Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Grove
Grove · $67.0M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $113 978
- Agent rate
- $72 124
- Distribution rewards (settled)
- $28 898
- Chronicle points
- $12 956
- + Supply-side revenue
- $1 523 820
Prime agent profit$1 637 798
Sky side
- Prime cost of funds
- $3 338 956
- Sky direct exposure
- $4 704 533
Sky revenue$8 043 490
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
Jul 2026 · 14 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| E1 | Aave Horizon RWA RLUSD (aToken) | <$1 | -$171.9M | $1.59M |
| E20 | Janus Henderson Anemoy AAA CLO (JAAA-avalanche) | $260.7M | — | $903K |
| E23 | Steakhouse Prime Instant (Base, Morpho V2) | $204.3M | +$30.0M | $692K |
| E7 | Securitize Tokenized AAA CLO Fund (STAC) | $102.6M | — | $541K |
| E8 | Janus Henderson Anemoy AAA CLO (JAAA) | $130.2M | — | $451K |
| E21 | Galaxy Arch CLO Token (GACLO-1) | $27.6M | — | $268K |
| E37 | Maple syrupUSDC (ERC-4626) | $0 | -$100.9M | $263K |
| E6 | Grove x Steakhouse AUSD (Morpho 4626) | $25.2M | — | $71.4K |
| E19 | Grove x Steakhouse USDC High Yield (Base, Morpho 4626) | $75.0M | +$68.9M | $55.2K |
| E22 | Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) | $32.9M | — | $21.7K |
| E12 | Uniswap V3 AUSD/USDC pool (NFT positions) | $25.1M | — | $7.3K |
| E4 | Grove x Steakhouse USDC (Morpho 4626) | $1.00M | — | $3.1K |
| E11 | Curve AUSD/USDC stableswap LP | $25.0M | — | $156 |
| E42 | Galaxy Warehouse (off-chain facility — cash distribution to Grove Eth ALM) | $0 | — | <$1 |
Total NAV · $909 493 230 · inflows $-173 890 479Total revenue · $4 862 776
Rates & subsidy
- SR (subsidized rate)
- 3.78%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.79%
- BR (base rate)
- 3.79%
- ER (effective rate)
- 3.78%
- ER − BR
- -0.7 bps
- Time-weighted utilized
- $1.04B
- Subsidy benefit to prime
- $5.9K
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 | $2 112 558 | $2 112 558 | Yes |
| E9 | JTRSY on Eth | fixed | $2 591 975 | $2 591 975 | Yes |
| E8 | JAAA on Eth (≤ $325M) | capped | $451 019 | $0 | No |
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) | $208K | $152K |
| 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
Jul 2026 · 3 of 3 ref codes · select a row for its token composition
| Ref code | Group | Jul | Total | Tokens | Note |
|---|---|---|---|---|---|
| Grove | $17 490 | $17 490 | sUSDS | ||
| Grove | $8 574 | $8 574 | sUSDS | ||
| Grove | $2 835 | $2 835 | sUSDS |
Net · filtered$28 898 · 3 codes