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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.
Meeting of May 15, 2025: 5 items on Nelnet, Inc.’s Form 8-K, filed May 20, 2025: 3 elected · 2 approved.
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
Explore Nelnet, Inc. in the interactive database Compare manager voting policies
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.
| Ballot item | For | Against | Abstain | Withheld | Broker non-votes | Support (of votes cast) | Reported outcome | Voting standard |
|---|---|---|---|---|---|---|---|---|
| Elect Director: Matthew W. Dunlap | 126,520,873 | 456,027 | 6,970 | -- | 1,311,468 | 99.6% | Elected | — |
| Elect Director: Adam K. Peterson | 125,579,487 | 1,385,447 | 18,936 | -- | 1,311,468 | 99% | Elected | — |
| Elect Director: Kimberly K. Rath | 122,794,787 | 4,172,301 | 16,782 | -- | 1,311,468 | 97% | Elected | — |
| 2. Ratification of the appointment of KPMG LLP | 128,155,793 | 125,351 | 14,194 | -- | -- | 99.9% | Approved | — |
| 3. Advisory vote on executive compensation | 126,823,158 | 123,560 | 37,152 | -- | 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.
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.
Combines 5 wordings of this item as funds reported it.
99% Majority: yes · of votes cast
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.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Dimensional | 1,789,086 | 0 | 0 | 0 | For |
| Vanguard | 1,475,969 | 0 | 0 | 0 | For |
| BlackRock | 0 | 555,011 | 0 | 0 | Against |
| Fidelity | 337,147 | 3,728 | 0 | 0 | For |
| GENERAL AMERICAN INVESTORS CO INC | 243,415 | 0 | 0 | 0 | For |
| Charles Schwab | 196,459 | 0 | 0 | 0 | For |
| American Century | 113,569 | 0 | 0 | 0 | For |
| Northern Trust | 0 | 62,635 | 0 | 0 | Against |
| WisdomTree | 48,517 | 0 | 0 | 0 | For |
| Equitable | 0 | 41,651 | 0 | 0 | Against |
| State Street | 35,725 | 4 | 0 | 0 | For |
| TIAA | 33,206 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 27,270 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 0 | 24,364 | 0 | 0 | Against |
| Invesco | 20,827 | 0 | 0 | 0 | For |
| JAMES ADVANTAGE FUNDS | 20,646 | 0 | 0 | 0 | For |
| Lincoln Financial | 15,221 | 0 | 0 | 0 | For |
| First Trust | 13,211 | 0 | 0 | 0 | For |
| Global X | 11,708 | 0 | 0 | 0 | For |
| Pacific Life | 2,859 | 7,517 | 0 | 0 | Mixed |
| John Hancock | 9,820 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 0 | 9,048 | 0 | 0 | Against |
| Jackson National | 8,044 | 0 | 0 | 0 | For |
| AIG/SunAmerica | 6,965 | 0 | 0 | 0 | For |
| PIMCO | 5,217 | 0 | 0 | 0 | For |
Showing the 25 largest of 61 asset managers. See all 61 in the interactive database.
Combines 5 wordings of this item as funds reported it.
97% Majority: yes · of votes cast
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.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Dimensional | 0 | 1,789,086 | 0 | 0 | Against |
| Vanguard | 1,472,102 | 3,867 | 0 | 0 | For |
| BlackRock | 555,011 | 0 | 0 | 0 | For |
| Fidelity | 3,728 | 337,147 | 0 | 0 | Against |
| GENERAL AMERICAN INVESTORS CO INC | 243,415 | 0 | 0 | 0 | For |
| Charles Schwab | 0 | 196,459 | 0 | 0 | Against |
| American Century | 0 | 113,569 | 0 | 0 | Against |
| Northern Trust | 0 | 62,635 | 0 | 0 | Against |
| WisdomTree | 0 | 48,517 | 0 | 0 | Against |
| Equitable | 22,814 | 18,837 | 0 | 0 | Mixed |
| State Street | 107 | 35,622 | 0 | 0 | Against |
| TIAA | 0 | 33,206 | 0 | 0 | Against |
| AMERICAN BEACON FUNDS | 0 | 27,270 | 0 | 0 | Against |
| QUANTITATIVE MASTER SERIES LLC | 24,364 | 0 | 0 | 0 | For |
| Invesco | 0 | 20,827 | 0 | 0 | Against |
| JAMES ADVANTAGE FUNDS | 0 | 20,646 | 0 | 0 | Against |
| Lincoln Financial | 0 | 15,221 | 0 | 0 | Against |
| First Trust | 0 | 13,211 | 0 | 0 | Against |
| Global X | 0 | 11,708 | 0 | 0 | Against |
| Pacific Life | 7,517 | 2,859 | 0 | 0 | Mixed |
| John Hancock | 0 | 9,820 | 0 | 0 | Against |
| Bridge Builder Trust | 6,729 | 2,319 | 0 | 0 | Mixed |
| Jackson National | 0 | 8,044 | 0 | 0 | Against |
| AIG/SunAmerica | 0 | 6,965 | 0 | 0 | Against |
| PIMCO | 0 | 5,217 | 0 | 0 | Against |
Showing the 25 largest of 61 asset managers. See all 61 in the interactive database.
