I dont have W10 SDK, Im using W7 + VS2015, I tried it and got this:
C:\Users\Peter\Desktop\panda3d>thirdparty\win-python3.5-x64\python.exe makepanda/makepanda.py --everything --msvc-version=14 --windows-sdk=8.1 --verbose
Version: 1.10.0
Using Python 3.5 build located at thirdparty/win-python3.5-x64
Using Windows SDK 8.1 located at C:\Program Files (x86)\Windows Kits\8.1\
Using Visual Studio 14.0 located at C:\Program Files (x86)\Microsoft Visual Studio 14.0\
Using compiler: MSVC
Host OS: windows
Host arch: x64
Target OS: windows
Target arch: x64
Using thirdparty directory: thirdparty/win-libs-vc14-x64/
WARNING: Could not locate thirdparty package fftw, excluding from build
WARNING: Could not locate thirdparty package opencv, excluding from build
WARNING: Could not locate thirdparty package awesomium, excluding from build
WARNING: Could not locate thirdparty package rocket, excluding from build
Writing built_x64/pandac/extension_native_helpers.py
Writing built_x64/etc/Config.prc
Writing built_x64/etc/Confauto.prc
mt -inputresource:"thirdparty/win-python3.5-x64\python.exe";#1 -out:"built_x64/tmp/python.manifest" -nologo
Storing dependency cache.
Elapsed Time: 1 sec
Cannot find mt on search path
Build terminated.