---
title: "Steward Review"
url: https://altstreet.investments/platforms/reviews/steward
kind: platform-review
updated: 2026-10-20
description: "Is Steward legit? AltStreet's review: zero defaults through Q3 2025 across $44M-plus deployed, then the September 2026 StarWalker default; fixed 7.5% loans, a 1.39% gross spread."
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.
---

# Steward Review

Steward offers $100 access to regenerative agriculture lending with a fixed 7.5% rate and no accreditation. The tradeoff is economic: a 1.39% spread leaves little room for stress. The credit record is clean. The margin buffer is not.

AltStreet score: 40.7 (C-), scored September 16, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Steward |
| What it is | Regenerative Agriculture Lending Platform |
| Asset class | Private Credit |
| Website | gosteward.com |
| Review first published | May 4, 2026 |
| Last updated | October 20, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

The surface story is exceptional access: low minimum, no accreditation, fixed monthly interest, and zero losses. The deeper story is margin. Steward's model depends on a narrow borrower-lender spread staying wide enough to cover operating costs and credit stress.

- **$0 losses** Zero defaults and zero loan losses through the Q3 2025 reporting this review was built on, with one small cured delinquency. That record ended in 2026: On September 11, 2026 Steward told lenders that both StarWalker loans are in default and that it has sued the borrower entities and owners for foreclosure and the appointment of a receiver (Steward lender note, forwarded to AltStreet by a loan participant; see update history).
- **1.39%** Current gross spread between borrower rates and the 7.5% lender rate. This is the margin buffer behind the clean record.
- **44%** StarWalker plus Chapul Farms represent 44% of the public loan book. Concentration is the main portfolio risk.
- **$100 minimum** No accreditation required, no lender fees, fixed 7.5% APR paid monthly. Steward wins the access layer.
- **Promissory notes** Structured as promissory notes rather than SEC-registered securities. No Form D filings exist for SRC or direct campaigns.

Data note: Read this page in layers: TLDR and key stats for the surface view, data insights and risk sections for the operating reality, and the evidence layer for full source detail. Zero defaults or loan losses confirmed through Q3 2025 reporting; the first defaults, both StarWalker loans, were reported in September 2026.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| $0 losses | Loan losses across $44M+ deployed since 2021 | One minor delinquency through Q3 2025 ($3,821 on a $7,700 loan, cured). First defaults reported September 2026: both StarWalker loans, $9.79 million funded. |
| 1.39% | Gross spread between avg borrower rate and lender rate | The fund's entire operating buffer. Was negative through most of 2023. Thin by any institutional standard. |
| 44% | StarWalker + Chapul concentration in public loan book | Two borrowers. Both California / Oregon. Both interest-only. Both LTV above 73%. |
| $100 | Minimum loan — no accreditation required | No platform fees to lenders. Fixed 7.5% monthly. Most accessible agriculture credit product in the market. |


## Verdict

Use Steward for accessible, mission-aligned fixed income, not for institutional-style credit protection. The surface case is strong: low minimum, no accreditation, fixed monthly interest, and a clean default record. The mid-layer risk is the combination of thin spread economics, borrower concentration, and self-reported data. Best for small mission-aligned allocations; poor fit for capital that needs audited data, SEC oversight, or deep loss buffers.

**Best for**

- Mission-aligned lenders seeking fixed monthly income from regenerative agriculture with $100-$10,000 entry points
- Retail investors who cannot meet accreditation thresholds for other private credit platforms — Steward is the only major agriculture lending platform open to all
- Diversifiers seeking short-term (9-month) fixed-rate credit exposure with monthly liquidity via the rollover mechanism
- Direct deal lenders who want to back specific regenerative farms or food businesses with longer terms and direct project exposure

**Look elsewhere if**

- You need institutional yield buffers — the 1.39% gross spread means any meaningful credit event would impair lender returns
- You require FDIC insurance, SEC oversight, or independent audit — Steward operates outside these frameworks as a promissory note lender
- You are allocating significant capital ($100K+) — concentration risk with 44% in two borrowers and self-reported financials warrant caution at scale
- You want equity upside — Steward loans return fixed interest only; no appreciation, no carried interest, no participation in borrower success

