Are my positions in Lightstone DIRECT investments transferrable?

In most cases, no. Investments made through Lightstone Direct are intended to be long-term and illiquid. Units cannot be sold, assigned, pledged, or otherwise transferred without the prior written consent of the Manager, which may be withheld at its sole discretion. Even with such consent, any transfer must comply with federal and state securities laws and the restrictions set forth in the Company’s Limited Liability Company Agreement. The Units are not registered under the Securities Act of 1933, and the Company does not intend to register them, meaning there is no public market for resale. As a result, investors should be prepared to hold their investments for an indefinite period and assume the full economic risk of ownership.