Streitwise Review 2026: Is the 1st stREIT Office REIT Still Paying?
Streitwise is the consumer brand for 1st stREIT Office Inc., a nine-year-old Reg A Tier 2 office REIT with a genuinely simple 2% fee, no litigation and no going-concern qualification, whose NAV per share has fallen 31.5% from its 2021 peak and whose quarterly dividend is 84% below its opening rate, while the marketing site still headlines an 8.3% average yield computed on data that stops in 2024.
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What the data actually shows - TL;DR
Streitwise does several things that non-traded REITs usually do badly: one flat 2% fee with no acquisition, disposition or promote layer, continuous Reg A qualification for nine straight years, clean audits from a national firm, a functioning quarterly redemption plan, and no litigation. What it has not done is grow.
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Both capital value and current income have deteriorated materially: NAV per share is down 31.5% from its June 2021 peak and the quarterly dividend is 84% below its opening rate, with the issuer's own July 2026 filing putting the current yield at 2.3%, or 1.6% for anyone who bought at the $10.00 launch price. Whether an individual shareholder is ahead depends entirely on vintage. On AltStreet's reconstruction of the declared dividends, a launch investor has received $6.01 per share against a $10.00 cost and holds shares marked at $6.96, a simple cumulative return of about +29.7% over nine years, or roughly 3.0% a year before compounding.
An investor who bought at the $10.16 peak in June 2021 has received $2.46 and is at about negative 7.3%. Meanwhile the portfolio is three suburban office buildings, two of them in the same Indiana town, and the public shareholders own roughly a third of the equity: at March 31, 2026 noncontrolling interests were $26.1M of $38.7M total equity, and NAV per share is calculated after excluding them.
The manager-calculated NAV per share, which is also the purchase price, from its June 2021 peak to the price effective July 1, 2026, a 31.5% decline, read from the 253G2 pricing supplements. No market sets this number. NAV is computed quarterly by SW Manager, LLC from capitalization rates and comparable sales, with independent appraisals obtained only 'in certain instances' per the supplement's own language.
The gap between the opening quarterly dividend of $0.25 and the current $0.04, read from the board's declarations in the Form 1-U filings. The path is not a straight line: $0.25 through 2019, $0.21 through 2022 Q2, then $0.17, $0.13, $0.11 and $0.09 into 2023, a recovery to $0.11 and $0.13 across 2024, and a collapse to $0.03 in 2025 Q1 and $0.04 since. The issuer states the resulting yield itself: 2.3% annualized at $6.96, and 1.6% for an investor who paid $10.00.
The gap between the headline on streitwise.com/returns ('8.3% Dividend Average since 2017 | 30 Straight Distributions') and the yield the issuer's own current filing states. The 8.3% is a backward-looking 2017-2024 average carried by the early $0.25 quarters; the page's chart assets are named for 2024 and its data stops there.
Distributions to noncontrolling interests in FY2024, against $954,174 of dividends declared on common stock the same year, per the audited equity statement. The Operating Partnership's other holders received 12.9 times what the public shareholders did in the year the REIT sold a building.
The asset management fee, an annualized rate charged quarterly on prior-quarter NAV, which the FY2025 1-K confirms verbatim. The fee is genuinely simple and genuinely low for the category, and it fell to $470,974 in FY2025 precisely because NAV fell. It is the clearest thing Streitwise says about itself that the filings fully support.
NAV series extracted from 34 quarterly 253G2 supplements. Dividend series read from the board's declaration sentence in all 49 Form 1-U and 1-U/A filings (35 declarations), with the one quarter absent from the 1-U record, October to December 2018, established at $0.25 per share from the dividend table in the FY2018 Form 1-K. The series is complete: 36 consecutive quarters from 2017 Q3 to 2026 Q2. Also 19 periods of financial statements (2017-06-30 to 2026-06-30) ingested into AltStreet's data layer, with FY2017's annual figures deliberately left unwritten after an extraction failed a magnitude check. Platform-marketed figures are labeled as platform-reported wherever used.
Quick Verdict
Is this platform right for you?
A cleanly run, cheaply managed Reg A office REIT, continuously qualified with a clean filing record, whose marketing page still leads with a yield figure its own filings contradict. The 2.00% fee, the nine years of continuous qualification and the clean audit record are all real.
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So is a NAV per share down 31.5% from peak, a dividend 84% below its opening rate, and a current yield the issuer itself puts at 2.3%. Whether a given shareholder is ahead depends on vintage: a launch investor is up about 29.7% cumulatively over nine years on AltStreet's reconstruction of the complete 36-quarter dividend series, while a 2021-peak investor is down about 7.3%.
