew W. Dunlap

Nelnet, Inc.’s own tally for this item (“Elect Director: Matthew W. Dunlap”): 126,520,873 for, 456,027 against, per its Form 8-K filed May 20, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: Elected, in the filing’s own words: “Our shareholders elected the following three Class II directors to hold office until the 2028 annual meeting of shareholders and until their successors have been duly elected or appointed.”
Support: 99.6% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 61 asset managers below reported 5,108,293 for, 73,794 against, 0 abstained.

FOR
FOR: 5,108,293AGAINST: 73,794ABSTAIN: 0
Largest asset managers voting on “Election of three Class II directors for three-year terms: Matthew W. Dunlap” at Nelnet, Inc., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Dimensional1,789,0860 00For
Vanguard1,475,9690 00For
BlackRock555,0110 00For
Fidelity340,8750 00For
GENERAL AMERICAN INVESTORS CO INC243,4150 00For
Charles Schwab196,4590 00For
American Century113,5690 00For
Northern Trust62,6350 00For
WisdomTree48,5170 00For
Equitable22,81418,837 00Mixed
State Street19035,539 00Against
TIAA33,2060 00For
AMERICAN BEACON FUNDS27,2700 00For
QUANTITATIVE MASTER SERIES LLC24,3640 00For
Invesco20,8270 00For
JAMES ADVANTAGE FUNDS20,6460 00For
Lincoln Financial4,68310,538 00Mixed
First Trust13,2110 00For
Global X11,7080 00For
Pacific Life10,3760 00For
John Hancock9,8200 00For
Bridge Builder Trust6,7292,319 00Mixed
Jackson National8,0440 00For
AIG/SunAmerica6,9650 00For
PIMCO5,2170 00For

Showing the 25 largest of 61 asset managers. See all 61 in the interactive database.

4. 3. Advisory vote on executive compensation

Official resultFund totals may overlapSECTION 14A SAY-ON-PAY VOTESReported outcome: Approved

Combines 6 wordings of this item as funds reported it.

99.9% Approved · of votes cast

FOR 99.9%
FOR: 126,823,158AGAINST: 123,560
Details: description as filed, official tally, votes by 204 asset managers

Description as filed by funds: Advisory approval of the Company's executive compensation.

Nelnet, Inc.’s own tally for this item (“3. Advisory vote on executive compensation”): 126,823,158 for, 123,560 against — passed, per its Form 8-K filed May 20, 2025 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Our shareholders approved, by an advisory vote, the compensation of our named executive officers as disclosed in the proxy statement for the annual meeting.”
Support: 99.9% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice).

Fund voting reports: 61 asset managers voting on “Advisory approval of the Company's executive compensation.” at Nelnet, Inc., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Dimensional1,789,0860 00For
Vanguard1,475,9690 00For
BlackRock555,0110 00For
Fidelity340,8750 00For
GENERAL AMERICAN INVESTORS CO INC243,4150 00For
Charles Schwab196,4590 00For
American Century113,5690 00For
Northern Trust62,6350 00For
WisdomTree48,5170 00For
Equitable41,6510 00For
State Street35,7254 00For
TIAA33,2060 00For
AMERICAN BEACON FUNDS27,2700 00For
QUANTITATIVE MASTER SERIES LLC24,3640 00For
Invesco20,8270 00For
JAMES ADVANTAGE FUNDS20,6460 00For
Lincoln Financial15,2210 00For
First Trust13,2110 00For
Global X11,7080 00For
Pacific Life10,3760 00For
John Hancock9,8200 00For
Bridge Builder Trust6,7292,319 00Mixed
Jackson National8,0440 00For
AIG/SunAmerica6,9650 00For
PIMCO5,2170 00For

Fund voting reports, all 61 managers: 5,179,413 for, 2,674 against, 0 abstained. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports: 166 asset managers voting on “Advisory approval of the Company's executive compensation.” at Nelnet, Inc., 2024-2025
Asset managerForAgainst AbstainWithheldVote
MAGNOLIA GROUP, LLC1,900,0000 00For
UNION BANK & TRUST CO /NE/1,502,7020 00For
BlackRock488,4540 00For
GEODE CAPITAL MANAGEMENT, LLC378,8200 00For
State Street328,4894,787 00For
Madison Avenue Partners, LP294,0230 00For
Sycale Advisors (NY) LLC220,4710 00For
Charles Schwab196,4740 00For
Dimensional165,8210 00For
QVT Financial LP163,4310 00For
Northern Trust135,729643 00For
Bandera Partners LLC127,0000 00For
American Century116,6890 00For
JPMorgan115,5500 00For
BAR HARBOR WEALTH MANAGEMENT108,6410 00For
LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE99,0790 00For
MELLON INVESTMENTS Corp53,9230 00For
DE Shaw39,2690 00For
Vanguard38,6010 00For
Brandywine Global Investment Management, LLC34,9410 00For
Nuveen33,6780 00For
Western Standard LLC29,4940 00For
HighTower Advisors, LLC28,8740 00For
Corient Private Wealth LLC28,7500 00For
Invesco25,4250 00For

Institutional-manager reports, all 166 managers: 6,961,543 for, 67,168 against, 17,203 abstained. Showing the 25 largest; see all in the interactive database.

5. 2. Ratification of the appointment of KPMG LLP

Official resultAUDIT-RELATEDReported outcome: Approved

Combines 2 wordings of this item as funds reported it.

