AltStreet Weekly Markets: A CIM Group Vehicle Reports Its First Sales, $1.28 Billion, and AltStreet's Maple-Versus-Stablecoin Yield Spread Falls to About Zero
CMMTP-2 EE, L.P. reported $1.28 billion sold on an amendment to a 2023 notice that had reported no sales, two Blue Owl BDCs prorated their tender offers, and AltStreet's spread between three Maple Finance pools and its stablecoin yield median fell from 38 basis points to about zero.
Key facts
6- CMMTP-2 EE, L.P., whose Form D names CIM Group Management, LLC among its related persons, reported $1,282,915,790 sold on a Form D amendment filed October 27, 2026; its September 2023 notice had reported no sales.
- Bain Capital Global Direct Lending Fund (U) I RN, L.P. reported $2,157,775,700 sold on a Form D amendment filed October 28, up from $1,707,725,700 in October 2025.
- Blue Owl Credit Income Corp. accepted 101,609,211 of 341,389,461 shares tendered (29.76%) and Blue Owl Technology Income Corp. 13,926,862 of 108,556,457 (12.83%), per amendments filed October 26.
- AltStreet's stablecoin yield median, the unweighted median APY of 96 DefiLlama stablecoin pools with at least $50 million TVL, rose to 5.03% on October 30 from 4.71% on October 23, the highest of its 111 observations since July 12, 2026.
- AltStreet's Maple-versus-stablecoin yield spread fell to minus 2 basis points (5.002% against 5.025%) from 38 a week earlier.
- WTI Cushing spot was $103.37 a barrel on October 27, 5.8% below $109.72 on October 23, per EIA.
CMMTP-2 EE, L.P., whose filing names CIM Group Management among its related persons, reported its first sales on October 27: $1.28 billion, on an amendment to a September 2023 notice that had reported none. That is cumulative sales since 2023, not money raised this week. Two Blue Owl non-traded BDCs prorated their quarterly tender offers, and two Angelo Gordon Europe realty vehicles reported lower amounts sold after five years of unchanged figures.
AltStreet's Maple-versus-stablecoin yield spread fell from 38 basis points to about zero. It compares the TVL-weighted advertised yield of three Maple Finance pools (5.002%) with the unweighted median of 96 large stablecoin pools (5.025%), and Maple's largest pool is one of those 96, so it is a reading on Maple's quoted yields, not a market-wide credit measure. The median rose as Maple's yields eased. AI-infrastructure tokens fell about 10% to 12%, and WTI crude was 5.8% lower on October 27 than on October 23.
This week on AltStreet
AltStreet's reporting this week:
- —AG Europe Realty III Vehicles Report Lower Amounts Sold After Five Years of Unchanged Form D Figures
- —Blue Owl Technology Income Corp. Fills 12.8% of Shares Tendered, Its Third Straight Quarter Below 15%
- —Nine of Seventeen Non-Traded BDC Tender Offers Were Prorated in the June Quarter; None Were a Year Earlier
- —Arrived's Three Pooled Funds Lower NAV; Debt Fund Falls Below $10 for the First Time
- —Energea EV-Charging Credit Memo Projects Covenant Shortfalls and Defers Security Conditions; First Loan Still Unfunded
- —Masterworks Closes $1 Million Peyton Sale; Series 391 Holders to Receive About $25.43 a Share
Form D and tender filings
Form D amounts are issuer-reported cumulative totals sold since the offering began, a capital-formation disclosure rather than a price or a return. CMMTP-2 EE, L.P. reported its first sales this week: $1,282,915,790 on a Form D amendment filed October 27 (accession 0001992975-26-000001), against no sales on its original notice of September 28, 2023. Its related persons are CMMT Partners GP, LLC and CIM Group Management, LLC.
Three funds reported higher totals on amendments that update figures last filed months earlier. Bain Capital Global Direct Lending Fund (U) I RN, L.P. reported $2,157,775,700, up from $1,707,725,700 in October 2025 (October 28). iCapital Millennium Fund II, L.P. reported $716,448,997, up from $406,154,871 in October 2025 (October 26). Red Reef Farmland Opportunities II, L.P. reported $262,850,000 of a $400 million offering, up from $74,350,000 in April 2026 (October 29).
Two vehicles moved the other way. AG Europe Realty Fund III, L.P. and AG Europe Realty Holdings III, L.P. reported $208,356,895 and $165,037,516 sold on October 27, down from $509,250,000 and $450,000,000, figures they had carried unchanged for five years.
Two Blue Owl BDCs reported tender results on October 26. Blue Owl Credit Income Corp. accepted 101,609,211 of the 341,389,461 shares tendered, 29.76%, on a pro rata basis. Blue Owl Technology Income Corp. accepted 13,926,862 of 108,556,457, 12.83%. Shares not accepted stay invested; a holder who still wants to sell must tender again in a later offer, which may also be prorated. The June-quarter pattern across seventeen non-traded BDCs is in AltStreet's tender proration report.
