Vault-13

NATIONAL STORAGE AFFILIATES NSA

COM SHS BEN IN · REIT · CUSIP 637870106

329 institutional holders -1 vs Q3 2025
75,580,65475.6m shares reported held*
$2.1bnreported value*
41 new 111 added 125 reduced 42 sold out net bought ≈ $123.5m (+4.3m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($30.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $28.23. Options: 4 managers hold calls ($2.0m notional), 3 hold puts ($352.6k).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 314Q4 22: 317Q1 23: 305Q2 23: 335Q3 23: 299Q4 23: 307Q1 24: 321Q2 24: 359Q3 24: 353Q4 24: 349Q1 25: 340Q2 25: 342Q3 25: 330Q4 25: 329329Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022314
Q4 2022317
Q1 2023305
Q2 2023335
Q3 2023299
Q4 2023307
Q1 2024321
Q2 2024359
Q3 2024353
Q4 2024349
Q1 2025340
Q2 2025342
Q3 2025330
Q4 2025329

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q1 24: 145 bought or addedQ1 24: 151 cut or sold outQ2 24: 167 bought or addedQ2 24: 171 cut or sold outQ2 24Q3 24: 144 bought or addedQ3 24: 194 cut or sold outQ4 24: 164 bought or addedQ4 24: 155 cut or sold outQ4 24Q1 25: 183 bought or addedQ1 25: 146 cut or sold outQ2 25: 182 bought or addedQ2 25: 174 cut or sold outQ2 25Q3 25: 157 bought or addedQ3 25: 163 cut or sold outQ4 25: 152 bought or addedQ4 25: 167 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024145151
Q2 2024167171
Q3 2024144194
Q4 2024164155
Q1 2025183146
Q2 2025182174
Q3 2025157163
Q4 2025152167

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3mQ1 25 calls: $1.4mQ1 25 puts: $645.8kQ1 25P/C 0.47Q2 25 calls: $799.2kQ2 25 puts: $440.9kQ2 25P/C 0.55Q3 25 calls: $697.8kQ3 25 puts: $353.0kQ3 25P/C 0.51Q4 25 calls: $2.0mQ4 25 puts: $352.6kQ4 25P/C 0.17
Numbers
QuarterCallsPutsP/C
Q1 2025$1.4m$645.8k0.47
Q2 2025$799.2k$440.9k0.55
Q3 2025$697.8k$353.0k0.51
Q4 2025$2.0m$352.6k0.17

Biggest buyers

CITIGROUP INC Added +1,346,193+1.3m
Land & Buildings Investment Management, LLC New +1,314,463+1.3m
COHEN & STEERS, INC. Added +1,281,337+1.3m
RUSH ISLAND MANAGEMENT, LP New +1,197,716+1.2m
CANADA PENSION PLAN INVESTMENT BOARD New +1,180,100+1.2m
CITADEL ADVISORS LLC Added +1,079,060+1.1m
Freestone Grove Partners LP Added +986,111+986.1k
Conversant Capital LLC New +775,000+775.0k
Capitolis Liquid Global Markets LLC New +721,000+721.0k
DEUTSCHE BANK AG\ Added +714,206+714.2k

Biggest sellers

Thrivent Financial for Lutherans Reduced -1,638,918-1.6m
Long Pond Capital, LP Reduced -1,254,976-1.3m
Engineers Gate Manager LP Reduced -1,253,921-1.3m
WASATCH ADVISORS LP Reduced -856,248-856.2k
MILLENNIUM MANAGEMENT LLC Reduced -719,004-719.0k
ROYAL BANK OF CANADA Reduced -667,935-667.9k
JENNISON ASSOCIATES LLC Reduced -542,637-542.6k
Irenic Capital Management LP Sold out -402,822-402.8k
Schonfeld Strategic Advisors LLC Reduced -378,878-378.9k
APG Asset Management US Inc. Sold out -344,780-344.8k

