AltStreet Alt Markets Health Index
The 2026-09 reading is 54.0 out of 100, around recent normal, from 7 components across capital formation, funding quality, price and liquidity. One number that says whether the alternative markets AltStreet tracks are doing better or worse than their own recent past. Descriptive, transparent, reproducible from the series behind it.
Composite
54.0
▼ -0.50 pts2026-09 · around recent normal
Capital formation
51.1
3 components
Funding quality
61.0
1 component
Price & valuation
53.5
2 components
Liquidity
50.2
1 component
History
Composite since 2017-01
Highest: 77.6 in 2020-12
Lowest: 19.9 in 2025-04
Prior month: 38.0 (2026-08)
Read the level against its own scale: 50 is recent normal, and the window each component is scored against moves with time, so the index measures deviation from the recent past rather than absolute conditions.
Sub-scores
The four legs
51.1
New Reg CF offerings · New private-fund Form D · New Reg A statements
61.0
Reg CF cohort completion (matured)
53.5
High-yield spread (inverted) · 30-year mortgage rate (inverted)
50.2
Tokenized equity venue volume
Components
What went into 2026-09
| Component | Leg | Value | Window mean | Months | z | Score |
|---|---|---|---|---|---|---|
| New Reg CF offerings | Capital formation | 48 | 98.53 | 36 | -1.93 | 11.3 |
| New private-fund Form D | Capital formation | 2,057 | 1,485.17 | 36 | +1.83 | 86.5 |
| New Reg A statements | Capital formation | 13 | 11.92 | 36 | +0.28 | 55.6 |
| Reg CF cohort completion (matured) | Funding quality | 44.6 | 40.81 | 36 | +0.55 | 61.0 |
| High-yield spread (inverted) | Price & valuation | 2.76 | 3.14 | 36 | +0.93 | 68.5 |
| 30-year mortgage rate (inverted) | Price & valuation | 6.86 | 6.66 | 36 | -0.57 | 38.5 |
| Tokenized equity venue volume | Liquidity | 96,348,141.27 | 96,142,856.66 | 14 | +0.01 | 50.2 |
Waiting: tokenized-treasury-aum (0/12 months); tokenized-equity-market-cap (2/12 months); onchain-credit-tvl; rega-nav-index-fundrise (11/12 months); fred-case-shiller-national; usda-cropland-value; prediction-market-activity (1/12 months); royalty-entry-yield-weekly (2/12 months).
Method
How the score is built
- One observation per month per component. A monthly series contributes its print; a daily series the mean of the month; level series such as NAV indexes and tokenized AUM contribute their 12-month change; Reg CF completion contributes the within-12-month rate of the cohort that matured twelve months earlier, so every month is observed at the same maturity.
- Z-score against its own recent past. Each observation is compared with the component's trailing 36 months (at least 12), clipped at plus or minus 2.5 standard deviations, and oriented so that higher is healthier: credit spreads and rates are inverted.
- Score 50 plus 20 times z. 50 is recent normal; 0 and 100 are the clip.
- Average up. Each leg averages its components; the composite averages the legs present. A month prints only with at least two legs live and only once the month is complete.
A monthly 0 to 100 composite of the market series already published on /markets. Each component is reduced to one observation per month (a monthly series' print, the mean of a daily series' prints, a 12-month change for levels such as NAV indexes and tokenized AUM, and for Reg CF completion the within-12-month rate of the cohort that matured twelve months earlier, so every month is observed at the same maturity), z-scored against its own trailing 36 months (at least 12), clipped at plus or minus 2.5 standard deviations, oriented so that higher is healthier (credit spreads and rates are inverted), and scored 50 plus 20 times z. Four sub-scores (capital formation, funding quality, price and valuation, liquidity) average their components and the composite averages the sub-scores present; a month prints only with at least two sub-scores live and only once complete, so the history reaches back to 2017 on formation and price and widens as quality (2026) and liquidity (mid-2026) components reach twelve months. Every print carries each component's value, z and score, and the components still waiting for twelve months of history, which is how the index widens over time. Descriptive, not predictive; it compares the tracked markets with their own recent past and says nothing about any offering.
Licensed indexes such as Liv-ex and the Hiive50 are cited on their category pages and are never components. Flow-layer components are AltStreet's own enumeration of EDGAR filings, not official SEC totals.
Questions
What people ask
A monthly 0 to 100 score that says whether the alternative-investment markets AltStreet tracks are forming, funding, pricing and trading better or worse than their own recent history. The 2026-09 reading is 54.0, around recent normal, from 7 components.
Each component series is reduced to one observation per month, compared with its own trailing 36 months as a z-score, clipped at plus or minus 2.5, oriented so higher is healthier, and scored 50 plus 20 times z. Four sub-scores average their components and the composite averages the sub-scores present.
50 is each component's own recent normal. Readings near 0 or 100 are two and a half standard deviations below or above that normal. The index compares markets with their own past, not with each other.
No. It is descriptive: a summary of where the tracked series sit today against their recent history. It predicts nothing and says nothing about any offering.
A component joins once its series has twelve months of history. Formation and price series reach back to 2017; funding quality joined in 2026 and liquidity in mid-2026. Every print records the components it used, so far-apart months should be compared with that in mind.