Steward
Steward offers $100 access to regenerative agriculture lending with a fixed 7.5% rate and no accreditation. The tradeoff is economic: a 1.39% spread leaves little room for stress. The credit record is clean. The margin buffer is not.
What the data shows
$0 losses
Zero defaults and zero loan losses across $44M+ deployed since 2021. One small delinquency appeared and cured.
1.39%
Current gross spread between borrower rates and the 7.5% lender rate. This is the margin buffer behind the clean record.
44%
StarWalker plus Chapul Farms represent 44% of the public loan book. Concentration is the main portfolio risk.
What the data actually shows - TL;DR
The surface story is exceptional access: low minimum, no accreditation, fixed monthly interest, and zero losses. The deeper story is margin. Steward's model depends on a narrow borrower-lender spread staying wide enough to cover operating costs and credit stress.
Read this page in layers: TLDR and key stats for the surface view, data insights and risk sections for the operating reality, and the evidence layer for full source detail. Zero defaults or loan losses confirmed across all available periods.
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Quick Verdict
Is this platform right for you?
Use Steward for accessible, mission-aligned fixed income, not for institutional-style credit protection. The surface case is strong: low minimum, no accreditation, fixed monthly interest, and a clean default record. The mid-layer risk is the combination of thin spread economics, borrower concentration, and self-reported data. Best for small mission-aligned allocations; poor fit for capital that needs audited data, SEC oversight, or deep loss buffers.
Best for
- Mission-aligned lenders seeking fixed monthly income from regenerative agriculture with $100-$10,000 entry points
- Retail investors who cannot meet accreditation thresholds for other private credit platforms — Steward is the only major agriculture lending platform open to all
- Diversifiers seeking short-term (9-month) fixed-rate credit exposure with monthly liquidity via the rollover mechanism
- Direct deal lenders who want to back specific regenerative farms or food businesses with longer terms and direct project exposure
Avoid if
- You need institutional yield buffers — the 1.39% gross spread means any meaningful credit event would impair lender returns
- You require FDIC insurance, SEC oversight, or independent audit — Steward operates outside these frameworks as a promissory note lender
- You are allocating significant capital ($100K+) — concentration risk with 44% in two borrowers and self-reported financials warrant caution at scale
- You want equity upside — Steward loans return fixed interest only; no appreciation, no carried interest, no participation in borrower success
Top strengths
- Zero defaults and zero loan losses across $44M+ deployed since August 2021 — cleanest credit record in the agriculture lending space
- $100 minimum with no accreditation requirement — more accessible than any comparable private credit platform
- Monthly interest payments at fixed 7.5% APR — predictable income with no platform fees charged to lenders
- Quarterly unaudited financials and loan book disclosure since 2021 — more financial transparency than most comparable platforms
Key limitations
- 1.39% gross spread is thin — the fund operated at a loss through most of 2023 and Q1-Q2 2025 growth quarters
- No SEC registration, no Form D filings, no FDIC insurance — all capital figures self-reported and unaudited
- StarWalker + Chapul = 44% of public loan book — single adverse event in either relationship would be immediately material
- Promissory note structure means lenders have creditor rights, not investor protections — regulatory recourse is limited if issues arise
Compare Before Deciding
Where Steward 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 AcreTrader
AcreTrader
Equity farmland platform vs. Steward's debt structure. AcreTrader provides K-1 with depreciation, 1031 exchange eligibility, and equity participation in land appreciation — but requires accreditation, $15K-$25K minimum, and 5-10 year illiquid commitment. 15 AltStreet-verified exits with 9.4-30.3% actual IRR. Steward wins on accessibility and liquidity; AcreTrader wins on tax efficiency and return upside.
How this compares to FarmTogether
FarmTogether
Equity farmland platform with five product tiers ($15K crowdfunding to $20M SMA). K-1 tax benefits, 1031 eligibility (TIC structure), Moss Adams-audited Sustainable Fund. Like Steward, zero public exit disclosures for individual deals. Steward wins on accessibility ($100 minimum, no accreditation) and yield clarity (fixed rate); FarmTogether wins on product depth and tax efficiency.
How this compares to Harvest Returns
Harvest Returns
Closest direct comparable — agriculture lending platform for accredited investors. Reg D regulated (Form D filed). Fixed interest rates on agricultural loans. Higher minimums than Steward. Steward wins on accessibility (no accreditation, $100 minimum); Harvest Returns wins on regulatory oversight and SEC verification of capital flows.
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Jump Through Review
Move through the Steward review by topic instead of reading every section in order.
Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Liquidity
No secondary market exists for SRC units or direct deal participations. The terms of service acknowledge loan interests are not freely transferable. SRC withdrawal is operationally available with 3-month notice — but it depends on Steward Credit LLC's cash position, not a guaranteed redemption mechanism. Cash balance Q4 2025: $5.4M against $18.9M in SRC lender obligations — adequate liquidity buffer at current scale.
K-1 Timing
No K-1 — Steward issues 1099-INT for interest income. 1099s typically delivered by January 31 of the following year. No risk of K-1 delays or tax extension requirements.
Distributions
SRC: interest paid on the 15th of each month. First payment on the 15th of the next month after origination (minimum 30 days). Direct deals: monthly payments after deal-specific deferment period (typically 1-3 months).
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.
Steward lets retail lenders finance regenerative agriculture through two credit products: the SRC pooled fund and individual direct loan campaigns. SRC is the simple entry point: $100 minimum, 9-month promissory note, fixed 7.5% APR, monthly interest, and no accreditation requirement. Direct campaigns add project-specific exposure with varied terms, rates, collateral, and loan structures. In both cases, lenders are creditors, not equity investors or securities holders.
The skim layer is simple: fixed income, monthly payments, $100 minimum, no accreditation, zero defaults. The mid-layer is where diligence matters: thin spread economics, unaudited self-reported financials, and top-borrower concentration. AltStreet tracks 26 quarterly performance periods, 42 individual project records, and Steward Credit LLC financial statements to separate the clean credit record from the weaker margin buffer.
Fund Structure
Pooled evergreen lending fund (SRC) + individual direct loan campaigns. Lenders are creditors via promissory note, not equity holders.
SRC Terms
$100 minimum, 7.5% fixed APR, 9-month term, monthly interest payments, 3-month notice for withdrawal. +0.50% rollover premium (8.0% APR) for lenders who renew.
