Roberto Sella
About Roberto Sella
Roberto Sella (age 59) has served on Offerpad’s board since 2019 (transitioning from Old OfferPad) and is the founder and managing partner of LL Funds (since March 2009). He holds a B.A. in Economics and Mathematics from the University of Wisconsin and an MBA from Wharton. Offerpad highlights his investment and financial expertise; he is not classified as an independent director.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LL Funds, LLC | Founder, Managing Partner | Mar 2009 – present | Alternative asset manager/private equity; investment and financial expertise cited by Offerpad |
| Old OfferPad / Offerpad Solutions Inc. | Director | Feb 2019 – present | Board member; committees: none |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Various private companies | Director | n/a | Offerpad discloses he serves on several private company boards (names not specified) |
Board Governance
- Committee assignments: None (not a member or chair of Audit, Compensation, or Nominating) .
- Independence: Not independent; 2024 and 2025 proxies list independent directors and exclude Sella .
- Attendance: Company states each director attended at least 75% of Board and committee meetings in 2023 and 2024 .
- Years of service: Director since 2019 (includes service on Old OfferPad) .
- Lead Independent Director: Kenneth DeGiorgio .
- Executive sessions: Non-management directors meet regularly; independent-only sessions at least annually .
Fixed Compensation
| Component | FY2023 | FY2024 | Notes |
|---|---|---|---|
| Annual cash retainer | $0 | $0 | Director compensation program excludes Roberto Sella from Eligible Directors |
| Committee chair/member retainers | $0 | $0 | Not on committees |
| Lead Independent Director retainer | $0 | $0 | Role held by DeGiorgio |
| RSU grants (annual or initial) | $0 | $0 | Excluded from director equity program |
| Deferred compensation elections | n/a | n/a | Deferred plan elections disclosed for other directors; none for Sella |
Performance Compensation
| Metric/Instrument | FY2023 | FY2024 | Structure/Targets |
|---|---|---|---|
| Director RSU awards | Not granted | Not granted | Annual director RSUs apply to “Eligible Directors”; Sella excluded |
Offerpad’s clawback and anti-hedging policies apply broadly to directors and officers, but Sella did not receive director equity or cash retainers in 2023–2024 under the director program .
Other Directorships & Interlocks
| Counterparty/Entity | Relationship to Sella | Nature of Transaction/Interlock | Period/Amounts |
|---|---|---|---|
| LL Capital/LL Funds affiliates (LL Private Lending Fund entities) | Sella is managing partner/manager of affiliates | Related-party senior and mezzanine credit facilities to Offerpad | As of 12/31/2024: $50m senior capacity/$18.3m outstanding; $92m mezzanine capacity/$23.5m outstanding . Interest paid: $3.9m (2024) . As of 9/30/2025: $50m senior capacity/$4.0m outstanding; $57m mezzanine capacity/$11.8m outstanding; additional $15m senior facility in Oct-2025; interest paid: $3.8m (9M 2025) . |
| SIF V, LLC; LL Capital Partners I, L.P.; LLCP II GP, LLC | Sella sole manager/GP affiliations | Control of entities holding OPAD shares; Schedule 13D/A signatures by Sella | 13D/A filed Oct 2, 2025 |
| Offerpad pre-funded warrants (Private Placement) | Sella investor | Purchased ~$24.7m of pre-funded warrants in Jan 2023; later exercised | $24.7m investment; warrants exercised in 2023 |
| First American Financial (FAF) | Board interlock via DeGiorgio (FAF CEO through early Apr 2025) | Offerpad paid FAF for services; FAF >5% holder | $5.3m (2024), $7.3m (2023) paid; FAF >5% holder |
Expertise & Qualifications
- Investment and financial expertise (Offerpad’s director profile) .
- Significant capital markets experience via LL Funds and affiliated investment vehicles .
Equity Ownership
| Holder/Entity | Shares Beneficially Owned | % of Class A | Notes |
|---|---|---|---|
| Entities affiliated with LL Capital Partners I, L.P. and Roberto Sella | 9,822,214 | 35.7% | As of April 11, 2025; total shares outstanding: 27,543,087 |
| Breakdown: LL Capital Partners I, L.P. | 6,179,018 | n/a | Voting/dispositive power via LLCP I GP, LLC |
| Breakdown: SIF V, LLC | 504,313 | n/a | Voting/dispositive power via LLCP II GP, LLC (Sella sole manager) |
| Breakdown: Roberto Sella (direct) | 3,138,883 | n/a | Direct holdings |
Stock ownership guidelines for directors are not detailed in the provided materials; anti-hedging policy prohibits hedging transactions by directors .
Governance Assessment
-
Strengths:
- Material “skin-in-the-game” with 35.7% beneficial ownership, aligning incentives with long-term value creation .
- No director cash or equity retainer under the program, limiting direct pay conflicts .
- Board processes include executive sessions and established committee oversight frameworks; attendance threshold met by all directors .
-
Risks and RED FLAGS:
- Related-party financing reliance: multiple credit facilities with LL Funds/LL Capital affiliates led by Sella; covenant waivers obtained; millions in interest paid—represents ongoing conflict and counterparty dependence .
- Controlling shareholder influence: 35.7% ownership and non-independence status may concentrate power and reduce independent oversight .
- Significant 2023 related investment via pre-funded warrants ($24.7m) ties capital formation directly to a director-affiliate .
- Sector interlock via First American (used for services; >5% holder; DeGiorgio affiliation) adds related-party dynamics to operations .
-
Say-on-Pay Signals:
- Shareholders approved NEO pay at ~98.1% (2024) and ~98.9% (2025), indicating broad support for compensation governance during these periods .
Additional notes: 2025 committee changes include Audit Chair transition from Sheryl Palmer to Donna Corley after the Annual Meeting .
Data Gaps and Searches
- Insider Form 4 trades for Roberto Sella are filed individually with the SEC and not included in Offerpad’s proxy materials; no Form 4 data surfaced in company documents during this review. Related ownership and Schedule 13D/A filings were referenced for control positions .