Worthy Bonds Review 2026: Two Issuers Dissolved With No Assets, One Has $0 Cash, and the App Now Sells Wellstreet Bonds
Quick Answer
Worthy Bonds are $10 bonds sold through the Worthy app, but they were never one company's debt. They were issued by five separate subsidiaries of Worthy Financial, Inc., and their fates now differ. Worthy Peer Capital (about $50 million sold to 12,285 investors) and Worthy Peer Capital II (about $50 million to 17,823 investors) stopped redemptions in August 2022 and July 2023, still had $7,811,269 and $4,852,865 of bonds outstanding at December 31, 2025, and on January 30, 2026 both filed for dissolution, stating each “had no assets, and therefore there will be no further distributions” to security holders. Worthy Community Bonds paused redemptions on April 30, 2025; at June 30, 2026 it owed $10,126,897 of bonds plus $3,518,343 of accrued interest against total assets of $116,603 and cash of $0. The two Worthy Property Bonds companies were still paying redemptions ($15.4 million and $12.9 million in 2025) as of their July 15, 2026 annual reports, but both carry going-concern warnings and liabilities above assets. A 2023 plan to fund the redemption of all outstanding bonds by selling the Property Bonds companies to Worthy Wealth, majority owned by Worthy's chief executive and chief financial officer, was terminated by Worthy Wealth on February 4, 2026. Worthy Wealth renamed itself Wellstreet Financial in July 2026, had acquired the Worthy app on March 31, 2026, and now sells 9% Wellstreet Housing Bonds through it. This is analysis of public documents, not investment, legal or tax advice.
Key Takeaways
- Five companies issued Worthy Bonds. Which one your bond came from now decides whether you are being paid, waiting, or holding a claim on a dissolved company.
- Worthy Peer Capital and Peer Capital II had $12.7 million of bonds outstanding at December 31, 2025 (our arithmetic: $7,811,269 + $4,852,865). Both dissolved on January 30, 2026 with “no assets” and said there will be no further distributions.
- Worthy Community Bonds owes $13.6 million (bonds plus interest) against $116,603 of assets and $0 cash at June 30, 2026. Its $4.2 million of loans are 100% reserved.
- Worthy Property Bonds and Property Bonds 2 paid $28.3 million of redemptions in 2025 and kept paying into July 2026, but both have going-concern warnings; Property Bonds' assets covered 71.6% of its liabilities at March 31, 2026 (our arithmetic).
- The parent, Worthy Financial, reported $90.8 million of consolidated liabilities against $49.2 million of assets at December 31, 2025.
- Wellstreet Financial (formerly Worthy Wealth), majority owned by Sally Outlaw and Alan Jacobs, terminated the deal meant to fund all bond redemptions, then acquired the Worthy app for $1 million cash (due by December 31, 2026) plus $1 million of its stock, and sells 9% bonds through it.
CSV · 112 rows
Worthy Bonds: all five issuers, redemptions, balance sheets and the Wellstreet successor, 2018 to September 2026
112 rows from the Form 1-K, 1-SA, 1-U, C-AR, 253G2 and 1-A POS filings of Worthy Peer Capital, Worthy Peer Capital II, Worthy Community Bonds, Worthy Property Bonds, Worthy Property Bonds 2, Worthy Financial and the Wellstreet companies, each with its SEC accession number.
The one-sentence version
Worthy Bonds were sold as one simple $10 product, but they were five separate companies' unsecured debt, and by 2026 the oldest three had stopped paying, two of them had dissolved with no assets, and the app had been sold to a new company, controlled by the same two executives, that sells a new bond.
Worthy is one of fifteen issuers selling small bonds to the public under Regulation A; the real estate bonds comparison puts all of them side by side from their own reports.
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An email when Worthy Bonds files with the SEC
When Worthy Bonds files: what changed, the one number that matters, and the accession number to check it yourself.
