--- title: "AltStreet Weekly Markets: Three Form D Amendments Report Billion-Dollar Cumulative Sales" url: https://altstreet.investments/news/altstreet-weekly-markets-wrap-2026-10-16 kind: news-article updated: 2026-10-17 description: "Three Form D amendments report $1.1B to $2.0B of cumulative sales; AltStreet's credit-to-stablecoin yield gap narrows to 61 bp; a coverage change drives the tokenized equity cap lower." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # AltStreet Weekly Markets: Three Form D Amendments Report Billion-Dollar Cumulative Sales Thrivent's two White Rose vehicles and Trace Holdings II reported $1.1 billion to $2.0 billion sold, cumulative figures rather than money raised this week. AltStreet's tracked credit and stablecoin yields moved closer together, and a change in what the series captured accounts for most of the tokenized-equity market cap's fall. By Michael E., Head of Research, AltStreet Research (https://altstreet.investments/authors/michael-e). Published October 17, 2026. Entity: Weekly Markets Wrap. Three Form D amendments filed October 13 each reported more than $1 billion sold, but none of the three is a billion dollars raised this week. Form D's amount sold is cumulative from the first sale, and two of the three, both Thrivent vehicles, had been selling since October 2025 to investors the adviser's own filing shows as affiliates. Details below. In the markets data, the gap between AltStreet's tracked on-chain credit yield and its stablecoin yield median narrowed to 61 basis points, AltStreet's tracked tokenized-equity market cap fell 8.5% largely because one token dropped out of the leaders, and Polymarket's tracked volume rose 17%. Comparisons are to October 9 unless another date is given. ## This week on AltStreet - [Thrivent White Rose Fund XVI Fund of Funds Reports $2.0 Billion Sold; the Adviser's Earlier ADV Shows Entirely Affiliated Ownership](/news/thrivent-white-rose-fund-xvi-first-sale-2-billion-form-d-amendment-2026-10-13), the week's largest reported amount. - [Thrivent White Rose Real Estate Fund VI Reports $1.25 Billion Sold to Seven Investors](/news/thrivent-white-rose-real-estate-fund-vi-first-sale-1-25-billion-2026-10-13), a second Thrivent White Rose vehicle filed the same day. - [Trace Holdings II Reports $1.1 Billion Sold but Lists Zero Investors](/news/trace-holdings-ii-lp-form-d-amendment-1-1-billion-zero-investors-2026-10-13), whose first sale was October 9. - [DXD Self Storage Fund III Lowers Its Stated Offering Maximum to $200 Million After Reporting $22.3 Million Sold](/news/dxd-self-storage-fund-iii-qp-form-d-a-offering-cut-200-million-2026-10-13), one of the week's two offering downsizes. - [Four Masterworks Vaults Disclose $4.78 Million in Share Sales After Offering Statements Expired](/news/masterworks-vaults-sold-4-8-million-of-shares-after-offering-statements-expired-2026-10-15), four Form 1-Us filed October 15. - [Energea Portfolio 2 Reports Six Brazilian Solar Acquisitions; Five Memos Detail Fees and Open Environmental Items](/news/energea-portfolio-2-lp-itaguai-solar-acquisitions-victory-hill-2026-10-13), one of the week's two offering-circular supplements. - [Blackout Coffee Reports $1.44 Million Net From Reg A Offering, Suspends Reg A Reporting](/news/howloo-blackout-coffee-form-1z-reg-a-exit-1954749-2026-10-13), a Reg A reporting exit filed the same week. - [Masterworks Vault 3 Requests Withdrawal of Three Proposed Art Offerings](/news/masterworks-vault-3-withdraws-reg-a-amendment-series-553-555-2026-10-13), a withdrawal filed October 13. - [Sycamore Film Fund Reports $11.33 Million More Sold, a Revised First-Sale Date and $746,700 of Estimated Manager Fees](/news/sycamore-film-fund-form-d-amendment-investors-amount-sold-2026-2026-10-14), one of the week's smaller amendment deltas. ## Three things that mattered One, the billion-dollar notices describe cumulative sales by existing offerings, not new money this week. The breakdown is in the section below. Two, the gap between two tracked advertised yields narrowed. AltStreet On-Chain Credit Spread, which subtracts the median advertised yield of large stablecoin pools (4.63%, up from 4.46%) from Maple Finance's TVL-weighted advertised APY (5.24%, up from 5.23%), fell to 61 basis points from 77. Maple supplies the whole credit leg, and the stablecoin pools carry their own protocol and counterparty risks, so the figure is a yield difference between two tracked sets of products, not a clean measure of what lenders are paid for credit risk. It ranged from 58 to 87 during the week and sits at the 27th percentile of its window since August 15. Three, AltStreet's tracked tokenized-equity market