OFFSET #VALUE error in formula, but okay when F9 evaluates

The following formula (array entered) produces a #VALUE error:

=MATCH(OFFSET(List_Table[#Headers],0,{1;1;1;1;1;1;1;1;2;2;2;2;2;2;2;2;3;3;3;3;3;3;3;3;4;4;4;4;4;4;4;4;5;5;5;5;5;5;5;5}),Selected_Lists,0)>0

If I F9 over the OFFSET function portion, which is the lookup value for MATCH

OFFSET(List_Table[#Headers],0,{1;1;1;1;1;1;1;1;2;2;2;2;2;2;2;2;3;3;3;3;3;3;3;3;4;4;4;4;4;4;4;4;5;5;5;5;5;5;5;5})

I get:

Formula:

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Which is correct. The whole formula expands to:

Formula:

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and it produces the correct result, with no #VALUE errors.

Why am I getting a value error with the OFFSET function, when expanding its result works just fine?

By the way, Selected_Lists evaluates to {"List1";"List5";"List6"}. The column argument of the OFFSET function shown here as an array constant is actually a formula, which I evaluated to the constant just to simplify the question. The behavior is the same whether it is the constant or the formula.

I appreciate any advice. Thanks.