These are great questions and I think I can help you.
The day of record has nothing much to do with the stock itself. It is a day recognized as your OFICIALLY becoming the owner OF RECORD. It is not part of the company process itself. Whether NGL goes ex-D tomorrow or next week or even next month, the day on which it goes ex will have it opening on that day (of going ex-D) at 39 cents less than it was trading at the previous session's trading session. This is mandated by the SEC. Depending on traders anxious to buy or sell, the price will be flexible to some degree most likely but the unit price MUST reflect that 39 cent deduction. This is done so that innocent buyers won't pay for a distribution they won't receive for this quarter!
The day of distribution it will open as I've stated just above. Say units close at $11 (just for simplicity's sake, mind you...) then units will be available for sale at the same $11 LESS the amount of the pending distribution. It cannot and will not be otherwise.
The day of record is a bookkeeping detail and not more than that. It officially recognizes those who are in ownership roles. The transfer agent has the job of keeping track of who owns however many units of the company so that, among other items, each of us owners is in line to receive distributions. We are also positioned to receive special notices as deemed important regarding elections of officers, changes in rules and bylaws and whatever other contingencies that might arise.
In summary:
I added 500 units of NGL today, fearing the price will likely rise from here until it goes ex-D. I wanted to complete my desired position size and be done with that chore. I mentally subtracted 39 cents from my cost and was good with the actual cost. Of course, the 39 cents will be taken out the day of ex-D but will be returned the middle of August in the form of distributions.
I don't care about the day of record because I purchased all of my units well before the company goes ex-distribution so I'll be receiving the distribution for sure.
David, please let me know if I've helped---or hurt you. It's not an lol situation as I know how confusing this stuff can be, having gone through it myself numerous times.
