Redfin (RDFN) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38160
Entity Registrant Name	Redfin Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-3064240
Entity Address, Address Line One	1099 Stewart Street
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	(206)
Local Phone Number	576-8333
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	RDFN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		119,470,881
Entity Central Index Key	0001382821
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 107,129	$ 149,759
Restricted cash	1,274	1,241
Short-term investments	0	41,952
Accounts receivable, net of allowances for credit losses of $3,658 and $3,234	54,839	51,738
Loans held for sale	165,487	159,587
Prepaid expenses	37,695	33,296
Other current assets	11,867	7,472
Total current assets	378,291	445,045
Property and equipment, net	46,118	46,431
Right-of-use assets, net	29,476	31,763
Mortgage servicing rights, at fair value	32,328	32,171
Long-term investments	0	3,149
Goodwill	461,349	461,349
Intangible assets, net	113,537	123,284
Other assets, noncurrent	10,008	10,456
Total assets	1,071,107	1,153,648
Current liabilities
Accounts payable	15,909	10,507
Accrued and other liabilities	97,331	90,360
Warehouse credit facilities	156,588	151,964
Lease liabilities	14,710	15,609
Total current liabilities	284,538	268,440
Lease liabilities, noncurrent	26,730	29,084
Convertible senior notes, net, noncurrent	641,209	688,737
Deferred tax liabilities	287	264
Term loan	124,123	124,416
Total liabilities	1,076,887	1,110,941
Commitments and contingencies (Note 7)
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 40,000 shares issued and outstanding at March 31, 2024 and December 31, 2023	39,970	39,959
Stockholders’ (deficit) equity
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 119,440,241 and 117,372,171 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	119	117
Additional paid-in capital	844,383	826,146
Accumulated other comprehensive loss	(145)	(182)
Accumulated deficit	(890,107)	(823,333)
Total stockholders’ (deficit) equity	(45,750)	2,748
Total liabilities, mezzanine equity, and stockholders’ (deficit) equity	$ 1,071,107	$ 1,153,648

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 3,658	$ 3,234
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	10,000,000	10,000,000
Temporary equity, shares issued (in shares)	40,000	40,000
Temporary equity, shares outstanding (in shares)	40,000	40,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	119,440,241	117,372,171
Common stock, outstanding (in shares)	119,440,241	117,372,171

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 225,479	$ 214,083
Cost of revenue	154,667	155,945
Gross profit	70,812	58,138
Operating expenses
Technology and development	46,429	47,663
Marketing	24,878	40,403
General and administrative	67,873	69,439
Restructuring and reorganization	889	1,053
Total operating expenses	140,069	158,558
Loss from continuing operations	(69,257)	(100,420)
Interest income	1,832	3,406
Interest expense	(4,874)	(1,922)
Income tax benefit (expense)	172	(410)
Gain on extinguishment of convertible senior notes	5,686	42,270
Other expense, net	(333)	(234)
Net loss from continuing operations	(66,774)	(57,310)
Net loss from discontinued operations	0	(3,488)
Net loss	(66,774)	(60,798)
Dividends on convertible preferred stock	(233)	(226)
Net loss from continuing operations attributable to common stock—basic and diluted	$ (67,007)	$ (57,536)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.57)	$ (0.52)
Income (Loss) from Continuing Operations, Per Diluted Share	$ (0.57)	$ (0.52)
Net loss attributable to common stock - basic	$ (67,007)	$ (61,024)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.57)	$ (0.55)
Weighted average shares - basic (in shares)	118,364,267	110,103,598
Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted	118,364,267	110,103,598
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.57)	$ (0.55)
Other comprehensive income (loss)
Foreign currency translation adjustments	$ (3)	$ 58
Unrealized gain (loss) on available-for-sale debt securities	40	(424)
Comprehensive loss	$ (66,737)	$ (61,164)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net loss	$ (66,774)	$ (60,798)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14,398	17,013
Stock-based compensation	17,409	19,028
Amortization of debt discount and issuance costs	709	1,087
Non-cash lease expense	3,154	4,816
Impairment costs	0	113
Net gain on IRLCs, forward sales commitments, and loans held for sale	(4,124)	(8,326)
Change in fair value of mortgage servicing rights, net	(365)	1,208
Gain on extinguishment of convertible senior notes	(5,686)	(42,270)
Other	263	(1,174)
Change in assets and liabilities:
Accounts receivable, net	(3,245)	6,738
Inventory	0	103,588
Prepaid expenses and other assets	(4,718)	1,110
Accounts payable	5,432	(1,675)
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent	8,155	(16,813)
Lease liabilities	(4,089)	(4,619)
Origination of mortgage servicing rights	(61)	(347)
Proceeds from sale of mortgage servicing rights	269	339
Origination of loans held for sale	(828,421)	(854,085)
Proceeds from sale of loans originated as held for sale	821,714	861,771
Net cash (used in) provided by operating activities	(45,980)	26,704
Investing activities
Purchases of property and equipment	(3,558)	(2,919)
Purchases of investments	0	(57,556)
Sales of investments	39,225	12,014
Maturities of investments	6,395	48,483
Net cash provided by investing activities	42,062	22
Financing activities
Proceeds from the issuance of common stock pursuant to employee equity plans	94	143
Tax payments related to net share settlements on restricted stock units	(529)	(3,161)
Borrowings from warehouse credit facilities	827,186	852,988
Repayments to warehouse credit facilities	(822,562)	(858,214)
Principal payments under finance lease obligations	(27)	(40)
Repurchases of convertible senior notes	(42,525)	(108,274)
Net cash used in financing activities	(38,676)	(116,558)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(3)	(58)
Net change in cash, cash equivalents, and restricted cash	(42,597)	(89,890)
Cash, cash equivalents, and restricted cash:
Cash, cash equivalents, and restrict cash balance	108,403	152,356
Supplemental disclosure of cash flow information
Cash paid for interest	7,078	4,609
Non-cash transactions
Stock-based compensation capitalized in property and equipment	1,265	1,134
Capital expenditures	11	32
Repayment of Debt, Principal Amount	$ (313)	$ 0

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Continuing operations
Cash and cash equivalents	$ 107,129	$ 149,759	$ 148,500	$ 232,200
Restricted cash	1,274	1,241	2,416	2,406
Total	108,403	151,000	150,916	234,606
Discontinued operations
Total cash, cash equivalents, and restricted cash	108,403	151,000	152,356	242,246
Properties segment | Discontinued Operations, Disposed of by Means Other than Sale
Discontinued operations
Cash and cash equivalents	0	0	1,440	7,640
Restricted cash	0	0	0	0
Total	$ 0	$ 0	$ 1,440	$ 7,640

Consolidated Statements of Chan

Consolidated Statements of Changes in Mezzanine Equity and Stockholders’ Equity - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022			109,696,178
Beginning balance at Dec. 31, 2022	$ 63,953		$ 110	$ 757,951	$ (693,307)	$ (801)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock as dividend on convertible preferred stock (in shares)			30,640
Stock issued during period, value, stock options exercised (in shares)			18,037
Issuance of common stock pursuant to exercise of stock options	143			143
Issuance of common stock pursuant to settlement of restricted stock units (in shares)			1,155,826
Issuance of common stock pursuant to settlement of restricted stock units	0		$ 1	(1)
Common stock surrendered for employees' tax liability upon settlement or restricted stock units (in shares)			(373,797)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(3,162)		$ (1)	(3,161)
Stock-based compensation	20,162			20,162
Other comprehensive income	366					366
Net loss	(60,798)				(60,798)
Ending balance (in shares) at Mar. 31, 2023			110,526,884
Ending balance at Mar. 31, 2023	$ 20,664		$ 110	775,094	(754,105)	(435)
Beginning balance (in shares) at Dec. 31, 2022		40,000
Beginning balance at Dec. 31, 2022		$ 39,914
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net		$ 11
Ending balance (in shares) at Mar. 31, 2023		40,000
Ending balance at Mar. 31, 2023		$ 39,925
Beginning balance (in shares) at Dec. 31, 2023	117,372,171		117,372,171
Beginning balance at Dec. 31, 2023	$ 2,748		$ 117	826,146	(823,333)	(182)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock as dividend on convertible preferred stock (in shares)	30,640		30,640
Stock issued during period, value, stock options exercised (in shares)	15,333		15,333
Issuance of common stock pursuant to exercise of stock options	$ 94			94
Issuance of common stock pursuant to settlement of restricted stock units (in shares)			2,099,383
Issuance of common stock pursuant to settlement of restricted stock units	0		$ 2	(2)
Common stock surrendered for employees' tax liability upon settlement or restricted stock units (in shares)			(77,286)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(529)			(529)
Stock-based compensation	18,674			18,674
Other comprehensive income	37					37
Net loss	$ (66,774)				(66,774)
Ending balance (in shares) at Mar. 31, 2024	119,440,241		119,440,241
Ending balance at Mar. 31, 2024	$ (45,750)		$ 119	$ 844,383	$ (890,107)	$ (145)
Beginning balance (in shares) at Dec. 31, 2023	40,000	40,000
Beginning balance at Dec. 31, 2023	$ 39,959	$ 39,959
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net		$ 11
Ending balance (in shares) at Mar. 31, 2024	40,000	40,000
Ending balance at Mar. 31, 2024	$ 39,970	$ 39,970

Summary of Accounting Policies

Summary of Accounting Policies	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Accounting Policies	Summary of Accounting Policies Basis of Presentation —The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial information as of December 31, 2023 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2023 included in Item 8 in our annual report for the year ended December 31, 2023. Such financial information should be read in conjunction with the notes and management’s discussion and analysis of the consolidated financial statements included in our annual report. The unaudited consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of March 31, 2024, our statements of comprehensive loss, and statements of changes in mezzanine equity and stockholders’ (deficit) equity for the three months ended March 31, 2024 and 2023, as well as our statements of cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any interim period or for any other future year. Principles of Consolidation —The unaudited consolidated interim financial statements include the accounts of Redfin Corporation and our wholly owned subsidiaries, including those entities in which we have a variable interest and of which we are the primary beneficiary. Intercompany transactions and balances have been eliminated. Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, valuation of deferred income taxes, stock-based compensation, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements. Recently Adopted Accounting Pronouncements —In September 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We early adopted this guidance in first quarter of 2024 and there was no impact on our financial statement disclosures. Recently Issued Accounting Pronouncements —In December 2023, the FASB issued authoritative guidance under ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The ASU enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of the guidance on our financial statement disclosures.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In November 2022, our management and board of directors made the decision to wind down RedfinNow. The financial results of RedfinNow have historically been included in our properties segment. Winding-down RedfinNow was a strategic decision we made in order to focus our resources on our core businesses in the face of the rising cost of capital. The wind-down of our properties segment was complete as of June 30, 2023, at which time it met the criteria for discontinued operations in our consolidated financial statements. As of March 31, 2024 and December 31, 2023 there were no major classes of assets and liabilities of our discontinued operations remaining. The major classes of line items of the discontinued operations included in our consolidated statement of comprehensive loss were as follows for the three months ended March 31, 2023: Revenue $ 111,578 Cost of revenue 113,509 Gross profit (1,931) Operating expenses Technology and development 529 Marketing 505 General and administrative 523 Restructuring and reorganization — Total operating expenses 1,557 Loss from discontinued operations (3,488) Interest income — Interest expense — Income tax expense — Other expense, net — Net loss from discontinued operations $ (3,488) Net loss from discontinued operations per share—basic and diluted $ (0.03) Significant non-cash items and capital expenditures of the discontinued operations were as follows for the three months ended March 31, 2023: Stock-based compensation $ 203 Depreciation and amortization 85 Charges specifically relating to the wind-down of our properties segment were as follows: Cost type Financial statement line item Three Months Ended March 31, 2023 Cumulative amount recognized as of March 31, 2023 Employee termination costs Restructuring and reorganization $ 454 $ 8,502 Asset write-offs Restructuring and reorganization — 493 Other Restructuring and reorganization (454) (880) Acceleration of debt issuance costs Interest expense — 481 Total $ — $ 8,596