99.9% Approved · of votes cast

FOR 99.9%
FOR: 128,155,793AGAINST: 125,351
Details: description as filed, official tally, votes by 60 asset managers

Description as filed by funds: RATIFY THE APPOINTMENT OF KPMG LLP AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2025.

Nelnet, Inc.’s own tally for this item (“2. Ratification of the appointment of KPMG LLP”): 128,155,793 for, 125,351 against — passed, per its Form 8-K filed May 20, 2025 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Our shareholders ratified the appointment of KPMG LLP as our independent registered public accounting firm for the year ending December 31, 2025.”
Support: 99.9% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 60 asset managers below reported 5,181,042 for, 658 against, 0 abstained.

FOR
FOR: 5,181,042AGAINST: 658ABSTAIN: 0
Largest asset managers voting on “RATIFY THE APPOINTMENT OF KPMG LLP AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2025.” at Nelnet, Inc., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Dimensional1,789,0860 00For
Vanguard1,475,527442 00For
BlackRock555,0110 00For
Fidelity340,8750 00For
GENERAL AMERICAN INVESTORS CO INC243,4150 00For
Charles Schwab196,4590 00For
American Century113,5690 00For
Northern Trust62,6350 00For
WisdomTree48,5170 00For
Equitable41,6510 00For
State Street35,7254 00For
TIAA33,2060 00For
AMERICAN BEACON FUNDS27,2700 00For
QUANTITATIVE MASTER SERIES LLC24,3640 00For
Invesco20,8270 00For
JAMES ADVANTAGE FUNDS20,6460 00For
Lincoln Financial15,2210 00For
First Trust13,2110 00For
Global X11,7080 00For
Pacific Life10,3760 00For
John Hancock9,8200 00For
Bridge Builder Trust9,0480 00For
Jackson National8,0440 00For
AIG/SunAmerica6,9650 00For
PIMCO5,2170 00For

Showing the 25 largest of 60 asset managers. See all 60 in the interactive database.

Largest Nelnet, Inc. shareholders voting in 2024-2025

Ranked separately for each type of Form N-PX report. An institutional manager can report shares that a fund it advises also reports, so the two tables can list the same shares and are never added together. Each is ranked by the shares voted on the item that the most managers of that type reported, shown as a share of the 36,478,426 shares outstanding at the time of that meeting.

Fund voting reports: top Nelnet, Inc. shareholders by shares voted on “Advisory approval of the Company's executive compensation.”, 2024-2025
#Asset manager % of shares outstanding
1Dimensional 4.90%
2Vanguard 4.05%
3BlackRock 1.52%
4Fidelity 0.93%
5GENERAL AMERICAN INVESTORS CO INC 0.67%
6Charles Schwab 0.54%
7American Century 0.31%
8Northern Trust 0.17%
9WisdomTree 0.13%
10Equitable 0.11%
Institutional-manager reports: top Nelnet, Inc. shareholders by shares voted on “Advisory approval of the Company's executive compensation.”, 2024-2025
#Asset manager % of shares outstanding
1MAGNOLIA GROUP, LLC 5.21%
2UNION BANK & TRUST CO /NE/ 4.12%
3BlackRock 1.34%
4GEODE CAPITAL MANAGEMENT, LLC 1.04%
5State Street 0.91%
6Madison Avenue Partners, LP 0.81%
7Sycale Advisors (NY) LLC 0.60%
8Charles Schwab 0.54%
9Dimensional 0.45%
10QVT Financial LP 0.45%

Reported Nelnet, Inc. holdings and ownership

As disclosed to the SEC in Form 13F (quarter-end holdings of 30 large managers), Schedules 13D and 13G (beneficial ownership above 5%) and the company’s own proxy statement (DEF 14A). Each row names its form.

Nelnet, Inc. holdings and ownership disclosed for the 2024-2025 proxy season
Holder % outstanding Disclosure
Dunlap, Michael S. 36.70% 13D
Whitetail Rock Capital Management, LLC 18.87% 13G
Angela L. Muhleisen 16.10% DEF14A
Michael S. Dunlap 13.99% DEF14A
Muhleisen, Angela L. 12.84% 13G
The Estate of Dan D. Muhleisen 10.11% DEF14A
Dimensional Fund Advisors LP 5.69% DEF14A
UNION BANK & TRUST CO / TRUSTEE 5.61% 13G
Adam K. Peterson 5.23% DEF14A
Deborah Bartels 4.92% DEF14A

Percentages above are of 36,478,426 shares outstanding, as reported by Nelnet, Inc. on its Form 10-Q dated March 31, 2025 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, not today’s. Each holding is as of its own filing, which may be dated before or after the meeting.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered funds disclose how they voted every proxy and institutional managers disclose their votes on executive pay (say-on-pay, say-on-frequency and golden parachutes), and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from Nelnet, Inc.’s 10-Q dated March 31, 2025. This page is a static snapshot rebuilt weekly on October 14, 2026; a live search always shows the current data.

At Nelnet, Inc.'s shareholder meeting held May 15, 2025, in the 2024-2025 proxy season, 204 asset managers reported how they voted on 5 ballot items in their SEC Form N-PX filings, covering 1,252 separate fund positions. On the most widely held item on that ballot — Advisory approval of the Company's executive compensation. — Nelnet, Inc.'s filing reports the proposal as approved, with 99.9% support of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side). Source: Nelnet, Inc.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on May 20, 2025.

Nelnet, Inc. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.

Download data (CSV): ballot items · votes by manager · column guide.