Start with which Worthy Bond you own
The Worthy app sold every bond at $10, including through spare-change round-ups, and the experience looked the same whichever bond you bought. Legally it was not. Each series was issued by its own Regulation A company, a subsidiary of Worthy Financial, with its own loans, its own cash and its own bondholders. The bonds are unsecured, and the Property Bonds documents state they are “not payment dependent on any underlying real estate loans or investments.” A holder of one series has no claim on the assets of another.
| Issuer | Sold | Redemptions | Bonds outstanding (latest) | Status |
|---|---|---|---|---|
| Worthy Peer Capital | ~$50M to 12,285 investors (2018-2020) | Suspended Aug 22, 2022 | $7,811,269 (Dec 31, 2025) | Dissolved Jan 30, 2026; “no assets” |
| Worthy Peer Capital II | ~$50M to 17,823 investors (2020) | Paused Jul 26, 2023 | $4,852,865 (Dec 31, 2025) | Dissolved Jan 30, 2026; “no assets” |
| Worthy Community Bonds | ~$50M to 18,914 investors (2020-2021) | Paused Apr 30, 2025 | $10,126,897 (Jun 30, 2026) | Reporting; $0 cash, $116,603 of assets |
| Worthy Property Bonds | $75M (2022-2024) | Being paid | $20,307,709 (Mar 31, 2026) | Going-concern warning |
| Worthy Property Bonds 2 | ~$37M (2023-2026) | Being paid | $23,866,131 (Mar 31, 2026) | Going-concern warning; offering ended Jun 21, 2026 |
If you are not sure which issuer holds your money, the app statement or the bond agreement names it. Everything below depends on that answer.
Worthy Peer Capital and Peer Capital II: dissolved with no assets
The first two Worthy Bond issuers made loans to small businesses, among others. Both told bondholders that loans “secured by inventory, accounts receivable and/or equipment” and purchase order financing had defaulted, and both stopped redemptions while continuing to accrue interest on paper: Worthy Peer Capital on August 22, 2022, Worthy Peer Capital II on July 26, 2023. Before the stops they had repaid $41,114,337 and $43,984,983 respectively.
The last balance sheets they filed show how little was left:
| Worthy Peer Capital (Jun 30, 2025) | Worthy Peer Capital II (Sep 30, 2025) | |
|---|---|---|
| Bond liabilities | $7,811,269 | $4,915,945 |
| Accrued interest owed | $2,772,925 | $2,096,688 |
| Total assets | $202,760 | $352,897 |
| Cash | about $72,000 | about $302,000 |
| Redemptions paid in calendar 2025 | about $700 | about $106,000 |
Worthy Peer Capital's half-year report added a sentence that sums it up: “Since June 30, 2025, Worthy Peer Capital, Inc. has redeemed $0 of Bond principal and interest.” Both reports also said that if asset collections fell short, it was the parent's intention “to provide capital contributions” from “a pending transaction.” That transaction is the stock purchase agreement described below, and it was terminated.
On January 30, 2026 both companies filed certificates of dissolution. The current reports filed on February 2, 2026 use the same words for each: the company, “at the time of dissolution, had no assets, and therefore there will be no further distributions to the Company's security holders.” Both then filed Form 1-Z, which ends their Regulation A reporting. $12,664,134 of bonds (our arithmetic: $7,811,269 + $4,852,865) were still outstanding at December 31, 2025, a month before the dissolutions, according to the Worthy Property Bonds annual report.
One inconsistency is worth knowing if you contact a regulator: Peer Capital II's own Form 1-U, and one passage of the Worthy Property Bonds 1-K, say it filed its certificate with the Secretary of State of Florida; another passage of the same 1-K and the parent's annual report say Delaware.
