Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Grove
Grove · $67.0M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $198 006
- Agent rate
- $6 287
- Distribution rewards (settled)
- $191 719
- + Supply-side revenue
- $-2 066 170
Prime agent profit$-1 868 164
Sky side
- Prime cost of funds
- $3 122 471
- Sky direct exposure
- $3 251 384
Sky revenue$6 373 855
Prime & Sky revenue
Stacked per settlement month. A negative prime revenue is drawn below the axis. Select a bar to change the month above.
Sky revenuePrime revenue
Per-venue breakdown
Mar 2026 · 14 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| E38 | Agora AUSD incentives (cash distribution to Grove Eth ALM) | $0 | — | $561K |
| E21 | Galaxy Arch CLO Token (GACLO-1) | $49.9M | — | $364K |
| E3 | Aave Ethereum RLUSD (aToken) | $138.3M | -$125.0M | $144K |
| E1 | Aave Horizon RWA RLUSD (aToken) | $135.3M | -$5.00M | $143K |
| E7 | Securitize Tokenized AAA CLO Fund (STAC) | $100.9M | — | $128K |
| E6 | Grove x Steakhouse AUSD (Morpho 4626) | $18.6M | +$2.80M | $40.0K |
| E4 | Grove x Steakhouse USDC (Morpho 4626) | $3.95M | +$2.94M | $16.6K |
| E23 | Steakhouse Prime Instant (Base, Morpho V2) | $16.0M | +$16.0M | $13.2K |
| E12 | Uniswap V3 AUSD/USDC pool (NFT positions) | $25.0M | — | $7.2K |
| E19 | Grove x Steakhouse USDC High Yield (Base, Morpho 4626) | $1.01M | — | $3.2K |
| E5 | Grove x Steakhouse USDC High Yield (Morpho 4626) | $0 | -$1.01M | $1.8K |
| E11 | Curve AUSD/USDC stableswap LP | $25.0M | — | $494 |
| E20 | Janus Henderson Anemoy AAA CLO (JAAA-avalanche) | $256.9M | — | -$14.4K |
| E22 | Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) | $50.7M | — | -$351K |
Total NAV · $821 601 349 · inflows $-109 286 283Total revenue · $1 056 301
Rates & subsidy
- SR (subsidized rate)
- 3.75%
- TR (target rate: tbill_3m)
- 3.72%
- BR (base rate)
- 4.13%
- ER (effective rate)
- 3.76%
- ER − BR
- -36.9 bps
- Time-weighted utilized
- $996.0M
- Subsidy benefit to prime
- $300K
Formulas
Subsidized rate (24-month ramp)
SR = TR + ((BR − TR) × T / 24)Cost of funds — subsidy only applies to the first $1B utilized
CoF = SR × min(U, $1B) + BR × max(U − $1B, 0)Effective rate
ER = CoF / UU = time-weighted utilized debt · T = months since program start
Sky-Direct exposures
| Venue | Label | Kind | Actual rev | To Sky | Active |
|---|---|---|---|---|---|
| E10 | BUIDL on Eth | fixed | $1 542 782 | $1 542 782 | Yes |
| E9 | JTRSY on Eth | fixed | $2 186 016 | $2 186 016 | Yes |
| E8 | JAAA on Eth (≤ $325M) | capped | $-477 414 | $-477 414 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| E14 | AUSD raw (ALM idle) | $0 | $0 |
| E25 | Grove x Steakhouse High Yield AUSD (Monad, Morpho 4626) | $0 | $0 |
| E33 | Uniswap V3 AUSD/USDC pool (Monad, NFT positions) | $0 | $0 |
| E34 | AUSD raw (Monad, alt holder idle) | $0 | $0 |
| E35 | USDC raw (Monad, alt holder idle) | $0 | $0 |
| E36 | OOB principal via 0xd94f (relay to Monad ALM EOA → AUSD acquisition) | $0 | $0 |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Mar 2026 · 2 of 2 ref codes · select a row for its token composition
| Ref code | Group | Mar | Total | Tokens | Note |
|---|---|---|---|---|---|
| Grove | $174 574 | $174 574 | sUSDS | ||
| Grove | $17 145 | $17 145 | sUSDS |
Net · filtered$191 719 · 2 codes