Direct Deal Terms
Varies by project: $100-$5,000 minimum per lender, 6.0-10.5% APR, 2-360 month terms, amortizing or interest-only, monthly repayments.
Portfolio Scale
$18.8M SRC outstanding (Q3 2025), $25.4M Steward Credit LLC total assets (Q4 2025), $37.6M raised to date (self-reported). 42 identified borrowers since 2021.
Credit Performance
0% default rate, 0% loan loss rate across all available periods. One delinquency: Avrom Farm $3,821 (Q1-Q3 2023), cured March 2023. All self-reported, unaudited.
Fund Economics
Avg borrower rate 8.89% (Q3 2025). Lender rate 7.5%. Gross spread 1.39%. Fund earned net +$3,311 in Q3 2025; -$3,992 in Q4 2025; cumulative equity -$227,638.
Concentration Risk
StarWalker RE + WC: 29.8% of public loan book ($5.6M). Chapul Farms: 20.9% ($3.93M). Top 4 borrowers each exceed 10%. Combined top-2: 44% of public portfolio.
Regulatory Status
Structured as promissory notes rather than SEC-registered securities. No Form D filings for SRC or direct campaigns. NMLS 2410860 (Steward Lending LLC). Unaudited financials.
Tax Treatment
1099-INT interest income. Simple tax reporting — no K-1, no depreciation, no 1031 exchange eligibility. IRA compatible (interest income only, no UBTI).
Unusual Loan Types
USDA B&I non-guaranteed subordinate tranches (Green Acres, Cairnspring): 27-30 year floating rate, first-loss position. NMTC transaction (Circle Seafoods): non-standard security structure.
Visual Summary
Steward vs. Key Alternatives
How Steward compares across the most relevant alternatives for retail credit investors.
Minimum
Return Type
Liquidity
SEC Oversight
Audit Status
Tax Reporting
Default Record
ASMid-Layer: What the Financial Statements Actually Show
- The fund's interest income grew from $50,852 (full year 2021) to $391,977 (Q4 2025 alone) — a 7.7x increase in quarterly run-rate driven by portfolio scale. But interest expense grew proportionally: from $32,858 (2021 FY) to $417,007 (Q4 2025), reflecting the expanding lender capital base. The net interest margin has oscillated between -$42,209 (Q2 2025, worst quarter) and +$17,994 (2021 FY, best year) — the business is still finding its equilibrium between growth and profitability.
- The Q2 2025 net loss of -$72,474 coincided with StarWalker's $5.6M being added to the portfolio — new lender capital was deployed into loans, but the interest income ramp takes time while interest expense is immediate. This structural lag during growth quarters is the primary driver of quarterly losses, not credit deterioration.
- The allowance for credit losses (reserve) has fluctuated between $72,448 (Q1 2025) and $106,649 (Q3 2025), with reserve ratio ranging from 0.35% to 0.52% of total assets. These are conservative reserves for a portfolio with zero historical losses — but they have never been tested against an actual default event.
Key Gaps & Non-Disclosures
- No income statements or balance sheets exist in the public record for 2023 or 2024 — a two-year gap in financial statement disclosure when the portfolio grew from $5.7M to $12.0M. AltStreet cannot analyze profitability trends for this period.
- SIC entity ($6.45M lender pool) appears on Steward Credit LLC's balance sheet but is not explained in any public document — its terms, lender base, loan allocation, and relationship to SRC are not disclosed.
- Lender count stopped being disclosed after October 2022 (1,025 active lenders) — the current lender base size is unknown despite $37.6M in claimed total raises.
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
No K-1 — Steward issues 1099-INT for interest income. 1099s typically delivered by January 31 of the following year. No risk of K-1 delays or tax extension requirements.
Extension risk
No extension required or expected. 1099-INT is standard reporting with standard January 31 deadline.
Confidence: High
Cash Flow
Distributions
Frequency
Monthly — SRC interest paid on the 15th of each month. Direct deal repayments monthly after deferment period.
Timing
SRC: interest paid on the 15th of each month. First payment on the 15th of the next month after origination (minimum 30 days). Direct deals: monthly payments after deal-specific deferment period (typically 1-3 months).
Consistency
Fixed rate — payments are contractual, not discretionary. SRC interest payments have been consistent since August 2021 launch. No quarters with missed or reduced payments reported in available records.
Confidence: High
Liquidity
Exit Reality
Holding period
SRC: 9-month base term with 3-month withdrawal notice after initial term. Direct deals: locked to maturity per loan agreement — no early exit mechanism disclosed.
Exit options
- SRC: Submit 3-month withdrawal notice after initial 9-month term. Steward returns principal from available cash — not a guaranteed same-day redemption.
- SRC rollover: At end of 9-month term, elect rollover at +0.50% (8.0% APR) for next 9-month period.
- Direct deals: No secondary market. Capital is locked until loan maturity, which can range from 2 months (grant reimbursement) to 360 months (B&I sub-tranche). Plan accordingly per deal.
- Steward Wallet: Interest payments accumulate here and can be transferred to bank account at any time or redeployed into new loans at $100 threshold.
Secondary market
No secondary market exists for SRC units or direct deal participations. The terms of service acknowledge loan interests are not freely transferable. SRC withdrawal is operationally available with 3-month notice — but it depends on Steward Credit LLC's cash position, not a guaranteed redemption mechanism. Cash balance Q4 2025: $5.4M against $18.9M in SRC lender obligations — adequate liquidity buffer at current scale.
Confidence: High
Investment Structures
Steward Regenerative Capital (SRC Fund)
Evergreen pooled lending fund. Lenders make 9-month loans to Steward Credit LLC at 7.5% fixed APR, paid monthly on the 15th of each month.
Minimum $100 per transaction. No accreditation required.
No platform fees. Withdrawal requires 3-month notice.
Rollover option at +0.50% (8.0% APR). Steward deploys pooled capital as short-term bridge loans to regenerative agriculture borrowers.
Security: lender agreement is with Steward Credit LLC, secured by its portfolio of borrower loans. Q3 2025: $18.8M outstanding, 11 borrowers, 29.81 month weighted avg remaining maturity.
Lender count last disclosed: 1,025 (October 2022). Structured as a promissory note rather than an SEC-registered security..
Individual Direct Loan Campaigns
Project-specific lending campaigns where lenders participate directly in loans to named borrowers. Terms vary widely: 2-360 months, 6.0-10.5% APR, $100-$5,000 lender minimum per deal.