Elsewhere in the tape
Each line compares the latest print with the print stored for Friday, October 23, unless the observation dates say otherwise. Window positions refer to each series' own history. The stablecoin median takes every DefiLlama pool tagged as a stablecoin pool with at least $50 million TVL and an APY between 0.1% and 60%, including incentive rewards, and is not weighted by pool size; 96 pools qualified on October 30 and 95 on October 23, and AltStreet stores only the ten largest, so which pool joined is not recorded. Series methods are on the on-chain credit page.
| Series | Latest | Prior | Change | Observation dates |
|---|---|---|---|---|
| Stablecoin yield median (unweighted, 96 vs 95 pools over $50M TVL) | 5.025% | 4.706% | +32 bp; high of 111 observations | Oct 30 / Oct 23 |
| Maple-versus-stablecoin yield spread (three Maple pools, TVL-weighted 5.002%, vs the median) | -2 bp | 38 bp | -40 bp; low of 77 observations | Oct 30 / Oct 23 |
| On-chain private credit TVL (Maple 99.9%, Goldfinch) | $2.50B | $2.79B | -10.4% | Oct 30 / Oct 23 |
| Tokenized Treasury AUM (BUIDL and USDY only) | $4.52B | $4.55B | -0.7% | Oct 30 / Oct 23 |
| Tokenized equity market cap (xStocks on Solana; 82 vs 84 symbols) | $930.0M | $908.7M | +2.3% | Oct 30 / Oct 23 |
| Tokenized equity venue liquidity (88 vs 90 symbols with volume) | $112.1M | $79.6M | +40.9% | Oct 30 / Oct 23 |
| Tokenized equity basis (median absolute premium, curated marks) | 37.3 bp | 25.9 bp | +11.4 bp | Oct 29 / Oct 23 |
| Tokenized equity venue spread (quoted, not executable) | 26.7 bp | 33.9 bp | -7.2 bp | Oct 30 / Oct 23 |
| Bittensor (TAO) | $233.75 | $258.41 | -9.5% | Oct 30 / Oct 23 |
| Akash (AKT) | $0.623 | $0.704 | -11.6% | Oct 30 / Oct 23 |
| Render (RNDR) | $1.54 | $1.75 | -12.0% | Oct 30 / Oct 23 |
| GPU rental medians: H100 on-demand / A100 80GB / RTX 4090 spot | $4.09 / $2.745 / $0.34 | Same | Unchanged; H100 and A100 at window lows, RTX 4090 near its high | Oct 30 / Oct 23 |
| Polymarket 24-hour volume (1,996 markets) | $57.0M | $62.3M | -8.5% | Oct 30 / Oct 23 |
| Kalshi open events (count stops at the API page limit) | 8,000+ | Not comparable to dollars | Oct 30 | |
| Puro.earth certificates retired (2,008,575 issued) | 1,103,885 | 1,103,345 | +540; high of 66 observations | Oct 30 / Oct 23 |
| Toucan NCT | $0.2279 | $0.2293 | -0.6% | Oct 30 / Oct 23 |
| Klima K2 (thinly traded) | $0.0252 | $0.0279 | -9.6% | Oct 30 / Oct 23 |
| Klima kVCM (micro-cap proxy) | $0.0219 | $0.0241 | -9.0% | Oct 30 / Oct 23 |
| Reg CF new Form C offerings (Form C-family filings) | 13 (15) | 13 (16) | Flat | Weeks to Oct 30 / Oct 23 |
| Royalty Exchange entry yield, trailing 28 days (14 closings; none this week) | 15.45% | To Oct 30 | ||
| WTI Cushing spot (EIA) | $103.37 | $109.72 | -5.8% | Oct 27 / Oct 23 |
| Henry Hub spot (EIA) | $2.76 | $2.78 | -0.7% | Oct 27 / Oct 23 |
| Lower-48 working gas in storage (EIA) | 3,724 Bcf | 3,644 Bcf | +80 Bcf | Weeks ending Oct 23 / Oct 16 |
| Arrived NAV index (three funds, $9.83 to $9.96 a share) | 98.7 | 100.2 | -1.5% | October / July NAVs |
| Roots NAV index (one fund, $159.25 from $155.30) | 144.77 | 141.18 | +2.5% | October / July NAVs |
| Concreit NAV index | 105.49 | 105.49 | Unchanged | October / September NAVs |
AltStreet series and third-party data as stored on October 30, 2026; EIA figures re-read from EIA's own series on October 31. Puro.earth and Royalty Exchange figures are third-party data. Changes are AltStreet arithmetic.
Frequently asked
Does a Form D amendment show money raised this week? No. The amount sold is the issuer's cumulative total since the offering began. CMMTP-2 EE's $1.28 billion covers sales since its 2023 notice, and Bain's increase covers the year since its October 2025 amendment.
What does a negative Maple-versus-stablecoin yield spread mean? AltStreet's spread compares the TVL-weighted advertised yield of three Maple Finance pools with an unweighted median across 96 stablecoin pools, one of which is Maple's largest. Both legs are advertised yields, not realized returns. A reading of minus 2 basis points says Maple's quoted yields slipped just below that median this week; it does not show a broad inversion of on-chain credit yields.
Disclosures
This wrap reports descriptive statistics within each AltStreet series' stated scope; window positions refer to each series' own observation history, not to the life of the underlying market or security. Figures from Royalty Exchange and Puro.earth are third-party data presented with attribution; EIA series are official U.S. government data. Form D and tender figures are issuer-reported. Nothing here is investment advice or a recommendation.
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