CalTier Review 2026: A Paused $5 Fund With a $1.54 NAV, Suspended Redemptions, Delinquent Reports, and a $500M REIT Still 'Testing the Waters'
CalTier sells three things through its app and website: units of CalTier Fund I, a Regulation A multifamily fund that raised $7.4 million since 2019, lost money every year on file, calculated NAV at $1.54 a unit against the $5.00 it charged, stopped accepting redemption requests and paused its offering; non-voting shares of CalTier, Inc. itself, a company with a stockholders' deficit whose last SEC report covers June 2024; and CalTier REIT I, a $500 million Rule 506(c) REIT that had sold nothing at its January 2025 Form D and is 'testing the waters.' Both Regulation A issuers are delinquent in their periodic reports as of October 2026. AltStreet found no enforcement action and no investor suit.
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What the data actually shows - TL;DR
A retail real estate app whose only operating fund raised $7.4 million at $5.00 a unit, lost money every year on file, calculated NAV at $1.54, paid distributions and redemptions out of a shrinking pool, then suspended redemptions and paused its offering, while the sponsor went delinquent on its own SEC reports and kept the website selling operator shares and a $500 million REIT with no assets.
Fund I's NAV per unit at September 30, 2024 as calculated by the General Partner, against the $5.00 unit price charged under the 'greater of $5.00 or NAV' formula through the offering's life; the February 2025 circular says the fund 'does not expect its NAV per unit as of December 31, 2024 to be higher than $5.00.' Partners' capital $2,387,154 on 1,396,943 units at December 31, 2024 ($1.71 a unit by AltStreet's arithmetic, before the non-controlling interest).
Fund I: $4,327,442 from about 865,488 units in the 2019 offering (terminated February 2023) and $3,066,648 from 613,329.60 units in the 2023 offering (through February 14, 2025). Limited partner contributions by year: $733,484 (2021), $3,288,390 (2022), $2,861,746 (2023), $1,460,596 (2024). Offering costs charged to capital: $124,167 (2023), $52,936 (2024).
Fund I net loss for FY2024 (FY2023 restated: $1,297,951, against $991,570 as first reported; FY2022: $1,557,246; FY2021: $415,999), on revenue of $166,600, expenses of $810,637 (professional fees and other $559,391, management fee to the General Partner $202,229) and interest expense of $317,921, offset by a $300,483 realized gain on the Wichita sale. First half of 2024: net loss $525,365.
Distributions and redemptions paid in 2024 (2023: $327,917 and $674,706; 2022 distributions: $130,291), a total of $1,033,447 returned in 2024 against $1,460,596 contributed. Year-end 2024 cash: $45,616. The FY2024 report: 'The Company is not currently accepting new redemption requests.' The website's performance page lists monthly 'Distribution Paid' entries from May 2021 through April 2024 and none after.
Fund I total assets at December 31, 2024: rental real estate (Imperial Beach, four units) $3,025,491; real estate held for improvement (Lake Elsinore lot) $734,462; investments in equity securities (twelve LP positions, $1,050,930 at cost) $1,394,909; equity-method investment $97,467; cash $45,616. Liabilities $2,942,256: loan payable $2,322,835, convertible notes $265,000 (one $100,000 note past due and accruing $500 a day of default interest), advances from the General Partner $92,243, distribution payable $67,194.
The General Partner's annual asset management fee, paid quarterly on NAV 'including any investments acquired through debt financing,' plus an acquisition fee of 1.0% to 2.5% per property ($75,375 in 2024), a disposition fee of 0.5% to 1.0% on sale ($8,690 in 2023), reimbursement of organization and offering costs at up to 1.0% of gross proceeds a month ($165,000 in the first half of 2024), and Dalmore's 1% commission. Management fee line: $202,229 (2024), $125,416 (2023).
Date of Fund I's Form 1-A-W withdrawing the post-qualification amendments of February 14, August 22 and December 2, 2024 and February 14, 2025, 'because the Company has decided to file a new offering statement on Form 1-A.' None had been filed by October 11, 2026. The same day the fund filed its FY2024 annual report, due April 30, 2025. No 2025 semiannual report and no FY2025 annual report is on file.
CalTier, Inc.'s FY2023 net loss (FY2022 restated: $1,606,037) on $149,516 of revenue, all from related parties; total assets $1,491,657 including $1,139,953 of capitalized software; total liabilities $1,610,397 (related-party notes $598,500 from the March 2022 buyback of the founders' own shares at 5%; $145,000 of notes to seven day-one investors). First half of 2024: net loss $562,082, cash $49,680, working capital deficit $1,013,600. Officer pay 2023: $129,277, $131,277 and $129,277. Last report filed: December 12, 2024.
CalTier REIT I, Inc.'s Form D of January 31, 2025: an indefinite Rule 506(c) equity offering of up to $500,000,000 at a $5,000 minimum, $0 sold, related persons Belcher, Smith and Hook. Website: 'Testing the Waters and not accepting live investments at this time'; proposed 5% quarterly repurchase cap at 90% of NAV (six months to one year) or 95% (one to two years), suspendable by the board. Earlier founder vehicles: CALTIERTXI ($1,032,000 from 8 investors, 2019), CALTIERAZI ($305,000 from 3), CalTier IB ($30,000 from 3, 2024).
Sources: SEC EDGAR filings of CIKs 1771232, 1800055, 2049680, 2044795, 1797295 and 1797352 (figures as filed; Fund I FY2024 audited by dbbmckennon with an audit report dated 'June __, 2025'; Fund I June 2024 and the Inc's June 2024 unaudited); caltier.fund captured October 11, 2026 (company claims labeled as such); IAPD, CourtListener, App Store and press retrieved October 11, 2026.
What's Actually Happening
In plain English, here is what is actually happening.
- 1CalTier is a San Diego area startup, founded in 2017 by Matt Belcher, Travis Hook and Parker Smith, that built an app for buying small pieces of apartment deals. From late 2019 it sold $5.00 'units' of CalTier Fund I to anyone with $500, raising about $4.3 million by early 2023 and another $3.1 million by early 2025.
- 2The fund spent that money on a downtown San Diego condominium (bought for $790,000, sold in 2023 for a $59,817 loss), a 1.2-acre lakefront lot in Lake Elsinore it still means to develop, a 17-unit building in Wichita (bought in 2023, sold in August 2024 for $2.05 million at a $300,483 gain), four beachfront apartments in Imperial Beach bought in October 2024 with a bank loan, and twelve small stakes, $10,000 to $200,000 each, in apartment deals run by other sponsors.
- 3Every year on file the fund lost money: $416,000 in 2021, $1.56 million in 2022, $1.30 million in 2023 (after a restatement), $642,000 in 2024. It still paid out $586,596 to investors in 2024 and bought back $446,852 of units, then announced it was no longer taking redemption requests. At September 30, 2024 the fund calculated each $5.00 unit to be worth $1.54.
- 4The offering kept selling units at $5.00 because the rules let it charge 'the greater of $5.00 or NAV.' In 2024 and 2025 CalTier filed four amendments to keep the offering open, none was approved, and in August 2025 it withdrew them, saying it would file a new offering statement. It has not. The website says the fund is 'paused' and 'testing the waters.'
- 5The company behind the app, CalTier, Inc., also sells its own shares to the public at $6.75 with no vote and no dividend. It had $149,516 of revenue in 2023, all fees from its own funds, lost $1.02 million, owed more than it owned, and had $49,680 of cash at June 30, 2024. That June 2024 report is the last thing it has filed with the SEC.
- 6In January 2025 the founders formed CalTier REIT I and filed a notice for an offering of up to $500 million to accredited investors. Nothing has been sold. The site also carries a UBS 'wealth management' lead form, a page offering accredited investors a 'Note' whose repayment 'is dependent on the company having cash on hand,' and a 721-exchange page for property owners who might contribute buildings to the REIT.
- 7AltStreet found no SEC action, no state action and no lawsuit by an investor. What it found is a fund that stopped paying out, a sponsor that stopped filing, and a website that did not stop selling.
Quick Verdict
Is this platform right for you?
CalTier is what the retail real estate app category looks like at the small end when the raise never reaches scale: $7.4 million over five years, spread across a condominium, a lot, a building and a dozen $10,000 to $200,000 stakes in other sponsors' deals, with a 3% of NAV fee, 1% to 2.5% acquisition fees and offering-cost reimbursements drawn against it. The filed record is losses every year, a NAV at 31% of the unit price, distributions paid while losing money, redemptions suspended, a going-concern opinion on the fund and on the sponsor, a restatement at each, and then silence: the fund's last report covers 2024 and was late, the sponsor's last report covers June 2024.
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The website, updated in March 2026, still shows the $6.75 operator shares as a live offering and the REIT as coming. No regulator has acted and no investor has sued on the record AltStreet could reach. The score reflects a product that cannot presently be bought or redeemed, a sponsor that has stopped reporting, and a record that, where it exists, is poor.
