Silver Star Properties REIT (Formerly Hartman XX) Review 2026: Chapter 11, a $2.01 NAV Built on a Lawsuit, and What Hartman vREIT XXI Holders Own
Quick Answer
Silver Star Properties REIT (SEC CIK 1446687), sold from 2010 as Hartman Short Term Income Properties XX at $10.00 a share, scores 0.6 out of 5. On May 28, 2026 it filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Texas (Case No. 26-42316-mxm11), with its McKinney self-storage subsidiary filing the same day (Case No. 26-42315-mxm11). Its press release puts the company at about $100 million of assets and $75 million of liabilities and warns that "there is significant risk that existing equity may be impaired or cancelled." The numbers a shareholder has are old or thin: it has filed no 10-K or 10-Q since the third quarter of 2023; its last official NAV, $2.01 a share as of June 30, 2024, included $35 million of hoped-for litigation recovery (about $1.48 without it, our calculation); and its own 2025 proxy put net liquidation proceeds at $0.24 a share on 67.4 million shares, before a June 2025 rights exchange that issued up to 121.5 million new shares to holders other than the Hartman group. Distributions and redemptions stopped on July 8, 2022. Its sibling, Hartman vREIT XXI, is not in bankruptcy; it published an $8.12 NAV in June 2026 that still values its Silver Star shares at $2.01, and it says it expects to collect a $15.3 million loan to Silver Star in full. Compiled by CrowdfundedWealth from SEC filings on September 12, 2026.
Key Takeaways
- Chapter 11: filed May 28, 2026, N.D. Texas, Case No. 26-42316-mxm11 (parent) and 26-42315-mxm11 (McKinney self-storage subsidiary). The company called the parent filing one made 'in an abundance of caution'.
- What the company says it has: about $100 million of assets and $75 million of liabilities, and 'significant risk that existing equity may be impaired or cancelled'.
- Four loans it guaranteed were in default at the petition: $24.6M, $15.5M, $17.0M and $8.1M.
- Values: $10.00 offering price; $12.08 (end of 2021); $6.25 (end of 2022); $2.01 (June 30, 2024), including a $35M litigation recovery; $0.24 net liquidation proceeds per share in the company's April 2025 pro forma.
- Dilution: rights-plan exchanges issued about 30.2M new shares in January 2024 and up to 121.5M in June 2025 to holders other than the Hartman group; 67.4M shares were outstanding before the second.
- Reporting: no periodic report since the Q3 2023 10-Q; the court-ordered shareholder vote on liquidation was never held because there were no audited financial statements.
- Hartman vREIT XXI: NAV $8.12 at December 31, 2025, carrying 1,258,406 Silver Star shares at $2.01 ($2.5M) and a $15.3M loan to Silver Star it expects to collect in full; distributions stopped December 2022.
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Silver Star Properties REIT and Hartman vREIT XXI: values, dilution, defaults and the 2026 Chapter 11
Offering price and official values, the litigation asset in the 2024 NAV, the 2025 liquidation estimate, the rights-plan issuances, the loans in default, and Hartman vREIT XXI's NAV, stake and loan, one accession per row.
In Chapter 11 with the company warning that existing equity may be impaired or cancelled; its own April 2025 liquidation estimate was $0.24 a share on a $10.00 offering price
Distributions and redemptions stopped July 8, 2022; no official market; shares locked in a bankruptcy estate
No 10-K or 10-Q since the Q3 2023 10-Q; the last NAV (June 2024) counted a hoped-for $35M lawsuit recovery as an asset
Years of control litigation between the Hartman group and the board; two rights-plan exchanges; a court-ordered liquidation vote that was never held
Four guaranteed loans in default at the petition totalling $65.2M; about $100M of assets against $75M of liabilities by the company's own estimate
None. We earn nothing from Silver Star or Hartman
Where the case stands
The 8-K filed June 8 is the last thing Silver Star has told the SEC. It reports that the REIT itself filed a Chapter 11 petition on May 28, 2026, Case No. 26-42316-mxm11, and that its subsidiary Silver Star Virginia Parkway, LLC, which owns the McKinney self-storage property, filed the same day, Case No. 26-42315-mxm11. It describes the parent's filing as one "made in an abundance of caution." The press release attached to it is less reassuring about what is left for shareholders: "Shareholders should understand that under Chapter 11, creditors have priority over equity. Given the Company's balance sheet, there is significant risk that existing equity may be impaired or cancelled."
