On this page of StockholderLetter.com we present the latest annual shareholder letter from Offerpad Solutions Inc. — ticker symbol OPAD. Reading current and past OPAD letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
Offerpad Solutions Inc. (NYSE: OPAD) is a digital real estate solutions platform designed to give homeowners more control, exibility, and choice when selling a home. Through four core solutions Cash Offer, Cash Offer Marketplace, Brokerage Services, and Renovate we support homeowners and partners across the home-selling process.
Dear Valued Shareholders, Thank you for your continued support of Offerpad in 2025. It was a year of deliberate transformation, one in which we reshaped our business, expanded our platform, and positioned the company for sustainable, pro table growth. We entered 2025 with a clear conviction: the future of Offerpad is a multi-solution platform that serves homeowners, agents, investors, and partners across every stage of the real estate transaction. Throughout the year, we executed against that conviction with discipline. We tightened our underwriting, streamlined our operations, and focused our capital on the solutions that we believe have the potential to generate the strongest returns. The result is a business that looks meaningfully different today than it did a year ago: leaner, more diversi ed, and built to perform across market cycles. Below are a few 2025 highlights: Expanded our operating model into a fully integrated platform of solutions, including Cash Offer, Cash Offer Marketplace, Brokerage Services, and Renovate Sold nearly 1,600 homes and completed close to 1,500 third-party Renovate projects, generating over $550 million in revenue Grew our Renovate business 50% year-over-year as it continues to emerge as a high-margin, capital-light growth engine Delivered our third consecutive year of net income improvement Strengthened our leadership team to support scale and focused execution across key business lines, with the addition of Chris Carpenter as Chief Operating Officer in 2025, and, more recently, Rich Ford, who joined in 2026 as Chief Strategy Officer & President of Cash Offer Marketplace Looking ahead, 2026 is about execution. We are focused on driving continued growth in our foundational Cash Offer business, while scaling our Cash Offer Marketplace, Brokerage Services and continuing the momentum in Renovate, all in support of returning the business to pro tability. We have built the platform, we have built the team, and we have built the operating discipline. Now it is about delivering. I want to thank our team for the work they put in throughout 2025, our partners for their trust in what we are building, and our shareholders for your belief in the long-term value of this company. Sincerely, Brian Bair Chairman & Chief Executive Officer 2025 ANNUAL REPORT / 3
Who We Are Offerpad was founded in 2015 to reimagine the residential real estate experience through a combination of data-driven technology and deep industry expertise. Today, we operate as a comprehensive real estate solutions platform, serving sellers, buyers, agents, and partners through an integrated suite of offerings. We provide multiple paths to buy and sell homes, including Cash Offer, Cash Offer Marketplace, Brokerage Services, and Renovate, delivering a exible and streamlined experience tailored to customer needs. Built on years of our own real estate experience and proprietary data across transactions, pricing, renovations, and homeowner behavior, we are enhancing our platform with AI-driven tools that improve efficiency and execution. At the center of this are our platforms, SCOUT and HENRY, which embed intelligence across stages of the transaction, which we believe enables a faster, more consistent operating model and strengthens our advantage as we scale. Our Commitment to Corporate Responsibility Offerpad is committed to acting responsibly and in accordance with the highest ethical standards. We believe our commitment to environmentally and socially responsible strategies bene ts all our stakeholders, including our customers, shareholders, team members, and communities. How we do things is as important as what we do. At Offerpad, our values guide our behavior toward each other and toward our customers, partners, and communities. The conditions around us may change, but holding these values keeps us on the right course. 2025 ANNUAL REPORT / 4
Built on Cash Offer. Expanded Across Four Solutions. 2025 ANNUAL REPORT / 5
 • shareholder letter icon 4/22/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/24/2024 OPAD Stockholder Letter
 • stockholder letter icon 4/24/2025 OPAD Stockholder Letter
 • stockholder letter icon More "Real Estate" Category Stockholder Letters
 • Benford's Law Stocks icon OPAD Benford's Law Stock Score = 79


OPAD Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT

Offerpad Solutions Inc. (NYSE: OPAD) is a digital real estate solutions platform
designed to give homeowners more control,    exibility, and choice when selling
a home. Through four core solutions     Cash Offer, Cash Offer Marketplace,
Brokerage Services, and Renovate     we support homeowners and partners
across the home-selling process.

