Harrison Street Real Assets Fund LLC 4

What Happened
Harrison Street Real Assets Fund LLC, reported as a 10% owner of 2023 ETF Series Trust (NFRX), purchased 378,931 shares on February 10, 2026. The transaction was coded as a purchase (P) — 378,931 shares at $26.39 per share for a total of $9,999,989. This was a straight buy (open market or private purchase as reported), which is a direct acquisition of shares rather than an option exercise or award.

Key Details

• Transaction date: 2026-02-10; Form 4 filed: 2026-02-11 (timely filing).
• Price per share: $26.39; Shares acquired: 378,931; Total value: $9,999,989.
• Transaction type/code: P = Purchase (open market or private purchase).
• Shares owned after transaction: not specified in the information provided in this summary.
• No option exercises, awards, gifts, or tax-withholding noted in the reported transaction.
• Insider status: Harrison Street is a 10% owner (institutional holder), not an individual executive.

Context
Purchases by a 10% institutional owner are institutional-level allocations rather than personal insider trades by company executives. While purchases can signal increased interest by a major holder, they are factual data points — not a guarantee of future performance. There were no derivative transactions or cashless exercises in this filing.