Worthy Bonds Review 2026: The 6.5% Bonds, the Programs That Stopped Paying, and What Is Still on Sale
Worthy sells $10 bonds at a fixed 6.5% APY and markets them as fully liquid and redeemable at any time. Its own SEC filings show that three of its five Regulation A bond programs stopped honoring redemptions between 2022 and 2023, that two of them were dissolved in January 2026 with $12.66 million unpaid, and that the two programs still on sale carry going-concern paragraphs. AltStreet read every filing since 2017 to set the marketing against the record.
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What the data actually shows - TL;DR
Worthy has sold about $262 million of $10 Regulation A bonds since 2018 through five single-purpose issuers, all wholly owned by Worthy Financial, Inc. and run by the same two officers. Three programs, totaling $150 million from 49,022 investors, suspended redemptions between August 2022 and 2023; by December 31, 2025 they had redeemed $127.16 million and held $22.79 million they could not pay.
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Peer Capital I and II were dissolved on January 30, 2026 with no assets, extinguishing $12.66 million, and Peer Capital II's holders were told their bonds should be considered worthless. Community Bonds holds $10.13 million paused with no revenue and one $4.2 million loan fully reserved. The two Property Bonds programs still sell at 6.5% APY, about $112 million raised, under going-concern paragraphs and negative equity. The website still promises full liquidity.
Bonds that could not be redeemed at December 31, 2025 across Peer Capital I ($7,811,269), Peer Capital II ($4,852,865) and Community Bonds ($10,126,877), against $150 million sold by the three programs. Peer I and II were dissolved a month later.
Redemptions recorded by the same three programs before and during the suspensions: $42,188,710 (Peer I), $45,146,755 (Peer II), $39,824,696 (Community). They recorded $127.16 million of redemptions against $150 million originally sold before redemptions stopped.
Worthy Property Bonds (equity -$6,681,472; total assets $16,864,198, down from $41,039,439 two years earlier) and Worthy Property Bonds 2 (equity -$4,052,479) both carry substantial-doubt paragraphs in their FY March 2026 audits and continue to sell bonds at 6.5%.
Stated bond rates as filed: 5% at launch (2018), 5.5% from April 2023, 7% from November 2023 to January 2026, and 6.5% from January 1, 2026 on Property Bonds, set by board decision instead of the 6% base the offering circular provided. Interest accrued on suspended bonds at the same rates.
Worthy Wealth, Inc., run by the same CEO and CFO, terminated its December 2023 agreement to acquire the Property Bonds issuers four days after the Peer Capital dissolutions, then bought the Worthy software platform for $1 million plus $1 million of stock and renamed itself Wellstreet Financial in July 2026.
AltStreet read of every EDGAR filing by the five Worthy issuers, Worthy Financial and Worthy Wealth (2017 to September 2026), the FY2025 and FY2026 annual reports in full, a September 9, 2026 capture of worthybonds.com and wellstreetfinancial.com, and a legal and investor-record scan. September 2026.
AltStreet Weekly
Watch every Worthy and Wellstreet issuer on EDGAR
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What's Actually Happening
In plain English, here is what happened.
- 1Since 2018 Worthy has sold $10 bonds online to anyone, paying a fixed rate that started at 5% and is now 6.5%. Each bond is a promise from a small company Worthy set up for that purpose, which lends the money on to small businesses or real estate developers. There is no maturity date; you ask for your money back when you want it.
- 2The first program, Worthy Peer Capital, raised $50 million from 12,285 investors by March 2020. Some of the businesses it lent to defaulted, and in August 2022 it told bondholders it could not redeem their bonds for now. Interest kept accruing. Peer Capital II ($50 million, 17,823 investors) and Community Bonds ($50 million, 18,914 investors) paused too.
- 3By the end of 2025 the three programs had paid back $127 million and still owed $22.79 million they could not pay. On January 30, 2026 the two Peer Capital companies were dissolved with no assets. Holders of Peer Capital II were told their bonds should be considered worthless. Community Bonds still owes $10.13 million, has no revenue, and has written its one remaining loan down to zero.
- 4Meanwhile the newer programs, Worthy Property Bonds and Property Bonds 2, kept selling. They have raised about $112 million between them, pay 6.5%, and their auditor says there is substantial doubt they can continue as going concerns. Their balance sheets show liabilities larger than assets.
- 5The people who run Worthy set up a separate Georgia company, Worthy Wealth, which agreed to buy the Property Bonds companies, then backed out in February 2026, bought Worthy's software instead, and renamed itself Wellstreet. It now sells 9% to 10% Housing Bonds. The Worthy website still advertises bonds you can cash out at any time.
Quick Verdict
Is this platform right for you?
Worthy is a direct-issuer bond platform whose product is a liquidity promise on unsecured paper from thinly capitalized lenders, and whose record now shows that promise failing at scale: three programs frozen, two dissolved with $12.66 million unpaid, $10.13 million still paused, and the two programs on sale carrying going-concern paragraphs. The filings are candid; the marketing tells a materially different story. This review is for three readers: investors holding suspended or dissolved Worthy bonds, investors holding or considering the 6.5% Property Bonds, and investors being offered Wellstreet's new Housing Bonds by the same team.
Best for
- Holders of Peer Capital, Peer Capital II or Community Bonds who need to understand what the dissolutions and the pause mean for their claim
- Holders of Property Bonds who want the March 2026 balance sheet and audit language in one place
- Investors comparing retail bond platforms who want the category's clearest example of a liquidity promise tested by defaults
Avoid if
- You need access to your money on a known date: none of the bonds has a maturity, and redemption is at the issuer's liquidity
- You are relying on the site's liquidity language: it has been contradicted by the issuers' own filings since 2022
- You want a disclosed redemption fulfillment rate or investor count for the live programs: neither is filed
Top strengths
- Audited annual and semiannual statements filed for every issuer, with the suspensions, unpaid balances and going-concern language disclosed on EDGAR as they occurred
- No investor-side fees, a $10 minimum, no broker-dealer commissions, and a stated rate history that is precise in the filings
- $127 million actually returned to holders of the three failed programs before and during the suspensions
Key limitations
- Bonds are unsecured obligations of single-purpose issuers with no maturity and no reserve; redemption depends on loan collections
- Three of five programs failed to redeem in full; two were dissolved with nothing to distribute; the marketing still promises anytime liquidity
- Common management across every entity, including the affiliate that walked away from buying the live issuers and now sells a new product under a new name
Where It Fits
Where Worthy sits relative to the alternatives.
A fixed rate on $10 with anytime access, from a single-purpose lender
If you want
A savings-account experience with a bond yield
Use
Worthy Property Bonds, on the terms this review sets out: no maturity, redemption at the issuer's liquidity, going-concern paragraphs on both live issuers
Retail real estate debt with a published loan-level record
If you want
Short-term notes where the platform originates, services and publishes repayment and default history
Use
Groundfloor, whose loan-by-loan performance record is the disclosure Worthy has never provided
Retail private credit with a broker-dealer and per-note disclosure
If you want
Short-duration notes with an intermediary of record and a repayment ledger
Use
Percent, where 843 repaid notes and a loss rate by count are on the record
A direct issuer's retail bond with full public reporting
If you want
A corporate bond from a company that files 10-Ks and 10-Qs
Use
Phoenix Capital Group's registered notes, for the disclosure depth, with their own leverage risks
Compare Before Deciding
How Worthy compares
These are the venues an investor drawn to a fixed rate at $10 would weigh, and the two failure cases that frame what to check.
Dated notes with a published record
Groundfloor
Secured real estate loan notes with maturities and a loan-level repayment and default history, the two things a Worthy bond does not have.
The other direct retail bond issuer
Phoenix Capital Group
Full Exchange Act reporting, per-series debt tables and no missed payment located, alongside leverage, governance and marketing findings of its own.
The other documented failure
Mainvest
A revenue-share portal whose operator disclosed a going-concern doubt 18 months before it ceased, and the diligence framework built from that case.
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.
Minimum
$10 per bond; no minimum balance; purchase limits of $50,000 online for accredited investors and 10% of annual income or net worth for non-accredited investors
Liquidity
There has never been a secondary market for Worthy bonds, and there is no venue for an unsecured bond of a dissolved or paused single-purpose issuer.
K-1 Timing
No K-1s. Form 1099-INT for interest; delivered through the account.
Distributions
There is no periodic cash distribution. Interest accrues to the bond's value and is received when the bond is redeemed; on suspended programs it has accrued without payment since 2022 or 2023.
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.
Direct-issuer retail bond platform operated by Worthy Financial, Inc. (Boca Raton, Florida; founded 2016; CEO Sally Outlaw, COO and CFO Alan Jacobs). Worthy sells $10 bonds online under Regulation A Tier 2 through single-purpose Florida subsidiaries, each qualified to sell $50 million or $75 million of bonds without a broker-dealer, sales commission or investor fee. The bonds bear a fixed stated rate (6.5% APY on Property Bonds from January 2026), have no maturity date, are unsecured full and unconditional obligations of the issuing subsidiary alone, and are marketed as redeemable at any time.