Best for
- Investors who want office exposure through an unusually simple fee structure and can hold long enough to be eligible for redemption at 100% of NAV after five years, subject to the plan's caps.
- Non-accredited investors who value a long, clean compliance record and readable quarterly disclosure over diversification.
- Investors sizing a single concentrated position rather than a real estate allocation.
Avoid if
- You need access to capital within twelve months; the one-year lockout has no exception except death or complete disability.
- Your thesis depends on the 8.3% average yield on the marketing page rather than the 2.3% the issuer states.
- You want a market-tested price; there is no secondary market and one disposition in nine years.
- You cannot tolerate a further office markdown against roughly 56% leverage.
Top strengths
- One 2.00% annualized fee on prior-quarter NAV, stated verbatim in the FY2025 1-K, with no promote, waterfall, acquisition or disposition fee located.
- Nine continuous Reg A qualifications and 179 filings across nine years, audited every year by a national firm.
- No litigation and no going-concern qualification in any of the 19 extracted periods.
- A redemption plan that has actually paid $3,266,951, an observed exit rather than a described one.
- NAV marks that fell broadly in line with the office repricing rather than being held artificially high.
Key limitations
- NAV per share down 31.5% from its June 2021 peak and the dividend 84% below its opening rate, to a yield the issuer states as 2.3%.
- The marketing site headlines an 8.3% average yield computed on data that stops in 2024.
- Three buildings, one asset class, two of them in the same Indiana town, reported as a single segment.
- Noncontrolling interests held 67.4% of equity at March 31, 2026 and received 12.9 times the common dividend in FY2024.
- NAV is manager-calculated, with independent appraisals obtained only 'in certain instances', and it sets the price, the redemption value and the fee base.
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
There is none. The redemption plan is the only exit, it is capped per quarter and filled pro rata, and the platform states a queue could take several quarters. The SEC staff's October 2023 comment asked the company to say plainly that requests had not been satisfied within the quarter of request.
K-1 Timing
Not applicable. As a REIT, Streitwise reports distributions on Form 1099-DIV rather than Schedule K-1.
Distributions
Quarterly. The board declares near the end of each quarter and pays shortly after; the June 16, 2026 declaration was payable July 10, 2026 to holders of record as of the declaration period.
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.
1st stREIT Office Inc. (Maryland, CIK 0001700461, REIT election effective for the taxable year ended December 31, 2017) is a non-traded Regulation A Tier 2 REIT that owns multi-tenant Class-A office property. It is marketed to the public as Streitwise; the brand is not itself an SEC registrant. Any US investor can buy shares at a price the manager resets quarterly ($6.96 effective July 1, 2026, based on NAV as of March 31, 2026), with distributions declared quarterly and a stockholder redemption plan offering an exit after a one-year holding period at a discount to NAV that steps down to zero at five years.
The REIT is externally managed by SW Manager, LLC, a wholly owned subsidiary of sponsor Tryperion Holdings, LLC; the Manager underwent a change of control on May 31, 2022, when Tryperion Partners, LLC assigned its interests to Tryperion Holdings. Substantially all assets are held through 1st stREIT Office Operating Partnership LP, of which the REIT is sole general partner, and which the offering circular treats as part of the same offering. The portfolio is three buildings: the Allied Solutions Building (Carmel, Indiana; 142,000 sf), Laumeier II and IV (Sunset Hills, Missouri; 181,077 sf), and Midtown III (Carmel, Indiana; 77,248 sf), acquired September 2023.
A fourth, Laumeier I, was sold on March 13, 2024. The company has raised $22,013,727 from the public across nine years and paid $3,266,951 of redemptions.
qualified its Reg A offering on September 13, 2017 at $10.00 per share and has re-qualified every year since, nine qualifications in total, most recently on January 15, 2026. Across nine years it has raised $22,013,727 from the public. NAV per share rose slowly to a peak of $10.16 in June 2021, held near $10 through 2022, then fell in steps that track the office repricing: $9.67 in October 2022, $8.80 in March 2023, $7.01 in June 2023, and a range of $6.85 to $7.14 ever since, with $6.96 effective July 1, 2026.
The dividend followed a rougher path: $0.25 a quarter through 2019, $0.21 through 2022 Q2, down through $0.17, $0.13 and $0.11 to $0.09 in 2023, back up to $0.13 for most of 2024, then down to $0.03 in 2025 Q1 and $0.04 since. The portfolio peaked at four buildings and is now three, after Laumeier I was sold on March 13, 2024 for a $1,403,849 gain. Revenue has been essentially flat at $11.5M to $12.1M since 2023.