Combines 5 wordings of this item as funds reported it.
99.6% Majority: yes · of votes cast
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.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Dimensional | 1,789,086 | 0 | 0 | 0 | For |
| Vanguard | 1,475,969 | 0 | 0 | 0 | For |
| BlackRock | 555,011 | 0 | 0 | 0 | For |
| Fidelity | 340,875 | 0 | 0 | 0 | For |
| GENERAL AMERICAN INVESTORS CO INC | 243,415 | 0 | 0 | 0 | For |
| Charles Schwab | 196,459 | 0 | 0 | 0 | For |
| American Century | 113,569 | 0 | 0 | 0 | For |
| Northern Trust | 62,635 | 0 | 0 | 0 | For |
| WisdomTree | 48,517 | 0 | 0 | 0 | For |
| Equitable | 22,814 | 18,837 | 0 | 0 | Mixed |
| State Street | 190 | 35,539 | 0 | 0 | Against |
| TIAA | 33,206 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 27,270 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 24,364 | 0 | 0 | 0 | For |
| Invesco | 20,827 | 0 | 0 | 0 | For |
| JAMES ADVANTAGE FUNDS | 20,646 | 0 | 0 | 0 | For |
| Lincoln Financial | 4,683 | 10,538 | 0 | 0 | Mixed |
| First Trust | 13,211 | 0 | 0 | 0 | For |
| Global X | 11,708 | 0 | 0 | 0 | For |
| Pacific Life | 10,376 | 0 | 0 | 0 | For |
| John Hancock | 9,820 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 6,729 | 2,319 | 0 | 0 | Mixed |
| Jackson National | 8,044 | 0 | 0 | 0 | For |
| AIG/SunAmerica | 6,965 | 0 | 0 | 0 | For |
| PIMCO | 5,217 | 0 | 0 | 0 | For |
Showing the 25 largest of 61 asset managers. See all 61 in the interactive database.
Combines 6 wordings of this item as funds reported it.
99.9% Approved · of votes cast
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).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Dimensional | 1,789,086 | 0 | 0 | 0 | For |
| Vanguard | 1,475,969 | 0 | 0 | 0 | For |
| BlackRock | 555,011 | 0 | 0 | 0 | For |
| Fidelity | 340,875 | 0 | 0 | 0 | For |
| GENERAL AMERICAN INVESTORS CO INC | 243,415 | 0 | 0 | 0 | For |
| Charles Schwab | 196,459 | 0 | 0 | 0 | For |
| American Century | 113,569 | 0 | 0 | 0 | For |
| Northern Trust | 62,635 | 0 | 0 | 0 | For |
| WisdomTree | 48,517 | 0 | 0 | 0 | For |
| Equitable | 41,651 | 0 | 0 | 0 | For |
| State Street | 35,725 | 4 | 0 | 0 | For |
| TIAA | 33,206 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 27,270 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 24,364 | 0 | 0 | 0 | For |
| Invesco | 20,827 | 0 | 0 | 0 | For |
| JAMES ADVANTAGE FUNDS | 20,646 | 0 | 0 | 0 | For |
| Lincoln Financial | 15,221 | 0 | 0 | 0 | For |
| First Trust | 13,211 | 0 | 0 | 0 | For |
| Global X | 11,708 | 0 | 0 | 0 | For |
| Pacific Life | 10,376 | 0 | 0 | 0 | For |
| John Hancock | 9,820 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 6,729 | 2,319 | 0 | 0 | Mixed |
| Jackson National | 8,044 | 0 | 0 | 0 | For |
| AIG/SunAmerica | 6,965 | 0 | 0 | 0 | For |
| PIMCO | 5,217 | 0 | 0 | 0 | For |
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.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| MAGNOLIA GROUP, LLC | 1,900,000 | 0 | 0 | 0 | For |
| UNION BANK & TRUST CO /NE/ | 1,502,702 | 0 | 0 | 0 | For |
| BlackRock | 488,454 | 0 | 0 | 0 | For |
| GEODE CAPITAL MANAGEMENT, LLC | 378,820 | 0 | 0 | 0 | For |
| State Street | 328,489 | 4,787 | 0 | 0 | For |
| Madison Avenue Partners, LP | 294,023 | 0 | 0 | 0 | For |
| Sycale Advisors (NY) LLC | 220,471 | 0 | 0 | 0 | For |
| Charles Schwab | 196,474 | 0 | 0 | 0 | For |
