Long Pond discloses 5.01% passive stake in National Storage Affiliates

Rhea-AI Filing Summary

National Storage Affiliates Trust (NSA): Long Pond Capital, LP, Long Pond Capital GP, LLC, and John Khoury filed a Schedule 13G reporting beneficial ownership of 3,846,289 common shares, representing 5.01% of the class as of 09/30/2025.

The filers report 0 shares with sole voting or dispositive power and 3,846,289 shares with shared voting and shared dispositive power. Certain funds managed by Long Pond have the right to receive dividends or sale proceeds from these securities. The certification states the holdings were acquired and are held in the ordinary course and not for the purpose of changing or influencing control.

Insights

Equity ownership & governance analyst

Passive 5.01% stake in NSA disclosed on Schedule 13G.

Long Pond Capital, its GP, and John Khoury reported beneficial ownership of 3,846,289 NSA shares, equal to 5.01%, as of 09/30/2025. The filing lists shared voting and dispositive power over the entire amount and zero sole power.

Because this is a Schedule 13G, the certification indicates ordinary‑course, passive intent, not to change or influence control. Certain Long Pond‑managed funds are entitled to dividends or sale proceeds tied to these shares.

Market impact depends on holder decisions, but the passive filing suggests no control-related agenda. Subsequent ownership updates, if any, would appear in future beneficial ownership reports.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

National Storage Affiliates Trust

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

637870106

(CUSIP Number)

09/30/2025

(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

Long Pond Capital, 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 0.00
6	Shared Voting Power 3,846,289.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,846,289.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,846,289.00

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)

5.01 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 637870106

1

Names of Reporting Persons

Long Pond Capital GP, LLC

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 0.00
6	Shared Voting Power 3,846,289.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,846,289.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,846,289.00

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)

5.01 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 637870106

1

Names of Reporting Persons

John Khoury

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

NEW BRUNSWICK, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,846,289.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,846,289.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,846,289.00

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)

5.01 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: National Storage Affiliates Trust
(b)	Address of issuer's principal executive offices: 8400 E. PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE, CO, 80111
Item 2.
(a)	Name of person filing: Long Pond Capital, LP ("Long Pond LP") Long Pond Capital GP, LLC ("Long Pond LLC") John Khoury ("Mr. Khoury")
(b)	Address or principal business office or, if none, residence: 527 Madison Avenue, 15th Floor, New York, NY 10022
(c)	Citizenship: Long Pond LP is a limited partnership organized under the laws of the State of Delaware. Long Pond LLC is a limited liability company organized under the laws of the State of Delaware. Mr. Khoury is the principal of Long Pond LP and is a Canadian citizen.
(d)	Title of class of securities: Common Stock, $0.01 par value
(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: 3,846,289
(b)	Percent of class: 5.01%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 3,846,289
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,846,289
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Certain funds to which Long Pond LP serves as investment manager have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.
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.

Long Pond Capital, LP

Signature:	John Khoury
Name/Title:	John Khoury | Authorized Person
Date:	11/14/2025

Long Pond Capital GP, LLC

Signature:	John Khoury
Name/Title:	John Khoury | Authorized Person
Date:	11/14/2025

John Khoury

Signature:	John Khoury
Name/Title:	John Khoury | Self
Date:	11/14/2025

FAQ

What stake in NSA did Long Pond Capital report?

They reported 3,846,289 common shares, representing 5.01% of National Storage Affiliates Trust.

Which filing did Long Pond submit for NSA (ticker: NSA)?

A Schedule 13G, indicating a passive beneficial ownership reporting.

What voting and dispositive power did the filers report for NSA?

They reported 0 shares with sole power and 3,846,289 shares with shared voting and shared dispositive power.

Who are the reporting persons in the NSA Schedule 13G?

Long Pond Capital, LP, Long Pond Capital GP, LLC, and John Khoury.

What is the event date for the NSA 13G filing?

The date of event is 09/30/2025.

Does the NSA 13G signal an attempt to influence control?

The certification states the securities were acquired and are held in the ordinary course and not to change or influence control.