When loading a USD file that has paths relative to the PXR_AR_DEFAULT_SEARCH_PATH variable, the USDManager cannot find the files.

I have set my variable to point to a central location where we have USD files, and then loaded a USD file elsewhere that contains references to USD files in the central location by relative path. The paths appear in red in UsdManager and when I hover the mouse over it, the tooltip says "File not found".

The PXR_AR_DEFAULT_SEARCH_PATH is useful to set a location like the project folder and all files within that project don't need to refer to the project location explicitly. USD files befome more portable this way.