Proceeds are lent through Worthy Lending subsidiaries to small businesses (Peer Capital I and II, Community Bonds) or real estate developers against real estate collateral (Property Bonds 1 and 2), and redemptions are paid 'as loan collections and other asset liquidation permits'. Five programs have sold about $262 million since January 2018; three suspended redemptions between 2022 and 2023, two of which were dissolved in January 2026. Property Bonds and Property Bonds 2 remain on sale.
The bonds are issued by a Worthy subsidiary set up for each program, which lends the money to small businesses or real estate developers through its own lending subsidiary and pays redemptions from what those loans return. There is no maturity date, no secondary market, no fee, no broker, and no reserve. Since 2018 Worthy has run five such programs.
The first three raised $150 million from 49,022 investors, returned $127 million, and then could not return the rest; two were dissolved in January 2026 and the third is frozen. The two Property Bonds programs remain on sale at 6.5% APY under going-concern audit paragraphs.
Operating Status
Selling: Worthy Property Bonds and Worthy Property Bonds 2 (6.5% APY). Dissolved January 30, 2026: Worthy Peer Capital and Worthy Peer Capital II. Redemptions paused: Worthy Community Bonds ($10.13M)
Minimum Investment
$10 per bond; no minimum balance; purchase limits of $50,000 online for accredited investors and 10% of annual income or net worth for non-accredited investors
Investor Eligibility
All US investors (Regulation A Tier 2); self-certified
Instrument
Unsecured, full and unconditional obligations of the issuing subsidiary; fixed stated rate; interest compounded daily; no maturity date; non-transferable; redeemable at the issuer's discretion 'as loan collections and other asset liquidation permits'
Stated Rate History
5% (2018) · 5.5% (April 2023) · 7% (November 2023 to January 2026) · 6.5% from January 1, 2026 on Property Bonds (board set 6.5% instead of the 6% base)
Investor Fees
None (no purchase, withdrawal or transfer fees)
Distribution
Sold directly by each issuer online; no broker-dealer, no underwriter, no sales commissions (Form 1-Z); legal and blue-sky fees to Dickinson Wright
Use of Proceeds
Peer Capital I and II, Community Bonds: loans to small businesses (equipment, purchase-order financing, real estate). Property Bonds 1 and 2: loans to real estate developers against real estate collateral through Worthy Lending V and VI
Liquidity
Marketed as anytime redemption without penalty. Suspended on Peer Capital I (August 2022), Peer Capital II and Community Bonds; no pause disclosed on Property Bonds 1 and 2
Audit and Reporting
Audited annual (1-K) and semiannual (1-SA) statements by Assurance Dimensions, LLC (d/b/a McNamara and Associates); going-concern paragraphs on every current issuer for FY2025 and FY2026
Operator
Worthy Financial, Inc. (Boca Raton, FL; founded 2016; CIK 0001745249; CEO Sally Outlaw; COO and CFO Alan Jacobs); staff employed through Worthy Management, Inc.; Regulation Crowdfunding issuer since 2018
Affiliated Successor
Worthy Wealth, Inc. (Georgia; same CEO and CFO), renamed Wellstreet Financial, Inc. in July 2026; sells 9% to 10% Housing Bonds with a three-year lock and $10 equity shares on wellstreetfinancial.com
Visual Summary
Worthy vs. Retail Debt Platforms With a Published Record
How Worthy's structure compares with the retail credit venues an investor drawn to a fixed rate at $10 would weigh, and with a direct issuer that reports under the Exchange Act.
What you buy
Worthy: unsecured bond of a single-purpose lender, no maturity · Groundfloor: secured real estate loan note, 6 to 18 months · Percent: short-duration private credit note via a broker-dealer · Phoenix: unsecured corporate note of an oil and gas producer, dated
Stated rate
Worthy: 6.5% · Groundfloor: loan-by-loan · Percent: deal-by-deal · Phoenix: 6% to 16.5% by program
Liquidity
Worthy: redemption at issuer discretion; suspended on three of five programs · Groundfloor: hold to maturity · Percent: hold to maturity · Phoenix: capped annual puts at a discount
Published performance
Worthy: none at loan level; suspensions and unpaid balances disclosed in 1-Ks · Groundfloor: full loan-level repayment and default record · Percent: 843 repaid notes, loss rate by count · Phoenix: per-series debt tables in 10-K/10-Q
Audit
Worthy: regional firm, going-concern paragraphs · Groundfloor: audited 1-K · Percent: n/a at note level · Phoenix: PCAOB-registered, unqualified
Investor fees
Worthy: none · Groundfloor: none · Percent: none stated · Phoenix: none
ASEconomic Positioning
- A Worthy issuer is a lending company funded entirely by demand-redeemable retail bonds. Its assets are loans to small businesses or developers with fixed terms and real default risk; its liabilities can be called at any time by 12,000 to 19,000 retail holders. That mismatch is the business model, and it works only while redemptions are smaller than collections plus new sales. The 2018 to 2021 programs show what happens when they are not.
- The parent has never reported a profit. Worthy Financial's Regulation Crowdfunding annual reports show net losses every year from 2019 through 2025, about $44.7 million cumulatively on the figures as filed, with 2025 revenue of $3,556,604 against a $7,196,286 loss. The issuers reimburse Worthy Management for the staff that runs them, so the platform's operating cost is carried by the same balance sheets that owe the bondholders.
- The rate increases on frozen programs were accounting, not economics. Raising Community Bonds to 7% in November 2023 while redemptions were paused increased the liability owed to holders who could not collect, on an issuer that reported $14,767 of revenue in 2024 and $0 in 2025.
Key Gaps & Non-Disclosures
- No redemption fulfillment rate or investor count on the two programs still selling.
- No loan-level book on any program beyond the single reserved Community Bonds loan and Property Bonds 2's aggregate financing receivables.
- No split of the $22.79 million unredeemed balance between principal and accrued interest.
- No audited parent financials; no disclosed capital commitment from the parent to any issuer.
Platform Intelligence
Worthy Milestones (AltStreet filing-tracked)
Key platform events, regulatory turns, liquidity stress points, and product launches that shape how the review should be read.
Worthy Peer Capital qualified; $10 bonds at 5%
Form 1-A qualified January 4, 2018 (file 024-10766) for $50 million of bonds sold directly online. Worthy Financial raises on StartEngine under Regulation CF the same year. Proceeds lent to small businesses through Worthy Lending, LLC.
Peer Capital sells out; Peer Capital II and Community Bonds follow
Peer Capital completes $50 million to 12,285 investors on March 17, 2020; Peer Capital II sells $50 million to 17,823 investors by October 1; Community Bonds sells $50 million to 18,914 investors by February 26, 2021. Worthy Management, Inc. formed to employ staff and allocate costs.
Peer Capital delays redemptions
Email to bondholders August 22, 2022: 'Due to the current illiquidity of the Worthy Lending portfolio, we must delay the redemption of our outstanding Worthy Peer Capital bonds.' Filings cite defaults in equipment, purchase-order and real estate loans. Property Bonds begins selling in October at 5%.
Rates raised on paused programs; Worthy Wealth agrees to buy the live issuers
Community Bonds and Property Bonds move to 7% from November 2023 (5.5% from April 2023 on the suspended Peer Capital bonds). On December 11, 2023 Worthy Wealth, Inc., a Georgia company with the same CEO and CFO, signs a Stock Purchase Agreement to acquire Property Bonds, Property Bonds 2 and Worthy Lending V and VI from Worthy Financial. Property Bonds 2 qualified earlier in the year.
Property Bonds re-qualified after a sales suspension
Property Bonds and Property Bonds 2 suspend sales in May and June 2024 pending post-qualification amendments; Property Bonds resumes October 7, 2024 under a new $75 million qualification and completes $75 million by December 12; Property Bonds 2 resumes February 7, 2025. Worthy Wealth's own Regulation A offering is qualified.
$22.79 million unredeemable; Property Bonds rate set at 6.5%
At December 31, 2025: Peer Capital I $7,811,269, Peer Capital II $4,852,865 and Community Bonds $10,126,877 subject to suspension or pause, after $127.16 million redeemed. On December 29 the Property Bonds boards set the rate at 6.5% from January 1, 2026 instead of the 6% base.
Peer Capital I and II dissolved; Peer II bonds 'worthless'; acquisition terminated
Certificates of Dissolution filed January 30, 2026 with no assets and no further distributions; Form 1-Z exit reports February 2. Company statement to Peer Capital II holders the same day: bonds 'should at this time be considered worthless'. On February 4 Worthy Wealth terminates the Stock Purchase Agreement.
Software sold to the affiliate; Worthy Wealth becomes Wellstreet; going-concern audits on the live programs
March 31: Worthy Wealth buys the Worthy Platform software from Worthy Financial for $1 million cash by year end plus $1 million of stock. July 7 and 13: Worthy Wealth entities renamed Wellstreet Financial, Realty and Senior Living. July 15: Property Bonds and Property Bonds 2 file FY March 2026 1-Ks with going-concern paragraphs and stockholders' deficits of $6,681,472 and $4,052,479. August 31: Wellstreet Senior Living terminates its offering.
AltStreet review
Site capture: 'fully liquid and redeemable at any time without penalties', Peer Capital listed as an issuer, '$200,000,000 in Bonds Sold'. Wellstreet markets 9% to 10% Housing Bonds. No enforcement action found. Trustpilot 1.7 of 5 over 277 reviews.