**Strengths**

- Zero defaults through Q3 2025 across $44M+ deployed since August 2021; in September 2026 Steward reported its largest borrower, StarWalker ($9.79 million funded across two loans, 29.8% of the public SRC book), in default and in litigation
- $100 minimum with no accreditation requirement — more accessible than any comparable private credit platform
- Monthly interest payments at fixed 7.5% APR — predictable income with no platform fees charged to lenders
- Quarterly unaudited financials and loan book disclosure since 2021 — more financial transparency than most comparable platforms

**Limitations**

- 1.39% gross spread is thin — the fund operated at a loss through most of 2023 and Q1-Q2 2025 growth quarters
- No SEC registration, no Form D filings, no FDIC insurance — all capital figures self-reported and unaudited
- StarWalker + Chapul = 44% of public loan book — single adverse event in either relationship would be immediately material
- Promissory note structure means lenders have creditor rights, not investor protections — regulatory recourse is limited if issues arise


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Mission-Aligned Retail Lenders | well-suited |  |
| IRA Investors Seeking Fixed Income | well-suited |  |
| Small Portfolio Diversifiers ($10K-$100K) | neutral |  |
| Yield-Optimizing Credit Investors | poor-fit |  |
| Large Capital Deployers ($500K+) | poor-fit |  |
| Non-Accredited Investors Seeking Private Credit | well-suited |  |


## Questions

**What is Steward and how does it work?**

Steward is a community lending platform connecting retail lenders with regenerative agriculture businesses. It offers two products: (1) Steward Regenerative Capital (SRC) — an evergreen fund where lenders make 9-month loans at 7.5% fixed APR, and Steward pools the capital to make short-term bridge loans to farms, fisheries, and food businesses; and (2) Individual direct deal campaigns where lenders participate in specific project loans at various rates and terms. Lenders are creditors via promissory note — not investors in securities. No accreditation required. Minimum $100. Monthly interest payments. NMLS-registered lender of record: Steward Lending LLC (NMLS 2410860).

**Is Steward regulated by the SEC?**

No. Steward structures all lender agreements as promissory notes rather than securities, which means no SEC registration or Form D filing is required. AltStreet confirmed via SEC EDGAR that no Form D filings exist for Steward Credit LLC, Steward Regenerative Capital, or any individual deal campaigns. The only SEC filings found are company-level equity raises (Use Steward Inc., $11.9M equity round; Steward Holdings, $1.5M equity round) — not the retail lending products. Steward Lending LLC is NMLS-registered (2410860). All capital figures are self-reported and unaudited.

**What is the default and loan loss history on Steward?**

AltStreet tracked 26 quarterly performance periods from August 2021 through Q3 2025. The record: zero defaults, zero loan losses, one delinquency. The single delinquency was Avrom Farm — $3,821 on a $7,700 egg production loan, past-due 90+ days in Q1-Q3 2023, cured March 2023 and fully repaid by Q4 2023. Delinquency rate peaked at 0.07% (Q1 2023). In September 2026 Steward reported its first defaults: both StarWalker loans, $9.79 million funded, with suits filed for foreclosure and a receiver; no loan loss has been reported. All figures are self-reported and unaudited — no independent verification via SEC or audit available.

**How does the SRC fund's 7.5% interest work?**

Lenders make 9-month loans to Steward Credit LLC at 7.5% fixed APR. Interest is paid monthly on the 15th — the first payment arrives on the 15th of the month following origination. At the end of the 9-month term, lenders can withdraw with 3-month notice or roll over at +0.50% (8.0% APR). No platform fees are deducted — 7.5% is the actual lender yield. Steward's revenue comes from the spread between what agricultural borrowers pay (averaging 8.89% in Q3 2025) and what lenders receive (7.5%). Tax reporting: 1099-INT, simple interest income.

