v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
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
Property and equipment, net 9,672 9,127
Total assets [1] 267,986 313,053
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
Total liabilities [2] 243,451 265,400
Variable Interest Entity [Member]    
Restricted cash 3,771 30,608
Accounts receivable 1,951 0
Real estate inventory 212,737 214,174
Prepaid expenses and other current assets 258 345
Total assets 218,717 245,127
Accounts payable 131 591
Accrued and other current liabilities 1,533 1,326
Secured credit facilities and other debt, net 215,899 237,273
Total liabilities $ 217,563 $ 239,190
Class A Common Stock    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 2,000,000,000 2,000,000,000
Common stock, shares issued 27,710,358 27,379,000
Common stock, shares outstanding 27,710,358 27,379,000
[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.