Structures include: short-term bridge loans (most common, 3-18 months), working capital loans, inventory financing, real estate acquisition loans (48-60 month amortizing), USDA B&I non-guaranteed subordinate tranches (27-30 year floating rate), and grant reimbursement advances (1-3 months). Lender participates via Steward — not a direct lender of record relationship with the borrower.
Security varies: UCC-1, first mortgage, personal guarantee, or NMTC-structure depending on deal. Participated loan structure — Steward aggregates lender participations and issues a single loan to the borrower..
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.
Thin gross spread — 1.39% current, negative through most of 2023
The fund earns 8.89% on loans and pays lenders 7.5% — a 1.39% gross spread that must cover all operating costs, servicing, legal, credit monitoring, and any credit losses. AltStreet's analysis of quarterly financials shows the spread was negative in Q1 2023 (avg borrower rate 6.34% vs 7.5% lender rate) and remained below 0.40% through Q3 2023 as old low-rate loans matured. The fund operated at a net loss in Q1 2025 (-$17,452), Q2 2025 (-$72,474), and Q4 2025 (-$3,992). Q3 2025 was profitable (+$3,311). The business model works at scale with higher-rate borrowers; it has historically struggled during growth quarters and interest rate transitions.
44% concentration in two borrowers
StarWalker Organic Farms holds two concurrent loans totaling $5,596,500 (29.8% of public loan book): a $4,388,800 real estate loan at 9.25% APR (77.98% LTV) and a $1,207,700 working capital loan at 11.00% APR (84.90% LTV, no real estate security). Chapul Farms holds $3,930,000 (20.92%) at 8.75% APR maturing October 2026. Combined: 44% of the public Q3 2025 loan book in two borrowers, both with upcoming refinancing requirements. A single adverse event at either borrower would be immediately visible in fund performance. The StarWalker working capital loan at 84.90% LTV with no real estate collateral is the most aggressive credit structure in the active portfolio.
Promissory note structure outside SEC oversight
Steward structures all lender agreements as promissory notes rather than securities — meaning no Reg D filing requirement, no Form D on EDGAR, no SEC oversight of the offering. All capital raised figures ($37.6M to date), lender counts, and credit performance metrics are self-reported. AltStreet could not independently verify any of these figures via EDGAR. This is a deliberate structural choice with legal basis (Howey test analysis), but it means lenders have fewer regulatory protections than participants in SEC-registered alternatives. In the event of a dispute or platform failure, lender recourse is through creditor rights, not investor protection frameworks.
Structurally unusual loan types not highlighted in platform marketing
Two loan categories are materially riskier than SRC bridge loans: (1) USDA B&I non-guaranteed subordinate tranches (Green Acres Milling ~$681K, Cairnspring Mills ~$25K on balance sheet): these are first-loss subordinate positions on 27-30 year floating-rate government-program loans. The USDA guarantee covers the senior tranche only — Steward absorbs losses before USDA. Duration, rate, and loss-position risk are incomparable to the rest of the portfolio. (2) Circle Seafoods mobile barge ($117,200 + $107,143): NMTC transaction where Steward's security position differs from standard UCC-1 or mortgage — explicitly disclosed in the underwriting document as a non-standard structure. Neither of these loan types appears to be prominently flagged in the SRC performance report.
Past-maturity loans classified as current in performance reports
AltStreet identified three instances of past-maturity loans appearing in quarterly performance reports without delinquency classification: Circle Seafoods (matured 06/23/25 per Q2 2025, listed with 0 remaining term but not delinquent), Tre-Fin Day Boat Seafood original facility (matured 05/23/24, still in Q2 2024 loan book), Old Salt Co-op facility 1 (matured 07/14/23, still in Q3 2023 loan book). All were subsequently modified or extended and eventually resolved. But the pattern raises a methodological question: does Steward's 0% delinquency rate capture loans that are past contractual maturity but are being managed through informal extensions before formal modification? The answer is unclear from available data.
Spread Compression and Profitability Risk
Risk Summary
The fund's 1.39% gross spread is thin by any institutional lending standard. Historical periods where the spread went negative (2022-2023) required Steward's operating entity to absorb losses. Future interest rate decreases or rapid portfolio growth could compress the spread again.
Why It Matters
If borrower rates decrease (through loan modifications, refinancings, or market rate reductions) while lender rates remain fixed at 7.5%, the spread narrows further. At 0% spread, the fund cannot cover its operating costs from interest income alone. At negative spread, lender principal is at risk. The fund has operated at negative spread before — this is not hypothetical.
Mitigation / Verification
Review the quarterly performance reports for avg borrower interest rate trends. The rate has improved from 6.34% (Q1 2023) to 8.89% (Q3 2025) — a positive trend. Monitor whether Chapul Farms' October 2026 maturity and Tre-Fin's April 2026 maturity are successfully refinanced at current-market rates.
StarWalker + Chapul Concentration Risk
Risk Summary
Two borrowers represent 44% of the public SRC loan book. StarWalker is a California livestock and meat processing operation with $5.6M across two loans. Chapul Farms is an Oregon insect agriculture operation with $3.93M maturing October 2026.
Why It Matters
The SRC fund holds $18.8M total. If StarWalker's $5.6M experienced a 50% recovery scenario (partial loss), lenders would face approximately 15% principal impairment from that single relationship alone — before any other portfolio losses. Chapul's October 2026 maturity represents refinancing risk: if Chapul cannot refinance at that date, the fund must either extend, restructure, or absorb a loss on its second-largest position.
Mitigation / Verification
StarWalker holds Regenerative Organic Certified status, operates its own USDA-inspected processing facility, and has direct-to-consumer sales channels. The RE loan (77.98% LTV) provides real estate collateral. The WC loan (84.90% LTV, no real estate) is more exposed. Chapul's grant reimbursement loan history (fully repaid in Q4 2024) is a positive prior-relationship signal. Request current borrower financials from Steward for both before committing significant capital.
Self-Reported Data Without Independent Verification
Risk Summary
All SRC performance metrics — outstanding balance, delinquency rates, loan loss rates, lender counts, total raises — are self-reported by Steward Credit LLC. Financials are explicitly marked unaudited. No SEC Form D filings exist for independent verification via EDGAR.