The company is audited (RSM US LLP through FY2023, Crowe LLP since), carries no going-concern qualification, and reported in the FY2025 1-K that it is 'not currently named as a defendant in any active or pending litigation'. Its SEC correspondence is mostly routine, with two substantive exchanges in October 2023 and January 2024. What an investor is buying is a small, cleanly run, cheaply managed, heavily concentrated office REIT whose manager sets the price, in which the public holds about a third of the equity.
Founded & Structure
Reg A Tier 2 offering qualified September 13, 2017; nine qualifications through January 15, 2026. Issuer: 1st stREIT Office Inc. (Maryland corporation, CIK 0001700461, REIT election from the taxable year ended December 31, 2017). Externally managed by SW Manager, LLC, a wholly owned subsidiary of sponsor Tryperion Holdings, LLC; the Manager's control transferred from Tryperion Partners, LLC on May 31, 2022. Assets held through 1st stREIT Office Operating Partnership LP (CIK 0001710808), part of the same offering. CEO Jeffrey Karsh (Eliot Bencuya held the role as recently as the October 2021 SEC correspondence). HQ 9595 Wilshire Blvd #800, Beverly Hills, California; EDGAR still lists the prior 11601 Wilshire Blvd, Los Angeles address.
Platform Scale
Filed: $22,013,727 raised from the public as of April 2, 2026, plus $75,000 of private placements to the Original Sponsor; $3,266,951 of redemptions paid. 1,815,997 shares outstanding at March 31, 2026, down from 1,885,967 at December 31, 2024. NAV-basis total assets $84,568,395; GAAP total assets $57,815,992 at December 31, 2025. Three buildings totaling roughly 400,000 square feet. AltStreet's data layer carries 19 financial periods from 2017-06-30 to 2026-06-30 and the full quarterly NAV and dividend series.
Fee Structure
A quarterly asset management fee at an annualized 2.00% of prior-quarter NAV, per the FY2025 1-K. $470,974 in FY2025, down $63,487 from FY2024 because NAV fell. Organization and offering costs reimbursable to the Original Sponsor up to 3% of common stock sold (approximately $1,500,000), of which $421,615 has been paid since inception and $1,078,385 was waived. The Manager waived the asset management fee attributable to shares owned by Mr. Karsh effective June 1, 2022. AltStreet located no promote, waterfall, acquisition or disposition fee in the reviewed filings. Property management fees of $317,337 (FY2025) are borne by the company as an operating expense.
Price & Distributions
Purchase price $6.96 per share effective July 1, 2026, based on manager-calculated NAV at March 31, 2026, and reset quarterly. Peak $10.16 (June 2021); launch $10.00 (September 2017). Quarterly dividend $0.04 per share, most recently declared June 16, 2026, which the issuer states is 2.3% annualized at $6.96 and 1.6% at a $10.00 purchase price. A dividend has been declared in every quarter from 2017 Q3 to 2026 Q2, 36 in all.
Liquidity
Stockholder redemption plan, quarterly, after a one-year holding period: 90.0% of NAV in years one to two, 92.5% in years two to three, 95.0% in years three to four, 97.5% in years four to five, and 100% at five years or on death or complete disability. Subject to quarterly net redemption limits, filled pro rata; the platform states a queue 'could take several quarters'. No secondary market. Investor accounts run through Securitize.
Audit & Regulatory Record
Audited annually; RSM US LLP through FY2023, Crowe LLP for FY2024 and FY2025 (opinion dated April 17, 2026, New York). No going-concern qualification in any of the 19 extracted periods. No litigation per the FY2025 1-K. Nine SEC staff comment letters and ten issuer replies; the 2021 and 2022 letters are routine 'we do not intend to review your amendment' notices, while October 2023 (six comments) and January 2024 (Rule 251(d)(3)) are substantive.
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
Not applicable. As a REIT, Streitwise reports distributions on Form 1099-DIV rather than Schedule K-1.
Delay signals
- No K-1 is issued, so the usual partnership filing-extension risk does not arise.
- Year-end character allocation between ordinary dividend, capital gain and return of capital is determined after the year closes and can change the taxable amount relative to cash received.
Extension risk
Generally no. 1099-DIV reporting follows the standard January deadline rather than the partnership timetable.
Confidence: High
Cash Flow
Distributions
Timing
Quarterly. The board declares near the end of each quarter and pays shortly after; the June 16, 2026 declaration was payable July 10, 2026 to holders of record as of the declaration period.
Consistency
Uninterrupted in frequency and steeply reduced in amount. A dividend was declared in all 36 quarters from 2017 Q3 through 2026 Q2; the per-share amount opened at $0.25, bottomed at $0.03 in 2025 Q1 after a recovery to $0.13 through 2024, and is $0.04 now.
