Silver Star Properties REIT Review: SEC Revoked Its Registration

Updated October 16, 2026: the SEC has revoked the registration of Silver Star’s securities. In an order dated October 14, 2026 (Release No. 106667, File No. 3-22775), accepted on the company’s own offer of settlement and without admitting the findings, the Commission found that Silver Star “has not filed any periodic reports since the period ended September 30, 2023” and ordered that the registration of each class of its securities under Section 12 of the Exchange Act be revoked, effective October 15, 2026. The order says nothing about Chapter 11, the shares’ value or any plan for the properties; those are covered below, and the SEC action itself has its own page. Where the case stood before the order: the last thing the company itself filed with the SEC is still the Form 8-K of June 8, 2026 (Chapter 11, filed May 28, 2026, Case No. 26-42316-mxm11; four guaranteed loans in default; “approximately $100 million in assets and approximately $75 million in liabilities”). The company has not reported any tender offer or any restart of distributions or redemptions, which have been suspended since July 8, 2022.

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."

On October 14, 2026 the SEC acted on the missing reports. Its order says Silver Star “has failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder, because it has not filed any periodic reports since the period ended September 30, 2023,” and orders that the registration of each class of its securities registered under Section 12 “be, and hereby is, revoked,” effective October 15, 2026. It was entered on the company’s offer of settlement, “without admitting the findings.” Apart from that, EDGAR (checked October 16, 2026) shows no filing by the company after the June 8 8-K: the last thing it told the SEC is a Chapter 11 notice, now more than four months old, and the silence spans both of the dates that mattered to anyone owed money.

One sale has been reported in that silence, and not by the company. On July 9, 2026 Bisnow reported, from a Marcus & Millichap press release, that Silver Star CRE, a Silver Star subsidiary, sold The Preserve at North Loop, a seven-building Class B office campus of about 219,000 square feet at 2000-2060 N. Loop W. in northwest Houston, 65% occupied at the sale, to an Atlanta-based investor it did not name. Silver Star bought the campus in October 2018, when it was 92% occupied. No price was disclosed, and the report does not say whether the bankruptcy court approved the sale or where the money went; none of that is in an SEC filing either. For a shareholder the point is the one the company already made: sale proceeds go to secured lenders and creditors first, and equity ranks last.

The court docket is public on PACER. The free docket summary on PacerMonitor listed a proof-of-claim deadline of September 24, 2026 and a hearing on the use of cash collateral on September 17, 2026, and showed a third affiliate, Cooper Street SPE LLC, joining the case in June. Both of those dates have now passed — the claims deadline on September 24 — and the company has announced nothing about either one.

What we could not check, said plainly: we do not have paid PACER access, so we have not read what happened at the September 17 hearing, whether the claims bar date was extended, or what was filed on the docket in between. The three items above come from the free docket summary, not from a document we have read. Confirm them on PACER under the lead case, 4:26-bk-42315, before relying on a date. What we can state from sources we did read is the company’s silence on EDGAR and the SEC order, and for a shareholder that is the point: the company let a proof-of-claim deadline arrive and pass without telling its own shareholders anything.

And a distinction worth keeping straight, because it is where people get hurt: a proof-of-claim deadline is for creditors. Common shareholders are not creditors, do not file proofs of claim in the ordinary case, and rank last; the company itself said existing equity may be impaired or cancelled. If you are owed money by Silver Star as a lender, landlord, vendor or note holder, that deadline was yours and it was September 24 (check PACER for whether it was extended). If you own the shares, the deadline was not yours — which is not good news, it is the opposite.

What the SEC order does and does not say

The order is short and limited. It finds one violation, the missing periodic reports, and revokes the Section 12 registration of Silver Star’s common stock and its Preferred Share Purchase Rights. It records that unsolicited quotations for the common stock (symbol SLVSQ) had been submitted on the OTC Link ATS, and that the rights were not publicly quoted or traded. Its text quotes Section 12(j): “No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked.” The order does not say what a share is worth, does not cancel anyone’s shares, does not mention the bankruptcy and does not fine anyone. Revocation does not erase ownership; it cuts the shares off from the public reporting system and, in practice, from broker-dealer trading. What it means for selling, taxes or a loss claim depends on your account, so ask a securities or tax professional before you act. The news side of this event has its own page.

