Harrison Street Real Assets Fund LLC

Data through 2026-06-30 · latest filing N-23C3A filed 2026-07-31

Sponsored by Harrison Street. Interval Fund structure focused on private real estate.

Interval FundPrivate Real Estate

Sponsor: Harrison Street
CIK: 0001687898
Liquidity: Quarterly repurchase offers at NAV
Inception: 2017

Net assets: $2.19B

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

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1687898/000119312526247094/xslFormNPORT-P_X01/primary_doc.xml
NAV / share: $28.99

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 $ 28.99”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1687898/000121390026065340/ea0291351-01_ncsr.htm | financial-highlights end-of-period NAV (fallback)
Net flows, last qtr: -6.0%
Distribution coverage (NII): 18%
Leverage in use: 17%
Total return, 12m: Pending

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Red flag

Redemptions prorated for the period ending 2026-02-27: only 51.0% of requests fulfilled. (2026-02-27)

Redemptions prorated for the period ending 2026-02-27: only 51.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Why it matters and what changed

Redemption requests exceeded the offer and were paid only in part, pro rata. Investors who wanted out are still holding; unmet demand usually rolls into the next offer, making repeat proration -- the defining liquidity-stress pattern for a semi-liquid fund -- worth watching for.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1687898/000121390026065340/ea0291351-01_ncsr.htm | redemption proration (2026-02-27)

Red flag

Redemption requests ran at least twice the tender offer's capacity; only 51% of tendered shares were repurchased (offer expired 2026-02-27).

Redemption requests ran at least twice the tender offer's capacity; only 51% of tendered shares were repurchased (offer expired 2026-02-27). (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 51.00 (no prior-period value stored)

Source: https://www.sec.gov/Archives/edgar/data/1687898/000121390026065340/ea0291351-01_ncsr.htm | redemption disclosure (redemption_fill_rate)

Red flag

Redemptions prorated for the period ending 2025-11-21: only 51.0% of requests fulfilled. (2025-11-21)

Redemptions prorated for the period ending 2025-11-21: only 51.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Why it matters and what changed

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1687898/000121390026065340/ea0291351-01_ncsr.htm | redemption proration (2025-11-21)

Red flag

Redemption requests ran at least twice the tender offer's capacity; only 51% of tendered shares were repurchased (offer expired 2025-11-21).

Redemption requests ran at least twice the tender offer's capacity; only 51% of tendered shares were repurchased (offer expired 2025-11-21). (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 51.00 (no prior-period value stored)

Source: https://www.sec.gov/Archives/edgar/data/1687898/000121390026065340/ea0291351-01_ncsr.htm | redemption disclosure (redemption_fill_rate)

Red flag

Redemptions prorated for the period ending 2025-08-22: only 47.0% of requests fulfilled. (2025-08-22)

Redemptions prorated for the period ending 2025-08-22: only 47.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Why it matters and what changed

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1687898/000121390026065340/ea0291351-01_ncsr.htm | redemption proration (2025-08-22)

Red flag

Redemption requests ran at least twice the tender offer's capacity; only 47% of tendered shares were repurchased (offer expired 2025-08-22).

Redemption requests ran at least twice the tender offer's capacity; only 47% of tendered shares were repurchased (offer expired 2025-08-22). (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 47.00 (no prior-period value stored)

Source: https://www.sec.gov/Archives/edgar/data/1687898/000121390026065340/ea0291351-01_ncsr.htm | redemption disclosure (redemption_fill_rate)

Yellow flag

Net outflow of 7.3% of NAV in the period ended 2026-03-31.

Net outflow of 7.3% of NAV in the period ended 2026-03-31. (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 0.81 to -7.30 vs prior period; trailing 4-period average -1.28; same period prior year -5.57

Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100

Yellow flag

Net outflow of 5.9% of NAV in the period ended 2025-11-30.

Net outflow of 5.9% of NAV in the period ended 2025-11-30. (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 0.47 to -5.91 vs prior period; trailing 4-period average -2.60; same period prior year -4.42

Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100

Yellow flag

Net outflow of 5.3% of NAV in the period ended 2025-08-31.

Net outflow of 5.3% of NAV in the period ended 2025-08-31. (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 0.52 to -5.31 vs prior period; trailing 4-period average -2.48; same period prior year -4.21

Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100

Historical findings (16)

Redemptions prorated for the period ending 2025-05-30: only 60.0% of requests fulfilled. (2025-05-30)
Redemptions prorated for the period ending 2025-05-30: only 60.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 60% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2025-05-30).
Tender offer filled only 60% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2025-05-30). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2025-02-28: only 52.0% of requests fulfilled. (2025-02-28)
Redemptions prorated for the period ending 2025-02-28: only 52.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 52% of tendered shares were repurchased (offer expired 2025-02-28).
Redemption requests ran at least twice the tender offer's capacity; only 52% of tendered shares were repurchased (offer expired 2025-02-28). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2024-11-22: only 75.4% of requests fulfilled. (2024-11-22)
Redemptions prorated for the period ending 2024-11-22: only 75.4% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 75% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-11-22).
Tender offer filled only 75% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-11-22). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2024-08-23: only 80.2% of requests fulfilled. (2024-08-23)
Redemptions prorated for the period ending 2024-08-23: only 80.2% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 80% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-08-23).
Tender offer filled only 80% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-08-23). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2024-05-31: only 90.0% of requests fulfilled. (2024-05-31)
Redemptions prorated for the period ending 2024-05-31: only 90.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 90% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-05-31).
Tender offer filled only 90% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-05-31). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Tender offer filled only 100% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-02-23).
Tender offer filled only 100% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-02-23). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Net outflow of 5.7% of NAV in the period ended 2025-06-30.
Net outflow of 5.7% of NAV in the period ended 2025-06-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Net outflow of 5.6% of NAV in the period ended 2025-03-31.
Net outflow of 5.6% of NAV in the period ended 2025-03-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Net outflow of 6.7% of NAV in the period ended 2024-06-30.
Net outflow of 6.7% of NAV in the period ended 2024-06-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Net outflow of 5.3% of NAV in the period ended 2023-11-30.
Net outflow of 5.3% of NAV in the period ended 2023-11-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Net outflow of 5.0% of NAV in the period ended 2020-05-31.
Net outflow of 5.0% of NAV in the period ended 2020-05-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

