Canonical page: https://sequoia-research.com/writing/delaware-statutory-trust-pros-and-cons-understanding-the-potential-trade-offs-of-a-721-exit
Author: Sequoia Research
Published: 2026-10-17T02:23:50.049Z
Updated: 2026-10-17T02:23:50.049Z

# Delaware Statutory Trust Pros and Cons: Understanding the Potential Trade-Offs of a 721 Exit

## What Is This Article About?

This article explains what may change in a planned 721 exit from a DST. It looks at the new ownership, who makes decisions, and how the owner might later get cash. A dated public agreement shows why the exact terms matter. Separate fictional examples test unit values and cash needs. The aim is to help readers assess the next holding before they rely on the plan.

## Table of Contents

- [Understand the Ownership Change](#understand-the-ownership-change)
- [Find Out Who Controls the 721 Option](#find-out-who-controls-the-721-option)
- [Map the Stages From DST Interest to Cash](#map-the-stages-from-dst-interest-to-cash)
- [Research the Receiving Operating Partnership](#research-the-receiving-operating-partnership)
- [Read the New Control and Redemption Rights](#read-the-new-control-and-redemption-rights)
- [Check How Contribution Value Becomes Units](#check-how-contribution-value-becomes-units)
- [Compare Cash Payments on a Common Basis](#compare-cash-payments-on-a-common-basis)
- [Separate Eligibility From Available Liquidity](#separate-eligibility-from-available-liquidity)
- [Distinguish Listed and Non-Traded REIT Shares](#distinguish-listed-and-non-traded-reit-shares)
- [Keep Tax Basis Separate From Stated Value](#keep-tax-basis-separate-from-stated-value)
- [Revisit the Possibility of Another 1031 Exchange](#revisit-the-possibility-of-another-1031-exchange)
- [Plan for Reporting and Tax Cash Needs](#plan-for-reporting-and-tax-cash-needs)
- [Review Fees and Conflicts at Each Stage](#review-fees-and-conflicts-at-each-stage)
- [Stress-Test a Future Cash Need](#stress-test-a-future-cash-need)
- [Read Any Tax Protection Promise Carefully](#read-any-tax-protection-promise-carefully)
- [Prepare for a Delayed or Unused Exit Option](#prepare-for-a-delayed-or-unused-exit-option)
- [Write the Decision Around Future Choices](#write-the-decision-around-future-choices)
- [Frequently Asked Questions](#frequently-asked-questions)

## Understand the Ownership Change

A planned 721 exit can end the DST holding while leaving the owner invested in real estate. One common structure is called an UPREIT. It uses an operating partnership linked to a real estate investment trust, or REIT. The owner may receive units in that partnership, often called OP units. Those units are different from cash and from shares of the REIT itself.

Section 721 concerns a contribution of property to a partnership. In return, the owner gets an interest in that partnership. The Treasury rule explains when gain or loss is not recognized on such a transfer. It treats a sale as a different type of transaction. The label on a presentation cannot determine the tax result. [Treasury Regulation 1.721-1](https://www.ecfr.gov/current/title-26/section-1.721-1).

The precise steps matter. One plan may involve the transfer of DST beneficial interests; another may use different property-level steps. Ask for a diagram of the steps. It should show what is transferred, which entity gets it, and what each owner receives. Have the tax and legal advisers assess those actual steps. A general account of a 721 exchange cannot replace that work.

Keep the original DST treatment separate. Revenue Ruling 2004-86 addresses the trust described in that ruling. It sets out conditions for exchanging real property for that trust interest. It does not approve every later transfer or every receiving partnership. [IRS Revenue Ruling 2004-86](https://www.irs.gov/pub/irs-drop/rr-04-86.pdf).

One potential benefit is a route into a new pool of real estate. Tax on qualifying gain may remain deferred, or postponed. The owner's future rights, risks, and exit choices can also change. Evaluate those changes before deciding that continued tax deferral makes the next investment suitable.

## Find Out Who Controls the 721 Option

An option in offering material may belong to the buyer or the trust. It could also belong to a sponsor-related entity or another party. It may not be an option the investor can exercise on demand. Find the clause that names the holder and describes the conditions.

