Offerpad Solutions Inc.
For the period ended Sep 30, 2025. Filed Nov 3, 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.
Sep 30, 2025 · Filed Nov 3, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| September 30, · December 31, | |||
|---|---|---|---|
| (in thousands, except par value per share) (Unaudited) · 2025 · 2024 | |||
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $30,959 | $43,018 | |
| Restricted cash | 2,685 | 30,608 | |
| Accounts receivable | 7,388 | 3,848 | |
| Real estate inventory | 162,367 | 214,174 | |
| Prepaid expenses and other current assets | 2,207 | 2,564 | |
| Total current assets | 205,606 | 294,212 | |
| Property and equipment, net | 9,313 | 9,127 | |
| Other non-current assets | 8,542 | 9,714 | |
| TOTAL ASSETS | (1) | $223,461 | $313,053 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
| Current liabilities: | |||
| Accounts payable | $1,912 | $1,922 | |
| Accrued and other current liabilities | 10,361 | 11,804 | |
| Secured credit facilities and other debt, net | 126,335 | 195,378 | |
| Secured credit facilities and other debt - related party | 15,828 | 41,861 | |
| Warrant liabilities | 1,146 | — | |
| Total current liabilities | 155,582 | 250,965 | |
| Revolving credit facility, net | 14,638 | — | |
| Warrant liabilities | — | 231 | |
| Other long-term liabilities | 13,389 | 14,204 | |
| Total liabilities | (2) | 183,609 | 265,400 |
| Commitments and contingencies (Note 15) | |||
| Stockholders’ equity: | |||
| Class A common stock, $0.0001 par value; 2,000,000 shares authorized; 34,928 and 27,379 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 3 | 3 | |
| Additional paid in capital | 537,459 | 507,696 | |
| Accumulated deficit | (497,610) | (460,046) | |
| Total stockholders’ equity | 39,852 | 47,653 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $223,461 | $313,053 | |
(1)
Our consolidated assets as of September 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,$2,360 and$30,608; Accounts receivable, $432 and $0; Real estate inventory, $162,367 and $214,174; Prepaid expenses and other current assets, $164 and $345; Total assets of$165,323 and$245,127, respectively.
(2)
Our consolidated liabilities as of September 30, 2025 and December 31, 2024 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable,$426 and$591; Accrued and other current liabilities, $1,055 and $1,326; Secured credit facilities and other debt, net, $142,163 and $237,273; Total liabilities,$143,644 and$239,190, respectively.
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