> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/issuance-process/step-4-distribution-and-investor-onboarding.md).

# Step 4 — Distribution & Investor Onboarding

**Objective.** Distribute the instrument to qualified investors through both rails.

**Activities.**

* Marketing and distribution: placement agents, broker-dealers, and digital venue partners distribute the instrument to their professional and institutional client bases
* Investor onboarding: investors complete KYC/AML, review documentation, and execute subscription agreements
* Subscription processing: subscription proceeds are received and verified
* Instrument issuance: units or notes are issued to investors (custody confirmation for ISIN rail; token issuance for digital rail)

**Outputs.** Investors onboarded, subscriptions processed, instruments issued.