Segment Reporting and Revenue

Segment Reporting and Revenue	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting and Revenue	Segment Reporting and Revenue In its operation of our business, our management, including our chief operating decision maker ("CODM"), who is also our chief executive officer, evaluates the performance of our operating segments based on revenue, gross profit, operating income, and net income. We do not analyze discrete segment balance sheet information related to long-term assets, substantially all of which are located in the United States. We have five operating segments and three reportable segments, real estate services, rentals, and mortgage. We generate revenue primarily from commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, from subscription-based product offerings for our rentals business, and from the origination, sales, and servicing of mortgages. Our key revenue components are brokerage revenue, partner revenue, rentals revenue, mortgage revenue, and other revenue. Information on each of our reportable and other segments and reconciliation to net (loss) income from continuing operations is presented in the tables below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. We allocated indirect costs to each segment based on a reasonable allocation methodology, when such costs are significant to the performance measures of the segments. Three Months Ended March 31, 2024 Real estate services Rentals Mortgage Other Corporate overhead Total Revenue $ 131,180 $ 49,518 $ 33,819 $ 10,962 $ — $ 225,479 Cost of revenue 110,914 11,457 25,904 6,392 — 154,667 Gross profit 20,266 38,061 7,915 4,570 — 70,812 Operating expenses Technology and development 28,507 15,512 656 832 922 46,429 Marketing 11,177 12,788 906 7 — 24,878 General and administrative 19,775 22,478 6,683 1,154 17,783 67,873 Restructuring and reorganization — — — — 889 889 Total operating expenses 59,459 50,778 8,245 1,993 19,594 140,069 (Loss) income from continuing operations (39,193) (12,717) (330) 2,577 (19,594) (69,257) Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net (46) 7 3 244 2,275 2,483 Net (loss) income from continuing operations $ (39,239) $ (12,710) $ (327) $ 2,821 $ (17,319) $ (66,774) Three Months Ended March 31, 2023 Real estate services Rentals Mortgage Other Corporate overhead Total Revenue (1) $ 127,296 $ 42,870 $ 36,489 $ 7,428 $ — $ 214,083 Cost of revenue 111,494 9,765 29,213 5,473 — 155,945 Gross profit 15,802 33,105 7,276 1,955 — 58,138 Operating expenses Technology and development 28,895 15,964 643 1,224 937 47,663 Marketing 25,060 14,326 980 10 27 40,403 General and administrative 19,618 26,302 6,929 1,053 15,537 69,439 Restructuring and reorganization — — — — 1,053 1,053 Total operating expenses 73,573 56,592 8,552 2,287 17,554 158,558 Loss from continuing operations (57,771) (23,487) (1,276) (332) (17,554) (100,420) Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net — 45 (60) 115 43,010 43,110 Net (loss) income from continuing operations $ (57,771) $ (23,442) $ (1,336) $ (217) $ 25,456 $ (57,310) (1) Included in revenue is $1,149 from providing services to our discontinued properties segment.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Derivatives Our primary market exposure is to interest rate risk, specifically U.S. treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. We use forward sales commitments on whole loans and mortgage-backed securities to manage and reduce this risk. We do not have any derivative instruments designated as hedging instruments. Forward Sales Commitments —We are exposed to interest rate and price risk on loans held for sale from the funding date until the date the loan is sold. Forward sales commitments on whole loans and mortgage-backed securities are used to fix the forward sales price that will be realized at the sale of each loan. Interest Rate Lock Commitments —Interest rate lock commitments ("IRLCs") represent an agreement to extend credit to a mortgage loan applicant. We commit (subject to loan approval) to fund the loan at the specified rate, regardless of changes in market interest rates between the commitment date and the funding date. Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of commitment through the loan funding date or expiration date. Loan commitments generally range between 30 and 90 days and the borrower is not obligated to obtain the loan. Therefore, IRLCs are subject to fallout risk, which occurs when approved borrowers choose not to close on the underlying loans. We review our commitment-to-closing ratio ("pull-through rate") as part of an estimate of the number of mortgage loans that will fund according to the IRLCs. The notional amounts of our forward sales commitments and IRLCs were as follows: Instrument March 31, 2024 December 31, 2023 Forward sales commitments $ 463,110 $ 274,400 IRLCs 358,903 188,554 The locations and amounts of gains (losses) recognized in income related to our derivatives were as follows: Three Months Ended March 31, Instrument Classification 2024 2023 Forward sales commitments Revenue $ 2,406 $ (253) IRLCs Revenue 2,525 7,874 Fair Value of Financial Instruments A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below: Balance at March 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents Money market funds $ 81,927 $ 81,927 $ — $ — Total cash equivalents 81,927 81,927 — — Loans held for sale 165,487 — 165,487 — Other current assets Forward sales commitments 1,169 — 1,169 — IRLCs 7,200 — — 7,200 Total other current assets 8,369 — 1,169 7,200 Mortgage servicing rights, at fair value 32,328 — — 32,328 Total assets $ 288,111 $ 81,927 $ 166,656 $ 39,528 Liabilities Accrued liabilities Forward sales commitments $ 1,192 $ — $ 1,192 $ — IRLCs 223 — — 223 Total liabilities $ 1,415 $ — $ 1,192 $ 223 Balance at December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents Money market funds $ 115,276 $ 115,276 $ — $ — Total cash equivalents 115,276 115,276 — — Short-term investments U.S. treasury securities 10,720 10,720 — — Agency bonds 31,232 31,232 — — Total short-term investments 41,952 41,952 — — Loans held for sale 159,587 — 159,587 — Other current assets IRLCs 4,600 — — 4,600 Total other current assets 4,600 — — 4,600 Mortgage servicing rights, at fair value 32,171 — — 32,171 Long-term investments U.S. treasury securities 3,149 3,149 — — Total assets $ 356,735 $ 160,377 $ 159,587 $ 36,771 Liabilities Accrued liabilities Forward sales commitments $ 2,429 $ — $ 2,429 $ — IRLCs 147 — — 147 Total liabilities $ 2,576 $ — $ 2,429 $ 147 There were no transfers into or out of Level 3 financial instruments during the periods presented. The significant unobservable input used in the fair value measurement of IRLCs is the pull-through rate. Significant changes in the input could result in a significant change in fair value measurement. The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and Mortgage Servicing Rights (“MSRs”): March 31, 2024 December 31, 2023 Key Inputs Valuation Technique Range Weighted-Average Range Weighted-Average IRLCs Pull-through rate Market pricing 70.1% - 100.0% 89.2% 67.2% - 100.0% 87.7% MSRs Prepayment speed Discounted cash flow 6.0% - 20.0% 6.8% 6.0% - 19.0% 6.8% Default rates Discounted cash flow 0.1% - 1.2% 0.2% 0.1% - 1.2% 0.2% Discount rate Discounted cash flow 10.0% - 17.0% 10.3% 10.0% - 17.0% 10.2% The following is a summary of changes in the fair value of IRLCs: Three Months Ended March 31, 2024 2023 Balance, net—beginning of period $ 4,453 $ 1,297 Issuances of IRLCs 16,062 15,963 Settlements of IRLCs (14,739) (10,238) Fair value changes recognized in earnings 1,201 2,148 Balance, net—end of period $ 6,977 $ 9,170 The following is a summary of changes in the fair value of MSRs: Three Months Ended March 31, 2024 2023 Balance—beginning of period $ 32,171 $ 36,261 MSRs originated 61 347 MSRs sales (269) (339) Fair value changes recognized in earnings 365 (1,208) Balance, net—end of period $ 32,328 $ 35,061 The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: March 31, 2024 December 31, 2023 2025 notes $ 125,007 $ 164,113 2027 notes 278,967 325,927 The estimated fair value of our convertible senior notes is based on the closing trading price of the notes on the last day of trading for the period and is classified as Level 2 within the fair value hierarchy due to the limited trading activity of the notes. See Note 14 for additional details on our convertible senior notes. See Note 10 for the carrying amount of our convertible preferred stock. Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property and equipment, goodwill and other intangible assets, and other assets. These assets are remeasured at fair value if determined to be impaired. The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, and available-for-sale investments were as follows: March 31, 2024 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 25,202 $ — $ — $ 25,202 $ 25,202 $ — $ — Money markets funds Level 1 81,927 — — 81,927 81,927 — — Restricted cash N/A 1,274 — — 1,274 1,274 — — Total $ 108,403 $ — $ — $ 108,403 $ 108,403 $ — $ — December 31, 2023 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 34,483 $ — $ — $ 34,483 $ 34,483 $ — $ — Money markets funds Level 1 115,276 — — 115,276 115,276 — — Restricted cash N/A 1,241 — — 1,241 1,241 — — U.S. treasury securities Level 1 13,895 1 (27) 13,869 — 10,720 3,149 Agency bonds Level 1 31,246 — (14) 31,232 — 31,232 — Total $ 196,141 $ 1 $ (41) $ 196,101 $ 151,000 $ 41,952 $ 3,149 As of March 31, 2024 and December 31, 2023, we had no accrued interest and accrued interest of $332, respectively, on our available-for-sale investments, of which we have recorded no expected credit losses. Accrued interest receivable is recorded in other current assets in our consolidated balance sheets.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The components of property and equipment were as follows: Useful Lives (Years) March 31, 2024 December 31, 2023 Leasehold improvements Shorter of lease term or economic life $ 28,328 $ 28,789 Website and software development costs 3 - 5 79,135 75,573 Computer and office equipment 3 - 5 15,468 16,175 Software 3 1,869 1,869 Furniture 7 7,446 7,754 Property and equipment, gross 132,246 130,160 Accumulated depreciation and amortization (92,280) (89,275) Construction in progress 6,152 5,546 Property and equipment, net $ 46,118 $ 46,431 The following table summarizes depreciation and amortization and capitalized software development costs: Three Months Ended March 31, 2024 2023 Depreciation and amortization for property and equipment $ 4,651 $ 7,181 Capitalized software development costs, including stock-based compensation 4,550 4,555

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases We lease office space under noncancelable operating leases with original terms ranging from one Three Months Ended March 31, Lease Cost 2024 2023 Operating lease cost: Operating lease cost (cost of revenue) $ 2,377 $ 2,909 Operating lease cost (operating expenses) 1,216 2,441 Short-term lease cost 686 832 Sublease income (501) (342) Total operating lease cost $ 3,778 $ 5,840 Finance lease cost: Amortization of right-of-use assets $ 25 $ 15 Interest on lease liabilities 3 1 Total finance lease cost $ 28 $ 16 Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating (2) Financing Operating 2024, excluding the three months ended March 31, 2024 $ 12,657 $ 58 $ 1,402 $ 14,117 2025 13,555 57 448 14,060 2026 10,735 35 243 11,013 2027 5,666 30 246 5,942 2028 1,280 — 253 1,533 Thereafter 178 — 163 341 Total lease payments $ 44,071 $ 180 $ 2,755 $ 47,006 Less: Interest (1) 2,798 13 Present value of lease liabilities $ 41,273 $ 167 (1) Includes interest on operating leases of $1,452 and financing lease of $7 within the next twelve months. (2) Excludes sublease income. As of March 31, 2024, we expect sublease income of approximately $1,316 to be received for the remainder of fiscal year 2024. Lease Term and Discount Rate March 31, 2024 December 31, 2023 Weighted-average remaining operating lease term (years) 3.1 3.2 Weighted-average remaining finance lease term (years) 2.9 2.5 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Three Months Ended March 31, Supplemental Cash Flow Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,637 $ 5,253 Operating cash flows from finance leases 2 1 Financing cash flows from finance leases 20 13 Right of use assets obtained in exchange for lease liabilities Operating leases $ 896 $ 3,130 Finance leases 68 —
Leases	Leases We lease office space under noncancelable operating leases with original terms ranging from one Three Months Ended March 31, Lease Cost 2024 2023 Operating lease cost: Operating lease cost (cost of revenue) $ 2,377 $ 2,909 Operating lease cost (operating expenses) 1,216 2,441 Short-term lease cost 686 832 Sublease income (501) (342) Total operating lease cost $ 3,778 $ 5,840 Finance lease cost: Amortization of right-of-use assets $ 25 $ 15 Interest on lease liabilities 3 1 Total finance lease cost $ 28 $ 16 Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating (2) Financing Operating 2024, excluding the three months ended March 31, 2024 $ 12,657 $ 58 $ 1,402 $ 14,117 2025 13,555 57 448 14,060 2026 10,735 35 243 11,013 2027 5,666 30 246 5,942 2028 1,280 — 253 1,533 Thereafter 178 — 163 341 Total lease payments $ 44,071 $ 180 $ 2,755 $ 47,006 Less: Interest (1) 2,798 13 Present value of lease liabilities $ 41,273 $ 167 (1) Includes interest on operating leases of $1,452 and financing lease of $7 within the next twelve months. (2) Excludes sublease income. As of March 31, 2024, we expect sublease income of approximately $1,316 to be received for the remainder of fiscal year 2024. Lease Term and Discount Rate March 31, 2024 December 31, 2023 Weighted-average remaining operating lease term (years) 3.1 3.2 Weighted-average remaining finance lease term (years) 2.9 2.5 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Three Months Ended March 31, Supplemental Cash Flow Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,637 $ 5,253 Operating cash flows from finance leases 2 1 Financing cash flows from finance leases 20 13 Right of use assets obtained in exchange for lease liabilities Operating leases $ 896 $ 3,130 Finance leases 68 —

