eXp World Holdings, the parent company of eXp Realty, is looking to move to the Lone Star State. The firm’s founder and CEO Glenn Sanford disclosed news of the proposed move in a filing with the Securities and Exchange Commission (SEC) on Wednesday.
The filing included a letter from Sanford to company stockholders. In the letter, he told stockholders that at their year’s annual meeting they would be asked to approve a proposal to reincorporate the company from Delaware to Texas.
“After careful deliberation, the Board unanimously approved this proposal because we believe Texas offers a governance environment that is clearer, more predictable and better suited to a company of our size and complexity,” Sanford wrote. “This is not a structural change to how we operate. IT is a thoughtful evolution of the framework within which we operate — one that serves the long-term interest of our stockholder, our agents and the business.”
Sanford added that the decision reflects eXp’s guiding philosophy: “Choose clarity over complexity and long-term stewardship over short-term positioning.”
Sanford’s disclosure of this desired move comes just six weeks after Delaware’s Chancery Court ordered him to face claims that he actively covered up sexual assaults committed by two former top agents and recruiters at the company. According to the court, Sanford allegedly covered up these assaults because the brokerage’s agent revenue downline system placed the two alleged perpetrators in Sanford’s direct downline.
In an emailed statement, an eXp spokesperson told HousingWire that the company’s board “believes reincorporating to Texas is in the best interests of the Company and its stockholders,” and that the decision was arrived at after “more than a year of significant deliberation and review.”
“The reincorporation is not expected to result in any change to our business, management, operations, assets or liabilities,” the spokesperson added. “Extensive details about the proposal are described in our proxy statement filed with the SEC.”
eXp’s annual shareholder meeting is slated to occur on April 24, 2026.
In 2025, eXp generated net revenue of $4.8 billion, up 4% annually. However, net loss rose slightly to $22.7 million, up from $21.3 million a year ago. Much of the net loss in 2025 occurred in Q4, which saw eXp incur a $12.9 million net loss up from $9.5 million a year ago. Despite this increase in net loss, the firm’s cash and cash equivalents on hand at the end of the year came in at $124.5 million, up from $113.6 million a year ago.
