Streitwise Review 2026: NAV, Dividends, Exit From SEC Filings

What the filings support, and what they do not

Most pages about Streitwise were written from the website and a few press items. This one is built from the filings: nine annual reports (FY2017 to FY2025), ten semiannual reports, the current reports behind every quarterly NAV and dividend, and the offering circulars. The first question readers ask is whether it is legitimate. The record answers the narrow version of that question, and leaves the broader one open.

A filing record is not a performance record. The sections below cover what the numbers did, starting with the one that moved first.

Who you own: one-third of a partnership

Buying Streitwise shares means owning stock in the REIT, and the REIT does not own the buildings outright. It is the general partner and a 32.41% owner of 1st stREIT Office Operating Partnership LP, which owns the property companies. The rest of the partnership is held as OP units, which receive the same per-unit distribution as a share.

At formation on May 31, 2017, the REIT bought three Laumeier buildings for $44.4 million from funds run by an affiliate of its original sponsor. The circular says “the limited partners in the Operating Partnership continue to be investors in either or both of the Original Sponsor Funds”, and that entities controlled by Bruce Karsh put in $19,976,150 for 1,997,615 OP units, “a 96.15% beneficial interest in our company on a fully diluted basis” at the time. The same document says the terms of the management agreement “were not negotiated through the benefit of arm’s length negotiations of the type normally conducted between unrelated parties.” All of it is disclosed in the circular. It does mean that when the filings say “stockholders”, the public minority and the largest holder are not the same group, and on the circular’s numbers a merger or sale would be negotiated by people who hold most of the units.

The NAV: where the 30% went, and when

Streitwise is not a platform with a daily price. It reports one NAV a quarter, calculated by the Manager on “a fully diluted basis”, and the circular says plainly that the valuation is “calculated by our Manager”, that an independent expert “will not be responsible for, or prepare, our NAV per share”, and that it is “not based on, nor intended to comply with, fair value standards under GAAP”. Read the series with that in mind.

Two readings of this table are different from the usual story.

The loss arrived in 2022 and early 2023, not with the 2025 dividend cut. The $10.00 price to $7.01 at March 31, 2023 is $2.99 of the $3.04 gap to today’s $6.96, or 98% (our arithmetic). The trigger is in the June 17, 2022 current report: Panera Bread, the sole tenant of Laumeier I, “will not be renewing its lease”, and at May 31, 2022 Panera was 26% of rentable square footage and 27% of rental revenue. In September 2022 the company said the NAV cut reflected the Panera non-renewal, higher rates and more vacancy in the St. Louis market, and added that using the GAAP method would have cut NAV “approximately 28% to 35%”, a range of $6.60 to $7.30. The March 31, 2023 mark of $7.01 landed inside it. In June 2023 the board attributed the cut to the Panera non-renewal and a New Balance lease amendment that reduced its space from 41,576 to 30,589 square feet.

Debt magnified the markdown. From December 31, 2022 to March 31, 2023, real estate at fair value fell 10.5%, from $77,500,000 to $69,400,000; total equity in the NAV table fell 20.3%, from $39,417,491 to $31,433,573, and NAV per share fell the same 20.3% (our arithmetic). With about $40 million of loans against about $77 million of real estate, one dollar of property markdown is roughly two dollars of NAV markdown.

The last step down, from $7.14 to $6.84 on December 31, 2024, came with the cut to $0.03. The March 2025 supplement says: “There are several factors that contributed to the lower NAV and dividend.” It lists the lease-up of the two Laumeier buildings, about 85% leased on December 31, 2024, and parking-lot repairs at Allied and MJ that “are projected to be in excess of $900,000 based on a competitive bid process”, to be paid from operating cash. Earlier write-ups, including earlier versions of this page, tied the 2025 cut to a Panera vacancy. The filings do not: the Panera building, Laumeier I, was sold to BJC Health System on February 27, 2024 for $9.9 million, with $9.2 million of net proceeds used to pay down the Truist loan. It was never carried as a vacant building into 2025.