cap fell to $856 million from $936 million, but not because holders lost 8.5%. BSPx, $83 million on October 9 and then the fourth-largest token, was not among the ten largest on October 16, and the number of symbols with a market cap fell from 92 to 90; the decline is about the size of that one token, which points to a supply or coverage change. The series tracks 102 to 103 Backed Finance xStocks symbols on Solana, a lower bound on one issuer family on one chain. ## Three Form D Amendments Report Billion-Dollar Cumulative Sales A Form D's total amount sold runs from the first sale, the date of the first irrevocable investment commitment, and an offering that continues files an amendment each year. Read that way, the week's three large figures say different things. [Thrivent White Rose Fund XVI Fund of Funds, L.P.](/news/thrivent-white-rose-fund-xvi-first-sale-2-billion-form-d-amendment-2026-10-13) reported $2.0 billion sold to 17 investors from a first sale on October 31, 2025; its October 2025 notice had reported none, and the figure can include unfunded commitments. [Thrivent White Rose Real Estate Fund VI, L.P.](/news/thrivent-white-rose-real-estate-fund-vi-first-sale-1-25-billion-2026-10-13) reported $1.25 billion from seven investors over the same period. Thrivent's Form ADV of March 30, 2026 shows both vehicles owned about entirely by the adviser and its related persons. Four Thrivent White Rose funds filed annual amendments that day, together reporting $4.93 billion across 59 investor positions; the notices do not show whether those investors overlap. [Trace Holdings II LP](/news/trace-holdings-ii-lp-form-d-amendment-1-1-billion-zero-investors-2026-10-13) is the one new sale: $1.1 billion from a first sale on October 9, 2026, with zero investors listed and the clarification field blank. Its adviser registered with the SEC on October 5 and reports about 18 beneficial owners of the fund on its Form ADV. Below those, AltStreet's filings flow recorded eleven Form D amount-sold increases for filings dated October 10 through 16. Five were in AltStreet's iCapital universe (each issuer files its own notice): BAM Atlas Enhanced Access Fund LLC to $258.6 million from $44.8 million and its offshore twin to $89.4 million from $15.2 million; Janus Henderson Biotech Innovation Fund II Access to $155.0 million from $3.2 million; and two Access funds reporting first sales, Marathon Asset-Based Lending IV ($32.0 million) and RCG Ventures Fund VIII ($25.0 million). The others: INDURE Build-to-Core Fund to $1.50 billion from $1.47 billion, Provident Mortgage Trust's $250 million offering to $87.5 million from $58.3 million a year earlier, [Sycamore Film Fund](/news/sycamore-film-fund-form-d-amendment-investors-amount-sold-2026-2026-10-14) to $24.9 million from $13.6 million, and three Equitybee series. Two notices cut their stated size: [DXD Self Storage Fund III](/news/dxd-self-storage-fund-iii-qp-form-d-a-offering-cut-200-million-2026-10-13) to $200 million from $300 million, with $22.3 million sold, and HREX 9, DST to $591 million from $618 million. Outside Form D: [four Masterworks Vault companies disclosed $4.8 million of share sales](/news/masterworks-vaults-sold-4-8-million-of-shares-after-offering-statements-expired-2026-10-15) made after their offering statements expired; [Masterworks Vault 3 withdrew a post-qualification amendment](/news/masterworks-vault-3-withdraws-reg-a-amendment-series-553-555-2026-10-13); Howloo filed [a Form 1-Z exit report for Blackout Coffee](/news/howloo-blackout-coffee-form-1z-reg-a-exit-1954749-2026-10-13); and [Energea Portfolio 2](/news/energea-portfolio-2-lp-itaguai-solar-acquisitions-victory-hill-2026-10-13) and My Racehorse CA filed offering-circular supplements. BioXgen Holdings ended its Reg CF offering early with $72,395 raised against a $25,000 target (maximum $1.23 million) through DealMaker. The flow also detected 11 new Form D entities under tracked platforms, four each under iCapital and AngelList. ## Elsewhere in the tape AltStreet's other tracked series, October 16 against October 9 unless dated otherwise. Exact values sit on each series' page under /markets. | Series | Latest | Prior | Change | Note | | --- | --- | --- | --- | --- | | On-chain private credit TVL | $2.76B | $2.82B | -2.2% | Maple ~100% | | Large-pool stablecoin yield median | 4.63% | 4.46% | +0.17 pt | 93 pools of $50M+ | | Render (RNDR) | $1.92 | $1.86 | +3.2% | | | Akash (AKT) | $0.694 | $0.723 | -4.0% | | | Bittensor (TAO) | $273.15 | $272.69 | +0.2% | | | GPU H100 on-demand median | $4.09/hr | $4.09/hr | 0.0% | window low | | GPU A100 80GB median | $2.75/hr | $2.75/hr | 0.0% | window low | | GPU RTX 