Real-World Asset Report - 2026-Q2

Sky Q2 2026: Legacy RWA exposure (ex-PSM) down $4M. Legacy RWAs generated $33M in stability fees, mostly via LitePSM. Fortunafi (RWA-005): $2.9M vault debt, expects ~50% recovery. One $450k asset defaulted; $675k restructured with 25% haircut plus 5% equity. Harbor Trade (RWA-004): $1.6M Dai outstanding, litigation ongoing in CA. New Silver (RWA-002): Fully repaid. Vaults closed.