Mental Model
How a Worthy bond works, and where the chain broke.
You buy a $10 bond from a single-purpose issuer
Each program is a separate corporation (Peer Capital I in Delaware, the other four in Florida), wholly owned by Worthy Financial, Inc., qualified under Regulation A Tier 2 to sell up to $50 million or $75 million of bonds directly online with no broker-dealer, no sales commission and no investor fee. The bond is a full and unconditional obligation of that issuer only, unsecured, with a stated rate and no maturity date.
The issuer lends the proceeds through a Worthy Lending subsidiary
Peer Capital I and II and Community Bonds lent to small businesses: equipment, purchase-order financing and real estate. Property Bonds and Property Bonds 2 lend to real estate developers against real estate collateral through Worthy Lending V and VI. Staff and office costs are billed to each issuer by Worthy Management, another Worthy Financial subsidiary.
Interest accrues daily and redemptions are paid from loan collections
The filings say bonds are redeemed 'as loan collections and other asset liquidation permits', in order of maturity and request. That sentence is the whole liquidity mechanism. There is no reserve, no bank line disclosed on the issuers, and no obligation to redeem on demand.
When borrowers defaulted, redemptions stopped, and two issuers dissolved
Defaults in the small-business book made the portfolio illiquid, redemptions were delayed in August 2022, and the issuers accrued interest they could not pay. After three years of collections and asset sales, Peer Capital I and II were dissolved with no assets on January 30, 2026 and $12.66 million of bonds unpaid. Community Bonds remains paused.
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-1s. Form 1099-INT for interest; delivered through the account.
Confidence: High
Cash Flow
Distributions
Frequency
interest compounds daily; paid on redemption
Timing
There is no periodic cash distribution. Interest accrues to the bond's value and is received when the bond is redeemed; on suspended programs it has accrued without payment since 2022 or 2023.
Consistency
The stated rate has been applied consistently on every program, including on bonds that were not being redeemed. Cash consistency is the failure point: three programs stopped paying principal, and Peer Capital II's accrued balance was declared worthless.
Liquidity
Exit Reality
Holding period
None stated; no maturity; redemption at the issuer's discretion.
Exit options
- Redemption request through the account, paid 'as loan collections and other asset liquidation permits' in order of maturity and request.
- No secondary market; the bonds are non-transferable.
- On dissolved programs: none. On Community Bonds: none while the pause continues.
Secondary market
There has never been a secondary market for Worthy bonds, and there is no venue for an unsecured bond of a dissolved or paused single-purpose issuer.
Confidence: High
Investment Structures
Worthy Property Bonds and Worthy Property Bonds 2 (on sale)
$10 bonds at 6.5% APY from January 1, 2026 (7% from November 2023), compounded daily, no maturity, redeemable at the issuer's discretion. Proceeds lent to real estate developers against real estate collateral through Worthy Lending V (Property Bonds) and Worthy Lending VI (Property Bonds 2). Property Bonds sold $75 million between October 31, 2022 and December 12, 2024 and continues to sell under its October 2024 re-qualification; Property Bonds 2 had sold about $37 million by March 31, 2026.
Both suspended sales in mid-2024 pending post-qualification amendments and resumed in October 2024 and February 2025. Both carry going-concern paragraphs and negative equity at March 31, 2026.
Worthy Community Bonds (redemptions paused)
$50 million sold to 18,914 investors between September 29, 2020 and February 26, 2021 at 5%, raised to 5.5% in April 2023 and 7% from November 2023 to January 2026. Redemptions paused; $39,824,696 redeemed by December 31, 2025 and $10,126,877 subject to the pause. The FY2025 annual report shows $0 of revenue, total assets of $151,478, liabilities of $13,227,121, a stockholders' deficit of $13,075,643, and a single $4,200,952 loan receivable that is past due and fully reserved. The issuer continues to file.
Worthy Peer Capital and Worthy Peer Capital II (dissolved)
The original programs: $50 million each, sold to 12,285 investors (January 2018 to March 17, 2020, at 5%) and 17,823 investors (March 17 to October 1, 2020). Proceeds lent to small businesses through Worthy Lending I and II. Redemptions delayed from August 22, 2022 'due to defaults in small business loans involving equipment, purchase order financing and real estate'; interest continued at 5%, then 5.5%.
By December 31, 2025, $42,188,710 and $45,146,755 had been redeemed, leaving $7,811,269 and $4,852,865 unpaid. Both issuers filed Certificates of Dissolution on January 30, 2026 (Peer Capital I in Delaware, Peer Capital II in Florida) with no assets and no further distributions, and Form 1-Z exit reports on February 2, 2026. Peer Capital II's holders were told their bonds 'should at this time be considered worthless'.
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.
Demand-Redeemable Liabilities Funding Term Loans, With No Reserve
Every Worthy issuer borrows from retail holders who may ask for their money at any time and lends it to businesses and developers on fixed terms. The filings state the redemption mechanism plainly: bonds are redeemed 'as loan collections and other asset liquidation permits and will do so automatically in the order of bond maturity and redemption requests', and 'there is a possibility that bond liability redemption requests may exceed available liquidity'. No reserve, trustee, sinking fund or parent guarantee is disclosed. The structure worked while new sales and collections exceeded requests; when small-business defaults made the Peer Capital books illiquid in 2022, it stopped.
Going-Concern Paragraphs on Every Current Issuer
Assurance Dimensions' reports on Worthy Property Bonds and Property Bonds 2 for the year ended March 31, 2026, on Community Bonds for December 31, 2025, and on the Wellstreet entities for June 30, 2025 each include an explanatory paragraph on the issuer's ability to continue as a going concern, and each 1-K repeats that 'these conditions raise substantial doubt'. Property Bonds' total assets fell from $41,039,439 to $16,864,198 in two years against $23,545,670 of liabilities. Regulation A requires the doubt to be disclosed; nothing requires the issuer to stop selling.
One Management Team on Both Sides of Every Transaction
Sally Outlaw and Alan Jacobs sign for the parent, each issuer, the management company, and Worthy Wealth (now Wellstreet). The December 2023 agreement for Worthy Wealth to buy the Property Bonds issuers, its February 2026 termination, and the March 2026 sale of the Worthy software from the parent to Worthy Wealth for $1 million plus $1 million of Worthy Wealth stock were all negotiated between entities under the same officers. The filings disclose the conflicts; no independent director, special committee or fairness opinion is described.
Marketing That Post-Dates the Suspensions and Ignores Them
The September 2026 site promises bonds that are 'fully liquid and redeemable at any time without penalties', names Worthy Peer Capital as a current issuer, and headlines '$200,000,000 in Bonds Sold' and '100,000 customers'. The one disclaimer found on the marketing pages reads 'Investing in Worthy bonds involves risk of loss' and 'not insured by the FDIC'. Nothing on the marketing pages references the 2022 suspension, the 2026 dissolutions or the going-concern paragraphs.
Redemption Suspension on the Live Programs
Property Bonds and Property Bonds 2 disclose no pause, and Property Bonds' liabilities fell by $16.8 million in FY2026, but both file the same risk factor and the same going-concern paragraph that preceded the earlier suspensions.
Why it matters
The three programs that failed were sold on identical terms by the same operator, and each accrued interest for years after it stopped paying principal. A holder who cannot redeem has no maturity to wait for, no collateral to claim and no counterparty other than a single-purpose issuer whose only assets are loans.
Mitigation / verification
Read the latest 1-K and 1-SA on EDGAR under CIK 0001869222 and 0001971864 before adding or holding. Test a redemption of a meaningful amount and record the settlement time. Size the position for a multi-year freeze.
Total Loss on Dissolved Programs
Peer Capital I ($7,811,269 unpaid) and Peer Capital II ($4,852,865 unpaid) were dissolved on January 30, 2026 with no assets; the company told Peer II holders their bonds should be considered worthless.
Why it matters
A dissolved corporation with no assets has no one to sue for value. The bonds were unsecured, non-transferable and carried no guarantee from Worthy Financial or any affiliate.
Mitigation / verification
Keep the bond confirmations, account statements showing the frozen balance and accrued interest, and any company correspondence. The Peer Capital II statement is the worthlessness evidence a tax adviser will need; Peer Capital I holders should request the equivalent in writing. Consult a securities attorney before assuming any recovery.
Community Bonds: Paused, Unfunded and Still Accruing
$10,126,877 of Community Bonds cannot be redeemed; the issuer has $151,478 of assets, $0 of revenue, and its one loan fully reserved.
Why it matters
On the filed numbers the issuer cannot pay from its own resources. Its rate was raised to 7% during the pause, so the liability to holders grew while the assets behind it went to zero. Whether the parent or an affiliate will fund redemptions is not disclosed.
Mitigation / verification
Monitor the issuer's EDGAR filings (CIK 0001817214) for a 1-U announcing dissolution, a worthlessness statement or a funding arrangement, and preserve records as for the Peer Capital programs.
The Operator's Next Product
Wellstreet Financial, run by the same CEO and CFO, markets 9% to 10% Housing Bonds with a three-year lock and '100% of your investment goes toward your earnings', with no risk disclaimer found on its homepage.