Ask how firm the plan is. Is it only under discussion? Does an agreement permit it? Is a binding process already underway? These are different stages. A business plan can describe a hoped-for path. That is not a promise that it will occur. A contractual right can exist but remain subject to conditions or discretion.

Read the investor's role separately. Does an investor vote, make an election, receive notice, or become bound through rights granted earlier? Can they choose a cash alternative? If so, who must provide it and under what terms? Do not infer a choice from the word “optional” without identifying whose option it is.

Timing needs the same care. A planned holding period is not necessarily the exercise date of an acquisition right. A notice period is not necessarily the date units will arrive. Record each date with the action it controls. If the documents leave timing open, preserve that uncertainty in the personal cash plan.

Use the questions to clarify authority, not to assume that every structure is unfavorable. A defined option may make a future process easier to understand. Its value depends on what it requires, what it permits, and whether those terms fit the investor. A clear answer can support either acceptance or a decision to pursue another path.

## Map the Stages From DST Interest to Cash

Draw separate boxes for each stage. Show the current holding, the planned transfer, the new interest, and any later sale or redemption. This prevents a property transition from being mistaken for a bank deposit. Each step may have its own documents and conditions.

| Stage | What to identify | Question that remains |
| --- | --- | --- |
| Current DST interest | Trust, property exposure, existing rights | What can trigger the proposed transition? |
| Contribution or acquisition step | Parties, transferred asset, consideration | Does this exact structure qualify as intended? |
| Operating partnership units | Unit class, value, governing agreement | What rights and exposures come with the units? |
| Later redemption or exchange | Eligible units, process, form of payment | Can the investor obtain cash when needed? |
| Cash received and retained | Costs, tax effects, timing | How much is available for personal use? |

A plan can reach the third row without completing the fourth or fifth. The owner may hold valuable units but lack a quick cash exit. Similarly, a right to receive REIT shares may leave another step before cash is available.

Keep tax events on a separate line beneath the ownership map. The initial transfer may be intended to defer gain. That does not establish the tax result of a later redemption. Ask what records the adviser needs before each stage. These include the amount and form of anything received in return.

This map also helps when a family member or new adviser takes over the file. They should be able to tell what the investor owns now and what future actions are possible. Avoid a single folder labeled “721 exit complete” if the owner remains invested and still faces further decisions.

## Research the Receiving Operating Partnership

Give the new partnership its own review. The DST property may become only one part of a larger pool. Examine the pool's properties, sectors, markets, debt, cash needs, and management. A familiar sponsor name does not answer those questions.

An owner might welcome the chance to spread exposure. A holding tied to one property could become a stake in many assets. But the direction of change depends on the actual pool. Several properties may share tenants, industries, or markets. A broader list does not remove common risks.

Find the rules and financial reports for the exact entity and unit class. Use the current versions. Do not use a public REIT's headline results as a substitute for the terms of the operating partnership. Related entities can serve different roles, and an investor may not hold the security described in a marketing summary.

Review how the pool can change after the contribution. Can management acquire different property types, use new borrowing, issue other classes, or sell assets? Ask which limits are contractual and which are current policies. A policy may describe today's approach. It may not fix the plan for the owner's full holding period.

Make a short comparison with the existing DST. List which exposures fall and which new ones appear. Note the facts that remain missing. The point is not to prove that the receiving vehicle is better because it is larger. It is to understand the specific investment that replaces the current one.

## Read the New Control and Redemption Rights

The governing agreement is where broad words such as flexibility become concrete. Identify who runs the partnership. Check which matters require owner consent and which rights belong to the exact unit class. The answers may differ from both the DST agreement and the REIT shareholder documents.

A public example shows why the detail matters. JLLIPT Holdings LP's agreement dated May 5, 2026 places management with the general partner. Section 8.5 describes redemption rights after at least twelve full months. Conditions and other agreements apply. The initial limited partner may choose cash, REIT shares, or a mix as payment. The section also contains notice limits and provisions affecting payment timing. These are examples from that dated agreement. They are not a current offering review or rules for all OP units. [JLLIPT Holdings LP, May 5, 2026 agreement, sections 8.1 and 8.5](https://www.sec.gov/Archives/edgar/data/1314152/000131415226000084/exhibit101-sixtharlpaofjll.htm).

