Arboretum Silverleaf Cannot Estimate When Its Overdue Investor Reports Will Be Filed
The reporting gap now stretches back to the first quarter of 2025 and takes in a full annual report, and the partnership concedes it will miss even the short grace period that normally keeps a late quarterly report on the books as timely.
August 17, 2026
Arboretum Silverleaf Income Fund, L.P. has told the SEC that it will not deliver its quarterly report for the period ended June 30, 2026, and that it cannot estimate when that report or the several others still outstanding will be completed.
The notice, signed August 14, goes further than a routine request for breathing room. The Portsmouth, New Hampshire equipment-finance partnership states that it does not expect to complete the report within the five calendar days that Rule 12b-25 allows a late quarterly report to be treated as timely, which puts the report into outright delinquency rather than a brief extension.
The Reports Still Outstanding
By the partnership’s own account, the following remain unfiled:
- quarterly reports for the periods ended March 31, June 30 and September 30 of 2025;
- the annual report for the year ended December 31, 2025.
The scope of work assigned to its new accountants also takes in the quarters ended March 31 and June 30 of 2026, indicating the review process for the current year has yet to be closed out either.
An Explanation That Starts Too Late
Arboretum Silverleaf attributes the situation to the departure of its previous independent registered public accounting firm, effective April 1, 2026, and to the time absorbed by bringing in a replacement. Stephano Slack LLC has been engaged to audit the 2025 annual financial statements and to review five separate quarterly periods, a workload the partnership says it cannot compress without unreasonable effort or expense. It describes the change of accountants as a termination in one sentence and as a resignation in the next.
That explanation covers less ground than it appears to. The partnership’s own recitation of its prior late notices reaches back to a notice filed in May 2025, which places the start of the reporting gap well before the accountant change it now cites.
What Holders Lose
For holders, the practical consequence is an information blackout. Units in a fund of this type do not trade on an exchange, so the periodic reports are the primary window into portfolio performance, lease and loan credit quality, and the partnership’s own view of unit value. With no annual report for 2025 and no quarterly statements since, that window has been closed since the first quarter of 2025, and the partnership offers no date for reopening it.
The one forward-looking indication in the document is a negative one, in the technical sense: the partnership does not anticipate any significant change in results of operations from the corresponding prior-year period once the delayed report is eventually produced. That is the only signal available in the absence of the statements themselves.
The partnership says it is working diligently and intends to file as promptly as practicable, but declines to attach a timetable to any of the outstanding reports.