Why it matters
Wellstreet is a separate issuer, but the only operating history its management has is the Worthy record: the same officers, the same software, the same auditor with the same going-concern paragraphs on the Wellstreet entities, and a higher rate on a longer lock. Wellstreet Senior Living terminated its offering on August 31, 2026.
Mitigation / verification
Read the Wellstreet Financial, Realty and Senior Living 1-Ks on EDGAR (CIKs 0002007516, 0002041878, 0002054462) and apply every question in this review before buying.
Biggest Misconceptions & What Actually Happens
- If you hold Property Bonds: they are separate issuers from the dissolved programs, they disclose no pause, and their filings carry going-concern paragraphs. Redemption is at the issuer's discretion.
- If you hold Peer Capital I or II bonds: the issuers were dissolved on January 30, 2026 with no assets. Keep your records; the company's February 2, 2026 statement to Peer II holders is the worthlessness evidence.
- If you hold Community Bonds: redemptions are paused, the issuer has no revenue and one fully reserved loan, and it continues to file on EDGAR under CIK 0001817214.
- No regulator has acted against any Worthy entity or officer on the public record as of September 2026. The suspensions, dissolutions and going-concern doubts are disclosed in the issuers' own filings, not found by an enforcement action.
- Wellstreet Financial is a separate Georgia issuer run by the same officers, selling a new product; it did not assume the Worthy bonds.
Regulatory & Legal Posture
Security Status
Regulation A Tier 2 Bonds Sold Directly by Affiliated Single-Purpose Issuers Without a Broker-Dealer; Three of Five Programs in Suspension or Dissolution
Each Worthy program is a separate issuer with its own Form 1-A qualification: Peer Capital I (file 024-10766, qualified January 4, 2018), Peer Capital II (024-11150, March 17, 2020), Community Bonds (024-11279, 2020), Property Bonds (024-11563, first 2022, re-qualified October 4, 2024) and Property Bonds 2 (024-12206, 2023). Tier 2 imposes audited annual reports (1-K), semiannual reports (1-SA) and current reports (1-U), all of which the issuers have filed, including the rate changes, the suspensions, the dissolutions, the terminated acquisition and the software sale. Bonds are sold by the issuer's own officers online; the 1-Z exit reports show no underwriter and no sales commissions, and no broker-dealer, funding portal or investment adviser registration exists for any Worthy entity.
Investors receive the Tier 2 investment limit (10% of income or net worth for non-accredited investors) and the disclosure; they receive no trustee, indenture, reserve, capital requirement or redemption obligation, because Regulation A provides none. AltStreet's scan found no SEC litigation release or administrative proceeding, FINRA action, state securities action, receivership or class action involving Worthy Financial, any Worthy issuer, Worthy Wealth or Wellstreet, or Sally Outlaw or Alan Jacobs, as of September 9, 2026.
Disclosure Quality
Strong in the filings, contradicted on the site. The 1-Ks and 1-SAs are audited, state the redemption suspensions and unpaid balances in dollars, quote the going-concern paragraphs, name the affiliates and describe the conflicts. The 1-Us report the dissolutions, the terminated acquisition, the software sale and the renames within days. Against that: worthybonds.com promises full liquidity that the same issuers disclosed they cannot provide, lists dissolved issuers as current, and publishes gross sales and customer counts with no reference to the losses. Property Bonds' investor count and fulfillment rate are not filed.
Custody Model
Direct Unsecured Obligations of Single-Purpose Issuers + Investor Cash Held by the Issuer Pending Purchase; No Trustee, Custodian or Reserve
Regulatory Backing
A Worthy bond is a contract between the investor and one single-purpose subsidiary. There is no trustee or indenture, no collateral pledged to bondholders (the real estate collateral on Property Bonds secures the issuer's loans to developers, not the bonds), no parent guarantee, no reserve account and no third-party custodian disclosed. Redemption proceeds are paid by the issuer from its own cash.
When Peer Capital I and II were dissolved, holders had a claim against a corporation with no assets. No SIPC coverage applies, and the bonds are not deposits.
Tax Treatment
Reporting
Form 1099-INT (interest income) issued by the issuer or its agent
The bonds are stated-rate debt; interest compounds daily and is reported as interest income. Holders of suspended bonds have continued to receive accrued interest on their statements and, where reported, on 1099s, without receiving the cash. This review does not establish what any issuer reported for the suspended programs in any year.
Income Character
Ordinary Interest Income (accrued at the stated rate; the reporting of accrued-but-unpaid interest on suspended bonds depends on the issuer's practice and the holder's method)
For bonds that were redeemed, the economics are ordinary interest. For bonds on suspended programs, the question is whether interest accrued on a bond that will not be paid has been, or should be, reported as income, and how the loss on principal and on accrued interest is characterized when the issuer is dissolved. Peer Capital II's February 2, 2026 statement that the bonds 'should at this time be considered worthless' and Peer Capital I's dissolution with no assets are the events a tax adviser will look for. This review does not establish the correct treatment for any holder.
Limitation
If a bona fide nonbusiness debt becomes wholly worthless, an individual may generally claim a short-term capital loss subject to the annual net capital-loss limitation; a suspension by itself does not establish worthlessness, and partial worthlessness is generally not deductible for nonbusiness debts. Community Bonds holders are in the harder position: paused, not dissolved, with the issuer still filing. Interest previously reported as income on bonds that are then declared worthless raises its own question. All of this requires adviser input with the bond confirmations, statements and company correspondence in hand.
Special Considerations
- Accrued interest on suspended bonds may have appeared on statements or 1099s without cash being paid; keep every statement.
- Peer Capital II's written worthlessness statement (February 2, 2026) and the two dissolutions (January 30, 2026) are the documents that establish the year of loss.
- Community Bonds is paused, not dissolved; a loss claim on it depends on facts not yet on the record.
- Property Bonds interest is current interest income; nothing in the filings changes that for holders who are being paid.
- State treatment depends on the holder's residence; this review establishes no state conclusions.
Account Suitability
Taxable
Where nearly all Worthy positions sit. The practical task for holders of the failed programs is documentation: principal invested, redemptions received, interest reported, and the dissolution and worthlessness evidence.
Roth IRA
Worthy marketed IRA eligibility through self-directed custodians in earlier years; a custodian still carrying a Peer Capital bond at face value is not reflecting its condition, and the holder should raise the dissolution evidence with the custodian.
Traditional IRA
Same as above.
HSA
Not applicable in practice.
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AltStreet Data Layer
What the data actually shows
AltStreet read every Worthy filing since 2017, the current annual reports in full, the site on the day of review and the affiliate's filings and site, and set the marketing against the record. Read together, the findings show a liquidity promise that the structure never guaranteed, tested by defaults and found to be the issuer's option.
$22.79 million of retail bonds could not be redeemed, and $12.66 million of it is gone
At December 31, 2025 the three completed programs held $22,791,011 of bonds subject to suspension or pause: Peer Capital I $7,811,269, Peer Capital II $4,852,865, Community Bonds $10,126,877, after redeeming $127,160,161 of the $150,000,000 sold to 49,022 investors. On January 30, 2026 Peer Capital I and II were dissolved with no assets, and Peer Capital II's holders were told their bonds should be considered worthless.
What this means
The programs recorded $127.16 million of redemptions against $150 million sold and then stopped, and the structure carried the remainder as accruing balances on paper for three years before extinguishing it. Community Bonds' $10.13 million sits on an issuer with $151,478 of assets, so the same outcome is the base case absent an affiliate contribution the filings do not describe.
The programs still selling carry going-concern paragraphs and negative equity
Property Bonds' auditor and Property Bonds 2's auditor each included an explanatory going-concern paragraph in the FY March 2026 reports. Property Bonds' total assets fell from $41,039,439 (March 2024) to $16,864,198 (March 2026), liabilities from $43,906,090 to $23,545,670, revenue from $2,789,445 to $1,364,002; its deficit is $6,681,472. Property Bonds 2 holds $21,813,776 of assets against $25,866,255 of liabilities, a $4,052,479 deficit, with $12,669,875 of receivables reported as not past due.
What this means
Falling liabilities alongside continued sales are consistent with redemptions being paid out of a shrinking loan book, which is the mechanism the filings describe. It is also the pattern the Peer Capital programs showed before their books went illiquid. Neither issuer discloses a fulfillment rate, so 'redemptions are being paid' is an inference from the balance sheet, not a filed fact.
The website promises what the filings say the issuers cannot do
worthybonds.com on September 9, 2026: 'fully liquid and redeemable at any time without penalties'; 'penalty-free access to your funds'; 'anytime access to your funds'; bonds described as obligations of 'Worthy Property Bonds, Worthy Community Bonds, Worthy Peer Capital, etc'; '$200,000,000 in Bonds Sold'; '>100,000 Worthy customers'. The 1-Ks: redemptions delayed since August 2022 on Peer Capital I, suspended on Peer Capital II, paused on Community Bonds; Peer Capital I and II dissolved January 30, 2026; 'redemption requests may exceed available liquidity' on the live programs.
What this means
An investor who reads the site and not EDGAR buys a different product from the one being sold. The gross '$200,000,000' figure is itself below the filings' $262 million, and neither number says what came back.
