Allen Brad 4

What Happened
Allen Brad, Treasurer of Keystone Private Income Fund, acquired 10,134.793 shares on January 1, 2026 at $98.67 per share for a total reported cost of $1,000,000. The Form 4 lists the transaction as a purchase (code P), reflecting an acquisition of fund shares rather than a sale.

Key Details

• Transaction date: January 1, 2026; Report filed: January 23, 2026 (appears late relative to the typical 2-business-day Form 4 rule).
• Price and amount: 10,134.793 shares at $98.67 per share; total reported consideration $1,000,000.
• Shares owned after transaction: Not specified in the filing extract provided.
• Footnote highlights:
  • F1: Subscription dated Jan 1, 2026 used NAV-per-share pricing as of Jan 1; NAV was finalized on Jan 21, 2026.
  • F2–F5: The report includes small amounts of Class Z shares acquired via the issuer’s dividend reinvestment plan (detailed per footnote). Mr. Allen disclaims beneficial ownership of shares held by Hallein Holdings LLC except to the extent of his pecuniary interest.
• Transaction type: Purchase/subscription (P). No indication this was an option exercise, gift, or tax withholding.

Context
Purchases by insiders can be interpreted by investors as a positive signal because they increase the insider’s economic exposure, but filings are factual and don’t state motivation. The subscription/NAV note (F1) indicates the trade was priced based on Jan 1 NAV that was finalized later (Jan 21), which can occur with fund subscriptions. The late filing may be relevant to regulators and investors tracking timely insider activity.