Offerpad unit lifts uncommitted loan capacity to $200M

The revised facility remains uncommitted and includes a financial covenant limiting the subsidiary’s ability to incur indebtedness.

Filing Impact

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Filing Sentiment

(Neutral)How Sentiment works

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Form Type

8-K

Rhea-AI Filing Summary

Offerpad Solutions Inc.’s wholly owned subsidiary, OP SPE Summit, LLC, entered a revised revolving loan agreement with WHGG II Trust and Ascent Developer Solutions LLC on October 7, 2026. The agreement increases the principal uncommitted borrowing capacity from $150 million to $200 million. It includes a financial covenant restricting OP SPE’s ability to incur indebtedness and customary events of default that would result in termination of the loan and permit the lenders to accelerate payment on outstanding borrowings.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Prior principal uncommitted borrowing capacity: $150 million Revised principal uncommitted borrowing capacity: $200 million Agreement date: October 7, 2026

3 metrics

Prior principal uncommitted borrowing capacity $150 million Capacity under the previous revolving loan agreement

Revised principal uncommitted borrowing capacity $200 million Capacity under the agreement dated October 7, 2026

Agreement date October 7, 2026 Date of the Third Amended and Restated Revolving Loan Agreement

Key Terms

uncommitted borrowing capacity, financial covenant, events of default, accelerate payment

4 terms

uncommitted borrowing capacity financial

"principal uncommitted borrowing capacity"

financial covenant financial

"financial covenant that restricts OP SPE’s ability to incur indebtedness"

A financial covenant is a clause in a loan or credit agreement that requires a borrower to keep specific financial measures—such as cash levels, profit, or debt ratios—within agreed limits. Investors watch these rules because breaking them can let lenders demand immediate repayment, impose penalties, or restrict a company’s ability to pay dividends or take on new projects; think of it as house rules that, if violated, can force sudden, costly changes.

events of default financial

"customary events of default"

Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.

accelerate payment financial

"accelerate payment on outstanding borrowings"

FAQ

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

What is OPAD’s updated revolving loan capacity?

Offerpad Solutions Inc.’s wholly owned subsidiary OP SPE Summit, LLC entered an agreement increasing its principal uncommitted borrowing capacity from $150 million to $200 million on October 7, 2026.

What restrictions are in OPAD’s revised loan agreement?

A financial covenant restricts OP SPE’s ability to incur indebtedness. Customary events of default would result in termination of the loan and permit the lenders to accelerate payment on outstanding borrowings.

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

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Available on EDGAR 10/13/2026 - 04:32 PM EDT Accepted by SEC EDGAR 10/13/2026 - 04:32 PM EDT

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): October 07, 2026

    

Offerpad Solutions Inc.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-39641	85-2800538
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

433 S. Farmer Avenue Suite 500
Tempe, Arizona		85281
(Address of Principal Executive Offices)		(Zip Code)

     Registrant’s Telephone Number, Including Area Code: (844) 388-4539

    

N/A

(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:

☐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 each exchange on which registered
Class A common stock, $0.0001 par value per share	OPAD	The Nasdaq Stock Market LLC

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 1.01. Entry into a Material Definitive Agreement.

On October 7, 2026, OP SPE SUMMIT, LLC, as borrower (“OP SPE”), a wholly owned subsidiary of Offerpad Solutions Inc. (the “Company”), WHGG II TRUST (“WHGG”), and ASCENT DEVELOPER SOLUTIONS LLC (“Ascent,” and, collectively with WHGG, the “Lender”), entered into the Third Amended and Restated Revolving Loan Agreement, dated as of October 7, 2026 (the “Third Amended and Restated Revolving Loan Agreement”) which amended and restated the Second Amended and Restated Revolving Loan Agreement dated July 29, 2026, as amended.

The Third Amended and Restated Revolving Loan Agreement, among other things, modifies the terms of the existing revolving loan to increase the principal uncommitted borrowing capacity from $150 million to $200 million (the “Loan”).

The Third Amended and Restated Revolving Loan Agreement contains customary representations and warranties, and covenants, including, among other things, a customary financial covenant that restricts OP SPE’s ability to incur indebtedness, and contains customary events of default that would result in the termination of the Loan and permit the Lender to accelerate payment on outstanding borrowings.

The foregoing does not purport to be a complete description of the terms of the Third Amended and Restated Revolving Loan Agreement and such description is qualified in its entirety by reference to the Third Amended and Restated Revolving Loan Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibits are filed as part of this Current Report on Form 8-K:


Exhibit No.		Description
10.1+		Third Amended and Restated Revolving Loan Agreement, dated as of October 7, 2026, by and among OP SPE Summit, LLC, WHGG II TRUST, and Ascent Developer Solutions LLC
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


+	Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished to the SEC upon request.

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 thereunto duly authorized.


			Offerpad Solutions Inc.

Date:	October 13, 2026	By:	/s/ Peter Knag
			Peter Knag Chief Financial Officer

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

2 documents

Agreements & Contracts

EX-10.1 EX-10.1 593.7 KB