Saturn Recap | June 29 - July 3, 2026 $0 in liquidations across all Saturn assets, with $STRC ranging from a low of $77.06 to a high of $90.08 last week. srUSDat experienced a 0% drawdown and continued paying 7.79% APY. STRC Outlook @Saylor gave STRC, MSTR, and BTC holders clarity with the Digital Credit Capital Framework - concrete numbers for common stock sales and buybacks, digital credit buybacks, and potential BTC sales. @Strategy also confirmed a semi-monthly dividend at a 12% rate, payable July 15th, and raised USD reserve coverage to 17.4 months. While holding cash creates drag, and paying dividends with it would signal distress, STRC's recent discount shows the market still values the cushion cash reserves provide. Core Metrics as of July 6 Protocol TVL: $184.46M (up ~$12M on the week) USDat: $106.20M - 100% backed by U.S. Treasury Bills - Secondary price held consistently at $1.00 sUSDat: $82.92M - Backed by $78.26M STRC and $4.66M USDat - Fair value $0.91, secondary market price $0.89 - APY: 25.46% (assumes purchasing at current price and selling at $100) - Withdraw queue: $14.60M srUSDat: $5.47M - Price: $1.01 - APY: 7.79%, rate unchanged through market volatility - Zero NAV drawdown YTD - Collateral coverage: 135%, recovered from 115% - safety significantly improved jrUSDat: $1.87M - Price: $0.31 - Absorbed sUSDat volatility, substantial upside remains - APY: 32.58% Morpho - sUSDat/AUSD: $7.51M lent, $0.74M remaining liquidity, $0 in liquidations - PT-USDat-27AUG2026/USDC: $6.34M lent, $0.62M remaining liquidity, $0 in liquidations - PT-USDat-27AUG2026/AUSD: $2.33M lent, $0.21M remaining liquidity, $0 in liquidations - PT-sUSDat/USDC: $1.84M lent, $0.17M remaining liquidity, $0 in liquidations - PT-srUSDat/USDC: $0.34M lent, $0.03M remaining liquidity, $0 in liquidations Pendle: $110.10M - Ethereum Mainnet: $85.81M - BNB Chain: $24.29M Pendle APYs: - PT-USDat APY: 7.88% (Ethereum Mainnet), 9.36% (BNB Chain) - PT-sUSDat APY: 12.10% (Ethereum Mainnet), 14.83% (BNB Chain) - PT-srUSDat APY: 11.17% (Ethereum Mainnet) - PT-jrUSDat APY: 29.83% (Ethereum Mainnet)

Saturn Recap | June 15 - 22, 2026 $STRC experienced its sharpest drawdown to date, falling to $82.53 on June 18 before closing the week at $88.59. Despite this, @Saturn_credit's asset-isolated model performed as designed - no abnormal liquidations or bad debt. The standout was srUSDat, which experienced zero NAV drawdown and continued paying 7.80% APY through the depeg. STRC Outlook Semi-monthly dividend distributions confirmed, and a 1M VWAP of $94.09 puts a 50bps coupon increase in range - two positive catalysts coming into July. Core Metrics as of June 23 Protocol TVL: $198.40M (down ~$10M on the week) USDat: $116.41M - 100% backed by U.S. Treasury Bills - Secondary price held at $1.00 throughout the drawdown sUSDat: $88.62M - Backed by $81.99M STRC and $6.63M USDat - Secondary price $0.90, intraday low of $0.80 on June 18 - APY: 23.69% - Redemption queue: $9.80M, $1-2M processed daily, no abnormal activity srUSDat: $7.42M - Price: $1.01 - APY: 7.80%, also unchanged rates during depeg event - Zero NAV drawdown during depeg event jrUSDat: $2.06M - Price: $0.51 - APY: 19.11% - Coverage ratio: 127.80%, recovered from a low of 114.50% Morpho - PT-USDat/USDC: $11.53M borrowed, $2.01M liquidity, $0 in liquidations last week - sUSDat/AUSD: $9.13M borrowed, $1.18M liquidity, $0.75M in liquidations last week - PT-sUSDat/USDC: $3.93M borrowed, $0.41M liquidity, $6500 in liquidations last week - PT-USDat/AUSD: $2.11M borrowed, $0.61M liquidity, $0 in liquidations last week - PT-srUSDat/USDC: $0.68M borrowed, $0.10M liquidity, $0 in liquidations last week Pendle: $114.13M - Ethereum Mainnet: $89.58M - BNB Chain: $24.55M Pendle APYs: - PT-USDat APY: 7.67% (Ethereum Mainnet), 8.90% (BNB Chain) - PT-sUSDat APY: 10.99% (Ethereum Mainnet) - PT-srUSDat APY: 12.16% (Ethereum Mainnet) - PT-jrUSDat APY: 16.82% (Ethereum Mainnet) The thesis for STRCFi remains unchanged. Onwards.