The Window System & Timelines

How does the Window Schedule work?

Phase	Duration	Description
Listing Window	15 days	Opens four times per year. Sellers submit listings. Listings are recorded but are not yet visible to buyers.
Bidding Window	30 days	Starts immediately after the Listing Window ends. All listings become visible to buyers simultaneously.
Closing Window	Variable	The closing process typically occurs before the end of the quarter.

When will a listing become visible to buyers?

When a client submits a listing during the Listing Window, it is recorded but not yet live. The listing will become visible on the date that matches the start of the next Bidding Window. The seller and financial advisor will receive a confirmation with this specific date.

What happens if a listing expires?

Listings are automatically cancelled after 120 days from the date they became visible. This is a hard compliance limit. If the position has not been sold by then, the seller must wait the mandatory 60-day period before re-listing.

Timeline

Phase	Timeline	Description
LISTING WINDOW	Day 1:	Auction Opens.
	Day 1-15:	Listing Window - Investors submit their intent to sell (IOI) during the listing window.
BIDDING WINDOW	Day 16	Bidding Window Opens- During the bidding window, Buyers can view all available positions for sale. Seller will have live visibility into all bids on their "auction report".
	Day 31- 45:	Day 31 is the first time Sellers can select a Buyer as a "winner" and choose backups. Sellers can negotiate price and award winners up until day 45. Buyers have two days to either accept or decline upon being selected as the winner. Buyers can continue to bid on positions. Sellers will continue to receive "auction sheets" that show updated bids on their positions.
Execution	Day 46-60	iCapital has a standard transfer form and will include a Purchase and Sale Agreement (PSA).
Settlement & Transfer	Quarter after Day 61:	Earliest Settlement is day 61. First day transfer can occur is at the first day of the following quarter.