NAV is also not the book value in the accounts. At December 31, 2025 the NAV table values real estate at $77.2 million and total equity at $38,888,749. The audited balance sheet carries real estate, net, at $49,183,946 and total stockholders’ equity at $13,467,029, a gap of 1.57 times and 2.89 times (our arithmetic). Both are legitimate numbers measuring different things; only the first is what the redemption and purchase price were built on. NAV per share is common equity divided by shares: in the March 31, 2026 table, $18,160 of common stock plus $18,382,001 of paid-in capital less $5,758,927 of cumulative distributions and net gain is $12,641,234, and over 1,815,997 shares that is $6.96 (our arithmetic). The noncontrolling interests ($26,107,596) are carried at the same value per unit.

Dividends: six reductions, not one

The headline most reviews give is a 77% cut in Q1 2025, from $0.13 to $0.03. It is true, and it is the last of six reductions in the quarterly rate.

Against 2019, the 2025 payout is down 85% (our arithmetic). The 2023 low, $0.38, was 62% below 2019 (our arithmetic), so the dividend had already lost most of its value before the 2025 cut; the 2024 recovery to $0.13 was reversed in one quarter. The third-quarter 2022 dividend is filed as covering “June 1, 2022 to September 30, 2022”, and we show it as filed.

For a share bought at $10 at the start of 2018, declared dividends through 2025 add up to $5.43 (our sum), and the NAV is $6.96: $12.39 in total value per $10 (our arithmetic), before tax and inflation and with the NAV not redeemable for cash today. The filings’ own measure, a weighted average of 6.92% since 2017, is an average over 36 distributions; the current rate is 1.60% on $10.00, or 2.30% on the $6.96 NAV.

The filings’ statement that distributions came “100% from operating cash flow” fits the cash-flow statement, with little room to spare. In FY2025 operating cash flow was $1,935,666 and the cash paid in dividends to common stockholders ($456,220) and distributions to noncontrolling interests ($899,594) was $1,355,814 (our sum), so operations covered distributions 1.43 times. After $707,567 of additions to real estate the figure falls to 0.91 times (our arithmetic): cash fell by $923,199 in the year. The January 2026 CEO letter put the plan this way: “we expect that our dividend will remain in the $0.03 - $0.05/share/quarter range for the coming year.” The board declared $0.04 for the third quarter on September 21, 2026, payable October 9, 2026.

One more claim on that cash: $607,997 of “Deferred Distribution Amounts” remains payable, without interest, to limited partners who deferred their OP distributions from the fourth quarter of 2022 through 2023, and “future dividends from the Company may be reduced” to repay it.

The four buildings: occupancy, rent and the 2028 to 2030 wall

The portfolio is one property made of two adjacent buildings in Missouri and two office properties in Indiana. Rentable area is 181,112 plus 142,147 plus 77,248, or 400,507 square feet (our sum, Form 1-K, April 17, 2026).

Total annualized base rent at September 30, 2025 is $10,015,418 (our sum). The latest occupancy figure is the January 27, 2026 CEO letter: “Our four office buildings remain well-leased at 92%”, with Carmel “100% occupied” and the St. Louis buildings “83% leased”. Laumeier’s history shows when the vacancy appeared.

The drop from 95.1% to 85.1% is in 2021, before Panera’s notice, and the rent drop from $6.18 million to $3.86 million in 2024 is the sale of Laumeier I, not a vacancy.

The lease wall. Add the three expiry tables in the January 2026 circular and 71.5% of the $10,015,418 of annualized base rent comes due in 2028, 2029 or 2030, assuming no renewals (our sum; the Laumeier “later” line also holds some 2030 leases, so 71.5% is a floor):

The June 30, 2026 report gives the same wall in contractual cash: future minimum rent of $10,545,359 in 2027, $9,147,288 in 2028, $7,918,741 in 2029, $6,004,780 in 2030 and $1,861,156 in 2031, with $3,651,273 after that, $45,343,424 in total. From 2027 to 2030 that is a 43.1% fall (our arithmetic), before any renewal or new lease. The CEO’s letter says the large Carmel leases are “paying well-below-market rents” and calls the 2029 and 2030 expirations a lesser concern; the circular gives Allied Solutions two 5-year renewal options, MJ Insurance 10 years. A tenant that holds 31.48% of the base rent ($3,359,022 of annualized rent at June 30, 2026) on a lease that ends in November 2030, about 50 months from this page, is the single largest fact in the portfolio.