Worthy Community Bonds: $13.6 million owed, $116,603 of assets
The third series paused redemptions on April 30, 2025, citing the same kind of small-business and purchase-order defaults. It is still filing reports, and the latest, for the half-year to June 30, 2026, is stark:
| Worthy Community Bonds | Jun 30, 2026 |
|---|---|
| Bonds subject to the pause | $10,126,897 |
| Accrued interest owed | $3,518,343 |
| Total liabilities | $13,646,781 |
| Loans outstanding | $4,200,952, fully reserved (net $0) |
| Cash | $0 |
| Total assets | $116,603 (all of it due from an affiliate) |
| Revenue, first half of 2026 | $0 |
| Assets as a share of liabilities (our arithmetic) | 0.85% |
Interest keeps accruing on paper. The company's board set the rate at 6.5% APY from January 1, 2026, instead of the 6% the offering circular had scheduled, and the accrued interest line grew from $3,098,516 to $3,518,343 in six months. With $0 cash and $0 revenue, that interest is a growing claim, not a payment. The filing says the company “will redeem outstanding bonds with accrued interest as loan collections and other asset liquidation permits”; the loans it would collect are reserved at 100%.
Worthy Property Bonds 1 and 2: still paying, with warnings
The two Property Bonds companies are different. They lend to real estate developers on first mortgages on Florida property, they reported no loans past due or on non-accrual at March 31, 2026, and they have kept honoring redemptions: $15,423,000 and $12,856,000 in calendar 2025 according to the parent, and about $1,931,000 (Property Bonds) and $3,469,000 (Property Bonds 2) between April 1 and July 15, 2026.
| Mar 31, 2026 | Worthy Property Bonds | Worthy Property Bonds 2 |
|---|---|---|
| Bond liabilities | $20,307,709 | $23,866,131 |
| Accrued interest | $3,187,288 | $1,870,277 |
| Total liabilities | $23,545,670 | $25,866,255 |
| Total assets | $16,864,198 | $21,813,776 |
| Assets / liabilities (our arithmetic) | 71.6% | 84.3% |
| Mortgage loans | $9,725,000 to 8 borrowers, 10% to 12.25% | $12,669,875 to 8 borrowers, 10.5% to 14.6%; one borrower ~28% |
| Cash | $627,186 | $3,146,914 |
| Investments (securities) | $6,617,196 | $5,566,833 |
| Net loss for the year | $1,949,537 | about $1,752,000 |
| Going-concern warning | Yes | Yes |
Read three lines carefully.
Cash against the promise. Property Bonds says it anticipates “setting aside a minimum of 20% of Worthy Property Bonds sales in cash and cash equivalents.” At March 31, 2026 cash was 3.1% of bond liabilities; adding the securities portfolio takes it to 35.7% (our arithmetic). The bonds are repayable on demand, so liquidity is the whole product.
The going-concern sentence names the risk directly. The auditor's explanatory paragraph for Property Bonds says: “There is a possibility that bond liability redemption requests may exceed available liquidity.” That is the exact event that happened at the three older issuers.
The book is shrinking. Property Bonds' bond liabilities fell 44.7% in a year, from $36,733,665 to $20,307,709 (our arithmetic), as holders redeemed, and its loans halved from $20,564,000 to $9,725,000. The company is paying out, which is good for those who leave, but each year it earns less interest ($1,364,002 against $2,140,037 of interest expense) while carrying the same structural deficit. Property Bonds 2 stopped selling on June 21, 2026, so new money no longer comes in to meet redemptions.
The deal that was supposed to pay everyone, and who walked away from it
On December 11, 2023, Worthy Financial signed a stock purchase agreement to sell Worthy Property Bonds and Worthy Property Bonds 2 to Worthy Wealth, Inc., which the filings call “an independent related company, related due to the majority ownership by Sally Outlaw and Alan Jacobs.” Sally Outlaw has been chief executive of Worthy Financial since 2016, according to the Wellstreet Realty offering circular, and Alan Jacobs signs the Worthy companies' filings as chief financial officer. Worthy Financial said it intended to use the proceeds to discharge its obligations and to recapitalise Peer Capital, Peer Capital II and Community Bonds “to provide for the redemption of all outstanding bonds.”