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Below is a discussion of our material, pending legal proceedings. Except as otherwise indicated, given the preliminary stage of these proceedings and the claims and issues presented, we cannot estimate a range of reasonably possible losses. In addition, we are regularly subject to claims, litigation, and other proceedings, including potential regulatory proceedings, involving employment, intellectual property, privacy and data protection, consumer protection, competition and antitrust laws, and commercial or contractual disputes, and other matters. The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. We evaluate, on a regular basis, developments in our legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and make adjustments and changes to our accruals and disclosures as appropriate. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies. Until the final resolution of such matters, if any of our estimates and assumptions change or prove to have been incorrect, we may experience losses in excess of the amounts recorded, which could have a material effect on our business, consolidated financial position, results of operations, or cash flows. Except for the matters discussed below, we do not believe that any of our pending litigation, claims, and other proceedings are material to our business. Lawsuit by David Eraker —On May 11, 2020, David Eraker, our co-founder and former chief executive officer who departed Redfin in 2006, filed a complaint through Appliance Computing III, Inc. (d/b/a Surefield) ("Surefield"), which is a company that Mr. Eraker founded and that we believe he controls, in the U.S. District Court for the Western District of Texas, Waco Division. The complaint alleged that we were infringing four patents claimed to be owned by Surefield without its authorization or license. Surefield sought an unspecified amount of damages and an injunction against us offering products and services that allegedly infringe the patents at issue. On May 17, 2022, the jury returned a verdict in our favor, finding that we did not infringe any of the asserted claims of the patents claimed to be owned by Surefield, and accordingly, we do not owe any damages to Surefield. The jury also found that all asserted claims of Surefield’s claimed patents were invalid. The court entered final judgment on August 15, 2022. On September 12, 2022, Surefield filed a motion for judgment as a matter of law and a motion for a new trial. In the motions, Surefield asserts that no jury could have found non-infringement based on the trial record, among other things. We filed oppositions to the motions on October 3, 2022 and Surefield filed replies on October 21, 2022. Lawsuits Alleging Misclassification —On August 28, 2019, Devin Cook, who was one of our former independent contractor licensed sales associates, whom we call associate agents, filed a complaint against us in the Superior Court of California, County of San Francisco. The plaintiff initially pled the complaint as a class action and alleged that we misclassified her as an independent contractor instead of an employee. The plaintiff also sought unspecified penalties pursuant to representative claims under California’s Private Attorney General Act ("PAGA"). On January 30, 2020, the plaintiff filed a first amended complaint dismissing her class action claim and asserting only claims under PAGA. On November 20, 2020, Jason Bell, who was one of our former lead agents as well as a former associate agent, filed a complaint against us in the U.S. District Court for the Southern District of California. The complaint was pled as a class action and alleges that, (1) during the time he served as an associate agent, we misclassified him as an independent contractor instead of an employee and (2) during the time he served as a lead agent, we misclassified him as an employee who was exempt from minimum wage and overtime laws. The plaintiff also asserted representative claims under PAGA. The plaintiff sought unspecified amounts of unpaid overtime wages, regular wages, meal and rest period compensation, waiting time and other penalties, injunctive and other equitable relief, and plaintiff's attorneys' fees and costs. On May 23, 2022, pursuant to a combined mediation, we settled the lawsuits brought by Ms. Cook and Mr. Bell for an aggregate of $3,000. This amount is subject to adjustment if our actual number of associate agents, lead agents, or their respective workweeks differs from the number that we represented to the plaintiffs. This settlement is subject to court approval. On April 7, 2023, plaintiffs filed a motion for preliminary approval of the class settlements. The motion for preliminary approval of the class settlement was granted by the court on May 4, 2023. The motion for final approval of the class settlement was granted on November 28, 2023. The settlement funds have been paid and are being distributed to class members. A final compliance hearing is set for July 29, 2024. Lawsuits Alleging Antitrust Violations —Since October 2023, a number of class action lawsuits have been filed on behalf of putative classes of home buyers and home sellers against the National Association of Realtors, local real estate associations, multiple listing services, and various residential real estate brokerages in various federal districts in the United States. Some of these lawsuits name Redfin as a defendant, including: • Don Gibson, et al. v. National Association of Realtors, et al. , Case no. 4:23-cv-00788-SRB, filed on October 31, 2023 in United States District Court for the Western District of Missouri (the “Gibson Action”). • Mya Batton et al. v. Compass, Inc., et al. , Case no. 1:23-cv-15618, filed on November 2, 2023 in United States District Court for the Northern District of Illinois. • 1925 Hooper LLC, et al. v. The National Association of Realtors, et al. , Case no. 1:23-cv-05392-SEG, filed on December 6, 2023 in the United States District Court for the Northern District of Georgia. • Daniel Umpa v. The National Association of Realtors, et al. , Case no. 4:23-cv-00945-FJG, filed on December 27, 2023 in the United States District Court for the Western District of Missouri (the “Umpa Action”). • Nathaniel Whaley v. National Association of Realtors, et al. , Case no. 2:24-cv-00105-GMN-MDC, filed on January 25, 2024 in the United States District Court for the District of Nevada. • Angela Boykin v. National Association of Realtors, et al. , Case No. 2:24-cv-00340, filed on February 16, 2024 in the United States District Court for the District of Nevada. • Freedlund v. Redfin Corporation, et al. , Case No. 2:24-cv-01561, filed on February 26, 2024 in the United States District Court for the Central District of California. • Rajninder (Raven) Jutla, et al. v. Redfin Corporation, et al. , Case No. 2:24-cv-00464, filed on April 1, 2024 in the United States District Court for the Eastern District of California and transferred on April 5, 2024, to the United States District Court for the Western District of Washington. These lawsuits variously allege a conspiracy to fix prices stemming from a National Association of Realtors rule, which allegedly requires brokers to make a blanket, non-negotiable offer of buyer broker compensation when listing a property on a multiple listing service. The plaintiffs generally seek injunctive relief, unspecified damages under federal antitrust law, and unspecified damages under various state laws. The Judicial Panel on Multidistrict Litigation denied a motion to consolidate some of these cases as In re Real Estate Commission Antitrust Litigation , MDL No. 3100 on April 12, 2024. At this time, except as set forth below, we are unable to predict the potential outcome of these lawsuits. On May 3, 2024 we entered into a settlement term sheet (the “Proposed Settlement”) to resolve, on a nationwide basis, all claims asserted in the Gibson Action and the Umpa Action, each pending in the United States District Court for the Western District of Missouri. These two cases are collectively referred to as “The Lawsuits.” The Proposed Settlement resolves all claims in the Lawsuits and similar claims on behalf of home sellers on a nationwide basis against Redfin (the “Claims”) and releases Redfin, its subsidiaries and its employees and contractors from the Claims. The Proposed Settlement does not include an admission of liability. Under the Proposed Settlement, Redfin will pay $9,250 (the “Settlement Amount”) into a qualified settlement fund within 30 business days after preliminary approval by the court of the Proposed Settlement. Redfin recorded $9,250 in accrued and other liabilities during the quarter ended March 31, 2024. The Proposed Settlement remains subject to preliminary and final court approval and will become effective upon such final approval. Other Commitments Our title and settlement business and our mortgage business each hold cash in escrow at third-party financial institutions on behalf of homebuyers and home sellers. As of March 31, 2024, we held $48,383 in escrow and did not record this amount on our consolidated balance sheets. We may be held contingently liable for the disposition of the cash we hold in escrow.

Acquired Intangible Assets and

Acquired Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Goodwill	Acquired Intangible Assets and Goodwill Acquired Intangible Assets —The following table presents the gross carrying amount and accumulated amortization of intangible assets: March 31, 2024 December 31, 2023 Weighted-Average Useful Lives (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade names 9.3 $ 82,690 $ (26,648) $ 56,042 $ 82,690 $ (24,290) $ 58,400 Developed technology 3.3 66,340 (65,238) 1,102 66,340 (59,883) 6,457 Customer relationships 10 81,360 (24,967) 56,393 81,360 (22,933) 58,427 Total $ 230,390 $ (116,853) $ 113,537 $ 230,390 $ (107,106) $ 123,284 Amortization expense amounted to $9,747 and $9,747 for the three months ended March 31, 2024 and 2023, respectively. The following table presents our estimate of remaining amortization expense for intangible assets that existed as of March 31, 2024: 2024, excluding the three months ended March 31, 2024 $ 13,994 2025 17,618 2026 17,380 2027 15,633 2028 15,050 Thereafter 33,862 Estimated remaining amortization expense $ 113,537 Goodwill —The following table presents the carrying amount of goodwill by reportable segment: Real Estate Services Rentals Mortgage Total Balance as of March 31, 2024 and December 31, 2023 $ 250,231 $ 159,151 $ 51,967 $ 461,349

Accrued and Other Liabilities

Accrued and Other Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued and Other Liabilities The components of accrued and other liabilities were as follows: March 31, 2024 December 31, 2023 Accrued compensation and benefits $ 58,537 $ 58,836 Miscellaneous accrued liabilities 23,979 26,037 Legal contingencies 9,250 — Customer contract liabilities 5,565 5,487 Total accrued and other liabilities $ 97,331 $ 90,360

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity On April 1, 2020, we issued 4,484,305 shares of our common stock, at a price of $15.61 per share, and 40,000 shares of our preferred stock, at a price of $1,000 per share, for aggregate gross proceeds of $110,000. We designated this preferred stock as Series A Convertible Preferred Stock (our "convertible preferred stock"). Our convertible preferred stock is classified as mezzanine equity in our consolidated financial statements as the substantive conversion features at the option of the holder precludes liability classification. We have determined there are no material embedded features that require recognition as a derivative asset or liability. We allocated the gross proceeds of $110,000 to the common stock issuance and the convertible preferred stock issuance based on the standalone fair value of the issuances, resulting in a fair valuation of $40,000 for the preferred stock, which is also the stated value of the mandatory redemption amount. As of March 31, 2024, the carrying value of our convertible preferred stock, net of issuance costs, is $39,970, and holders have earned unpaid stock dividends in the amount of 30,640 shares of common stock. This stock dividend was issued on April 5, 2024. These shares are included in basic and diluted net loss from continuing operations per share attributable to common stock in Note 12. As of March 31, 2024, no shares of the preferred stock have been converted, and the preferred stock was not redeemable, nor probable to become redeemable in the future as there is a more than remote chance the shares will be automatically converted prior to the mandatory redemption date. The number of shares of common stock reserved for future issuance resulting from dividends, conversion, or redemption with respect to the preferred stock was 2,622,177 as of the issuance date. Dividends —The holders of our convertible preferred stock are entitled to dividends. Dividends accrue daily based on a 360-day fiscal year at a rate of 5.5% per annum based on the issue price and are payable quarterly in arrears on the first business day following the end of each calendar quarter. Assuming we satisfy certain conditions, we will pay dividends in shares of common stock at a rate of the dividend payable divided by $17.95. If we do not satisfy such conditions, we will pay dividends in a cash amount equal to (i) the dividend shares otherwise issuable on the dividends multiplied by (ii) the volume-weighted average closing price of our common stock for the ten Participation Rights —Holders of our convertible preferred stock are entitled to dividends paid and distributions made to holders of our common stock to the same extent as if such preferred stockholders had converted their shares of preferred stock into common stock and held such shares on the record date for such dividends and distributions. Conversion —Holders may convert their convertible preferred stock into common stock at any time at a rate per share of preferred stock equal to the issue price divided by $19.51 (the "conversion price"). A holder that converts will also receive any dividend shares resulting from accrued dividends. Our convertible preferred stock may also be automatically converted to shares of our common stock. If the closing price of our common stock exceeds $27.32 per share until 30 trading days prior to November 30, 2024, for each day of any 30 consecutive trading days, then each outstanding share of preferred stock will automatically convert into a number of shares of our common stock at a rate per share of preferred stock equal to the issue price divided by the conversion price. Upon an automatic conversion, a holder will also receive any dividend shares resulting from accrued dividends. Redemption —On November 30, 2024, we will be required to redeem any outstanding shares of our convertible preferred stock, and each holder may elect to receive cash, shares of common stock, or a combination of cash and shares. If a holder elects to receive cash, we will pay, for each share of preferred stock, an amount equal to the issue price plus any accrued dividends. If a holder elects to receive shares, we will issue, for each share of preferred stock, a number of shares of common stock at a rate of the issue price divided by the conversion price plus any dividend shares resulting from accrued dividends. A holder of our convertible preferred stock has the right to require us to redeem up to all shares of preferred stock it holds following certain events outlined in the document governing the preferred stock. If a holder redeems as the result of such events, such holder may elect to receive cash or shares of common stock, as calculated in the same manner as the mandatory redemption described above. Additionally, such holder will also receive, in cash or shares of common stock as elected by the holder, an amount equal to all scheduled dividend payments on the preferred stock for all remaining dividend periods from the date the holder gives its notice of redemption. Liquidation Rights —Upon our liquidation, dissolution, or winding up, holders of our convertible preferred stock will be entitled to receive cash out of our assets prior to holders of the common stock.

