Office Properties Income Trust (OPI) Bankruptcy: What Happened to the Old Stock and Notes, 2026

This is analysis of public documents, not investment, legal or tax advice. We describe what the filings say. We do not say what any holder should do, and we do not give a price view on the new shares.

OPI stock: the old shares and the new ones are not the same

Search for “OPI stock” and you meet two securities with the same letters. The first was the common share that traded on Nasdaq from before the bankruptcy; it was delisted on October 6, 2025, and the 10-K says the common shares “were previously quoted on the OTC Pink (symbol: OPITQ)” and, in May 2026, were on the OTC Expert Market. The 8-K of October 31, 2025 gives the earlier symbol as OPITS; the 8-K and the 10-K do not agree on the letters, so we show both. That security ceased to exist on June 17, 2026.

The second is the share issued to creditors under the plan. The Form 8-A says the company “has been approved to list the Common Shares on The Nasdaq Stock Market LLC beginning on June 18, 2026 under the symbol” OPI, and the 10-Q confirms it re-applied and was approved. A current OPI quote is therefore a quote for the successor company's equity, not a recovery on the old shares. We do not publish a live price: filings do not carry one after emergence, and nothing here is a price view.

What happened, in order

The company's own debt table at the petition date shows how much sat above the stock. The 8-K lists about $610.0 million of 9.000% secured notes due September 2029, $418.0 million of 3.250% secured notes due 2027, $300.0 million of 9.000% secured notes due March 2029, $425.0 million under the credit agreement, and unsecured notes of $14.4 million (8.000% priority notes due 2030), $133.9 million (2.650%, 2026), $78.3 million (2.400%, 2027), $102.4 million (3.450%, 2031) and $162.0 million (6.375%, 2050). At December 31, 2025 liabilities subject to compromise were $1,578.1 million. The RSA projected total debt falling from about $2.4 billion to about $1.3 billion; the 10-Q says the restructuring cut debt by about $714 million.

The old shares: cancelled, no distribution, no vote

The plan sorts claims into sixteen classes. The old shares are Class 16, “Existing Common Equity.” The plan text is short: on the Effective Date they are “cancelled, released, discharged, and extinguished” and the holders “shall not receive any distribution.” Class 16 is Impaired and its holders “are conclusively deemed to reject this Plan,” so they were not asked to vote. The same goes for Class 15, the 510(b) claims. Those are claims connected to the purchase or sale of a security, such as a claim that a share was sold on bad disclosure; the plan cancels them with no distribution too. Both classes were given a Release Opt-In Form, which concerns the third-party releases in the plan, not any payment.

The 8-K that announced confirmation said the same in plain words. The company wrote that “amounts invested by holders of such common shares will not be recoverable and such common shares will have no value,” and urged “extreme caution.” The 8-K of June 23, 2026 repeats that holders received no distribution and that “such interests have no value.” The court order that confirmed the plan is Exhibit 2.1 of the April 28, 2026 8-K.

Some scale: the balance sheet at December 31, 2025 shows $1,469.9 million of cumulative common distributions paid over the company's life and 1,602 shareholders of record in May 2026 (street-name holders are not in that count). The 73,943,439 shares in the 8-Ks are the count at the petition date; the 10-K and 10-Q balance sheets show 73,941,128 at December 31, 2025. Both figures are right for their dates.

A holder of the old shares who wants the tax result should read our worthless stock deduction guide. It quotes the rule that a security that becomes worthless is treated as sold “on the last day of the taxable year, of a capital asset” (26 U.S.C. §165(g)(1)) and explains why the year, and whether a particular holding is “wholly worthless,” are questions of fact for the holder's own adviser. OPI's filings say the shares were cancelled and have no value; they do not say anything about any holder's tax return.

What each group of creditors received

Two cautions on the table. The $20.00 plan price is not stated as such in the plan; it is the price at which the DIP's anchor and exit fees were paid in shares, and it is consistent with the DIP's 37% discount ($12.60 is 63% of $20.00). The fresh-start accounting in the 10-Q implies a different figure: an equity value of $514.5 million, or $23.44 a share (our arithmetic), built from a $2.15 billion enterprise value. Neither is a market price. And the 8-K and the 10-Q give the two exit note series opposite names: the 8-K calls the $420 million notes the “2029 Secured Exit Notes” and the 10-Q calls them the “2031 Secured Exit Notes.” We use coupon and amount to avoid the mix-up.

The new OPI: 21,953,577 shares and who holds them

The six lines add to exactly 21,953,577, the figure in the 8-K and on the cover of the 10-Q (as of August 4, 2026). The 8-K also says certain holders of the September 2029 notes and the DIP hold about 67% after RMR's dilution. Three Schedule 13D filings name two investment managers. Helix Partners Management LP reported 5,565,017 shares, 25.3% of the class (including 13,314 issuable on warrants), and Redwood Capital Management, LLC reported 4,324,000 shares (19.7%) in June and 3,961,992 (18.0%) in an amendment after an August 18, 2026 event. Both received exit notes as well as shares. The Fourth Amended and Restated Bylaws give Helix the right to designate up to three trustees and Redwood up to two, while each stays above set ownership levels, per their 13Ds. The new board has five trustees and only two of them served before the filing.