Confidence: High
Liquidity
Exit Reality
Holding period
One year from the date of each investment before a redemption request may be made, applied per purchase based on the respective share issuance date.
Exit options
- Quarterly redemption at 90.0% of NAV between years one and two.
- 92.5% between years two and three, 95.0% between three and four, 97.5% between four and five.
- 100% of NAV at five years or more, and on a stockholder's death or complete disability.
- No secondary market; there is no listing and no ATS venue for these shares.
Secondary market
There is none. The redemption plan is the only exit, it is capped per quarter and filled pro rata, and the platform states a queue could take several quarters. The SEC staff's October 2023 comment asked the company to say plainly that requests had not been satisfied within the quarter of request.
Confidence: High
Investment Structures
Non-traded REIT common stock (Regulation A Tier 2)
Shares of 1st stREIT Office Inc., priced quarterly at manager-calculated NAV ($6.96 effective July 1, 2026). Open to non-accredited investors subject to Reg A investment limits. Dividends declared quarterly by the board.
UPREIT operating partnership units
Substantially all assets are held by 1st stREIT Office Operating Partnership LP, of which the REIT is sole general partner. Noncontrolling interests in the OP were $26,107,596 of $38,748,830 total equity at March 31, 2026 and are excluded from the NAV-per-share calculation.
Stockholder redemption plan
Quarterly redemption after a one-year holding period at 90.0% of NAV rising to 100% at five years, subject to quarterly net redemption limits and pro rata fills. $3,266,951 paid across the offering's life.
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.
Manager-set valuation
NAV is calculated quarterly by SW Manager, LLC using capitalization rates, comparable sales and discount rates, with independent appraisals 'in certain instances'. The same figure sets the purchase price, the redemption price and the 2.00% fee base. The one completed disposition (Laumeier I, March 2024) is the only external price test in nine years.
Asset and geographic concentration
Three multi-tenant office buildings, two of them in Carmel, Indiana, aggregated by the company into one reportable segment. Roughly 400,000 square feet total against $43,100,000 of secured notes payable, about 56% of the $76.9M fair-value mark.
Minority economic position
Common stockholders held about 32.6% of total equity at March 31, 2026. In FY2024 noncontrolling interests received $12,275,661 of distributions against $954,174 declared on common stock.
Distribution sustainability
A dividend has been declared in all 36 quarters from 2017 Q3 to 2026 Q2, and the rate is 84% below where it opened. FY2025 net income attributable to common was $11,390 against $282,003 of dividends declared, so the current rate was not covered by attributable earnings that year.
Liquidity rationing
Redemption is available but capped per quarter and filled pro rata. The SEC staff asked the company in October 2023 to clarify that stockholders had not been able to redeem within the quarter of request. Share count fell from 1,885,967 to 1,815,997 between December 2024 and March 2026 as repurchases exceeded issuance.
Office sector exposure
The entire portfolio is suburban multi-tenant office, the asset class that has repriced most severely since 2022. The NAV decline from $10.16 to $6.96 broadly tracks that repricing rather than diverging from it, which is evidence the marks are directionally responsive.
Regulatory & Legal Posture
Security Status
Regulation A Tier 2-qualified non-traded REIT common stock (Rule 251 et seq.). Regulation A is an exemption from Securities Act registration, so the offering is SEC-qualified rather than registered, and it has been continuously requalified since September 13, 2017.
Reg A Tier 2 permits general solicitation and non-accredited participation subject to investment limits, in exchange for qualification review, audited annual reports on Form 1-K, semiannual reports on Form 1-SA and current reports on Form 1-U. Streitwise has filed all three continuously for nine years, 179 filings in total.
Disclosure Quality
Above average for the category on mechanics and below average on currency of marketing. The filings state the fee formula verbatim, print the NAV component table quarterly, and declare each dividend in its own 1-U. The marketing site's performance page, by contrast, headlines an average yield computed through 2024 without stating the current rate that the issuer's own supplement provides.
Custody Model
Investors hold book-entry shares of the REIT. Investor onboarding, accounts and transfer agency run through Securitize.
Tax Treatment
Account Suitability
Taxable
Workable. A REIT distributes dividends reported on Form 1099-DIV rather than a Schedule K-1, which avoids the late-K-1 problem common to real estate partnerships. Ordinary REIT dividends may qualify for the Section 199A deduction; return-of-capital portions reduce basis.
Roth IRA
Common placement. REIT income is ordinary in character, so sheltering it is reasonable, but the five-year path to a full-NAV redemption should be weighed against the account's own horizon.