| Dimensional | 165,821 | 0 | 0 | 0 | For |
| QVT Financial LP | 163,431 | 0 | 0 | 0 | For |
| Northern Trust | 135,729 | 643 | 0 | 0 | For |
| Bandera Partners LLC | 127,000 | 0 | 0 | 0 | For |
| American Century | 116,689 | 0 | 0 | 0 | For |
| JPMorgan | 115,550 | 0 | 0 | 0 | For |
| BAR HARBOR WEALTH MANAGEMENT | 108,641 | 0 | 0 | 0 | For |
| LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE | 99,079 | 0 | 0 | 0 | For |
| MELLON INVESTMENTS Corp | 53,923 | 0 | 0 | 0 | For |
| DE Shaw | 39,269 | 0 | 0 | 0 | For |
| Vanguard | 38,601 | 0 | 0 | 0 | For |
| Brandywine Global Investment Management, LLC | 34,941 | 0 | 0 | 0 | For |
| Nuveen | 33,678 | 0 | 0 | 0 | For |
| Western Standard LLC | 29,494 | 0 | 0 | 0 | For |
| HighTower Advisors, LLC | 28,874 | 0 | 0 | 0 | For |
| Corient Private Wealth LLC | 28,750 | 0 | 0 | 0 | For |
| Invesco | 25,425 | 0 | 0 | 0 | For |
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.
Combines 2 wordings of this item as funds reported it.
99.9% Approved · of votes cast
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.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Dimensional | 1,789,086 | 0 | 0 | 0 | For |
| Vanguard | 1,475,527 | 442 | 0 | 0 | For |
| BlackRock | 555,011 | 0 | 0 | 0 | For |
| Fidelity | 340,875 | 0 | 0 | 0 | For |
| GENERAL AMERICAN INVESTORS CO INC | 243,415 | 0 | 0 | 0 | For |
| Charles Schwab | 196,459 | 0 | 0 | 0 | For |
| American Century | 113,569 | 0 | 0 | 0 | For |
| Northern Trust | 62,635 | 0 | 0 | 0 | For |
| WisdomTree | 48,517 | 0 | 0 | 0 | For |
| Equitable | 41,651 | 0 | 0 | 0 | For |
| State Street | 35,725 | 4 | 0 | 0 | For |
| TIAA | 33,206 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 27,270 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 24,364 | 0 | 0 | 0 | For |
| Invesco | 20,827 | 0 | 0 | 0 | For |
| JAMES ADVANTAGE FUNDS | 20,646 | 0 | 0 | 0 | For |
| Lincoln Financial | 15,221 | 0 | 0 | 0 | For |
| First Trust | 13,211 | 0 | 0 | 0 | For |
| Global X | 11,708 | 0 | 0 | 0 | For |
| Pacific Life | 10,376 | 0 | 0 | 0 | For |
| John Hancock | 9,820 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 9,048 | 0 | 0 | 0 | For |
| Jackson National | 8,044 | 0 | 0 | 0 | For |
| AIG/SunAmerica | 6,965 | 0 | 0 | 0 | For |
| PIMCO | 5,217 | 0 | 0 | 0 | For |
Showing the 25 largest of 60 asset managers. See all 60 in the interactive database.
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.
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | Dimensional | 4.90% |
| 2 | Vanguard | 4.05% |
| 3 | BlackRock | 1.52% |
| 4 | Fidelity | 0.93% |
| 5 | GENERAL AMERICAN INVESTORS CO INC | 0.67% |
| 6 | Charles Schwab | 0.54% |
| 7 | American Century | 0.31% |
| 8 | Northern Trust | 0.17% |
| 9 | WisdomTree | 0.13% |
| 10 | Equitable | 0.11% |
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | MAGNOLIA GROUP, LLC | 5.21% |
| 2 | UNION BANK & TRUST CO /NE/ | 4.12% |
| 3 | BlackRock | 1.34% |
| 4 | GEODE CAPITAL MANAGEMENT, LLC | 1.04% |
| 5 | State Street | 0.91% |
| 6 | Madison Avenue Partners, LP | 0.81% |
| 7 | Sycale Advisors (NY) LLC | 0.60% |
| 8 | Charles Schwab | 0.54% |
| 9 | Dimensional | 0.45% |
| 10 | QVT Financial LP | 0.45% |
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.
| 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.
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.