Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Grove
Grove · $67.0M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $107 010
- Agent rate
- $80 009
- Distribution rewards (settled)
- $16 041
- Chronicle points
- $10 959
- + Supply-side revenue
- $1 041 399
Prime agent profit$1 148 408
Sky side
- Prime cost of funds
- $3 754 809
- Sky direct exposure
- $2 175 802
Sky revenue$5 930 611
- Historical fees and CoF credit
- $165 013.90
- September cash realization cost
- $12 499.85
- Historical + boundary credit
- $177 513.75
- Embedded exit-cost markdown
- $321 627.21
Reduces Grove's September MSC debt mint.
Current-period E10 revenue cost, borne by Sky.
Reduction in MSC mint before whole-USDS rounding.
Separate one-time mark on the remaining E10 position.
The historical sky_adj remains $165,013.90; September's cash cost is already recognized in E10 revenue and must not be deducted twice.
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
Sep 2026 · 11 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| E42 | Galaxy Warehouse (off-chain facility — cash distribution to Grove Eth ALM) | $0 | — | $1.66M |
| E23 | Steakhouse Prime Instant (Base, Morpho V2) | $165.8M | -$40.0M | $711K |
| E20 | Janus Henderson Anemoy AAA CLO (JAAA-avalanche) | $262.6M | — | $694K |
| E38 | Agora AUSD incentives (cash distribution to Grove Eth ALM) | $0 | — | $665K |
| E8 | Janus Henderson Anemoy AAA CLO (JAAA) | $131.1M | — | $347K |
| E7 | Securitize Tokenized AAA CLO Fund (STAC) | $103.4M | — | $336K |
| E19 | Grove x Steakhouse USDC High Yield (Base, Morpho 4626) | $103.3M | +$24.8M | $282K |
| E21 | Galaxy Arch CLO Token (GACLO-1) | $17.9M | — | $172K |
| E4 | Grove x Steakhouse USDC (Morpho 4626) | $20.0M | +$16.0M | $22.3K |
| E12 | Uniswap V3 AUSD/USDC pool (NFT positions) | $10.0M | -$19.0M | $12.8K |
| E22 | Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) | $20.6M | — | -$104K |
Total NAV · $834 685 629 · inflows $-18 266 521Total revenue · $4 796 208
Rates & subsidy
- SR (subsidized rate)
- 3.70%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.75%
- BR (base rate)
- 3.74%
- ER (effective rate)
- 3.71%
- ER − BR
- -2.7 bps
- Time-weighted utilized
- $1.23B
- Subsidy benefit to prime
- $27.5K
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 | $733 818 | $733 818 | Yes |
| E9 | JTRSY on Eth | fixed | $1 441 984 | $1 441 984 | Yes |
| E8 | JAAA on Eth (≤ $325M) | capped | $346 671 | $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) | $152K | $152K |
| E36 | OOB principal via 0xd94f (relay to Monad ALM EOA → AUSD acquisition) | -$120K | -$120K |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
No calculated DR data is available for this month.
Calculated distribution rewards by ref code
Sep 2026 · 0 of 0 ref codes · select a row for its token composition
| Ref code | Group | 2026-09 | Total | Tokens | Note |
|---|---|---|---|---|---|
| No distribution rewards recorded for this prime and month. | |||||
Net · filtered$0 · 0 codes