XML 11 R3.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Restricted cash $ 9,922 $ 3,967
Accounts receivable 5,589 9,935
Real estate inventory 256,472 276,500
Prepaid expenses and other current assets 2,553 5,236
Property and equipment, net 5,190 4,517
Total assets [1] 338,488 379,694
Accounts payable 2,564 4,946
Accrued and other current liabilities 10,090 13,859
Secured credit facilities and other debt, net 216,439 227,132
Total liabilities [2] 273,775 277,918
Variable Interest Entity [Member]    
Restricted cash 9,922 3,867
Accounts receivable 1,897 6,782
Real estate inventory 256,472 276,500
Prepaid expenses and other current assets 379 1,588
Total assets 268,670 288,737
Accounts payable 1,124 1,798
Accrued and other current liabilities 1,595 2,027
Secured credit facilities and other debt, net 250,845 257,224
Total liabilities $ 253,564 $ 261,049
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 27,361,414 27,233,000
Common stock, shares outstanding 27,361,414 27,233,000
[1] Our consolidated assets as of September 30, 2024 and December 31, 2023 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $9,922 and $3,867; Accounts receivable, $1,897 and $6,782; Real estate inventory, $256,472 and $276,500; Prepaid expenses and other current assets, $379 and $1,588; Total assets of $268,670 and $288,737, respectively.
[2] Our consolidated liabilities as of September 30, 2024 and December 31, 2023 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $1,124 and $1,798; Accrued and other current liabilities, $1,595 and $2,027; Secured credit facilities and other debt, net, $250,845 and $257,224; Total liabilities, $253,564 and $261,049, respectively.