**What is the concentration risk in the SRC fund?**

As of Q3 2025, two borrowers represent 44% of the public SRC loan book: StarWalker Organic Farms (29.8% across two loans — $4.4M real estate and $1.2M working capital) and Chapul Farms (20.9%, $3.93M). Four borrowers individually exceed 10% of the portfolio. This is the primary credit risk in the fund — a single significant adverse event at either top borrower would be immediately material to fund performance. Chapul Farms matures October 2026, representing a near-term refinancing event to monitor.

**How does SRC fund withdrawal work?**

After the initial 9-month loan term, lenders can submit a withdrawal notice requiring 3 months of notice. Steward returns principal from available fund cash — it is not a guaranteed same-day redemption. The Q4 2025 cash balance was $5.4M against $18.9M in SRC lender obligations — a reasonable operational buffer. Do not plan for a specific withdrawal date without confirming cash availability with Steward. Interest continues during the notice period. The rollover option at +0.50% (8.0% APR) is available as an alternative.

**What taxes do I owe on Steward income?**

Steward issues 1099-INT for all interest income — both SRC fund and direct deal participation. Interest is taxed as ordinary income at your marginal rate (up to 37%). No K-1, no depreciation, no capital gains, no 1031 exchange eligibility, no UBTI complications. This makes Steward simple for tax purposes and compatible with IRAs (traditional, Roth, and self-directed) without the UBTI issues that affect leveraged real estate funds. After-tax yield at 37% bracket: approximately 4.7% net on the 7.5% rate.

**What are the USDA B&I loans in Steward's portfolio?**

Two active loans in Steward's portfolio are USDA Business & Industry (B&I) non-guaranteed subordinate tranches: Green Acres Milling ($1.1M page amount, 30-year term, floating rate quarterly, 8.75% initial APR) and Cairnspring Mills ($622K, 27-year term, floating rate, 7.35% initial APR). These are structurally the highest-risk loans in the portfolio: Steward holds the unguaranteed subordinate portion (first-loss position), while the USDA guarantee covers only the senior tranche. Long duration (27-30 years), floating rate exposure, and subordinate position make these materially different from the typical short-term bridge loans. They are not prominently highlighted in SRC performance reports.

**How does Steward compare to AcreTrader or FarmTogether?**

Fundamentally different products. Steward is a debt instrument — fixed 7.5% interest, 1099-INT, no accreditation, $100 minimum, monthly payments, 9-month terms. AcreTrader and FarmTogether are equity instruments — accredited investors only, $15K-$50K+ minimums, K-1 with depreciation, 5-10 year illiquid commitments, equity participation in land appreciation. Steward wins on accessibility, income predictability, and IRA compatibility. AcreTrader and FarmTogether win on tax efficiency (depreciation, 1031 exchanges), return potential (equity upside), and SEC oversight (Form D filings enabling EDGAR verification). Choose based on whether you want fixed credit income or equity real asset exposure.

**Is Steward safe for non-accredited investors?**

Steward is legally open to non-accredited investors — it is the only major agriculture lending platform in this category. But 'safe' depends on your definition. The promissory note structure means you have creditor rights without SEC investor protections. The credit record is clean but self-reported and unaudited. The fund carries negative cumulative equity (-$227,638) as a result of spread compression. Concentration in two borrowers (44% of loan book) creates meaningful portfolio risk. For non-accredited investors who want regenerative agriculture exposure with fixed income, Steward is the clearest option — but it should represent a small, mission-allocated portion of a diversified portfolio, not a primary savings mechanism.


## Update history

**October 20, 2026: Mad Capital's motion to appoint a receiver over the StarWalker farm entity was denied on October 15, 2026; its motion for a preliminary injunction was granted**

The Siskiyou County Superior Court docket for 26CV12995 (Mad Capital Perennial Fund II, LLC v. StarWalker Organic Farms Inc.), viewed October 20, 2026, records an order filed by the clerk on October 15, 2026 denying the motion to appoint a receiver and granting the motion for a preliminary injunction. The order's text has not been obtained, so what the injunction restrains, whether it reaches the livestock, crops and equipment pledged to Mad Capital that supply the two Steward borrowers, and any conditions attached are not known. No receiver takes over the farm entity on Mad Capital's motion, the outcome the Walkers' September 11 declaration argued for; the collateral question stays open. Steward's own case (26CV15549) is unchanged, with nothing scheduled before its March 11, 2027 case management conference, and its separate request for a receiver has not been heard. AltStreet is seeking a copy of the order.