NAV per share

Net capital flows, % of NAV

Distribution coverage

Filed performance

Window	Class	Basis	Return	Source
2025-04-01 to 2026-03-31 fiscal year · annualization not stated	Fund	basis not stated in the filed row	+7.52%	SEC source 0001213900-26-065340 N-CSR filed 2026-06-04
2025-04-01 to 2025-09-30 semiannual · annualization not stated	Fund	basis not stated in the filed row	+3.17%	SEC source 0001213900-25-117815 N-CSRS filed 2025-12-03
2024-04-01 to 2025-03-31 fiscal year · annualization not stated	Fund	at NAV	+5.13%	SEC source 0001193125-25-134765 N-CSR filed 2025-06-04
2024-04-01 to 2024-09-30 semiannual · annualization not stated	Fund	at NAV	+3.47%	SEC source 0001193125-24-270574 N-CSRS filed 2024-12-04
2023-04-01 to 2024-03-31 fiscal year · annualization not stated	Fund	basis not stated in the filed row	+3.25%	SEC source 0001213900-26-065340 N-CSR filed 2026-06-04

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

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	+0.97%	Harrison Street source Citation and archived evidence Retrieved 2026-08-04T17:43:19.660068+00:00 Archived-content SHA-256: `0bd267d9b70636e674319f5324173dd1a5f04ccbb37354b6ed57bccab92c264f` View evidence excerpt

Monthly performance eligibility

Canonical class: Common shares · basis: manager-stated monthly total return · qualifying history: 1 month through 2026-06-30.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 5% of shares/quarter. Rationed in 8 of 16 disclosed periods; last gated Q1 2026.

Period	Requested	Filled	Cap used	Status
2026-02-27	Pending	51%	100%	rationed
2025-11-21	Pending	51%	100%	rationed
2025-08-22	Pending	47%	100%	rationed
2025-05-30	Pending	60%	100%	rationed
2025-02-28	Pending	52%	100%	rationed
2024-11-22	Pending	75%	100%	rationed
2024-08-23	Pending	80%	100%	rationed
2024-05-31	Pending	90%	100%	rationed
2024-02-23	Pending	100%	105%	cap expanded
2023-11-17	Pending	100%	126%	cap expanded
2023-08-25	Pending	100%	83%	filled
2023-05-19	Pending	100%	62%	filled
2023-02-24	Pending	100%	44%	filled
2022-11-18	Pending	100%	97%	filled
2022-08-19	Pending	100%	32%	filled
2022-05-20	Pending	100%	37%	filled

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Pending

06 / Share classes

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%

Share of total net assets ($2,188,557,851) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Common shares	Pending	Pending	Pending	Pending	Pending

Management fee: 1.15% of nav per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001213900-26-065340.

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 1.15% of the Fund's NAV, which accrues daily and is paid quarterly. Sub-advisers (including Brookfield, on a sliding scale from 0.35% down to 0.20%) are paid by the Adviser out of this same Investment Management Fee -- not an additional fund-level charge.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Common shares	1.15%	None * None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001133228-25-013778	Pending	Pending	1.83%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 0001213900-26-065340	1.77%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 0001213900-26-065340

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.

07 / Sources

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 1.15% of the Fund's NAV, which accrues daily and is paid quarterly. Sub-advisers (including Brookfield, on a sliding scale from 0.35% down to 0.20%) are paid by the Adviser out of this same Investment Management Fee -- not an additional fund-level charge.	1.15 pct_annual_of_nav	Pending

Recent filings

Filed	Form	Accession
2026-07-31	N-23C3A	0001213900-26-083690
2026-06-04	N-CSR	0001213900-26-065340
2026-05-29	NPORT-P	0001193125-26-247094
2026-05-01	N-23C3A	0001213900-26-050826
2026-02-27	NPORT-P	0001193125-26-083161
2026-01-30	N-23C3A	0001213900-26-009952
2025-12-19	424B3	0001133228-25-013778
2025-12-03	N-CSRS	0001213900-25-117815
2025-11-26	NPORT-P	0001193125-25-299037
2025-10-24	N-23C3A	0001213900-25-101934
2025-08-28	NPORT-P	0001752724-25-211919
2025-07-30	N-23C3A	0001687898-25-000007
2025-06-04	N-CSR	0001193125-25-134765
2025-05-23	NPORT-P	0001752724-25-118235
2025-05-02	N-23C3A	0001687898-25-000003