Biggest calls

CITADEL ADVISORS LLC Added $1.1m37.3k shares
Private Capital Management, LLC New $846.3k30.0k shares
SIMPLEX TRADING, LLC Added $70.5k2.5k shares
GROUP ONE TRADING LLC Added $53.6k1.9k shares

Biggest puts

CITADEL ADVISORS LLC Added $313.1k11.1k shares
SIMPLEX TRADING, LLC Reduced $25.4k900 shares
GROUP ONE TRADING LLC Added $14.1k500 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Nordhagen Arlen Dale 13D · may seek influence filed 2026-03-18
Stated purposeItem 4 is hereby amended and supplemented by the following: The information provided in Item 6 is incorporated by reference herein. Full filing
 8.4% 6.5m≈ $289.1m 2026-03-18
VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 7.8% new 6.0m≈ $267.4m 2026-04-29
COHEN & STEERS, INC. 13G · institution new · filed 2026-05-15 6.0% new 4.6m≈ $204.7m 2026-05-15
VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-07-31 5.0% new 3.9m≈ $173.0m 2026-07-31

Fell to 5% or below in the last year: Long Pond Capital, LP (0.0%, 2026-08-13), PRUDENTIAL FINANCIAL INC (1.8%, 2026-05-08), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 9,583,5449.6m $270.4m $270.4m 0.00% Reduced -35.3k -35,295
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 8,681,7428.7m $244.9m $244.9m 0.00% Added +197.5k +197,464
3 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 3,599,5553.6m $101.5m $101.5m 0.00% Reduced -83.6k -83,588
4 PRUDENTIAL FINANCIAL INC 0.09% of their portfolio NEWARK, NJ 2,675,2862.7m $75.5m $75.5m 0.09% Added +192.0k +192,032
5 Balyasny Asset Management L.P. 0.14% of their portfolio Chicago, IL 2,622,6242.6m $74.0m $74.0m 0.14% Added +273.1k +273,095
6 Long Pond Capital, LP 8.59% of their portfolio New York, NY 2,591,3132.6m $73.1m $73.1m 8.59% Reduced -1.3m -1,254,976
7 COHEN & STEERS, INC. 0.11% of their portfolio NEW YORK, NY 2,161,6512.2m $61.0m $61.0m 0.11% Added +1.3m +1,281,337
8 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 1,600,1551.6m $45.1m $45.1m 0.03% Added +1.3m +1,346,193
9 CITADEL ADVISORS LLC 0.03% of their portfolio MIAMI, FL 1,446,0881.4m $40.8m $40.8m 0.03% Added +1.1m +1,079,060
10 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,441,5101.4m $40.7m $40.7m 0.00% Reduced -95.6k -95,585
11 Land & Buildings Investment Management, LLC 6.16% of their portfolio STAMFORD, CT 1,314,4631.3m $37.1m $37.1m 6.16% New
12 FMR LLC 0.00% of their portfolio BOSTON, MA 1,217,9281.2m $34.4m $34.4m 0.00% Added +457.3k +457,331
13 RUSH ISLAND MANAGEMENT, LP 2.11% of their portfolio NEW YORK, NY 1,197,7161.2m $33.8m $33.8m 2.11% New
14 CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio TORONTO ONTARIO, A6 1,180,1001.2m $33.3m $33.3m 0.02% New
15 Hudson Bay Capital Management LP 0.19% of their portfolio STAMFORD, CT 1,154,7051.2m $32.6m $32.6m 0.19% Added +60.0k +60,009
16 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 1,095,1581.1m $30.9m $30.9m 0.00% Added +48.4k +48,418
17 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,056,1201.1m $29.8m $29.8m 0.00% Added +134.8k +134,774
18 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 1,054,0831.1m $29.7m $29.7m 0.01% Reduced -4.8k -4,816