**October 7, 2026: Mad Capital's motion to appoint a receiver over the StarWalker farm entity, set for October 1, was continued to October 15, 2026**

The Siskiyou County Superior Court docket for 26CV12995 (Mad Capital Perennial Fund II, LLC v. StarWalker Organic Farms Inc.), viewed October 7, 2026, lists the next event as a motion hearing on continuance at 9:30 a.m. on October 15, 2026 in Courtroom 2, in place of the October 1 setting for the motion to appoint a receiver; the case management conference remains February 11, 2027. No ruling on the receiver is recorded, so the question of a receiver over the farm's herd and equipment, the raw material for the two Steward borrowers, stays open at least two more weeks. Steward's own case (26CV15549) is unchanged, with nothing scheduled before its March 11, 2027 case management conference. AltStreet has not obtained the minute order or the reason for the continuance.

**October 2, 2026: The holding company reported a $500,000 equity sale to one investor on a Form D filed October 1, 2026, 118 days after the reported first sale and three weeks after Steward Lending sued StarWalker**

Steward Holdings (US), Inc. (CIK 1826666) filed a new Form D on October 1, 2026 (accession 0001826666-26-000001) reporting $500,000 of equity offered and sold to a single investor under Rule 506(b), with a date of first sale of June 5, 2026, no non-accredited investors, no sales compensation, Daniel Steuer Miller as the only related person (executive officer and director) and John Kramer signing as General Counsel. Rule 503 calls for the notice within 15 calendar days of the first sale. It is the seventh new Form D the holding company has filed since July 2022: $250,000 from one investor (December 2023), a $2,000,000 round reporting $874,997 from six (September 2024) and a $2,500,524 round reporting $1,546,380 from three (October 2025), the 2024 and 2025 progress reports each filed as a new notice rather than an amendment. No notice has updated the 2025 round since October 15, 2025. The filing does not identify the investor, the use of proceeds, or anything about the StarWalker loans; the two are connected by timing and by the parent company, not by anything the filing says. The Form D is recorded in the data layer and reported in the news article of October 2, 2026.

**September 24, 2026: Mad Capital's order to show cause on a receiver for the StarWalker farm entity was heard; the motion to appoint a receiver is set for October 1, 2026**

The Siskiyou County docket for 26CV12995 (Mad Capital Perennial Fund II, LLC v. StarWalker Organic Farms Inc.) shows the order to show cause why a receiver should not be appointed on calendar at 9:30 a.m. on September 24, 2026 before Judge Hannon in Courtroom 2, with no ruling recorded, and the next event on October 1, 2026 at 9:30 a.m. as a case management conference together with the motion to appoint a receiver; a further case management conference is set for February 11, 2027. The receiver question over the farm's herd and equipment, the raw material for the two Steward borrowers, therefore stays open at least until October 1. Steward's own case (26CV15549) is unchanged, with nothing scheduled before its March 11, 2027 case management conference. AltStreet has not obtained the minute order.

**September 17, 2026: A second secured lender, Mad Capital Perennial Fund II, sued the StarWalker farm entity a month before Steward did and has a receiver hearing on September 24; the Walkers' sworn response is on the record**

A reader obtained from Siskiyou County Superior Court the verified complaint Mad Capital Perennial Fund II, LLC filed on August 6, 2026 against StarWalker Organic Farms, Inc. (case 26CV12995) on a $1,604,000 loan secured by a first-priority lien on the farm's livestock, crops, equipment and accounts, accelerated July 23, 2026, together with Kristina Walker's September 11, 2026 declaration opposing a receiver. The filings identify one of the two third-party complaints Steward's lender note mentioned, show three UCC filings (Mad Capital, MDF Fund I, Dakota Financial) on the StarWalker companies as of May 19, 2025, eight days before Steward funded, and give the borrowers' account: no missed Mad Capital payment before a June 2026 technical-default declaration over 'too much debt', a herd the borrower values at $2,681,500, two prospective buyers of the Mad Capital loan, and 57 jobs at stake. The declaration does not mention Steward.

