Shareholders, NET trades at about $170 against $163.62 of onchain backing per NET, a premium of three percent, with the inverse bond bidding under it at $161.19. For the first time since genesis the price and the number behind it are the same. From zero NetNet opened on July 17 with $0. 87 days later, the Treasury holds $24.53M and the Sleeve holds ~$4M of Stock Tokens and positions. How we get paid There is no team allocation of NET, no salary drawn from the Treasury, and no share of the tax. Management is paid through pTEAM, our pToken in the tradition of pOHM. It is an option to mint NET at a strike of one USDG, against a cap of 15 percent of circulating supply. Every term is immutable and disclosed in full on the Management Compensation page of our docs, under pTEAM options. Every exercise is logged as an event on the contract, and the figures below are read from those events. What we did with it We exercised 13,320 NET of pTEAM in 192 clips between July 24 and September 28. That comes to about nine percent of supply. Of the NET we minted, 10,270 went into the Real World Bond desks as inventory. Those desks sold it to bonders for $5.13 million of USDG and remitted $680,000 in fees to the Treasury. The rest bought Stock Tokens, which is where most of the Sleeve came from. Another 550 NET seeded the Asset Bond Desk and 250 NET seeded the Superstore. Real World Bonds are no longer inflationary, we now use NET we purchased at market to fill the bond desks. The remaining 2,250 NET was used to fund our operation. We take nothing from the tax and nothing from the Treasury. We need to hire and grow the operation to set ourselves up for the next 900 days and beyond. What we bought The Sleeve has bought about 5,770 NET on the open market since August, through Rialto and Uniswap, and staked most of it. At no point has it sold NET into the pool. The protocol has been a buyer too, because the inverse bond has taken 22 fills, retiring almost 200 NET for about $31,000. Why we are bullish No single wallet on Robinhood Chain holds more NVDA, SPCX, GOOGL or AAPL Stock Tokens than the Sleeve. Those Stock Tokens are worth $4.04M. None of what follows existed in July, and all of it was built inside the same 87 days. Fifteen games, fourteen RW-PLAY cabinets plus WinNET, have taken in about $1.9 million of play, and NetCorp, the flagship, is in Beta. NET LONG went live this week: long any listed token with leverage, wsNET as margin, every USDG fee buying and burning NET. Predict grades the Treasury number every Monday and its fees buy NET, while THE BOOK writes sports markets in wsNET. NET ADVANCE has 288 locks open and $294,000 receivable, with five percent of every close going to the Treasury. NetNet Credit lends USDG against wsNET and Stock Tokens through a Morpho vault we curate, and the Sleeve earns the curator's share. All of them charge a fee, and every fee ends as NET backing or NET burned. The onus is on us Bonds built this balance sheet, and at NAV the bond engine idles. Inflows ran about $250,000 a day last week against $320,000 the week before, and we are not going to dress that up. Our thesis has never been that the bonds run forever. It was that a treasury of this size, in yield bearing dollars and Stock Tokens on Robinhood Chain, could run desks that earn. We are confident we can deliver.

Shareholders, The NetNet Capital Management Treasury has zoomed past a valuation of $21,000,000. Our new prediction market primitive is shaping up to be a major source of Treasury Revenue. Still just getting started.