Best for
- Existing Fund I unitholders who want the filed facts behind the app's performance page: the NAV, the redemption suspension, the loan and note terms, and what the fund actually owns
- Investors comparing small Reg A real estate sponsors, as the example of what a stalled raise and a delinquent reporter look like on EDGAR
- Nobody looking for a place to invest today: the fund is paused, the REIT has no assets, and the operator's shares carry no reporting
Avoid if
- You take the website's 'Offering Statement Qualified by the SEC' and 'Current Per Unit price is $5' at face value; the fund's own NAV was $1.54 and the offering is paused
- You expect to redeem; the FY2024 report says new requests are not being accepted, and the plan can be suspended without notice
- You expect current numbers; neither Regulation A issuer has filed a report for any period after December 31, 2024
- You read 'REIT' as an operating company; CalTier REIT I has no property, no capital and no filings beyond a Form D
Top strengths
- The filings that exist are specific: property-by-property disclosure including purchase prices, sale prices and realized gains and losses, a table of the twelve LP positions with ownership percentages and cost, loan terms, note terms and related-party balances
- Fund I's one clean exit on the record: 154 N. Topeka, bought in 2023 and sold August 16, 2024 for $2,050,000 at a realized gain of $300,483, with the proceeds repaying the $955,055 Yieldi loan
- The restatements (FY2023 at the fund, FY2022 at the sponsor) were disclosed with the reasons, and both audit reports carry a going-concern paragraph rather than a clean opinion the numbers would not support
- No enforcement action, state order, FINRA matter or investor suit located; CalTier Advisors, LLC holds an active SEC adviser registration with no disclosure flag
Key limitations
- NAV per unit of $1.54 at September 30, 2024 against a $5.00 price charged to every buyer under the 'greater of' formula, and a circular that said the fund did not expect NAV to exceed $5.00 while still offering at $5.00
- Distributions of $914,513 and redemptions of $1,121,558 across 2023 and 2024 paid by a fund that lost $1,939,937 in the same two years, then suspended redemptions with $45,616 of cash
- Delinquent reporting at both issuers: Fund I has filed nothing for any period after December 31, 2024 (and filed that report late with an undated audit opinion); CalTier, Inc. has filed nothing for any period after June 30, 2024, while its $6.75 Reg A shares remain on the site
- A fee stack (3% of NAV, 1% to 2.5% acquisition, 0.5% to 1% disposition, offering-cost reimbursement, construction and property management fees) paid to a sponsor whose own revenue is those fees, founders paid $8,000 each to guarantee a fund loan, a $100,000 fund-level note past due at $500 a day, and a website that sells what the filings say is paused
Where It Fits
Where CalTier fits relative to the alternatives.
A $500 Reg A multifamily fund sold through an app
If you want
Small-dollar exposure to apartment deals chosen by a sponsor, with quarterly distributions and a redemption plan
Use
CalTier Fund I, the product this review covers; paused, NAV $1.54 against a $5.00 price, redemptions suspended
A non-traded Reg A REIT with an appraised, moving NAV
If you want
Diversified real estate income with audited reports filed on time and a published quarterly NAV
Use
Streitwise (see AltStreet's review): a Reg A office REIT with a 2.00% fee and a redemption window; or Fundrise, the scale operator in this category
A cautionary case in the same category
If you want
To know what a small Reg A real estate sponsor looks like when its raise stalls and its reports stop
Use
DiversyFund and Reiturn (see AltStreet's reviews): two Reg A real estate issuers whose investors are waiting on the sponsor; the pattern CalTier now fits
Per-property fractional ownership with a public filing per property
If you want
To pick the building and read its own offering circular and annual report
Use
Arrived or Ark7 (see AltStreet's reviews): one Reg A series per house, with filed financials for each
Compare Before Deciding
Where CalTier fits against alternatives
Use these hooks to pressure-test whether this is the right platform, or whether a nearby alternative matches the job better.
How this compares to Reiturn
Reiturn
A small app-sold multifamily sponsor with a going-concern opinion and a thin reporting record; the closest peer in size, channel and condition.
How this compares to DiversyFund
DiversyFund
A larger Reg A real estate sponsor whose investors are also waiting on the sponsor for their capital; the category's cautionary case at scale.
How this compares to Streitwise
Streitwise
A Reg A REIT that files on time, publishes an appraised NAV and runs a redemption window; what the category looks like when it works.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Sponsorship and management of small multifamily real estate vehicles sold to retail investors through the CalTier app and website: a Regulation A Tier 2 limited partnership (CalTier Fund I, LP, paused), the sponsor's own non-voting shares under Regulation A, Regulation CF and Rule 506, and a Rule 506(c) REIT in formation; the sponsor earns asset management, acquisition, disposition and reimbursement fees from the vehicles it creates.
began in 2017 as CalTier Realty, LLC, a California company formed by Matthew Belcher, Travis Hook and Parker Smith to 'bring international capital... into the United States alongside United States accredited and non-accredited investors,' and converted to a Delaware corporation in March 2022. It built an iOS and Android app and the caltier.fund website, formed CalTier Fund I, LP in January 2019 and qualified the fund's first Regulation A offering in November 2019, sold its own shares through Rialto Markets under Regulation CF in 2022 and 2023 and under Regulation A from March 2024, registered CalTier Advisors, LLC as an internet investment adviser in 2023, and formed CalTier REIT I, Inc. with a $500 million Form D in January 2025. Fund I raised $7.4 million over two offerings, invested in a San Diego condominium, a Lake Elsinore development lot, a Wichita mixed-use building, four Imperial Beach apartments and twelve minority LP positions in other sponsors' deals, reported net losses every year on file, calculated NAV at $1.54 against its $5.00 unit price, paid distributions and redemptions in loss years, suspended redemptions, and paused its offering when the 2024 and 2025 amendments were withdrawn in August 2025.
Neither the fund nor the operator has filed a periodic report for any period after 2024, and the operator's last report covers June 2024. The website, last updated March 2026, still presents all three products.
Platform Model
Sponsor-operated app: the operator creates the vehicles, manages them for fees and sells them directly to retail investors; Dalmore Group is broker of record; no marketplace, no third-party sponsors' offerings on the platform
Primary Function
Raise small-dollar retail capital into a multifamily fund that invests directly and as a minority LP in other sponsors' syndications; raise venture capital into the operator from the same investors
Target Users
Non-accredited and accredited US investors at $500 (Fund I) or $189 (operator shares), self-directed IRAs; accredited investors at $5,000 for the REIT and for a 'Note' offered on a partner landing page
Instruments
Fund I limited partnership units at $5.00 (paused); CalTier, Inc. non-voting common at $6.75 (Reg A), $5.00 and $6.50 (Reg CF), and Rule 506 rounds; CalTier REIT I shares (506(c), none sold)
Verification Strategy
Regulation A Tier 2 reporting on the fund (FY2019 to FY2024, dbbmckennon) and the operator (FY2023 and June 2024); both delinquent since 2025; no custodian, trustee or independent valuation; North Capital escrow for subscriptions
Investment Structures
CalTier Fund I (Reg A files 024-11077 and 024-12056); CalTier, Inc. (Reg A 024-12371; Reg CF 020-29983 and 020-32993; Forms D 2020, 2022, 2023); CalTier REIT I (Form D 2025); CalTier IB, CALTIERAZI, CALTIERTXI (founder SPVs, Forms D 2019 and 2024)
ASHow It Works
- An investor buys Fund I units at $5.00 through the app; Dalmore takes 1%; the General Partner is reimbursed offering costs at up to 1% of gross proceeds a month; the fund then pays the General Partner 3% of NAV a year (on borrowed assets too), 1% to 2.5% of each property it buys and 0.5% to 1% of each it sells, plus property and construction management fees where the sponsor manages the asset
- The fund invests partly in its own deals (a condominium, a lot, a building, four apartments, each through a subsidiary it manages) and partly as a small LP in other sponsors' apartment syndications at $10,000 to $200,000 a position, from which it receives whatever those sponsors distribute
- Distributions are declared at the General Partner's discretion 'as properties produce' and were paid monthly through April 2024; redemptions were at the lesser of price or NAV with 3% and 2% discounts for short holds, until the General Partner stopped accepting requests
- The operator's revenue is the fees above; the operator in turn sells its own non-voting shares to the same retail base to fund the app and payroll, and formed a REIT in 2025 to sponsor a larger vehicle for accredited investors
- Unitholders receive a Schedule K-1 from the partnership; operator shareholders receive nothing unless the company is sold; REIT shareholders would receive a 1099-DIV if the REIT ever raises and invests
Key Gaps & Non-Disclosures
- Current NAV, 2025 financials and the redemption plan's status at the fund; any report after June 2024 at the operator
- Investor counts for the Reg A and Reg CF offerings
- Terms of the accredited-investor note and the November 2024 'Series B'
Platform Intelligence
CalTier timeline
Key platform events, regulatory turns, liquidity stress points, and product launches that shape how the review should be read.
CalTier Realty, LLC founded
Formed in California by Matthew Belcher, Travis Hook and Parker Smith as 'a fund management and real estate acquisition company' to bring foreign and retail capital into US multifamily.
Fund I qualifies under Reg A; founder SPVs file Form D
CalTier Fund I, LP (formed January 23, 2019) files its Form 1-A September 20 and is qualified November 18, 2019 for up to $50 million of $5.00 units. CALTIERTXI ($1,032,000 from 8 investors) and CALTIERAZI ($305,000 from 3) file Forms D December 20, 2019.
First operator Form D; FDI platform press
CalTier Realty files a Form D for $100,000 (one investor). Press releases in April and August 2020 announce an 'FDI platform' and a plan to raise $5 million.
Fund I cuts its minimum to $100,000; $710,314 sold in two years
A post-qualification amendment filed August 25, 2020 lowers the minimum offering amount to $100,000 (the June 2019 draft had barred 'significant operations' below $2,500,000 and the qualified circular set $750,000), adds a broker-dealer and extends the closing date; the staff reviewed it without comment and it was qualified November 18, 2020. By November 18, 2021, two years after the first qualification, the offering had sold 142,062.73 units for $710,313.65.
Fund I starts buying LP stakes
Minority positions in Glenwood (Provo student housing), Lakewood and Raintree in March 2021, then Apple Lane, The Vue, 506 South; The Legend condominium bought for $790,000. FY2021 net loss $415,999 on $733,484 of contributions.
Conversion to CalTier, Inc.; founders' shares bought back with notes; Reg CF round
The LLC converts to a Delaware corporation; the company repurchases 345,000 of the founders' shares for $690,000 of 5% notes; a Rialto Markets Reg CF round raises $206,800 by April 30, 2022 (8% plus 1% to the portal). Fund I buys the Lake Elsinore lot ($528,286) and more LP stakes; FY2022 net loss $1,557,246 on $3,288,390 contributed.
Second Fund I offering qualified; first offering terminated
File 024-12056 qualified February 17, 2023 for up to $72 million at $5.00; the 2019 offering ends with $4,327,442 raised. The Legend sold in May at a $59,817 loss; 154 N. Topeka bought in June; a second Reg CF offering withdrawn in July and a third launched in September (about $17,862 raised); Form D for $135,000; CalTier Advisors registered as an adviser; Form 1-A for the operator's shares filed December 15.
Operator's Reg A qualified; Fund I amendments begin
CalTier, Inc.'s $6.75 share offering qualified March 4, 2024 ($182,398 sold by June 30, with $250,000 under Reg D). Fund I files post-qualification amendments February 14 and August 22 (the circular the user supplied); distributions on the performance page stop after April 2024; redemptions $446,852 for the year.