**September 16, 2026: StarWalker, the largest borrower, is in default: Steward sued the borrowers and owners on September 9 (Siskiyou County case 26CV15549) and is seeking foreclosure and a receiver**

A Steward loan participant forwarded AltStreet the lender update that Steward Lending, LLC president Ryan Anderson sent on September 11, 2026 about StarWalker Organic Farms, the borrower behind the two largest loans in this review. Per that note, Steward originated the two loans in May and June 2025 (a processing-facility purchase in Yreka, California and a working-capital loan to retire high-interest debt and fund livestock purchases); both performed, with payments often late but inside the ten-day grace period, until April 2026, when payments the Walkers said were delayed never arrived; since then only one payment has been made on each loan, putting both in default; the Walkers stopped providing annual financials and supporting documents; two complaints by other parties have been filed against StarWalker entities and the Walkers; and in the week of September 11 Steward filed suit against the StarWalker entities and owner-operators Jason and Kristina Walker seeking foreclosure on its collateral and the appointment of a receiver, on the view that a Regenerative Organic Certified brand with active sales channels is worth more operating than as property and equipment. For working-capital participants the note says the primary collateral is the inventory of StarHarvest Co., LLC and StarWalker Meats, LLC, which is perishable and movable, making a receiver especially important. AltStreet has verified the note's loan facts against the two project pages and this review's loan-book data; the docket confirms the suit: Steward Lending, LLC v. Starwalker Meats, LLC et al., Superior Court of California, County of Siskiyou, case 26CV15549, a breach of contract/warranty complaint filed September 9, 2026 naming Starwalker Meats, LLC, Starharvest Co., LLC, SWOF, LLC, Jason Walker and Kristina Walker as defendants, with a case management conference set for March 11, 2027. The complaint's text has not been obtained, and the two third-party complaints have not been independently confirmed. The review's zero-default statements now carry a through-Q3-2025 qualifier, and the concentration-risk scenario the review modeled is marked as live. The platform was rescored the same day: composite 48.5 (C+) to 40.7 (C-), with track record, income realization and reporting quality each lowered; the track-record input had been held at sector-typical precisely because the credit cycle was untested, and it has now been tested.

**August 14, 2026: Legal/enforcement scan completed: founder FINRA history and prior SEC Reg A vehicle surfaced**

AltStreet's mandatory legal scan (run August 14, 2026) closed the review's two disclosure gaps. Founder-level history: Daniel S. Miller (Fundrise co-founder; the review previously named no principals) consented to a 2016 FINRA AWC — $5,000 fine and suspension for ~$560,000 of undisclosed private securities transactions during his 2013-2014 employment at Growth Capital Services, conduct from his pre-Steward era; no active registrations today. Regulatory history: before the current unregistered promissory-note structure, the platform ran an SEC-qualified Regulation A vehicle — Steward Realty Trust, Inc. (CIK 1735770), qualified February 2019, exited via Form 1-Z December 2020 — with EDGAR-documented affiliates (Steward Agricultural Funding Portal LLC, Steward Servicing LLC) not previously mentioned; 'outside SEC oversight' is the current structure, not the full history. The scan found no litigation, enforcement, state securities actions, or complaint patterns naming any Steward platform entity — scan-scoped; PACER, state dockets, NMLS Consumer Access, and the CFPB database were not searched. Unrelated 'Steward' namesakes (Steward Capital Management, Steward Health Care, Steward Financial Services) documented to prevent misattribution.

