diff --git a/src/NATS.Server/Subscriptions/SubList.cs b/src/NATS.Server/Subscriptions/SubList.cs
new file mode 100644
index 0000000..76bc149
--- /dev/null
+++ b/src/NATS.Server/Subscriptions/SubList.cs
@@ -0,0 +1,515 @@
+namespace NATS.Server.Subscriptions;
+
+/// <summary>
+/// SubList is a routing mechanism to handle subject distribution and
+/// provides a facility to match subjects from published messages to
+/// interested subscribers. Subscribers can have wildcard subjects to
+/// match multiple published subjects.
+/// </summary>
+public sealed class SubList
+{
+    private const int CacheMax = 1024;
+    private const int CacheSweep = 256;
+
+    private readonly ReaderWriterLockSlim _lock = new();
+    private readonly TrieLevel _root = new();
+    private Dictionary<string, SubListResult>? _cache = new();
+    private uint _count;
+    private ulong _genId;
+
+    public uint Count
+    {
+        get
+        {
+            _lock.EnterReadLock();
+            try { return _count; }
+            finally { _lock.ExitReadLock(); }
+        }
+    }
+
+    public void Insert(Subscription sub)
+    {
+        var subject = sub.Subject;
+
+        _lock.EnterWriteLock();
+        try
+        {
+            var level = _root;
+            TrieNode? node = null;
+            bool sawFwc = false;
+
+            foreach (var token in new TokenEnumerator(subject))
+            {
+                if (token.Length == 0 || sawFwc)
+                    throw new ArgumentException("Invalid subject", nameof(sub));
+
+                if (token.Length == 1 && token[0] == SubjectMatch.Pwc)
+                {
+                    node = level.Pwc ??= new TrieNode();
+                }
+                else if (token.Length == 1 && token[0] == SubjectMatch.Fwc)
+                {
+                    node = level.Fwc ??= new TrieNode();
+                    sawFwc = true;
+                }
+                else
+                {
+                    var key = token.ToString();
+                    if (!level.Nodes.TryGetValue(key, out node))
+                    {
+                        node = new TrieNode();
+                        level.Nodes[key] = node;
+                    }
+                }
+
+                node.Next ??= new TrieLevel();
+                level = node.Next;
+            }
+
+            if (node == null)
+                throw new ArgumentException("Invalid subject", nameof(sub));
+
+            if (sub.Queue == null)
+            {
+                node.PlainSubs.Add(sub);
+            }
+            else
+            {
+                if (!node.QueueSubs.TryGetValue(sub.Queue, out var qset))
+                {
+                    qset = [];
+                    node.QueueSubs[sub.Queue] = qset;
+                }
+                qset.Add(sub);
+            }
+
+            _count++;
+            _genId++;
+            AddToCache(subject, sub);
+        }
+        finally
+        {
+            _lock.ExitWriteLock();
+        }
+    }
+
+    public void Remove(Subscription sub)
+    {
+        _lock.EnterWriteLock();
+        try
+        {
+            var level = _root;
+            TrieNode? node = null;
+            bool sawFwc = false;
+
+            var pathList = new List<(TrieLevel level, TrieNode node, string token, bool isPwc, bool isFwc)>();
+
+            foreach (var token in new TokenEnumerator(sub.Subject))
+            {
+                if (token.Length == 0 || sawFwc)
+                    return;
+
+                bool isPwc = token.Length == 1 && token[0] == SubjectMatch.Pwc;
+                bool isFwc = token.Length == 1 && token[0] == SubjectMatch.Fwc;
+
+                if (isPwc)
+                {
+                    node = level.Pwc;
+                }
+                else if (isFwc)
+                {
+                    node = level.Fwc;
+                    sawFwc = true;
+                }
+                else
+                {
+                    level.Nodes.TryGetValue(token.ToString(), out node);
+                }
+
+                if (node == null)
+                    return; // not found
+
+                var tokenStr = token.ToString();
+                pathList.Add((level, node, tokenStr, isPwc, isFwc));
+                level = node.Next ?? new TrieLevel();
+            }
+
+            if (node == null) return;
+
+            // Remove from node
+            bool removed;
+            if (sub.Queue == null)
+            {
+                removed = node.PlainSubs.Remove(sub);
+            }
+            else
+            {
+                removed = false;
+                if (node.QueueSubs.TryGetValue(sub.Queue, out var qset))
+                {
+                    removed = qset.Remove(sub);
+                    if (qset.Count == 0)
+                        node.QueueSubs.Remove(sub.Queue);
+                }
+            }
+
+            if (!removed) return;
+
+            _count--;
+            _genId++;
+            RemoveFromCache(sub.Subject);
+
+            // Prune empty nodes (walk backwards)
+            for (int i = pathList.Count - 1; i >= 0; i--)
+            {
+                var (l, n, t, isPwc, isFwc) = pathList[i];
+                if (n.IsEmpty)
+                {
+                    if (isPwc) l.Pwc = null;
+                    else if (isFwc) l.Fwc = null;
+                    else l.Nodes.Remove(t);
+                }
+            }
+        }
+        finally
+        {
+            _lock.ExitWriteLock();
+        }
+    }
+
+    public SubListResult Match(string subject)
+    {
+        // Check cache under read lock first.