Topeka sold; Imperial Beach bought; NAV $1.54
154 N. Topeka sold August 16, 2024 for $2,050,000 (gain $300,483), repaying the $955,055 Yieldi loan the founders had guaranteed for $8,000 each; four Imperial Beach apartments bought in October through CalTier IB with a Woody, LLC note and 15% to 20% convertible notes; NAV per unit calculated at $1.54 at September 30, 2024. The operator files its FY2023 annual report November 7 (six months late) with a going-concern paragraph, announces a 'Series B' November 27, and files its June 2024 semiannual report December 12, its last filing.
CalTier REIT I Form D; last Fund I amendment
Form D January 31, 2025 for a $500 million 506(c) REIT, nothing sold; Fund I's fourth amendment February 14, 2025 reports $3,066,648 sold and the $1.54 NAV; the REIT and a 721-exchange page go up on the site in March; a UBS lead page and a PennyHoarder accredited-investor note page follow in April and May.
Fund I withdraws its amendments and files FY2024 late; redemptions suspended
August 18, 2025: Form 1-A-W withdrawing the four amendments ('decided to file a new offering statement') and the FY2024 annual report (due April 30) with a going-concern paragraph, a restated FY2023, an audit report dated 'June __, 2025,' net loss $641,986, cash $45,616 and 'not currently accepting new redemption requests.' No 2025 semiannual report follows.
Both issuers delinquent; website still selling; AltStreet review
No FY2025 annual report from Fund I (due April 30, 2026) and nothing from the operator since December 2024; no new Form 1-A for the fund. The website (updated March 13, 2026) shows the fund 'paused' and 'testing the waters during requalification,' the operator's shares live at $6.75 and the REIT 'testing the waters.' AltStreet review built October 11, 2026.
Investment Structures
CalTier Fund I, LP units: 2023 Regulation A offering (file 024-12056; paused)
Up to 14,400,000 units ($72,000,000) at $5.00, 'the greater of (i) $5.00 per unit or (ii) our net asset value divided by the number of units outstanding,' $500 minimum ($5,000 for non-US persons), non-accredited permitted up to 10% of income or net worth, Dalmore 1%, North Capital escrow, no minimum raise, rolling closings. Qualified February 17, 2023; $3,066,648 sold from 613,329.60 units by February 14, 2025; 1,396,600 units outstanding. NAV per unit $1.54 at September 30, 2024 (General Partner's calculation).
Post-qualification amendments of February 14, August 22 and December 2, 2024 and February 14, 2025 were never requalified and were withdrawn August 18, 2025. Redemption plan: quarterly, at the purchase price less distributions during an introductory period and thereafter at NAV, with a 3% discount for units held under six months and 2% under one year, amendable, suspendable or terminable by the General Partner 'without notice'; 'The Company is not currently accepting new redemption requests' (FY2024 report). Use of proceeds: 'acquisition and renovation of multi-family value-add asset(s)... in addition to operations and administrative and ongoing marketing expenses.' Investment objective: liquidate and distribute 'within approximately three years to five years of the termination of our efforts to raise funds under Regulation A.'
CalTier Fund I, LP units: 2019 Regulation A offering (file 024-11077; terminated February 2023)
Up to $50,000,000 of units at $5.00, $500 minimum; qualified November 18, 2019 and requalified November 18, 2020 and December 1, 2021; sold about 865,488 units for $4,327,442 before termination in February 2023. NAV held at $5.00 per unit through March 31, 2023 per the FY2022 report. Proceeds went into the twelve minority LP positions (March 2021 to February 2023), the Legend condominium (2021, $790,000; sold May 2023 at a $59,817 realized loss) and the Lake Elsinore lot (June 2022, $528,286).
Net losses: $415,999 (FY2021), $1,557,246 (FY2022). Limited partner contributions: $733,484 (2021), $3,288,390 (2022).
CalTier, Inc. non-voting common stock: Regulation A (file 024-12371; $6.75; shown as live)
Up to 444,444 shares at $6.75 plus up to 35,556 bonus shares, $189 minimum (28 shares), Dalmore 1%, offering expenses about $180,000, best efforts, no minimum. Qualified March 4, 2024. The June 2024 semiannual report records $182,398 raised from 29,578 shares under Reg A and $250,000 from 49,019 shares under Reg D in 2024, and a March 2024 repurchase of 177,777 non-voting shares for $20,000; no later report exists.
Non-voting shares 'have no voting rights except those required by Delaware law' and no dividend. Capitalization at June 30, 2024: 7,179,500 voting shares (the founders) and 1,682,612 non-voting outstanding. The website lists the offering with a '$50,000,000' maximum that the circular does not support. Issuer: FY2023 revenue $149,516 (related parties), net loss $1,017,930, going concern; June 2024 cash $49,680.
CalTier, Inc. common stock: Regulation CF on Rialto Markets (2022 and 2023)
File 020-29983: Form C April 1, 2022 at $5.00, $1,000 target, $5,000,000 maximum, Rialto 8% cash plus 1% of shares; closed April 30, 2022 with $206,800 from 50,917 shares (Form C-U). File 020-32993: Form C September 29, 2023 at $6.50, $650 target, $1,300,000 maximum, Rialto 3% plus 1%; Form C-U November 7, 2023: 'approximately $17,862 from the sale of 2,748 shares.' A sibling offering (020-32173, April 2023, $650,000 maximum) was withdrawn in July 2023. Annual reports on Form C-AR in 2023 showed FY2022 revenue of $72,817 and a net loss of $1,670,211 (later restated to $1,606,037).
CalTier, Inc. Rule 506 rounds (2020 to 2024) and the 'Series B'
Form D January 16, 2020 ($100,000 sold, 1 investor, 506(c)); Form D August 18, 2022 ($125,000, 2 investors); Form D September 21, 2023 ($135,000 of $3,000,000, 6 investors, 506(c)); $250,000 from 49,019 non-voting shares in 2024 per the June 2024 report. A November 27, 2024 press release announced a 'Series B Round to Accelerate Growth'; no Form D or other filing for it was located. An April 2025 landing page for PennyHoarder readers offers accredited investors a 'Note' under 506(c) with the disclosure that 'cashing out is dependent on the company having cash on hand'; no filing located.
CalTier REIT I, Inc. (Rule 506(c), $500 million; nothing sold)
Maryland corporation; Form D January 31, 2025 for an indefinite 506(c) equity offering of up to $500,000,000, $5,000 minimum, $0 sold, 0 investors; related persons Belcher, Smith and Hook. Website (March 2025): 'CalTier Multi-Family REIT I' targeting Class A and B apartments in California, Texas, Florida, Virginia, Arizona and Utah, monthly dividends, a share repurchase plan capped at 5% of shares per quarter at 90% of NAV (held six months to one year) or 95% (one to two years) that the board 'may, at any time, amend, suspend or terminate'; 'we are Testing the Waters and not accepting live investments at this time.' No offering circular, PPM, property or periodic report on file.
Founder SPVs: CALTIERTXI, CALTIERAZI (2019) and CalTier IB (2024)
CALTIERTXI LLC: Form D December 20, 2019, 506(b), $1,032,000 sold to 8 investors of $3,000,000 at a $50,000 minimum. CALTIERAZI LLC: same date, $305,000 to 3 investors of $5,000,000. Directors Hook, Smith, Belcher and Stephanie Sy.
Neither has filed since and no public account of their assets or outcomes exists; CalTier, Inc. lists them with CalTierSDI, CalTierLVI and CalTier Retreat as its 'funds and pooled investment vehicles.' CalTier IB LLC: Form D November 14, 2024, 506(c), $30,000 to 3 investors of $1,100,000 at $10,000; the vehicle through which Fund I (96.25%) bought the Imperial Beach property, financed by a Woody, LLC note (refinanced June 2025 with $2,325,000 at 7.25% over 30 years from AHL Funding) and $265,000 of 15% to 20% convertible notes, one past due at $500 a day.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
A Unit Price That Cannot Fall Below $5.00 and an NAV of $1.54
The 'greater of $5.00 or NAV' formula fixed the price at $5.00 for every sale from 2019 to 2025 while the General Partner's own NAV calculation fell to $1.54 (September 30, 2024). The circular disclosed the gap and sold through it. Redemptions, when accepted, were at the lesser of price and NAV less discounts; new buyers subsidized exits at $5.00 until the plan was suspended.
Two Delinquent Tier 2 Reporters
Fund I: FY2024 annual report filed August 18, 2025 (due April 30) with an audit opinion dated 'June __, 2025'; no 2025 semiannual report (due September 29, 2025); no FY2025 annual report (due April 30, 2026). CalTier, Inc.: FY2023 annual report filed November 7, 2024 (due April 29); June 2024 semiannual report filed December 12, 2024; nothing since. Neither has filed a Form 1-Z. The Reg A exemption for ongoing sales depends on current reporting; the operator's shares are still shown as on sale.
Going Concern at the Fund and at the Sponsor
Both auditors' reports state that the entity 'has sustained losses and used capital from inception and has raised capital to fund operations' and that 'these factors, among others, raise substantial doubt' about continuing as a going concern. The fund had $45,616 of cash at December 31, 2024 against $265,000 of convertible notes and a $264,000 15% loan due in 2025 and 2026; the sponsor had $49,680 of cash at June 30, 2024 against $1,179,549 of current liabilities.
Sponsor Paid on Assets, Acquisitions and Reimbursements by a Fund It Controls
3% of NAV a year including leveraged assets, 1% to 2.5% per acquisition, 0.5% to 1% per sale, offering-cost reimbursement at up to 1% of gross proceeds a month, property and construction management fees; the General Partner may be removed only for gross negligence or fraud by a majority of interests; it values the assets, sets the price, declares distributions and may suspend redemptions without notice. The fund owed the sponsor $92,243 at year-end 2024 and the sponsor's founders were paid $8,000 each for guaranteeing a fund loan.
