The stages
| Stage | What happens | Where |
|---|---|---|
| 1. Source and structure | You find the asset and choose the legal structure. | Properties: you record the structure and identifiers. |
| 2. Offer | You publish how many fractions are for sale, at what price, on what terms. | Markets and listings |
| 3. Subscribe | Investors commit to buy fractions. You approve and allocate. | Orders |
| 4. Fund and settle | Investors pay you directly. You record the payment and settle, and the cap table updates. | Payments and settlement |
| 5. Hold | The property earns income. You distribute it pro rata and record valuations. | Distributions and valuations |
| 6. Exit | The property is sold and the proceeds are distributed, or investors sell fractions to each other. | Distributions and secondary transfers |
How the property status follows the deal
A property moves from draft to active, then to offering when a listing opens, fully subscribed when the raise is complete, held while investors own it, and exited after a sale. Opening and closing a listing changes the status for you. You set the others by hand. See Property statuses.