Direct-hold solutions structural comparison
fix(compliance): correct unqualified 'freely transferable'/'actively offering' claim across 5 corporate-wiki files per Command's systemic finding — only Canada vehicle established, currently under active BCSC cease-trade order; US/Spain/Mexico planned
@@ -22,7 +22,7 @@ The Direct-Hold Solutions differ from the three most common alternative real est ## Structural Comparison Matrix | Feature | Legacy Joint Venture | Private Equity | Traditional REIT | Direct-Hold Solutions | | Feature | Legacy Joint Venture | Private Equity | Traditional REIT | Direct-Hold Solutions (as designed) | |---|---|---|---|---| | Asset Sale Required for Exit | Yes | Yes | No | No | | Capitalized Interest Permitted | Yes | Yes | No | No | @@ -37,6 +37,14 @@ The Direct-Hold Solutions differ from the three most common alternative real est | Debt Right of First Refusal | No | No | No | Yes | | Qualified Investment (Major Retailer Anchor) | No | No | No | Yes | **Correction (2026-08-04):** the "Direct-Hold Solutions" column describes the structural design as a class, not current per-vehicle status. Only the Canada vehicle (Woodfine Professional Centres Limited Partnership) is currently established; it is currently subject to an active BCSC cease-trade order, under which units are not currently freely transferable and comprehensive regulated reporting is not currently occurring. The United States, Spain, and Mexico vehicles are planned, not yet established. **Flagged, not silently rewritten.** ## Features Where Direct-Hold Solutions Eliminate Legacy Disadvantages **No asset sale required for exit.** Legacy Joint Ventures and Private Equity real estate funds require asset sales — or portfolio liquidation — to return capital to investors. The exit event is manager-initiated and occurs when market conditions and the fund's internal timeline converge. Investors have no independent exit mechanism. Traditional REITs and the Direct-Hold Solutions both solve this problem through Freely Transferable ownership: investors can exit individually through a secondary transaction without requiring a portfolio-level sale event.