--- title: "Streitwise Review 2026: Is the 1st stREIT Office REIT Still Paying?" url: https://altstreet.investments/platforms/reviews/streitwise kind: platform-review updated: 2026-09-14 description: "Streitwise review 2026: 1st stREIT Office Inc.'s NAV per share is down 31.5% from its 2021 peak and its dividend is 84% below its opening rate, to a 2.3% yield the issuer states itself, against an 8.3% average on its marketing page. Total return by vintage, fees, redemption terms and the SEC record from 179 filings." 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. --- # Streitwise Review 2026: Is the 1st stREIT Office REIT Still Paying? Streitwise is the consumer brand for 1st stREIT Office Inc., a nine-year-old Reg A Tier 2 office REIT with a genuinely simple 2% fee, no litigation and no going-concern qualification, whose NAV per share has fallen 31.5% from its 2021 peak and whose quarterly dividend is 84% below its opening rate, while the marketing site still headlines an 8.3% average yield computed on data that stops in 2024. AltStreet score: 51.8 (B-), scored September 14, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Streitwise | | What it is | Non-Traded Reg A Tier 2 Office REIT (Sponsor-Managed) | | Asset class | Commercial Real Estate (Multi-Tenant Class-A Office) | | Website | streitwise.com | | Review first published | September 14, 2026 | | Last updated | September 14, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Streitwise does several things that non-traded REITs usually do badly: one flat 2% fee with no acquisition, disposition or promote layer, continuous Reg A qualification for nine straight years, clean audits from a national firm, a functioning quarterly redemption plan, and no litigation. What it has not done is grow. Both capital value and current income have deteriorated materially: NAV per share is down 31.5% from its June 2021 peak and the quarterly dividend is 84% below its opening rate, with the issuer's own July 2026 filing putting the current yield at 2.3%, or 1.6% for anyone who bought at the $10.00 launch price. Whether an individual shareholder is ahead depends entirely on vintage. On AltStreet's reconstruction of the declared dividends, a launch investor has received $6.01 per share against a $10.00 cost and holds shares marked at $6.96, a simple cumulative return of about +29.7% over nine years, or roughly 3.0% a year before compounding. An investor who bought at the $10.16 peak in June 2021 has received $2.46 and is at about negative 7.3%. Meanwhile the portfolio is three suburban office buildings, two of them in the same Indiana town, and the public shareholders own roughly a third of the equity: at March 31, 2026 noncontrolling interests were $26.1M of $38.7M total equity, and NAV per share is calculated after excluding them. - **$10.16 to $6.96** The manager-calculated NAV per share, which is also the purchase price, from its June 2021 peak to the price effective July 1, 2026, a 31.5% decline, read from the 253G2 pricing supplements. No market sets this number. NAV is computed quarterly by SW Manager, LLC from capitalization rates and comparable sales, with independent appraisals obtained only 'in certain instances' per the supplement's own language. - **84%** The gap between the opening quarterly dividend of $0.25 and the current $0.04, read from the board's declarations in the Form 1-U filings. The path is not a straight line: $0.25 through 2019, $0.21 through 2022 Q2, then $0.17, $0.13, $0.11 and $0.09 into 2023, a recovery to $0.11 and $0.13 across 2024, and a collapse to $0.03 in 2025 Q1 and $0.04 since. The issuer states the resulting yield itself: 2.3% annualized at $6.96, and 1.6% for an investor who paid $10.00. - **8.3% vs 2.3%** The gap between the headline on streitwise.com/returns ('8.3% Dividend Average since 2017 \| 30 Straight Distributions') and the yield the issuer's own current filing states. The 8.3% is a backward-looking 2017-2024 average carried by the early $0.25 quarters; the page's chart assets are named for 2024 and its data stops there. - **$12,275,661** Distributions to noncontrolling interests in FY2024, against $954,174 of dividends declared on common stock the same year, per the audited equity statement. The Operating Partnership's other holders received 12.9 times what the public shareholders did in the year the REIT sold a building. - **2.00%** The asset management fee, an annualized rate charged quarterly on prior-quarter NAV, which the FY2025 1-K confirms verbatim. The fee is genuinely simple and genuinely low for the category, and it fell to $470,974 in FY2025 precisely because NAV fell. It is the clearest thing Streitwise says about itself that the filings fully support. Data note: NAV series extracted from 34 quarterly 253G2 supplements. Dividend series read from the board's declaration sentence in all 49 Form 1-U and 1-U/A filings (35 declarations), with the one quarter absent from the 1-U record, October to December 2018, established at $0.25 per share from the dividend table in the FY2018 Form 1-K. The series is complete: 36 consecutive quarters from 2017 Q3 to 2026 Q2. Also 19 periods of financial statements (2017-06-30 to 2026-06-30) ingested into AltStreet's data layer, with FY2017's annual figures deliberately left unwritten after an extraction failed a magnitude check. Platform-marketed figures are labeled as platform-reported wherever used. