Offerpad Solutions Inc.
For the period ended Mar 31, 2025. Filed May 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| March 31, · December 31, | |||
|---|---|---|---|
| (in thousands, except par value per share) (Unaudited) · 2025 · 2024 | |||
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $30,826 | $43,018 | |
| Restricted cash | 4,857 | 30,608 | |
| Accounts receivable | 6,294 | 3,848 | |
| Real estate inventory | 210,847 | 214,174 | |
| Prepaid expenses and other current assets | 2,656 | 2,564 | |
| Total current assets | 255,480 | 294,212 | |
| Property and equipment, net | 9,840 | 9,127 | |
| Other non-current assets | 9,158 | 9,714 | |
| TOTAL ASSETS | (1) | $274,478 | $313,053 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
| Current liabilities: | |||
| Accounts payable | $2,151 | $1,922 | |
| Accrued and other current liabilities | 12,712 | 11,804 | |
| Secured credit facilities and other debt, net | 155,285 | 195,378 | |
| Secured credit facilities and other debt - related party | 55,682 | 41,861 | |
| Total current liabilities | 225,830 | 250,965 | |
| Warrant liabilities | 488 | 231 | |
| Other long-term liabilities | 13,942 | 14,204 | |
| Total liabilities | (2) | 240,260 | 265,400 |
| Commitments and contingencies (Note 15) | |||
| Stockholders’ equity: | |||
| Class A common stock, $0.0001 par value; 2,000,000 shares authorized; 27,543 and 27,379 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 3 | 3 | |
| Additional paid in capital | 509,318 | 507,696 | |
| Accumulated deficit | (475,103) | (460,046) | |
| Total stockholders’ equity | 34,218 | 47,653 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $274,478 | $313,053 | |
(1)
Our consolidated assets as of March 31, 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,$4,857 and$30,608; Accounts receivable, $891 and $0; Real estate inventory, $210,847 and $214,174; Prepaid expenses and other current assets, $405 and $345; Total assets of$217,000 and$245,127, respectively.
(2)
Our consolidated liabilities as of March 31, 2025 and December 31, 2024 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable,$806 and$591; Accrued and other current liabilities, $1,519 and $1,326; Secured credit facilities and other debt, net, $210,967 and $237,273; Total liabilities,$213,292 and$239,190, respectively.
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