Equity and Equity Compensation

Equity and Equity Compensation Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity and Equity Compensation Plans	Equity and Equity Compensation Plans Common Stock —As of March 31, 2024 and December 31, 2023, our amended and restated certificate of incorporation authorized us to issue 500,000,000 shares of common stock with a par value of $0.001 per share. Preferred Stock —As of March 31, 2024 and December 31, 2023, our amended and restated certificate of incorporation authorized us to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share. Amended and Restated 2004 Equity Incentive Plan —We granted options under our 2004 Equity Incentive Plan, as amended (our "2004 Plan"), until July 26, 2017, when we terminated it in connection with our initial public offering. Accordingly, no shares are available for future issuance under our 2004 Plan. Our 2004 Plan continues to govern outstanding equity awards granted thereunder. The term of each stock option under the plan is no more than 10 years, and each stock option generally vests over a four-year period. 2017 Equity Incentive Plan —Our 2017 Equity Incentive Plan (our "2017 EIP") became effective on July 26, 2017, and provides for the issuance of incentive and nonqualified common stock options and restricted stock units to employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under our 2017 EIP was 7,898,159. The number of shares reserved for issuance under our 2017 EIP will increase automatically on January 1 of each calendar year beginning on January 1, 2018, and continuing through January 1, 2028, by the number of shares equal to the lesser of 5% of the total outstanding shares of our common stock as of the immediately preceding December 31 or an amount determined by our board of directors. The term of each stock option and restricted stock unit under the plan will not exceed 10 years, and each award generally vests between two We have reserved shares of common stock for future issuance under our 2017 EIP as follows: March 31, 2024 December 31, 2023 Stock options issued and outstanding 2,372,110 2,406,453 Restricted stock units outstanding 13,456,113 15,947,173 Shares available for future equity grants 14,333,627 7,991,532 Total shares reserved for future issuance 30,161,850 26,345,158 2017 Employee Stock Purchase Plan —Our 2017 Employee Stock Purchase Plan (our "ESPP") was approved by our board of directors on July 27, 2017 and enables eligible employees to purchase shares of our common stock at a discount. Purchases will be accomplished through participation in discrete offering periods. We initially reserved 1,600,000 shares of common stock for issuance under our ESPP. The number of shares reserved for issuance under our ESPP will increase automatically on January 1 of each calendar year beginning after the first offering date and continuing through January 1, 2028, by the number of shares equal to the lesser of 1% of the total outstanding shares of our common stock as of the immediately preceding December 31 or an amount determined by our board of directors. On each purchase date, eligible employees will purchase our common stock at a price per share equal to 85% of the lesser of (i) the fair market value of our common stock on the first trading day of the offering period and (ii) the fair market value of our common stock on the purchase date. We have reserved shares of common stock for future issuance under our ESPP as follows: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Shares available for issuance at beginning of period 4,378,042 4,695,361 Shares issued during the period — (1,491,040) Total shares available for future issuance at end of period 4,378,042 3,204,321 Stock Options —Option activity for the three months ended March 31, 2024 was as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2024 2,406,453 $ 11.14 2.63 $ 3,355 Options exercised (15,333) 6.12 Options expired (19,010) 8.61 Outstanding as of March 31, 2024 2,372,110 11.19 2.41 13,343 Options exercisable as of March 31, 2024 2,372,110 11.19 2.41 13,343 The grant date fair value of our stock options was recorded as stock-based compensation over the stock options' vesting period. All outstanding options were fully vested as of March 31, 2024. We did not recognize any option-related expense during the three months ended March 31, 2024. Restricted Stock Units —Restricted stock unit activity for the three months ended March 31, 2024 was as follows: Restricted Stock Units Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2024 15,947,173 $ 9.64 Granted 595,740 7.00 Vested (2,099,383) 9.13 Forfeited or canceled (987,417) 13.04 Outstanding or deferred as of March 31, 2024 ( 1) 13,456,113 9.35 (1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares has been deferred. The amount reported as outstanding or deferred as of March 31, 2024 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ (deficit) equity. The grant date fair value of restricted stock units is recorded as stock-based compensation over the vesting period. As of March 31, 2024, there was $98,831 of total unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of 1.93 years. As of March 31, 2024, there were 1,735,913 restricted stock units subject to performance and market conditions ("PSUs") at 100% of the target level. Depending on our achievement of the performance and market conditions, the actual number of shares of common stock issuable upon vesting of PSUs will range from 0% to 200% of the target amount. For each PSU recipient, the awards will vest only if the recipient is continuing to provide service to us upon our board of directors, or its compensation committee, certifying that we have achieved the PSU's related performance or market conditions. Stock-based compensation expense for PSUs with performance conditions is recognized when it is probable that the performance conditions will be achieved. For PSUs with market conditions, the market condition is reflected in the grant-date fair value of the award and the expense is recognized over the life of the award. Stock-based compensation expense associated with the PSUs was as follows: Three Months Ended March 31, 2024 2023 PSU expense $ 773 $ 1,844 Reassessment of achievement of performance conditions (401) — Total expense $ 372 $ 1,844 Compensation Cost —Stock-based compensation, net of forfeitures and the amount capitalized in website and software development costs were as follows: Three Months Ended March 31, 2024 2023 Cost of revenue $ 2,739 $ 4,135 Technology and development (1) 8,239 8,127 Marketing 1,431 1,245 General and administrative 5,000 5,318 Stock-based compensation from continuing operations 17,409 18,825 Stock-based compensation from discontinued operations (1) — 203 Total stock-based compensation $ 17,409 $ 19,028 (1) Net of $1,265 and $1,134 of stock-based compensation that was capitalized in the three months ended March 31, 2024 and 2023, respectively.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stock	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stock	Net Loss from Continuing Operations per Share Attributable to Common Stock Net loss from continuing operations per share attributable to common stock is computed by dividing the net loss from continuing operations attributable to common stock by the weighted-average number of common shares outstanding. We have outstanding stock options, restricted stock units, options to purchase shares under our ESPP, convertible preferred stock, and convertible senior notes, which are considered in the calculation of diluted net loss from continuing operations per share whenever doing so would be dilutive. We calculate basic and diluted net loss from continuing operations per share attributable to common stock in conformity with the two-class method required for companies with participating securities. We consider our convertible preferred stock to be participating securities. Under the two-class method, net loss from continuing operations attributable to common stock is not allocated to the preferred stock as its holders do not have a contractual obligation to share in losses, as discussed in Note 11. The calculation of basic and diluted net loss from continuing operations per share attributable to common stock was as follows: Three Months Ended March 31, 2024 2023 Numerator: Net loss from continuing operations $ (66,774) $ (57,310) Dividends on convertible preferred stock (233) (226) Net loss from continuing operations attributable to common stock—basic and diluted $ (67,007) $ (57,536) Denominator: Weighted-average shares—basic and diluted (1) 118,364,267 110,103,598 Net loss from continuing operations per share attributable to common stock—basic and diluted $ (0.57) $ (0.52) (1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors. The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss from continuing operations per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended March 31, 2024 2023 2023 notes as if converted — 769,623 2025 notes as if converted (1) 1,998,654 5,054,851 2027 notes as if converted (1) 5,379,209 6,147,900 Convertible preferred stock as if converted 2,040,000 2,040,000 Stock options outstanding 2,372,110 3,235,085 Restricted stock units outstanding (2)(3) 13,417,675 15,026,404 Employee stock purchase plan 348,986 1,422,936 Total 25,556,634 33,696,799 (1) Based on the closing price of our common stock of $6.65 on March 31, 2024, the if-converted values of both convertible notes were less than the principal amounts. (2) Excludes 1,735,913 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 11 for additional information regarding PSUs.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended March 31, 2024, we recorded an income tax benefit of $172 resulting in an effective tax rate of 0.26%, which is primarily a result of current state income taxes. Our current income tax benefit was partially offset by deferred tax expenses associated with increases to indefinite-lived deferred tax liabilities created through the Company’s April 2, 2021 acquisition of Rent., and April 1, 2022 acquisition of Bay Equity. Our March 31, 2023 effective tax rate of (0.72)% is primarily a result of current state taxes which are supplemented by deferred tax expenses associated with increases to indefinite-lived deferred tax liabilities created through the Company’s April 2, 2021 acquisition of Rent., and April 1, 2022 acquisition of Bay Equity. In determining the realizability of the net U.S. federal and state deferred tax assets, we consider numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies, and the industry in which we operate. Management reassesses the realization of the deferred tax assets each reporting period, which resulted in a valuation allowance against the full amount of our U.S. deferred tax assets for the three months ended March 31, 2024 and 2023. To the extent that the financial results of our U.S. operations improve in the future and the deferred tax assets become realizable, we will reduce the valuation allowance through earnings. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, substantial changes in our ownership may limit the amount of net operating loss ("NOL") and income tax credit carryforwards that could be utilized annually in the future to offset taxable income and income tax liabilities. Any such annual limitation may significantly reduce the utilization of the NOLs and income tax credits before they expire. A Section 382 limitation study performed as of March 31, 2017 determined that we experienced an ownership change in 2006 with $1,506 of the 2006 NOL and $32 of the 2006 research and development tax credit unavailable for future use. Furthermore, in connection with our acquisition of Rent., Rent. experienced an ownership change that triggered Section 382. As of September 30, 2021, Rent. completed a Section 382 limitation study and, based on this analysis, we do not expect a reduction in the availability of Rent.'s pre-change NOLs. As of December 31, 2023, we had accumulated approximately $642,212 of federal net operating losses, approximately $32,234 (tax effected) of state net operating losses, and approximately $5,363 of foreign net operating losses. Federal net operating losses are available to offset federal taxable income and begin to expire in 2024, with net operating loss carryforwards of $449,434 generated after 2017 available to offset future U.S. federal taxable income over an indefinite period. Net research and development credit carryforwards of $23,968 and $23,240 are available as of December 31, 2023 and 2022, respectively, to reduce future liabilities. The research and development credit carryforwards begin to expire in 2026. Deductible but limited federal business interest expense carryforwards of $149,464 and $145,296 are available as of December 31, 2023 and 2022, respectively, to offset future U.S. federal taxable income over an indefinite period. Our material income tax jurisdiction is the United States (federal) and Canada (foreign). As a result of NOL carryforwards, we are subject to audit for all tax years for federal and foreign purposes. All tax years remain subject to examination in various other jurisdictions that are not material to our consolidated financial statements.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2024, outstanding borrowings of our debt are as follows: Maturity of Debt Lender 2024 2025 2026 2027 2028 Thereafter Warehouse Credit Facilities City National Bank $ 21,828 $ — $ — $ — $ — $ — Origin Bank 22,366 — — — — — M&T Bank 19,951 — — — — — Prosperity Bank 36,294 — — — — — Republic Bank & Trust Company 33,091 — — — — — Wells Fargo Bank, N.A. 23,058 — — — — — Term Loan — — — — 124,123 — Convertible Senior Notes 2025 notes — 143,988 — — — — 2027 notes — — — 497,221 — — Total borrowings $ 156,588 $ 143,988 $ — $ 497,221 $ 124,123 $ — Warehouse Credit Facilities —To provide capital for the mortgage loans that it originates, our mortgage segment utilizes warehouse credit facilities that are classified as current liabilities on our consolidated balance sheets. Borrowings under each warehouse credit facility are secured by the related mortgage loan, and rights and income related to the loans. Each warehouse credit facility contains various restrictive and financial covenants and provides that a breach or failure to satisfy these covenants constitutes an event of default. As of March 31, 2024, we received a waiver of our financial covenants pursuant to the Republic Bank & Trust Company credit facility. The following table summarizes borrowings under these facilities as of the periods presented: March 31, 2024 December 31, 2023 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 50,000 $ 21,828 7.25 % $ 50,000 $ 20,046 7.24 % Origin Bank 75,000 22,366 7.30 % 75,000 30,110 7.25 % M&T Bank 50,000 19,951 7.32 % 50,000 18,870 7.39 % Prosperity Bank 75,000 36,294 7.20 % 75,000 29,358 7.23 % Republic Bank & Trust Company 45,000 33,091 7.26 % 45,000 23,415 7.28 % Wells Fargo Bank, N.A. 100,000 23,058 7.35 % 100,000 30,165 7.36 % Total $ 395,000 $ 156,588 $ 395,000 $ 151,964 Term Loan —On October 20, 2023, we entered into a definitive agreement with Apollo Capital Management, L.P. and its affiliates (“Apollo”) whereby Apollo agreed to commit up to $250,000 of financing for us in the form of a first lien term loan facility (the “facility”). We borrowed half of the loan on October 20, 2023 and the remainder will be available as a delayed draw during the following 12 months. The facility is pre-payable at par, after 12 months of call protection (during which prepayment would be at 101% of par), or with respect to prepayments made with respect to a change of control, at 101% of par, and carries a five-year term, maturing October 20, 2028. Interest will be charged at the Secured Overnight Financing Rate (“SOFR”) +575 basis points for the first five full fiscal quarters after closing, with step-downs to SOFR +550 basis points and SOFR +525 basis points thereafter upon achieving agreed performance metrics. The facility requires that we maintain cash and cash equivalents of $75,000 which is tested on a quarterly basis. The negative covenants include restrictions on the incurrence of liens and indebtedness, investments, certain merger transactions, and other matters, all subject to certain exceptions. The effective interest rate for our term loan is 11.97%. The facility includes customary events of default that, include among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control, and certain material ERISA events. The occurrence of an event of default could result in the acceleration of the obligations under the facility. In addition, the facility prohibits us from making any cash payments on the conversion or repurchase of our notes if an event of default exists under our term loan facility, or if, after giving effect to such conversion or repurchase, we would not be in compliance with the financial covenants under our term loan facility. As security for our obligations under the facility, we granted Apollo a first priority security interest on substantially all of our assets and the assets of our material subsidiaries, subject to certain exceptions. Therefore, in a bankruptcy, Apollo first, and the holders of our convertible senior notes second, would have a claim to our assets senior to the claims of holders of our common stock. As part of the transaction, we repurchased $5,000 principal amount of our 2025 convertible notes held by Apollo and $71,894 principal amount of 2027 convertible notes held by Apollo for an aggregate repurchase price of $57,075 using cash on our balance sheet. Additionally, we paid $2,471 in debt issuance costs in connection with the Apollo term loan, which is currently recorded in prepaid expenses on our consolidated balance sheet. The components of the term loan were as follows: March 31, 2024 Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount $ 124,375 $ — $ 252 $ 124,123 Convertible Senior Notes —We have issued convertible senior notes with the following characteristics: Issuance Maturity Date Stated Cash Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Conversion Rate 2025 notes October 15, 2025 — % 0.42 % — — 13.7920 2027 notes April 1, 2027 0.50 % 0.90 % October 1, 2021 April 1; October 1 10.6920 We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended March 31, 2024, we repurchased and retired approximately $48,531 in aggregate principal amount of our 2025 notes at a price of $42,525 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $5,686 for the three months ended March 31, 2024. We issued our 2027 notes on March 25, 2021 and April 5, 2021, with an aggregate principal amount of $575,000. The components of our convertible senior notes were as follows: March 31, 2024 Issuance Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2025 notes $ 144,914 $ 926 $ 143,988 2027 notes 503,106 5,885 497,221 December 31, 2023 Issuance Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2025 notes $ 193,445 $ 1,443 $ 192,002 2027 notes 503,106 6,371 496,735 Three Months Ended March 31, 2024 2023 2023 notes Contractual interest expense $ — $ 103 Amortization of debt issuance costs — 38 Total interest expense $ — $ 141 2025 notes Contractual interest expense — — Amortization of debt issuance costs 513 2,156 Total interest expense $ 513 $ 2,156 2027 notes Contractual interest expense 629 719 Amortization of debt issuance costs 490 560 Total interest expense $ 1,119 $ 1,279 Total Contractual interest expense 629 822 Amortization of debt issuance costs 1,003 2,754 Total interest expense $ 1,632 $ 3,576 Conversion of Our Convertible Senior Notes Prior to the free conversion date, a holder of each tranche of our convertible senior notes may convert its notes in multiples of $1,000 principal amount only if one or more of the conditions described below is satisfied. On or after the free conversion date, a holder may convert its notes in such multiples without any conditions. The free conversion date is July 15, 2025 for our 2025 notes and January 1, 2027 for our 2027 notes. The conditions are: • during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the applicable notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on each such trading day; • if we call any or all of the applicable notes for redemption, at any time prior to the close of business on the scheduled trading day prior to the redemption date; or • upon the occurrence of specified corporate events. We intend to settle any future conversions of our convertible senior notes by paying or delivering, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. We apply the if-converted method to calculate diluted earnings per share when applicable. Under the if-converted method, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion, while the numerator is adjusted to add back interest expense for the period. None of the above conditions were satisfied during the three months ended March 31, 2024. Classification of Our Convertible Senior Notes All of our convertible senior notes are accounted for as liabilities. The difference between the principal amount of the notes and the net carrying amount represents the unamortized debt discount, which we record as a deduction from the debt liability in our consolidated balance sheets. This discount is amortized to interest expense using the effective interest method over the term of the notes. See Note 4 for fair value information related to our convertible senior notes. Cross-acceleration and Cross-default Provisions of our Convertible Senior Notes, Term Loan, and Warehouse Credit Facilities —The indentures governing our 2025 and 2027 convertible senior notes contain cross-acceleration and cross-default provisions. These provisions could have the effect of creating an event of default under the indenture for either our 2025 or 2027 convertible senior notes, despite our compliance with that agreement, due solely to an event of default or failure to pay amounts owed under the indenture for the other tranche of convertible senior notes. Accordingly, all or a significant portion of our outstanding convertible senior notes could become immediately payable due solely to our failure to comply with the terms of a single agreement governing either our 2025 or 2027 convertible senior notes. In addition, each of our warehouse credit facilities and term loan facility contain cross-acceleration and cross-default provisions. These provisions could have the effect of creating an event of default under the agreement for any such facility, despite our compliance with that agreement, due solely to an event of default or failure to pay amounts owed under the agreement for another facility. Accordingly, all or a significant portion of our outstanding warehouse indebtedness or outstanding term loan indebtedness could become immediately payable due solely to our failure to comply with the terms of a single agreement governing one of our facilities. While the cross-default provisions in our existing warehouse credit facilities do not pick up defaults under our convertible senior notes and our existing warehouse credit facilities are carved out of the cross-payment default provisions in our 2025 and 2027 senior notes given that they constitute non-recourse debt, any default under our convertible senior notes would trigger an event of default under our term loan facility and, similarly, any default under our term loan facility would trigger the cross-payment default provisions in our 2025 and 2027 senior notes. 2027 Capped Calls

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Wells Fargo Bank, N.A. Credit Facility— In April 2024, we terminated our credit facility with Wells Fargo Bank, N.A. after repaying all borrowings and accrued interest.