+        _lock.EnterReadLock();
+        try
+        {
+            if (_cache != null && _cache.TryGetValue(subject, out var cached))
+                return cached;
+        }
+        finally
+        {
+            _lock.ExitReadLock();
+        }
+
+        // Cache miss -- tokenize and match under write lock (needed for cache update).
+        // Tokenize the subject.
+        var tokens = Tokenize(subject);
+        if (tokens == null)
+            return SubListResult.Empty;
+
+        _lock.EnterWriteLock();
+        try
+        {
+            // Re-check cache after acquiring write lock.
+            if (_cache != null && _cache.TryGetValue(subject, out var cached))
+                return cached;
+
+            var plainSubs = new List<Subscription>();
+            var queueSubs = new List<List<Subscription>>();
+
+            MatchLevel(_root, tokens, 0, plainSubs, queueSubs);
+
+            SubListResult result;
+            if (plainSubs.Count == 0 && queueSubs.Count == 0)
+            {
+                result = SubListResult.Empty;
+            }
+            else
+            {
+                result = new SubListResult(
+                    plainSubs.ToArray(),
+                    queueSubs.Select(q => q.ToArray()).ToArray());
+            }
+
+            if (_cache != null)
+            {
+                _cache[subject] = result;
+
+                if (_cache.Count > CacheMax)
+                {
+                    // Sweep: remove entries until at CacheSweep count.
+                    var keys = _cache.Keys.Take(_cache.Count - CacheSweep).ToList();
+                    foreach (var key in keys)
+                        _cache.Remove(key);
+                }
+            }
+
+            return result;
+        }
+        finally
+        {
+            _lock.ExitWriteLock();
+        }
+    }
+
+    /// <summary>
+    /// Tokenize the subject into an array of token strings.
+    /// Returns null if the subject is invalid (empty tokens).
+    /// </summary>
+    private static string[]? Tokenize(string subject)
+    {
+        if (string.IsNullOrEmpty(subject))
+            return null;
+
+        var tokens = new List<string>();
+        int start = 0;
+        for (int i = 0; i <= subject.Length; i++)
+        {
+            if (i == subject.Length || subject[i] == SubjectMatch.Sep)
+            {
+                if (i - start == 0)
+                    return null; // empty token
+                tokens.Add(subject[start..i]);
+                start = i + 1;
+            }
+        }
+
+        return tokens.Count > 0 ? tokens.ToArray() : null;
+    }
+
+    /// <summary>
+    /// Recursively descend into the trie matching tokens.
+    /// This follows the Go matchLevel() algorithm closely.
+    /// </summary>
+    private static void MatchLevel(TrieLevel? level, string[] tokens, int tokenIndex,
+        List<Subscription> plainSubs, List<List<Subscription>> queueSubs)
+    {
+        TrieNode? pwc = null;
+        TrieNode? node = null;
+
+        for (int i = tokenIndex; i < tokens.Length; i++)
+        {
+            if (level == null)
+                return;
+
+            // Full wildcard (>) at this level matches all remaining tokens.
+            if (level.Fwc != null)
+                AddNodeToResults(level.Fwc, plainSubs, queueSubs);
+
+            // Partial wildcard (*) -- recurse with remaining tokens.
