2/4 — LP Performance mTLP returned -1.84% — vs ~-11.6% for a direct SUI hold. With SUI at just 12.8% of the basket (down from 25.9% last week), the USDC-heavy composition did its job: - Basket drag: -2.29% - Counterparty gains: +0.41% - Fee income: +0.04% Alpha vs basket: -0.36%. 30-day cumulative: +1.50% with a Sharpe of 1.50. iTLP-TYPUS posted -13.00% — unusual for a 100% USDC pool. Worth watching.