Hartman Shareholder Alliance Urges Silver Star (SLVS) Investors to Vote for Board Change and Capital Return

Your Last Chance to Vote to Get Your Money Back

October 14, 2025

Dear Shareholders,

With the shareholder meeting rapidly approaching, this is your final opportunity to vote for the return of your capital. Silver Star's recent meeting on October 6th and communications are filled with false and misleading statements designed to confuse and delay. It's time to set the record straight.

A Track Record You Can Trust vs. A Record of Failure

Our Proven Performance

When I led this company, we delivered results:

· #1 Ranked by Stanger for consistent performance across all REITs

· Highest Net Promoter Score (NPS) in the industry for tenant satisfaction with a score of over 70%, which is equivalent to Ritz-Carlton’s and majority of tenants wanted to renew with us

· 20 years of uninterrupted distributions - a stable, well-managed company that prioritized shareholders

· $12-13 million invested annually in capital improvements to enhance property values

· 30+ engineers and 6 engineering managers ensuring Class-A property conditions portfolio-wide

· August 2022: Submitted a detailed plan to the Board 15 MONTHS before loan expiration with a clear strategy of selling assets and reducing debt

See our August 2022 letter to the Board here

Current Management's Catastrophic Failures

Since taking control in 2022, the current Board has systematically destroyed shareholder value:

Operational Collapse:

· Fired engineers and property management - staff that maintained these properties for years were virtually eliminated. Also went from 6 engineering managers to just one engineering manager. There is no one with operational experience across the executive team.

· Slashed capital improvement budget from $12-13 million annually to approximately $1 million.

· Eliminated all leasing staff and replaced them with a third-party leasing firm with a negative NPS score, and also leaving some properties without leasing coverage at all

The Result: Properties in Free Fall

Look at what happened to occupancy rates after they took over:

Property Prior Occupancy Current Occupancy
Three Forest 80% 57%
Westheimer 80% 55.7%
601 Sawyer 85% 58.8%
The Preserve 90% 68.9%
One Technology 90% 50%
Cornerstone 70% 50%
Average 83% 56.7%

A 26-point occupancy drop due to deferred maintenance, property decline, no leasing strategy and tenant dissatisfaction.

Catastrophic Value Destruction:

Your investment has plummeted from $12 per share to $4 or less under current management.

When I reference per share values or returns, I am basing on shares outstanding prior to the incumbent Board’s trigger of their two poison pills and selective issuance of a total of six shares for every share held prior to the first pill trigger to certain shareholders.

The Walgreens Disaster: A Case Study in Mismanagement

Current management made a fundamental real estate blunder that defies basic industry logic:

What They Did:

· Purchased Walgreens properties already in default from Benefit Street Partners

· Used 100% financing - no equity cushion whatsoever

· Took a 1-year loan on distressed assets

· When the loan came due, Benefit Street Partners posted the properties for foreclosure

· They paid 19% interest to buy assets generating only 3-4% cap rates

This is Real Estate 101. The math doesn’t work. It never did.

We were notified last week that one of the self-storage properties is now posted for foreclosure. The pattern continues.

The solution? Sell immediately to pay down expensive debt and return cash to shareholders.

Silver Star’s Latest False Statements

During their recent shareholder call, Silver Star's attorney made several demonstrably false claims. Let's address some of them directly:

FALSE CLAIM #1: "The judge denied Hartman's books and records request"

THE TRUTH: This is absolutely false. Under Maryland law, shareholders have statutory rights to access corporate books and records. We have made the request, and the judge did NOT deny this right. This is a matter of public record in Maryland court. We have asked Silver Star for the records at least 10 times in our letters.

FALSE CLAIM #2: "Hartman loaned money to another entity without board approval"

THE TRUTH: The loan WAS approved by the Board and was paid back with interest and was a good use of excess capital for Silver Star. Meanwhile, vREIT XXI loaned $15 million to Silver Star with the Board's knowledge, and Silver Star has refused to pay it back.

They're talking out of both sides of their mouth - claiming we made an unauthorized loan while they refuse to repay an authorized one.

FALSE CLAIM #3: "Everything in Maryland Court was dismissed"

THE TRUTH: We won on the claims in Maryland Court requiring this annual meeting. That's why we're having this election. The court ordered Silver Star to hold this vote!

These are not mistakes or miscommunications. These are outright, bold-faced lies.

The Choice Has Never Been Clearer

Current Management's Record:

· Fired operational staff

· Slashed capital improvements by 90%

· Value dropped from $12 to about $4 per share

· Purchased distressed assets with 3-4% returns from a lender who charged them 19% interest so they could purchase properties

· Properties now in foreclosure

Our Commitment:

· Return capital directly to shareholders

· Transparent and strategic liquidation plan

This Is Your Last Chance - Vote NOW

The shareholder meeting is imminent. We believe if you want any chance of recovering your investment, you must act immediately.

If you have voted the BLUE card, thank you. Your vote stands.

If you have not yet voted or voted the WHITE card, you can still vote the BLUE card. Your most recent vote is the one that counts.

Don't let their legal maneuvers, false statements, and delays cost you your investment.

See the attached proxy letter for more details. Click here to read the full letter.

Call us directly at (619) 664-4780 to vote for the BLUE card and for the return of your capital or vote the blue proxy from our online e-mail.

Time is running out. Vote the BLUE card today.

Sincerely,

Al Hartman
Hartman Shareholder Alliance

Source:

https://www.sec.gov/Archives/edgar/data/831616/000110465925099546/tm2528731d1_dfan14a.htm