# Sky discloses historical settlement omissions and corrective allocations

> The correction recognizes Spark reserve-factor income, allocates previously omitted BUIDL redemption costs to Sky and adds unpaid Skybase distribution rewards to the published payment baseline.

- URL: https://riadefi.com/on-chain/2026-10-02-sky-msc-5-12-reconciliation-iii/
- Type: Economic change
- Stage: Proposed
- Evidence: confirmed
- Materiality: material
- Event date: 2026-10-02
- Version: 1, published 2026-10-05 (first published 2026-10-05)
- Follow-up: 2026-10-09
- Advisor-relevant: no
- Affects: Sky (protocol); Spark Liquidity Layer (protocol)

## What happened

Soter Labs disclosed three historical accounting omissions and proposed carrying their corrections through the September monthly settlement.

## What changed

The correction recognizes Spark reserve-factor income, allocates previously omitted BUIDL redemption costs to Sky and adds unpaid Skybase distribution rewards to the published payment baseline.

## What did not change

Published settlement instructions do not establish executed minting or transfers. The record does not establish a protocol exploit, depositor haircut or redemption interruption.

## Confirmed

- Soter Labs calculates omitted Spark income at 2,392,354.07 USDS, increasing proposed debt mint and Spark transfer equally.
- It calculates Grove relief of 165,013.90 USDS through reduced debt mint, without a separate Grove transfer increase.
- It calculates historical Skybase rewards of 177,113.78 USDS, subject to deducting any payments outside published reports.
- The report calculates a 342,127.68 USDS reduction in settlement net defined as minted debt less agent transfers.
- The September summary states that the corrections are recognized once in consolidated net revenue and treasury-management input.

## Still open

- Executed settlement transactions and final reconciliation.
- Any off-report Skybase payments requiring deductions.
- Independent reproduction of the linked calculation datasets.
- Whether accounting controls now prevent recurrence across other venues.

## What it means for an advisor

- Review Sky revenue, reserve-accrual and loss-allocation assumptions using corrected rather than unadjusted settlement data.
- Add the omitted redemption-cost and reward-obligation treatment to accounting diligence.
- Reconcile Spark income recognition and settlement transactions before adopting revised figures as a final baseline.

## Sources

1. [Settlement Reconciliation — MSC #5–#12 (January–August 2026)](https://forum.skyeco.com/t/settlement-reconciliation-msc-5-12-january-august-2026/28273) · Sky / Soter Labs · 2026-10-02
2. [MSC #13 - Settlement Summary (September 2026)](https://forum.skyeco.com/t/msc-13-settlement-summary-september-2026/28274) · Sky / Soter Labs · 2026-10-02


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.