Why It Matters
Unlike platforms that file Form D (enabling independent verification of capital raised and investor counts) or publish audited financials, Steward's entire data layer depends on platform-reported figures. The quarterly reports and balance sheets are meaningfully transparent — more so than many comparable platforms — but they are not independently verified. Lenders are trusting the platform's self-reporting.
Mitigation / Verification
The Wildwood Farm underwriting document (the only one reviewed by AltStreet) appears professionally prepared with detailed financial projections, DSCR analysis, and risk factor disclosures. The pattern of unaudited financial statements going back to 2021 provides a time-series for anomaly detection. But independent verification does not exist. Size positions accordingly.
Biggest Misconceptions & What Actually Happens
- Confirm whether your SRC loans are covered by the SRC lender pool or the SIC entity pool — the two pools have different loan exposure despite appearing on the same balance sheet.
- For direct deal participation, review the individual loan agreement for collateral type, lien position, and security structure — NMTC and B&I sub-tranche deals have materially different risk profiles than standard UCC-1 bridge loans.
- Ask Steward directly: what is the current lender count and total capital outstanding? The last disclosed figure was 1,025 lenders in October 2022.
- The 3-month notice withdrawal from SRC does not guarantee liquidity — it requires Steward to have sufficient cash to honor the withdrawal. Review the cash balance trend: $2.9M (Q3 2025), $5.4M (Q4 2025). Adequate at current scale.
- Rollover at +0.50% (8.0% APR) is worth evaluating — if you plan to stay in the fund beyond the initial 9 months, the rollover premium improves yield materially.
Regulatory & Legal Posture
Security Status
Promissory Note Structure — No SEC Registration or Form D Filing
Steward has structured all lender agreements as promissory notes rather than securities. Under the Howey test, Steward's legal analysis concludes the lender relationship does not constitute an investment contract requiring SEC registration.
AltStreet confirmed no Form D filings exist for Steward Credit LLC, Steward Regenerative Capital, or any individual deal campaigns via SEC EDGAR. The parent company equity raises — Use Steward Inc.
(CIK 0002071749, $11.9M equity raise, 18 sophisticated investors, June 2025) and Steward Holdings (US) Inc. (CIK 0001826666, $1.5M equity raise, 3 sophisticated investors, July 2025) — are separate company-level equity rounds, not retail lending products.
Lender of record: Steward Lending LLC (NMLS 2410860). Platform operator: Steward Technologies LLC.
Fund vehicle: Steward Credit LLC. HQ: 228 Park Ave S #41153, New York, NY 10003..
Disclosure Quality
Moderate-High. Steward publishes quarterly performance reports (2021-present), quarterly balance sheets and income statements (2021-2022, 2025), individual project pages with loan terms and use of funds, and underwriting analyses for select deals. No independent audit. No SEC filing. The financial transparency is above-average for a non-registered lending platform — but lenders should understand it is self-reported.
Custody Model
Promissory Note to Steward Credit LLC — Portfolio Security (Not Asset-Specific)
Regulatory Backing
SRC lender agreements are made with Steward Credit LLC, which pools lender capital and deploys it as loans to agricultural borrowers. The lender's security is Steward Credit LLC's overall loan portfolio — not any specific underlying farm or business.
Individual direct deal participations are made through Steward's participated loan structure, where multiple lenders participate in a single loan originated by Steward Lending LLC. Collateral varies by deal: first-priority UCC-1 financing statements, first mortgage on real property, personal guarantees, and in some cases NMTC or B&I program-specific structures.
Repayments are deposited monthly to the Steward Wallet, withdrawable to bank account. ACH payment processing via Dwolla.
No SIPC protection — private lending, not brokerage..
Tax Treatment
Reporting
1099-INT (Interest Income)
Steward issues 1099-INT for interest income earned on SRC fund loans and individual direct deal participations. Simple reporting — interest income, no K-1, no pass-through complexity. Tax reporting is straightforward compared to equity-based platforms (K-1, depreciation, passive activity rules).
Income Character
Ordinary Interest Income
All income from Steward — SRC fund and individual deals — is interest income taxed as ordinary income. The lender-borrower relationship means lenders earn interest, not equity returns, rental income, or capital gains.
No depreciation deductions, no 1031 exchange eligibility, no estate planning advantages associated with direct agricultural land ownership. Simple and clean for tax purposes: interest earned = ordinary income reported on 1099-INT..
Limitation
No tax advantages available. Interest income is fully taxable at ordinary income rates (up to 37%). No depreciation shelter, no 1031 exchange, no estate planning benefits. For high-income investors, after-tax yield at 37% bracket is approximately 4.7% net — comparable to some taxable bonds at lower risk levels.
Special Considerations
- IRA compatibility: Interest income only (no UBTI from leverage) makes Steward fully compatible with traditional IRAs, Roth IRAs, and HSAs — one of the few private credit platforms with no IRA complications. The simple 1099-INT structure eliminates the UBTI concerns that affect leveraged real estate funds.
- State tax: Interest income is taxable in most states. No special agricultural income treatment applies since lenders are not direct land or business owners.
- Reinvestment: Steward Wallet allows automatic reinvestment of interest payments into new loans once $100 threshold is met — enables compounding within the platform without additional tax events until withdrawal.
- Net interest income: The 7.5% APR is the gross rate — no platform fees are deducted from lender returns. 7.5% is the actual lender yield, not a pre-fee figure.
Account Suitability
Taxable
Appropriate. Simple 1099-INT reporting. Full ordinary income tax applies — most efficient for investors in lower tax brackets or those with tax losses to offset interest income.
Roth IRA
Well-suited. Interest income with no UBTI — one of the cleanest private credit products for Roth IRAs. Tax-free compounding at 7.5-8.0% over time is meaningful for long-term Roth holders.
Traditional IRA
Well-suited. No UBTI complications. Interest income defers tax until withdrawal. Compatible with self-directed IRA custodians who support promissory note lending.
HSA
Compatible. No UBTI, simple income structure. Unusual use case but no structural barriers. Verify HSA custodian supports alternative lending instruments.
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AltStreet Data Layer
What the data actually shows
Mid-layer findings from 26 quarterly performance periods and 8 financial statement periods. These are the five datapoints that matter most before sizing a Steward allocation.
Zero defaults across $44M+ and 4+ years
AltStreet confirmed zero defaults, zero loan losses, and one delinquency ($3,821 on a $7,700 Avrom Farm loan, cured March 2023) across all available performance report periods from August 2021 through Q3 2025.