19 Freestone Grove Partners LP 0.20% of their portfolio San Francisco, CA 1,000,0911.0m $28.2m $28.2m 0.20% Added +986.1k +986,111
20 WASATCH ADVISORS LP 0.17% of their portfolio SALT LAKE CITY, UT 989,702989.7k $27.9m $27.9m 0.17% Reduced -856.2k -856,248
21 JENNISON ASSOCIATES LLC 0.02% of their portfolio NEW YORK, NY 975,810975.8k $27.5m $27.5m 0.02% Reduced -542.6k -542,637
22 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 917,603917.6k $25.9m $25.9m 0.00% Reduced -246.2k -246,161
23 CINCINNATI INSURANCE CO 0.39% of their portfolio FAIRFIELD, OH 893,654893.7k $25.2m $25.2m 0.39% Unchanged
24 UBS Group AG 0.00% of their portfolio ZURICH, V8 880,134880.1k $24.8m $24.8m 0.00% Added +217.2k +217,234
25 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 831,730831.7k $23.5m $23.5m 0.00% Added +23.0k +22,982
26 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 776,796776.8k $21.9m $21.9m 0.01% Added +714.2k +714,206
27 Conversant Capital LLC 4.15% of their portfolio SUMMIT, NJ 775,000775.0k $21.9m $21.9m 4.15% New
28 Capitolis Liquid Global Markets LLC 0.12% of their portfolio NEW YORK, NY 721,000721.0k $20.3m $20.3m 0.12% New
29 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 719,920719.9k $20.3m $20.3m 0.00% Reduced -33.3k -33,267
30 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 717,285717.3k $20.2m $20.2m 0.00% Reduced -70.8k -70,809
31 TimesSquare Capital Management, LLC 0.29% of their portfolio NEW YORK, NY 689,692689.7k $19.5m $19.5m 0.29% Reduced -24.3k -24,260
32 Schonfeld Strategic Advisors LLC 0.10% of their portfolio NEW YORK, NY 688,670688.7k $19.4m $19.4m 0.10% Reduced -378.9k -378,878
33 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 679,526679.5k $19.2m $19.2m 0.01% Added +278.2k +278,163
34 Woodline Partners LP 0.07% of their portfolio San Francisco, CA 669,799669.8k $18.9m $18.9m 0.07% New
35 Point72 Asset Management, L.P. 0.03% of their portfolio STAMFORD, CT 608,899608.9k $17.2m $17.2m 0.03% Reduced -311.8k -311,807
36 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 584,193584.2k $16.5m $16.5m 0.00% Added +156.6k +156,581
37 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 512,652512.7k $14.5m $14.5m 0.00% Reduced -26.4k -26,447
38 HEARTLAND ADVISORS INC 0.73% of their portfolio MILWAUKEE, WI 482,125482.1k $13.6m $13.6m 0.73% Reduced -164.1k -164,075
39 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 469,944469.9k $13.3m $13.3m 0.00% Reduced -12.3k -12,254
40 Lighthouse Investment Partners, LLC 0.43% of their portfolio Palm Beach Gardens, FL 462,719462.7k $13.1m $13.1m 0.43% Added +155.2k +155,219
41 Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio FRANKFURT AM MAIN, 2M 459,793459.8k $13.0m $13.0m 0.02% Added +256.0k +255,999
42 FULLER & THALER ASSET MANAGEMENT, INC. 0.02% of their portfolio SAN MATEO, CA 449,558449.6k $12.7m $12.7m 0.02% Added +293.0k +293,013
43 Legal & General Group Plc 0.00% of their portfolio London, X0 410,893410.9k $11.6m $11.6m 0.00% Added +67.2k +67,220
44 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 405,754405.8k $11.4m $11.4m 0.00% Added +245.4k +245,410
45 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 403,997404.0k $11.4m $11.4m 0.00% Reduced -24.8k -24,782
