Harrison Street Real Estate Fund LLC
Data through 2026-06-26 · latest filing N-23C3A filed 2026-06-26
Sponsored by Harrison Street. Interval Fund structure focused on private real estate.
Interval FundPrivate Real Estate
- Net assets
- $1.49B
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-29 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $23.25
source
Shareholder report (Form N-CSR) · filed 2026-06-04 · period 2026-03-31
financial-highlights end-of-period NAV (fallback)
“Net asset value, end of period $ 23.25”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Filed fund value · as of 2026-03-31 - Net flows, last qtr
- -3.2% qtr ended 2026-03-31
- Distribution coverage (NII)
- 35% period ended 2026-03-31
- Leverage in use
- 11% debt / equity 0.08x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Redemption requests ran at least twice the tender offer's capacity; only 16% of tendered shares were repurchased (offer expired 2026-01-30).
Redemption requests ran at least twice the tender offer's capacity; only 16% of tendered shares were repurchased (offer expired 2026-01-30). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)
Why it matters and what changed
Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.
current level 16.00 (no prior-period value stored)
Source: https://www.sec.gov/Archives/edgar/data/1515001/000121390026065345/ea0290589-01_ncsr.htm | Harrison N-CSR results table; accession=0001213900-26-065345; offer_pct=5; offered_shares=3335332; tendered_shares=20284799; implied_outstanding_shares=66706640.000000000000; filed Percentage of Tendered Shares Repurchased = 16%
Redemption requests ran at least twice the tender offer's capacity; only 22% of tendered shares were repurchased (offer expired 2025-10-24).
Redemption requests ran at least twice the tender offer's capacity; only 22% of tendered shares were repurchased (offer expired 2025-10-24). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)
Why it matters and what changed
Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.
current level 22.00 (no prior-period value stored)
Source: https://www.sec.gov/Archives/edgar/data/1515001/000121390026065345/ea0290589-01_ncsr.htm | Harrison N-CSR results table; accession=0001213900-26-065345; offer_pct=6; offered_shares=4311315; tendered_shares=19211446; implied_outstanding_shares=71855250.000000000000; filed Percentage of Tendered Shares Repurchased = 22%
NAV per share fell 3.6% from $24.13 to $23.25 (2026-03-31).
NAV per share fell 3.6% from $24.13 to $23.25 (2026-03-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)
Why it matters and what changed
Private-market NAVs move slowly by construction, so a 2%+ single-month markdown is a genuine valuation event, not noise.
24.13 -> 23.25 (down 3.6% vs prior period); trailing 4-period average 23.69; comparison interval: ~6 months (2025-09-30 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1515001/000121390026065345/ea0290589-01_ncsr.htm | financial-highlights end-of-period NAV (fallback)
Net outflow of 5.2% of NAV in the period ended 2025-10-31.
Net outflow of 5.2% of NAV in the period ended 2025-10-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)
Why it matters and what changed
Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.
swung from 0.69 to -5.18 vs prior period; trailing 4-period average -2.23; same period prior year -4.18
Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100
Historical findings (7)
Redemption requests ran at least twice the tender offer's capacity; only 23% of tendered shares were repurchased (offer expired 2025-07-25).
Redemption requests ran at least twice the tender offer's capacity; only 24% of tendered shares were repurchased (offer expired 2025-04-25).
Net outflow of 5.6% of NAV in the period ended 2025-02-28.
Net outflow of 6.1% of NAV in the period ended 2022-10-31.
Net outflow of 6.8% of NAV in the period ended 2021-01-31.
Net outflow of 8.1% of NAV in the period ended 2020-10-31.
Net outflow of 7.3% of NAV in the period ended 2020-04-30.
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-04-01 to 2026-03-31 | Fund | basis not stated in the filed row | -0.38% | SEC source 0001213900-26-065345 |
| 2025-04-01 to 2025-09-30 | Fund | basis not stated in the filed row | +1.33% | SEC source 0001213900-25-117827 |
| 2024-04-01 to 2025-03-31 | Fund | at NAV | +1.22% | SEC source 0001193125-25-134768 |
| 2024-04-01 to 2024-09-30 | Fund | at NAV | +2.61% | SEC source 0001193125-24-270572 |
| 2023-04-01 to 2024-03-31 | Fund | at NAV | -8.06% | SEC source 0001193125-24-156884 |
Manager-reported performance
Manager-reported; not from SEC filings. These exact-window values appear only where no SEC-filed or SEC-derived observation covers the same fund, canonical class, and window.