One management team on every side, and the buyer walked away the week the sellers' programs dissolved
Sally Outlaw (CEO) and Alan Jacobs (COO and CFO) sign for Worthy Financial, every issuer, Worthy Management, and Worthy Wealth, Inc., the Georgia company that agreed on December 11, 2023 to acquire Property Bonds, Property Bonds 2 and Worthy Lending V and VI. Worthy Wealth terminated that agreement on February 4, 2026, four days after the Peer Capital dissolutions, then on March 31, 2026 bought the Worthy Platform software from Worthy Financial for $1,000,000 cash due by year end plus $1,000,000 of Worthy Wealth stock, licensed it back, and renamed itself Wellstreet Financial on July 7, 2026.
What this means
The filings disclose the conflicts and no independent process. The practical reading is that the technology and the brand moved to a new entity while the bond liabilities stayed with the old ones, and that the new entity now sells a higher rate on a longer lock to the same audience. The Wellstreet 1-Ks carry the same auditor's going-concern language.
Interest was raised on bonds that were not being redeemed
Community Bonds' rate rose from 5% to 5.5% in April 2023 and to 7% in November 2023, during its pause, on an issuer that reported $14,767 of revenue in 2024 and $0 in 2025. Suspended Peer Capital bonds accrued 5.5%. The unredeemed balances at December 31, 2025 include this accrued interest in an undisclosed proportion.
What this means
A higher accrual on a frozen bond increases the number on the statement and the eventual write-off, not the cash. Holders should not read accrued balances on suspended programs as value.
The parent has never reported a profit and carries the platform's cost through the issuers
Worthy Financial's Regulation Crowdfunding annual reports show net losses in every year from 2019 to 2025, about $44.7 million cumulatively on the figures as filed, with 2025 revenue of $3,556,604, a net loss of $7,196,286 and total assets of $49,227,518. Staff and office costs are reimbursed to Worthy Management by each issuer under Management Services Agreements.
What this means
The operator's losses and the issuers' negative equity are one balance sheet viewed from two ends. There is no disclosed capital commitment from the parent to any issuer, and the parent's own financials are not audited on the record.
Distribution was direct, fee-free, and unmediated
Every 1-Z reports no underwriter, no sales commissions and no finders; each program's transaction costs were legal ($100,000), blue-sky ($50,000) and audit fees. Investors paid nothing. The parent raised $267,240 on StartEngine in 2018 to 2019 and about $412,520 in two Form D rounds.
What this means
The absence of a broker-dealer removed a commission and also removed the one party outside the affiliate group with a suitability obligation. The $10 minimum, round-ups and recurring purchases put the product in front of the savers least equipped to read a 1-K.
No regulator has acted on the public record
AltStreet's scan of SEC, FINRA, state and court records found no action involving any Worthy entity or officer as of September 9, 2026. The suspensions, dissolutions, going-concern doubts and affiliate transactions are all in the issuers' own filings.
What this means
Regulation A's compliance model is disclosure; Worthy complied. The absence of an action is not a finding that the conduct was sound, and the presence of a complete filing record is what allowed this review to be written.
Data as of 2026-09-09 . AltStreet review evidence layer . Public-source analysis
Full datasetAltStreet Weekly
Take the three checks to every retail bond platform
The redemption sentence, the auditor's paragraph and the officer names: the same filing database behind this review covers Groundfloor, Percent, Phoenix and 100+ other platforms, where the answers can still change a decision.
So What?
What to do differently because of this.
What this means
Anytime redemption is a policy until the day it is not
What to do
On any bond with no maturity date, find the sentence that says when the issuer must pay. If it says 'as collections permit', the liquidity is the issuer's, not yours. Size the position for a multi-year freeze.
What this means
The issuer's audit report is the risk disclosure
What to do
Read the auditor's paragraph in the latest 1-K before buying a Regulation A bond. A substantial-doubt going-concern paragraph on a lender that funds redemptions from collections is the plainest warning the system produces.
What this means
Follow the management team, not the brand
What to do
When a platform's operators launch a new entity, a new name and a higher rate while the old programs are frozen, the new product inherits the old record. Search EDGAR by officer name as well as by company.
Decision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Holders of Worthy Peer Capital, Peer Capital II or Community Bonds
The work now is documentary. Peer Capital I and II were dissolved on January 30, 2026 with no assets; Peer Capital II's holders have a written worthlessness statement dated February 2, 2026, and Peer Capital I holders should request the equivalent. Community Bonds is paused on an issuer with no revenue and one fully reserved loan; watch its EDGAR filings for a dissolution or a funding arrangement. Preserve confirmations, statements and correspondence, and take tax and legal advice before treating any balance as recoverable.
Holders of Worthy Property Bonds or Property Bonds 2
The live programs disclose no pause and Property Bonds' liabilities fell in FY2026, which is consistent with redemptions being paid. They also carry going-concern paragraphs, negative equity, the same redemption risk factor as the programs that failed, and an operator whose affiliate declined to acquire them in February 2026. A holder who needs the money on a date should treat that date as unknown.
Investors Seeking a Fixed Rate With Anytime Access
The product's defining promise has failed on three of five programs. An investor who wants a fixed rate and access should compare a dated note with published performance, or a bank product, against an unsecured bond of a single-purpose lender with no maturity and a going-concern paragraph.
Investors Being Offered Wellstreet Housing Bonds
Same officers, same software, same auditor's going-concern language on the Wellstreet entities, a higher rate and a three-year lock. Apply the Worthy record before crediting the new name.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
No Maturity vs. No Obligation
A bond you can redeem any day is convenient until the day the issuer says it cannot pay, and then there is no date on which it must. Worthy's terms gave the investor a redemption request and the issuer a discretion, and the filings show which one governed when defaults arrived.
Zero Fees vs. Zero Reserve
No investor fee, no commission and no broker are real savings against broker-sold notes. The same structure left nothing between the loan book and the redemption queue: no reserve, no bank line on the issuer, no parent guarantee.
Candid Filings vs. Contradicting Marketing
The 1-Ks disclose the suspensions in dollars, the going-concern doubts in the auditor's words and the affiliate conflicts by name. The homepage the investor sees first promises full liquidity and lists dissolved issuers. An investor who reads only one of the two documents gets a different product.
Regulation A Disclosure vs. Regulation A Protection
Tier 2 delivered audited, semiannual, event-driven reporting, and Worthy complied with it. Tier 2 requires no capital, no trustee, no reserve and no redemption; it disclosed the failure and did nothing to prevent it. The protection was the reader's own diligence.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Anyone Who Needs Liquidity on a Date
No Worthy bond has a maturity, redemption is at the issuer's discretion, and three of five programs have shown what that means.
Investors Relying on the Website's Description of the Product
The site's liquidity claims, issuer list and headline figures are contradicted or unqualified by the issuers' own SEC filings.
Investors Expecting Recovery on the Dissolved Programs
Peer Capital I and II were dissolved with no assets; the company told Peer II holders their bonds should be considered worthless; no receivership, action or recovery process exists on the public record.
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
Worthy is what happens when a savings-account promise is written on unsecured paper from a lender with no reserve. The rate was real, the filings were candid, and for four years the redemptions were paid. Then the small-business loans behind the first two programs defaulted, and the structure did the only thing it could: it stopped paying principal, kept accruing interest, and three and a half years later dissolved with nothing left. $22.79 million of retail bonds from 49,000 investors could not be redeemed, $12.66 million of it is gone, and the two programs still on sale carry the same risk factor and their auditor's doubt that they can continue. None of that appears on the website, which promises full liquidity at 6.5% and lists a dissolved issuer as current. No regulator has said a word. The filings said everything.
Positioning
This review uses Worthy to answer a question every $10 bond platform raises: what does 'redeemable at any time' mean when the issuer is a single-purpose lender? The answer is in the redemption sentence of the 1-K, in the auditor's paragraph, and in the officer names that repeat across the parent, the issuers, the buyer that walked away and the new brand that replaced it. Take the same three checks to Wellstreet, to Groundfloor, to Percent and to any direct issuer selling a fixed rate to retail, where they can still change a decision.
The Bottom Line
A $10 bond platform whose anytime-liquidity promise failed on three of five programs, dissolved two with $12.66 million unpaid, and still sells 6.5% bonds under going-concern paragraphs while the same team launches a higher-rate product under a new name.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
If you hold Property Bonds or Property Bonds 2: read the FY2026 Form 1-K on EDGAR (CIK 0001869222 or 0001971864), test a redemption and record the settlement time, and size the position for a multi-year freeze.
If you hold Peer Capital I or II bonds: keep the confirmations, statements and the February 2, 2026 statement; request a written worthlessness confirmation for Peer Capital I; consult a tax adviser and a securities attorney.
If you hold Community Bonds: watch CIK 0001817214 on EDGAR for a 1-U on dissolution, funding or worthlessness, and preserve records as above.
If you are considering Wellstreet Housing Bonds: read the Wellstreet Financial, Realty and Senior Living 1-Ks (CIKs 0002007516, 0002041878, 0002054462) and apply this review's three checks: the redemption sentence, the auditor's paragraph, the officer names.
File a complaint with the SEC and your state securities regulator about unpaid redemptions so that a record exists; no public action has been taken as of September 2026.
