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Broad Street Realty (BRST) files Chapter 7 bankruptcy, trustee takes control

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Broad Street Realty, Inc. has filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware. A Chapter 7 Trustee, George L. Miller, has been appointed and will take control of the company’s assets and liabilities, removing the authority of the board and executive officers. The company’s assets will be liquidated and claims paid according to bankruptcy law. On the same date, Chief Financial Officer Alexander Topchy resigned from his position.

Positive

  • None.

Negative

  • Chapter 7 bankruptcy and liquidation: Broad Street Realty has filed for Chapter 7 protection, with a trustee appointed to liquidate assets and pay claims, implying severe financial distress and likely loss of equity value.
  • Loss of corporate control and CFO resignation: Authority of the board and executive officers has been effectively eliminated in favor of the Chapter 7 Trustee, and the Chief Financial Officer has resigned, underscoring the company’s wind-down status.

Insights

Broad Street Realty is entering Chapter 7 liquidation, eliminating equity value and board control.

Broad Street Realty has commenced a Chapter 7 bankruptcy case, which is a straight liquidation process. A court-appointed trustee, rather than existing management or the board, now controls assets and liabilities and will manage the wind-down.

In Chapter 7, assets are sold and the proceeds distributed in priority order under the Bankruptcy Code. Common shareholders typically rank last and often receive little or nothing after creditors are paid. The filing states that the company’s assets will be liquidated and claims paid in accordance with these rules.

The resignation of the Chief Financial Officer on the effective date of the filing aligns with the loss of authority of executive officers once the trustee takes control. Future value recovery, if any, will depend on how asset sales compare with total claims as determined in the bankruptcy proceedings.

Item 1.03 Bankruptcy or Receivership Business
The company or a significant subsidiary has filed for bankruptcy or entered receivership.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Understanding 8-K Material Events →
0000764897 false 0000764897 2026-03-20 2026-03-20
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 20, 2026

 

 

BROAD STREET REALTY, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-09043   36-3361229
(State or other jurisdiction
of incorporation)		  

(Commission

File Number)

   (IRS Employer
Identification No.)

 

11911 Freedom Drive, Suite 450

Reston, Virginia

   20190
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: 301 828 1200

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 


Title of each class

  

Trading
Symbol(s)

  

Name of exchange
on which registered

None   N/A   N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

Item 1.03 Bankruptcy or Receivership.

On March 20, 2026, Broad Street Realty (the “Company”) filed a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §101 et seq. (the “Bankruptcy Code”). The petition was filed in the United States Bankruptcy Court for the District of Delaware, Case No. 26-10398-KBO (the “Bankruptcy Filing”). George L. Miller has been appointed as Chapter 7 Trustee (the “Chapter 7 Trustee”), and the trustee will assume control over the assets and liabilities of the Company, effectively eliminating the authority and powers of the Board of Directors of the Company and its executive officers to act on its behalf. The assets of the Company will be liquidated and claims paid in accordance with the Bankruptcy Code.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On and effective March 20, 2026, Alexander Topchy resigned from his position as Chief Financial Officer of Broad Street Realty, Inc.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    BROAD STREET REALTY, INC.
Date: March 26, 2026     By:  

/s/ Michael Z. Jacoby

    Name: Michael Z. Jacoby
    Title: Chief Executive Officer

Source: View Original Filing on SEC EDGAR

FAQ

What did Broad Street Realty (BRST) announce in this 8-K filing?

Broad Street Realty disclosed that it filed a voluntary Chapter 7 bankruptcy case. A court-appointed trustee will control its assets and liabilities and oversee liquidation, while the board and executive officers effectively lose authority to act for the company.

What type of bankruptcy did Broad Street Realty (BRST) file for?

Broad Street Realty filed for relief under Chapter 7 of the U.S. Bankruptcy Code. Chapter 7 typically involves liquidating a company’s assets, then distributing proceeds to creditors and other claimants according to statutory priority, rather than attempting to reorganize the business.

Who is managing Broad Street Realty after the Chapter 7 filing?

After the Chapter 7 filing, George L. Miller has been appointed as the Chapter 7 Trustee. He will assume control over Broad Street Realty’s assets and liabilities, replacing the authority of the board of directors and executive officers in managing the company’s affairs.

What happens to Broad Street Realty’s assets under Chapter 7 bankruptcy?

Under Chapter 7 bankruptcy, Broad Street Realty’s assets will be liquidated and converted to cash. The resulting proceeds will be used to pay claims in accordance with the Bankruptcy Code’s priority rules, generally paying secured and unsecured creditors before any residual value reaches shareholders.

Did any executives leave Broad Street Realty in connection with the bankruptcy?

Yes. Effective March 20, 2026, Chief Financial Officer Alexander Topchy resigned from his position at Broad Street Realty. This resignation coincides with the Chapter 7 filing and the shift of control to the court-appointed bankruptcy trustee overseeing liquidation.

What does loss of board and officer authority mean for Broad Street Realty shareholders?

The board and officers losing authority means the Chapter 7 Trustee now makes key decisions. In a liquidation, creditors are paid ahead of shareholders, so equity holders often recover little or nothing, depending entirely on how asset sale proceeds compare with total allowed claims.

Filing Exhibits & Attachments

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