Harvest Returns Livestock Fund Reports 233% Sales Jump to $1.2M

Harvest Returns' new Livestock Income Fund increased reported securities sales from $360,000 to $1.2 million in roughly six weeks, providing the first meaningful capital-formation evidence for a pooled strategy that had no operating history when AltStreet first reviewed it in May.

Harvest Invest 093 LLC, a Series of Harvest Invest LLC, reported $1.2 million sold to 14 investors in a July 22 Form D/A. Its June 11 initial Form D reported $360,000 sold to 13 investors.

The $840,000 increase represents approximately 233% growth in cumulative amount sold, while the reported investor count increased by only one. The filing does not provide an investor-level subscription ledger, so the additional capital cannot be attributed to any particular investor.

The July amendment also reports a $10 million total offering amount, $8.8 million remaining, a $20,000 minimum investment and two non-accredited investors. The vehicle relies on Rule 506(b).

What changed

1. Reported cumulative sales increased from $360,000 to $1,200,000 between the June 11 Form D and July 22 amendment — an $840,000 increase, or approximately 233%.

2. Reported investor count increased from 13 to 14. The July amendment states that two of the 14 investors are non-accredited.

3. The Form D reports a $10 million total offering amount, while the Livestock Income Fund PPM reviewed by AltStreet identifies a $25 million target raise. AltStreet's updated Harvest Returns review already documents and flags that difference for follow-up.

Most of the reported growth came without broad investor-count expansion

The capital increase is notable because the reported investor base barely changed. Cumulative amount sold increased by $840,000 while the investor count moved from 13 to 14.

That does not mean the fourteenth investor contributed $840,000. Existing investors may have increased commitments, multiple subscriptions may have closed between filing dates, and Form D does not provide a transaction-level cash ledger.

The filings support a narrower conclusion: reported capital formation increased substantially without a corresponding increase in investor headcount.

At the July filing level, $1.2 million represents 12% of the $10 million total offering amount stated on Form D. The issuer reports $8.8 million remaining to be sold.

The July amendment gives May 29, 2026 as the date of first sale and states that the offering is not intended to last more than one year.

Two investors are reported as non-accredited under Rule 506(b)

The July amendment states that securities in the offering have been or may be sold to people who do not qualify as accredited investors and reports two non-accredited investors already participating.

That is consistent with the Livestock Income Fund's Rule 506(b) structure documented in AltStreet's Harvest Returns review. Rule 506(b) can permit participation by a limited number of sophisticated non-accredited investors, unlike Harvest Returns' Private Credit Fund II, which uses Rule 506(c) and is restricted to verified accredited investors.

The amendment reports a $20,000 minimum investment, matching the minimum identified in the Livestock Income Fund offering documents reviewed by AltStreet.

The Form D does not identify the two non-accredited investors, disclose their subscription amounts or provide the factual basis on which the issuer determined that they satisfied the applicable sophistication requirements.

The Form D says $10M; the PPM targets $25M

The July Form D/A reports a total offering amount of $10 million. The Livestock Income Fund PPM reviewed by AltStreet identifies a $25 million target raise.

AltStreet's August 7 update to its Harvest Returns review already documents that difference and identifies it as an open item to monitor. The review notes two plausible possibilities — the raise could be phased or the contemplated target could have changed — but neither explanation is established by the Form D.

The figures should therefore be kept separate rather than reconciled through assumption. The SEC notice currently reports a $10 million offering amount; the PPM reviewed by AltStreet describes a $25 million target.

A future Form D amendment increasing the reported offering amount toward $25 million would support a phased-raise explanation. If the $10 million figure remains unchanged, updated offering documents would be needed to determine whether the broader target was revised.

AltStreet's updated Harvest Returns review contains the underlying fund-level analysis and the continuing filing watch: https://altstreet.investments/platforms/reviews/harvest-returns

HI-093 is a pooled livestock fund, not a routine single-loan series

Harvest Invest 093 is the legal series used for Harvest Returns' Livestock Income Fund, a blind-pool credit vehicle focused on livestock operations.

That distinction matters because Harvest Returns historically raised capital primarily through numbered series tied to individual agricultural investments. The Livestock Income Fund, Private Credit Fund II and AgTech Select Fund represent a broader shift toward pooled vehicles in which management selects underlying investments after investors commit capital.

According to the Livestock Income Fund offering documents reviewed by AltStreet, HI-093 has a $25 million target raise, a $500,000 minimum raise, a $20,000 investor minimum and a target net return of approximately 9.6%.

The fund charges a 1.5% annual management fee on deployed capital. It has no preferred-return hurdle: after return of capital, the manager participates in 20% of profits from the first dollar rather than waiting for investors to receive a specified preferred return.