For the proposed investment, build a rights table from its own documents. Include ordinary management, asset sales, new borrowing, additional unit issuance, major changes, transfers, and redemptions. A right to receive a report differs from a right to approve a decision. A vote on a major event does not necessarily provide day-to-day control.

Ask how disputes and conflicts are handled. Who interprets the valuation method? Who decides whether a request meets the conditions? What procedures exist if the investor disagrees? Have counsel explain material limits in plain language. The comparison should show both the rights gained and any choices that remain outside the investor's control.

## Check How Contribution Value Becomes Units

Two figures set the number of units received: the value credited and the agreed unit price. Review both sides of that ratio. A large unit count alone is not a better result. A familiar dollar value does not prove that the exchange is fair.

Use a fictional example involving investor Morgan and a proposed Redwood operating partnership. Neither represents an actual person or offering. Suppose Morgan's interest receives a $400,000 contribution credit and the applicable unit value is $20. That produces 20,000 units before any other stated adjustments.

If the credited amount instead becomes $380,000 while the unit value stays $20, Morgan receives 19,000 units. The reduction is 1,000 units, representing $20,000 at that selected value. Find the reason for the changed credit. Was it a new value estimate, an expense, a debt adjustment, or another item? The arithmetic does not validate the reason.

Now consider a different case: the credit remains $400,000 but the unit value is $25. Morgan receives 16,000 units, still representing $400,000 at that value. Fewer units in this case do not themselves prove a loss. The unit economics and future rights need to be compared on the same basis.

Ask who sets the property value and unit value. Check the dates and how changes before closing are handled. Preserve the calculation and all deductions. Keep the resulting stated value separate from tax basis and from the price that might be available in a future cash transaction.

## Compare Cash Payments on a Common Basis

The old DST payment and the expected unit payment may use different bases. Their periods and included costs may differ too. Convert both to dollars for the same amount under review. Label actual payments as actual and future payments as assumptions.

Take a separate fictional case. Morgan originally invested $400,000. The DST paid Morgan $24,000 during the last full year. That cash amount equals 6% of the original investment. Choose an annual payment assumption of $1 for each of the proposed 20,000 units. The resulting $20,000 is $4,000 less, or 5% of the same $400,000 reference amount.

The comparison does not establish that the unit investment is worse. It describes one cash difference. Future asset value and payments could change the total result. Taxes, costs, and the period held also matter. Nor does the last full year's DST cash prove that another $24,000 would be paid if the DST continued.

If both amounts stayed unchanged for five years, their nominal totals would be $120,000 and $100,000. The $20,000 difference is a selected payment scenario, not a total-return forecast. It excludes exit proceeds and the value of receiving money at different times.

Ask whether a quoted unit payment reflects all charges for that class. Check whether any amount will be reinvested. Cash sent to the investor and distributions used to buy more units serve different purposes. A household budget needs the amount available to spend. Keep any doubts about that amount visible.

## Separate Eligibility From Available Liquidity

A minimum holding period answers when a right may first be exercised. It does not by itself answer when cash will reach the investor. Read the entire process from eligibility through settlement and any further share sale.

Track four stages. When can a request first be made? When is it processed? When are cash or shares delivered? When is cash available to spend? Some stages may have firm rules; others may depend on decisions or conditions. Mark unknown timing instead of treating it as zero delay.

Then identify what can limit the request. Check the minimum amount and number of requests allowed. Read the notice rules and transfer limits. Ask about financial capacity and whether another agreement changes the standard terms. These are questions for the actual documents, not a claim that every program has every limitation.

Distinguish a right to request from a promise of unrestricted payment. Also distinguish a cash payment from receipt of another security. If the investor can receive shares, research the rules and market for those shares. Do not assume the owner chooses the form of payment. Check the agreement.

An investment can have more potential paths to liquidity than a DST and still fail a particular cash need. Write the need as an amount and date. Then compare it with the conditions and uncertainties of the available path. A relative improvement is useful, but it is not the same as dependable cash on demand.

## Distinguish Listed and Non-Traded REIT Shares

The word REIT describes a tax structure. It does not tell you how the shares trade. Find out what shares the owner could receive. Are they listed on an exchange or part of a non-traded vehicle? Also check restrictions that apply to the particular holder and shares.