+            pwc = level.Pwc;
+            if (pwc != null)
+                MatchLevel(pwc.Next, tokens, i + 1, plainSubs, queueSubs);
+
+            // Literal match
+            node = null;
+            if (level.Nodes.TryGetValue(tokens[i], out var found))
+            {
+                node = found;
+                level = node.Next;
+            }
+            else
+            {
+                level = null;
+            }
+        }
+
+        // After processing all tokens, add results from the final literal node.
+        if (node != null)
+            AddNodeToResults(node, plainSubs, queueSubs);
+
+        // Also add results from the partial wildcard at the last level,
+        // which handles the case where * matches the final token.
+        if (pwc != null)
+            AddNodeToResults(pwc, plainSubs, queueSubs);
+    }
+
+    private static void AddNodeToResults(TrieNode node,
+        List<Subscription> plainSubs, List<List<Subscription>> queueSubs)
+    {
+        // Add plain subscriptions
+        foreach (var sub in node.PlainSubs)
+            plainSubs.Add(sub);
+
+        // Add queue subscriptions grouped by queue name
+        foreach (var (queueName, subs) in node.QueueSubs)
+        {
+            if (subs.Count == 0) continue;
+
+            // Find existing queue group or create new one
+            List<Subscription>? existing = null;
+            foreach (var qs in queueSubs)
+            {
+                if (qs.Count > 0 && qs[0].Queue == queueName)
+                {
+                    existing = qs;
+                    break;
+                }
+            }
+            if (existing == null)
+            {
+                existing = new List<Subscription>();
+                queueSubs.Add(existing);
+            }
+            existing.AddRange(subs);
+        }
+    }
+
+    /// <summary>
+    /// Adds a subscription to matching cache entries.
+    /// Assumes write lock is held.
+    /// </summary>
+    private void AddToCache(string subject, Subscription sub)
+    {
+        if (_cache == null)
+            return;
+
+        // If literal subject, we can do a direct lookup.
+        if (SubjectMatch.IsLiteral(subject))
+        {
+            if (_cache.TryGetValue(subject, out var r))
+            {
+                _cache[subject] = AddSubToResult(r, sub);
+            }
+            return;
+        }
+
+        // Wildcard subscription -- check all cached keys.
+        var keysToUpdate = new List<(string key, SubListResult result)>();
+        foreach (var (key, r) in _cache)
+        {
+            if (SubjectMatch.MatchLiteral(key, subject))
+            {
+                keysToUpdate.Add((key, r));
+            }
+        }
+        foreach (var (key, r) in keysToUpdate)
+        {
+            _cache[key] = AddSubToResult(r, sub);
+        }
+    }
+
+    /// <summary>
+    /// Removes cache entries that match the given subject.
+    /// Assumes write lock is held.
+    /// </summary>
+    private void RemoveFromCache(string subject)
+    {
+        if (_cache == null)
+            return;
+
+        // If literal subject, we can do a direct removal.
+        if (SubjectMatch.IsLiteral(subject))
+        {
+            _cache.Remove(subject);
+            return;
+        }
+
+        // Wildcard subscription -- remove all matching cached keys.
+        var keysToRemove = new List<string>();
+        foreach (var key in _cache.Keys)
+        {
+            if (SubjectMatch.MatchLiteral(key, subject))
+            {
+                keysToRemove.Add(key);
+            }
+        }
+        foreach (var key in keysToRemove)
+        {
+            _cache.Remove(key);
+        }
+    }
+
+    /// <summary>
+    /// Creates a new result with the given subscription added.