On February 4, 2026, Worthy Wealth “exercised its unilateral right to terminate” it. The filings say the termination complied with the agreement. Five days earlier, the two Peer Capital companies had dissolved.
What followed, all from SEC filings:
| Date | Event | Filing |
|---|---|---|
| Mar 31, 2026 | Worthy Fintech Platform (the app) acquired by Wellstreet Financial from Worthy Financial for $1,000,000 cash, due by Dec 31, 2026, plus $1,000,000 of restricted stock | Wellstreet Realty Form 1-A POS |
| Jul 7, 2026 | Worthy Wealth, Inc. renamed Wellstreet Financial, Inc. | Form 1-U |
| Jul 13, 2026 | Worthy Realty, Inc. renamed Wellstreet Realty, Inc. | Form 1-U |
| Aug 31, 2026 | Wellstreet Senior Living terminated its Reg A offering | Form 1-U |
| Sep 3-4, 2026 | Wellstreet Realty offering up to $75,000,000 of bonds; Wellstreet Financial offering up to $40,000,000 of common shares, now sold without a broker-dealer | Forms 253G2 |
| Sep 29, 2026 | Wellstreet Housing Bonds: $10, 60-month term, 9% APY for 36 months then 10% | Form 1-A POS |
The new bonds are sold through the same app: users “use the ‘round up’ dollars in increments of $10.00 to purchase Wellstreet Housing Bonds.” Their terms are less liquid than the old ones. Worthy Bonds were repayable “at any time at the demand of the holder”; Wellstreet Housing Bonds are repayable “subject to liquidity, no sooner than 36 months from the date that the purchase funds have cleared, upon 90 days prior written notice.” Wellstreet Realty had $804,120 of bonds outstanding at December 31, 2025, and its offering circular carries a going-concern explanatory paragraph from its auditor.
A text search of the September 29, 2026 Wellstreet Realty offering circular finds no mention of Worthy Peer Capital, Worthy Peer Capital II or Worthy Community Bonds. We report it because a buyer comparing the two products would want to know, not as an allegation that any disclosure rule was broken.
The parent's balance sheet
Worthy Financial, which owns all five issuers and raised a small amount of equity from the public through Regulation Crowdfunding, files an annual report on Form C-AR. At December 31, 2025, consolidated:
| Worthy Financial, consolidated | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Bond liabilities, net | $75,429,627 | $82,929,835 |
| Accrued interest | $14,396,301 | $11,581,794 |
| Total liabilities | $90,849,222 | $95,925,807 |
| Total assets | $49,227,518 | $60,787,911 |
| Shareholders' deficit | ($41,621,704) | ($35,137,896) |
| Net loss for the year | about $7,196,000 | about $6,417,000 |
Consolidated assets covered 54.8% of bonds plus accrued interest (our arithmetic). Because each issuer stands alone, that average hides the split: Property Bonds holders were being paid while Peer Capital holders received about $700 in the whole of 2025.
What we could not verify
- Where Peer Capital II's last cash went. It reported about $302,000 of cash at September 30, 2025 and “no assets” at dissolution four months later. The filings do not reconcile the two.
- Whether the $1,000,000 cash price for the app has been paid to Worthy Financial, or whether any of it reaches bondholders of the paused issuers. It is due by December 31, 2026.
- The state of dissolution for Peer Capital II (Florida in its own 1-U, Delaware in the parent's annual report; the Property Bonds 1-K says both).
- Whether any regulator is examining these events. We found no enforcement action in the filings we read.
What a Worthy bondholder can do with this
- Identify your issuer from your app statement or bond agreement. The five companies are not interchangeable.
- Peer Capital or Peer Capital II holder: both companies filed that there will be no further distributions. Keep every statement and email, note your principal and accrued interest at the stop date, and consider contacting your state securities regulator or the SEC's tips portal with that documentation. Ask a tax professional how a bond of a dissolved issuer is treated.
- Community Bonds holder: your issuer is still filing reports. Read each new 1-SA and 1-K for loan collections and cash; at June 30, 2026 both were zero.