What this means
The credit record is genuine and sustained — not a single-quarter anomaly. But the portfolio is young and the credit cycle untested at current scale. The 0% rate is a starting point, not a guarantee.
Gross spread was negative through most of 2023
AltStreet calculated the gross spread (avg borrower rate minus 7.5% lender rate) from quarterly performance data: -1.16% in Q1 2023, crossing positive only in Q2 2023 (0.19%) as old low-rate loans matured. The spread only exceeded 1.0% in Q4 2024. Current: 1.39% (Q3 2025).
What this means
The fund operated underwater through most of its early history. The positive trend is real — but lenders should understand the business model was unprofitable for over a year.
Top-2 concentration peaked at 44% of public loan book
StarWalker (23.36%) + Chapul Farms (20.92%) = 44.28% of the Q3 2025 public SRC loan book. This concentration has been building since Q2 2025 when StarWalker was added. Chapul matures October 2026 — refinancing event incoming.
What this means
A single adverse event at either borrower would be immediately material. This is the primary portfolio risk — more significant than any other factor in the current loan book.
Deal size grew 5.5x from 2021 to 2025 vintage
Average deal size: $370K (2021 vintage, 9 deals) to $2.06M (2025 vintage, 7 deals). The platform has shifted from small community farms to mid-market food businesses (StarWalker $5.6M, Cottonwood $3.85M, Barnana $1.85M).
What this means
Different risk profile than early portfolio. Larger deals mean fewer borrowers and higher per-borrower concentration. The credit characteristics of the current portfolio are materially different from the credit history that generated the 0% default rate.
Fund carried negative equity through Q4 2025
Steward Credit LLC total equity: -$227,638 as of Q4 2025 (unaudited). Result of cumulative quarterly losses from spread compression in 2022 and rapid growth quarters in 2025. Q2 2025 worst quarter: -$72,474 net loss.
What this means
The fund has never accumulated retained earnings as a loss buffer. Any credit loss flows directly to lender principal impairment without equity cushion. This is not a current crisis — but it is a structural characteristic lenders should understand.
Data as of 2026-05-04 . AltStreet review evidence layer . Public-source analysis
Decision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Mission-Aligned Retail Lenders
Steward's $100 minimum with no accreditation requirement makes it genuinely accessible to anyone wanting fixed income exposure to regenerative agriculture. For mission-aligned lenders who want monthly income, transparent project visibility, and direct support for specific farmers and food businesses, Steward is purpose-built.
The 7.5% fixed APR is competitive for a no-minimum, no-fee retail product. The 1099-INT simplicity and IRA compatibility make it administratively straightforward.
Best suited for lenders who understand this is a mission product with thin institutional margins — not an investment optimized for risk-adjusted returns..
IRA Investors Seeking Fixed Income
Steward is one of the few private credit platforms with clean IRA compatibility. Interest-only income, no UBTI, no leveraged real estate pass-through complications.
Traditional IRA lenders benefit from tax deferral on 7.5-8.0% annual interest. Roth IRA lenders benefit from tax-free compounding.
Simple 1099-INT reporting eliminates K-1 complexity. Self-directed IRA custodians that support promissory note lending can accommodate Steward participation.
The no-minimum structure allows IRA allocation without large capital commitment..
Small Portfolio Diversifiers ($10K-$100K)
Neutral fit because the portfolio economics are ambiguous at this scale. For a $50K allocation, 7.5% generates $3,750 annually — meaningful as a mission-aligned fixed income sleeve.
But concentration risk (44% in two borrowers, self-reported data, thin spread) means this should not be treated as a conservative credit allocation. At $50K, the SRC fund provides the right level of diversification across the portfolio's ~11 borrowers.
Direct deal participation at this scale concentrates too much in individual names. Neutral — good for a small mission sleeve, concerning as a primary fixed income allocation..
Yield-Optimizing Credit Investors
Poor fit for investors optimizing for risk-adjusted credit returns. The 7.5% lender rate is below what comparable private credit strategies deliver (9-12%+ for direct agricultural lending, 8-10% for similar credit profiles on regulated platforms).
The thin 1.39% gross spread means lenders are subsidizing Steward's operating model. No equity participation, no upside beyond fixed interest.
No SEC oversight, no independent audit, no Form D verification. Investors optimizing credit returns should compare against Harvest Returns, Acorn Impact, or direct agricultural debt funds before committing..
Large Capital Deployers ($500K+)
Poor fit for significant capital deployment. At $500K into SRC, a single borrower failure (44% in two names) could impair $150K-$220K in principal — unacceptably concentrated for institutional-scale capital.
Self-reported unaudited financials become materially concerning at larger scale. No Form D verification means no independent capital confirmation.
The 3-month notice withdrawal mechanism is operationally adequate for small lenders but creates liquidity management complexity at institutional scale. Large-capital deployers seeking agriculture credit exposure should work with regulated direct lending funds, USDA-backed programs, or institutional agriculture lenders with full audit trails..
Non-Accredited Investors Seeking Private Credit
Steward is one of the only private credit platforms accessible to non-accredited investors — and the only major agriculture lending platform in this category. The $100 minimum, no-accreditation structure, fixed monthly interest, and 1099-INT simplicity make it uniquely accessible.
For non-accredited investors who want fixed income exposure to an alternative asset class without minimum investment barriers, Steward is the clearest option in the regenerative agriculture space. The mission alignment, borrower transparency, and project-level visibility add non-financial value that many non-accredited investors appreciate.
Risk caveat: thin spread and concentration risk apply equally regardless of lender size..
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Fixed Rate Simplicity vs. Equity Upside
Steward lenders earn fixed interest — 7.5% on the SRC fund, 6-10.5% on direct deals. There is no equity participation, no appreciation sharing, no carried interest.
If Wildwood Farm's revenue grows 152% as projected, or if StarWalker's ROC brand achieves national distribution, Steward lenders receive the same fixed rate regardless. Farmland equity platforms (AcreTrader, FarmTogether) offer the opposite: illiquid capital at risk, but equity participation in appreciation and sale proceeds.
For investors seeking inflation protection and appreciation participation, Steward's fixed rate structure is the wrong instrument..
Accessibility vs. Regulatory Protection
The $100 minimum and no-accreditation structure is Steward's most distinctive feature. The tradeoff is operating entirely outside SEC oversight — no Form D filings, no mandatory disclosure standards, no Regulation D investor protections, no EDGAR verification.
