SCHEDULE: First American Financial Updates Offerpad Stake and Director Role in Latest SEC Filing

First American Financial Corporation has updated its beneficial ownership in Offerpad Solutions Inc. to 18.47% and noted a change in Kenneth D. DeGiorgio's role from CEO of First American to remaining a director of Offerpad.

Summary

• First American Financial Corporation beneficially owns 5,119,314 shares of Offerpad Solutions Inc. Class A Common Stock.
• This represents 18.47% of Offerpad's Class A Common Stock, based on 27,710,358 shares outstanding as of June 20, 2025.
• Kenneth D. DeGiorgio is no longer the Chief Executive Officer of First American Financial Corporation but continues to serve as a director of Offerpad Solutions Inc.
• The lock-up agreement on shares previously held by First American Financial Corporation has lapsed.

Sentiment

Score: 6

Explanation: The filing is largely neutral, providing factual updates on beneficial ownership and a management role change. The lapse of a lock-up is a minor positive for liquidity.

Positives

• The lapse of lock-up shares may increase liquidity for Offerpad's Class A Common Stock.

Risks

• No new or specific risks related to Offerpad's operations or financial health are disclosed in this filing. The filing only confirms no new legal proceedings for the reporting person beyond previously disclosed matters.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

This filing is a routine beneficial ownership update and a director role change, providing no specific insights into broader industry trends or competitive landscape beyond the direct relationship between First American Financial Corporation and Offerpad Solutions Inc.

Comparison to Industry Standards

• This filing does not contain financial or operational results that can be compared to industry benchmarks or specific comparable companies/projects.

Management Changes

Corporate Governance

Legal Proceedings

• The Reporting Person confirms no new civil proceedings of a judicial or administrative body have occurred in the last five years, beyond those previously disclosed on the Schedule 13D/A filed on March 30, 2023.

Stakeholder Impact

• Shareholders: The lapse of the lock-up agreement may increase the number of shares available for trading, potentially impacting liquidity and share price dynamics.
• Board of Directors: Kenneth D. DeGiorgio continues to serve as a director of Offerpad Solutions Inc., maintaining continuity in that role despite his change in executive position at First American Financial Corporation.

Key Dates

Keywords

Offerpad Solutions Inc., First American Financial Corporation, Schedule 13D, beneficial ownership, Class A Common Stock, corporate governance, director change, lock-up lapse