The problem with secondary offerings is that it means that someone in the private markets winds up holding the bag. It is in the best interests of insiders to have the public holding the bag if and when things go south. Even if you don't believe it will ever go south, the profits OAI would need to generate to justify the investment the private markets have flooded into OAI are absolutely gargantuan, and they are generally not built to sit around for multiple years collecting distributions. They need to return money to their LPs, and soon.