Platforms operating under Reg D (Harvest Returns, AcreTrader) provide independent SEC verification of capital raised and investor counts. Steward's self-reported figures cannot be verified.
For small lenders comfortable with mission-based trust, this is acceptable. For capital that requires regulatory assurance, it is not..
Monthly Income vs. Concentration Risk
Steward's fixed monthly interest payments — predictable, contractual, simple — are a genuine advantage over equity platforms with annual discretionary distributions. The tradeoff is portfolio concentration: 44% of the SRC loan book in two borrowers.
Monthly income continues until it doesn't — and a single significant default event would interrupt it sharply. The predictability of monthly payments should not be confused with low credit risk in the underlying portfolio..
SRC Fund Liquidity vs. Direct Deal Concentration
The SRC fund provides the best practical liquidity (3-month notice, portfolio diversification across ~11 borrowers) but lenders have no control over which borrowers receive their capital. Direct deals give lenders project selection — you can back Old Salt Co-op or Wildwood Farm specifically — but create single-borrower concentration in individual lender portfolios.
The optimal approach for most lenders is SRC fund for core allocation (diversification, liquidity) and selective direct deal participation for mission-specific exposure, not as the primary allocation..
No Platform Fees vs. Thin Spread Economics
Steward charges no fees to lenders — the stated 7.5% is the actual yield, not a pre-fee number. This is genuinely differentiated from platforms that charge 0.5-2% annual management fees reducing net returns.
The tradeoff is that Steward's revenue model depends entirely on the borrower-lender spread — and that spread has been thin, sometimes negative. The no-fee structure to lenders means lenders benefit more directly from the gross rate, but they also bear more of the consequences if the spread model fails to cover platform costs..
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.
Investors Requiring SEC Oversight or Independent Audit
Steward operates entirely outside Reg D as a promissory note lender. No Form D filings exist.
Financials are explicitly unaudited. If your investment policy requires SEC-registered offerings, FINRA-regulated platforms, or independently audited financials, Steward does not meet that standard.
Consider Harvest Returns (Reg D) or publicly-traded agriculture REITs (SEC-registered, audited) instead..
Capital Preservation-Focused Investors
Steward loans are not FDIC-insured, not guaranteed by any government agency, and are not principal-protected. The 0% default rate is a strong record but is self-reported and unaudited.
The thin 1.39% gross spread means any significant credit loss could impair principal. Investors requiring capital preservation should use FDIC-insured instruments, Treasury securities, or money market funds — not unsecured promissory notes to a lending platform..
Large Capital Deployers Seeking Scaled Private Credit
At $500K+, concentration risk becomes unacceptable. 44% of the loan book in two borrowers means a single significant default could impair $150-220K of a $500K position.
Self-reported data without independent verification is insufficient at institutional scale. No Form D means no EDGAR verification of capital flows.
Large-scale private credit allocation requires regulated platforms, full audit trails, and institutional underwriting standards — Steward's self-reporting and promissory note structure are not adequate for this purpose..
Investors Seeking Equity Upside or Tax Advantages
Steward is a debt product — fixed interest income, taxed as ordinary income. No depreciation deductions, no 1031 exchange eligibility, no equity participation in borrower success, no estate planning benefits.
Investors seeking the tax advantages of direct agricultural land ownership (K-1, depreciation, 1031 exchanges) should use AcreTrader, FarmTogether, or direct farmland acquisition. The 1099-INT simplicity is an advantage for some; for tax-optimizing investors, it is a limitation..
Investors Anchoring to the 0% Default Rate Without Context
Steward's 0% default rate is genuine — zero loan losses across $44M+ deployed since 2021. But the portfolio is young: most significant active loans (StarWalker, Cottonwood, Home Place Pastures) were originated in 2024-2025 with 2026-2030 maturities.
The credit cycle has not been tested against meaningful agricultural downturn at current portfolio scale. Investors treating the 0% rate as a permanent characteristic rather than an early-portfolio result should recalibrate their expectations..
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
Steward has built something genuinely unusual: a fixed-rate agriculture lending platform accessible to anyone with $100 and no accreditation requirement, with zero defaults and zero loan losses across four years and $44M+ deployed.
The economics tell a more nuanced story. The fund was technically underwater through most of 2023 — earning less from borrowers than it was paying lenders. The gross spread of 1.39% is thin by any institutional measure. The portfolio is now 44% concentrated in two borrowers. Financials are self-reported and unaudited. No SEC oversight exists.
None of this is hidden. Steward publishes quarterly performance reports, balance sheets, and income statements going back to 2021 — more financial transparency than most comparable platforms. The operating history is real. The credit record is real.
What Steward is asking lenders to accept: mission-aligned fixed income at below-institutional margins, with thin spread economics, concentrated credit exposure, and self-reported data. For small mission-aligned lenders who understand this framing, it is a reasonable proposition. For capital that requires institutional risk-adjusted returns, independent verification, or principal protection, it is not.
Positioning
Most compelling for mission-aligned retail lenders ($100-$50,000 range) who want fixed monthly income from regenerative agriculture, IRA investors seeking clean fixed income without UBTI complications, and non-accredited investors who have no other pathway into private agriculture credit. The 7.5% fixed rate with no fees, monthly payments, and transparent project disclosure makes the value proposition clear. The appropriate mental model: this is a mission-aligned fixed income instrument with thin institutional economics and concentrated credit exposure — price it accordingly. Compare carefully against Harvest Returns for regulated agriculture lending, and against USDA-backed community lending programs for non-accredited borrowers seeking maximum security.
The Bottom Line
Steward has the cleanest credit record in regenerative agriculture lending.
The margin buffer behind that record is thin enough that the first significant loss will test the entire model.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Start with SRC fund, not direct deals.
The pooled fund provides ~11-borrower diversification, monthly liquidity via 3-month notice, and the simplest entry point. Direct deal participation concentrates risk in individual names — appropriate only as a supplement to SRC exposure.
Size the position relative to the concentration risk.
At 44% in two borrowers, a $10,000 SRC position has approximately $4,400 of indirect exposure to StarWalker and Chapul alone. Model what a 50% recovery on either would mean for your position before committing.
Review the quarterly performance reports before investing.
Steward publishes them going back to 2021 at gosteward.com. The spread compression history (negative gross spread through 2023), the past-maturity loan patterns, and the Q2 2025 net loss of -$72,474 provide more context than the platform homepage.
Understand the withdrawal mechanics before assuming liquidity.