For any direct-issuer bond platform: read the 1-K before the homepage, find the sentence that says when the issuer must pay, and treat a going-concern paragraph on a lender that funds redemptions from collections as the plainest warning the system produces.
Final Answer
What this means for your decision.
Finding
The liquidity promise is the product, and it has failed in three of five programs
Meaning
Worthy's pitch is a fixed rate with penalty-free access to your money. Peer Capital I stopped redeeming in August 2022, Peer Capital II and Community Bonds followed, and at December 31, 2025 the three held $22.79 million of bonds that could not be redeemed. Interest kept accruing on paper. In January 2026 the two Peer Capital issuers were dissolved with nothing left for holders.
Action
Read 'redeemable at any time' as a policy the issuer can suspend, not a term of the bond. The bond itself is an unsecured obligation of a single-purpose lender with no maturity date.
Finding
The bonds on sale today are issued by companies whose auditor doubts they can continue
Meaning
Worthy Property Bonds and Worthy Property Bonds 2 both carry substantial-doubt going-concern paragraphs in their March 2026 audits, negative equity of $6.68 million and $4.05 million, and the same risk factor that redemption requests may exceed available liquidity. Neither discloses a pause; neither discloses a fulfillment rate.
Action
If you hold Property Bonds, read the FY2026 Form 1-K on EDGAR before deciding how much to keep. If you are considering them, price the 6.5% against an issuer that cannot show it will exist in twelve months.
Finding
The same management is now selling a new product under a new name
Meaning
Worthy Wealth, Inc., a Georgia company with the same CEO and CFO, contracted in December 2023 to buy the Property Bonds issuers, terminated that deal on February 4, 2026, four days after the dissolutions, bought the Worthy software platform from the parent for $1 million plus $1 million of its own stock, and renamed itself Wellstreet in July 2026. Wellstreet markets 9% to 10% Housing Bonds with a three-year lock.
Action
Treat Wellstreet as a separate issuer whose management and operating history cannot be evaluated separately from Worthy's.
Finding
The marketing has not caught up with the filings
Meaning
The site still says bonds are 'fully liquid and redeemable at any time', still names Worthy Peer Capital and Worthy Community Bonds as current issuers, and headlines '$200,000,000 in Bonds Sold' and '100,000 customers' without mentioning the $22.79 million that stopped being redeemable.
Action
On any direct-issuer bond platform, the 1-K and 1-SA on EDGAR are the product description. The homepage is the advertisement.
If you read nothing else
Worthy is a real business with a real filing record: $262 million of bonds sold across five Regulation A programs, $127 million redeemed from the three that failed, audited statements filed every year, and the bad news disclosed on EDGAR as it happened. That record now includes a program whose bonds were declared worthless, a second dissolved with nothing to distribute, a third frozen with no revenue, and two live programs with going-concern doubts, all sold under a promise of anytime liquidity that the structure never guaranteed. No regulator has acted. The filings are the warning.
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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
+
Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Comparison Guides
Head-to-head guides featuring Worthy
+
Report Appendix
Comparison Guides
Head-to-head guides featuring Worthy
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
+
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Fund Landscape
Frameworks
- ->Compound Real Estate Bonds vs Worthy Bonds: 8.5% against 6.5% on a similar unsecured demand-bond structure
- ->SMBX vs Worthy Bonds: a named borrower and a maturity date against a pooled issuer and none
- ->The Warning Signs Were Public: platform due diligence, the Mainvest case study
- ->Three-Pillar Evaluation Framework
- ->Real Asset Due Diligence Guide
Similar Platform Reviews
- Groundfloor
Retail real estate debt with dated notes, a published loan-level repayment and default record, and a platform that originates and services its own loans: the disclosure Worthy never provided.
- Phoenix Capital Group
A direct issuer of retail bonds that reports under the Exchange Act with per-series debt tables and no missed payment located, alongside leverage and governance risks of its own.
- Mainvest
The category's other documented failure: a revenue-share portal that ceased in 2024 when its banking intermediary collapsed, with the operator's going-concern doubt on file 18 months earlier.
Report Appendix
Related Coverage
AltStreet newsroom articles on Worthy filings and disclosures
+
Report Appendix
Related Coverage
AltStreet newsroom articles on Worthy filings and disclosures
- What Is SEC Form 1-SA? Worthy Community Bonds' 2026 Filing ExplainedSep 18, 2026
Form 1-SA is the semiannual disclosure Tier 2 Regulation A issuers must file. A September 2026 filing from Worthy Community Bonds shows how much a single interim report can tell you: $0 of revenue, $0 of cash, and $201,519 returned to bondholders in fourteen months of paused redemptions.
- Wellstreet Senior Living Ends Its Reg A Offering Seven Weeks After Dropping the Worthy NameSep 10, 2026
A Form 1-U filed September 1 shows the senior-housing issuer formerly named Worthy Senior Living terminated its Regulation A offering effective August 31, 2026, seven weeks after a Georgia name change that mirrors a rename across its sponsor's affiliates. The officers who sign for the Wellstreet entities also run the Worthy bond programs that stopped honoring redemptions in 2022.
Report Appendix
Evidence & Methodology
74 cited passages on file; sources, scope, and how the review was assembled
+
Report Appendix
Evidence & Methodology
74 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
74 supporting passages on file for Worthy and its offerings from 5 source documents, 3 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 74
- Source documents
- 5
- Analyst verified
- 0
- Discrepancies flagged
- 3
ASReview Evidence
Methodology
Four primary sources. (1) SEC EDGAR: every filing by Worthy Peer Capital, Inc. (CIK 0001699834; 41 filings, March 2017 to February 2026), Worthy Peer Capital II, Inc. (0001800207; 25), Worthy Community Bonds, Inc. (0001817214; 24), Worthy Community Bonds II, Inc (0001832154; 5, never qualified), Worthy Property Bonds, Inc. (0001869222; 36), Worthy Property Bonds 2, Inc. (0001971864; 29), Worthy Financial, Inc (0001745249; Form C 2018, C-U 2019, C-AR 2019 to 2026, two Form Ds, an abandoned 1-A) and Worthy Wealth, Inc. and subsidiaries (0002007516, 0002041878, 0002054462; 48 filings to September 2026). The FY2025 1-Ks (Community Bonds, filed April 20, 2026; Peer Capital II, July 18, 2025) and FY2026 1-Ks (Property Bonds and Property Bonds 2, July 15, 2026) were read in full; the 1-Z exit reports of February 2, 2026 and the 1-Us of December 29, 2025, February 2 and 6, April 3, July 10, August 24 and September 1, 2026 were read in full. (2) worthybonds.com, 124 pages captured September 9, 2026, including the home, invest, why-worthy, predictable-income, comparison, about, community and archive pages. (3) wellstreetfinancial.com, home and about pages, September 9, 2026. (4) Legal and enforcement scan of SEC litigation releases and administrative proceedings, FINRA disciplinary actions, state actions and court dockets; investor record from Trustpilot (277 reviews), Bogleheads and JoeHx Blog. Figures are as filed in whole dollars; company-reported site figures are labeled.
Scope
Issuer-level filings and the operator's own statements. Loan-level performance is NOT disclosed by any Worthy issuer beyond the single reserved Community Bonds loan and Property Bonds 2's aggregate receivables, and is not covered. Property Bonds' investor counts and redemption fulfillment rates are not filed and are not estimated. The split of unredeemed balances between principal and accrued interest is not disclosed. Parent financials are from Regulation Crowdfunding annual reports whose audit status this review does not assert.
Key Findings
- *Programs and sales (as filed): Peer Capital I $50,000,000 to 12,285 investors, January 2018 to March 17, 2020 (file 024-10766, qualified 2018-01-04, price $10, net proceeds $49,844,000 per the 1-Z); Peer Capital II $50,000,000 to 17,823 investors, March 17 to October 1, 2020 (024-11150, net proceeds $49,840,000); Community Bonds $50,000,000 to 18,914 investors, September 29, 2020 to February 26, 2021 (024-11279); Property Bonds $75,000,000, October 31, 2022 to December 12, 2024 (024-11563, re-qualified 2024-10-04); Property Bonds 2 approximately $37,000,000 to March 31, 2026 (024-12206). Community Bonds II (CIK 0001832154) filed a 1-A on November 25, 2020, amended through May 27, 2021, and was never qualified.
- *Redemptions and suspensions (FY2025 1-Ks): Peer Capital I 'temporarily delay[ed] the redemption of outstanding bonds while continuing to accrue 5.5% interest' after 'defaults in small business loans involving equipment, purchase order financing and real estate'; $42,188,710 redeemed at December 31, 2025 (from $41,114,337 at the prior report); $7,811,269 subject to suspension. Peer Capital II: $45,146,755 redeemed (from $43,984,983); $4,852,865 subject to suspension. Community Bonds: 'paused the redemption of outstanding bonds while continuing to accrue interest at 7% until January 2026'; $39,824,696 redeemed (from $39,623,157 prior to the pause); $10,126,877 subject to the pause. Total unredeemable at December 31, 2025: $22,791,011 against $150,000,000 sold.
