Offerpad amends loan agreement, holds annual meeting

Offerpad Solutions Inc. (NYSE:OPAD), a real estate services firm with annual revenue of $794 million, has amended its loan agreement with Citibank, N.A., as disclosed in a recent 8-K filing with the Securities and Exchange Commission. The amendment, dated June 10, 2025, modifies a previous agreement from June 7, 2022. It reduces the committed amount from $150 million to $25 million and increases the uncommitted amount from $250 million to $375 million. According to InvestingPro data, the company maintains a current ratio of 1.13, indicating its liquid assets exceed short-term obligations.

In addition to the loan amendment, Offerpad held its Annual Meeting of Stockholders on June 5, 2025. During the meeting, three Class I directors were elected to serve until the annual meeting in 2028. The company’s stockholders also ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and approved the compensation of the company’s named executive officers on an advisory basis.

The full details of the amendment to the loan agreement are included in Exhibit 10.1 of the 8-K filing, which is publicly available through the SEC. The filing also contains the voting results for each proposal considered at the Annual Meeting.

Offerpad’s business address is 433 S. Farmer Avenue, Suite 500, Tempe, Arizona, 85281, and the company operates in the real estate sector under the SIC code 6531. This information is based on a press release statement.

In other recent news, Offerpad Solutions Inc. reported its Q1 2025 financial results, revealing revenue of $161 million, which aligned with guidance, and a net loss of $15.1 million, marking a 14% improvement from the previous year. Despite the challenging housing market, the company emphasized its strategic growth, cost efficiency, and innovative product offerings. Jefferies analysts recently adjusted their outlook on Offerpad, lowering the price target to $1.00 while maintaining a Hold rating, due to concerns about the company’s ability to meet acquisition targets. Citizens JMP also downgraded Offerpad’s stock from Market Outperform to Market Perform, citing revenues that fell short of expectations despite an adjusted EBITDA surpassing consensus. The downgrade reflects concerns over macroeconomic uncertainties and their potential impact on Offerpad’s capital-intensive business. Additionally, Offerpad entered into amended loan agreements to align its debt structure with its financial strategy, revising the maturity and availability of its revolving loans. These developments come as Offerpad navigates a competitive real estate market and seeks to balance growth with profitability.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.