It doesn't and it cannot.
The original units held by the sponsor can however be sold, just as you are free to sell your units should you choose to do so. But the total number of units remains fixed from inception till termination.
The RtT is not selling any units and will not receive any funds.
A substantial block of Pacific Coast Oil Trust (NYSE: ROYT ) units is going to change hands if a new secondary stock issue is a success. The company announced that major unitholders intend to float 13.5 million of their units in an underwritten public offering. These holders include Pacific Coast Energy Company, the entity that formed the Trust. Additionally, the sellers aim to offer the issue's underwriters a 30-day purchase option for up to an additional 2.025 million units.
Pacific Coast Energy Company plans to use its portion of the proceeds to pay down debt.
In the press release announcing the news, Pacific Coast Oil Trust stressed that it would receive no monies from the issue, as it is not one of the offering parties.