Summary of Accounting Policies

Summary of Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation —The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial information as of December 31, 2023 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2023 included in Item 8 in our annual report for the year ended December 31, 2023. Such financial information should be read in conjunction with the notes and management’s discussion and analysis of the consolidated financial statements included in our annual report. The unaudited consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of March 31, 2024, our statements of comprehensive loss, and statements of changes in mezzanine equity and stockholders’ (deficit) equity for the three months ended March 31, 2024 and 2023, as well as our statements of cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any interim period or for any other future year.
Principles of Consolidation	Principles of Consolidation —The unaudited consolidated interim financial statements include the accounts of Redfin Corporation and our wholly owned subsidiaries, including those entities in which we have a variable interest and of which we are the primary beneficiary. Intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, valuation of deferred income taxes, stock-based compensation, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements —In September 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We early adopted this guidance in first quarter of 2024 and there was no impact on our financial statement disclosures. Recently Issued Accounting Pronouncements —In December 2023, the FASB issued authoritative guidance under ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The ASU enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of the guidance on our financial statement disclosures.

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	here were no major classes of assets and liabilities of our discontinued operations remaining. The major classes of line items of the discontinued operations included in our consolidated statement of comprehensive loss were as follows for the three months ended March 31, 2023: Revenue $ 111,578 Cost of revenue 113,509 Gross profit (1,931) Operating expenses Technology and development 529 Marketing 505 General and administrative 523 Restructuring and reorganization — Total operating expenses 1,557 Loss from discontinued operations (3,488) Interest income — Interest expense — Income tax expense — Other expense, net — Net loss from discontinued operations $ (3,488) Net loss from discontinued operations per share—basic and diluted $ (0.03)

Segment Reporting and Revenue (

Segment Reporting and Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Information on each of our reportable and other segments and reconciliation to net (loss) income from continuing operations is presented in the tables below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. We allocated indirect costs to each segment based on a reasonable allocation methodology, when such costs are significant to the performance measures of the segments. Three Months Ended March 31, 2024 Real estate services Rentals Mortgage Other Corporate overhead Total Revenue $ 131,180 $ 49,518 $ 33,819 $ 10,962 $ — $ 225,479 Cost of revenue 110,914 11,457 25,904 6,392 — 154,667 Gross profit 20,266 38,061 7,915 4,570 — 70,812 Operating expenses Technology and development 28,507 15,512 656 832 922 46,429 Marketing 11,177 12,788 906 7 — 24,878 General and administrative 19,775 22,478 6,683 1,154 17,783 67,873 Restructuring and reorganization — — — — 889 889 Total operating expenses 59,459 50,778 8,245 1,993 19,594 140,069 (Loss) income from continuing operations (39,193) (12,717) (330) 2,577 (19,594) (69,257) Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net (46) 7 3 244 2,275 2,483 Net (loss) income from continuing operations $ (39,239) $ (12,710) $ (327) $ 2,821 $ (17,319) $ (66,774) Three Months Ended March 31, 2023 Real estate services Rentals Mortgage Other Corporate overhead Total Revenue (1) $ 127,296 $ 42,870 $ 36,489 $ 7,428 $ — $ 214,083 Cost of revenue 111,494 9,765 29,213 5,473 — 155,945 Gross profit 15,802 33,105 7,276 1,955 — 58,138 Operating expenses Technology and development 28,895 15,964 643 1,224 937 47,663 Marketing 25,060 14,326 980 10 27 40,403 General and administrative 19,618 26,302 6,929 1,053 15,537 69,439 Restructuring and reorganization — — — — 1,053 1,053 Total operating expenses 73,573 56,592 8,552 2,287 17,554 158,558 Loss from continuing operations (57,771) (23,487) (1,276) (332) (17,554) (100,420) Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net — 45 (60) 115 43,010 43,110 Net (loss) income from continuing operations $ (57,771) $ (23,442) $ (1,336) $ (217) $ 25,456 $ (57,310) (1) Included in revenue is $1,149 from providing services to our discontinued properties segment.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	Instrument March 31, 2024 December 31, 2023 Forward sales commitments $ 463,110 $ 274,400 IRLCs 358,903 188,554
Derivative Instruments, Gain (Loss)	The locations and amounts of gains (losses) recognized in income related to our derivatives were as follows: Three Months Ended March 31, Instrument Classification 2024 2023 Forward sales commitments Revenue $ 2,406 $ (253) IRLCs Revenue 2,525 7,874
Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis	A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below: Balance at March 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents Money market funds $ 81,927 $ 81,927 $ — $ — Total cash equivalents 81,927 81,927 — — Loans held for sale 165,487 — 165,487 — Other current assets Forward sales commitments 1,169 — 1,169 — IRLCs 7,200 — — 7,200 Total other current assets 8,369 — 1,169 7,200 Mortgage servicing rights, at fair value 32,328 — — 32,328 Total assets $ 288,111 $ 81,927 $ 166,656 $ 39,528 Liabilities Accrued liabilities Forward sales commitments $ 1,192 $ — $ 1,192 $ — IRLCs 223 — — 223 Total liabilities $ 1,415 $ — $ 1,192 $ 223 Balance at December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents Money market funds $ 115,276 $ 115,276 $ — $ — Total cash equivalents 115,276 115,276 — — Short-term investments U.S. treasury securities 10,720 10,720 — — Agency bonds 31,232 31,232 — — Total short-term investments 41,952 41,952 — — Loans held for sale 159,587 — 159,587 — Other current assets IRLCs 4,600 — — 4,600 Total other current assets 4,600 — — 4,600 Mortgage servicing rights, at fair value 32,171 — — 32,171 Long-term investments U.S. treasury securities 3,149 3,149 — — Total assets $ 356,735 $ 160,377 $ 159,587 $ 36,771 Liabilities Accrued liabilities Forward sales commitments $ 2,429 $ — $ 2,429 $ — IRLCs 147 — — 147 Total liabilities $ 2,576 $ — $ 2,429 $ 147
Summary of Fair Value Measurement Inputs and Valuation Techniques	The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and Mortgage Servicing Rights (“MSRs”): March 31, 2024 December 31, 2023 Key Inputs Valuation Technique Range Weighted-Average Range Weighted-Average IRLCs Pull-through rate Market pricing 70.1% - 100.0% 89.2% 67.2% - 100.0% 87.7% MSRs Prepayment speed Discounted cash flow 6.0% - 20.0% 6.8% 6.0% - 19.0% 6.8% Default rates Discounted cash flow 0.1% - 1.2% 0.2% 0.1% - 1.2% 0.2% Discount rate Discounted cash flow 10.0% - 17.0% 10.3% 10.0% - 17.0% 10.2%
Summary of Changes Fair Value Of Interest Rate Derivatives	The following is a summary of changes in the fair value of IRLCs: Three Months Ended March 31, 2024 2023 Balance, net—beginning of period $ 4,453 $ 1,297 Issuances of IRLCs 16,062 15,963 Settlements of IRLCs (14,739) (10,238) Fair value changes recognized in earnings 1,201 2,148 Balance, net—end of period $ 6,977 $ 9,170 The following is a summary of changes in the fair value of MSRs: Three Months Ended March 31, 2024 2023 Balance—beginning of period $ 32,171 $ 36,261 MSRs originated 61 347 MSRs sales (269) (339) Fair value changes recognized in earnings 365 (1,208) Balance, net—end of period $ 32,328 $ 35,061
Schedule of Long-term Debt	The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: March 31, 2024 December 31, 2023 2025 notes $ 125,007 $ 164,113 2027 notes 278,967 325,927 As of March 31, 2024, outstanding borrowings of our debt are as follows: Maturity of Debt Lender 2024 2025 2026 2027 2028 Thereafter Warehouse Credit Facilities City National Bank $ 21,828 $ — $ — $ — $ — $ — Origin Bank 22,366 — — — — — M&T Bank 19,951 — — — — — Prosperity Bank 36,294 — — — — — Republic Bank & Trust Company 33,091 — — — — — Wells Fargo Bank, N.A. 23,058 — — — — — Term Loan — — — — 124,123 — Convertible Senior Notes 2025 notes — 143,988 — — — — 2027 notes — — — 497,221 — — Total borrowings $ 156,588 $ 143,988 $ — $ 497,221 $ 124,123 $ — The following table summarizes borrowings under these facilities as of the periods presented: March 31, 2024 December 31, 2023 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 50,000 $ 21,828 7.25 % $ 50,000 $ 20,046 7.24 % Origin Bank 75,000 22,366 7.30 % 75,000 30,110 7.25 % M&T Bank 50,000 19,951 7.32 % 50,000 18,870 7.39 % Prosperity Bank 75,000 36,294 7.20 % 75,000 29,358 7.23 % Republic Bank & Trust Company 45,000 33,091 7.26 % 45,000 23,415 7.28 % Wells Fargo Bank, N.A. 100,000 23,058 7.35 % 100,000 30,165 7.36 % Total $ 395,000 $ 156,588 $ 395,000 $ 151,964
Marketable Securities	The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, and available-for-sale investments were as follows: March 31, 2024 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 25,202 $ — $ — $ 25,202 $ 25,202 $ — $ — Money markets funds Level 1 81,927 — — 81,927 81,927 — — Restricted cash N/A 1,274 — — 1,274 1,274 — — Total $ 108,403 $ — $ — $ 108,403 $ 108,403 $ — $ — December 31, 2023 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 34,483 $ — $ — $ 34,483 $ 34,483 $ — $ — Money markets funds Level 1 115,276 — — 115,276 115,276 — — Restricted cash N/A 1,241 — — 1,241 1,241 — — U.S. treasury securities Level 1 13,895 1 (27) 13,869 — 10,720 3,149 Agency bonds Level 1 31,246 — (14) 31,232 — 31,232 — Total $ 196,141 $ 1 $ (41) $ 196,101 $ 151,000 $ 41,952 $ 3,149

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	The components of property and equipment were as follows: Useful Lives (Years) March 31, 2024 December 31, 2023 Leasehold improvements Shorter of lease term or economic life $ 28,328 $ 28,789 Website and software development costs 3 - 5 79,135 75,573 Computer and office equipment 3 - 5 15,468 16,175 Software 3 1,869 1,869 Furniture 7 7,446 7,754 Property and equipment, gross 132,246 130,160 Accumulated depreciation and amortization (92,280) (89,275) Construction in progress 6,152 5,546 Property and equipment, net $ 46,118 $ 46,431

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lease, Cost	The components of lease expense were as follows: Three Months Ended March 31, Lease Cost 2024 2023 Operating lease cost: Operating lease cost (cost of revenue) $ 2,377 $ 2,909 Operating lease cost (operating expenses) 1,216 2,441 Short-term lease cost 686 832 Sublease income (501) (342) Total operating lease cost $ 3,778 $ 5,840 Finance lease cost: Amortization of right-of-use assets $ 25 $ 15 Interest on lease liabilities 3 1 Total finance lease cost $ 28 $ 16 Lease Term and Discount Rate March 31, 2024 December 31, 2023 Weighted-average remaining operating lease term (years) 3.1 3.2 Weighted-average remaining finance lease term (years) 2.9 2.5 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Three Months Ended March 31, Supplemental Cash Flow Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,637 $ 5,253 Operating cash flows from finance leases 2 1 Financing cash flows from finance leases 20 13 Right of use assets obtained in exchange for lease liabilities Operating leases $ 896 $ 3,130 Finance leases 68 —
Lessee, Operating Lease, Liability, Maturity	Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating (2) Financing Operating 2024, excluding the three months ended March 31, 2024 $ 12,657 $ 58 $ 1,402 $ 14,117 2025 13,555 57 448 14,060 2026 10,735 35 243 11,013 2027 5,666 30 246 5,942 2028 1,280 — 253 1,533 Thereafter 178 — 163 341 Total lease payments $ 44,071 $ 180 $ 2,755 $ 47,006 Less: Interest (1) 2,798 13 Present value of lease liabilities $ 41,273 $ 167 (1) Includes interest on operating leases of $1,452 and financing lease of $7 within the next twelve months. (2) Excludes sublease income. As of March 31, 2024, we expect sublease income of approximately $1,316 to be received for the remainder of fiscal year 2024.
Finance Lease, Liability, Fiscal Year Maturity	Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating (2) Financing Operating 2024, excluding the three months ended March 31, 2024 $ 12,657 $ 58 $ 1,402 $ 14,117 2025 13,555 57 448 14,060 2026 10,735 35 243 11,013 2027 5,666 30 246 5,942 2028 1,280 — 253 1,533 Thereafter 178 — 163 341 Total lease payments $ 44,071 $ 180 $ 2,755 $ 47,006 Less: Interest (1) 2,798 13 Present value of lease liabilities $ 41,273 $ 167 (1) Includes interest on operating leases of $1,452 and financing lease of $7 within the next twelve months. (2) Excludes sublease income. As of March 31, 2024, we expect sublease income of approximately $1,316 to be received for the remainder of fiscal year 2024.