Hard-Money Leverage Inside a $5 Million Fund
A 15% loan on the Lake Elsinore lot with a 3% prepayment premium; a 2023 Yieldi loan of $905,000 repaid at $955,055; 15% to 20% convertible notes at CalTier IB with a $100,000 note past due and accruing $500 a day of default interest; a $2,325,000 thirty-year mortgage at 7.25% on four apartments carried at $3.0 million. Interest expense was $317,921 in 2024 on $166,600 of revenue.
Capital Loss on Units Bought at $5.00
The fund's own NAV was $1.54 per unit at September 30, 2024, about $1.71 by AltStreet's arithmetic at December 31, 2024, and no later figure has been filed; the fund's assets are a leveraged four-unit property, a vacant lot and minority LP stakes marked by the General Partner.
Why it matters
A unitholder who paid $5.00 has, on the fund's own numbers, lost two thirds of the investment before any liquidation costs, and the circular's plan is to liquidate 'within approximately three years to five years' of the end of fundraising, which has not formally ended.
Mitigation / verification
Read Note 5 (investments and fair value) and the statement of changes in partners' capital in the FY2024 Form 1-K (EDGAR, CIK 1771232). Ask the General Partner in writing for the NAV at December 31, 2024 and 2025 and the basis for the LP positions' $1,394,909 carrying value.
No Exit: Redemptions Suspended, Offering Paused, No Market
The FY2024 report says new redemption requests are not being accepted; the plan may be suspended without notice; the offering that funded earlier redemptions is paused; units are not transferable without the General Partner's consent and there is no market.
Why it matters
Redemptions in 2023 and 2024 ($1,121,558) were paid from new contributions and sales; with the offering paused there is no inflow to fund them, and the fund's cash was $45,616.
Mitigation / verification
Ask for the redemption queue, the date of the last redemption paid and the conditions for reopening. Assume no liquidity until a liquidation of the fund's assets.
Sponsor Failure or Abandonment of Reporting
The operator has not filed a report for any period after June 2024, had $49,680 of cash and a going-concern opinion at that date, and depends on fees from a $5 million fund and on selling its own shares; the fund's reports depend on the same three people.
Why it matters
If the sponsor cannot pay for audits and filings, unitholders lose the only source of information they have; if it fails, the General Partner of a fund with a 37.83% stake in a development entity and a 96.25% stake in a leveraged property is replaced only 'under certain circumstances' set by the agreement.
Mitigation / verification
Check EDGAR (CIKs 1771232 and 1800055) for any Form 1-K, 1-SA or 1-Z. Ask whether the FY2025 audit has been engaged and who is paying for it.
Buying the Operator's Shares or the REIT on the Website's Description
The site presents the $6.75 operator shares as a qualified live offering with a '$50,000,000' maximum and the REIT as a dividend-paying vehicle with a repurchase plan; the circular caps the share offering at $2,999,997, the issuer has not reported since 2024, and the REIT has no assets or offering document.
Why it matters
Regulation A sales require current reporting; a purchase made on a stale circular from a delinquent issuer leaves the buyer with no current financial information and no recourse to a filing. A 506(c) REIT with nothing sold is a sponsor's intention, priced by the sponsor.
Mitigation / verification
Do not subscribe to either until the issuer has filed its missing reports and the REIT has an offering document, audited opening balance sheet and named property.
Biggest Misconceptions & What Actually Happens
- No securities regulator has acted against CalTier, Inc., CalTier Fund I, CalTier REIT I or any founder on the public record as of October 11, 2026, and AltStreet's scan found no SEC, state or FINRA proceeding and no investor suit. Delinquent reporting is a compliance failure, not an enforcement finding.
- The $1.54 NAV is the General Partner's own calculation reported in its circular; AltStreet's $1.71 is partners' capital divided by units from the audited FY2024 balance sheet; neither is an appraisal.
- Distributions and redemptions in loss years are facts from the statements of partners' capital and cash flows; AltStreet does not attribute particular dollars to particular sources beyond what those statements show.
- The twelve LP positions are in vehicles run by other sponsors (RS, CC, Apex Fort Worth, Pinpoint RVA, Sundance Bay, Sabine, LB Heights, RBG Hickory) whose own performance AltStreet did not review; the carrying values are the General Partner's.
- CalTier appears in a document in the Prime Core Technologies (Prime Trust) bankruptcy record; the nature of the mention was not retrieved and CalTier's filings do not mention Prime Trust.
Regulatory & Legal Posture
Security Status
Securities (Regulation A Tier 2 limited partnership units and non-voting common stock; Regulation CF common stock; Rule 506(b) and 506(c) interests; a 506(c) REIT with nothing sold); sponsor is not a broker-dealer; CalTier Advisors, LLC is an SEC-registered internet adviser
Fund I's offerings were qualified November 18, 2019 (file 024-11077) and February 17, 2023 (024-12056); the operator's share offering was qualified March 4, 2024 (024-12371). Qualification is not approval, and Tier 2 qualification obliges the issuer to file annual, semiannual and current reports; both issuers have missed every deadline since early 2025. The Reg CF rounds ran through Rialto Markets with Form C-U and C-AR filings. The REIT's Form D is a notice, not an offering document.
Disclosure Quality
Where filed, better than the website: property-by-property purchase and sale figures, the LP position table, loan and note terms, related-party balances, restatement reasons and going-concern paragraphs. Where not filed, absent: no fund numbers after 2024, no operator numbers after June 2024, no investor counts, no NAV since September 2024. The website overstates the operator offering's size, omits the NAV, the redemption suspension and the reporting lapse, and presents the REIT as operating.
Custody Model
Subscriptions through North Capital Private Securities as escrow facilitator; Dalmore Group as broker of record; the fund holds its assets through subsidiaries it manages; investor records on the CalTier platform
Regulatory Backing
No custodian, trustee, independent administrator or independent valuation; the General Partner values the assets and computes NAV. CalTier Advisors' adviser registration covers advice on the platform, not custody of the vehicles' assets.
Tax Treatment
Reporting
Schedule K-1 (Fund I); Form 1099-B on sale only (CalTier, Inc. shares); Form 1099-DIV (CalTier REIT I, if it ever pays)
Fund I is a Delaware limited partnership that issues Schedule K-1s to unitholders; the filings do not state delivery timing. CalTier, Inc. is a C corporation whose non-voting shares pay no dividend. The REIT would report dividends on Form 1099-DIV once it has income.
Income Character
Partnership allocations of rental income, interest, gains and losses (Fund I); no current income (operator shares); REIT dividends (REIT I, none yet)
Fund I's K-1 passes through its share of rental income, LP distributions, realized gains (the Topeka sale) and losses (the Legend sale) and the fund's own net loss; distributions in excess of allocated income reduce basis. The fund's investments in other partnerships add their own K-1 timing to the fund's. Profits and losses are allocated 'in such manner as is determined in the sole and absolute discretion of the General Partner' per the FY2022 report.
Limitation
With no filings since the FY2024 report, unitholders cannot check 2025 allocations against the fund's results. State filings may be required for the states where the fund's properties and LP positions sit (California, Kansas, Texas, Utah, Virginia and others). Consult the circular's tax section and a tax adviser.
Special Considerations
- Distributions paid in loss years are, for tax purposes, returns of capital to the extent they exceed allocated income; the fund's 2024 distributions of $586,596 came in a year of a $641,986 net loss
- A K-1 from a partnership that holds LP interests in a dozen other partnerships can arrive late; the filings make no delivery commitment
- Self-directed IRA investors (the site promotes IRA investing and an Alto IRA page) hold an illiquid partnership unit whose NAV the sponsor has not updated since September 2024
Account Suitability
Taxable
K-1 pass-through of a loss-making partnership; return-of-capital distributions; state filing exposure.
Roth IRA
The site promotes IRA investing through self-directed custodians; a paused, non-redeemable $5 unit with a $1.54 NAV in a Roth is a position the custodian will need a value for and the sponsor has not supplied one since 2024.
Traditional IRA
Same as Roth, with required minimum distributions depending on a redemption plan that is suspended.
HSA
Not mentioned by the platform.
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AltStreet Data Layer
What the data actually shows
AltStreet read every CalTier filing on EDGAR, set the website's three product pages against them, derived the NAV the fund's balance sheet implies, and ran the legal record. Read together, the filings describe a sponsor that priced its fund at $5.00 while valuing it at $1.54, paid out while losing money, stopped paying out when the money ran low, stopped filing when the deadlines came, and kept the website selling.
The price was fixed at $5.00 while the fund's own NAV fell to $1.54
The 'greater of $5.00 or NAV' formula, in force since 2019, set the price for every sale. The General Partner calculated NAV at $1.54 at September 30, 2024 and the February 2025 circular, while still offering at $5.00, said it did not expect NAV to exceed $5.00 at December 31, 2024. From the audited FY2024 balance sheet, partners' capital of $2,387,154 on 1,396,943 units is about $1.71 a unit before the non-controlling interest. $3,066,648 of units were sold under the 2023 offering at $5.00.
What this means
A buyer in 2024 or early 2025 paid about three times the fund's own valuation per unit; a redeeming investor, while redemptions ran, was paid the lesser of price and NAV less a discount. The formula transferred value from new buyers to earlier holders and to the fee base, and the circular disclosed it.
Distributions and redemptions were paid in loss years, then redemptions stopped
Net losses of $1,297,951 (2023, restated) and $641,986 (2024) against distributions of $327,917 and $586,596 and redemptions of $674,706 and $446,852. In 2024 the fund's cash inflows were $1,072,884 of contributions, $1,921,662 of sale proceeds and $2,374,500 of borrowing; cash ended the year at $45,616 and the report states that new redemption requests are not being accepted.
What this means
Forty-one monthly 'Distribution Paid' entries on the performance page were paid by a partnership that had no net income in any of those years; the statement of changes in partners' capital shows capital going out, not earnings. With the offering paused there is no inflow to reopen redemptions.
Both issuers stopped filing, and the website did not say so
Fund I's FY2024 annual report was filed August 18, 2025, 110 days late, with an audit report dated 'June __, 2025'; no 2025 semiannual report and no FY2025 annual report exist. CalTier, Inc. filed its FY2023 annual report 192 days late on November 7, 2024 and its June 2024 semiannual report on December 12, 2024, and nothing since. The website, updated March 2026, shows the operator's shares 'Qualified by the SEC' at $6.75 and the fund 'testing the waters during requalification.'