What was paid for the buildings is also in the filings:

Debt: $43.1 million, three loans, 2029

At June 30, 2026 the company had $43,060,536 of secured notes. The 1-SA puts the portfolio at “approximately 56% loan to value”, inside the 40% to 60% target in the same report, while the CEO’s January letter described the company as “fairly low leveraged”.

Scheduled principal is small until 2029: $107,200 in the rest of 2026, $312,900 in 2027, $329,342 in 2028, then $27,515,827 in 2029 and $14,350,159 after 2031. The two loans that fall due in 2029 are the same two Carmel buildings whose anchor leases end in 2029 and 2030. The February 2026 refinancing is covered on the news page; one number from it belongs here. The January letter expected any refinancing to be “at least cash-neutral”. The monthly payment went from $83,351 (after the Laumeier I paydown) to $94,882, 13.8% higher (our arithmetic), while the loan went from $11,644,401 at payoff to $15,500,000 and the company kept $2,340,307 after costs. Net interest expense rose 24.3% in the first half of 2026 against the first half of 2025, to $1,228,575 (our arithmetic).

The exit: what the redemption plan allowed, and the queue

Redemptions were never a right. The Manager “may, in its sole discretion, amend, suspend, or terminate the redemption plan at any time”.

The queue is the cumulative requests less the cumulative shares honored, as reported at seven dates:

The backlog tripled from 151,798 to 454,594 shares in 33 months (our arithmetic), and the plan honored 50.2% of everything asked (458,643 of 913,237, our arithmetic). The June 18, 2026 current report suspended the distribution reinvestment and direct stock purchase plan on June 25 and the redemption plan on July 1, “in connection with the Company’s consideration of possible strategic alternatives”, including “a potential business combination or other transaction that provides stockholders with a liquidity event”. The pending shares equal 25.3% of the 1,798,167 outstanding (our arithmetic); the dated record of the suspension and of how the website presented it is on the dedicated page. Since that page, one filing has appeared: the September 21, 2026 current report declaring the $0.04 dividend. It says nothing about the review, the NAV or redemptions.

One inconsistency is worth knowing before you check your own numbers. The semiannual report says $2,479,697 of stock redemptions had been paid as of December 31, 2025; the FY2025 annual report says $3,108,923 for the same date. The June 30, 2026 figure of $3,426,052 equals the annual report’s number plus the $317,129 of repurchases in the first-half cash-flow statement (our arithmetic), so the $2,479,697 looks like a typo.

Fees: what is charged, and what is not

The marketing line is a single 2% fee. The filings agree on the main fee and are fuller than that on the rest.

So the “2% only” description is right about the manager’s fee and incomplete about the total cost of running the buildings. Property managers are paid separately, as at any landlord. The point that matters to an investor is the base. A fee on NAV is set by the number the Manager calculates, and it moved far less than the dividend: income-statement fees were $603,139 in FY2019 and $470,974 in FY2025, down 21.9% (our arithmetic), while the declared dividend per share fell 85%.

The sponsor and the related-party trail

Streitwise is run by Tryperion Holdings LLC, owned by Jeffrey Karsh, who is CEO, a director and the Chief Investment Officer. The circular describes the sponsor as having sponsored “four ‘value-add’ closed-end real estate funds” and says its principal has raised more than $324.4 million of equity in them; that is the sponsor’s statement, not ours. Other facts in the filings:

• People left. In the May 31, 2022 reorganization the Chief Operating Officer and a director resigned; the Chief Investment Officer and a director resigned on September 20, 2023; a new Chief Operating Officer, Kyle Schulman, took over on July 1, 2024. Jeffrey Karsh is now CEO and CIO.
• The MJ deal funded itself from the CEO. The CEO put in $17,754,444 for 2,532,731 OP units at $7.01 in September 2023. On October 15, 2024 the Servbank loan closed, and its net proceeds of $9.9 million “were used by the Operating Partnership to redeem OP Units issued to Jeffrey Karsh.” Distributions to noncontrolling interests in FY2024 were $12,275,661 (statement of equity), against $954,174 of dividends declared to common stockholders. The public REIT guarantees that loan.
• The auditor changed in 2024. RSM US LLP was dismissed on September 19, 2024; Crowe LLP audited FY2024 and FY2025.
• The annual meeting was not held in 2025 for lack of votes, per the CEO’s January 2026 letter.

