v3.25.2
Variable Interest Entities - Summary of Assets and Liabilities Related to VIEs (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Assets      
Restricted Cash $ 4,096   $ 16,092
Accounts receivable 7,543 $ 3,848  
Real estate inventory 212,737 214,174  
Prepaid expenses and other current assets 2,571 2,564  
Total assets [1] 267,986 313,053  
Liabilities      
Accounts payable 1,297 1,922  
Total liabilities [2] 243,451 265,400  
Variable Interest Entity [Member]      
Assets      
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  
Liabilities      
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  
[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.