What this means
Tier 2 issuers that stop reporting lose the ability to rely on Regulation A for continued sales and leave holders without current numbers. The last NAV is from September 2024; the last operator cash figure is from June 2024. Anyone relying on the website is relying on a description the filings stopped supporting a year ago.
The fund never reached the size its cost base needed
$7.4 million raised over five years against FY2024 expenses of $810,637 and interest of $317,921 on revenue of $166,600; in 2023 professional and other fees alone were $1,329,018 on revenue of $71,663. The General Partner's 3% of NAV, acquisition fees of 1% to 2.5% and offering-cost reimbursement at up to 1% of gross proceeds a month were charged throughout; the management fee line was $202,229 in 2024.
What this means
At this scale the fee and expense structure consumed the capital before the assets could return it; the fund's assets grew only by borrowing at 7.25% to 20%, which increased the base the 3% fee is charged on. A $500 minimum does not make a fund viable; a large enough raise does, and this one did not come.
What the fund owns is a leveraged fourplex, an undeveloped lot and other people's deals
At December 31, 2024: four Imperial Beach apartments carried at $3,025,491 against $2,322,835 of loans (refinanced in June 2025 at $2,325,000); the Lake Elsinore lot at $734,462, bought in June 2022 for a 36-unit project not started, with a $264,000 loan at 15%; twelve LP positions carried at $1,394,909 on $1,050,930 of cost, ranging from 0.08% to 16.53% of each vehicle; the Cortland acquisition abandoned after a $25,000 deposit. Realized: a $59,817 loss on the condominium (2023) and a $300,483 gain on the Wichita building (2024).
What this means
The portfolio's equity is thin (about $700,000 in the fourplex after the mortgage) and its largest unlevered asset is a set of minority stakes whose value the General Partner estimates. The one asset that made money has been sold; the development that would use the lot has no filed budget, financing or start date.
The sponsor is a going concern with $49,680 of cash whose revenue is its own fund's fees
CalTier, Inc.: FY2023 revenue $149,516, all from related parties; net loss $1,017,930; liabilities $1,610,397 against assets $1,491,657 of which $1,139,953 is capitalized software; H1 2024 net loss $562,082, cash $49,680, working capital deficit $1,013,600; $598,500 of 5% notes owed to the founders for the 2022 buyback of their shares; $308,285 of stock-based compensation per half-year; a going-concern paragraph; a FY2022 restatement.
What this means
The General Partner that must fund the fund's audits, filings, redemptions and development is itself dependent on the fund's fees and on selling its own shares. The founders took $690,000 of notes out of the company in 2022 and were paid salaries of about $130,000 each in 2023 while the public bought non-voting shares at $5.00 to $6.75.
Three products on the website, one operating record on EDGAR
The REIT has a Form D for $500 million, $0 sold, a web page with target yields and a repurchase plan, and no offering document, property or report. The operator's Reg A page cites a '$50,000,000' maximum against a $2,999,997 circular. The PennyHoarder page offers accredited investors a note whose repayment 'is dependent on the company having cash on hand'; the UBS page is a lead form. The 2019 founder SPVs (TXI $1,032,000; AZI $305,000) have no filings after their Forms D.
What this means
Every product on the site is either paused, unreported or unfunded. The only operating history a prospective investor can examine is Fund I's, and it is the record this review describes.
No regulator has acted and no investor has sued, on the record AltStreet could reach
No SEC litigation release or administrative proceeding, no state order, no FINRA matter and no investor suit names CalTier, Inc., CalTier Fund I, CalTier REIT I or the founders as of October 11, 2026; CalTier Advisors holds an active adviser registration with no disclosure; the only disclosed litigation is a slip-and-fall claim settled for $5,000; a document in the Prime Trust bankruptcy mentions CalTier and was not retrieved.
What this means
The findings in this review are disclosure and performance facts from the company's own filings, not allegations. Delinquent reporting is a compliance failure that regulators can act on and have not; investors should not read the absence of an action as a finding that the record is in order.
Data as of 2026-10-11 . AltStreet platform_exits database . Confidence level 4
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
retail
The product built for retail at $500 is paused, cannot be redeemed, was last valued by its sponsor at 31% of its price, and has filed nothing for 2025. The operator's shares and the REIT are offered to the same audience with no current reporting and no assets respectively.
existing-unitholders
For a current Fund I investor the question is not whether to buy but what the position is and when the fund will liquidate; the FY2024 report is the last filed answer and this review's evidence section collects it.
institutional
A $5 million fund and a sponsor with $49,680 of cash at its last report; nothing here is sized or documented for an institution.
Investors Seeking Financial Returns
The record is net losses in every filed year, one profitable property sale, one loss, a lot that has not been developed in four years, and minority stakes marked by the sponsor.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
$500 Access vs a Fund Too Small to Carry Its Costs
Anyone could invest; the $7.4 million raised could not cover professional fees, sponsor fees and hard-money interest, and the fund lost money every year.
Monthly Distributions vs Returned Capital
Forty-one monthly 'Distribution Paid' entries on the performance page through April 2024; $914,513 of distributions and $1,121,558 of redemptions in 2023 and 2024 against $1,939,937 of net losses.
'Qualified by the SEC' vs Reporting to the SEC
Both Reg A offerings were qualified and the website says so; neither issuer has filed a report for any period after 2024, which the website does not say.
Sponsor Alignment vs Sponsor Dependence
The founders own the operator and run the fund; the operator's only revenue is the fund's fees, the fund owes the operator, and the founders were paid to guarantee the fund's loan.
Three Products vs One Record
A fund, an operator share and a REIT on the website; one operating history on EDGAR, and it is the fund's.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Anyone Who Wants to Invest in Real Estate Today
The fund is paused, the REIT has nothing to buy into, and the operator's shares are an unreported venture stake in a company with a stockholders' deficit.
Investors Who Need Current Information
The last fund numbers are for December 31, 2024, filed late; the last operator numbers are for June 30, 2024. Nothing has been filed for 2025.
Income Investors
Distributions stopped appearing on the schedule after April 2024, were paid in loss years before that, and the redemption plan is suspended.
Accredited Investors Reading the REIT, UBS or 'Note' Pages
The REIT has no assets, the UBS page is a lead form, and the note's repayment 'is dependent on the company having cash on hand,' which was $49,680 at the last report.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
CalTier set out to let anyone invest $500 in apartments through an app, and for five years it did, raising $7.4 million. The filings show where it went: a condominium sold at a loss, a lot that has not been built on, a Wichita building that made money, four beachfront apartments bought with debt, and a dozen small stakes in other sponsors' deals, with fees, professional costs and hard-money interest on top. The fund lost money every year, valued its own $5.00 units at $1.54, kept paying out until the cash was gone, then suspended redemptions and paused the offering. The sponsor, whose revenue is the fund's fees, stopped filing its own reports and the fund's. Through all of it the website kept the three products on display. There is no finding of wrongdoing in the record. There is a record, and it stops in 2024.
Positioning
Belongs with DiversyFund, Reiturn and Worthy among AltStreet's reviews of small retail issuers whose raise stalled and whose investors are waiting on the sponsor, and well below Streitwise, Fundrise, Arrived and Ark7, the Reg A real estate issuers that report on time and publish a NAV. The closest comparison is Reiturn: a small multifamily sponsor sold through an app, with a going-concern opinion and a reporting record that thinned out. CalTier's distinguishing facts are the 'greater of $5.00 or NAV' price against a $1.54 NAV and the delinquency at both issuers.
The Bottom Line
A retail real estate app whose one operating fund raised $7.4 million at $5.00 a unit, lost money every year, marked its NAV at $1.54, suspended redemptions and paused, while the sponsor went delinquent on its SEC reports and kept selling on the website.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Read Fund I's FY2024 Form 1-K on EDGAR (CIK 1771232, filed August 18, 2025): the MD&A, Note 2 (going concern), Note 3 (restatement), Note 5 (investments and the LP table), Note 6 (loans and convertible notes) and the statement of changes in partners' capital.
Read the February 14, 2025 amended circular for the unit price formula, the $1.54 NAV, the fee table and the redemption plan, and the August 18, 2025 Form 1-A-W.
If you hold units, ask the General Partner in writing for the NAV at December 31, 2024 and 2025, the 2025 financial statements, the redemption queue and the liquidation plan, and whether the FY2025 audit has been engaged.
If you are offered the operator's shares, the REIT or the accredited-investor note, ask for the issuer's most recent filed financial statements and decline until there are current ones.
Check EDGAR for CIKs 1771232, 1800055 and 2049680 before relying on anything on caltier.fund; the website's offering descriptions do not match the filings.
If you hold units in an IRA, ask your custodian what value it carries for them and on what basis.
Final Answer
What this means for your decision.
Finding
The fund you can read about is paused, and the units you could buy were priced at $5.00 while the fund's own NAV was $1.54
Meaning
CalTier Fund I sold units at 'the greater of $5.00 or NAV.' Its February 2025 circular reports NAV per unit of $1.54 at September 30, 2024 and says it 'does not expect its NAV per unit as of December 31, 2024 to be higher than $5.00.' The four amendments that would have kept the offering alive were never requalified and were withdrawn on August 18, 2025; the website says the offering 'is currently paused and not accepting new investments' and that the fund is 'testing the waters during requalification,' but no new Form 1-A has been filed in the fourteen months since.
Action
If you hold units, your position is worth what the fund's NAV says, not $5.00, and there is no offering to exit into. If you are considering buying, there is nothing to buy.
Finding
Redemptions are suspended, and the distributions that were paid came in loss years
Meaning
The FY2024 annual report states 'The Company is not currently accepting new redemption requests' after paying $674,706 of redemptions in 2023 and $446,852 in 2024. Distributions of $327,917 (2023) and $586,596 (2024) were paid in years when the fund lost $1,297,951 and $641,986; the fund's liquidity in 2024 came from a $2,050,000 property sale, $1,460,596 of new contributions and $2,374,500 of borrowing, with $45,616 of cash left at year-end.
Action
Treat the monthly 'Distribution Paid' entries on the performance page (which stop at April 2024) as what they were: cash returned from a shrinking pool, not income earned on it.