| Window | Class | Return | Manager source |
|---|---|---|---|
| Jun 1–Jun 30, 2026 | Common shares | +0.26% | Harrison Street sourceCitation and archived evidence |
Monthly performance eligibility
Canonical class: Common shares · basis: manager-stated monthly total return · qualifying history: 1 month through 2026-06-30.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. Rationed in 4 of 4 disclosed periods; last gated Q1 2026.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-01-30 | 30.4% of shares
sourceShareholder report (Form N-CSR) · filed 2026-06-04 · period 2026-01-30 Harrison N-CSR results table; accession=0001213900-26-065345; offer_pct=5; offered_shares=3335332; tendered_shares=20284799; implied_outstanding_shares=66706640.000000000000; formula: outstanding = offered_shares / (offer_pct / 100); requested_pct = tendered_shares / outstanding * 100 = 30.408965284415 “January 30, 2026 5 3,335,332 20,284,799 16% 78,146,832” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 16% | 100% | rationed |
| 2025-10-24 | 26.7% of shares
sourceShareholder report (Form N-CSR) · filed 2026-06-04 · period 2025-10-24 Harrison N-CSR results table; accession=0001213900-26-065345; offer_pct=6; offered_shares=4311315; tendered_shares=19211446; implied_outstanding_shares=71855250.000000000000; formula: outstanding = offered_shares / (offer_pct / 100); requested_pct = tendered_shares / outstanding * 100 = 26.736315022215 “October 24, 2025 6 4,311,315 19,211,446 22% 102,954,203” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 22% | 100% | rationed |
| 2025-07-25 | 26.2% of shares
sourceShareholder report (Form N-CSR) · filed 2026-06-04 · period 2025-07-25 Harrison N-CSR results table; accession=0001213900-26-065345; offer_pct=6; offered_shares=4331358; tendered_shares=18923747; implied_outstanding_shares=72189300.000000000000; formula: outstanding = offered_shares / (offer_pct / 100); requested_pct = tendered_shares / outstanding * 100 = 26.214060809566 “July 25, 2025 6 4,331,358 18,923,747 23% 107,577,544” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 23% | 100% | rationed |
| 2025-04-25 | 25.2% of shares
sourceShareholder report (Form N-CSR) · filed 2026-06-04 · period 2025-04-25 Harrison N-CSR results table; accession=0001213900-26-065345; offer_pct=6; offered_shares=4488713; tendered_shares=18878294; implied_outstanding_shares=74811883.333333343267; formula: outstanding = offered_shares / (offer_pct / 100); requested_pct = tendered_shares / outstanding * 100 = 25.234352029190 “April 25, 2025 6% 4,488,713 18,878,294 24% $111,519,485” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 24% | 100% | rationed |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Common shares | Pending | 0.00% | Pending | Pending | Pending |
Management fee: 0.95% of nav per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001213900-26-065345.
Filed fee conditions
Pursuant to an Investment Management Agreement, Harrison Street Private Wealth LLC serves as the investment adviser to the Fund. For its services, the Fund pays the Adviser an Investment Management Fee at an annual rate of 0.95% of the Fund's NAV, which accrues daily and is paid quarterly. Sub-advisers (PrinREI, Security Capital) are paid on their own sliding-scale schedules (0.45%-1.00%) out of the Fund's Advisory fees line -- not an additional fund-level charge; sub-adviser fees totaled $2,096,525 for the year ended March 31, 2026.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Common shares | 0.95% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001133228-25-007726 |
0.00% | Pending | 1.72%filed basis*Filed label: Ratios of gross expenses to average net assets; period 2026-03-31. gross expenses (sole-class Financial Highlights row); waiver state: before / excluding disclosed support. SEC source 0001213900-26-065345 |
1.71%filed basis*Filed label: Ratios of net expenses to average net assets; period 2026-03-31. After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001213900-26-065345 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (1)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pursuant to an Investment Management Agreement, Harrison Street Private Wealth LLC serves as the investment adviser to the Fund. For its services, the Fund pays the Adviser an Investment Management Fee at an annual rate of 0.95% of the Fund's NAV, which accrues daily and is paid quarterly. Sub-advisers (PrinREI, Security Capital) are paid on their own sliding-scale schedules (0.45%-1.00%) out of the Fund's Advisory fees line -- not an additional fund-level charge; sub-adviser fees totaled $2,096,525 for the year ended March 31, 2026. | 0.95 pct_annual_of_nav | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-26 | N-23C3A | 0001213900-26-072371 |
| 2026-06-04 | N-CSR | 0001213900-26-065345 |
| 2026-05-29 | NPORT-P | 0001193125-26-247103 |
| 2026-05-21 | 486APOS | 0001133228-26-008251 |
| 2026-03-27 | N-23C3A | 0001213900-26-035286 |
| 2026-02-27 | NPORT-P | 0001193125-26-083185 |
| 2026-01-05 | N-23C3A | 0001213900-26-000863 |
| 2025-12-03 | N-CSRS | 0001213900-25-117827 |
| 2025-11-26 | NPORT-P | 0001193125-25-299045 |
| 2025-09-29 | N-23C3A | 0001515001-25-000011 |
| 2025-08-28 | NPORT-P | 0001752724-25-211920 |
| 2025-07-29 | 486BPOS | 0001133228-25-007726 |
| 2025-06-27 | N-23C3A | 0001515001-25-000007 |
| 2025-06-04 | N-CSR | 0001193125-25-134768 |
| 2025-05-23 | NPORT-P | 0001752724-25-118249 |