PFD Capital Partners is addressing recent IRA custodian notices regarding Schedule K-1 reporting and potential UBTI, clarifying that these are routine, non-specific communications sent broadly to IRA holders. Based on guidance from legal counsel and independent CPAs, PFD believes that income generated through its structure qualifies as qualified business income (QBI) and not unrelated business taxable income (UBTI), as investors participate as passive limited partners without control or operational involvement. As a result, UBTI is not expected to apply, and no action is typically required unless an individual tax advisor advises otherwise. Investors may consult their advisors for confirmation, but should not report IRA-related K-1 income on personal returns. PFD does not provide tax advice and will communicate promptly if any interpretation changes.