**August 3, 2026: Cairnspring Skagit - $2.15M grain inventory loan, the established-mill counterpart to Blue Mountain**

Steward published an underwriting analysis (dated 2026-08-03) for a proposed $2,153,000, 13-month grain inventory loan to Northwest Mills and Specialty Grains SPC dba Cairnspring Mills - the established Skagit Valley (Burlington, WA) operating entity, and the parent of the Cairnspring Mills Blue Mountain, LLC subsidiary financed a week earlier. This is the fifth Cairnspring-relationship record in the AltStreet deals table and Steward's fourth consecutive year of Skagit inventory financing (prior notes met in full and on time per the platform). It is the near-mirror of the 2026-07-28 Blue Mountain inventory note in purpose but the opposite in risk posture: the Skagit mill reached full capacity in 2025 and has operated at capacity through 2026, so repayment is underwritten on a mature, operating business rather than a production ramp - reflected in a 9.00% lender net rate (vs 11.5% for Blue Mountain) and a 1.52x average gross-profit DSCR. The single most notable data point is a projected average DSCR of 0.87x during a temporary window when two Steward Skagit inventory loans overlap - a below-1.0x total-debt-service coverage that the platform attributes to Cairnspring standardizing grower contracts to 30-day net terms (pulling this year's purchase earlier), mitigated by the 1.52x gross-profit coverage, a 23.70x cash debt-service ratio, staged funding, and a minimum-cash-balance covenant. Steward structured the loan as a secured second lien behind its own prior-year Skagit note ($1,085,460.25, to be repaid by 2026-12-02), stepping to first priority on repayment, with a $1.0M initial advance and the remainder gated on finalized Q2 2026 financials.

**July 28, 2026: Cairnspring Blue Mountain - $6.85M grain inventory loan for a mill not yet operating**

Steward published an underwriting analysis (dated 2026-07-26) for a proposed $6.85M, 14-month grain inventory loan to Cairnspring Mills Blue Mountain, LLC - the subsidiary that will operate Cairnspring's new Pendleton, OR flour mill, which is not yet in commercial operation. This is the third Cairnspring-relationship loan in the AltStreet deals table and the second grain inventory note - 5.65x larger than the 2023 predecessor ($1.2125M, 9%, 5 months, exited clean) at a materially higher rate (11.5% lender net vs 9%). The credit is structurally distinct from a working-capital loan to an operating business: repayment is underwritten on the projected gross profit of a mill expected to commence commercial operations in November 2026, operating expenses are externalized to a reserve account funded by a separate December 2025 construction financing, the first four months of debt service are paid from an interest reserve carved out of the loan proceeds themselves, and the collateral - the grain - does not exist at close, since it is purchased with the loan proceeds. The underwriting document also surfaces two facts new to the AltStreet record: the borrower's parent entity is Northwest Mills and Specialty Grains SPC (first documented appearance of this name), and the December 2025 Blue Mountain construction financing exists as a Steward loan with no disclosed principal, rate, or term - now recorded as a stub. Combined with Green Acres Milling's $20M subordinate construction loan, Steward has now financed two greenfield mill buildouts across construction and first-year working capital - an emerging platform-level pattern of escalating exposure to pre-revenue milling projects.

**May 29, 2026: Green Acres Milling - $20M subordinate construction loan (largest single Steward campaign documented)**

Steward opened a second loan campaign to Green Acres Milling alongside the existing $1.1M B&I non-guaranteed sub-tranche: a $20M subordinate construction loan for the buildout of the $68.8M Albert Lea oat mill. 60-month interest-only term, 12.5% lender net APY (highest active rate documented), maturing 12/12/2030. At $20M total commitment, this is the largest single Steward loan campaign documented in the AltStreet deals table - larger than the entire $18.8M SRC pool balance as of Q3 2025. Green Acres' combined exposure across both loans (~$21.1M page amount) is now the largest single-borrower position documented on the platform, ahead of Cairnspring Mills (6+ loans) and Old Salt Co-op (5+ loans, ~$9.9M cumulative). Structurally the two Green Acres loans are different: the existing B&I sub-tranche is a first-loss slice within a USDA-guaranteed senior; this new $20M is mezzanine debt sitting between borrower equity and a separate $25M USDA-guaranteed senior B&I.


## Evidence appendix

Platform website captured May 4, 2026.