The operating documents also give the manager discretion over distributions and include a drag-along provision allowing the manager to force a sale of member interests under specified circumstances. Those structural terms are analyzed in AltStreet's full Harvest Returns review.

The new fund does not yet have its own performance history

Harvest Returns has a longer agricultural-credit track record, but that history should not be presented as realized performance for the Livestock Income Fund.

AltStreet's updated review calculates a 9.9% weighted average net annual return across Harvest Returns' private-credit investments from 2019 through 2025 based on platform-reported, unaudited data. Fund I reported an 11.1% return for 2025.

The livestock track record reviewed by AltStreet explicitly excludes HI-093. The new fund therefore had no operating performance history when the offering documents were reviewed.

That distinction is particularly important because two earlier Harvest Returns livestock and infrastructure investments originated in the fourth quarter of 2023 remain in default: a $1.275 million Iowa embryo-transfer and calving operation and a $485,000 Montana bison ranch.

Those defaults are not identified as investments of HI-093 and predate the fund. They are manager-level underwriting context, not evidence of losses inside the new Livestock Income Fund.

The raise supports Harvest Returns' shift toward pooled funds

AltStreet's August EDGAR refresh now tracks 60 Harvest Invest series with approximately $36.5 million of cumulative amount sold across 1,682 reported investors, up from $35.1 million across 59 series and 1,663 investors at the May capture.

The same review finds that individual-series capital formation has slowed significantly. Series originated in 2024 and 2025 averaged approximately $110,000 in the subset analyzed by AltStreet, compared with approximately $595,000 for 2022 and 2023 series.

Harvest Returns is simultaneously pursuing three pooled products: the $25 million Private Credit Fund II, the $25 million PPM target for the Livestock Income Fund and the $10 million AgTech Select Fund.

The $1.2 million now reported for HI-093 is consistent with that strategic shift toward pooled vehicles, although one amendment is not enough to establish whether the newer fund model will ultimately raise capital at the scale contemplated in the offering documents.

AltStreet tracks Harvest Returns alongside other private-credit and real-asset investment structures here: https://altstreet.investments/categories/private-credit-rbf

Why it matters

The July amendment answers one of the open questions from AltStreet's May review: the Livestock Income Fund has now completed its initial Regulation D filing cycle and is reporting meaningful subscriptions.

For investors, the more consequential questions now shift from whether the fund has begun raising capital to how that capital is deployed, what collateral supports its loans, how concentrated the portfolio becomes and whether the strategy performs differently from Harvest Returns' historical individual-series investments.

The difference between the $10 million Form D amount and $25 million PPM target is also now a specific filing item to monitor rather than a theoretical documentation question.

The fund's economics deserve separate attention. Unlike Private Credit Fund II, HI-093 offers no preferred return before the manager's 20% profit participation begins, despite the two products carrying similar stated target-return ranges.

The July 22 filing was previously captured in AltStreet's weekly filing analysis. This standalone article adds the product structure, updated review findings and offering-document context: https://altstreet.investments/news/weekly-markets-form-d-amendments-stablecoin-yields-july-24-2026

What the filings do not show

The Form D/A does not identify the individual investors or show how the $840,000 increase in cumulative amount sold was divided between new and existing investors.

It does not identify any livestock borrowers, loans, portfolio companies, collateral packages, interest rates, maturities, loan-to-value ratios or deployment dates.

It does not report HI-093 investment performance, NAV, distributions, defaults, realized recoveries or portfolio-level leverage.

The filing does not explain why its total offering amount is $10 million while the PPM reviewed by AltStreet describes a $25 million target. The public record does not establish whether the offering is being phased or whether the contemplated target has changed.

The increase from 13 to 14 investors does not establish that one investor supplied the entire $840,000 increase.

The $1.2 million amount sold is a cumulative Form D figure. It should not be described as current NAV, assets under management, deployed loan principal or net cash inflow.

Harvest Returns' historical private-credit performance and the two disclosed Q4 2023 defaults provide manager-level context but are not the operating track record of the Livestock Income Fund itself.

Filing limitations

Form D is a notice filing for an exempt securities offering and does not constitute SEC approval of the issuer, the offering, its investment strategy or its reported figures.

Fund-level terms in this article are drawn from the Livestock Income Fund offering materials analyzed in AltStreet's updated Harvest Returns review. Where the PPM and Form D report different fundraising figures, the article preserves the distinction rather than assuming one source supersedes the other.

Nothing in this article constitutes investment advice or a recommendation regarding Harvest Returns, Harvest Invest 093 LLC or any agricultural investment.