> 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/overview/how-it-works-lifecycle.md).

# How It Works (Lifecycle)

T-Blocks operates a five-stage lifecycle for every instrument.

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###  Stage 1 — Origination & Qualification

T-Blocks identifies, qualifies, and scopes the issuance. The underlying asset is evaluated for structuring suitability under Luxembourg securitisation law. Legal, commercial, and regulatory parameters are defined.
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### Stage 2 — Structuring & Legal Documentation

A new SubFund is created within T-Blocks Trio Fund. Specific Management Regulations are drafted for the SubFund. The instrument type, traditional or tokenized, is determined (equity-linked note, revenue-linked note, asset-backed note, fund-linked note, sukuk, or bond). A prospectus or private placement memorandum is prepared where required. Service providers are engaged (auditor, custodian, legal counsel, tax advisor).
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### Stage 3 — Issuance & Tokenization

The instrument is issued under the SubFund. An ISIN is registered. Where applicable, the instrument is tokenized on the digital infrastructure layer and made available through the Digital Primary Market. KYC/AML onboarding is completed for subscribing investors.
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### Stage 4 — Distribution

The instrument is distributed through T-Blocks' dual-rail network: traditional banking channels (placement agents, broker-dealers, private banks) and regulated digital venues. Investors subscribe through their preferred rail.
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### Stage 5 — Lifecycle Management 

Ongoing administration, NAV calculation (where applicable), reporting, distribution of proceeds, regulatory compliance, and — when the instrument matures or is redeemed — orderly wind-down of the SubFund.
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→ For a detailed breakdown of each stage, see[ Issuance Process](/t-blocks-documentation/issuance-process/overview-from-origination-to-distribution.md).

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