What a tokenized issuance costs under L3RS-1.
A directional all-in cost view for USD 50M–500M regulated tokenized issuances structured under L3RS-1 v1.0.0 Profile F. Output is illustrative, not a quotation.
What it excludes
Stage 4 (secondary trading fees) and Stage 6 (performance participation, where applicable) are excluded from the all-in display, because both are activity-dependent rather than upfront. Jurisdiction multipliers apply where the instrument touches more than one jurisdiction.
Card A · Equity & Hybrid
Revenue participation notes, equity tokens, REIT units, fund LP interests, hybrid capital. Structuring & Legal at 2.00%, Primary Issuance at 1.00%, Servicing at 0.25% p.a., Secondary at 0.50% per trade, Exit at 0.75%, Performance 0–20% tiered.
Card B · Debt & Fixed Income
Senior secured notes, bonds, perpetual notes, private credit tranches, asset-backed notes. Structuring & Legal at 1.50%, Primary Issuance at 0.75%, Servicing at 0.20% p.a., Secondary at 0.30% per trade, Maturity 0.25%. No performance fee.
Benchmark basis
Comparative all-in cost against conventional structuring, placement, transfer agency, fund administration, trustee and paying-agent services, compliance operations, reporting, and lifecycle servicing for USD 50M–500M private-market issuances across multi-jurisdiction structures.
Illustrative only
The numbers below are model output, not a quotation. The mandate-specific economics are agreed in writing in the engagement letter before any work begins. Contact owners@t3rra.co for a quoted mandate.
What will it cost, and how far can it travel?
Compare total cost of ownership and structural transferability across the conventional desk, a tokenized wrapper platform, and T3RRA. Cost saves you money. Transferability reflects how far the instrument can move across venues, chains, and jurisdictions under one rulebook.
Cost ranges exclude Stage 4 secondary trading (0.50% per trade) and Stage 6 performance participation (0–20% above hurdle), both of which vary with outcomes. See the rate card.
1 NAV discount compression: Damodaran (2023), Stoll-Whaley illiquidity methodology; Preqin Secondary Markets Report 2025.
2 Operational cost savings: Deloitte tokenized asset servicing benchmarks; academic work on ABS administrator losses.
3 Regulatory migration costs: Deloitte, KPMG regulatory-impact studies; 50–100 bps per major shift, ~1.5 shifts per 5-year cycle.
Transferability profile is a qualitative comparison of transferability architecture. It is not a liquidity guarantee, trading forecast, valuation opinion, or promise of market depth.
Methodology. Ranges are sourced from publicly available capital markets fee schedules (bond underwriting, placement agent, transfer agent, custody), institutional tokenization platform pricing (Securitize, Tokeny, DigiShares, ADDX), and internal structuring benchmarks as of June 2026. Every figure is a range, not a point estimate. Actual costs depend on deal specifics. This calculator is a starting point for a scoped conversation, not a firm quote.
