# MAGNOLIA GROUP, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1618376. Source: https://holderbook.com/funds/1618376-magnolia-group-llc/

- Reported value: $476.3M
- Positions: 16
- Weight of the ten largest: 93.2%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NELNET INC | [NNI](https://holderbook.com/stocks/NNI/) | $169.3M | 1,269,723 | 35.5% | 32 |
| BOSTON OMAHA CORP | [BOC](https://holderbook.com/stocks/BOC/) | $76.2M | 5,589,253 | 16.0% | 32 |
| ASBURY AUTOMOTIVE GROUP INC | [ABG](https://holderbook.com/stocks/ABG/) | $52.4M | 260,658 | 11.0% | 19 |
| CORE NATURAL RESOURCES INC | [CNR](https://holderbook.com/stocks/CNR/) | $37.4M | 467,524 | 7.9% | 6 |
| ALLIANCE RESOURCE PARTNERS L | [ARLP](https://holderbook.com/stocks/ARLP/) | $30.3M | 1,262,583 | 6.4% | 32 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $19.6M | 195,000 | 4.1% | 1 |
| PURE CYCLE CORP | [PCYO](https://holderbook.com/stocks/PCYO/) | $19.2M | 1,795,421 | 4.0% | 14 |
| COGENT COMM HOLDINGS INC | [CCOI](https://holderbook.com/stocks/CCOI/) | $13.6M | 979,686 | 2.9% | 5 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $13.3M | 32,550 | 2.8% | 1 |
| LENNAR CORP | [LENB](https://holderbook.com/stocks/LENB/) | $12.7M | 143,409 | 2.7% | 3 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $9.8M | 19,500 | 2.0% | 1 |
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $7.7M | 1,130 | 1.6% | 2 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $4.1M | 2,100 | 0.9% | 1 |
| HOME BANCSHARES INC | [HOMB](https://holderbook.com/stocks/HOMB/) | $3.9M | 135,500 | 0.8% | 1 |
| NATURAL RESOURCE PARTNERS LP | [NRP](https://holderbook.com/stocks/NRP/) | $3.7M | 37,750 | 0.8% | 1 |
| AMERICAS CAR-MART INC | [CRMT](https://holderbook.com/stocks/CRMT/) | $3.1M | 1,119,875 | 0.7% | 18 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -1.2% | +14.8% | -16.0% | 98% |
| Q1 2026 | -4.3% | -4.6% | +0.3% | 98% |
| Q4 2025 | -4.4% | +2.4% | -6.8% | 100% |
| Q3 2025 | -5.3% | +7.8% | -13.1% | 100% |
| Q2 2025 | +5.1% | +10.5% | -5.4% | 100% |
| Q1 2025 | -1.8% | -4.6% | +2.7% | 100% |
| Q4 2024 | +0.3% | +2.1% | -1.9% | 100% |
| Q3 2024 | +10.8% | +5.4% | +5.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $476.3M | 16 |
| Q1 2026 | $537.5M | 12 |
| Q4 2025 | $606.5M | 12 |
| Q3 2025 | $630.8M | 11 |
| Q2 2025 | $650.5M | 10 |
| Q1 2025 | $589.9M | 9 |
| Q4 2024 | $582.9M | 10 |
| Q3 2024 | $590.9M | 9 |
| Q2 2024 | $658.6M | 10 |
| Q1 2024 | $663.9M | 11 |
| Q4 2023 | $678.4M | 11 |
| Q3 2023 | $621.0M | 13 |