Troubled Product
Silver Star Properties REIT (Formerly Hartman XX)
Sold at $10 a share with 9.5 percent in commissions and fees. In 2026 it filed for bankruptcy, warned that shareholders could be wiped out, and the SEC revoked its registration.
What It Is
Silver Star Properties REIT, originally Hartman Short Term Income Properties XX, is a Texas non-traded REIT that owned office, retail and industrial buildings.
How It Was Sold
At $10.00 a share through its dealer manager and other broker-dealers. Of each $10.00, $0.70 was a selling commission and $0.25 was a dealer manager fee: 9.5 percent of your money paid to the sales chain before it was invested.
What Went Wrong
- Bankruptcy. The REIT filed for Chapter 11 on May 28, 2026, in the Northern District of Texas. It reported that four loans it guaranteed, totaling about $65 million in principal, were in default, and that a storage property had been posted for foreclosure.
- A warning to shareholders. The company said there is a significant risk that existing equity may be impaired or canceled.
- Registration revoked. On October 14, 2026, the SEC revoked the registration of the company's securities, finding it had not filed a periodic report since the period ended September 30, 2023. The company settled without admitting or denying the findings.
For about three years, shareholders got no audited annual reports from the company they owned.
Sources
Every fact in this story comes from the public record. Read it for yourself:
- Prospectus (2014)
- Form 8-K: Chapter 11 filing (June 2026)
- Press release (June 5, 2026)
- SEC order revoking registration (October 14, 2026)
A charge or complaint is an allegation, not a finding, unless we say a court, regulator or jury decided it.