Finding
Both SEC reporting companies have stopped filing on time
Meaning
Fund I filed its FY2024 annual report on August 18, 2025, three and a half months late, with an audit report dated 'June __, 2025' and a going-concern paragraph, and has filed no semiannual report for 2025 and no FY2025 annual report. CalTier, Inc., the operator whose shares are still offered on the site at $6.75, filed its FY2023 annual report on November 7, 2024 (six months late), a semiannual report for June 2024 on December 12, 2024, and nothing since.
Action
A Regulation A issuer that stops reporting leaves you with no current numbers. Ask CalTier in writing for the fund's December 31, 2024 and 2025 NAV, the 2025 financial statements, and the status of the redemption plan.
Finding
The operator is a small, loss-making company whose revenue is fees from its own funds
Meaning
CalTier, Inc. reported FY2023 revenue of $149,516, all from related parties, a net loss of $1,017,930, total assets of $1,491,657 of which $1,139,953 was capitalized software, and liabilities of $1,610,397. Its three founders hold 74.6% of the voting stock; non-voting shares sold to the public at $5.00, $6.50 and $6.75 have no vote and no dividend. The company raised $206,800 and about $17,862 in two Reg CF rounds, $610,000 across Rule 506 rounds and $182,398 under Reg A in the first half of 2024, and announced a 'Series B round' in November 2024 with no filing located.
Action
Price the operator's shares as a venture bet on a company that had $49,680 of cash at June 30, 2024 and a going-concern opinion, with no liquidity and no reporting since.
Finding
The third product is a $500 million REIT that has sold nothing
Meaning
CalTier REIT I, Inc. filed a Form D on January 31, 2025 for an indefinite Rule 506(c) offering of up to $500,000,000 at a $5,000 minimum with nothing sold. The website describes monthly dividends, a 5% quarterly repurchase cap at 90% to 95% of NAV and Class A and B apartments in six states, and says 'we are Testing the Waters and not accepting live investments at this time.' No property, no capital and no periodic report exist.
Action
A REIT with no assets is a plan. Judge it by the sponsor's record with Fund I, which is the only one it has.
If you read nothing else
CalTier is a retail real estate app whose one operating product raised $7.4 million from small investors at $5.00 a unit, invested it in a condominium, a vacant lot, a Wichita mixed-use building and twelve minority stakes in other people's deals, lost money every year on file, marked its own NAV at $1.54, suspended redemptions and paused the offering, while the sponsor went delinquent on its SEC reports and kept the website selling its own shares and a $500 million REIT with no assets. Nothing in the public record is an enforcement action or a fraud finding; everything in it is a reason to read the filings before the website.
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
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Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
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Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Fund Landscape
Frameworks
Similar Platform Reviews
- Reiturn
A small app-sold multifamily sponsor with a going-concern opinion and a thin reporting record; the closest peer in size, channel and condition.
- DiversyFund
A larger Reg A real estate sponsor whose investors are also waiting on the sponsor for their capital; the category's cautionary case at scale.
- Streitwise
A Reg A REIT that files on time, publishes an appraised NAV and runs a redemption window; what the category looks like when it works.
Report Appendix
Verified Exit Data
AltStreet-sourced deal-level exit records — confidence level 4
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Report Appendix
Verified Exit Data
AltStreet-sourced deal-level exit records — confidence level 4
Report Appendix
Evidence & Methodology
8,314 cited passages on file; sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
8,314 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
8,314 supporting passages on file for CalTier and its offerings from 89 source documents, 147 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 8,314
- Source documents
- 89
- Analyst verified
- 0
- Discrepancies flagged
- 147
ASReview Evidence
Methodology
Three primary sources. (1) SEC EDGAR: CalTier Fund I, LP (CIK 1771232; circulars 2023-03-03, 2024-08-22 and 2025-02-14; 1-A-W 2025-08-18; 1-Ks FY2019 to FY2024; 1-SAs 2022 to 2024; 1-Us 2020 to 2024; 253G2s 2019 to 2024; SEC staff correspondence 2019 and 2023); CalTier, Inc. (CIK 1800055; 1-A 2023-12-15 and 1-A/A 2024-02-07; 1-K FY2023; 1-SA June 2024; Forms C, C/A, C-W, C-U and C-AR 2022 to 2023; Forms D 2020, 2022, 2023); Forms D of CalTier REIT I (2049680), CalTier IB (2044795), CALTIERAZI (1797295) and CALTIERTXI (1797352); 13 Reg A periods in AltStreet's performance ledger. (2) caltier.fund captured 2026-10-11 (86 pages). (3) Legal and complaint scan 2026-10-11: CourtListener RECAP, SEC releases, IAPD (CalTier Advisors 801-123596), App Store (3.9 of 5, 13 ratings), Google News, PR Newswire, There San Diego, FinTech Futures, Alternatives Watch; BBB and Trustpilot not retrievable. Forty-six documents loaded for extraction on AltStreet's pipeline the same day.
Scope
Issuer- and fund-level filings through the last ones made (Fund I: FY2024; the operator: June 2024) and the company's website. The twelve LP positions' underlying vehicles were not reviewed; investor counts are not disclosed for the Reg A or Reg CF offerings; no NAV after September 30, 2024 exists on file; the Prime Trust bankruptcy mention was not retrieved; the founder SPVs of 2019 have no filings after their Forms D.
Key Findings
- *Unit price and NAV (1-A POS 2025-02-14): 'The unit purchase price is equal to the greater of (i) $5.00 per unit or (ii) our net asset value ("NAV") divided by the number of units outstanding'; 'The Company most recently calculated its NAV as of September 30, 2024, at which time our NAV per unit was $1.54'; 'The Company notes that it does not expect its NAV per unit as of December 31, 2024 to be higher than $5.00'; 'As of February 14, 2025, the company has sold approximately 613,329.60 units for gross proceeds of $3,066,648 in this offering'; units outstanding 1,396,600
- *Withdrawal (1-A-W 2025-08-18): 'respectfully requests the withdrawal of its Post Qualification Amendments on Form 1-A POS (File No. 024-12056) publicly filed... on February 14, 2024, August 22, 2024, December 2, 2024, and February 14, 2025... because the Company has decided to file a new offering statement on Form 1-A'; 'none of the securities that are the subject of the Post Qualification Amendments have been sold'
- *FY2024 (1-K, dbbmckennon, report dated 'June __, 2025'): revenue $166,600; expenses $810,637 (professional fees and other $559,391; management fee $202,229; depreciation $49,017); interest expense $317,921; realized gain $300,483; net loss $641,986 (partners $630,110; non-controlling $11,876); total assets $5,340,575 (rental real estate $3,025,491; held for improvement $734,462; equity securities $1,394,909; equity method $97,467; cash $45,616; escrow $1,000; deferred offering costs $31,730); liabilities $2,942,256 (loan payable $2,322,835; advances from related parties $92,243; convertible notes $265,000; distribution payable $67,194; payables $194,984); partners' capital $2,387,154; 1,396,943 units; 'Substantial Doubt About the Partnership's Ability to Continue as a Going Concern'; 'the 2023 financial statements have been restated to correct a misstatement'
- *Partners' capital (1-K FY2024): 2023 contributions $2,861,746, capital distributions $(1,002,623), offering costs $(124,167), net loss $(1,297,951); 2024 contributions $1,460,596, capital distributions $(1,033,447), conversion of notes $550,106 (plus $20,842 NCI), offering costs $(52,936), net loss $(630,110); 'For the years ended December 31, 2024 and 2023, the company made distributions to its unitholders of $586,596 and $327,917'; 'redemptions of investors' units in the total amount of $446,852 and $674,706'; 'The Company is not currently accepting new redemption requests'
- *Cash flows 2024 (1-K): operating $(909,527); investing $(1,318,666) (rental property purchases $(3,081,830), sale proceeds $1,921,662, equity-method $(100,000)); financing: contributions $1,072,884, distributions $(576,342), borrowings $2,374,500, paydowns $(955,055), convertible notes $326,000; cash $235,560 to $45,616
- *Properties (1-K FY2024, FY2023, FY2022): The Legend, 325 7th Avenue #1101, San Diego, bought $790,000 (2021), 'sold in the second quarter of 2023 for proceeds of $784,884, net of closing costs of $84,116... realized loss of $59,817'; 154 N. Topeka, Wichita, bought June 2023, 'sold in the third quarter of 2024 for proceeds of $2,050,000, net of closing costs of $89,876, realizing a gain of $300,483'; Lake Elsinore, 36 Lakeshore Dr., 1.22 acres, bought June 2022 for $528,286, held through Reflections at Lakeshore LLC (37.83% owned, sole manager), 36-unit mixed-use plan, $264,000 loan at 15% (3% prepayment premium) extended to March 1, 2026; Imperial Beach, 1398 Seacoast Drive A-D, four units, bought October 2024 through CalTier IB LLC (96.25%), refinanced June 11, 2025 with $2,325,000 at 7.25% over 30 years (AHL Funding); Cortland Portfolio, Washington DC, 45 units, $8,700,000, $25,000 deposit December 2023, 'no longer considered probable'