None of these items is a violation, and the filings disclose them. They define who has the information and who sets the price.

What streitwise.com says on October 10, 2026

We read the site on October 10, 2026 (HTTP 200 on the home, redemption and performance pages) and saved the text. What follows is the company’s claim.

The performance page describes 2017 to 2024 and has not been refreshed for the 2025 cut. We do not allege that anything on the site is unlawful, and a website is not a filing. It is the first thing a prospective buyer or a current holder looking for the exit would read.

Is Streitwise worth holding or buying?

This is an analysis of what the record shows, not a recommendation.

For someone considering new money: there is nothing to buy. The offering, open only to existing investors through the reinvestment plan according to the FY2025 annual report, is suspended, and the shares are not listed anywhere.

For a holder: the position is a minority claim on a 32% slice of a partnership with four office buildings, 56% leverage, a concentrated rent roll and a manager owned by the CEO, whose father is the largest holder according to the circular. What the filings give a holder: a dividend that has stayed at $0.04 through the suspension; a NAV that has stayed between $6.84 and $6.96 since December 31, 2024 while the real estate marks sat between $76.9 million and $78.4 million; and a strategic-alternatives process with no stated deadline. What they do not give: a price at which the shares can be sold, a place in the redemption queue, or any indication of how a transaction would be priced against a NAV that is both unaudited and set by the Manager.

What would change the picture, and is checkable in a filing: a Form 1-U naming a counterparty; a new NAV; a reinstated redemption plan; an extension or amendment of the Allied Solutions lease before November 30, 2030; the Allied and Servbank refinancings due in 2029; and the next dividend declaration.

What a holder or reader can do with this

• Ask the transfer agent for your own record. Shares, purchase dates and the status of any pending redemption request. The filings give totals, not places in line; the plan applies requests to the oldest shares first.
• Do not use 6.92% or 8.3% as a yield. The current declared rate is $0.04 a quarter: 1.6% on $10.00 and 2.3% on $6.96.
• Judge any offer against the right base. The NAV is $6.96 and unaudited; the audited book value of equity is lower and the NAV table’s real estate value is 1.57 times book. A price compared with one tells you little without the other.
• Check what else is frozen. Streitwise sits in our redemption suspension tracker with other Regulation A and non-traded vehicles, and our liquidity guide explains what a suspension means for a retail holder.
• Plan the tax paperwork. Dividends arrive on Form 1099-DIV; the 1099-DIV timing page lists the date Streitwise states.
• Look elsewhere for new money, with the same questions. Our guide for non-accredited investors lists what is open, and the red-flag checklist is the set of questions this page answers for one company.

FAQ

Sources: SEC EDGAR filings of 1st stREIT Office Inc. (CIK 1700461), listed by accession number in the CSV: Forms 1-K for FY2017 to FY2025 (including 0001104659-26-044880, April 17, 2026), Forms 1-SA through 0001104659-26-105172 (September 4, 2026), all current reports on Form 1-U from September 29, 2017 to 0001104659-26-109212 (September 21, 2026), offering circular supplements on Form 253G2 (including September 13, 2017; September 20, 2022; June 16, 2023; March 20, 2025), and the offering circulars on Forms 1-A and 1-A POS (0001104659-24-007668, 0001104659-25-119300, 0001104659-26-003800). streitwise.com was read on October 10, 2026; statements attributed to the website are the company’s claims, not verified by us. Sums, averages, percentages and counts marked as ours are our arithmetic. We have no relationship with Streitwise and earn nothing if you invest. This is analysis of public documents, not investment, legal or tax advice.