Run a coordinated distribution across share classes

A coordinated distribution is a corporate action that pays every share class of a multi-class instrument from one pool, at one record date. The pool is split across the classes by the instrument's distribution waterfall, a token feature that holds the cash and keeps one share of the pool, a leg, per class. Each class's holders then claim their part as a per-share dividend. Corporate actions covers the other event types and the shared record, preview and confirm path.

Before you start

The event is listed under Corporate actions in the asset's “Actions” menu only on the share class that carries both the distribution-waterfall and dividend-yield features. An emergency halt does not block it.
Your account needs the Governance role on the asset. When the organisation has turned on approval for Corporate actions, a second person approves the plan: an organisation owner or a platform administrator, who cannot be the one who recorded it or ran its last preview. While it is off, or nobody else could approve, the run goes ahead on your signature alone.
A class that admits only holders with an investor classification, such as Professional investor, needs each holder to carry that verification before they can receive units of the class. Only a trusted claim issuer for that topic can add it, so the asset's issuer needs that trust first: a user with the Verification policy manager role grants it under Compliance, Trusted issuers.
Each class needs holders before preview, or the preview has nobody to pay. The classes a Dual-Class Share Structure issuance creates refuse a mint until their compliance rules admit the recipient. The controlling class carries an identity allow list that starts empty unless you added identities during issuance, so a mint fails with “Compliance check failed” unless the recipient's identity is on that list. Add the identity to the allow list the issuance installed, and add no second allow list rule, because a mint must pass every installed rule. The economic class requires each recipient to hold a KYC claim and a “Professional Investor” claim from a trusted issuer. See Identity allow list and Claim expiry.

Steps

Record the terms

Enter a pool amount instead of an amount per share and the three dates. Issuer-event determination (optional) names a priority order: left blank, the pool pays on the ordinary ranks, and a named kind applies only while a valid determination claim of that kind is in force. The pool is paid in the class's dividend asset. Record stores the terms and declares nothing yet.

Preview the split

Preview is available once the record date has passed on chain, and until then it stays unavailable. It declares one dividend per class and, once each class's snapshot is ready, shows the split per class in the order the waterfall pays and every holder of every class with the amount they can claim. Classes that share a rank are paid pro rata. Each class is named by its role, such as Controlling class or Economic class. A class the pool does not reach shows as not reached. Where your organisation requires it, a second person then approves that plan, as Approve a corporate action describes.

Fund the pool and confirm

Before you confirm, the sheet shows the pool, your wallet's balance in the dividend asset, and how much your wallet lets the waterfall spend. When that approval is below the pool, select Approve pool spending and sign. When the balance is below the pool, send the missing amount to your wallet first. Until both cover the pool, “Pay distribution” cannot be selected, and the sheet footer says why. If the sheet cannot read your balance or approval, it still offers “Approve pool spending”, which approves the whole pool.

Pay distribution funds the instrument's waterfall once from the executing wallet and records each class's snapshot in the order of the waterfall's class ranking, which is when holders can claim. While the funding or a class record is still queued, the run stays open and offers “Pay distribution” again. Select “Pay distribution” again after the transaction settles to finish the run. If the funding transaction fails on chain, no money moves and the run goes back to approved, so select “Pay distribution” again to fund it.

Stop or cancel a run

You can stop a funded run. Classes already open for claims stay open until their claim deadline, and the other classes are cancelled. Stopping is not available while a class is being recorded. Stop the run after it settles. Cancelling an unfunded run cancels its class dividends. A rejected plan or an expired approval also ends the run and leaves its class dividends declared until someone cancels them. Open the run from the “In flight” card on the “Corporate actions” tab and select Cancel class dividends to cancel them. See Coordinated distributions across share classes for the checks confirm runs and when a stop is allowed.

Reclaim and release class money

After a coordinated distribution is completed or cancelled, the record shows a Class money panel. It has one row per share class: the state of the class, the amount still in the waterfall, and the wallet that funded the run. A class reads “Open for claims until” its deadline, then “Claim deadline passed”, “Ready to release to the funding wallet”, “Release in progress”, “Released”, or “Nothing left”. A class the record cannot read says so. After you release a class, its row keeps the amount released, the wallet it went to, when, and the release transaction.

Select Reclaim on a class after its claim deadline to take back what holders did not claim. Then select “Release” to return what the class still holds to the funding wallet. One account with the Governance role does both, with its own wallet verification, and neither waits for a second person. Release always returns the money to the wallet that funded the run. Release is not available while holders can still claim, after the class is released, or when nothing is left. If a release fails, select “Release” again. An account that can set the token's feature list (Governance with Supply management and Custodian, or with the admin role) can replace a class's dividend feature on the token, which closes that class on chain. “Release” is then available behind a warning, even before the claim deadline, and holders who have not claimed lose their on-chain claim. They stay on the unpaid record. Until nothing waits on a class, the run stays in the asset's in-flight strip.

Mark unpaid holders as paid

Below the “Class money” panel, Unpaid holders lists, per class, each holder the class owed and did not pay once its claims closed: holders who did not claim, and holders left out because their identity was lost. Pay them outside the platform, then select “Mark paid” on the holder, enter the payment reference, and confirm with your wallet. The platform stores the reference as entered and the wallet that marked it. It does not check that the payment happened, and nothing is written on chain. The row then reads “Paid outside the platform” and shows when it was marked, by which wallet, and the reference. If you marked the wrong holder or typed the wrong reference, select “Reopen” on the row, enter a reason, and confirm with your wallet. The holder is unpaid again and you can mark it with the right reference. The cleared payment stays in the row's “History” with who reopened it, when and why. Marking needs the Governance role, and an auditor can read the list. A class whose claims are still being indexed shows a note, and its holders appear shortly. While a class can still be claimed or reclaimed, the section says holders are listed once the class money is reclaimed.