- *Dissolutions (1-Us of February 2, 2026; 1-Zs the same day): Peer Capital I (a Delaware corporation) and Peer Capital II (a Florida corporation) each filed a Certificate of Dissolution with its state of organization on January 30, 2026, 'approved unanimously by the Company's board of directors and sole shareholder'; each 'at the time of dissolution, had no assets, and therefore there will be no further distributions to the Company's security holders'. The 1-Zs report $50,000,000 qualified and sold at $10, no underwriter, no sales commissions, legal fees $100,000 and blue-sky fees $50,000 to Dickinson Wright, audit fees $6,000 (D'Arelli Pruzansky) and $10,000 (Salberg & Company), and approximately 0 record holders. Company statement to Peer Capital II holders, February 2, 2026 (as reported): 'after exhausting all available debt-recovery and asset sale efforts… no further funds remain for distribution to bondholders, and any securities held in this offering should at this time be considered worthless.'
- *Community Bonds FY2025 (1-K filed April 20, 2026): revenue $0 (2024: $14,767); net loss $1,333,240; cash $31,104; total assets $151,478; total liabilities $13,227,121; stockholders' deficit $13,075,643; loans receivable gross $4,200,952 from one borrower, past due at both year ends, reserved in full ($4,282,462 total allowance including $81,510 of interest); 'the decrease of interest expense on bonds was due to the decrease in bonds outstanding'; going-concern paragraph.
- *Property Bonds FY March 2026 (1-K filed July 15, 2026): cash $627,186; total assets $16,864,198 (March 2025: $35,670,941; March 2024: $41,039,439); total liabilities $23,545,670 (March 2025: $40,329,348; March 2024: $43,906,090); stockholders' deficit $6,681,472; interest on loans receivable $1,364,002 (FY2025: $2,789,445); net loss $1,949,537 (FY2025: $1,792,618); bonds 'bear interest at 7% per annum (effective November 2023 through January 2026 and 6.5% thereafter)'; sales suspended May 20 to October 7, 2024 pending a post-qualification amendment; 'substantial doubt about the Company's ability to continue as a going concern' with an explanatory paragraph in the audit report; 'There is a possibility that bond liability redemption requests may exceed available liquidity.'
- *Property Bonds 2 FY March 2026 (1-K filed July 15, 2026): cash $3,146,914; total assets $21,813,776; total liabilities $25,866,255; stockholders' deficit $4,052,479; interest income $1,944,812 (FY2025: $1,648,116); net loss $1,752,338; financing receivables individually evaluated for impairment $12,669,875 (March 2025: $12,569,875), 'no loans past due or on non-accrual status… past due by more than 90 days'; approximately $37 million of bonds sold; sales suspended June 21, 2024 to February 7, 2025; going-concern paragraph.
- *Rate history as filed: Peer Capital bonds 5% at issue, 5.5% from April 1, 2023; Community Bonds 5%, 5.5% from April 1, 2023, 7% from November 2023 through January 2026, then reverting toward 6%; Property Bonds and Property Bonds 2 7% from November 2023 through January 2026 and 6.5% thereafter, set by the boards on December 29, 2025 'instead of 6% APY' the offering circular provided (1-U with Supplement No. 1 and a revised Form of Bond).
- *Affiliate transactions (1-Us): Stock Purchase Agreement dated December 11, 2023 between Worthy Wealth, Inc. and Worthy Financial, Inc. for all equity of Worthy Property Bonds, Inc., Worthy Property Bonds 2, Inc., Worthy Lending V, LLC and Worthy Lending VI, LLC, terminated by Worthy Wealth on February 4, 2026 'in compliance with the terms of the SPA' and 'approved unanimously by the Company's board of directors' (reported by all five entities on February 6, 2026, signed by Alan Jacobs as CFO). FinTech Purchase Agreement dated March 31, 2026: Worthy Wealth acquired 'certain software and incorporated data… known as the Worthy Platform' from Worthy Financial for $1,000,000 in cash on or before December 31, 2026 plus $1,000,000 of Worthy Wealth restricted common stock 'valued at the sale price in the Company's then current (or, if not current, most recent) private placement', with the works reverting to Worthy Financial if the price is not paid in full, and licensed back to Worthy Financial 'for white label use'. Certificates of Amendment July 7, 2026 (Worthy Wealth, Inc. to Wellstreet Financial, Inc.) and July 13, 2026 (Realty and Senior Living). Wellstreet Senior Living terminated its Regulation A offering (024-12578) on August 31, 2026 and 'will continue to meet its periodic reporting obligations'.
- *Parent (Worthy Financial, Inc. Form C-ARs, company-reported, unaudited status not verified): revenue and net loss by year: 2019 $22,392 / -$805,840 (assets $2,686,176; 10 employees); 2020 $1,043,058 / -$3,712,068 ($25,139,357; 14); 2021 $4,015,508 / -$4,119,032 ($74,427,613; 17); 2022 $5,764,026 / -$6,406,019 ($60,575,012; 12); 2023 (April report) $2,929,674 / -$9,948,743 ($47,381,734; 19); 2023 (December year end) $3,728,218 / -$6,102,516 ($61,716,426; 17); 2024 $4,348,111 / -$6,417,296 ($60,787,911; 18); 2025 $3,556,604 / -$7,196,286 ($49,227,518; 18). Regulation CF offering on StartEngine (Form C July 2, 2018; common stock at $5; target $10,000; maximum $1,070,000): $267,240 reported August 21, 2019. Form D December 19, 2018: $1,000,000 offered, $200,000 sold, 6 investors; Form D August 6, 2020: $400,000 offered, $212,520 sold, 4 investors.
- *Wellstreet entities (formerly Worthy Wealth; Georgia; FY June 30, 2025 1-Ks with going-concern paragraphs): Wellstreet Financial cash $706,513, total assets $796,202, liabilities $108,294, equity $687,908, revenue $0; Realty total assets $2,233, liabilities $25,869, deficit $23,636; Senior Living cash $584,623, equity $523,904, net loss $30,713. Worthy Wealth Form D March 26, 2025: $30,000,000 offered, $155,000 sold, 5 investors. The 1-K risk factors state 'the members of our management have limited experience in managing real estate or developing real estate projects'.
- *Investor record: Trustpilot TrustScore 1.7 of 5 across 277 reviews (45% five-star, 43% one-star); newest review September 1, 2026: 'Our funds could not be withdrawn for more than 1 year and then finally they declared everything was lost'; April 2, 2026: an account balance moved to '100% loss ($3,767.13)'. JoeHx Blog reproduces the August 22, 2022 email delaying Peer Capital redemptions and the claim of 'over $90 million in prior principal and interest distributions'; 2023 comments report five-figure balances frozen.
- *Legal and enforcement scan (September 9, 2026): no SEC litigation release or administrative proceeding, FINRA disciplinary action, state securities action, receivership or class action found naming Worthy Financial, Inc., any Worthy issuer, Worthy Wealth, Inc., Wellstreet Financial, Inc., Sally Outlaw or Alan Jacobs. Name-match hits in AltStreet's enforcement tables (Goldsworthy, Kenworthy) are unrelated. No broker-dealer, funding-portal or adviser registration exists for any Worthy entity.
AltStreet Data Layer
AltStreet EDGAR read of five Reg A bond issuers + parent + affiliates, and the site capture (2026-09-09)
AltStreet's Worthy dataset is the complete EDGAR record of the five bond issuers, the parent and the Wellstreet affiliates (2017 to September 2026) with the redemption, balance-sheet and going-concern figures read from the annual reports, plus a same-day site capture. It is not a loan-level ledger: no Worthy issuer discloses borrower-level performance, and none discloses a redemption fulfillment rate or investor count on the live programs.
- Programs: 5 qualified (2018, 2020, 2020, 2022, 2023) + 1 never qualified · $262M sold · 49,022 investors in the three completed programs · Property Bonds counts not filed
- Redeemed by the three failed programs at 2025-12-31: $127,160,161 · unredeemable: $22,791,011 (15.2% of $150M sold)
- Dissolved 2026-01-30 with no assets: Peer Capital I ($7,811,269 unpaid) · Peer Capital II ($4,852,865 unpaid, 'worthless' per company statement 2026-02-02)
- Paused: Community Bonds $10,126,877 · issuer revenue $0 · assets $151,478 · one loan $4,200,952 fully reserved · deficit $13,075,643
- Live: Property Bonds (assets $16.86M, liabilities $23.55M, deficit $6.68M, revenue $1.36M, going concern) · Property Bonds 2 (assets $21.81M, liabilities $25.87M, deficit $4.05M, revenue $1.94M, receivables $12.67M not past due, going concern)
- Rates as filed: 5% → 5.5% (Apr 2023) → 7% (Nov 2023 to Jan 2026) → 6.5% (Property Bonds from 2026-01-01, board decision instead of 6%)
- Parent (Form C-AR): net loss every year 2019 to 2025, about $44.7M cumulative · 2025 revenue $3.56M / loss $7.20M / assets $49.2M / 18 employees
- Affiliate chapter: SPA 2023-12-11 to buy Property Bonds 1 and 2 → terminated 2026-02-04 · software sold to Worthy Wealth 2026-03-31 for $1M cash + $1M stock · renamed Wellstreet July 2026 · Senior Living offering terminated 2026-08-31
- Distribution: direct, no broker-dealer, no commissions, no investor fees · auditor Assurance Dimensions (regional; going-concern paragraphs on every current issuer)
- Site (2026-09-09): 'fully liquid and redeemable at any time without penalties' · Peer Capital listed as an issuer · '$200,000,000 in Bonds Sold' · '>100,000 customers' · '6.5% APY'
- Wellstreet (2026-09-09): Housing Bonds 9% to 10%, $10, $100 minimum, three-year lock · equity shares $10, $500 minimum · 'projected 15% APY'
- Regulatory: five Reg A Tier 2 qualified issuers · no broker-dealer, funding-portal or adviser registration · no enforcement action found · Trustpilot 1.7/5 (277)
Source: SEC EDGAR (CIKs 0001699834, 0001800207, 0001817214, 0001832154, 0001869222, 0001971864, 0001745249, 0002007516, 0002041878, 0002054462) + worthybonds.com and wellstreetfinancial.com captures + investor record, September 2026
Primary Source Pages
Comparable Platforms
- Groundfloor
Dated, secured real estate notes with a published loan-level record, the transparency and maturity discipline Worthy's undated unsecured bonds lack.
