It is important to ask if the fund intends to have a refinance or other cash event in late 2026 or early 2027. Investors will owe their deferred tax obligations with their 2026 tax filings, and, based on the generally illiquid nature of QOZ investments, investors won’t be able to count on selling their investments to pay tax on their deferred gains, and any such sale wouldn’t get the 10-year benefit of the program if it were sold. As an investor, you will need to know if a fund does not intend to create a cash event around the time taxes are due and will need to be aware of any deferred tax obligations and prepare accordingly.