Institutional Stake: Wasatch Owns 4,698,546 Shares in NSA (6.1%)

Rhea-AI Filing Summary

This Schedule 13G/A (Amendment No. 2) discloses that Wasatch Advisors LP beneficially owns 4,698,546 shares of National Storage Affiliates Trust common stock, representing 6.1% of the class. Wasatch reports sole voting power over 3,633,246 shares and sole dispositive power over the full 4,698,546 shares, with no shared voting or dispositive power disclosed.

The filing includes a certification that the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer, indicating a passive intent under the Schedule 13G framework.

Positive

• Wasatch Advisors holds 4,698,546 shares (6.1% of class), representing a material institutional position reported on Schedule 13G/A
• Sole dispositive power over all reported shares (4,698,546) gives Wasatch control of trading decisions for its stake

Negative

• None.

Insights

Financial Analyst

TL;DR Wasatch holds a material 6.1% passive stake with sole dispositive power, a noteworthy institutional position but not an activist move.

Wasatch Advisors' reported 4,698,546-share position (6.1%) is large enough to be material for investors and may signal institutional conviction in NSA's fundamentals or outlook. The filing shows sole dispositive power and substantial sole voting power (3,633,246 shares), which means Wasatch can trade these holdings independently. Because the filer certifies ordinary-course, non-control intent, the immediate governance impact is limited; however, the position size is significant for liquidity and ownership concentration considerations.

Corporate Governance Expert

TL;DR A >5% passive ownership disclosure matters for governance transparency but does not indicate a control contest.

Under Schedule 13G/A, Wasatch's statement that holdings are not intended to influence control frames this as passive institutional ownership. The combination of sole voting power for 3.63M shares and sole dispositive power for 4.70M shares means Wasatch can act unilaterally on voting and disposition if it chooses, but the certification suggests it currently will not pursue control actions. Investors should view this as an informative ownership disclosure rather than an immediate governance change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

National Storage Affiliates Trust

(Name of Issuer)

Common Stock

(Title of Class of Securities)

637870106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 637870106

1

Names of Reporting Persons

WASATCH ADVISORS LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,633,246.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,698,546.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,698,546.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: National Storage Affiliates Trust
(b)	Address of issuer's principal executive offices: 8400 E. PRENTICE AVENUE, 8400 E. PRENTICE AVENUE, GREENWOOD VILLAGE, COLORADO, 80111
Item 2.
(a)	Name of person filing: Wasatch Advisors LP
(b)	Address or principal business office or, if none, residence: 505 Wakara Way, 3rd Floor, Salt Lake City, 84108, United States
(c)	Citizenship: DELAWARE
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 637870106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,698,546
(b)	Percent of class: 6.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,633,246
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4,698,546
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

WASATCH ADVISORS LP

Signature:	Mike Yeates
Name/Title:	CEO
Date:	08/13/2025

FAQ

How many NSA shares does Wasatch Advisors own?

Wasatch Advisors beneficially owns 4,698,546 shares of National Storage Affiliates Trust common stock.

What percentage of NSA does Wasatch Advisors own (NSA)?

The reported holding represents 6.1% of the outstanding class.

Does Wasatch Advisors have voting power over its NSA shares?

Yes. Wasatch reports sole voting power for 3,633,246 shares and shared voting power of 0.

Can Wasatch dispose of these NSA shares without others' consent?

Yes. The filing shows sole dispositive power over 4,698,546 shares and shared dispositive power of 0.

Is this holding intended to influence control of NSA?

The filing includes a certification stating the securities are held in the ordinary course of business and were not acquired to change or influence control, indicating passive intent.

What CUSIP is associated with this filing for NSA?

The CUSIP reported in the filing is 637870106.

Who filed the Schedule 13G/A for NSA?

The filing was made by Wasatch Advisors LP (organized in Delaware) and signed by Mike Yeates, CEO.