4090 spot median | $0.34/hr | $0.34/hr | 0.0% | window high | | Polymarket 24h volume | $39.7M | $33.9M | +17.2% | Kalshi: 8,000+ open events | | WTI spot (Oct 14 vs Oct 6) | $101.91 | $96.24 | +5.9% | EIA | | Henry Hub spot (Oct 14 vs Oct 6) | $3.22 | $3.03 | +6.3% | EIA | | Lower-48 gas storage (wk to Oct 9) | 3,567 Bcf | 3,500 Bcf | +67 Bcf | EIA; window high | | Tokenized equity venue spread | 38.4 bp | 29.5 bp | +8.9 bp | quoted, not executable | | Tokenized equity basis | 55.3 bp | 15.7 bp | n/a | Oct 9 had 4 symbols | | Tokenized equity venue liquidity | $117.4M | $109.1M | +7.6% | TSLAx top | | Tokenized Treasury AUM | $4.54B | $4.53B | +0.3% | BUIDL + USDY only | | Reg CF new Form C offerings | 11 | 10 | +1 | $29.2M max offering amounts | | Toucan NCT | $0.229 | $0.231 | -0.6% | | | Klima K2 | $0.0298 | $0.0368 | -19.2% | micro-cap | | Klima kVCM | $0.0257 | $0.0302 | -14.8% | micro-cap | | Puro.earth CORCs retired | 1,102,298 | 1,102,277 | +21 | cumulative; per Puro.earth | Sources: AltStreet market series; EIA; Polymarket and Kalshi public APIs; Puro.earth. Venue spread excludes AAPL and TSLA on Robinhood Chain (Uniswap v4) and MSFT on both venues for low liquidity. Basis readings are not comparable week to week because October 9 had premiums on four symbols and October 16 on nine. Royalty Yield Print: one closing, no weekly median; trailing 28-day median entry yield about 14.6% across nine deals, per Royalty Exchange. Sponsor NAV indexes unchanged at their latest filings: Roots 141.18 (July 31), Concreit 105.49 (September 30). ## Frequently asked What does AltStreet's on-chain credit spread measure? The difference between Maple Finance's TVL-weighted advertised APY, which is the whole tracked credit leg, and the median advertised yield of stablecoin pools of at least $50 million. Both are protocol-advertised yields, not audited realized returns, and the stablecoin pools carry their own risks, so the spread is a gap between two tracked sets of products rather than a measure of credit-risk compensation. This week it narrowed to 61 basis points because the stablecoin median rose. Did tokenized-equity holders lose 8.5% this week? No. The tracked market cap is a sum of circulating supply times price across the tokens the series captures, so it moves with supply, coverage and data changes as well as prices. This week's fall to $856 million from $936 million is about the size of one token, BSPx, that was not among the October 16 leaders. ## Disclosures Figures in this report are descriptive market and filings data within each series' stated scope and do not constitute investment advice or a recommendation. Comparisons are to each series' October 9, 2026 print unless another date is given. Window statistics reference each series' own observation history; most windows begin in mid-July 2026, and AltStreet's on-chain credit spread window opens August 15, 2026. The tokenized-equity market-cap and venue-liquidity series include a retrospective backfill before live collection and a universe that grew from 12 to about 103 symbols, so no window percentile is cited for them. Reg CF amounts are the maximum offering amounts on new Form C filings, where disclosed. ## Key facts - Form D amendments filed October 13, 2026 reported cumulative sales of $2.0 billion (Thrivent White Rose Fund XVI Fund of Funds, 17 investors), $1.25 billion (Thrivent White Rose Real Estate Fund VI, seven investors) and $1.1 billion (Trace Holdings II, zero investors listed); each original notice had reported no sales. - The two Thrivent amounts accumulated from a first sale on October 31, 2025, and the adviser's March 2026 Form ADV shows both vehicles held about entirely by the adviser and its related persons; Trace's first sale was October 9, 2026. - AltStreet's filings flow recorded eleven further Form D amount-sold increases for filings dated October 10 through 16, led by BAM Atlas Enhanced Access Fund LLC ($258.6 million, from $44.8 million) and Janus Henderson Biotech Innovation Fund II Access ($155.0 million, from $3.2 million). - The gap between Maple Finance's TVL-weighted advertised APY and AltStreet's large-pool stablecoin yield median narrowed to 61 basis points from 77, because the stablecoin median rose to 4.63% from 4.46%. - AltStreet's tracked tokenized-equity market cap fell to $856 million from $936 million; one token, BSPx at $83 million on October 9, was not among the October 16 leaders, so the fall reflects a coverage or supply change rather than an equivalent loss for holders. --- Source page: https://altstreet.investments/news/altstreet-weekly-markets-wrap-2026-10-16 Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.