46 Leeward Investments, LLC - MA 0.58% of their portfolio BOSTON, MA 403,727403.7k $11.4m $11.4m 0.58% Reduced -2.4k -2,425
47 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 395,608395.6k $11.2m $11.2m 0.01% Added +299.7k +299,736
48 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 393,313393.3k $11.1m $11.1m 0.01% Reduced -719.0k -719,004
49 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 382,041382.0k $10.8m $10.8m 0.00% Added +81.6k +81,598
50 Gotham Asset Management, LLC 0.04% of their portfolio NEW YORK, NY 366,924366.9k $10.4m $10.4m 0.04% Added +93.7k +93,651
51 Quantinno Capital Management LP 0.02% of their portfolio NEW YORK, NY 348,315348.3k $9.8m $9.8m 0.02% Reduced -3.8k -3,758
52 CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC 0.13% of their portfolio RADNOR, PA 316,068316.1k $8.9m $8.9m 0.13% Unchanged
53 WATERFALL ASSET MANAGEMENT, LLC 4.53% of their portfolio NEW YORK, NY 297,700297.7k $8.4m $8.4m 4.53% New
54 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 286,992287.0k $8.1m $8.1m 0.00% Reduced -204.6k -204,570
55 Daiwa Securities Group Inc. 0.03% of their portfolio CHIYODA-KU,TOKYO, M0 274,432274.4k $7.7m $7.7m 0.03% Added +6.2k +6,249
56 Alberta Investment Management Corp 0.04% of their portfolio EDMONTON, A0 257,000257.0k $7.2m $7.2m 0.04% New
57 ONTARIO TEACHERS PENSION PLAN BOARD 0.16% of their portfolio Toronto, A6 255,436255.4k $7.2m $7.2m 0.16% Added +54.7k +54,741
58 ALGERT GLOBAL LLC 0.10% of their portfolio SAN FRANCISCO, CA 233,159233.2k $6.6m $6.6m 0.10% Reduced -70.8k -70,801
59 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 222,622222.6k $6.3m $6.3m 0.01% Added +178.4k +178,397
60 NORGES BANK 0.00% of their portfolio OSLO, Q8 206,000206.0k $5.8m $5.8m 0.00% Not comparable
61 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 204,754204.8k $5.8m $5.8m 0.00% Reduced -97.2k -97,223
62 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 194,941194.9k $5.5m $5.5m 0.00% Added +11.7k +11,707
63 Swedbank AB 0.01% of their portfolio STOCKHOLM, V7 190,000190.0k $5.4m $5.4m 0.01% Unchanged
64 EXCHANGE TRADED CONCEPTS, LLC 0.04% of their portfolio Oklahoma City, OK 185,423185.4k $5.2m $5.2m 0.04% Added +161.2k +161,179
65 Sound Income Strategies, LLC 0.29% of their portfolio FT LAUDERDALE, FL 179,472179.5k $6.1m $6.1m 0.29% Reduced -32.1k -32,118
66 PEREGRINE CAPITAL MANAGEMENT LLC 0.15% of their portfolio MINNEAPOLIS, MN 173,758173.8k $4.9m $4.9m 0.15% Added +12.2k +12,234
67 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 166,458166.5k $4.7m $4.7m 0.01% Added +6.9k +6,878
68 CAPITAL FUND MANAGEMENT S.A. 0.04% of their portfolio PARIS, I0 153,439153.4k $4.3m $4.3m 0.04% Added +76.5k +76,468
69 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 152,202152.2k $4.3m $4.3m 0.00% Reduced -4.7k -4,691
70 TWO SIGMA ADVISERS, LP 0.01% of their portfolio NEW YORK, NY 147,200147.2k $4.2m $4.2m 0.01% Added +125.7k +125,700
71 Swiss National Bank 0.00% of their portfolio ZURICH, V8 143,879143.9k $4.1m $4.1m 0.00% Added +3.0k +3,000
72 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 123,262123.3k $3.5m $3.5m 0.00% Reduced -27.8k -27,761
