Transactions

Initiated

The Transaction is initiated and submitted. This includes capturing basic details such as targetId, targetType, side, etc. Transactions will remain in this stage until at least one of the associated Actions are completed.

PendingCancellation, Canceled, Pending

Pending

The Advisor or Investor may have completed one or more Actions associated with the Transaction, but there are still pending Actions that need to be completed.

PendingCancellation, Canceled, Processing

Processing

Transactions will be moved into Processing once all Actions associated with the Transaction have been completed. At this stage, the investment may not be edited or withdrawn by the investor (including the investment amount).

• For Transactions where side = SUBSCRIPTION, this stage will represent a status where cash has been frozen in the investor's account.
• For Transactions where side = REDEMPTION , this stage will represent a status where shares have been frozen in the investor's account.

PendingCancellation, Canceled, Complete

Settled

Describes a stage where Monark has confirmed that cash for the Transaction has been pushed and settled with an external account.

Note that this status is only used if Monark is directly involved in treasury management at the individual transaction level.

Complete, PendingCancellation, Cancelled

Complete

The transaction has been completed:

• For Transactions where side = SUBSCRIPTION for Pre-IPO companies, Complete Transactions will represent the stage where the issuer has received investor cash and finalized any operational processes necessary to complete the transaction, which includes countersigning subscription agreements.
• For Transactions where side = SUBSCRIPTION for Registered Funds, Complete Transactions will represent the stage where the subscription agreement and trade files have been sent.

N/A

PendingCancellation

The Transaction is being cancelled and actions are being taken to fully cancel the Transaction. Transactions in PendingCancellation are waiting for specific actions to be completed before the entire Transaction can be updated to Cancelled. Examples may include:

• Cash needing to be sent back to an investor or advisor due to a mistake when submitting a Transaction with side = SUBSCRIPTION . Transactions will remain in PendingCancellation until the destination of the cash has confirmed receipt.
• Cash needing to be sent from Monark back upstream to an issuer in the event of an erroneous distribution. Transactions will remain in PendingCancellation until the issuer has confirmed that funds have been sent back.

Cancelled

Cancelled

The Transaction is canceled due to investor action, insufficient funds, incomplete documentation, or issuer rejection. Transactions can be canceled due to a number of different reasons, which will differ across asset classes, product structures, etc.

N/A

Failed

The transaction has failed due to an unexpected or unspecified reason.

N/A