Platform analysis combining Steward public materials + 26 quarterly performance reports (August 2021 through Q3 2025) + quarterly balance sheets and income statements (2021 FY, Q1-Q3 2022, Q1-Q4 2025) + 42 individual project page records + one full underwriting analysis (Wildwood Farm / Cedar Creek Ecofarm) + NMLS public records + SEC EDGAR Form D search (confirmed no SRC or deal campaign filings) + AltStreet database analysis (fund_quarterly_metrics, fund_loan_book_snapshots, fund_quarterly_financials, deals tables, 26 quarterly periods, 42 deal records)

**Highlights**

- AltStreet analysis of 26 quarterly performance periods (Aug 2021-Q3 2025): outstanding balance grew from zero to $18.8M. Avg borrower rate increased from 6.34% (Q1 2023) to 8.89% (Q3 2025). Gross spread expanded from -1.16% (Q1 2023) to +1.39% (Q3 2025). Zero defaults, zero loan losses, one delinquency ($3,821 Avrom Farm, cured Q3 2023) across those periods. On September 11, 2026 Steward told lenders that both StarWalker loans, $9.79 million funded, are in default; no loan loss has been reported.
- AltStreet analysis of 8 quarterly financial periods (2021 FY, Q1-Q3 2022, Q1-Q4 2025): fund earned net +$17,994 (2021 FY), turned negative in Q2 2022 (-$1,508), continued losses Q3 2022 (-$14,377), Q1 2025 (-$17,452), Q2 2025 (-$72,474), returned to profit Q3 2025 (+$3,311), slight loss Q4 2025 (-$3,992). Cumulative equity -$227,638 as of Q4 2025.
- AltStreet analysis of fund_loan_book_snapshots (Q1 2023-Q3 2025): concentration risk peaked at Chapul Farms 32.82% in Q4 2024. StarWalker added in Q2 2025 at 23.35% (RE) + 6.43% (WC) = 29.78%. Combined top-2 concentration as of Q3 2025: 44.28% (StarWalker 23.36% + Chapul 20.92%).
- SEC EDGAR confirmed: No Form D filings for Steward Credit LLC, Steward Regenerative Capital, or any individual deal campaigns. Two company-level equity raises found: Use Steward Inc. (CIK 0002071749, $11.9M, 18 sophisticated investors, June 2025) and Steward Holdings (CIK 0001826666, $1.5M, 3 sophisticated investors, July 2025) — not retail lending products.
- Vintage analysis of 42 ingested deals: 2021 vintage avg yield 7.44% (9 deals, all exited); 2022 vintage avg yield 6.66% (8 deals, all exited, lowest rate vintage); 2025 vintage avg yield 8.76% (7 deals, none exited, $14.4M active). Deal size grew from $370K average (2021) to $2.06M average (2025) — 5.5x increase in average deal size over 4 years.
- Wildwood Farm underwriting document: DSCR 11.30x average monthly over loan term (10% contingency). LTV 77.71% weighted. Property purchase price $1,007,000. Monthly payment $7,810.41 fully covered by Cedar Creek/Wildwood lease at $8,000/month. Revenue growth 152%+ over 5 years. Strongest underwriting metrics of any reviewed Steward deal.

**Primary source pages**

- gosteward.com
- gosteward.com/projects/steward-regenerative-capital
- gosteward.com/projects (42 individual project pages)
- SRC Performance Reports Q1 2023 - Q3 2025 (PDF)
- Steward Credit LLC Income Statements and Balance Sheets (2021, Q1-Q3 2022, Q1-Q4 2025)
- Wildwood Farm / Cedar Creek Ecofarm Underwriting Analysis (PDF)
- SEC EDGAR EFTS Search — Steward Credit, Steward Regenerative (confirmed no Form D)
- Use Steward Inc. Form D (CIK 0002071749) — company equity raise only
- Steward Holdings (US) Inc. Form D (CIK 0001826666) — company equity raise only
- NMLS Consumer Access — Steward Lending LLC (NMLS 2410860)


## Related

- Full review (HTML): https://altstreet.investments/platforms/reviews/steward
- Every platform review: https://altstreet.investments/platforms/reviews
- Methodology and scoring: https://altstreet.investments/platforms
- Category hub: https://altstreet.investments/categories/private-credit

---

Source page: https://altstreet.investments/platforms/reviews/steward
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.