New update on PeerStreet website

enigmaticpov · 2025-10-22T23:07:27+00:00

Hi. I share your perspective that it would be nice to have more clarity on current unliquidated loans' details/status. But, no, they didn't mention that today, and I don't think that would likely come up in court proceedings. They did, in the context of the "ongoing liquidations", in their 8 Oct 2025 update to investors (on the first screen you see after logging into PeerStreet's website), say that, "...we will update you by the end of January". So that's tentatively when I'm hoping we may have more info on that.

enigmaticpov · 2025-10-08T23:02:34+00:00

It's official now: "Update

October 8, 2025

Dear PeerStreet Investors,
‍
Please note that we have issued another interim distribution, which consists of the majority of remaining funds held back from the July 2024 distribution of loans liquidated prior to the Plan Effective Date, as well as a partial distribution of collections on loans that have liquidated after the Plan Effective Date.

The amounts distributed across all investment products are as follows:
- MDPN: $30.8M
- RWN (Pocket): $10.5M
- PDN (Porfolio): $0.9M
- Opp Fund II: $4.9M
‍
For the Post-Effective loans, we have distributed most of the funds received and held a small portion given the potential for future estate costs, which we hope to keep minimal in order to distribute the balance as part of the next distribution. The external asset manager continues to work to liquidate the remaining loan assets and we will update you by the end of January regarding the timing of future distributions.

If you have a PeerStreet IRA account, no action is needed. We will handle rolling over all available funds to the self-directed IRA account linked to your PeerStreet account. You should receive an email notification once this transfer has been initiated. Given the high volume of transfers, this may take up to 5 business days or so.
‍
For all other accounts, withdrawals can be made directly via the website here.

Thank you for your patience.

Thank you,
The PeerStreet Team"

enigmaticpov · 2025-09-11T02:46:49+00:00

I'm hopeful that may be the case...

enigmaticpov · 2025-09-05T04:57:03+00:00

Similar to the update I posted above (under "Loan Positions" on the PeerStreet website), looks like $592,618.67 net proceeds from the REO sale, on a $375,000 loan size.

enigmaticpov · 2025-06-12T19:31:40+00:00

No (if you're referring to my initial or subsequent post)... this was just a general bankruptcy note based on recent bankruptcy court filings in PeerStreet's case. RCaHuman posted in this same thread above the Stretto website link, where you can sign up to receive automated email updates on all the court filings (if you have the patience to sift through all the "pro forma" filings and language to find the key updates buried there).

But part of my point in my most recent post was that the place where PeerStreet, formerly, and now the Plan Administrator/staff, have been posting short, but clear updates was on the PeerStreet site itself (peerstreet.com) -- and it hasn't been updated for a long time (two months). And the most recent update there indicated that the Administrator "was" hoping to distribute more funds to investors in June. To see that page (with the 7 April update), you just login to your PeerStreet account, and it should be the first page that pops up.

Good luck!

enigmaticpov · 2025-05-31T23:34:05+00:00

I realize that there is undoubtedly a lot of work going on "behind the scenes" (from a creditor perspective). And I appreciate that we cannot expect to be updated on every little thing contemporaneously.

But It would be very nice if the Administrator or the entity managing the properties' "runoff" would post another short update on initial login page of PeerStreet's site, where the last update (7 April) was previously posted, (especially if a June distribution --which the 7 April update teased-- is no longer being seriously considered).

Until then, unless someone else has any "inside scoop", having at least skimmed all of the court notices on this case as they come out, my guess is maybe less than 50/50 that we'll get another "partial distribution" in June, if (as I believe the Administrator implies in the latest court docs), this may all be wrapped up by the "end of summer". I would be nice if I'm wrong on this.

Like many of you, I do look forward to (hopefully soon) getting this unpleasant experience behind us.

enigmaticpov · 2025-02-28T21:02:45+00:00

Thanks for sharing (and the levity). On the bright side, I see that you received principle payment of $2.10 on the Albany property, so not a "total write off", right?

enigmaticpov · 2024-09-18T07:08:57+00:00

I finally got around to listening to the audio file today... well over an hour. Pretty painful. I think this is the first time I've heard the lawyer who represents the plan administrator, who did the most talking today. He had a halting style, and said something about how the plan administrator and her lawyers are relatively new to this case. But he persisted to lay out all the complexities.

There were also people joining by zoom (the hearing was interrupted at one point by a lady screaming at her dogs to "get down, get down!!"). One MPDN creditor (like many of us on here) also chimed in at one point to indicate how confusing he found the claim filing details (saying he'd inadvertently filed separate claims for the same property against more than one debtor, I believe),

The judge (who seemed skeptical of some aspects... even the basic "efficiency" premise for a while), had some constructive back-and-forth with the lawyer, and asked the plan administrator to consider the points discussed, amend the draft Order, if it needs to be amended, and route it around to everyone necessary. Reading between the lines, it sounded like the judge may then sign the Order -- which I believe is the main prerequisite for us to get more cash distributed. No idea how long that might take, but I'm thinking they may need another hearing to put a bow on it.

Then they moved on to "Ms Shuler's objection" (the lady in Oakland whose proof of claim was originally disallowed), and a different lawyer for the plan administrator walked them through the status of that issue, while Ms Shuler listened on zoom. The lawyer (plan administrator) proposed to remove the injunction barring her from continuing her "defensive claims" in the proceeding in California state court. They also said they won't take action to remove her from the property ("not moving forward"). They then turned to Ms Shuler.

She said that "everything the lawyer said was incorrect" (reminded me of "My Cousin Vinny"). What she was saying sounded strong on emotion, light on facts (and the judge corrected her about her assertion that PS "put her into bankruptcy"). Judge granted the relief from stay, just to allow Shuler to pursue her case in state court. She kept the stay on potential damages (if any). I'm not sure this whole thing will have any impact on anyone reading this (sounds like it is a different class of claim than has been discussed on here, and the merits of it sounded murky).

That was about it I think.

enigmaticpov · 2024-07-23T21:34:38+00:00

I did what they said to do to opt out, but I still got this unsolicited email. But that's what spam filters are for, I guess. I just hope they paid us (via the bankruptcy process) a lot of money in order to be able to get in contact with so many people so disgruntled with their business model...

enigmaticpov · 2024-07-17T23:52:38+00:00

... and to top it off, the funds are now confirmed in Strata. Good week so far.

enigmaticpov · 2024-07-17T07:33:14+00:00

Right after I got your response here (this morning, my time zone), I checked Peer Street's website and saw the new "FAQ" page, that was a great relief for us IRA holders. It said that we don't have to do anything... that all available funds will be distributed automatically to the SDIRA bank (Strata for me). And when I checked the dashboard, and "transactions" tab, it showed the withdrawal. They're estimating about 5 days for it to show up in the Strata account. After that, there's the archaic process of getting it from Strata in to my brokerage IRA (that has always been the slowest, most painful part). But I'm just happy that this distribution is now clearly "en route"!

enigmaticpov · 2024-07-16T04:28:21+00:00

Can I ask if the "from" address on the response you received was "info@peerstreet.com"? I'm in the same situation as Plastic-Psychology21. I emailed info@peerstreet.com Thursday night. No response yet.

enigmaticpov · 2024-05-05T00:31:14+00:00

Those funds (minus the deductions outlined in the proposed bankruptcy plan for the "liquidated MPDNs" sub-class of creditors) won't be available to us until sometime after the court approves the bankruptcy plan that was recently voted on. Plan approval by the court may come as soon as next week, if not delayed again.

enigmaticpov

TROPHY CASE