Acquired Intangible Assets an_2

Acquired Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table presents the gross carrying amount and accumulated amortization of intangible assets: March 31, 2024 December 31, 2023 Weighted-Average Useful Lives (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade names 9.3 $ 82,690 $ (26,648) $ 56,042 $ 82,690 $ (24,290) $ 58,400 Developed technology 3.3 66,340 (65,238) 1,102 66,340 (59,883) 6,457 Customer relationships 10 81,360 (24,967) 56,393 81,360 (22,933) 58,427 Total $ 230,390 $ (116,853) $ 113,537 $ 230,390 $ (107,106) $ 123,284
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents our estimate of remaining amortization expense for intangible assets that existed as of March 31, 2024: 2024, excluding the three months ended March 31, 2024 $ 13,994 2025 17,618 2026 17,380 2027 15,633 2028 15,050 Thereafter 33,862 Estimated remaining amortization expense $ 113,537
Schedule of Goodwill	The following table presents the carrying amount of goodwill by reportable segment: Real Estate Services Rentals Mortgage Total Balance as of March 31, 2024 and December 31, 2023 $ 250,231 $ 159,151 $ 51,967 $ 461,349

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The components of accrued and other liabilities were as follows: March 31, 2024 December 31, 2023 Accrued compensation and benefits $ 58,537 $ 58,836 Miscellaneous accrued liabilities 23,979 26,037 Legal contingencies 9,250 — Customer contract liabilities 5,565 5,487 Total accrued and other liabilities $ 97,331 $ 90,360

Equity and Equity Compensatio_2

Equity and Equity Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Reserved Shares of Common Stock	We have reserved shares of common stock for future issuance under our 2017 EIP as follows: March 31, 2024 December 31, 2023 Stock options issued and outstanding 2,372,110 2,406,453 Restricted stock units outstanding 13,456,113 15,947,173 Shares available for future equity grants 14,333,627 7,991,532 Total shares reserved for future issuance 30,161,850 26,345,158 We have reserved shares of common stock for future issuance under our ESPP as follows: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Shares available for issuance at beginning of period 4,378,042 4,695,361 Shares issued during the period — (1,491,040) Total shares available for future issuance at end of period 4,378,042 3,204,321
Schedule of Stock Option Activity	Option activity for the three months ended March 31, 2024 was as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2024 2,406,453 $ 11.14 2.63 $ 3,355 Options exercised (15,333) 6.12 Options expired (19,010) 8.61 Outstanding as of March 31, 2024 2,372,110 11.19 2.41 13,343 Options exercisable as of March 31, 2024 2,372,110 11.19 2.41 13,343
Schedule of Nonvested Restricted Stock Units Activity	Restricted stock unit activity for the three months ended March 31, 2024 was as follows: Restricted Stock Units Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2024 15,947,173 $ 9.64 Granted 595,740 7.00 Vested (2,099,383) 9.13 Forfeited or canceled (987,417) 13.04 Outstanding or deferred as of March 31, 2024 ( 1) 13,456,113 9.35 (1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares has been deferred. The amount reported as outstanding or deferred as of March 31, 2024 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ (deficit) equity.
Schedule of Allocation of Share-based Compensation Costs	Stock-based compensation expense associated with the PSUs was as follows: Three Months Ended March 31, 2024 2023 PSU expense $ 773 $ 1,844 Reassessment of achievement of performance conditions (401) — Total expense $ 372 $ 1,844 Three Months Ended March 31, 2024 2023 Cost of revenue $ 2,739 $ 4,135 Technology and development (1) 8,239 8,127 Marketing 1,431 1,245 General and administrative 5,000 5,318 Stock-based compensation from continuing operations 17,409 18,825 Stock-based compensation from discontinued operations (1) — 203 Total stock-based compensation $ 17,409 $ 19,028 (1) Net of $1,265 and $1,134 of stock-based compensation that was capitalized in the three months ended March 31, 2024 and 2023, respectively.

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stock (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The calculation of basic and diluted net loss from continuing operations per share attributable to common stock was as follows: Three Months Ended March 31, 2024 2023 Numerator: Net loss from continuing operations $ (66,774) $ (57,310) Dividends on convertible preferred stock (233) (226) Net loss from continuing operations attributable to common stock—basic and diluted $ (67,007) $ (57,536) Denominator: Weighted-average shares—basic and diluted (1) 118,364,267 110,103,598 Net loss from continuing operations per share attributable to common stock—basic and diluted $ (0.57) $ (0.52) (1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors.
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss from continuing operations per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended March 31, 2024 2023 2023 notes as if converted — 769,623 2025 notes as if converted (1) 1,998,654 5,054,851 2027 notes as if converted (1) 5,379,209 6,147,900 Convertible preferred stock as if converted 2,040,000 2,040,000 Stock options outstanding 2,372,110 3,235,085 Restricted stock units outstanding (2)(3) 13,417,675 15,026,404 Employee stock purchase plan 348,986 1,422,936 Total 25,556,634 33,696,799 (1) Based on the closing price of our common stock of $6.65 on March 31, 2024, the if-converted values of both convertible notes were less than the principal amounts. (2) Excludes 1,735,913 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 11 for additional information regarding PSUs.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: March 31, 2024 December 31, 2023 2025 notes $ 125,007 $ 164,113 2027 notes 278,967 325,927 As of March 31, 2024, outstanding borrowings of our debt are as follows: Maturity of Debt Lender 2024 2025 2026 2027 2028 Thereafter Warehouse Credit Facilities City National Bank $ 21,828 $ — $ — $ — $ — $ — Origin Bank 22,366 — — — — — M&T Bank 19,951 — — — — — Prosperity Bank 36,294 — — — — — Republic Bank & Trust Company 33,091 — — — — — Wells Fargo Bank, N.A. 23,058 — — — — — Term Loan — — — — 124,123 — Convertible Senior Notes 2025 notes — 143,988 — — — — 2027 notes — — — 497,221 — — Total borrowings $ 156,588 $ 143,988 $ — $ 497,221 $ 124,123 $ — The following table summarizes borrowings under these facilities as of the periods presented: March 31, 2024 December 31, 2023 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 50,000 $ 21,828 7.25 % $ 50,000 $ 20,046 7.24 % Origin Bank 75,000 22,366 7.30 % 75,000 30,110 7.25 % M&T Bank 50,000 19,951 7.32 % 50,000 18,870 7.39 % Prosperity Bank 75,000 36,294 7.20 % 75,000 29,358 7.23 % Republic Bank & Trust Company 45,000 33,091 7.26 % 45,000 23,415 7.28 % Wells Fargo Bank, N.A. 100,000 23,058 7.35 % 100,000 30,165 7.36 % Total $ 395,000 $ 156,588 $ 395,000 $ 151,964
Schedule of Capitalization	The components of the term loan were as follows: March 31, 2024 Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount $ 124,375 $ — $ 252 $ 124,123
Convertible Debt	We have issued convertible senior notes with the following characteristics: Issuance Maturity Date Stated Cash Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Conversion Rate 2025 notes October 15, 2025 — % 0.42 % — — 13.7920 2027 notes April 1, 2027 0.50 % 0.90 % October 1, 2021 April 1; October 1 10.6920 We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended March 31, 2024, we repurchased and retired approximately $48,531 in aggregate principal amount of our 2025 notes at a price of $42,525 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $5,686 for the three months ended March 31, 2024. We issued our 2027 notes on March 25, 2021 and April 5, 2021, with an aggregate principal amount of $575,000. The components of our convertible senior notes were as follows: March 31, 2024 Issuance Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2025 notes $ 144,914 $ 926 $ 143,988 2027 notes 503,106 5,885 497,221 December 31, 2023 Issuance Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2025 notes $ 193,445 $ 1,443 $ 192,002 2027 notes 503,106 6,371 496,735
Interest Income and Interest Expense Disclosure	Three Months Ended March 31, 2024 2023 2023 notes Contractual interest expense $ — $ 103 Amortization of debt issuance costs — 38 Total interest expense $ — $ 141 2025 notes Contractual interest expense — — Amortization of debt issuance costs 513 2,156 Total interest expense $ 513 $ 2,156 2027 notes Contractual interest expense 629 719 Amortization of debt issuance costs 490 560 Total interest expense $ 1,119 $ 1,279 Total Contractual interest expense 629 822 Amortization of debt issuance costs 1,003 2,754 Total interest expense $ 1,632 $ 3,576

Summary of Accounting Policie_2

Summary of Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Technology and development	$ 46,429	$ 47,663
Net loss	$ (66,774)	$ (60,798)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.57)	$ (0.55)
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.57)	$ (0.55)

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations	$ 0	$ (3,488)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share		$ (0.03)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share		$ (0.03)
Capital expenditures	11	$ 32
Cash paid for interest	7,078	4,609
Stock-based compensation from continuing operations	17,409	19,028
Restructuring and reorganization	(889)	(1,053)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation from continuing operations	0	203
Cost of revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation from continuing operations	2,739	4,135
Technology and development
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation from continuing operations	8,239	8,127
Marketing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation from continuing operations	1,431	1,245
General and administrative
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation from continuing operations	$ 5,000	5,318
Discontinued Operations, Disposed of by Means Other than Sale | Properties segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		111,578
Cost of revenue		113,509
Gross profit		(1,931)
Technology and development		529
Marketing		505
General and administrative		523
Restructuring and reorganization		0
Total operating expenses		1,557
Loss from discontinued operations		(3,488)
Interest expense		0
Other expense, net		0
Net loss from discontinued operations		(3,488)
Stock-based compensation		203
Depreciation and amortization		85
Restructuring and reorganization		0
Employee termination costs		(8,596)
Interest income		0
Income tax expense		0
Discontinued Operations, Disposed of by Means Other than Sale | Properties segment | Employee Severance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and reorganization		(454)
Employee termination costs		(8,502)
Discontinued Operations, Disposed of by Means Other than Sale | Properties segment | Asset Write Offs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and reorganization		0
Employee termination costs		(493)
Discontinued Operations, Disposed of by Means Other than Sale | Properties segment | Other Restructuring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and reorganization		(454)
Employee termination costs		(880)
Discontinued Operations, Disposed of by Means Other than Sale | Properties segment | Accelerated Amortization of Debt Issuance Costs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and reorganization		0
Employee termination costs		$ (481)

Segment Reporting and Revenue -

Segment Reporting and Revenue - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	5
Number of reportable segments	3

Segment Reporting and Revenue_2

Segment Reporting and Revenue - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 225,479	$ 214,083
Cost of revenue	154,667	155,945
Gross profit	70,812	58,138
Technology and development	46,429	47,663
Marketing	24,878	40,403
General and administrative	67,873	69,439
Restructuring and reorganization	889	1,053
Total operating expenses	140,069	158,558
Loss from continuing operations	(69,257)	(100,420)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	2,483	43,110
Net loss from continuing operations	(66,774)	(57,310)
Net loss	(66,774)	(60,798)
Operating Segments | Real estate services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	131,180	127,296
Cost of revenue	110,914	111,494
Gross profit	20,266	15,802
Technology and development	28,507	28,895
Marketing	11,177	25,060
General and administrative	19,775	19,618
Restructuring and reorganization	0	0
Total operating expenses	59,459	73,573
Loss from continuing operations	(39,193)	(57,771)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	(46)	0
Net loss from continuing operations	(39,239)
Net loss		(57,771)
Operating Segments | Rentals
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	49,518	42,870
Cost of revenue	11,457	9,765
Gross profit	38,061	33,105
Technology and development	15,512	15,964
Marketing	12,788	14,326
General and administrative	22,478	26,302
Restructuring and reorganization	0	0
Total operating expenses	50,778	56,592
Loss from continuing operations	(12,717)	(23,487)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	7	45
Net loss from continuing operations	(12,710)
Net loss		(23,442)
Operating Segments | Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	33,819	36,489
Cost of revenue	25,904	29,213
Gross profit	7,915	7,276
Technology and development	656	643
Marketing	906	980
General and administrative	6,683	6,929
Restructuring and reorganization	0	0
Total operating expenses	8,245	8,552
Loss from continuing operations	(330)	(1,276)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	3	(60)
Net loss from continuing operations	(327)
Net loss		(1,336)
Operating Segments | Discontinued Properties Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue		1,149
Other revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	10,962	7,428
Cost of revenue	6,392	5,473
Gross profit	4,570	1,955
Technology and development	832	1,224
Marketing	7	10
General and administrative	1,154	1,053
Restructuring and reorganization	0	0
Total operating expenses	1,993	2,287
Loss from continuing operations	2,577	(332)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	244	115
Net loss from continuing operations	2,821
Net loss		(217)
Intercompany eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	0	0
Cost of revenue	0	0
Gross profit	0	0
Technology and development	922	937
Marketing	0	27
General and administrative	17,783	15,537
Restructuring and reorganization	889	1,053
Total operating expenses	19,594	17,554
Loss from continuing operations	(19,594)	(17,554)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	2,275	43,010
Net loss from continuing operations	$ (17,319)
Net loss		$ 25,456

