Nielson Brandon R. 4

What Happened Brandon R. Nielson, a director of Keystone Private Income Fund, acquired 20,269.585 shares on January 1, 2026 at a price of $98.67 per share, for a total transaction value of $2,000,000. The filing reports this as a purchase (transaction code P), i.e., an acquisition rather than a sale.

Key Details

• Transaction date and price: 01/01/2026 at $98.67 per share (total $2,000,000).
• Transaction type: Purchase (code P); described as an open market or private purchase / subscription.
• Shares owned after transaction: Not specified in the provided filing extract.
• Footnotes:
  • F1: The subscription was dated Jan 1, 2026 with NAV pricing as of Jan 1; the NAV price was finalized on Jan 21, 2026.
  • F2: The reported amount includes 638.103 Class Z shares acquired via the issuer’s dividend reinvestment plan from Nov 6, 2025 through the date of this report.
  • F3: Mr. Nielson disclaims beneficial ownership of shares held by Beachrock Holdings, LLC and River Heights Holdings, LLC, except to the extent of his pecuniary interest.
• Filing timing: The Form 4 was filed on Jan 23, 2026 for a Jan 1 transaction (the filing occurred 22 days after the transaction date).

Context Purchases by insiders can be seen as informative because they increase the insider’s exposure; however, this transaction was a subscription/NAV-priced purchase (final NAV set on Jan 21), and part of the holdings include DRIP-acquired shares. The filing’s footnotes and the ownership disclaimer clarify how some shares are held (via LLCs) and how pricing was determined.