73 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 120,014120.0k $3.4m $3.4m 0.00% Reduced -58.3k -58,287
74 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio COLUMBUS, OH 118,789118.8k $3.4m $3.4m 0.01% Reduced -3.7k -3,748
75 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 115,694115.7k $3.3m $3.3m 0.00% Added +17.5k +17,505
76 BESSEMER GROUP INC 0.00% of their portfolio WOODBRIDGE, NJ 113,630113.6k $3.2m $3.2m 0.00% Added +113.0k +112,960
77 Taproot Management LP 0.52% of their portfolio NEW YORK, NY 113,339113.3k $3.2m $3.2m 0.52% First filing
78 Holocene Advisors, LP 0.01% of their portfolio New York, NY 112,261112.3k $3.2m $3.2m 0.01% Added +29.4k +29,430
79 Mitsubishi UFJ Trust & Banking Corp 0.01% of their portfolio TOKYO, M0 110,619110.6k $3.1m $3.1m 0.01% Reduced -7.9k -7,857
80 OVERSEA-CHINESE BANKING Corp Ltd 0.09% of their portfolio SINGAPORE, U0 109,601109.6k $3.1m $3.1m 0.09% Reduced -13.2k -13,173
81 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 107,178107.2k $3.0m $3.0m 0.00% Added +3.0k +3,003
82 CENTAURUS FINANCIAL, INC. 0.14% of their portfolio ANAHEIM, CA 106,515106.5k $3.0m $3.0m 0.14% Reduced -10.7k -10,713
83 NOMURA ASSET MANAGEMENT CO LTD 0.01% of their portfolio TOKYO, M0 105,550105.5k $3.0m $3.0m 0.01% Added +3.0k +3,000
84 WEDGE CAPITAL MANAGEMENT L L P/NC 0.05% of their portfolio CHARLOTTE, NC 104,480104.5k $2.9m $2.9m 0.05% Reduced -13.0k -12,997
85 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 104,221104.2k $2.9m $2.9m 0.00% Added +1.8k +1,799
86 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 103,490103.5k $2.9m $2.9m 0.00% Reduced -17.9k -17,921
87 Verition Fund Management LLC 0.02% of their portfolio GREENWICH, CT 99,58699.6k $2.8m $2.8m 0.02% Reduced -271.2k -271,201
88 Asset Management One Co., Ltd. 0.01% of their portfolio TOKYO, M0 97,92097.9k $2.8m $2.8m 0.01% Reduced -1.1k -1,059
89 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 97,48097.5k $2.7m $2.7m 0.00% New
90 ExodusPoint Capital Management, LP 0.03% of their portfolio NEW YORK, NY 95,87895.9k $2.7m $2.7m 0.03% Added +56.0k +55,998
91 NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio ALBANY, NY 91,39491.4k $2.6m $2.6m 0.01% Reduced -793 -793
92 Retirement Systems of Alabama 0.01% of their portfolio MONTGOMERY, AL 84,94884.9k $2.4m $2.4m 0.01% Reduced -414 -414
93 CINCINNATI FINANCIAL CORP 0.05% of their portfolio CINCINNATI, OH 82,03082.0k $2.3m $2.3m 0.05% Unchanged
94 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 81,02881.0k $2.3m $2.3m 0.00% Reduced -16.0k -16,046
95 Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio CHIYODA-KU, TOKYO, M0 76,53176.5k $2.2m $2.2m 0.00% Reduced -3.5k -3,545
96 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 75,98076.0k $2.1m $2.1m 0.00% Added +40.9k +40,914
97 State of New Jersey Common Pension Fund D 0.01% of their portfolio TRENTON, NJ 74,22174.2k $2.1m $2.1m 0.01% Added +5.8k +5,761
98 Advisory Alpha, LLC 0.06% of their portfolio HOLLAND, MI 72,56972.6k $2.0m $2.0m 0.06% Unchanged
99 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 71,66871.7k $2.0m $2.0m 0.00% Reduced -8.6k -8,593
100 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 70,12970.1k $2.0m $2.0m 0.00% Reduced -62 -62