> **FICTITIOUS DOCUMENT — FORGE DEMO ONLY · specimen data built for a product demonstration · no real family, firm, fund, bank, or person is depicted**

> FICTITIOUS DOCUMENT — FORGE DEMO ONLY

# K-1 Handoff — Tax Year 2025

**To:** Barrow Kessler and Co. (CPA)
**From:** Wrenfield Family Office — prepared by Grace Kim, Staff Accountant
**Tax year:** 2025
**Prepared:** Tuesday, July 21, 2026

This pack encloses the partnership Schedule K-1s (Form 1065) received to date for the office's entities,
renamed by recipient entity and partnership. Each PDF is paired with an HTML copy of the same K-1.
**4 of 6 expected K-1s are enclosed; 2 are still outstanding** (listed below).

**States on the enclosed set:** six — DE, NY, CA, CT, MT and **MA** — across two recipient entities, which is
eight entity–state combinations in total. MA, NY, CA and CT each appear on a single K-1. The two outstanding
K-1s have no expected states recorded on our roster, so that count may grow.

## Enclosed (4)

1. **Sturgis Valley Cider** → Wrenfield Holdings LLC — single state MT — *original* — received 2026-03-09
   [Wrenfield-Holdings_Sturgis-Valley-Cider_2025.pdf](Wrenfield-Holdings_Sturgis-Valley-Cider_2025.pdf)
2. **Cormorant IV** → Ellencourt 2012 Descendants Trust — states DE, NY, CA — *original* — received 2026-04-02
   [Ellencourt-2012-Descendants-Trust_Cormorant-IV_2025.pdf](Ellencourt-2012-Descendants-Trust_Cormorant-IV_2025.pdf)
3. **Kestrel Lane** → Ellencourt 2012 Descendants Trust — states CT, MT — *original* — received 2026-05-21
   [Ellencourt-2012-Descendants-Trust_Kestrel-Lane_2025.pdf](Ellencourt-2012-Descendants-Trust_Kestrel-Lane_2025.pdf)
4. **Blackford III** → Wrenfield Holdings LLC — states DE, MA — **AMENDED (supersedes the original K-1)** —
   received 2026-06-30
   [Wrenfield-Holdings_Blackford-III_2025-AMENDED.pdf](Wrenfield-Holdings_Blackford-III_2025-AMENDED.pdf)

> **Please note on Blackford III:** this is the **amended** K-1. Box 1 ordinary business income was
> restated to $970,000 following a partnership-level management-fee reallocation. It replaces the original
> K-1 previously issued for TY2025 — please use this version.
>
> Its footnote (2) also puts the partnership's nexus in **Delaware and Massachusetts**, sourcing the
> partner's Box 1 approximately **DE 78% / MA 22%**. This is the only Massachusetts item in the 2025 set,
> and no office entity is organized in Massachusetts — flagging it so it isn't missed on your side.

## Still outstanding (2)

These are expected on the office roster but have not yet arrived; they will follow when received:

- **Harrow Point RE II** → Kestrel Lane LLC
- **Windham Credit** → Ellencourt 2012 Descendants Trust

## Provenance

For your records, the name each enclosure arrived under in our received folder — the enclosures were renamed
from what each document says, not from what its file was called:

| Arrived as | Enclosed as |
|---|---|
| `FW_ tax docs.pdf` | `Wrenfield-Holdings_Sturgis-Valley-Cider_2025.pdf` |
| `Copy of K1_2025_FINAL(2).pdf` | `Ellencourt-2012-Descendants-Trust_Cormorant-IV_2025.pdf` |
| `document (3).pdf` | `Ellencourt-2012-Descendants-Trust_Kestrel-Lane_2025.pdf` |
| `to file/scan_06302026.pdf` | `Wrenfield-Holdings_Blackford-III_2025-AMENDED.pdf` |

A byte-identical second copy of the Cormorant IV K-1 also arrived (2026-04-06) and is **not** enclosed twice.

## Closing

That's the complete set in hand as of the prepared date. We'll forward the two outstanding K-1s as soon as
they come in. Please let us know if anything is missing or unclear.

*Prepared for review — Grace sends this pack to the CPA; nothing here is transmitted automatically.*