Since then there has been no SEC filing. The court docket is public on PACER. The free docket summary on PacerMonitor lists a proof-of-claim deadline of September 24, 2026 and a hearing on the use of cash collateral on September 17, 2026, and shows a third affiliate, Cooper Street SPE LLC, joining the case in June. We cite those three items from the docket summary, not from a filing we have read; confirm them on PACER under the lead case, 4:26-bk-42315, before relying on a date.
The loans behind the filing
The 8-K lists four loans that Silver Star guaranteed and that were in default: "The outstanding principal loan amounts are $24,599,690, $15,530,000, $17,000,000 and $8,100,000, respectively." That is $65.2 million (our sum), against the Walgreens net-lease portfolio, the Delray property, the Cooper Street storage properties and a Hartman Retail III DST. The first of them had been much larger nine months earlier: in September 2025 the company disclosed the lender's notice that "The outstanding balance of the Loan is $50,322,130." No filing explains how that balance fell by half before the petition.
What a share was worth, according to the company
| Date | Value per share | What it is |
|---|---|---|
| 2010-2016 | $10.00 | Offering price |
| December 31, 2021 | $12.08 | Estimated NAV |
| December 31, 2022 | $6.25 | Estimated NAV, the first after Allen Hartman's removal as executive chairman |
| June 30, 2024 | $2.01 | Estimated NAV per share and OP unit, including a $35M estimated litigation recovery |
| June 30, 2024, without the lawsuit | about $1.48 | Our calculation from the same NAV table |
| April 30, 2025 | $0.96 | Pro forma NAV per share in the proxy's liquidation exhibit |
| April 30, 2025 | $0.24 | Net liquidation proceeds to shareholders, same exhibit |
Two things make even the low numbers optimistic. The $2.01 counted "the reasonable value of recovery in litigation which management has estimated to be $35 million" as an asset: the company's own lawsuit against its founder. And the $0.24 was computed on 67,425,433 shares, the count before June 2025, when a second rights-plan exchange issued up to 121,450,278 more shares to every holder except the Hartman group. The exhibit itself adds that if the company liquidates, "an additional 2 million common shares will be issuable to our CEO pursuant to his employment agreement." The proxy exhibit that contains these figures is an image, not text; we read it directly.
How it got here, in the filings
| Date | Event | Source |
|---|---|---|
| July 8, 2022 | Distributions and the redemption program suspended | 10-K for 2022 |
| September 2023 | Subsidiary Hartman SPE, LLC files Chapter 11 in Delaware | 8-K, September 14, 2023 |
| November 2023 | Last 10-Q ever filed (quarter ended September 30, 2023) | 2025 proxy |
| January 2024 | First rights-plan exchange: about 30.2M new shares to holders other than the Hartman group | 8-K, January 16, 2024 |
| March 27, 2024 | Hartman SPE emerges from bankruptcy | 8-K, April 2, 2024 |
| August 2024 | SEC staff says it does not intend to recommend enforcement action | 8-K, August 20, 2024 |
| December 2024 | NAV of $2.01 as of June 30, 2024, with the $35M litigation asset | 8-K, December 20, 2024 |
| June 2025 | Written consent of 51.33% of shares elects three directors; second rights exchange of up to 121.5M shares | 8-Ks, June 6 and June 16, 2025 |
| Autumn 2025 | Court-ordered shareholder vote on liquidation not held: no audited financial statements | Additional proxy material, November 18, 2025 |
| May 28, 2026 | Chapter 11, N.D. Texas | 8-K, June 8, 2026 |
The November 2025 proxy supplement explains the missing vote in its own words: the meeting "could not be held without an audited financial statement." A Maryland court had ordered that vote so shareholders could choose between liquidating and continuing. They never got to choose.
Hartman vREIT XXI: the sibling that is also a creditor
If you own Hartman vREIT XXI (CIK 1654948), you are not in the bankruptcy, but part of your NAV is. On June 24, 2026, four weeks after Silver Star's petition, XXI's board set an estimated NAV of $8.12 a share as of December 31, 2025. Its valuation table carries 1,258,406 Silver Star shares at $2,529 thousand, and the 8-K says plainly: "The Company used this reported NAV to value its investment in Silver Star Properties REIT, Inc." That reported NAV is the June 2024 $2.01.