Traditional IRA
Same reasoning as a Roth. Custodial support for non-traded Reg A securities varies by provider and should be confirmed before subscribing.
HSA
Rarely appropriate. HSAs typically need liquidity for medical costs, and this security has a one-year lockout and a rationed quarterly queue.
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AltStreet Data Layer
What the data actually shows
The filed series and the marketing series tell different stories about the same security, and the divergence is measurable quarter by quarter.
Whether a shareholder is ahead depends entirely on vintage
Against the $6.96 price and the complete 36-quarter dividend series, a launch investor at $10.00 has received $6.01 per share and is about +29.7% cumulatively over nine years. A June 2021 peak investor at $10.16 has received $2.46 and is about -7.3%. A June 2023 investor at $7.01 has received $1.00 and is about +13.6%.
What this means
The capital decline is real and so is the income that offset it for early holders. +29.7% over nine years is roughly 3.0% a year before compounding, which is a poor result rather than a loss, and the honest summary is that both capital value and current income have deteriorated rather than that shareholders lost money.
The NAV series has no recovery in it yet
NAV per share peaked at $10.16 in June 2021 and has printed between $6.85 and $7.14 in every quarter since mid-2023. The July 2026 figure of $6.96 is below the $7.01 first struck three years earlier.
What this means
The office markdown has been absorbed but not reversed. An investor is underwriting a recovery that three years of the issuer's own marks have not begun to show.
The dividend fell further than the price
NAV per share is down 31.5% from peak; the quarterly dividend is 84% below its opening rate, $0.25 to $0.04. The path is not monotonic: it fell to $0.09 through 2023, recovered to $0.11 and then $0.13 across all of 2024, and collapsed to $0.03 in 2025 Q1, a 77% cut in a single quarter from the $0.13 paid three months earlier.
What this means
Income and capital have both deteriorated, and the 2025 step down is sharper than anything in the price series. At the current rate the security does not deliver the income its marketing page describes.
Revenue is flat while attributable earnings are not
Revenue was $12,098,841 (FY2023), $11,643,296 (FY2024) and $11,457,667 (FY2025). Net income attributable to common over the same years was $3,376,725, negative $1,242,874 and $11,390.
What this means
The volatility is coming from below the revenue line: a disposition gain in 2024, rising interest expense, and the allocation between common and noncontrolling interests.
The share count is shrinking
Shares outstanding fell from 1,885,967 (December 2024) to 1,833,314 (December 2025) to 1,815,997 (March 2026). FY2025 repurchases were 94,184 shares for $629,226 against issuance of 41,531 for $289,633.
What this means
More capital is leaving through redemption than arriving through subscription. For a fund whose fee is charged on NAV, a shrinking base compounds the fixed-cost burden on those who stay.
The fair-value mark sits just below original cost
Real estate is carried at $76,900,000 in the July 2026 NAV statement against gross historical cost of $79,194,766, and at $49,183,946 net of $30,010,820 accumulated depreciation in the FY2025 audited balance sheet.
What this means
The mark is 56% above depreciated book, which mostly measures GAAP depreciation rather than optimism, and slightly below what the company paid. The open question is process, not level: the filings do not say which buildings are independently appraised in a given quarter or how often.
Data as of 2026-09-14 . 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.
Income investor with a five-year horizon who wants office exposure at a low fee
The fee is 2.00% with no promote, and a distribution has been declared in every quarter since 2017. The current rate is 2.3% annualized, which is below what cash paid through much of 2025 and 2026, so the case rests on a recovery in office values rather than on the income itself.
Non-accredited investor seeking direct commercial real estate ownership
Reg A Tier 2 is what makes this reachable at all, and the compliance record behind it is real: nine continuous qualifications and nine audited years. The tradeoff is that the price is the manager's calculation and the only exit is a rationed quarterly queue.
Investor who prioritizes fee transparency above all
This is where Streitwise is strongest. The FY2025 1-K states the 2.00% formula verbatim, AltStreet located no promote or transaction fees, and $1,078,385 of organization costs were waived rather than charged. The one imprecision is the site's claim to charge no property management fees against $317,337 of them in FY2025.
Investor who needs access to capital within a year
No redemption is permitted in the first year under any circumstance other than death or complete disability, and after that the queue is capped.
Investor seeking diversified real estate exposure
The company itself aggregates the portfolio into a single reportable segment. This is concentrated exposure to suburban multi-tenant office, and should be sized as a single position rather than as a real estate allocation.
