Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Grove
Grove · $61.1M Sky revenue over Jan–Aug 2026
Month
Prime side
- Demand-side revenue
- $107 160
- Agent rate
- $78 321
- Distribution rewards (settled)
- $16 621
- + Supply-side revenue
- $1 234 903
Prime agent profit$1 342 064
Sky side
- Prime cost of funds
- $3 720 605
- Sky direct exposure
- $4 619 206
Sky revenue$8 339 811
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
Aug 2026 · 13 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| E20 | Janus Henderson Anemoy AAA CLO (JAAA-avalanche) | $261.9M | — | $1.14M |
| E38 | Agora AUSD incentives (cash distribution to Grove Eth ALM) | $0 | — | $858K |
| E23 | Steakhouse Prime Instant (Base, Morpho V2) | $205.1M | — | $740K |
| E8 | Janus Henderson Anemoy AAA CLO (JAAA) | $130.7M | — | $571K |
| E42 | Galaxy Warehouse (off-chain facility — cash distribution to Grove Eth ALM) | $0 | — | $474K |
| E7 | Securitize Tokenized AAA CLO Fund (STAC) | $103.1M | — | $469K |
| E19 | Grove x Steakhouse USDC High Yield (Base, Morpho 4626) | $78.3M | +$3.00M | $307K |
| E21 | Galaxy Arch CLO Token (GACLO-1) | $17.9M | — | $223K |
| E22 | Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) | $20.7M | -$12.3M | $114K |
| E6 | Grove x Steakhouse AUSD (Morpho 4626) | <$1 | -$25.2M | $36.5K |
| E12 | Uniswap V3 AUSD/USDC pool (NFT positions) | $29.0M | +$3.94M | $12.1K |
| E4 | Grove x Steakhouse USDC (Morpho 4626) | $4.01M | +$3.00M | $7.3K |
| E11 | Curve AUSD/USDC stableswap LP | $0 | -$25.0M | $165 |
Total NAV · $850 652 230 · inflows $-52 561 997Total revenue · $4 955 508
Rates & subsidy
- SR (subsidized rate)
- 3.65%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.64%
- BR (base rate)
- 3.66%
- ER (effective rate)
- 3.65%
- ER − BR
- -1.4 bps
- Time-weighted utilized
- $1.20B
- Subsidy benefit to prime
- $14.2K
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 | $2 111 593 | $2 111 593 | Yes |
| E9 | JTRSY on Eth | fixed | $2 507 613 | $2 507 613 | Yes |
| E8 | JAAA on Eth (≤ $325M) | capped | $570 647 | $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) | $50.0M | $50.0M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Aug 2026 · 3 of 3 ref codes · select a row for its token composition
| Ref code | Group | Aug | Total | Tokens | Note |
|---|---|---|---|---|---|
| Grove | $10 887 | $10 887 | sUSDS | ||
| Grove | $3 094 | $3 094 | sUSDS | ||
| Grove | $2 640 | $2 640 | sUSDS |
Net · filtered$16 621 · 3 codes