Photo: Tonto National Forest, Arizona

Tax Update

We were pleased to distribute 2024 K-1s to partners in April. As in prior years, the Fund continues to demonstrate strong tax efficiency, with partners experiencing minimal tax liability on their 2024 allocation of Fund income. In 2024, the Fund performed cost segregation studies on select properties, increasing depreciation expense by taking advantage of the 60% bonus depreciation available this year.

*Returns are average annual returns. Actual returns for each investor will vary based on the unit price paid for units held.

**Assumes all investors pay an average blended federal tax rate of 37% on ordinary income and 20% on capital gains and excludes the impact of state income taxes. Actual tax rates will vary for each investor. We recommend consulting with your personal tax advisor to understand the various federal and state income tax implications associated with investing in the Fund.