The SEC distinguishes listed REIT shares from registered non-traded REIT shares. Its non-traded REIT bulletin explains that repurchase programs may have limits and can be discontinued. The bulletin is dated August 31, 2015. It supports this distinction. It is not used here for current fees or promises about a specific program. [SEC, Investor Bulletin: Non-traded REITs](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-89).

For a listed security, investigate whether and when the received shares can actually be sold. A market price can move before a permitted sale. For a non-traded security, read the current repurchase plan and any supplements. A reported value and a requested redemption are not the same as settled proceeds.

Avoid combining the most appealing features from different vehicles into one assumed path. The liquidity of an exchange-listed share cannot be assigned to an unlisted OP unit just because both relate to real estate. Follow the exact security through each stage of the ownership map.

## Keep Tax Basis Separate From Stated Value

Tax basis is a record used to work out tax results. It is not simply the credited value or current estimate. You cannot find it just by multiplying units by a reported price. Ask the tax adviser to reconcile the old records with the new partnership records.

IRS Publication 541 discusses contribution basis, built-in gain, and adjustments for partnership liabilities. It also explains that investment-company and disguised-sale rules can affect contribution treatment. These issues require the actual facts; a unit-value calculation cannot establish the tax outcome. [IRS Publication 541, December 2025](https://www.irs.gov/publications/p541).

Suppose Morgan's documents show a $400,000 contribution credit. The tax file shows a $170,000 adjusted basis for the contributed interest. That figure still awaits the adviser's final review. The $230,000 difference is a reason to reconcile the records. It is not an estimate of exact taxable gain, final OP basis, or tax saved. Debt, allocations, transaction steps, and other facts still matter.

Have the adviser identify which basis figure is being discussed. The owner's basis in the units is one record. The partnership's basis in its property is another. A capital account shown on a statement may answer another question. Keep these labels intact when summarizing the transaction.

Review what could create tax despite an intended deferral. The analysis may need to address cash, other items received, and debt changes. It must also address any exceptions to the tax rule. Record the conclusion and its assumptions before closing. The phrase “tax deferred” does not settle the issue. The adviser must assess whether it fits the owner's facts.

## Revisit the Possibility of Another 1031 Exchange

Receiving OP units may change the owner's future exchange choices. Do not assume every holding tied to real estate qualifies for a 1031 exchange. The legal form and applicable tax treatment matter.

Treasury Regulation 1.1031(a)-3 excludes ordinary partnership interests from its real-property definition. There is a narrow exception. It concerns a partnership with a valid section 761(a) election out of all of subchapter K. That exception is not a basis for assuming typical OP units qualify. [Treasury Regulation 1.1031(a)-3(a)(5)](https://www.ecfr.gov/current/title-26/section-1.1031(a)-3).

This is a significant planning question for someone who wants to keep selecting separate replacement properties. Ask the adviser to explain what future transactions would be available with the proposed units. A partnership may own real estate. That does not mean each owner can exchange units for a new property under section 1031.

Do not assume a later conversion or redemption is tax free. The first contribution's treatment does not settle that question. Have the adviser review the form of consideration and the investor's records at that later time. A simpler set of holdings may come with different future choices.

The decision should reflect those preferences. Some owners are content to hold a pooled investment for many years. Others want to choose each replacement property. They may view the trade-off differently. Neither preference can be inferred from the desire to defer tax at the original DST purchase.

## Plan for Reporting and Tax Cash Needs

The new holding can bring a different reporting process. Ask who provides the tax package, which entity issues it, and what records the investor must retain. A simpler list of investments does not necessarily mean a simpler tax return.

The IRS explains that Schedule K-1 reports a partner's share of tax items. A partner may owe tax on income even if no cash was paid out. This means cash receipts and taxable income need separate review. [IRS Partner's Instructions for Schedule K-1, 2025](https://www.irs.gov/instructions/i1065sk1).

Build a handoff file with the contribution documents, closing statement, old basis records, new unit count, and any tax agreements. Keep the adviser's work separate from sales summaries. Ask how corrections or late information are handled and who can answer questions after the transition.

For cash planning, use the adviser's estimate rather than applying one guessed tax rate to a distribution. The type of income and the investor's circumstances may matter. Check whether outside cash can cover a tax need if payments or redemptions are delayed. Do not assume a distribution policy will always match a particular investor's tax bill.