Dear Valued Shareholders,
Thank you for your continued support of Offerpad in 2025. It was a year of deliberate transformation, one
in which we reshaped our business, expanded our platform, and positioned the company for sustainable,
pro   table growth.
We entered 2025 with a clear conviction: the future of Offerpad is a multi-solution platform that serves
homeowners, agents, investors, and partners across every stage of the real estate transaction. Throughout
the year, we executed against that conviction with discipline. We tightened our underwriting, streamlined
our operations, and focused our capital on the solutions that we believe have the potential to generate
the strongest returns. The result is a business that looks meaningfully different today than it did a year ago:
leaner, more diversi   ed, and built to perform across market cycles.
Below are a few 2025 highlights:
Expanded our operating model into a fully integrated platform of solutions, including Cash Offer,
Cash Offer Marketplace, Brokerage Services, and Renovate
Sold nearly 1,600 homes and completed close to 1,500 third-party Renovate projects, generating
over $550 million in revenue
Grew our Renovate business 50% year-over-year as it continues to emerge as a high-margin,
capital-light growth engine
Delivered our third consecutive year of net income improvement
Strengthened our leadership team to support scale and focused execution across key business lines,
with the addition of Chris Carpenter as Chief Operating Officer in 2025, and, more recently, Rich
Ford, who joined in 2026 as Chief Strategy Officer & President of Cash Offer Marketplace
Looking ahead, 2026 is about execution. We are focused on driving continued growth in our foundational
Cash Offer business, while scaling our Cash Offer Marketplace, Brokerage Services and continuing the
momentum in Renovate, all in support of returning the business to pro   tability. We have built the platform,
we have built the team, and we have built the operating discipline. Now it is about delivering.
I want to thank our team for the work they put in throughout 2025, our partners for their trust in what we
are building, and our shareholders for your belief in the long-term value of this company.
Sincerely,
Brian Bair
Chairman & Chief Executive Officer
2025 ANNUAL REPORT /
3

Who We Are
Offerpad was founded in 2015 to reimagine the residential real estate experience through a
combination of data-driven technology and deep industry expertise. Today, we operate as a
comprehensive real estate solutions platform, serving sellers, buyers, agents, and partners
through an integrated suite of offerings. We provide multiple paths to buy and sell homes,
including Cash Offer, Cash Offer Marketplace, Brokerage Services, and Renovate, delivering
a    exible and streamlined experience tailored to customer needs.
Built on years of our own real estate experience and proprietary data across transactions, pricing,
renovations, and homeowner behavior, we are enhancing our platform with AI-driven tools that
improve efficiency and execution. At the center of this are our platforms, SCOUT and HENRY,
which embed intelligence across stages of the transaction, which we believe enables a faster,
more consistent operating model and strengthens our advantage as we scale.
Our Commitment to Corporate Responsibility
Offerpad is committed to acting responsibly and in accordance with the highest ethical standards.
We believe our commitment to environmentally and socially responsible strategies bene   ts all our
stakeholders, including our customers, shareholders, team members, and communities.
How we do things is as important as what we do. At Offerpad, our values guide our behavior
toward each other and toward our customers, partners, and communities. The conditions
around us may change, but holding these values keeps us on the right course.
2025 ANNUAL REPORT /
4

Built on Cash Offer.
Expanded Across Four Solutions.
2025 ANNUAL REPORT /
5


shareholder letter icon 4/22/2026 Letter Continued (Full PDF)
 

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