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Share price (in dollars per share)	$ 6.65
Accrued interest	$ 0	$ 332,000
Available-for-sale, credit loss	$ 0	$ 0
IRLCs | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitments, term	30 days
IRLCs | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitments, term	90 days

Financial Instruments - Notiona

Financial Instruments - Notional Amounts of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Forward sales commitments
Derivative [Line Items]
Instrument	$ 463,110	$ 274,400
IRLCs
Derivative [Line Items]
Instrument	$ 358,903	$ 188,554

Financial Instruments - Amount

Financial Instruments - Amount of Gains/(Losses) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Forward sales commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) recognized in earnings	$ 2,406	$ (253)
IRLCs
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) recognized in earnings	$ 2,525	$ 7,874

Financial Instruments - Schedul

Financial Instruments - Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Liabilities
Mortgage servicing rights, at fair value	$ 32,328	$ 32,171
Fair Value, Measurements, Recurring
Assets
Cash equivalents	81,927	115,276
Loans held for sale	165,487	159,587
Other current assets	8,369	4,600
Total assets	288,111	356,735
Liabilities
Total liabilities	1,415	2,576
Mortgage servicing rights, at fair value	32,328	32,171
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	0	41,952
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	0	3,149
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	81,927	115,276
Loans held for sale	0	0
Other current assets	0	0
Total assets	81,927	160,377
Liabilities
Total liabilities	0	0
Mortgage servicing rights, at fair value	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		41,952
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Loans held for sale	165,487	159,587
Other current assets	1,169	0
Total assets	166,656	159,587
Liabilities
Total liabilities	1,192	2,429
Mortgage servicing rights, at fair value	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
Loans held for sale	0	0
Other current assets	7,200	4,600
Total assets	39,528	36,771
Liabilities
Total liabilities	223	147
Mortgage servicing rights, at fair value	32,328	32,171
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		0
Fair Value, Measurements, Recurring | Money market funds
Assets
Cash equivalents	81,927	115,276
Fair Value, Measurements, Recurring | Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	81,927	115,276
Fair Value, Measurements, Recurring | Money market funds | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Fair Value, Measurements, Recurring | Money market funds | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
U.S. treasury securities | Fair Value, Measurements, Recurring
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		10,720
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent		3,149
U.S. treasury securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		10,720
U.S. treasury securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments		0
U.S. treasury securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments		0
Agency bonds | Fair Value, Measurements, Recurring
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		31,232
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent		0
Agency bonds | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		31,232
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent		3,149
Agency bonds | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments		0
Long-term investments		0
Agency bonds | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments		0
Long-term investments		0
Forward sales commitments | Fair Value, Measurements, Recurring
Assets
Other current assets	1,169
Liabilities
Accrued liabilities	1,192	2,429
Forward sales commitments | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other current assets	0
Liabilities
Accrued liabilities	0	0
Forward sales commitments | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Other current assets	1,169
Liabilities
Accrued liabilities	1,192	2,429
Forward sales commitments | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Other current assets	0
Liabilities
Accrued liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring
Assets
Other current assets	7,200	4,600
Liabilities
Accrued liabilities	223	147
IRLCs | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other current assets	0	0
Liabilities
Accrued liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Other current assets	0	0
Liabilities
Accrued liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Other current assets	7,200	4,600
Liabilities
Accrued liabilities	$ 223	$ 147

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurement Inputs and Valuation Techniques (Details)	Mar. 31, 2024	Dec. 31, 2023
IRLCs | Pull-through rate | Market pricing
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.892	0.877
IRLCs | Pull-through rate | Market pricing | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	1	1
IRLCs | Pull-through rate | Market pricing | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.701	0.672
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.068	0.068
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.200	0.190
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.060	0.060
MSRs | Default rates | Valuation Technique, Discounted Cash Flow
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.002	0.002
MSRs | Default rates | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.012	0.012
MSRs | Default rates | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.001	0.001
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.103	0.102
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.170	0.170
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.100	0.100

Financial Instruments - Summary

Financial Instruments - Summary of Changes in the Fair Value of IRLCs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes of fair value of interest rate lock commitments [Roll Forward]
Issuances of IRLCs	$ 16,062	$ 15,963
Settlements of IRLCs	(14,739)	(10,238)
Fair value changes recognized in earnings	1,201	2,148
Balance, net—end of period	$ 6,977	$ 9,170

Financial Instruments - Summa_2

Financial Instruments - Summary of Changes in the Fair Value of MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 01, 2024	Jan. 01, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value changes recognized in earnings	$ 1,201	$ 2,148
Balance, net—end of period	6,977	9,170	$ 4,453	$ 1,297
MSRs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Liability, Originations	61	347
MSRs sales	(269)	(339)
Fair value changes recognized in earnings	365	(1,208)
Balance, net—end of period	$ 32,328	$ 35,061	$ 32,171	$ 36,261

Financial Instruments - Carryin

Financial Instruments - Carrying Amounts and Estimated Fair Values of Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
2025 notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt fair value	$ 125,007	$ 164,113
2027 notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt fair value	$ 278,967	$ 325,927

Financial Instruments - Investm

Financial Instruments - Investments in Debt and Marketable Equity Securities Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	$ 107,129	$ 149,759	$ 148,500	$ 232,200
Restricted cash	1,274	1,241	2,416	2,406
Cash, cash equivalents, and restricted cash:
Cash, cash equivalents, and restrict cash balance	108,403	151,000	$ 152,356	$ 242,246
Fair Value, Measurements, Recurring
Cost or Amortized Cost
Restricted cash	1,274	1,241
Cash, cash equivalents, and available-for-sale debt securities, amortized cost	108,403	196,141
Unrealized Gains (Losses)
Unrealized Gains	0	1
Unrealized Losses	0	(41)
Estimated Fair Value
Cash equivalents	81,927	115,276
Cash, cash equivalents, and available-for-sale debt securities	108,403	196,101
Cash, cash equivalents, and restricted cash:
Cash, cash equivalents, and restrict cash balance	108,403	151,000
Long-term Investments
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	0	3,149
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	0	41,952
U.S. treasury securities | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available for sale, estimated fair value		13,869
Unrealized Gains (Losses)
Unrealized Gains		1
Unrealized Losses		(27)
Estimated Fair Value
Debt securities, available-for-sale, amortized cost		13,895
Long-term Investments
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent		3,149
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		10,720
Agency bonds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available for sale, estimated fair value		31,232
Unrealized Gains (Losses)
Unrealized Gains		0
Unrealized Losses		(14)
Estimated Fair Value
Debt securities, available-for-sale, amortized cost		31,246
Long-term Investments
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent		0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		31,232
Cash | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	25,202	34,483
Estimated Fair Value
Cash equivalents	25,202	34,483
Cash, cash equivalents, and restricted cash:
Cash, cash equivalents, and restrict cash balance	25,202	34,483
Money markets funds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	81,927	115,276
Estimated Fair Value
Cash equivalents	81,927	115,276
Cash, cash equivalents, and restricted cash:
Cash, cash equivalents, and restrict cash balance	$ 81,927	$ 115,276

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (92,280)	$ (89,275)
Property and equipment, net	46,118	46,431
Property and equipment, gross
Property, Plant and Equipment [Line Items]
Property and equipment, gross	132,246	130,160
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,328	28,789
Website and software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 79,135	75,573
Website and software development costs | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Website and software development costs | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	5 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15,468	16,175
Computer and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Computer and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	5 years
Software
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Property and equipment, gross	$ 1,869	1,869
Furniture
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	7 years
Property and equipment, gross	$ 7,446	7,754
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,152	$ 5,546

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 4,651	$ 7,181
Capitalized computer software, additions	$ 4,550	$ 4,555

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2024
Vehicles
Lessee, Lease, Description [Line Items]
Finance lease term (in years)	4 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	11 years

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Leased Assets [Line Items]
Operating lease cost	$ 3,778	$ 5,840
Total finance lease cost	28	16
Short-term lease cost	686	832
Sublease income	(501)	(342)
Operating lease cost (cost of revenue)
Operating Leased Assets [Line Items]
Operating lease cost	2,377	2,909
Finance lease, right-of-use asset, amortization	25	15
Finance lease, interest expense	3	1
Operating lease cost (operating expenses)
Operating Leased Assets [Line Items]
Operating lease cost	$ 1,216	$ 2,441

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024
Operating leases
2024, excluding the three months ended March 31, 2024	$ 12,657
2025	13,555
2026	10,735
2027	5,666
2028	1,280
Thereafter	178
Total lease payments	44,071
Less: Interest	2,798
Present value of lease liabilities	41,273
Finance leases
2024, excluding the three months ended March 31, 2024	58
2025	57
2026	35
2027	30
2028	0
Thereafter	0
Total lease payments	180
Less: Interest	13
Present value of lease liabilities	167
Other Leases
2024, excluding the three months ended March 31, 2024	1,402
2025	448
2026	243
2027	246
2028	253
Thereafter	163
Total lease payments	2,755
Total Lease Obligations
2024, excluding the three months ended March 31, 2024	14,117
2025	14,060
2026	11,013
2027	5,942
2028	1,533
Thereafter	341
Total lease payments	47,006
Operating lease, capitalized interest expense	1,452
Financing lease, capitalized interest expense	7
Sublease income	$ 501	$ 342
Forecast
Total Lease Obligations
Sublease income			$ 1,316

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining operating lease term (years)	3 years 1 month 6 days	3 years 2 months 12 days
Weighted-average remaining finance lease term (years)	2 years 10 months 24 days	2 years 6 months
Weighted average discount rate for operating leases (percent)	4.50%	4.50%
Weighted average discount rate for finance leases (percent)	5.40%	5.40%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 4,637	$ 5,253
Operating cash flows from finance leases	2	1
Financing cash flows from finance leases	20	13
Right of use assets obtained in exchange for lease liabilities
Operating leases	896	3,130
Finance leases	$ 68	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands			3 Months Ended
	May 23, 2022 USD ($)	May 11, 2020 patent	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Patents allegedly infringed upon | patent		4
Estimated litigation liability			$ 9,250
Litigation settlement payment	$ 3,000
Litigation settlement, term			30 days
Other Commitments
Debt Instrument [Line Items]
Escrow deposit			$ 48,383

Acquired Intangible Assets an_3

Acquired Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 230,390	$ 230,390
Accumulated Amortization	(116,853)	(107,106)
Net	$ 113,537	123,284
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	9 years 3 months 18 days
Gross	$ 82,690	82,690
Accumulated Amortization	(26,648)	(24,290)
Net	56,042	58,400
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	66,340	66,340
Accumulated Amortization	(65,238)	(59,883)
Net	$ 1,102	6,457
Developed technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	3 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	10 years
Gross	$ 81,360	81,360
Accumulated Amortization	(24,967)	(22,933)
Net	$ 56,393	$ 58,427

Acquired Intangible Assets an_4

Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 9,747	$ 9,747

Acquired Intangible Assets an_5

Acquired Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024, excluding the three months ended March 31, 2024	$ 13,994
2025	17,618
2026	17,380
2027	15,633
2028	15,050
Thereafter	33,862
Net	$ 113,537	$ 123,284

Acquired Intangible Assets an_6

Acquired Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 461,349	$ 461,349
Real Estate Services
Goodwill [Line Items]
Goodwill	250,231	250,231
Rentals
Goodwill [Line Items]
Goodwill	159,151	159,151
Mortgage
Goodwill [Line Items]
Goodwill	$ 51,967	$ 51,967

Accrued and Other Liabilities_2

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 58,537	$ 58,836
Miscellaneous accrued liabilities	23,979	26,037
Legal contingencies	9,250	0
Customer contract liabilities	5,565	5,487
Accrued and other liabilities	$ 97,331	$ 90,360

Mezzanine Equity (Details)

Mezzanine Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 01, 2020 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) tradingDay $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Temporary Equity [Line Items]
Proceeds from issuance of stock | $	$ 110,000
Carrying value of convertible preferred stock | $		$ 39,970		$ 39,959
Issuance of common stock as dividend on convertible preferred stock (in shares)		30,640
Convertible preferred stock, shares issued upon conversion (in shares)	2,622,177
Dividend rate, daily accrual basis, fiscal period		360 days
Preferred stock, dividend rate (percent)		5.50%
Preferred stock, dividend rate (in dollars per share) | $ / shares		$ 17.95
Trading days preceding date dividends are payable		10 days
Conversion price ratio denominator (in dollars per share) | $ / shares		$ 19.51
Conversion stock price trigger (in dollars per share) | $ / shares		$ 27.32
Threshold consecutive trading days | tradingDay		30
Common Stock
Temporary Equity [Line Items]
Stock issued during period shares new issues (in shares)	4,484,305
Shares issued price per share (in dollar per share) | $ / shares	$ 15.61
Issuance of common stock as dividend on convertible preferred stock (in shares)		30,640	30,640
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Stock issued during period shares new issues (in shares)	40,000
Shares issued price per share (in dollar per share) | $ / shares	$ 1,000
Proceeds from issuance of stock | $	$ 40,000
Carrying value of convertible preferred stock | $		$ 39,970	$ 39,925	$ 39,959	$ 39,914
Converted preferred stock (in shares)		0

Equity and Equity Compensatio_3

Equity and Equity Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 27, 2017	Mar. 31, 2024	Dec. 31, 2023	Jul. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)		500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)		10,000,000	10,000,000
Temporary equity, par value (in dollars per share)		$ 0.001	$ 0.001
2004 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)		10 years
Award vesting period (years)		4 years
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		30,161,850	26,345,158	7,898,159
Expected life (years)		10 years
Percentage of common stock, outstanding		5%
Restricted stock units outstanding (in shares)		13,456,113	15,947,173
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		4,378,042	3,204,321
Employee stock | 2004 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		0
Employee stock | 2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	1,600,000
Percentage of common stock, outstanding	1%
Purchase price of common stock, percentage of market price of common stock		85%
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)		1,735,913
Achievement percentage of performance conditions		100%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation		$ 98,831
Unrecognized compensation expense, period for recognition (years)		1 year 11 months 4 days
Restricted stock units outstanding (in shares)		13,456,113	15,947,173
Minimum | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)		2 years
Minimum | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount		0%
Maximum | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)		4 years
Maximum | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount		200%