The 3-month notice is contractual, but it depends on Steward Credit LLC's cash position. Q4 2025 cash balance was $5.4M against $18.9M in SRC obligations — a reasonable buffer, but not a guarantee. Do not plan to withdraw at a specific date without confirming cash availability.
Evaluate the rollover premium seriously.
If you plan to stay in SRC beyond the initial 9 months, the +0.50% rollover premium (8.0% APR) improves your yield meaningfully over time. Factor this into your net return expectation.
For direct deal participation, read the loan terms document on each project page — not just the overview. The Barnana deal discloses tariff risk and DSCR stress testing. The Circle Seafoods barge discloses NMTC non-standard security. The Green Acres B&I page discloses floating rate and subordinate position. These details matter.
Confirm 1099-INT delivery timing with Steward before your first January filing deadline — the platform should issue 1099s by January 31, but confirm with customer service if you have a strict filing schedule.
Do not treat this as a substitute for FDIC-insured savings or Treasury income.
Steward pays more than savings accounts because it takes credit risk on agricultural businesses. That risk is real — currently 0% realized loss, but not 0% theoretical loss.
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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.
Explore Asset Class
Private CreditSimilar Platform Reviews
- AcreTrader
Equity farmland platform vs. Steward's debt structure. AcreTrader provides K-1 with depreciation, 1031 exchange eligibility, and equity participation in land appreciation — but requires accreditation, $15K-$25K minimum, and 5-10 year illiquid commitment. 15 AltStreet-verified exits with 9.4-30.3% actual IRR. Steward wins on accessibility and liquidity; AcreTrader wins on tax efficiency and return upside.
- FarmTogether
Equity farmland platform with five product tiers ($15K crowdfunding to $20M SMA). K-1 tax benefits, 1031 eligibility (TIC structure), Moss Adams-audited Sustainable Fund. Like Steward, zero public exit disclosures for individual deals. Steward wins on accessibility ($100 minimum, no accreditation) and yield clarity (fixed rate); FarmTogether wins on product depth and tax efficiency.
- Harvest Returns
Closest direct comparable — agriculture lending platform for accredited investors. Reg D regulated (Form D filed). Fixed interest rates on agricultural loans. Higher minimums than Steward. Steward wins on accessibility (no accreditation, $100 minimum); Harvest Returns wins on regulatory oversight and SEC verification of capital flows.
Report Appendix
Evidence & Methodology
Sources, scope, and how the review was assembled
+
Report Appendix
Evidence & Methodology
Sources, scope, and how the review was assembled
ASReview Evidence
Methodology
Platform analysis combining Steward public materials + 26 quarterly performance reports (August 2021 through Q3 2025) + quarterly balance sheets and income statements (2021 FY, Q1-Q3 2022, Q1-Q4 2025) + 42 individual project page records + one full underwriting analysis (Wildwood Farm / Cedar Creek Ecofarm) + NMLS public records + SEC EDGAR Form D search (confirmed no SRC or deal campaign filings) + AltStreet database analysis (fund_quarterly_metrics, fund_loan_book_snapshots, fund_quarterly_financials, deals tables, 26 quarterly periods, 42 deal records)
Scope
gosteward.com public website + all accessible project pages + quarterly performance reports (PDF) + quarterly financial statements (PDF) + NMLS public registry + SEC EDGAR company search + AltStreet database covering Q1 2023-Q3 2025 loan book snapshots, Q1 2023-Q3 2025 quarterly metrics, Q1-Q4 2025 financial statements
Key Findings
- *AltStreet analysis of 26 quarterly performance periods (Aug 2021-Q3 2025): outstanding balance grew from zero to $18.8M. Avg borrower rate increased from 6.34% (Q1 2023) to 8.89% (Q3 2025). Gross spread expanded from -1.16% (Q1 2023) to +1.39% (Q3 2025). Zero defaults, zero loan losses, one delinquency ($3,821 Avrom Farm, cured Q3 2023) across all available periods.
- *AltStreet analysis of 8 quarterly financial periods (2021 FY, Q1-Q3 2022, Q1-Q4 2025): fund earned net +$17,994 (2021 FY), turned negative in Q2 2022 (-$1,508), continued losses Q3 2022 (-$14,377), Q1 2025 (-$17,452), Q2 2025 (-$72,474), returned to profit Q3 2025 (+$3,311), slight loss Q4 2025 (-$3,992). Cumulative equity -$227,638 as of Q4 2025.
- *AltStreet analysis of fund_loan_book_snapshots (Q1 2023-Q3 2025): concentration risk peaked at Chapul Farms 32.82% in Q4 2024. StarWalker added in Q2 2025 at 23.35% (RE) + 6.43% (WC) = 29.78%. Combined top-2 concentration as of Q3 2025: 44.28% (StarWalker 23.36% + Chapul 20.92%).
- *SEC EDGAR confirmed: No Form D filings for Steward Credit LLC, Steward Regenerative Capital, or any individual deal campaigns. Two company-level equity raises found: Use Steward Inc. (CIK 0002071749, $11.9M, 18 sophisticated investors, June 2025) and Steward Holdings (CIK 0001826666, $1.5M, 3 sophisticated investors, July 2025) — not retail lending products.
- *Vintage analysis of 42 ingested deals: 2021 vintage avg yield 7.44% (9 deals, all exited); 2022 vintage avg yield 6.66% (8 deals, all exited, lowest rate vintage); 2025 vintage avg yield 8.76% (7 deals, none exited, $14.4M active). Deal size grew from $370K average (2021) to $2.06M average (2025) — 5.5x increase in average deal size over 4 years.
- *Wildwood Farm underwriting document: DSCR 11.30x average monthly over loan term (10% contingency). LTV 77.71% weighted. Property purchase price $1,007,000. Monthly payment $7,810.41 fully covered by Cedar Creek/Wildwood lease at $8,000/month. Revenue growth 152%+ over 5 years. Strongest underwriting metrics of any reviewed Steward deal.
Primary Source Pages
Comparable Platforms
- AcreTrader
Equity farmland platform vs. Steward's fixed-rate debt. AcreTrader: accredited only, $15K-$25K minimum, K-1 tax benefits, 1031 eligibility, 5-10 year illiquid, 15 AltStreet-verified exits (9.4-30.3% actual IRR). Steward: no accreditation, $100 minimum, 1099-INT, monthly income, 3-month withdrawal notice. Different products serving different needs.
