Distributions, Transfers, and Exit
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feat(distributions): build Index Topic for distributions category (Track-B Phase 3) — restructured _index.md/.es.md to protocol-index-topic.yaml (index_type: thematic, index_scope: distributions, Start Here card on distribution-declaration-mechanics, 2 thematic groups: distribution-policy-and-mechanics, exit-and-transfer, scope note, See also); tagged all 4 member articles with index_group frontmatter; EN+ES
@@ -7,18 +7,58 @@ type: topic content_type: topic quality: complete short_description: "The distribution policy and the unit-transfer mechanism: distributions are targeted to be paid from Distributable Income when and if declared — never guaranteed." index_type: thematic index_scope: distributions status: active bcsc_class: public-disclosure-safe language_protocol: PROSE-TOPIC last_edited: 2026-07-03 last_edited: 2026-08-24 editor: woodfine-editorial paired_with: _index.es.md --- Distributions and Transfers covers the distribution policy and the unit-transfer mechanism. Distributions are targeted to be paid from Distributable Income when and if declared — they are never guaranteed. Perpetual Equity is the mechanism intended to allow unitholders to offer their units for sale at a time of their choosing — no forced exit and no redemption window by design. Distributions are targeted to be paid from Distributable Income when and if declared. They are never guaranteed, and no distribution is declared on an asset that falls below its interest-coverage floor. There is no redemption window: a holder exits by transferring units to an eligible counterparty at a time of their choosing. Distributions and Transfers covers both mechanisms — what is paid out, and how a position is exited. Content here describes the policy and the mechanism; it does not promise a buyer, a price, or any particular distribution outcome. <!-- START-HERE-HIGHLIGHT: engine reads this block to render the single "start here" card (reuses the existing cluster-card--start-here component). Do not add more than one. --> **Start here:** [[distribution-declaration-mechanics|Distribution declaration mechanics]] — how a distribution is determined, gated, allocated, and paid. <!-- END-START-HERE-HIGHLIGHT --> ## Distribution policy and mechanics What has to be true before cash reaches a unit holder: the coverage gate, proportional allocation across units, the suspension protocol, and how a payment lands in the capital account. <!-- AUTO-GENERATED MEMBERSHIP: DO NOT EDIT BELOW — regenerate from index_group: distribution-policy-and-mechanics --> - [[distribution-declaration-mechanics]] — How distributions in direct-hold limited partnerships are determined, declared, and paid: the ICR gate, proportional allocation across units, suspension protocol, and the relationship between distributions and the T5013 capital account. <!-- END AUTO-GENERATED --> ## Exit and transfer How a holder leaves a position when there is no redemption right: the perpetual holding period by design, the reasons redemption was removed, and the over-the-counter transfer mechanism that replaces it. <!-- AUTO-GENERATED MEMBERSHIP: DO NOT EDIT BELOW — regenerate from index_group: exit-and-transfer --> - [[perpetual-equity-model]] — The investment framework under which equity is held indefinitely without a fixed redemption horizon. - [[redemption-elimination]] — Structural elimination of investor redemption rights, removing the cash-reserve drag and run-mechanics risk inherent to pooled real estate vehicles. - [[equity-transfer-model]] — Over-the-counter transfer mechanism that allows investors to exit their position directly to eligible counterparties, without requiring a liquidity pool or corporate buyback. <!-- END AUTO-GENERATED --> These articles describe the policy and the mechanism. They do not promise a buyer, a price, or any particular distribution outcome. ## See also - [[investment-units|Investment units]] — the units these distributions and transfers apply to - [[debt-service-and-financing-structure|Debt service and financing structure]] — the debt sizing that sets the coverage gate - [[offering-risk|Offering risk]] — illiquidity by design, and the absence of a guaranteed buyer - [[statutory-rights|Statutory rights]] — the rights that attach to a transferred or subscribed unit