EXP World holder updates 13D after trustee change

EXP World Holdings, Inc. large shareholder updated its Schedule 13D to reflect a change in trustee for a significant share position.

Rhea-AI Filing Summary

EXP World Holdings, Inc. large shareholder updated its Schedule 13D to reflect a change in trustee for a significant share position. The filing reports that Penny Sanford was the reporting person with beneficial ownership of 26,731,114 shares of common stock, representing 16.51% of the class based on 161,893,096 shares outstanding as of January 31, 2026. These shares are held through the Penny L Sanford TTEE Gratitude 2022 Trust. The amendment states it is being filed solely because of Ms. Sanford’s death and the appointment of Frank Selden as the new trustee of the trust, confirming continued shared voting and dispositive power over the same block of shares.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the EXP World Holdings (EXPI) Schedule 13D/A amendment report?

The amendment reports an update to a major ownership filing for EXP World Holdings. It clarifies that a large block of common stock remains held via the Penny L Sanford TTEE Gratitude 2022 Trust, with disclosure updated for a trustee change following Penny Sanford’s death.

How many EXP World Holdings (EXPI) shares are beneficially owned in this filing?

The filing reports beneficial ownership of 26,731,114 EXP World Holdings common shares. This block is held through the Penny L Sanford TTEE Gratitude 2022 Trust, with shared voting and dispositive power reported for all of these shares in the Schedule 13D/A amendment.

What percentage of EXP World Holdings (EXPI) does 26,731,114 shares represent?

The filing states that 26,731,114 shares represent 16.51% of EXP World Holdings’ common stock. This percentage is calculated using 161,893,096 shares issued and outstanding as of January 31, 2026, as disclosed directly in the Schedule 13D/A.

Who is the reporting person in the EXP World Holdings (EXPI) Schedule 13D/A?

The reporting person is identified as Penny Sanford, a United States citizen. The filing attributes shared voting and dispositive power over 26,731,114 shares of EXP World Holdings common stock held by the Penny L Sanford TTEE Gratitude 2022 Trust dated August 26, 2022.

What change to the Penny L Sanford TTEE Gratitude 2022 Trust is disclosed for EXP World (EXPI)?

The amendment states it is filed solely to reflect Penny Sanford’s death and the resulting appointment of Frank Selden as trustee of the Penny L Sanford TTEE Gratitude 2022 Trust, which holds the 26,731,114 EXP World Holdings common shares reported.

Does the EXP World Holdings (EXPI) Schedule 13D/A indicate a change in the share amount held?

The amendment specifies it is being filed solely to reflect the trustee change following Penny Sanford’s death. It continues to report beneficial ownership of 26,731,114 shares, indicating the same share amount remains attributed to the trust after the update.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/19/2026 - 05:31 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

EXP WORLD HOLDINGS, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

30212W100

(CUSIP Number)

Frank Selden
7000 Bahia Beach Blvd.,
Rio Grande, PR, 00745
206-550-9777

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/31/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 30212W100

1

Name of reporting person

Penny Sanford

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 26,731,114.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,731,114.00

11

Aggregate amount beneficially owned by each reporting person

26,731,114.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.51 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Shared voting and dispositive power based on 26,731,114 shares of common stock subject to the Penny L Sanford TTEE Gratitude 2022 Trust dated as of August 26, 2022. (2) Percent of Class Represented based on 161,893,096 shares of common stock issued and outstanding as of January 31, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: EXP WORLD HOLDINGS, INC.
(c)	Address of Issuer's Principal Executive Offices: 2219 Rimland Dr., Suite 301, Bellingham, WASHINGTON , 98226.
Item 1 Comment: The amendment is being filed solely to reflect the death of Penny Sanford, who previously served as Trustee of the Penny L Sanford TTEE Gratitude 2022 Trust (the "Trust"). Upon Ms. Sanford's death, Frank Selden was appointed as the Trustee of the Trust.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Penny Sanford

Signature:	/s/ Frank Selden
Name/Title:	Frank Selden, as Trustee of the Penny L Sanford TTEE Gratitude 2022 Trust
Date:	02/17/2026