- Phoenix Capital Group
The other direct retail bond issuer in AltStreet's coverage: far deeper reporting and no missed payment located, with its own leverage and governance findings.
- Mainvest
The category's other documented failure, where the operator's going-concern doubt was on file 18 months before the closure.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
What is Worthy Bonds, and how does it work?
Worthy is an online platform, run by Worthy Financial, Inc. of Boca Raton, Florida, that sells $10 bonds to anyone in the US. Each program is a separate Worthy subsidiary qualified under Regulation A Tier 2 to sell $50 million or $75 million of bonds directly, with no broker, no commission and no investor fee. The bonds pay a fixed rate, 6.5% APY on Worthy Property Bonds since January 2026, compounded daily, have no maturity date, and are marketed as redeemable at any time without penalty. The subsidiary lends the money on to small businesses or, on the Property Bonds programs, to real estate developers against real estate collateral, and pays redemptions from what those loans return. Since 2018 Worthy has run five programs and sold about $262 million of bonds.
Is Worthy Bonds legit, or a scam?
The filings do not support calling it a scam, and they do not support the website either. Every Worthy program is a qualified Regulation A issuer that has filed audited annual and semiannual reports on EDGAR, disclosed its redemption suspensions in dollars, and reported its dissolutions and going-concern doubts as they occurred. AltStreet found no SEC, FINRA, state or court action against any Worthy entity or officer as of September 2026. What the record shows is a structure that could not survive loan defaults: three of five programs stopped redeeming between 2022 and 2023, two were dissolved in January 2026 with $12.66 million unpaid and one program's bonds declared worthless, and the two programs still selling carry going-concern paragraphs, while the site promises bonds that are 'fully liquid and redeemable at any time'.
What happened to Worthy Peer Capital and Worthy Peer Capital II?
They were Worthy's first two programs, each selling $50 million of bonds, to 12,285 investors by March 2020 and 17,823 investors by October 2020. On August 22, 2022 Worthy told Peer Capital bondholders it must delay redemptions because defaults in equipment, purchase-order and real estate loans had made the lending portfolio illiquid; Peer Capital II followed. Interest continued to accrue at 5%, then 5.5%. By December 31, 2025 the two issuers had redeemed $42,188,710 and $45,146,755 and still owed $7,811,269 and $4,852,865. On January 30, 2026 both filed Certificates of Dissolution (Peer Capital I in Delaware, Peer Capital II in Florida) stating they had no assets and there would be no further distributions to security holders, and on February 2 the company told Peer Capital II holders that 'any securities held in this offering should at this time be considered worthless'.
What is happening with Worthy Community Bonds?
Worthy Community Bonds sold $50 million to 18,914 investors between September 2020 and February 2021. It paused redemptions and continued accruing interest, raised to 7% from November 2023 through January 2026. Its annual report for 2025, filed April 20, 2026, shows $39,824,696 redeemed, $10,126,877 of bonds subject to the pause, revenue of $0, total assets of $151,478, liabilities of $13,227,121, a stockholders' deficit of $13,075,643, and a single $4,200,952 loan that is past due and fully reserved, with a going-concern paragraph from the auditor. The issuer continues to file on EDGAR under CIK 0001817214. No dissolution or worthlessness statement has been filed for it as of September 2026.
Are Worthy Property Bonds safe? Can I still withdraw my money?
Worthy Property Bonds and Worthy Property Bonds 2 are separate issuers from the failed programs and disclose no redemption pause; Property Bonds' liabilities fell from $40.3 million to $23.5 million during the year to March 2026, which is consistent with redemptions being paid, though no fulfillment rate is filed. They are not safe in any sense the word usually carries. Both auditors included substantial-doubt going-concern paragraphs in the March 2026 reports; Property Bonds has a $6,681,472 stockholders' deficit and total assets that fell from $41.0 million to $16.9 million in two years; Property Bonds 2 has a $4,052,479 deficit. Both file the same risk factor the failed programs carried: that redemption requests may exceed available liquidity. The bonds are unsecured, have no maturity, and are redeemed at the issuer's discretion 'as loan collections and other asset liquidation permits'.
What does 'redeemable at any time' actually mean on a Worthy bond?
It means you may ask. The bonds have no maturity date, so the issuer never has to pay on a particular day; the annual reports state that bonds are redeemed 'as loan collections and other asset liquidation permits' in order of maturity and request, and that requests may exceed available liquidity. No reserve, trustee, bank line or parent guarantee stands behind the promise. On three programs the issuer exercised that discretion for more than three years and then dissolved. The site's phrase 'fully liquid and redeemable at any time without penalties' describes the policy while it works, not a term of the bond.
What is the relationship between Worthy, Worthy Wealth and Wellstreet?
Worthy Wealth, Inc. is a Georgia company with the same CEO (Sally Outlaw) and CFO (Alan Jacobs) as Worthy Financial, with its own Regulation A offerings through subsidiaries Worthy Wealth Realty and Worthy Wealth Senior Living. On December 11, 2023 it agreed to acquire Worthy Property Bonds, Property Bonds 2 and their lending subsidiaries from Worthy Financial; on February 4, 2026, four days after the Peer Capital dissolutions, it terminated that agreement. On March 31, 2026 it bought the Worthy Platform software from Worthy Financial for $1 million in cash due by December 31, 2026 plus $1 million of its own stock, licensing it back for white-label use. In July 2026 all three companies renamed themselves Wellstreet. wellstreetfinancial.com now sells 9% to 10% Housing Bonds with a three-year lock and $10 equity shares; its 1-Ks carry the same auditor's going-concern language, and Wellstreet Senior Living terminated its offering on August 31, 2026.
What returns has Worthy actually paid?
The stated rate has been paid as interest on bonds that were redeemed: 5% from 2018, 5.5% from April 2023, 7% from November 2023 to January 2026, and 6.5% on Property Bonds since. The company's site claims more than $16.6 million of interest earned, undated and unfiled. Against that, three programs stopped returning principal: at December 31, 2025, $22.79 million of bonds from Peer Capital I, Peer Capital II and Community Bonds could not be redeemed, and $12.66 million of that was extinguished in the January 2026 dissolutions. Accrued interest on those bonds was a number on a statement. AltStreet cannot compute a realized return for any Worthy program from public data, and no issuer publishes loan-level performance.
Are there fees on Worthy Bonds?
None for the investor: no purchase, withdrawal or transfer fees, and no broker commission, because the issuers sell directly. The costs sit inside each issuer: staff and office expenses reimbursed to Worthy Management, Inc., a Worthy Financial subsidiary, under a Management Services Agreement, plus legal, blue-sky and audit fees. The exit reports for the Peer Capital programs list $100,000 of legal fees, $50,000 of blue-sky fees and $6,000 to $10,000 of audit fees each. The investor's economics are the coupon less whatever the issuer fails to pay.
Worthy vs Groundfloor vs Percent: what is the difference?
All three sell retail debt at low minimums. Groundfloor sells dated, secured real estate loan notes and publishes a loan-by-loan repayment and default record; Percent sells short-duration private credit notes through a broker-dealer with a repayment ledger of 843 repaid notes and a loss rate by count. Worthy sells undated, unsecured bonds of single-purpose lenders with no loan-level disclosure and redemption at the issuer's discretion, and three of its five programs have failed to redeem in full. The structural difference is a maturity date and a published record; Worthy has neither.
I hold suspended or dissolved Worthy bonds. What should I do?
Keep every confirmation, account statement and email, including any showing accrued interest you never received. If you hold Peer Capital II bonds, the company's February 2, 2026 statement that they 'should at this time be considered worthless' is the document a tax adviser will want; if you hold Peer Capital I bonds, request the equivalent in writing, since the issuer was dissolved with no assets the same day. If you hold Community Bonds, watch CIK 0001817214 on EDGAR for a 1-U on dissolution, funding or worthlessness. File a complaint with the SEC and your state securities regulator so that a record exists, and consult a securities attorney before assuming any recovery. Nothing on the public record indicates a receivership, a class action or an affiliate funding commitment.