Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Grove
Grove · $67.0M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $111 065
- Agent rate
- $71 961
- Distribution rewards (settled)
- $20 519
- Chronicle points
- $18 585
- + Supply-side revenue
- $369 670
Prime agent profit$480 734
Sky side
- Prime cost of funds
- $3 343 570
- Sky direct exposure
- $5 242 531
Sky revenue$8 586 101
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
May 2026 · 14 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| E20 | Janus Henderson Anemoy AAA CLO (JAAA-avalanche) | $259.1M | — | $993K |
| E8 | Janus Henderson Anemoy AAA CLO (JAAA) | $129.3M | — | $496K |
| E7 | Securitize Tokenized AAA CLO Fund (STAC) | $102.0M | — | $453K |
| E38 | Agora AUSD incentives (cash distribution to Grove Eth ALM) | $0 | — | $398K |
| E21 | Galaxy Arch CLO Token (GACLO-1) | $46.3M | — | $389K |
| E37 | Maple syrupUSDC (ERC-4626) | $100.3M | +$100.0M | $273K |
| E23 | Steakhouse Prime Instant (Base, Morpho V2) | $103.1M | +$35.0M | $269K |
| E1 | Aave Horizon RWA RLUSD (aToken) | $251.5M | — | $255K |
| E22 | Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) | $32.8M | -$18.1M | $79.0K |
| E6 | Grove x Steakhouse AUSD (Morpho 4626) | $25.1M | — | $74.1K |
| E4 | Grove x Steakhouse USDC (Morpho 4626) | $9.02M | +$4.00M | $18.3K |
| E12 | Uniswap V3 AUSD/USDC pool (NFT positions) | $25.0M | — | $11.2K |
| E19 | Grove x Steakhouse USDC High Yield (Base, Morpho 4626) | $1.01M | — | $3.7K |
| E11 | Curve AUSD/USDC stableswap LP | $25.0M | — | $280 |
Total NAV · $1 109 377 098 · inflows $120 896 555Total revenue · $3 713 239
Rates & subsidy
- SR (subsidized rate)
- 3.73%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.69%
- BR (base rate)
- 3.95%
- ER (effective rate)
- 3.74%
- ER − BR
- -20.6 bps
- Time-weighted utilized
- $1.07B
- Subsidy benefit to prime
- $181K
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 | $2 470 464 | $2 470 464 | Yes |
| E9 | JTRSY on Eth | fixed | $2 772 067 | $2 772 067 | Yes |
| E8 | JAAA on Eth (≤ $325M) | capped | $495 969 | $0 | No |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| E14 | AUSD raw (ALM idle) | $1.00M | $3.40M |
| 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) | $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
May 2026 · 3 of 3 ref codes · select a row for its token composition
| Ref code | Group | May | Total | Tokens | Note |
|---|---|---|---|---|---|
| Grove | $12 036 | $12 036 | sUSDS | ||
| Grove | $8 468 | $8 468 | sUSDS | ||
| Grove | $15 | $15 | sUSDS |
Net · filtered$20 519 · 3 codes