Equity and Equity Compensatio_4

Equity and Equity Compensation Plans - Summary of Common Stock Reserved for Future Issuance: 2017 EIP (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Jul. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding options (in shares)	2,372,110	2,406,453
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding options (in shares)	2,372,110	2,406,453
Restricted stock units issued and outstanding or deferred (in shares)	13,456,113	15,947,173
Shares available for future equity grants (in shares)	14,333,627	7,991,532
Total shares reserved for future issuance (in shares)	30,161,850	26,345,158	7,898,159

Equity and Equity Compensatio_5

Equity and Equity Compensation Plans - Summary of Common Stock Reserved for Future Issuance: 2017 ESPP (Details) - 2017 Employee Stock Purchase Plan - shares	Mar. 31, 2024	Dec. 31, 2023
Shares Reserved For Future Issuance [Roll Forward]
Shares available for issuance at beginning of period (in shares)	4,378,042	4,695,361
Shares issued during the period (in shares)	0	(1,491,040)
Total shares reserved for future issuance (in shares)	4,378,042	3,204,321

Equity and Equity Compensatio_6

Equity and Equity Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Options
Outstanding, beginning balance (in shares)	2,406,453
Options exercised (in shares)	(15,333)
Options canceled (in shares)	(19,010)
Outstanding, ending balance (in shares)	2,372,110
Options exercisable at period end (in shares)	2,372,110
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 11.14
Options exercised (in dollars per share)	6.12
Options canceled (in dollars per share)	8.61
Outstanding, ending balance (in dollars per share)	11.19
Options exercisable at period end (in dollars per share)	$ 11.19
Weighted-Average Remaining Contractual Life (Years)
Weighted average remaining contractual life outstanding	2 years 4 months 28 days	2 years 7 months 17 days
Weighted average remaining contractual life exercisable	2 years 4 months 28 days
Aggregate Intrinsic Value
Options outstanding, Aggregate intrinsic value	$ 13,343		$ 3,355
Options exercisable, Aggregate intrinsic value	$ 13,343

Equity and Equity Compensatio_7

Equity and Equity Compensation Plans - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units
Unvested outstanding at beginning of period (in shares) | shares	15,947,173
Granted (in shares) | shares	595,740
Vested (in shares) | shares	(2,099,383)
Forfeited or canceled (in shares) | shares	(987,417)
Unvested outstanding at end of period (in shares) | shares	13,456,113
Weighted-Average Grant-Date Fair Value
Unvested outstanding at beginning of period (in dollars per share) | $ / shares	$ 9.64
Granted (in dollars per share) | $ / shares	7
Vested (in dollars per share) | $ / shares	9.13
Forfeited or canceled (in dollars per share) | $ / shares	13.04
Unvested outstanding at end of period (in dollars per share) | $ / shares	$ 9.35
Operating deferral period	60 days

Equity and Equity Compensatio_8

Equity and Equity Compensation Plans - Compensation Costs for PSU's (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ 17,409	$ 19,028
Performance Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	372	1,844
Performance Restricted Stock Units | PSU expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	773	1,844
Performance Restricted Stock Units | Reassessment of achievement of performance conditions
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ (401)	$ 0

Equity and Equity Compensatio_9

Equity and Equity Compensation Plans - Allocation of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	$ 17,409	$ 19,028
Stock-based compensation capitalized in property and equipment	1,265	1,134
Continuing Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	17,409	18,825
Discontinued Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	0	203
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	2,739	4,135
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	8,239	8,127
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	1,431	1,245
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	$ 5,000	$ 5,318

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stock - Computation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss from continuing operations	$ (66,774)	$ (57,310)
Dividends on convertible preferred stock	(233)	(226)
Net loss attributable to common stock - basic	$ (67,007)	$ (61,024)
Weighted average shares - basic (in shares)	118,364,267	110,103,598
Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted	118,364,267	110,103,598
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.57)	$ (0.55)
Denominator:
Weighted average shares - basic (in shares)	118,364,267	110,103,598
Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted	118,364,267	110,103,598
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.57)	$ (0.55)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.57)	$ (0.55)
Net loss from continuing operations per share attributable to common stock—basic and diluted	$ (67,007)	$ (57,536)
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted	$ (67,007)	$ (57,536)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stock - Summary of Anti-dilutive Stock Equivalents (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	25,556,634	33,696,799
Performance Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock units issued and outstanding or deferred (in shares)	1,735,913
Performance Restricted Stock Units | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Percentage of target amount	200%
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	2,040,000	2,040,000
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	2,372,110	3,235,085
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	13,417,675	15,026,404
Restricted Stock Units (RSUs) | Non-employee Directors
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	38,438
Employee stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	348,986	1,422,936
1.75% Convertible Senior Notes due 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	0	769,623
0% Convertible Senior Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	1,998,654	5,054,851
0.5% Convertible Senior Notes Due 2027
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	5,379,209	6,147,900

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2019
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ (172)	$ 410
Effective tax rate (percent)		(0.72%)
Effective income tax rate from continue and operations	0.26%
Operating loss unavailable for carryforward					$ 1,506
Tax credit unavailable for future use					$ 32
Federal Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 642,212
Operating loss carryforwards, not subject to expiration			449,434
Federal Jurisdiction | RentPath Holdings
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, not subject to expiration			149,464	$ 145,296
Federal deductible			23,968
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			32,234
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 5,363

Debt - Outstanding Borrowings (

Debt - Outstanding Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Warehouse credit facilities	$ 156,588	$ 151,964
Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Warehouse credit facilities	156,588	151,964
Warehouse Agreement Borrowings | City National Bank
Debt Instrument [Line Items]
Warehouse credit facilities	21,828	20,046
Warehouse Agreement Borrowings | Origin Bank
Debt Instrument [Line Items]
Warehouse credit facilities	22,366	30,110
Warehouse Agreement Borrowings | M&T Bank
Debt Instrument [Line Items]
Warehouse credit facilities	19,951	18,870
Warehouse Agreement Borrowings | Prosperity Bank
Debt Instrument [Line Items]
Warehouse credit facilities	36,294	29,358
Warehouse Agreement Borrowings | Republic Bank & Trust Company
Debt Instrument [Line Items]
Warehouse credit facilities	33,091	23,415
Warehouse Agreement Borrowings | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Warehouse credit facilities	23,058	30,165
Secured Debt | Term Loan
Debt Instrument [Line Items]
Long-Term Debt	124,123
Senior Notes | 0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Long-Term Debt	143,988	192,002
Senior Notes | 0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Long-Term Debt	$ 497,221	$ 496,735

Debt - Warehouse Lines of Credi

Debt - Warehouse Lines of Credit (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Borrowings	$ 156,588,000	$ 151,964,000
Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	395,000,000	395,000,000
Outstanding Borrowings	156,588,000	151,964,000
Warehouse Agreement Borrowings | City National Bank
Debt Instrument [Line Items]
Borrowing Capacity	50,000,000	50,000,000
Outstanding Borrowings	$ 21,828,000	$ 20,046,000
Weighted-Average Interest Rate on Outstanding Borrowings	7.25%	7.24%
Warehouse Agreement Borrowings | Origin Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000	$ 75,000,000
Outstanding Borrowings	$ 22,366,000	$ 30,110,000
Weighted-Average Interest Rate on Outstanding Borrowings	7.30%	7.25%
Warehouse Agreement Borrowings | M&T Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 50,000,000	$ 50,000,000
Outstanding Borrowings	$ 19,951,000	$ 18,870,000
Weighted-Average Interest Rate on Outstanding Borrowings	7.32%	7.39%
Warehouse Agreement Borrowings | Prosperity Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000	$ 75,000,000
Outstanding Borrowings	$ 36,294,000	$ 29,358,000
Weighted-Average Interest Rate on Outstanding Borrowings	7.20%	7.23%
Warehouse Agreement Borrowings | Republic Bank & Trust Company
Debt Instrument [Line Items]
Borrowing Capacity	$ 45,000,000	$ 45,000,000
Outstanding Borrowings	$ 33,091,000	$ 23,415,000
Weighted-Average Interest Rate on Outstanding Borrowings	7.26%	7.28%
Warehouse Agreement Borrowings | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Borrowing Capacity	$ 100,000,000	$ 100,000,000
Outstanding Borrowings	$ 23,058,000	$ 30,165,000
Weighted-Average Interest Rate on Outstanding Borrowings	7.35%	7.36%

Debt - Narrative (Details)

Debt - Narrative (Details)			3 Months Ended
	Oct. 20, 2023 USD ($)	Apr. 05, 2021 $ / shares shares	Mar. 31, 2024 USD ($) tradingDay businessDay	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 25, 2021 USD ($)	Oct. 20, 2020 USD ($)
Debt Instrument [Line Items]
Cash, cash equivalents, and restrict cash balance			$ 108,403,000	$ 152,356,000	$ 151,000,000	$ 242,246,000
Repayments of Senior Debt			42,525,000	108,274,000
Gain on extinguishment of convertible senior notes			(5,686,000)	(42,270,000)
Adjustments to additional paid in capital, convertible debt, capped call transaction			$ 62,647,000
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Conversion price, percentage			98%
Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity			$ 395,000,000		395,000,000
Senior Notes
Debt Instrument [Line Items]
Amortization of debt issuance costs			1,003,000	2,754,000
Interest expense, debt			629,000	822,000
Senior Notes | 1.75% Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs			0	38,000
Interest expense, debt			0	103,000
Senior Notes | 0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Amortization of debt issuance costs			513,000	2,156,000
Interest expense, debt			0	0
Aggregated principal amount			144,914,000		193,445,000			$ 661,250,000
Repurchase face amount during period			48,531,000
Repayments of Senior Debt			42,525,000
Gain on extinguishment of convertible senior notes			$ (5,686,000)
Senior Notes | 0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.50%
Amortization of debt issuance costs			$ 490,000	560,000
Interest expense, debt			629,000	$ 719,000
Aggregated principal amount			$ 503,106,000		$ 503,106,000		$ 575,000,000
Common stock covered under capped calls (in shares) | shares		6,147,900
Senior Notes | Convertible Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold trading days | tradingDay			20
Threshold consecutive trading days | tradingDay			30
Threshold percentage of stock price trigger			130%
Senior Notes | Convertible Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold trading days | businessDay			5
Threshold consecutive trading days | tradingDay			5
Senior Notes | Minimum | 0.5% Convertible Senior Notes Due 2027 | Call Option | Capped Call Transaction
Debt Instrument [Line Items]
Capped call price (in dollars per share) | $ / shares		$ 93.53
Senior Notes | Maximum | 0.5% Convertible Senior Notes Due 2027 | Call Option | Capped Call Transaction
Debt Instrument [Line Items]
Capped call price (in dollars per share) | $ / shares		$ 138.56
Line of Credit
Debt Instrument [Line Items]
Debt Issuance cost	$ 2,471,000
Line of Credit | 0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Repurchased face amount	5,000,000
Line of Credit | 0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Repurchased face amount	71,894,000
Line of Credit | First Lien Term Loan Facility
Debt Instrument [Line Items]
Borrowing Capacity	$ 250,000,000
Term	5 years
Redemption price, percentage	101%
Long-Term Debt, Weighted Average Interest Rate, at Point in Time	11.97%
Line of Credit Facility, Cash and Cash Equivalent Required	$ 75,000,000
Line of Credit | Revolving Credit Facility | First Lien Term Loan Facility | Period 1 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	5.75%
Line of Credit | Revolving Credit Facility | First Lien Term Loan Facility | Period 3 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	5.25%
Secured Debt | Term Loan
Debt Instrument [Line Items]
Aggregated principal amount			$ 124,375,000
Unamortized Debt Issuance Expense			252,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net			$ 0

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 25, 2021 USD ($)	Oct. 20, 2020 USD ($)
Debt Instrument [Line Items]
Repayments of Senior Debt	$ 42,525,000	$ 108,274,000
Gain on extinguishment of convertible senior notes	$ 5,686,000	$ 42,270,000
0% Convertible Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Effective Interest Rate	0.42%
Conversion Rate	13.7920
Aggregate Principal Amount	$ 144,914,000		$ 193,445,000		$ 661,250,000
Unamortized Debt Issuance Costs	926,000		1,443,000
Long-Term Debt	143,988,000		192,002,000
Repayments of Senior Debt	42,525,000
Gain on extinguishment of convertible senior notes	$ 5,686,000
0.5% Convertible Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated Cash Interest Rate	0.50%
Effective Interest Rate	0.90%
Conversion Rate	10.6920
Aggregate Principal Amount	$ 503,106,000		503,106,000	$ 575,000,000
Unamortized Debt Issuance Costs	5,885,000		6,371,000
Long-Term Debt	$ 497,221,000		$ 496,735,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Total interest expense	$ 4,874	$ 1,922
Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	629	822
Amortization of debt issuance costs	1,003	2,754
Total interest expense	1,632	3,576
1.75% Convertible Senior Notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	0	103
Amortization of debt issuance costs	0	38
Total interest expense	0	141
0% Convertible Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	0	0
Amortization of debt issuance costs	513	2,156
Total interest expense	513	2,156
0.5% Convertible Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	629	719
Amortization of debt issuance costs	490	560
Total interest expense	$ 1,119	$ 1,279

Debt - Repurchase Activity (Det

Debt - Repurchase Activity (Details) - Line of Credit $ in Thousands	Oct. 20, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of convertible debt	$ 57,075
0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Repurchased face amount	$ 5,000