Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Grove
Grove · $67.0M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $187 424
- Agent rate
- $45 333
- Distribution rewards (settled)
- $125 090
- Chronicle points
- $17 001
- + Supply-side revenue
- $3 593 490
Prime agent profit$3 780 914
Sky side
- Prime cost of funds
- $2 946 945
- Sky direct exposure
- $6 395 007
Sky revenue$9 341 951
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
Apr 2026 · 14 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| E3 | Aave Ethereum RLUSD (aToken) | <$1 | -$138.3M | $1.48M |
| E20 | Janus Henderson Anemoy AAA CLO (JAAA-avalanche) | $258.1M | — | $1.18M |
| E1 | Aave Horizon RWA RLUSD (aToken) | $251.2M | +$115.7M | $1.14M |
| E38 | Agora AUSD incentives (cash distribution to Grove Eth ALM) | $0 | — | $858K |
| E8 | Janus Henderson Anemoy AAA CLO (JAAA) | $128.8M | — | $590K |
| E7 | Securitize Tokenized AAA CLO Fund (STAC) | $101.5M | — | $574K |
| E21 | Galaxy Arch CLO Token (GACLO-1) | $49.9M | — | $403K |
| E23 | Steakhouse Prime Instant (Base, Morpho V2) | $67.8M | +$51.7M | $137K |
| E22 | Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) | $50.8M | — | $109K |
| E6 | Grove x Steakhouse AUSD (Morpho 4626) | $25.0M | +$6.29M | $49.9K |
| E12 | Uniswap V3 AUSD/USDC pool (NFT positions) | $25.0M | — | $10.7K |
| E4 | Grove x Steakhouse USDC (Morpho 4626) | $5.00M | +$1.04M | $8.5K |
| E19 | Grove x Steakhouse USDC High Yield (Base, Morpho 4626) | $1.01M | — | $3.4K |
| E11 | Curve AUSD/USDC stableswap LP | $25.0M | — | $225 |
Total NAV · $989 146 395 · inflows $36 414 814Total revenue · $6 540 435
Rates & subsidy
- SR (subsidized rate)
- 3.74%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.70%
- BR (base rate)
- 4.03%
- ER (effective rate)
- 3.74%
- ER − BR
- -29.2 bps
- Time-weighted utilized
- $976.6M
- Subsidy benefit to prime
- $225K
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 | $2 630 131 | $2 630 131 | Yes |
| E9 | JTRSY on Eth | fixed | $3 764 876 | $3 764 876 | Yes |
| E8 | JAAA on Eth (≤ $325M) | capped | $590 470 | $0 | No |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| E14 | AUSD raw (ALM idle) | $0 | $1.00M |
| E25 | Grove x Steakhouse High Yield AUSD (Monad, Morpho 4626) | $6.50M | $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) | $208K | $208K |
| E36 | OOB principal via 0xd94f (relay to Monad ALM EOA → AUSD acquisition) | $50.0M | $50.0M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Apr 2026 · 4 of 4 ref codes · select a row for its token composition
| Ref code | Group | Apr | Total | Tokens | Note |
|---|---|---|---|---|---|
| Grove | $116 737 | $116 737 | sUSDS | ||
| Grove | $8 260 | $8 260 | sUSDS | ||
| Grove | $82 | $82 | sUSDS | ||
| Grove | $11 | $11 | sUSDS |
Net · filtered$125 090 · 4 codes