- *LP positions at December 31, 2024 (1-K): RS Glenwood Investors (The Lodges at Glenwood, Provo, 194 units, 0.17%, $10,000); CC Lakewood Apts (88 units, 1.46%, $25,000); RS Raintree Investors (154 units, 0.11%, $15,000); Apple Lane Investors (75 units, 1.78%, $25,000); CC 506 South (180 units, 0.46%, $25,930); Apex Fort Worth Partners (152 units, 2.0%, $100,000); Pinpoint RVA Investors (185 units, 0.8%, $200,000); Sundance Bay Income and Growth Fund (3,987+ units, 0.4%, $100,000); Sabine Venture Investors (198 units, 0.08%, $50,000); LB Heights Partnership (Avenue Grove, 270 units, 0.8%, $200,000); RBG Hickory Fund XIX (175 units, 3.12%, $200,000); CalTier Retreat, LLC (136 units, 16.53%, $100,000, March 2024); LPRE Vue ($25,000, 0.27%, 2021; the property later sold)
- *Debt and notes (1-K FY2024; 1-A POS 2025): Yieldi loan $905,000 (2023), 'Matthew Belcher and Parker Smith personally guaranteed the Yieldi loan, and each received $8,000 pursuant to the transaction,' repaid $955,055 from the Topeka sale; CalTier IB convertible notes $265,000: '$15,000 Note: Bears 15% interest (or 20% if repaid after 90 days)... Subject to 80% default interest per annum' (since repaid); '$100,000 Note: As of the date of this report, this note is accruing $500 per diem default interest, and is past due. The noteholder has informally agreed to suspend'; 2023 convertible notes convertible into Reflections at Lakeshore equity; advances from the General Partner $92,243 'unsecured, interest-free, and repayable on demand'
- *Fees (1-A POS 2025; 1-K FY2024): 'asset management fee of three percent (3%) per year (paid in four quarterly installments) of our Net Asset Value at the end of each prior quarter, which is payable on all assets in our portfolio, including any investments acquired through debt financing'; acquisition fee 'will range from 1.0% - 2.5% per property' ($75,375 in 2024; maximum $3,168,000 at full raise and 75% leverage); disposition fee '0.5%-1.0% on the price of the property' ($8,690 in 2023); organization and offering reimbursement 'can never exceed 1.0% of the aggregate gross offering proceeds' a month ($165,000 in H1 2024); Dalmore 1% ($695,341.07 maximum) and $36,988.40 to a prior broker-dealer; asset management fees $79,539 (2023), $45,184 (H1 2024)
- *Governance (1-K FY2024): 'the limited partners may remove the General Partner by an affirmative vote of those holding a majority of interests in cases where the General Partner is convicted or found liable for an act of gross negligence or fraud which materially lowers the net asset value of the company'; profits and losses allocated 'in such manner as is determined in the sole and absolute discretion of the General Partner' (FY2022)
- *CalTier, Inc. (1-K FY2023; 1-SA June 2024; 1-A/A 2024-02-07): revenue, related parties $149,516 (2022: $72,817); SG&A $918,944; professional and legal $205,356; net loss $(1,017,930) (2022 restated $(1,606,037)); total assets $1,491,657 (capitalized software $1,139,953; receivables and advances from related parties $329,139; cash $14,319); liabilities $1,610,397 (related-party notes $598,500; notes payable $175,000; payables $836,897); June 30, 2024: cash $49,680, software $1,448,238, total assets $1,614,187, liabilities $1,593,549, working capital deficit $1,013,600, net loss H1 $(562,082), stock-based compensation $308,285; 'In 2024, the Company raised gross proceeds of $250,000 through a Regulation D offering, issuing 49,019 nonvoting shares... and $182,398 in gross proceeds through a Regulation A offering, issuing 29,578 nonvoting shares'; 'In March 2024, the Company repurchased 177,777 nonvoting shares of common stock for $20,000'; 'In March 2022, the Company repurchased 345,000 voting shares... from three members in exchange for note agreements totaling $690,000... 5% per annum... mature on February 22, 2027'; $145,000 of notes to 'seven day-one investors'; a slip-and-fall claim 'with damages alleged to exceed $2 million. The Company has agreed to settle for $5,000'; going concern; officer compensation 2023: Belcher $129,277, Smith $131,277, Hook $129,277; voting stock: Herts Investment International (Belcher) 1,785,000 (24.86%), Parker Smith 1,785,000 (24.86%), Travis Hook, LLC 1,785,000 (24.86%) of 7,179,500
- *Operator offering (1-A/A 2024-02-07): 'Up to 444,444 shares of Non-Voting Common Stock at $6.75 per share, plus an additional 35,556 shares... as Bonus Shares'; 'Minimum investment: $189 (28 shares)'; Dalmore 'to perform administrative and compliance related functions... but not for underwriting or placement agent services,' maximum commission $29,999.97; offering expenses 'approximately $180,000'; 'The Company has one wholly owned subsidiary, CalTier Advisors, LLC. CalTier Advisors is an internet investment advisor registered with the SEC'; 'CalTier is entitled to earn fees for providing management services to Fund I, including an acquisition fee of up to 2.5%... 3% of the net asset value (NAV) of Fund I at the end of each quarter, as well as construction management fees, property management fees'
- *Reg CF (Forms C, C-U): 2022: Rialto Markets, $5.00, $1,000 target, $5,000,000 maximum, '8% of amount raised as a cash commission' plus '1% of the interest sold'; C-U: 'CalTier raised $206,800 from the sale of 50,917 shares... The offering closed on April 30, 2022'; 2023: $6.50, $1,300,000 maximum, '3% cash commission, 1% equity commission'; C-U: 'The company raised approximately $17,862 from the sale of 2,748 shares'; FY2022 in the Form C: assets $665,814, revenue $72,817, net loss $(1,670,211), 3 employees
- *Forms D: CalTier Realty 2020-01-16 $100,000 of $1,000,000, 1 investor, 506(c); CalTier, Inc. 2022-08-18 $125,000 of $5,000,000, 2 investors; 2023-09-21 $135,000 of $3,000,000, 6 investors, 506(c); CalTier REIT I 2025-01-31 $0 of $500,000,000, indefinite, 506(c), $5,000 minimum, Belcher, Smith and Hook; CalTier IB 2024-11-14 $30,000 of $1,100,000, 3 investors, $10,000; CALTIERAZI 2019-12-20 $305,000 of $5,000,000, 3 investors, 506(b), $50,000; CALTIERTXI 2019-12-20 $1,032,000 of $3,000,000, 8 investors, 506(b)
- *Reporting status (EDGAR 2026-10-11): Fund I last filing 1-K FY2024 2025-08-18; no 1-SA for 2025-06-30, no 1-K FY2025, no new 1-A after the 1-A-W; CalTier, Inc. last filing 1-SA 2024-12-12; no 1-K FY2024, no 2025 reports; no 1-Z for either; CalTier REIT I: Form D only
- *SEC staff review of the 2019 Form 1-A (UPLOAD 2019-07-11, 2019-09-10, 2019-10-04; CORRESP 2019-09-20, 2019-10-07): the staff reminded the sponsor that it was 'responsible for analyzing' its Investment Company Act and Advisers Act exemptions and 'the applicability of Regulation M to your unit redemption plan'; asked three times for the mechanics of rolling closings and a subscriber's rights between subscribing and closing; and required the removal of language that an investor 'will warrant that the investor has reviewed this waiver with the investor's legal counsel, and knowingly and voluntarily waives his or her jury trial rights' and a rewrite of the exclusive-forum clause. On prior performance the sponsor answered on September 20, 2019: 'To date, neither the General Partner nor its affiliates have sponsored any projects that are funded and are operating.' The 2020, 2021 and 2022 amendments and the 2022 new offering statement drew 'no comments' or 'we do not intend to review' letters
- *CalTier, Inc. Reg CF annual reports (Form C-AR filed 2023-08-02 for FY2021, about fifteen months after the April 30, 2022 due date, with a C-AR-W the same day; Form C-AR/A filed 2023-08-28 for FY2022): FY2021 revenue $215,559, net loss $(194,933), total assets $733,583, cash $239,099; FY2022 revenue $72,817, net loss $(1,670,211), total assets $665,814, cash $85,932. The FY2022 loss was later restated to $(1,606,037) in the Form 1-K for FY2023. Fund I supplement No. 7 (253G2 2023-07-03): investments at fair value $3,463,240, loan payable $905,000, net assets $2,147,655 at June 30, 2023; 'we expect to redeem approximately 10,000 units pursuant to our share redemption plan' for the quarter
- *Legal and complaint scan (2026-10-11): no SEC litigation release or administrative proceeding, no state order, no FINRA matter, no investor suit naming any CalTier entity or founder; CourtListener 'CalTier' hits are unrelated except a document in Prime Core Technologies Inc. (Bankr. D. Del. 23-11161); IAPD: CalTier Advisors active, no disclosures; App Store 3.9 of 5 (13 ratings); BBB and Trustpilot not retrievable; r/CalTier (unofficial) feed empty to a fetch
AltStreet Data Layer
AltStreet EDGAR read of six CalTier filers, the website and the legal record (2026-10-11)
AltStreet's dataset for this platform is the EDGAR record of six CIKs (2019 to 2025) with every Fund I annual and semiannual period since FY2019 and four of the operator's reports in the performance history (16 periods), ten deal rows (the two Fund I offerings, the operator's Reg A, two Reg CF and one Reg D line, the REIT, and three founder SPVs), six filing snapshots including two realized property-level outcomes inside Fund I (The Legend, loss $59,817; 154 N. Topeka, gain $300,483), eight fee layers, and 46 documents loaded for extraction. No investor-level exit exists; the fund has not liquidated.