Warrants for 5.0% of the equity, at $25.00 a share and exercisable for seven years, and the possible issue of up to 8% more shares to RMR, sit on top of the 21.95 million. Anyone comparing the new share count with the old 73.9 million is comparing different ownership: the new shares are 29.7% of the old count (our arithmetic), and no old holder received any of them.

RMR: the manager stayed

The Restructuring Support Agreement was signed by OPI, an ad hoc group of the 9.000% noteholders and The RMR Group LLC as manager. RMR kept its contracts. The June 17, 2026 agreements run five years: $14 million a year for business management for the first two years, a 3% property management fee and a 5% construction supervision fee, plus the 439,072 shares and the right to up to 8% more on performance metrics set by the board. The 10-Q says the amended agreement has no incentive fee.

The 10-K names two other RMR-managed REITs only because of shared officers: Industrial Logistics Properties Trust (ILPT) and Service Properties Trust (SVC). Seven Hills Realty Trust and Diversified Healthcare Trust do not appear in OPI's 10-K, so nothing on this page says their holders were affected. If you hold an RMR-managed REIT, the only fact OPI's filings establish for you is that the manager kept its contract through a bankruptcy where common holders lost their shares; they show nothing about your REIT's finances.

After emergence: properties, debt and the next filing

The 10-Q for June 30, 2026 shows 122 properties and 17.1 million rentable square feet, 77.9% leased against 81.2% a year earlier; the U.S. government is the largest tenant at 18.0% of annualized rental income (26.8% for all government tenants). It had 32 properties classified as held for sale and $50.8 million of cash plus $54.0 million restricted. The six-month results are split by a “black line”: a net loss of $3.1 million for June 18-30 (Successor) and $882.0 million for January 1 to June 17 (Predecessor), mostly reorganization items, so they cannot be compared to earlier periods.

In September 2026 OPI priced and issued $425.0 million of 8.75% senior secured notes due October 1, 2031, secured by a first lien on 19 office properties, and used them with cash to repay its revolver and term loan. That removed the January 2027 maturity our office REIT comparison flagged. The 10-Q for the quarter ended September 30, 2026 is not filed as of October 17, 2026. For comparison with another troubled capital structure, see what happened to Wheeler REIT.

What a former OPI holder can do with this

• Held the common stock on October 30, 2025 or later: the filings say the shares were cancelled and received nothing. The tax treatment depends on your purchase date, your basis and the year of worthlessness; start with our worthless stock guide and our note on realizing real estate losses. Your broker's 1099-B and cost basis record are the documents to gather.
• Held the 6.375% notes due 2050 (OPINL) or another unsecured series: your notes were cancelled on June 17, 2026 and exchanged for shares, warrants and subscription rights through the plan. Check your broker's corporate-action record for what was credited; the rights offering at $17 closed at emergence.
• Held the secured notes: the 3.250% 2027 notes became the 8.375% notes due 2029 and the September 2029 notes became exit notes and shares; the confirmation order, Exhibit 2.1 to the April 28, 2026 8-K, lists the classes.
• Hold shares bought since June 18, 2026: these are the new shares. Read the 10-Q's risk factors, the warrant and RMR dilution and the 67% concentration before comparing them with the old ones.
• Think you may have a securities claim: Class 15 cancelled 510(b) claims in the plan; whether anything is left is a legal question for a lawyer, not something these filings answer.

FAQ

Sources, read on October 17, 2026: Office Properties Income Trust (CIK 1456772) Forms 8-K filed October 1, 2025 (accession 0001104659-25-095186), October 17, 2025 (0001104659-25-100149), October 31, 2025 (0001104659-25-104629 and 0001104659-25-104631), November 6, 2025 (0001104659-25-107765), February 6, 2026 (0001104659-26-011514), April 28, 2026 (0001104659-26-050398, with Exhibit 2.1, the Order Confirming the Fourth Amended Joint Chapter 11 Plan, and Exhibit 99.1, the Plan; Case No. 25-90530, Bankruptcy Court, Southern District of Texas), May 6, 2026 (0001104659-26-056294), June 23, 2026 (0001104659-26-076652), September 10, 2026 (0001104659-26-106769) and September 24, 2026 (0001104659-26-110419); Form 8-A12B of June 17, 2026 (0001104659-26-075159); Form 25-NSE of November 14, 2025 (0001354457-25-001127); Form 10-K for 2025 (0001456772-26-000022); Form 10-Q for June 30, 2026 (0001456772-26-000038); Schedule 13D filings 0000919574-26-004098, 0001193125-26-282228 and 0000919574-26-005634; and our worthless stock deduction guide. Prices are not quoted. Compiled by CrowdfundedWealth. This is analysis of public documents, not investment, legal or tax advice.