## Review Fees and Conflicts at Each Stage

Separate costs of the transition from costs of holding the new units and costs of later obtaining cash. A fee shown in one document may cover only one stage. Ask whether it is deducted from contributed value, charged at the vehicle level, or paid separately by the investor.

The SEC's July 2025 fee bulletin distinguishes transaction costs from ongoing charges and points readers to both product and professional disclosures. Apply that search to the full sequence, while using the actual agreements for amounts. [SEC fee and expense bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated).

Return to Morgan with a separate invented cost case. Suppose a $5,000 transition charge reduces the $400,000 credit before units are issued at $20. The net credit is $395,000 and produces 19,750 units. Do not use 20,000 units and then subtract the same $5,000 again when calculating starting value.

For a distinct ongoing-cost illustration, a charge of 0.75% on a stated $400,000 base is $3,000 per year if that base remains unchanged. This is only one assumed charge. Confirm the actual base, timing, and whether a quoted cash payment already reflects it before subtracting anything from the payment comparison.

Conflicts deserve their own questions. Does the same group influence both the value credited for the DST interest and the receiving vehicle's unit value? Are related parties paid at either stage? Which review or consent procedures address that arrangement? An affiliation is not proof of unfairness, but it identifies where the investor needs clear terms and supporting evidence.

## Stress-Test a Future Cash Need

Use a personal cash need to test the path, without assuming the favorable exit date will occur. Keep the scenario separate from the investment's promised or expected performance. The purpose is to see what the household would do under a chosen constraint.

Assume fictional Morgan needs $50,000 eighteen months after receiving units. Morgan has $40,000 outside the investment, of which $15,000 is already assigned to other needs. That leaves $25,000 available for this expense. If no redemption cash arrives by the required date, the remaining gap is $25,000.

In a separate partial-payment case, assume $30,000 of redemption cash arrives by the date. Together with the $25,000 outside amount, Morgan has $55,000 before any associated tax or costs. That is $5,000 more than the stated expense. The scenario does not establish a program's partial-payment policy; it tests one chosen amount actually available by the deadline.

Now isolate a price change instead. Assume Morgan still holds the original 20,000 units and can redeem at the selected price with no other deductions in this simplified calculation. At $20 per unit, $50,000 requires 2,500 units. If the price falls 20% to $16, it requires 3,125 units. The extra 625 units show how the same cash need can consume more of the holding.

These are different tests, not a combined forecast. None establishes that a request will be accepted, the selected value will apply, or taxes will be zero. Use the results to identify outside resources and the evidence needed before relying on the proposed liquidity path.

## Read Any Tax Protection Promise Carefully

A proposed deal may include a tax protection agreement. It might use another contract to address specific events. Ask for the actual document if protection is mentioned. The existence of a phrase in a presentation does not establish what is protected, for whom, or for how long.

Identify the covered action and protected owner. Check the time period, how any payment is calculated, and who must pay it. Check exclusions, notice requirements, limits, and remedies. Have the tax adviser and counsel explain how the agreement interacts with the investor's own facts.

Distinguish a contractual remedy from a rule preventing tax. A contract may promise a payment if a covered event occurs. That does not change the tax law that applies to the event. Review whether the party making the promise could afford to honor it. Do not assume that a contractual promise guarantees collection.

Also ask what remains under management's control. A promise about one asset sale may cover little else. Other decisions, tax items, or future transfers may be outside its scope. A useful summary states the protected circumstances and the unprotected questions. This article does not assume that Morgan receives any such agreement or that every 721 program offers one.

## Prepare for a Delayed or Unused Exit Option

Evaluate the DST under a longer hold as well. The planned transaction may not occur on schedule. Review the business plan, debt, leases, and cash under that longer holding period. A desirable next vehicle does not repair a weak current investment.

Keep the alternatives tied to documented rights. Possible paths to investigate could include continued ownership, a property sale, or a different transaction. Do not assume the investor can force any of them. Ask who decides, which approvals are needed, and what costs or tax review each path would require.

Consider the timing of new information. The new pool or its terms may change before the option is used. Ask whether the investor receives updated documents and whether any election or objection right applies. The facts available at the original DST purchase may be incomplete by then.

Record the unresolved conditions in the investment file. A clear note might say the 721 path is planned and name the option holder. It could state that future unit terms need review when available. That is more useful than calling the exit guaranteed or treating silence about timing as a fixed commitment.