XXI is also owed money. Its most recent 10-K, for 2022 and filed in August 2025, reports that its notes receivable from Silver Star were reduced "to $15.3 million as of December 31, 2023" and that "the Company continues to believe it will collect the outstanding amounts in full." That was before the petition. XXI stopped its redemption program on November 28, 2022, and its 10-K says "Distributions have been suspended since December 16, 2022."
What a shareholder can do now
- Follow the case on PACER under the Northern District of Texas lead case, and read the notices mailed to you. Deadlines in a Chapter 11 are strict, and the docket, not this page, is the authority on them.
- Keep your records: purchase confirmations, the 2024 rights-exchange statements and any 2025 exchange statements. Share counts changed twice.
- Talk to bankruptcy counsel before you file anything. Whether a shareholder needs to file a proof of interest, and what it does, depends on how you are listed in the debtor's schedules.
- If you hold Hartman vREIT XXI, read its next NAV and any 8-K on the Silver Star receivable; the $8.12 includes the Silver Star stake at $2.01 and a loan the petition now puts at risk.
For a written read of these filings against your own position, before any decision in the case, that is what a Forensic Filing Read does.
Pros
- The subsidiary case in 2023 ended with the subsidiary emerging in March 2024
- The SEC staff closed its investigation without recommending enforcement in 2024
- Hartman vREIT XXI is not in bankruptcy and still publishes a NAV
Cons
- Chapter 11 since May 28, 2026, with the company warning that equity may be impaired or cancelled
- No 10-K or 10-Q since late 2023; the numbers are unaudited estimates
- A NAV built on a lawsuit — $35M of hoped-for recovery inside the last $2.01
- $0.24 a share in the company's own 2025 liquidation model, before up to 121.5M more shares were issued
- Four guaranteed loans in default at the petition, $65.2M in total
- No distributions or redemptions since July 2022 (Silver Star) and December 2022 (XXI)
FAQ
Frequently Asked Questions
Verdict
Silver Star Properties REIT earns 0.6 out of 5. The company that sold shares at $10.00 has not produced audited numbers since 2023, valued itself in 2024 partly on a lawsuit it had not won, modelled $0.24 a share for its owners in 2025, multiplied its share count again, and filed for Chapter 11 in 2026 with a warning that equity may be wiped out. None of that is a judgment on who was right in the fight between the board and Allen Hartman; the filings show that shareholders paid for it either way. Hartman vREIT XXI holders are one step removed, and that step is shrinking.
Sources
SEC EDGAR, Silver Star Properties REIT, Inc., CIK 1446687, and Hartman vREIT XXI, Inc., CIK 1654948:
- Silver Star Form 8-K filed June 8, 2026, accession 0001437749-26-019764, with exhibit 99.1: the Chapter 11 filings, loans in default, assets and liabilities
- Silver Star Form 8-K filed December 20, 2024, accession 0001446687-24-000100: $2.01 NAV and its components
- Silver Star 2025 proxy (DEF 14A), accession 0001446687-25-000033: reporting status, shares outstanding, Exhibit C liquidation pro forma (image)
- Silver Star Forms 10-K for 2021 (0001446687-22-000005) and 2022 (0001446687-23-000023); Forms 8-K 0001446687-23-000013, 0001446687-23-000050, 0001446687-24-000027, 0001446687-24-000069, 0001628280-24-037893, 0001446687-25-000048, 0001446687-25-000072, 0001446687-25-000132; additional proxy material 0001446687-25-000188
- Hartman vREIT XXI Form 8-K filed July 1, 2026, accession 0001437749-26-022199: $8.12 NAV; Form 10-K for 2022, accession 0001654948-25-000019; Form 8-K accession 0001654948-22-000040
- Court docket summary: PacerMonitor, Silver Star Properties REIT, Inc., N.D. Tex. (read September 12, 2026) — for the September 17 hearing, the September 24 claims deadline and the Cooper Street SPE filing only; confirm on PACER
Retrieved September 12, 2026.
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