Offering risk

@@ -11,7 +11,7 @@ status: active
audience: public
bcsc_class: public-disclosure-safe
language_protocol: PROSE-TOPIC
last_edited: 2026-07-11
last_edited: 2026-07-30
editor: pointsav-engineering
paired_with: offering-risk.es.md
---
@@ -37,13 +37,14 @@ by anyone considering whether the units are a suitable holding for their own liq

## No guarantee of finding a buyer

Because units are transferred through a private, bilateral secondary market rather than through
Because units are transferred over-the-counter, between private parties, rather than through
an exchange or a company-operated facility, a unit holder seeking to sell is responsible for
identifying a willing counterparty independently. There is no market maker, no listing on a
identifying an eligible counterparty independently. There is no market maker, no listing on a
public exchange for the equity units, and no assurance that a buyer will be available at any
particular time or at any particular price. The secondary market for units in a specific,
named asset is narrow by design — the number of potential counterparties for any single
asset's units is inherently smaller than the market for a listed, exchange-traded security. A
particular time or at any particular price. The pool of potential counterparties for units in a
specific, named asset is narrow by design and further limited by the eligibility requirements
each transferee must meet — the number of eligible counterparties for any single asset's units
is inherently smaller than the market for a listed, exchange-traded security. A
unit holder may be unable to sell within a desired timeframe, or may be able to sell only at a
discount to the unit's most recent appraised or book value, particularly if the asset's
performance has declined or if general market conditions for private real estate transactions