v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 22,650 $ 43,018
Restricted cash 4,096 30,608
Accounts receivable 7,543 3,848
Real estate inventory 212,737 214,174
Prepaid expenses and other current assets 2,571 2,564
Total current assets 249,597 294,212
Property and equipment, net 9,672 9,127
Other non-current assets 8,717 9,714
Total assets [1] 267,986 313,053
Current liabilities:    
Accounts payable 1,297 1,922
Accrued and other current liabilities 12,422 11,804
Secured credit facilities and other debt, net 177,322 195,378
Secured credit facilities and other debt - related party 38,577 41,861
Total current liabilities 229,618 250,965
Warrant liabilities 159 231
Other long-term liabilities 13,674 14,204
Total liabilities [2] 243,451 265,400
Commitments and contingencies (Note 15)
Stockholders' equity:    
Additional paid in capital 510,538 507,696
Accumulated deficit (486,006) (460,046)
Total stockholders' equity 24,535 47,653
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 267,986 313,053
Class A Common Stock    
Stockholders' equity:    
Common stock value $ 3 $ 3
[1] Our consolidated assets as of June 30, 2025 and December 31, 2024 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $3,771 and $30,608; Accounts receivable, $1,951 and $0; Real estate inventory, $212,737 and $214,174; Prepaid expenses and other current assets, $258 and $345; Total assets of $218,717 and $245,127, respectively.
[2] Our consolidated liabilities as of June 30, 2025 and December 31, 2024 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $131 and $591; Accrued and other current liabilities, $1,533 and $1,326; Secured credit facilities and other debt, net, $215,899 and $237,273; Total liabilities, $217,563 and $239,190, respectively.