Common stock shares purchased by Local Investors can be redeemed at the then-current Net Asset Value per share after a holding period of six months while shares of purchased by Non-local Investors cannot be redeemed for the first two years and will be redeemed at a 5% discount to the then-current NAV per share until such Class NL shares have been held for five years. 

You can learn more about our “Quarterly Stockholder Redemption Plan” on page 21 of Nico’s offering circular