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 (ticker NFRX), acquired 1,485,332 shares on 2026-02-12 in an open-market/private purchase. The shares were purchased at $26.93 each for a total reported value of $39,999,991. This was a straight purchase (transaction code P), which is generally viewed as a positive signal because it increases the insider's stake rather than reducing it.

Key Details

• Transaction date: 2026-02-12; Price: $26.93 per share; Shares acquired: 1,485,332; Total value: $39,999,991.
• Transaction type: P = Purchase (open market or private purchase as reported).
• Shares owned after transaction: not specified in the filing (amount owned after transaction not disclosed).
• Filing date: 2026-02-13 (filed promptly the next day). No 10b5-1 plan, tax withholding, or other footnotes were disclosed in the summary information provided.

Context
This filing reflects institutional buying by a reported 10% owner rather than trading by an individual executive—important context for retail investors since institutional purchases can reflect portfolio allocation decisions. The report is a direct purchase (not an option exercise, gift, or award), so no additional derivative mechanics apply.