Steakhouse earns performance fees on the yield generated within their curated vaults. Depositors supply capital to Steakhouse-curated vaults, which deploy it into selected lending markets. The curator fee is taken as a percentage of gross vault yield, with the remainder passed through to depositors as supply-side fees.

Steakhouse Financial operates as a risk curator, offering vault products across multiple DeFi lending protocols. They curate yield strategies for institutional and retail depositors, managing risk parameters, collateral selection, and allocation across vaults.

Steakhouse Financial is a blockchain-focused financial services company that provides institutional-grade DeFi infrastructure and advisory services for the emerging stablecoin economy.

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Steakhouse Financial

# Steakhouse Financial Fees Methodology

## 1. Overview

The gross yield generated by Steakhouse Financial curated vaults across Morpho Vault Curation and Kamino Vault Curation is measured by Fees. The total interest and yield earned by vault depositors before any performance fee deductions or curator splits are applied is represented by this metric. A primary indicator of the total economic value generated by Steakhouse Financial's managed lending and yield strategies is provided.

## 2. Data sources

- **Blockchain events**: `InitVault` and `Deposit` instructions from `KaminoVault` programs on Solana, `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts, `CreateVaultV2` events from `VaultV2Factory` contracts, `SetCurator`, `SetFee`, and `SetPerformanceFee` events from `MetaMorphoVault` and `VaultV2` contracts, `CreateMorphoVaultV1Adapter` events from `MorphoVaultV1AdapterFactory` contracts, and daily `totalAssets` and `totalSupply` state reads for Morpho vaults, covering Solana, Ethereum, Arbitrum, Base, Polygon, and 12 other chains
- **External data**: End-of-day price feeds for underlying vault assets

## 3. Step-by-step calculation

### Component A: Kamino Vault Curation state tracking

- **Purpose**: Steakhouse-curated Kamino Vaults on Solana are identified and their financial performance is tracked.
- **Logic**: Vaults are identified via a registry of known Steakhouse program accounts. Total share supply is aggregated from Solana account balance changes for the specific share mints. Share prices are derived by parsing `Deposit` instructions, which are matched with corresponding SPL asset `Transfer` instructions to the vault's token account and `Mint` instructions to the user's share account. A fixed 5% performance fee rate is applied to all Kamino-based Steakhouse vaults.
- **Key fields**: `vault_address`, `shares_mint`, `token_vault`, `amount`

### Component B: Morpho Vault Curation state tracking

- **Purpose**: Steakhouse-curated Morpho Vaults are identified and their financial performance is tracked.
- **Logic**: Vaults are identified by filtering `SetCurator` events for known Steakhouse Financial curator addresses. Daily `totalAssets` and `totalSupply` are captured from on-chain state reads. Share prices are calculated as the ratio of total assets to total supply. Performance fee rates are extracted from the latest `SetFee` (V1) or `SetPerformanceFee` (V2) events for each vault.
- **Key fields**: `vault_address`, `curator_address`, `total_assets`, `total_supply`, `performance_fee_rate`

### Component C: Morpho Vault Curation internal deposit netting

- **Purpose**: The double-counting of assets and yield is prevented when one Steakhouse vault deposits into another.
- **Logic**: Holder balances for vault share assets are tracked via asset net flow abstractions. Shares held by other Steakhouse vaults or their associated adapter contracts (created via `CreateMorphoVaultV1Adapter` events from `MorphoVaultV1AdapterFactory` contracts) are identified. These internal holdings are converted to underlying asset values and subtracted from the total assets of the receiving vault to ensure yield is only calculated on external capital.
- **Key fields**: `holder_address`, `adapter_address`, `parent_vault_address`, `share_balance`

### Component D: Yield calculation and gross-up

- **Purpose**: The gross fees generated by vault performance are calculated.
- **Logic**: Daily yield is calculated as the percentage change in share price between consecutive days. This net yield is grossed up to account for performance fees using the formula: `fees = total_assets * (daily_yield / (1 - performance_fee_rate))`. This calculation ensures the metric reflects the total value generated before protocol or curator deductions.
- **Key fields**: `share_price`, `total_assets`, `performance_fee_rate`

### Component E: USD conversion and aggregation

- **Purpose**: Fee values are normalized to USD for cross-chain and cross-asset comparison.
- **Logic**: Fee amounts in native underlying assets are normalized by decimal precision and multiplied by end-of-day asset prices. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `block_timestamp`, `token_address`, `fees`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

Steakhouse Financial

Fees

Fees

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