Investor relying on the advertised 8.3% average yield
The 8.3% figure is a 2017-2024 backward-looking average carried by the early $0.25 quarters. The issuer's July 2026 filing states 2.3% at the current price and 1.6% for an original $10.00 investor. Anyone whose thesis depends on the headline number should read the supplement instead.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Fee simplicity vs shareholder outcome
One 2.00% NAV-based fee, no promote, no acquisition or disposition fees, and $1,078,385 of organization costs waived, against a NAV per share down 31.5% from peak and a dividend 84% below its opening rate.
Compliance record vs financial record
Nine continuous Reg A qualifications, 179 filings, clean audits by a national firm, no litigation and no going-concern qualification, against flat revenue and $11,390 of net income attributable to common in FY2025.
Real liquidity vs rationed liquidity
A redemption plan that has actually paid $3,266,951, against quarterly caps, pro rata fills, a one-year lockout, a discount until year five, and a regulator's note that requests were not met within the quarter.
Responsive marks vs unaudited marks
The NAV fell from $10.16 to $6.96 broadly in line with the office repricing, which suggests the marks are not being held artificially high, against a methodology that obtains independent appraisals only 'in certain instances' and a $27.7M gap to GAAP book.
Public ownership vs public economics
Retail investors own common stock in the REIT, and noncontrolling interests held 67.4% of equity and received 12.9 times the common dividend in FY2024.
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 needing liquidity inside twelve months
The redemption plan prohibits redemption in the first year other than on death or complete disability.
Investors seeking current income at advertised levels
The issuer states the current rate as 2.3% annualized at $6.96, or 1.6% at a $10.00 purchase price, against the 8.3% average on the marketing page.
Investors who want a market-tested price
There is no secondary market and one disposition in nine years. The price is the manager's quarterly calculation.
Investors seeking diversification within real estate
Three suburban office buildings, two in the same Indiana town, reported as one segment.
Investors who cannot tolerate a further office markdown
Roughly 56% leverage against a manager-marked fair value in the asset class that has repriced hardest since 2022.
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
Streitwise is easy to respect and hard to recommend. Nine years of continuous Reg A qualification, 179 filings, a national-firm audit every year, no litigation, no going-concern qualification, and a fee stack so simple it can be stated in one sentence and verified in one paragraph of the 1-K. That is a clean compliance and cost record. The investment inside it is three suburban office buildings, two of them in the same Indiana suburb, bought with roughly 56% leverage, in the asset class that has repriced hardest this decade. NAV per share is down 31.5% from its 2021 peak and the dividend is 84% below its opening rate, and the manager both calculates the NAV and earns its fee on it. Common shareholders hold 32.6% of consolidated equity. None of that is hidden; all of it is in the filings, which is precisely the point of Reg A. What sits badly is the distance between the filings and the front page. The issuer wrote '2.3% on an annualized basis' in a document filed in July 2026, and the marketing page invites a prospective investor to anchor on 8.3%. The filings are doing their job. The website is not.
Positioning
Among retail non-traded REITs, Streitwise sits at the transparent-and-cheap end on fees and the concentrated-and-illiquid end on structure. It is closest in spirit to the small single-strategy Reg A REITs rather than to the diversified platforms, and its fee stack is materially simpler than most of them.
The Bottom Line
The fee promise holds up; the performance promise does not, and the site has not updated it.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Read the current offering circular's Stockholder Redemption Plan section before subscribing, and note the discount schedule applies per purchase by issuance date.
Read the most recent Form 253G2 pricing supplement, which states the current purchase price, the NAV component table and the issuer's own calculation of the annualized yield.
Compare that stated yield against the 8.3% average on the marketing site's performance page, and decide which number your thesis actually depends on.
Check the FY2025 Form 1-K's related-party note for the 2.00% fee formula and the organization-cost reimbursement cap.
Look at the FY2024 equity statement's split between distributions to noncontrolling interests and dividends declared on common stock.
Confirm your custodian supports non-traded Reg A securities before attempting to hold this in an IRA.
Size the position as a single concentrated office holding, not as a real estate allocation.
If liquidity matters inside five years, price the redemption discount into your expected return.
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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
Comparison Guides
Head-to-head guides featuring Streitwise
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Report Appendix
Comparison Guides
Head-to-head guides featuring Streitwise
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
Commercial Real Estate (Multi-Tenant Class-A Office)Fund Landscape
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
Sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
Sources, scope, and how the review was assembled
ASReview Evidence
Methodology
Every figure in this review is read from a filing or from a dated capture of the platform's own pages. The NAV series comes from 34 quarterly Form 253G2 pricing supplements; the dividend series comes from the board's declaration sentences in all 49 Form 1-U and 1-U/A filings rather than from figures that merely appear near the words 'per share', and is complete except for October to December 2018; the financial statements come from the FY2024 and FY2025 Form 1-Ks and 19 ingested periods in AltStreet's data layer. Where the platform and the filings disagree, both are quoted.