+    /// </summary>
+    private static SubListResult AddSubToResult(SubListResult result, Subscription sub)
+    {
+        if (sub.Queue == null)
+        {
+            var newPlain = new Subscription[result.PlainSubs.Length + 1];
+            result.PlainSubs.CopyTo(newPlain, 0);
+            newPlain[^1] = sub;
+            return new SubListResult(newPlain, result.QueueSubs);
+        }
+        else
+        {
+            // Find existing queue group
+            var queueSubs = result.QueueSubs;
+            int slot = -1;
+            for (int i = 0; i < queueSubs.Length; i++)
+            {
+                if (queueSubs[i].Length > 0 && queueSubs[i][0].Queue == sub.Queue)
+                {
+                    slot = i;
+                    break;
+                }
+            }
+
+            // Deep copy queue subs
+            var newQueueSubs = new Subscription[queueSubs.Length + (slot < 0 ? 1 : 0)][];
+            for (int i = 0; i < queueSubs.Length; i++)
+            {
+                if (i == slot)
+                {
+                    var newGroup = new Subscription[queueSubs[i].Length + 1];
+                    queueSubs[i].CopyTo(newGroup, 0);
+                    newGroup[^1] = sub;
+                    newQueueSubs[i] = newGroup;
+                }
+                else
+                {
+                    newQueueSubs[i] = (Subscription[])queueSubs[i].Clone();
+                }
+            }
+            if (slot < 0)
+            {
+                newQueueSubs[^1] = [sub];
+            }
+
+            return new SubListResult(result.PlainSubs, newQueueSubs);
+        }
+    }
+
+    /// <summary>Enumerates '.' separated tokens in a subject without allocating.</summary>
+    private ref struct TokenEnumerator
+    {
+        private ReadOnlySpan<char> _remaining;
+
+        public TokenEnumerator(string subject)
+        {
+            _remaining = subject.AsSpan();
+            Current = default;
+        }
+
+        public ReadOnlySpan<char> Current { get; private set; }
+
+        public TokenEnumerator GetEnumerator() => this;
+
+        public bool MoveNext()
+        {
+            if (_remaining.IsEmpty)
+                return false;
+
+            int sep = _remaining.IndexOf(SubjectMatch.Sep);
+            if (sep < 0)
+            {
+                Current = _remaining;
+                _remaining = default;
+            }
+            else
+            {
+                Current = _remaining[..sep];
+                _remaining = _remaining[(sep + 1)..];
+            }
+            return true;
+        }
+    }
+
+    private sealed class TrieLevel
+    {
+        public readonly Dictionary<string, TrieNode> Nodes = new();
+        public TrieNode? Pwc; // partial wildcard (*)
+        public TrieNode? Fwc; // full wildcard (>)
+    }
+
+    private sealed class TrieNode
+    {
+        public TrieLevel? Next;
+        public readonly HashSet<Subscription> PlainSubs = [];
+        public readonly Dictionary<string, HashSet<Subscription>> QueueSubs = new();
+
+        public bool IsEmpty => PlainSubs.Count == 0 && QueueSubs.Count == 0 &&
+                               (Next == null || (Next.Nodes.Count == 0 && Next.Pwc == null && Next.Fwc == null));
+    }
+}
diff --git a/tests/NATS.Server.Tests/SubListTests.cs b/tests/NATS.Server.Tests/SubListTests.cs
new file mode 100644
index 0000000..e7e7ba7
--- /dev/null
+++ b/tests/NATS.Server.Tests/SubListTests.cs
@@ -0,0 +1,159 @@
+using NATS.Server.Subscriptions;
+
+namespace NATS.Server.Tests;
+
+public class SubListTests
+{
+    private static Subscription MakeSub(string subject, string? queue = null, string sid = "1")
+        => new() { Subject = subject, Queue = queue, Sid = sid };
+
+    [Fact]
+    public void Insert_and_match_literal_subject()
+    {
+        var sl = new SubList();
+        var sub = MakeSub("foo.bar");
+        sl.Insert(sub);
+
+        var r = sl.Match("foo.bar");