- FarmTogether
Equity farmland platform with five tiers. AltStreet tracks 44 Form D offerings totaling $148M raised. Moss Adams-audited Sustainable Fund. No public exit disclosures like Steward. Steward: far more accessible ($100 vs. $15K+ minimum), fixed income vs. equity appreciation, simpler tax treatment. FarmTogether: tax efficiency, product depth, higher potential returns.
- Harvest Returns
Closest comparable — agriculture lending for accredited investors. Reg D regulated with Form D filings on EDGAR. Higher minimums and accreditation requirement vs. Steward. Steward: accessibility and no-fee structure. Harvest Returns: regulatory oversight, SEC verification, investor protections.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
What is Steward and how does it work?
Steward is a community lending platform connecting retail lenders with regenerative agriculture businesses. It offers two products: (1) Steward Regenerative Capital (SRC) — an evergreen fund where lenders make 9-month loans at 7.5% fixed APR, and Steward pools the capital to make short-term bridge loans to farms, fisheries, and food businesses; and (2) Individual direct deal campaigns where lenders participate in specific project loans at various rates and terms. Lenders are creditors via promissory note — not investors in securities. No accreditation required. Minimum $100. Monthly interest payments. NMLS-registered lender of record: Steward Lending LLC (NMLS 2410860).
Is Steward regulated by the SEC?
No. Steward structures all lender agreements as promissory notes rather than securities, which means no SEC registration or Form D filing is required. AltStreet confirmed via SEC EDGAR that no Form D filings exist for Steward Credit LLC, Steward Regenerative Capital, or any individual deal campaigns. The only SEC filings found are company-level equity raises (Use Steward Inc., $11.9M equity round; Steward Holdings, $1.5M equity round) — not the retail lending products. Steward Lending LLC is NMLS-registered (2410860). All capital figures are self-reported and unaudited.
What is the default and loan loss history on Steward?
AltStreet tracked 26 quarterly performance periods from August 2021 through Q3 2025. The record: zero defaults, zero loan losses, one delinquency. The single delinquency was Avrom Farm — $3,821 on a $7,700 egg production loan, past-due 90+ days in Q1-Q3 2023, cured March 2023 and fully repaid by Q4 2023. Delinquency rate peaked at 0.07% (Q1 2023). All figures are self-reported and unaudited — no independent verification via SEC or audit available.
How does the SRC fund's 7.5% interest work?
Lenders make 9-month loans to Steward Credit LLC at 7.5% fixed APR. Interest is paid monthly on the 15th — the first payment arrives on the 15th of the month following origination. At the end of the 9-month term, lenders can withdraw with 3-month notice or roll over at +0.50% (8.0% APR). No platform fees are deducted — 7.5% is the actual lender yield. Steward's revenue comes from the spread between what agricultural borrowers pay (averaging 8.89% in Q3 2025) and what lenders receive (7.5%). Tax reporting: 1099-INT, simple interest income.
What is the concentration risk in the SRC fund?
As of Q3 2025, two borrowers represent 44% of the public SRC loan book: StarWalker Organic Farms (29.8% across two loans — $4.4M real estate and $1.2M working capital) and Chapul Farms (20.9%, $3.93M). Four borrowers individually exceed 10% of the portfolio. This is the primary credit risk in the fund — a single significant adverse event at either top borrower would be immediately material to fund performance. Chapul Farms matures October 2026, representing a near-term refinancing event to monitor.
How does SRC fund withdrawal work?
After the initial 9-month loan term, lenders can submit a withdrawal notice requiring 3 months of notice. Steward returns principal from available fund cash — it is not a guaranteed same-day redemption. The Q4 2025 cash balance was $5.4M against $18.9M in SRC lender obligations — a reasonable operational buffer. Do not plan for a specific withdrawal date without confirming cash availability with Steward. Interest continues during the notice period. The rollover option at +0.50% (8.0% APR) is available as an alternative.
What taxes do I owe on Steward income?
Steward issues 1099-INT for all interest income — both SRC fund and direct deal participation. Interest is taxed as ordinary income at your marginal rate (up to 37%). No K-1, no depreciation, no capital gains, no 1031 exchange eligibility, no UBTI complications. This makes Steward simple for tax purposes and compatible with IRAs (traditional, Roth, and self-directed) without the UBTI issues that affect leveraged real estate funds. After-tax yield at 37% bracket: approximately 4.7% net on the 7.5% rate.
What are the USDA B&I loans in Steward's portfolio?
Two active loans in Steward's portfolio are USDA Business & Industry (B&I) non-guaranteed subordinate tranches: Green Acres Milling ($1.1M page amount, 30-year term, floating rate quarterly, 8.75% initial APR) and Cairnspring Mills ($622K, 27-year term, floating rate, 7.35% initial APR). These are structurally the highest-risk loans in the portfolio: Steward holds the unguaranteed subordinate portion (first-loss position), while the USDA guarantee covers only the senior tranche. Long duration (27-30 years), floating rate exposure, and subordinate position make these materially different from the typical short-term bridge loans. They are not prominently highlighted in SRC performance reports.
How does Steward compare to AcreTrader or FarmTogether?
Fundamentally different products. Steward is a debt instrument — fixed 7.5% interest, 1099-INT, no accreditation, $100 minimum, monthly payments, 9-month terms. AcreTrader and FarmTogether are equity instruments — accredited investors only, $15K-$50K+ minimums, K-1 with depreciation, 5-10 year illiquid commitments, equity participation in land appreciation. Steward wins on accessibility, income predictability, and IRA compatibility. AcreTrader and FarmTogether win on tax efficiency (depreciation, 1031 exchanges), return potential (equity upside), and SEC oversight (Form D filings enabling EDGAR verification). Choose based on whether you want fixed credit income or equity real asset exposure.
Is Steward safe for non-accredited investors?
Steward is legally open to non-accredited investors — it is the only major agriculture lending platform in this category. But 'safe' depends on your definition. The promissory note structure means you have creditor rights without SEC investor protections. The credit record is clean but self-reported and unaudited. The fund carries negative cumulative equity (-$227,638) as a result of spread compression. Concentration in two borrowers (44% of loan book) creates meaningful portfolio risk. For non-accredited investors who want regenerative agriculture exposure with fixed income, Steward is the clearest option — but it should represent a small, mission-allocated portion of a diversified portfolio, not a primary savings mechanism.