Hiive

CENSUS CORRECTED: 70 VEHICLES BECOMES 106; $342.7M BECOMES $541,345,933. This review's prior data layer, built from EFTS company-name searches, documented 70 funded SPVs, $342.7M and 3,493 investors through April 2026. Re-enumeration from EDGAR quarterly master indexes — the surface that avoids EFTS result caps — plus a cross-check against Hiive Advisors' Form ADV Schedule D, identifies 106 vehicles with reported sales, $541,345,933 sold at latest filing, and 5,881 investors as of July 15, 2026. The gap was methodological, not interpretive: the prior method could not see filings it never surfaced. Two vehicles were recoverable only through the ADV cross-check because their names — Crossover Fund X, LLC and Standard Fund Series I, LLC — match neither of Hiive's naming patterns; both were attributed to Hiive by verification on both sides of the join (the adviser's sworn Schedule D listing, and filer address and phone matching the Hiive Advisors office), not by name alone. All census figures and family splits in this review have been restated. Reported amounts sold are point-in-time snapshots at each vehicle's latest filing and may be revised by amendment. Data Layer — Census Restatement

HII'S FIRST FOUR QUARTERS: $383.2M — WITH AVERAGE CHECKS FALLING 42% FROM THE Q4 PEAK. The HII line's first-sale cohorts run: Q3 2025 — 8 vehicles/$48.2M/480 investors; Q4 2025 — 22/$146.5M/1,148; Q1 2026 — 19/$98.7M/1,320; Q2 2026 — 14/$89.9M/1,208 (cumulative sold at latest filing per cohort, not quarterly flows). Implied average check moved from roughly $100,000 to $128,000 to $75,000 to $74,000 across those cohorts. From the Q4 2025 peak through Q2 2026, investors per vehicle increased from roughly 52 to 86 while the implied average check declined. The implied check across the two families is nearly identical — roughly $88,000 retail versus $92,000 HII overall — which undercuts a clean retail-versus-institutional read of the two tiers. Form D does not identify investor type, and averages conceal the subscription distribution. Data Layer — HII Cohort Analysis

THE ORIGINAL RETAIL FAMILY APPEARS DORMANT. No vehicle in the retail-branded Hiive Funds series (39 vehicles, $134.2M, 1,525 investors since April 2024) reports a first sale after December 23, 2025. Read with the check-size parity above, the filings are consistent with HII becoming Hiive's primary new SPV issuance family rather than a parallel institutional tier — stated as an observation about filings, not intent: Form Ds establish issuance only, and vehicles with unfiled sales would not appear for up to fifteen days after first sale. Hiive has not addressed the product mix publicly to AltStreet's knowledge. Structures — Product Family Shift

TWO SIMILARLY NAMED RULE 506(c) VEHICLES, NOT A CONFIRMED PRODUCT LINE. The census's only Rule 506(c) filings are Standard Fund Series I, LLC — a standalone Delaware LLC reporting $4,500,218 sold of a $10M ceiling to one investor, first sale September 24, 2025 — and Standard Fund Series II, a Series of HII Standard Fund LLC, reporting $12.46M from 136 investors at a $50,000 minimum, first sale June 18, 2026. Series II invokes Investment Company Act Section 3(c)(7), the qualified-purchaser exclusion. Every other vehicle in the census filed under 506(b). Their similar names do not establish a shared product architecture, and AltStreet has not reviewed either vehicle's offering documents.

HIIVE'S ADVISER APPLIED FOR FULL SEC REGISTRATION AFTER REPORTING $1.13 BILLION OF RAUM. Hiive Advisors Inc. (CRD 335888, SEC# 801-136828) filed a simultaneous exempt-reporting-adviser final report and initial SEC registration application on June 24, 2026, reporting regulatory assets under management of $1,129,870,005 — all discretionary — across 84 pooled investment vehicles. The application had not been declared effective as of this update; SEC registration is not an endorsement of the adviser or verification of reported figures. A U.S. adviser relying on the private-fund-adviser exemption generally must advise solely private funds with under $150 million in U.S. private-fund assets; the reported RAUM is roughly seven and a half times that threshold. RAUM (a gross regulatory measure that for private funds generally includes fair value plus contractual uncalled commitments) and AltStreet's $541.3M sold-at-filing census measure different things and are not comparable; the 84 ADV funds versus 106 census vehicles likewise reflect different universes in both directions. Regulation — Adviser Registration

HIIVE MARKETS LIMITED IS AN SEC-REGISTERED BROKER-DEALER OPERATING AN ALTERNATIVE TRADING SYSTEM WITH FORM ATS ON FILE — A POSTURE THIS REVIEW PREVIOUSLY UNDERSTATED. Two independent primary sources confirm it: FINRA's CRD record for Hiive Markets Limited (CRD 316580) lists operating an alternative trading system for secondary trading of private-company and fund interests as a type of business, and the firm appears on the SEC's Alternative Trading Systems list as of May 31, 2026. The venue is subject to Regulation ATS obligations, not merely a brokerage matching interface. The same CRD record documents the control chain: The Hiive Company Limited (Canada) owns 75% or more of the broker-dealer, with CEO Simren Subhash Desai disclosed as indirect owner at 75% or more through THCL; affiliates under common control include Hiive Advisors Inc. and Hiive Investments, Inc. The firm reports zero disclosure events, registration in 53 U.S. states and territories since April 2022, no custody of customer funds or securities, and no clearing or introducing arrangements. Regulation — ATS and Control Structure

AUDITED FY2022 FINANCIALS: THE U.S. BROKER-DEALER IS CANADIAN-PARENTED AND DOES NOT OWN ITS PLATFORM. Hiive Markets Limited's first Form X-17A-5 (period April 22 to December 31, 2022; KPMG LLP Toronto, PCAOB-registered, unqualified opinion) discloses that the Ontario-incorporated broker-dealer operates technology owned by sibling entity Hiive Technology Limited and licensed through parent The Hiive Company Limited, with an expense-sharing agreement reimbursing THCL for staff, occupancy and administration — THCL was also the largest creditor at $765,765 of $943,741 total liabilities. Net capital at that first year-end was approximately $142,000 against a $118,000 minimum, a five-figure cushion under the stricter first-year regime — a dated fact stated as such; later fiscal years' reports have not been obtained. Note 2 provides audited confirmation of the fee model: a closing fee plus a percentage-based success fee recognized on the closing date. Regulation — BD Financial Condition

NEW STRUCTURES DEPART FROM THE COMPANY-IN-THE-NAME CONVENTION. The company-named Hiive Funds and HII families generally identify the underlying company in the filer name, while several separately classified or newer structures depart from that convention, including Crossover Fund X and Standard Fund Series I. Three additional 2026 entities filed Form D notices reporting no sales and sit outside the census totals: two numbered series of Hiive Access, LLC and Hiive SpaceX Opp Fund, LLC. Whether the Access filings disclose the underlying company elsewhere is unreviewed. Separately, AltStreet's amendment monitoring finds no Forge-style reporting discontinuity in Hiive's filing histories: reported sold amounts move in one direction across the amendments on file. Data Layer — New Structures & Amendment Integrity