+        Assert.Single(r.PlainSubs);
+        Assert.Same(sub, r.PlainSubs[0]);
+        Assert.Empty(r.QueueSubs);
+    }
+
+    [Fact]
+    public void Match_returns_empty_for_no_match()
+    {
+        var sl = new SubList();
+        sl.Insert(MakeSub("foo.bar"));
+
+        var r = sl.Match("foo.baz");
+        Assert.Empty(r.PlainSubs);
+    }
+
+    [Fact]
+    public void Match_partial_wildcard()
+    {
+        var sl = new SubList();
+        var sub = MakeSub("foo.*");
+        sl.Insert(sub);
+
+        Assert.Single(sl.Match("foo.bar").PlainSubs);
+        Assert.Single(sl.Match("foo.baz").PlainSubs);
+        Assert.Empty(sl.Match("foo.bar.baz").PlainSubs);
+    }
+
+    [Fact]
+    public void Match_full_wildcard()
+    {
+        var sl = new SubList();
+        var sub = MakeSub("foo.>");
+        sl.Insert(sub);
+
+        Assert.Single(sl.Match("foo.bar").PlainSubs);
+        Assert.Single(sl.Match("foo.bar.baz").PlainSubs);
+        Assert.Empty(sl.Match("foo").PlainSubs);
+    }
+
+    [Fact]
+    public void Match_root_full_wildcard()
+    {
+        var sl = new SubList();
+        sl.Insert(MakeSub(">"));
+
+        Assert.Single(sl.Match("foo").PlainSubs);
+        Assert.Single(sl.Match("foo.bar").PlainSubs);
+        Assert.Single(sl.Match("foo.bar.baz").PlainSubs);
+    }
+
+    [Fact]
+    public void Match_collects_multiple_subs()
+    {
+        var sl = new SubList();
+        sl.Insert(MakeSub("foo.bar", sid: "1"));
+        sl.Insert(MakeSub("foo.*", sid: "2"));
+        sl.Insert(MakeSub("foo.>", sid: "3"));
+        sl.Insert(MakeSub(">", sid: "4"));
+
+        var r = sl.Match("foo.bar");
+        Assert.Equal(4, r.PlainSubs.Length);
+    }
+
+    [Fact]
+    public void Remove_subscription()
+    {
+        var sl = new SubList();
+        var sub = MakeSub("foo.bar");
+        sl.Insert(sub);
+        Assert.Single(sl.Match("foo.bar").PlainSubs);
+
+        sl.Remove(sub);
+        Assert.Empty(sl.Match("foo.bar").PlainSubs);
+    }
+
+    [Fact]
+    public void Queue_group_subscriptions()
+    {
+        var sl = new SubList();
+        sl.Insert(MakeSub("foo.bar", queue: "workers", sid: "1"));
+        sl.Insert(MakeSub("foo.bar", queue: "workers", sid: "2"));
+        sl.Insert(MakeSub("foo.bar", queue: "loggers", sid: "3"));
+
+        var r = sl.Match("foo.bar");
+        Assert.Empty(r.PlainSubs);
+        Assert.Equal(2, r.QueueSubs.Length); // 2 queue groups
+    }
+
+    [Fact]
+    public void Count_tracks_subscriptions()
+    {
+        var sl = new SubList();
+        Assert.Equal(0u, sl.Count);
+
+        sl.Insert(MakeSub("foo", sid: "1"));
+        sl.Insert(MakeSub("bar", sid: "2"));
+        Assert.Equal(2u, sl.Count);
+
+        sl.Remove(MakeSub("foo", sid: "1"));
+        // Remove by reference won't work — we need the same instance
+    }
+
+    [Fact]
+    public void Count_tracks_with_same_instance()
+    {
+        var sl = new SubList();
+        var sub = MakeSub("foo");
+        sl.Insert(sub);
+        Assert.Equal(1u, sl.Count);
+        sl.Remove(sub);
+        Assert.Equal(0u, sl.Count);
+    }
+
+    [Fact]
+    public void Cache_invalidation_on_insert()
+    {
+        var sl = new SubList();
+        sl.Insert(MakeSub("foo.bar", sid: "1"));
+
+        // Prime the cache
+        var r1 = sl.Match("foo.bar");
+        Assert.Single(r1.PlainSubs);
+
+        // Insert a wildcard that matches — cache should be invalidated
+        sl.Insert(MakeSub("foo.*", sid: "2"));
+
+        var r2 = sl.Match("foo.bar");
+        Assert.Equal(2, r2.PlainSubs.Length);
+    }
+
+    [Fact]
+    public void Match_partial_wildcard_at_different_levels()
+    {
+        var sl = new SubList();
+        sl.Insert(MakeSub("*.bar.baz", sid: "1"));
+        sl.Insert(MakeSub("foo.*.baz", sid: "2"));
+        sl.Insert(MakeSub("foo.bar.*", sid: "3"));
+
+        var r = sl.Match("foo.bar.baz");
+        Assert.Equal(3, r.PlainSubs.Length);
+    }
+}