OFFICE PROPERTIES INCOME TRUST Material Event - What Happened

Hey there! Let's break down some big news about OFFICE PROPERTIES INCOME TRUST (that's OPI for short) in a way that makes sense, even if you're not a finance guru. Think of this as me explaining it to you over coffee.

---

1. What happened? (The actual event, in plain English)

So, imagine OPI owns a bunch of office buildings. Well, they announced back in October that they were filing for Chapter 11 bankruptcy. This means they've gone to court to get help reorganizing their finances and business, rather than shutting down completely. It's a serious step for a company facing significant financial challenges. More recently, on December 30, 2025, they filed their monthly financial reports with the bankruptcy court, giving an update on their operations during November.

---

2. When did it happen?

The initial news about OPI commencing Chapter 11 bankruptcy cases officially came out on October 30, 2025. The more recent update, where they filed their Monthly Operating Reports, was on December 30, 2025.

---

3. Why did it happen? (The backstory)

Okay, so why would they do this? Companies don't just make big moves for no reason. For OPI, this decision stems from a need for a court-supervised financial restructuring. Essentially, they've been struggling financially and entered into an agreement with some of their creditors (called a "Restructuring Support Agreement") to reorganize their business and debt under the protection of the bankruptcy court. This is their way of trying to get their finances in better shape and adapt to their challenges, hopefully emerging as a stronger company.

---

4. Why does this matter? (The "so what?")

This isn't just a blip on the radar; it's a pretty big deal for OPI. Filing for Chapter 11 bankruptcy indicates severe financial distress. It means they're facing significant challenges in managing their debt and operations. For investors, this is particularly critical because OPI's common shares are no longer listed on The Nasdaq Stock Market LLC, and the company itself warns that trading in their shares is "highly speculative" and that current prices "may bear little or no relationship to the actual recovery, if any, by holders thereof in the Chapter 11 Cases." In short, it changes everything about the company's financial health and its future direction, and it signals a very difficult path ahead for current shareholders.

---

5. Who is affected?

• Investors (that's you, potentially!): This is the most impacted group. Your shares in OPI are now highly speculative, delisted from a major exchange, and may end up being worth very little or nothing at all as the company goes through bankruptcy. The company explicitly urges "extreme caution" for anyone holding or considering buying their shares.
• Employees: While not directly mentioned in this specific update, bankruptcy proceedings often bring concerns about job security, potential layoffs, or changes in management as the company tries to cut costs and reorganize.
• Tenants: OPI is operating as a "debtor-in-possession," meaning they continue to manage their properties. So, for now, businesses renting space might not see immediate changes, but the long-term ownership and management of their buildings could be uncertain as the restructuring progresses.
• Other companies: Competitors might see this as a sign of the tough market for office properties, or perhaps an opportunity if OPI needs to sell off assets.

---

6. What happens next? (Looking ahead)

Now that this has happened, we can expect a few things. OPI will continue to operate its business and manage its properties under the supervision of the Bankruptcy Court. Their main goal will be to confirm and consummate a plan of reorganization – essentially, a detailed plan for how they will restructure their debts and operations to emerge from bankruptcy. We'll want to keep an eye on further filings with the Bankruptcy Court, any announcements about their reorganization plan, and how the process unfolds over the coming months.

---

7. What should investors/traders know? (Practical takeaways)

For anyone holding OPI stock or thinking about it:

• This is extremely serious: Chapter 11 bankruptcy is a major event, indicating severe financial distress.
• Your shares are delisted and highly risky: OPI's common shares are no longer traded on Nasdaq, and the company itself warns that they are "highly speculative" and may have little to no value after the bankruptcy process.
• Potential for no recovery: It's possible that common shareholders could lose their entire investment.
• Do your homework (and then some): This is a critical time to understand the implications of bankruptcy for common shareholders. Consult financial advisors if you have OPI shares.
• Consider your own goals: This event fundamentally changes the risk profile of OPI. Does it still fit into your investment strategy?

This is just a snapshot to help you understand what's going on. Always do your own research before making any investment decisions!