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | -31.5% | NAV per share from its June 2021 peak ($10.16) to the $6.96 purchase price effective July 1, 2026 | Read from the 253G2 pricing supplements; NAV is calculated by the manager with independent appraisals only 'in certain instances' | | $0.25 to $0.04 | Quarterly dividend per share, opening rate to current, an 84% reduction | 35 declarations located across 49 Form 1-U filings; the path fell to $0.09 in 2023, recovered to $0.13 through 2024, then collapsed to $0.03 in 2025 Q1 | | 2.3% | Current annualized yield, stated by the issuer itself | 1.6% for an investor who bought at $10.00; the marketing site headlines an 8.3% average computed through 2024 | | 67.4% | Noncontrolling interests' share of total equity at March 31, 2026 | $26,107,596 of $38,748,830; NAV per share is calculated after excluding them, giving $12,641,234 / 1,815,997 shares = $6.96 | | 2.00% | Asset management fee on prior-quarter NAV, and nothing else located | $470,974 in FY2025, down $63,487 because NAV fell; no promote, acquisition or disposition fee located in the filings | | 0 | Litigation and going-concern qualifications across nine audited years | FY2025 1-K: 'not currently named as a defendant in any active or pending litigation'; audited by RSM US LLP then Crowe LLP | ## Verdict A cleanly run, cheaply managed Reg A office REIT, continuously qualified with a clean filing record, whose marketing page still leads with a yield figure its own filings contradict. The 2.00% fee, the nine years of continuous qualification and the clean audit record are all real. So is a NAV per share down 31.5% from peak, a dividend 84% below its opening rate, and a current yield the issuer itself puts at 2.3%. Whether a given shareholder is ahead depends on vintage: a launch investor is up about 29.7% cumulatively over nine years on AltStreet's reconstruction of the complete 36-quarter dividend series, while a 2021-peak investor is down about 7.3%. **Best for** - Investors who want office exposure through an unusually simple fee structure and can hold long enough to be eligible for redemption at 100% of NAV after five years, subject to the plan's caps. - Non-accredited investors who value a long, clean compliance record and readable quarterly disclosure over diversification. - Investors sizing a single concentrated position rather than a real estate allocation. **Look elsewhere if** - You need access to capital within twelve months; the one-year lockout has no exception except death or complete disability. - Your thesis depends on the 8.3% average yield on the marketing page rather than the 2.3% the issuer states. - You want a market-tested price; there is no secondary market and one disposition in nine years. - You cannot tolerate a further office markdown against roughly 56% leverage. **Strengths** - One 2.00% annualized fee on prior-quarter NAV, stated verbatim in the FY2025 1-K, with no promote, waterfall, acquisition or disposition fee located. - Nine continuous Reg A qualifications and 179 filings across nine years, audited every year by a national firm. - No litigation and no going-concern qualification in any of the 19 extracted periods. - A redemption plan that has actually paid $3,266,951, an observed exit rather than a described one. - NAV marks that fell broadly in line with the office repricing rather than being held artificially high. **Limitations** - NAV per share down 31.5% from its June 2021 peak and the dividend 84% below its opening rate, to a yield the issuer states as 2.3%. - The marketing site headlines an 8.3% average yield computed on data that stops in 2024. - Three buildings, one asset class, two of them in the same Indiana town, reported as a single segment. - Noncontrolling interests held 67.4% of equity at March 31, 2026 and received 12.9 times the common dividend in FY2024. - NAV is manager-calculated, with independent appraisals obtained only 'in certain instances', and it sets the price, the redemption value and the fee base. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Income investor with a five-year horizon who wants office exposure at a low fee | neutral | | | Non-accredited investor seeking direct commercial real estate ownership | neutral | | | Investor who prioritizes fee transparency above all | well-suited | | | Investor who needs access to capital within a year | poor-fit | | | Investor seeking diversified real estate exposure | poor-fit | | | Investor relying on the advertised 8.3% average yield | poor-fit | | ## Questions **What is Streitwise and how does it work?