Scope
CIK 0001700461 (1st stREIT Office Inc.) and CIK 0001710808 (its Operating Partnership), 179 EDGAR filings from 2017-03-13 to 2026-09-04, plus the September 14, 2026 platform dossier. The Operating Partnership is treated as part of the same offering because the offering circular defines it that way.
Key Findings
- *NAV per share: $10.00 at launch, $10.16 peak (June 2021), $9.67, $8.80, $7.01, $7.14, $6.85 and $6.96 effective July 1, 2026.
- *Quarterly dividend per share, complete located series: $0.25 (2017 Q3 to 2018 Q3, and 2019 Q1 to 2019 Q4), $0.21 (2020 Q1 to 2022 Q2), $0.17 (2022 Q3), $0.13 (2022 Q4), $0.11 (2023 Q1), $0.09 (2023 Q2 to Q4), $0.11 (2024 Q1), $0.13 (2024 Q2 to Q4), $0.03 (2025 Q1), $0.04 (2025 Q2 to 2026 Q2). 35 declarations across 49 1-U filings, plus October to December 2018 at $0.25 established from the FY2018 1-K's dividend table (paid January 8, 2019), giving a complete 36-quarter series.
- *Simple cumulative return at the $6.96 NAV, non-annualised and unrealised: launch at $10.00 received $6.01 and is about +29.7%; the June 2021 peak at $10.16 received $2.46 and is about -7.3%; June 2023 at $7.01 received $1.00 and is about +13.6%.
- *Issuer's own yield statement: '2.3% on an annualized basis ... at the new purchase price of $6.96 per share', and '1.6% annualized dividend assuming a $10.00 per share ... purchase price'.
- *Fee: 'The Company pays the Manager a quarterly asset management fee at an annualized rate of 2.00%, which is based on the Company's NAV at the end of each prior quarter' (FY2025 1-K).
- *Asset management fees of $470,974 in FY2025, 'decreased by $63,487 ... as a result of a decrease in the Company's net asset value, which is the basis for the calculation of the fees'.
- *Capital raised $22,013,727 as of April 2, 2026, plus $75,000 of private placements; $3,266,951 of redemptions paid.
- *Equity at March 31, 2026: $38,748,830 total, $26,107,596 noncontrolling interests, $12,641,234 common across 1,815,997 shares.
- *FY2024 equity statement: $12,275,661 distributions to noncontrolling interests against $954,174 dividends declared on common stock; FY2025: $562,512 against $282,003.
- *Net income attributable to common: $3,376,725 FY2023 ($1.79/share), negative $1,242,874 FY2024 (negative $0.65), $11,390 FY2025 ($0.01).
- *Laumeier I sold March 13, 2024; gain on sale of real estate investment $1,403,849; $643,732 of Deferred Distribution Amounts paid in conjunction, with $607,997 still payable at both December 2024 and December 2025.
- *Real estate at fair value $76,900,000 (NAV statement) against $49,183,946 net GAAP book (FY2025 1-K); secured notes payable $43,100,000.
- *Property management fees $317,337 FY2025 and $307,020 FY2024, against the marketing site's claim to charge no property management fees.
- *SEC staff, October 23, 2023: asked the company to clarify that 'stockholders have not been able to redeem their shares within the quarter in which they make their redemption requests'.
- *SEC staff, January 19, 2024: asked how a 60-day subscription acceptance window complies with Rule 251(d)(3)'s prohibition on delayed offerings; the issuer answered that the offering is continuous under 251(d)(3)(i)(F) and qualification followed on February 8, 2024.
- *FY2025 1-K: 'not currently named as a defendant in any active or pending litigation'; no going-concern qualification in any of 19 extracted periods; auditor RSM US LLP through FY2023, Crowe LLP since.
AltStreet Verified Data
Structured exit database - independently sourced
AltStreet's data layer carries 19 financial periods for CIK 1700461 from 2017-06-30 to 2026-06-30, the full quarterly NAV and dividend series, and one realized-outcome row for the Laumeier I disposition. FY2017's annual figures were deliberately left unwritten after an extraction failed a magnitude check, and the Laumeier I row carries no IRR or multiple because the filings print no gross sale price or single-building entry basis.
Data as of 2026-09-14. Exit status breakdown: 0 exited . 0 open . 0 unreported.
Primary Source Pages
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
What is Streitwise and how does it work?