- Fund I raises: 024-11077 (2019 to 2023) $4,327,442 / ~865,488 units · 024-12056 (2023 to 2025) $3,066,648 / 613,329.60 units · LP contributions $733,484 (2021), $3,288,390 (2022), $2,861,746 (2023), $1,460,596 (2024) · amendments withdrawn 2025-08-18 · paused
- Fund I results: net loss $(415,999) 2021 · $(1,557,246) 2022 · $(1,297,951) 2023 restated · $(641,986) 2024 · H1 2024 $(525,365) · assets $57,727 (2019) → $5,340,575 (2024) · cash $45,616 · NAV/unit $1.54 (2024-09-30, GP) · ~$1.71 (2024-12-31, AltStreet arithmetic)
- Payouts: distributions $130,291 (2022) · $327,917 (2023) · $586,596 (2024) · redemptions $674,706 (2023) · $446,852 (2024) · 'not currently accepting new redemption requests' · performance page distributions end April 2024
- Fund I assets 2024-12-31: Imperial Beach 4 units $3.03M (CalTier IB 96.25%; $2.325M 7.25% refinancing 2025-06) · Lake Elsinore lot $734K (37.83% of Reflections; $264K at 15%) · 12 LP stakes $1.39M (cost $1.05M; 0.08% to 16.53%) · equity method $97K · exits: Legend $(59,817) 2023 · Topeka +$300,483 2024 · Cortland $8.7M abandoned
- Fees to the GP: 3% of NAV · acquisition 1% to 2.5% ($75,375 in 2024) · disposition 0.5% to 1% ($8,690 in 2023) · O&O reimbursement ≤1% of gross/month ($165,000 H1 2024) · management fee line $202,229 (2024) · Dalmore 1% · founder guarantee fees $8,000 each
- CalTier, Inc.: revenue $215,559 (2021, C-AR) · $72,817 (2022) · $149,516 (2023, related parties) · net loss $(194,933) 2021 · $(1,670,211) 2022 per the C-AR/A, $(1,606,037) restated in the FY2023 1-K · $(1,017,930) 2023, $(562,082) H1 2024 · assets $1.61M (software $1.45M) · liabilities $1.59M · cash $49,680 (2024-06-30) · raises: CF $206,800 (2022) + ~$17,862 (2023) · Reg D $100K + $125K + $135K + $250K · Reg A $182,398 (H1 2024) · founders 74.6% of voting · last filing 2024-12-12
- CalTier REIT I: Form D 2025-01-31 $500M 506(c) · $0 sold · 'Testing the Waters' · SPVs: TXI $1,032,000/8 (2019) · AZI $305,000/3 (2019) · IB $30,000/3 (2024)
- Reporting: Fund I FY2024 1-K late (2025-08-18), audit report 'June __, 2025', going concern, restated · no 1-SA 2025, no 1-K FY2025 · Inc C-AR FY2021 filed 2023-08-02 (about fifteen months late), C-AR/A FY2022 2023-08-28 · Inc 1-K FY2023 late (2024-11-07), going concern, restated · nothing after 1-SA 2024-12-12
- Legal (2026-10-11): no SEC/state/FINRA action · no investor suit · IAPD CalTier Advisors active, no disclosures · App Store 3.9/5 (13) · Prime Trust bankruptcy document mention (not retrieved)
Source: SEC EDGAR (CIKs 1800055, 1771232, 2049680, 2044795, 1797295, 1797352) + caltier.fund capture + legal scan, October 11, 2026
AltStreet Verified Data
Structured exit database - independently sourced
AltStreet's dataset for this platform is the EDGAR record of six CIKs (2019 to 2025) with every Fund I annual and semiannual period since FY2019 and four of the operator's reports in the performance history (16 periods), ten deal rows (the two Fund I offerings, the operator's Reg A, two Reg CF and one Reg D line, the REIT, and three founder SPVs), six filing snapshots including two realized property-level outcomes inside Fund I (The Legend, loss $59,817; 154 N. Topeka, gain $300,483), eight fee layers, and 46 documents loaded for extraction. No investor-level exit exists; the fund has not liquidated.
Data as of 2026-10-11. Exit status breakdown: 0 exited . 0 open . 0 unreported.
Primary Source Pages
Comparable Platforms
- Reiturn
App-sold multifamily sponsor with a going-concern opinion and thin reporting; CalTier adds a NAV published at a third of the price and delinquency at the operator too.
- DiversyFund
A Reg A real estate sponsor at larger scale whose investors wait on the sponsor; CalTier is the same pattern at $7 million.
- Streitwise
Reg A REIT with on-time reports, an appraised NAV and a working redemption window; the standard CalTier's filings show it did not meet.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
What is CalTier?
A Poway, California real estate investing app and website (caltier.fund) run by CalTier, Inc., founded in 2017 by Matthew Belcher, Travis Hook and Parker Smith. It sponsors and sells its own vehicles: CalTier Fund I, a Regulation A multifamily fund that raised $7.4 million from 2019 to 2025 at $5.00 a unit and is now paused; non-voting shares in CalTier, Inc. itself; and CalTier REIT I, a $500 million Rule 506(c) REIT that has sold nothing. CalTier Advisors, LLC, its subsidiary, is an SEC-registered internet adviser.
Is CalTier legit?
It is a real company with real SEC filings, a real app and a fund that owns real property; AltStreet found no enforcement action, state order or investor lawsuit. The filings also show that the fund lost money every year, valued its own $5.00 units at $1.54, paid distributions and redemptions in loss years, suspended redemptions, paused its offering, and that both the fund and the operator have stopped filing their required SEC reports since 2025. 'Legit' and 'a good investment' are different questions; the record answers the first and argues against the second.
What is CalTier Fund I worth per unit?
The General Partner's last calculation was $1.54 per unit at September 30, 2024, reported in the February 14, 2025 circular. From the audited December 31, 2024 balance sheet, partners' capital of $2,387,154 on 1,396,943 units is about $1.71 per unit (AltStreet's arithmetic, before the non-controlling interest). Units were sold at $5.00 throughout under a 'greater of $5.00 or NAV' formula. No NAV for any later date has been filed.
Can I redeem my CalTier Fund I units?
Not currently. The FY2024 annual report states 'The Company is not currently accepting new redemption requests.' The plan, when it operated, paid the lesser of the unit price and NAV, less a 3% discount for units held under six months and 2% under one year, and could be suspended by the General Partner without notice. The fund paid $674,706 of redemptions in 2023 and $446,852 in 2024 and had $45,616 of cash at the end of 2024. There is no market for the units.
Why is the CalTier Fund I offering paused?
The fund filed four post-qualification amendments in 2024 and 2025 to keep its second Regulation A offering (file 024-12056) open; none was requalified, and on August 18, 2025 the fund withdrew them, stating it had 'decided to file a new offering statement on Form 1-A.' No new Form 1-A had been filed by October 11, 2026. The website says the offering is 'currently paused and not accepting new investments' and that the fund is 'testing the waters during requalification.'
Does CalTier pay distributions?
Fund I paid $130,291 in 2022, $327,917 in 2023 and $586,596 in 2024, in years when it reported net losses of $1,557,246, $1,297,951 and $641,986. The website's performance page lists monthly 'Distribution Paid' entries from May 2021 through April 2024 and none after. With no 2025 report on file, AltStreet cannot say whether distributions continued. Distributions paid in excess of income are returns of investors' capital.
What does CalTier Fund I own?
At December 31, 2024: four beachfront apartment units in Imperial Beach, California (bought October 2024 through a 96.25%-owned subsidiary, carried at $3,025,491 with a $2.3 million loan, refinanced in June 2025 at 7.25% over 30 years); a 1.22-acre lot in Lake Elsinore bought in 2022 for a 36-unit development that has not started (37.83% of Reflections at Lakeshore LLC); twelve minority limited-partner stakes of $10,000 to $200,000 in other sponsors' apartment deals (carried at $1,394,909); and $45,616 of cash. It sold a San Diego condominium in 2023 at a $59,817 loss and a Wichita building in August 2024 at a $300,483 gain.
What fees does CalTier charge?
Fund I pays the General Partner (CalTier, Inc.) 3% of NAV a year, including assets bought with debt; an acquisition fee of 1.0% to 2.5% of each property's price; a disposition fee of 0.5% to 1.0% on each sale; reimbursement of organization and offering costs at up to 1% of gross offering proceeds a month; and property and construction management fees where applicable. Dalmore Group takes 1% of units sold. The management fee line was $202,229 in 2024 on a $5.3 million fund.
Is CalTier filing its SEC reports?
No. CalTier Fund I filed its FY2024 annual report on August 18, 2025 (due April 30) with an audit report dated 'June __, 2025,' and has filed no semiannual report for 2025 and no FY2025 annual report. CalTier, Inc. filed its FY2023 annual report on November 7, 2024 (due April 29) and a June 2024 semiannual report on December 12, 2024, and nothing since. Both are Tier 2 issuers required to file annual and semiannual reports.
What is the CalTier Inc Reg A Fund?
Not a fund: it is an offering of non-voting common stock in the operating company, CalTier, Inc., at $6.75 a share with a $189 minimum, qualified March 4, 2024 for up to 444,444 shares plus bonus shares (about $3 million; the website says '$50,000,000'). The company reported $182,398 sold in the first half of 2024. The shares carry no vote and no dividend. The issuer reported a FY2023 net loss of $1,017,930 on $149,516 of revenue from its own funds, a stockholders' deficit, a going-concern opinion, and $49,680 of cash at June 30, 2024, its last report.
What is CalTier REIT I?
A Maryland REIT formed by the founders that filed a Form D on January 31, 2025 for an indefinite Rule 506(c) offering of up to $500 million to accredited investors at a $5,000 minimum. Nothing had been sold at filing. The website describes Class A and B apartments in six states, monthly dividends and a repurchase plan capped at 5% of shares a quarter at 90% to 95% of NAV, and says 'we are Testing the Waters and not accepting live investments at this time.' It has no property, no capital on file and no offering document or report.
Who runs CalTier and who owns it?
Matthew Belcher (CEO), Parker Smith (CFO and COO) and Travis Hook (CIO) are the only directors and each holds 1,785,000 voting shares (24.86% each, 74.6% together) of CalTier, Inc.; the public holds non-voting shares. Each was paid about $130,000 in 2023. In March 2022 the company bought back 345,000 of their shares for $690,000 of 5% notes, of which $598,500 was outstanding at June 30, 2024. Belcher and Smith personally guaranteed a 2023 fund loan and were paid $8,000 each for it.
Has CalTier been sued or investigated?
AltStreet found no SEC, state or FINRA action and no investor lawsuit naming CalTier, Inc., CalTier Fund I, CalTier REIT I or the founders as of October 11, 2026. The only litigation the company discloses is a slip-and-fall claim it settled for $5,000. A document in the Prime Trust (Prime Core Technologies) bankruptcy mentions CalTier; its nature was not retrieved. Delinquent reporting is a compliance failure, not an enforcement finding.
How is CalTier Fund I taxed?
It is a Delaware limited partnership, so unitholders receive a Schedule K-1 with their share of income, gains, losses and deductions; distributions in excess of allocated income reduce basis. The fund holds interests in a dozen other partnerships, which affects K-1 timing. The operator's non-voting shares are C-corporation stock with no dividend. The REIT, if it ever pays, would issue Form 1099-DIV.
What should I do if I own CalTier units?
Read the FY2024 Form 1-K on EDGAR (CIK 1771232) and the February 2025 circular; ask the General Partner in writing for the NAV at December 31, 2024 and 2025, the 2025 financial statements, the status of the redemption plan and the liquidation plan; check EDGAR for any new Form 1-K, 1-SA, 1-Z or 1-A; and if you hold through an IRA, ask the custodian what value it carries. Nothing on the website replaces those filings.