- Property Bonds or Property Bonds 2 holder: redemptions were being paid as of July 15, 2026. The filings themselves warn that requests “may exceed available liquidity,” which is how the older series ended. The next annual reports, for the year to March 31, 2027, are due by July 29, 2027; the half-year 1-SA should arrive by late December 2026.
- Thinking about Wellstreet Housing Bonds: compare the 36-month lock and 90-day notice with the on-demand terms the Worthy Bonds promised, and read the history above before relying on the same management. Our Compound Real Estate Bonds review runs the same checks on another app-based, on-demand bond.
For how platforms in this category have failed before, see what happened to PeerStreet and real estate crowdfunding failures.
Pros and cons
Pros
- Every issuer filed audited annual reports under Regulation A, so the problems are visible in public documents
- The two Property Bonds companies paid $28.3 million of redemptions in 2025 and kept paying into July 2026
- Property Bonds lend on first mortgages and reported no loans past due at March 31, 2026
Cons
- Two issuers dissolved on January 30, 2026 with $12.7 million of bonds outstanding at the end of 2025, stating there will be no further distributions
- Community Bonds owes $13.6 million against $116,603 of assets and $0 cash
- Both remaining issuers have going-concern warnings and liabilities above assets
- Bonds are unsecured and each series is a separate company; one issuer's assets do not back another's bonds
- The company majority owned by Worthy's chief executive and chief financial officer walked away from the deal that was meant to fund redemption of all outstanding bonds, then bought the app
- The successor product locks money for at least 36 months
FAQ
Frequently Asked Questions
Verdict
Worthy Bonds are not one bond with one risk. Two of the five issuers are gone with nothing left for bondholders, one is a shell that owes $13.6 million, and two are still paying but losing money with liabilities above assets. The detail that should weigh most for anyone considering the successor product is the sequence: the deal meant to fund every redemption was cancelled by a company majority owned by Worthy's own top two executives, which then acquired the app and began selling a less liquid bond through it.
Sources: Worthy Property Bonds, Inc. (CIK 1869222) Form 1-K for the year ended March 31, 2026, accession 0001493152-26-033338, and Form 1-U of February 6, 2026, accession 0001493152-26-005539; Worthy Property Bonds 2, Inc. (CIK 1971864) Form 1-K for the year ended March 31, 2026, accession 0001493152-26-033334; Worthy Community Bonds, Inc. (CIK 1817214) Form 1-SA for the six months ended June 30, 2026, accession 0001493152-26-042180, Form 1-K for 2025, accession 0001493152-26-018133, and Form 1-U of December 29, 2025, accession 0001493152-25-029237; Worthy Peer Capital, Inc. (CIK 1699834) Form 1-SA for the six months ended June 30, 2025, accession 0001493152-25-014000, Form 1-U and Form 1-Z of February 2, 2026, accessions 0001493152-26-004685 and 0001493152-26-004690; Worthy Peer Capital II, Inc. (CIK 1800207) Form 1-SA for the six months ended September 30, 2025, accession 0001493152-25-026466, Form 1-U and Form 1-Z of February 2, 2026, accessions 0001493152-26-004678 and 0001493152-26-004682; Worthy Financial, Inc. (CIK 1745249) Form C-AR for 2025, accession 0001493152-26-019136; Wellstreet Financial, Inc. (CIK 2007516) Form 1-U, accession 0001493152-26-032834, and Form 253G2, accession 0001493152-26-041480; Wellstreet Realty, Inc. (CIK 2041878) Form 1-U, accession 0001493152-26-039806, Form 253G2, accession 0001493152-26-041335, and Form 1-A POS of September 29, 2026, accession 0001493152-26-044913; Wellstreet Senior Living, Inc. (CIK 2054462) Form 1-U, accession 0001493152-26-040917; EDGAR submission lists for all nine CIKs pulled October 5, 2026. Calculations marked “our arithmetic”. This is analysis of public documents, not investment, legal or tax advice.
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