** Streitwise is the consumer brand for 1st stREIT Office Inc., a non-traded Regulation A Tier 2 REIT that owns multi-tenant Class-A office buildings. Any US investor can buy shares at a price the manager resets each quarter ($6.96 effective July 1, 2026), dividends are declared quarterly, and a redemption plan allows exit after a one-year holding period at 90% of NAV rising to 100% at five years. The REIT is externally managed by SW Manager, LLC, a subsidiary of sponsor Tryperion Holdings, LLC, for a flat 2.00% annual fee on NAV. The portfolio is three buildings: two in Carmel, Indiana and one in Sunset Hills, Missouri. Investor accounts run through Securitize. **Is Streitwise legit and safe?** Legit, on the evidence. The offering has been continuously qualified by the SEC for nine years across nine qualifications, the company has filed 179 documents including nine audited annual reports, the FY2025 1-K states it is 'not currently named as a defendant in any active or pending litigation', and no going-concern qualification appears in any of the 19 periods AltStreet extracted. Safe is a different question. This is a leveraged, three-building, single-sector office portfolio whose NAV per share is calculated by its own manager, has fallen 31.5% from its 2021 peak, and has no secondary market. Legitimacy describes the compliance record; it does not describe the investment outcome. **What return does Streitwise actually pay right now?** The issuer answers this itself in the pricing supplement effective July 1, 2026: the quarterly dividend 'equates to 2.3% on an annualized basis calculated at the current rate at the new purchase price of $6.96 per share', and '1.6% annualized dividend assuming a $10.00 per share of Common Stock purchase price'. The current quarterly dividend is $0.04 per share. The marketing site's performance page headlines '8.3% Dividend Average since 2017', which is a backward-looking average through 2024 carried by the $0.25 quarters paid between 2017 and 2019. **Has Streitwise ever cut its dividend?** Repeatedly, and it has also raised it once. Read from the board's declarations in the Form 1-U filings: $0.25 per share through 2019, $0.21 from 2020 Q1 through 2022 Q2, then $0.17, $0.13, $0.11 and $0.09 into 2023, a recovery to $0.11 in 2024 Q1 and $0.13 for the rest of 2024, then a collapse to $0.03 in 2025 Q1 and $0.04 in each quarter since. That is 84% below the opening rate, and the sharpest single move is the 2025 Q1 cut from $0.13 to $0.03. A dividend has been declared in all 36 quarters from 2017 Q3 to 2026 Q2; 35 come from 1-U declarations and October to December 2018 from the FY2018 1-K's dividend table. **How do I get my money out of Streitwise?** Through the stockholder redemption plan, which is the only exit; there is no secondary market. No redemption is permitted in the first year other than on death or complete disability. After that, redemption is quarterly at 90.0% of NAV between years one and two, 92.5% between two and three, 95.0% between three and four, 97.5% between four and five, and 100% at five years. Requests are subject to a quarterly cap and filled pro rata, and the platform states a queue 'could take several quarters'. In October 2023 the SEC staff asked the company to clarify that stockholders had not been able to redeem within the quarter in which they requested. **What fees does Streitwise charge?** One that matters: a quarterly asset management fee at an annualized 2.00% of prior-quarter NAV, stated verbatim in the FY2025 1-K and amounting to $470,974 in FY2025. AltStreet located no promote, waterfall, acquisition or disposition fee in the reviewed filings, and $1,078,385 of organization and offering costs were waived by the Original Sponsor rather than charged. One caveat: the marketing site lists 'property management fees' among fees it does not charge, while the FY2025 1-K reports $317,337 of them as a company expense. **Who actually owns the equity in Streitwise?** Mostly not the public shareholders. At March 31, 2026 total stockholders' equity was $38,748,830, of which $26,107,596, or 67.4%, was noncontrolling interests in the Operating Partnership. NAV per share is calculated after excluding them, which is how $12,641,234 across 1,815,997 shares produces $6.96. In FY2024 noncontrolling interests received $12,275,661 of distributions against $954,174 of dividends declared on common stock. **Has Streitwise had problems with the SEC?