## Write the Decision Around Future Choices

A good decision note begins with what the investor would own after the transaction. State who controls the major actions. Show how value becomes units and what must happen to obtain usable cash. The tax conclusion should be supported separately by the investor's advisers.

For Morgan, the questions are concrete. Are the proposed pool and unit rights acceptable? Is the $400,000 credit supported? Can the household meet its cash need if redemption is delayed? How do the changed future exchange choices fit the longer-term plan?

Write the answers and remaining conditions before treating the transition as a benefit. Potential benefits include continued passive real estate ownership and a broader pool. A qualifying tax deferral may also help. Possible costs include different control and uncertain cash timing. New fees and changed tax choices can also matter. Their importance depends on the actual documents and the investor's needs.

## Frequently Asked Questions

### Is a 721 Exit the Same as Selling the DST for Cash?

No. A contemplated transaction may replace the DST interest with operating partnership units. The investor then remains invested under new terms. A later redemption, exchange, or sale may be needed to get cash. Review each step.

### Are OP Units the Same as REIT Shares?

No. OP units are interests in the operating partnership. REIT shares are interests in the REIT company. A program may provide a path between them. Their rights, tax treatment, transfer terms, and cash access can differ. Identify the exact security at each stage.

### Does Every DST Investor Choose Whether a 721 Exit Happens?

Do not assume so. Read who holds the option and what authority was granted in the governing documents. The investor may have a vote, an election, a notice right, or another role. The word optional does not identify whose choice it is.

### Does Tax Deferral Mean No Tax Will Ever Be Due?

No. The initial contribution and later actions raise separate tax questions. Have the adviser check basis, debt, and what is received. Tax allocations and exceptions also need review. A reported unit value or contribution credit is not enough to calculate the investor's tax result.

### Can OP Units Be Used in Another 1031 Exchange?

Ordinary partnership interests do not qualify as real property under the cited regulation. Its narrow section 761(a) exception should not be assumed to cover typical OP units. Ask the tax adviser to explain the available future choices for the specific structure before relying on another exchange.

### Does the End of a Holding Period Guarantee Cash?

No. It may only allow the owner to make a request. Other conditions may apply. The agreement may allow payment in shares instead of cash. Review the process through actual cash settlement and test the household plan if that cash arrives later than needed.

### What Should Be Reviewed Before Accepting the Transition?

Review the new vehicle and unit class. Check its agreement, value calculation, fees, cash-access process, and any tax protection contract. Obtain a tax analysis for the actual steps and preserve the underlying records. The next investment should fit the investor even after its limits are made clear.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library helps readers examine ownership changes, preserve source evidence, and prepare focused questions for their financial, tax, and legal advisers.

## Sources

- [Treasury Regulation 1.721-1](https://www.ecfr.gov/current/title-26/section-1.721-1) — current eCFR text, title displayed up to date October 15, 2026; accessed October 16, 2026.
- [IRS Revenue Ruling 2004-86](https://www.irs.gov/pub/irs-drop/rr-04-86.pdf) — 2004; conditional treatment of the described DST; accessed October 16, 2026.
- [JLLIPT Holdings LP, Sixth Amended and Restated Limited Partnership Agreement](https://www.sec.gov/Archives/edgar/data/1314152/000131415226000084/exhibit101-sixtharlpaofjll.htm) — dated May 5, 2026; sections 8.1 and 8.5; bounded document example, not a current offering review; accessed October 16, 2026.
- [SEC, Investor Bulletin: Non-traded REITs](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-89) — August 31, 2015; used only for the listed/non-traded distinction and repurchase limitations; accessed October 16, 2026.
- [IRS Publication 541, Partnerships](https://www.irs.gov/publications/p541) — December 2025 edition; accessed October 16, 2026.
- [Treasury Regulation 1.1031(a)-3](https://www.ecfr.gov/current/title-26/section-1.1031(a)-3) — current eCFR text; subsection (a)(5); accessed October 16, 2026.
- [IRS Partner's Instructions for Schedule K-1, Form 1065](https://www.irs.gov/instructions/i1065sk1) — 2025 edition; accessed October 16, 2026.
- [SEC, How Fees and Expenses Affect Your Investment Portfolio](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated) — July 23, 2025; accessed October 16, 2026.


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