Streitwise is the consumer brand for 1st stREIT Office Inc., a non-traded Regulation A Tier 2 REIT that owns multi-tenant Class-A office buildings. Any US investor can buy shares at a price the manager resets each quarter ($6.96 effective July 1, 2026), dividends are declared quarterly, and a redemption plan allows exit after a one-year holding period at 90% of NAV rising to 100% at five years. The REIT is externally managed by SW Manager, LLC, a subsidiary of sponsor Tryperion Holdings, LLC, for a flat 2.00% annual fee on NAV. The portfolio is three buildings: two in Carmel, Indiana and one in Sunset Hills, Missouri. Investor accounts run through Securitize.
Is Streitwise legit and safe?
Legit, on the evidence. The offering has been continuously qualified by the SEC for nine years across nine qualifications, the company has filed 179 documents including nine audited annual reports, the FY2025 1-K states it is 'not currently named as a defendant in any active or pending litigation', and no going-concern qualification appears in any of the 19 periods AltStreet extracted. Safe is a different question. This is a leveraged, three-building, single-sector office portfolio whose NAV per share is calculated by its own manager, has fallen 31.5% from its 2021 peak, and has no secondary market. Legitimacy describes the compliance record; it does not describe the investment outcome.
What return does Streitwise actually pay right now?
The issuer answers this itself in the pricing supplement effective July 1, 2026: the quarterly dividend 'equates to 2.3% on an annualized basis calculated at the current rate at the new purchase price of $6.96 per share', and '1.6% annualized dividend assuming a $10.00 per share of Common Stock purchase price'. The current quarterly dividend is $0.04 per share. The marketing site's performance page headlines '8.3% Dividend Average since 2017', which is a backward-looking average through 2024 carried by the $0.25 quarters paid between 2017 and 2019.
Has Streitwise ever cut its dividend?
Repeatedly, and it has also raised it once. Read from the board's declarations in the Form 1-U filings: $0.25 per share through 2019, $0.21 from 2020 Q1 through 2022 Q2, then $0.17, $0.13, $0.11 and $0.09 into 2023, a recovery to $0.11 in 2024 Q1 and $0.13 for the rest of 2024, then a collapse to $0.03 in 2025 Q1 and $0.04 in each quarter since. That is 84% below the opening rate, and the sharpest single move is the 2025 Q1 cut from $0.13 to $0.03. A dividend has been declared in all 36 quarters from 2017 Q3 to 2026 Q2; 35 come from 1-U declarations and October to December 2018 from the FY2018 1-K's dividend table.
How do I get my money out of Streitwise?
Through the stockholder redemption plan, which is the only exit; there is no secondary market. No redemption is permitted in the first year other than on death or complete disability. After that, redemption is quarterly at 90.0% of NAV between years one and two, 92.5% between two and three, 95.0% between three and four, 97.5% between four and five, and 100% at five years. Requests are subject to a quarterly cap and filled pro rata, and the platform states a queue 'could take several quarters'. In October 2023 the SEC staff asked the company to clarify that stockholders had not been able to redeem within the quarter in which they requested.
What fees does Streitwise charge?
One that matters: a quarterly asset management fee at an annualized 2.00% of prior-quarter NAV, stated verbatim in the FY2025 1-K and amounting to $470,974 in FY2025. AltStreet located no promote, waterfall, acquisition or disposition fee in the reviewed filings, and $1,078,385 of organization and offering costs were waived by the Original Sponsor rather than charged. One caveat: the marketing site lists 'property management fees' among fees it does not charge, while the FY2025 1-K reports $317,337 of them as a company expense.
Who actually owns the equity in Streitwise?
Mostly not the public shareholders. At March 31, 2026 total stockholders' equity was $38,748,830, of which $26,107,596, or 67.4%, was noncontrolling interests in the Operating Partnership. NAV per share is calculated after excluding them, which is how $12,641,234 across 1,815,997 shares produces $6.96. In FY2024 noncontrolling interests received $12,275,661 of distributions against $954,174 of dividends declared on common stock.
Has Streitwise had problems with the SEC?
No enforcement action, and two substantive comment exchanges. Of the nine staff letters on file, the 2021 and 2022 letters say only 'we do not intend to review your amendment'. In October 2023 the staff raised six comments, including one asking the company to clarify that redemption requests had not been met within the quarter of request, and one questioning whether the Midtown III acquisition required pro forma and standalone financial statements. In January 2024 the staff asked how a 60-day subscription window complied with Rule 251(d)(3)'s prohibition on delayed offerings; the company argued the offering is continuous under 251(d)(3)(i)(F), and qualification followed on February 8, 2024.