** No enforcement action, and two substantive comment exchanges. Of the nine staff letters on file, the 2021 and 2022 letters say only 'we do not intend to review your amendment'. In October 2023 the staff raised six comments, including one asking the company to clarify that redemption requests had not been met within the quarter of request, and one questioning whether the Midtown III acquisition required pro forma and standalone financial statements. In January 2024 the staff asked how a 60-day subscription window complied with Rule 251(d)(3)'s prohibition on delayed offerings; the company argued the offering is continuous under 251(d)(3)(i)(F), and qualification followed on February 8, 2024. ## Evidence appendix Platform website captured September 14, 2026. Every figure in this review is read from a filing or from a dated capture of the platform's own pages. The NAV series comes from 34 quarterly Form 253G2 pricing supplements; the dividend series comes from the board's declaration sentences in all 49 Form 1-U and 1-U/A filings rather than from figures that merely appear near the words 'per share', and is complete except for October to December 2018; the financial statements come from the FY2024 and FY2025 Form 1-Ks and 19 ingested periods in AltStreet's data layer. Where the platform and the filings disagree, both are quoted. **Highlights** - NAV per share: $10.00 at launch, $10.16 peak (June 2021), $9.67, $8.80, $7.01, $7.14, $6.85 and $6.96 effective July 1, 2026. - Quarterly dividend per share, complete located series: $0.25 (2017 Q3 to 2018 Q3, and 2019 Q1 to 2019 Q4), $0.21 (2020 Q1 to 2022 Q2), $0.17 (2022 Q3), $0.13 (2022 Q4), $0.11 (2023 Q1), $0.09 (2023 Q2 to Q4), $0.11 (2024 Q1), $0.13 (2024 Q2 to Q4), $0.03 (2025 Q1), $0.04 (2025 Q2 to 2026 Q2). 35 declarations across 49 1-U filings, plus October to December 2018 at $0.25 established from the FY2018 1-K's dividend table (paid January 8, 2019), giving a complete 36-quarter series. - Simple cumulative return at the $6.96 NAV, non-annualised and unrealised: launch at $10.00 received $6.01 and is about +29.7%; the June 2021 peak at $10.16 received $2.46 and is about -7.3%; June 2023 at $7.01 received $1.00 and is about +13.6%. - Issuer's own yield statement: '2.3% on an annualized basis ... at the new purchase price of $6.96 per share', and '1.6% annualized dividend assuming a $10.00 per share ... purchase price'. - Fee: 'The Company pays the Manager a quarterly asset management fee at an annualized rate of 2.00%, which is based on the Company's NAV at the end of each prior quarter' (FY2025 1-K). - Asset management fees of $470,974 in FY2025, 'decreased by $63,487 ... as a result of a decrease in the Company's net asset value, which is the basis for the calculation of the fees'. - Capital raised $22,013,727 as of April 2, 2026, plus $75,000 of private placements; $3,266,951 of redemptions paid. - Equity at March 31, 2026: $38,748,830 total, $26,107,596 noncontrolling interests, $12,641,234 common across 1,815,997 shares. - FY2024 equity statement: $12,275,661 distributions to noncontrolling interests against $954,174 dividends declared on common stock; FY2025: $562,512 against $282,003. - Net income attributable to common: $3,376,725 FY2023 ($1.79/share), negative $1,242,874 FY2024 (negative $0.65), $11,390 FY2025 ($0.01). - Laumeier I sold March 13, 2024; gain on sale of real estate investment $1,403,849; $643,732 of Deferred Distribution Amounts paid in conjunction, with $607,997 still payable at both December 2024 and December 2025. - Real estate at fair value $76,900,000 (NAV statement) against $49,183,946 net GAAP book (FY2025 1-K); secured notes payable $43,100,000. - Property management fees $317,337 FY2025 and $307,020 FY2024, against the marketing site's claim to charge no property management fees. - SEC staff, October 23, 2023: asked the company to clarify that 'stockholders have not been able to redeem their shares within the quarter in which they make their redemption requests'. - SEC staff, January 19, 2024: asked how a 60-day subscription acceptance window complies with Rule 251(d)(3)'s prohibition on delayed offerings; the issuer answered that the offering is continuous under 251(d)(3)(i)(F) and qualification followed on February 8, 2024. - FY2025 1-K: 'not currently named as a defendant in any active or pending litigation'; no going-concern qualification in any of 19 extracted periods; auditor RSM US LLP through FY2023, Crowe LLP since. **Primary source pages** - FY2025 Form 1-K, accession 0001104659-26-044880 - FY2024 Form 1-K, accession 0001104659-25-037515 - Form 253G2 effective July 1, 2026, accession 0001104659-26-075620 - Form 1-U dividend declarations, 2017 Q3 through 2026 Q2 - SEC staff comment letter, October 23, 2023, accession 0000000000-23-011604 - SEC staff comment letter, January 19, 2024, accession 0000000000-24-000759 - Issuer reply, January 29, 2024, accession 0001104659-24-007670 - streitwise.com/returns, /fees, /redemption and /offering, captured 2026-09-14 ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/streitwise - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/real-estate --- Source page: https://altstreet.investments/platforms/reviews/streitwise 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.