The plan for the properties, in the company’s words

The only plan on the SEC record is the one in the June 5, 2026 press release attached to the 8-K. It says the company “initiated a liquidation strategy in 2023 to exit legacy office assets, resolve debt, and reposition remaining assets into a new entity (NewCo),” that “lender constraints, litigation, and capital structure challenges” made court supervision necessary, and that it intends to continue “asset sales, resolution of liabilities, and potential creation of NewCo holding storage assets and litigation rights,” with “all actions” now “subject to court approval.” That is a statement of intent, not an approved plan; we found no filed plan of reorganization or liquidation. The 8-K also reports that the lender on a promissory note secured by the McKinney storage property “has posted the storage property subject of the promissory note and related security documents for foreclosure on Tuesday, June 2, 2026”; it gives the outstanding principal as “$5,750,00.00,” which we read as about $5.75 million. We found no later filing saying whether that foreclosure happened. The one reported property sale, The Preserve at North Loop, is described above.

Litigation, as the company describes it (not as a court has ruled). In a shareholder letter filed on November 18, 2025, Silver Star said it has a “$55 million lawsuit currently pending against him” (its former CEO) and a suit in Maryland federal court for “over 250 SEC violations”; that same filing says the court ordered an annual meeting or an orderly liquidation, and that the vote “could not be held without an audited financial statement.” The $35 million of litigation recovery inside the 2024 NAV is that claim. We found no filing reporting a judgment or settlement in it, so treat the value as unproven. The same period shows why audited numbers have been late: in a Form NT 10-Q filed November 17, 2025, the company said it could not file because of the “resignation of the registrant’s independent registered public accounting firm,” that it had engaged a new firm, and that it was “progressing through the audit and review processes for delinquent annual and quarterly reports.” No audited report has followed, and the SEC order is the consequence.

Tender offers and redemptions. There are none to report. The company’s redemption program has been suspended since July 8, 2022, and the EDGAR listing for CIK 1446687 for 2025 and 2026 shows no tender offer filing (Schedule TO). If a letter arrives offering to buy your shares at a low price, it comes from a third party, not from the company; check the offer terms and whether the buyer can actually take title before you sign anything.

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

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

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

1. 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.
2. Keep your records: purchase confirmations, the 2024 rights-exchange statements and any 2025 exchange statements. Share counts changed twice.
3. 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.
4. 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.
5. Do not assume you can sell. After the October 15, 2026 revocation, the order quotes the rule that brokers and dealers may not effect transactions in a security whose registration is revoked. Ask your broker and a securities professional before any sale or transfer, and be careful with unsolicited offers to buy.

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.

FAQ

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, filed for Chapter 11 in 2026 with a warning that equity may be wiped out, and on October 14, 2026 saw the SEC revoke the registration of its securities for the missing reports. 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
• SEC order, Release No. 106667, File No. 3-22775, October 14, 2026 (EDGAR accession 9999999997-26-001632): revocation of registration under Section 12(j), effective October 15, 2026
• Silver Star Form NT 10-Q filed November 17, 2025, accession 0001446687-25-000186: auditor resignation and delinquent reports; shareholder letter filed November 18, 2025 (DEFA14A), accession 0001446687-25-000188: litigation and meeting, as the company describes them
• 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
• Bisnow Houston, "Houston REIT In Chapter 11 Bankruptcy Sells 7-Building Houston Office Portfolio", July 9, 2026 (from a Marcus & Millichap press release) — the sale of The Preserve at North Loop; not in any SEC filing

Retrieved September 12, 2026; EDGAR re-checked and the July sale added September 28, 2026; SEC order, auditor notice and plan for the properties added October 16, 2026.