Offerpad Solutions (OPAD) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	Offerpad Solutions Inc.
Entity Central Index Key	0001825024
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	OPAD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39641
Entity Tax Identification Number	85-2800538
Entity Address, Address Line One	2150 E. Germann Road
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85286
City Area Code	844
Local Phone Number	388-4539
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		27,373,914

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 48,504	$ 75,967
Restricted cash		9,922	3,967
Accounts receivable		5,589	9,935
Real estate inventory		256,472	276,500
Prepaid expenses and other current assets		2,553	5,236
Total current assets		323,040	371,605
Property and equipment, net		5,190	4,517
Other non-current assets		10,258	3,572
Total assets	[1]	338,488	379,694
Current liabilities:
Accounts payable		2,564	4,946
Accrued and other current liabilities		10,090	13,859
Secured credit facilities and other debt, net		216,439	227,132
Secured credit facilities and other debt - related party		34,406	30,092
Total current liabilities		263,499	276,029
Warrant liabilities		122	471
Other long-term liabilities		10,154	1,418
Total liabilities	[2]	273,775	277,918
Commitments and contingencies (Note 16)
Stockholders' equity:
Additional paid in capital		507,431	499,660
Accumulated deficit		(442,721)	(397,887)
Total stockholders' equity		64,713	101,776
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		338,488	379,694
Class A Common Stock
Stockholders' equity:
Common stock value		$ 3	$ 3
[1] Our consolidat ed assets as of September 30, 2024 and December 31, 2023 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $ 9,922 and $ 3,867 ; Accounts receivable, $ 1,897 and $ 6,782 ; Real estate inventory, $ 256,472 and $ 276,500 ; Prepaid expenses and other current assets, $ 379 and $ 1,588 ; Total assets of $ 268,670 and $ 288,737 , respectively. Our consolidated liabilities as of September 30, 2024 and December 31, 2023 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $ 1,124 and $ 1,798 ; Accrued and other current liabilities, $ 1,595 and $ 2,027 ; Secured credit facilities and other debt, net, $ 250,845 and $ 257,224 ; Total liabilities, $ 253,564 and $ 261,049 , respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Restricted cash		$ 9,922	$ 3,967
Accounts receivable		5,589	9,935
Real estate inventory		256,472	276,500
Prepaid expenses and other current assets		2,553	5,236
Property and equipment, net		5,190	4,517
Total assets	[1]	338,488	379,694
Accounts payable		2,564	4,946
Accrued and other current liabilities		10,090	13,859
Secured credit facilities and other debt, net		216,439	227,132
Total liabilities	[2]	273,775	277,918
Variable Interest Entity [Member]
Restricted cash		9,922	3,867
Accounts receivable		1,897	6,782
Real estate inventory		256,472	276,500
Prepaid expenses and other current assets		379	1,588
Total assets		268,670	288,737
Accounts payable		1,124	1,798
Accrued and other current liabilities		1,595	2,027
Secured credit facilities and other debt, net		250,845	257,224
Total liabilities		$ 253,564	$ 261,049
Class A Common Stock
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares authorized		2,000,000,000	2,000,000,000
Common stock, shares issued		27,361,414	27,233,000
Common stock, shares outstanding		27,361,414	27,233,000
[1] Our consolidat ed assets as of September 30, 2024 and December 31, 2023 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $ 9,922 and $ 3,867 ; Accounts receivable, $ 1,897 and $ 6,782 ; Real estate inventory, $ 256,472 and $ 276,500 ; Prepaid expenses and other current assets, $ 379 and $ 1,588 ; Total assets of $ 268,670 and $ 288,737 , respectively. Our consolidated liabilities as of September 30, 2024 and December 31, 2023 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $ 1,124 and $ 1,798 ; Accrued and other current liabilities, $ 1,595 and $ 2,027 ; Secured credit facilities and other debt, net, $ 250,845 and $ 257,224 ; Total liabilities, $ 253,564 and $ 261,049 , respectively.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 208,067	$ 234,228	$ 744,547	$ 1,073,954
Cost of revenue	190,927	210,255	682,941	1,020,465
Gross profit	17,140	23,973	61,606	53,489
Operating expenses:
Sales, marketing and operating	16,864	27,235	59,546	98,626
General and administrative	8,254	14,124	30,747	41,316
Technology and development	947	2,156	3,684	6,709
Total operating expenses	26,065	43,515	93,977	146,651
Loss from operations	(8,925)	(19,542)	(32,371)	(93,162)
Other income (expense):
Change in fair value of warrant liabilities	14	131	349	177
Interest expense	(5,114)	(4,406)	(14,600)	(13,705)
Other income, net	512	3,837	1,881	5,084
Total other expense	(4,588)	(438)	(12,370)	(8,444)
Loss before income taxes	(13,513)	(19,980)	(44,741)	(101,606)
Income tax expense	(24)	(6)	(93)	(171)
Net loss	$ (13,537)	$ (19,986)	$ (44,834)	$ (101,777)
Net loss per share, basic	$ (0.49)	$ (0.73)	$ (1.64)	$ (3.9)
Net loss per share, diluted	$ (0.49)	$ (0.73)	$ (1.64)	$ (3.9)
Weighted average common shares outstanding, basic	27,439	27,276	27,388	26,079
Weighted average common shares outstanding, diluted	27,439	27,276	27,388	26,079

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 121,877	$ 2	$ 402,544	$ (280,669)
Beginning balance, shares at Dec. 31, 2022		16,479
Issuance of common stock upon exercise of stock options	53		53
Issuance of common stock upon exercise of stock options, shares		14
Issuance of common stock upon early exercise of stock options, shares		25
Issuance of common stock upon vesting of restricted stock units	(78)		(78)
Issuance of pre-funded warrants, net	89,216		89,216
Exercise of pre-funded warrants	11	$ 1	10
Exercise of pre-funded warrants, shares		10,715
Stock-based compensation expense	5,915		5,915
Net loss	(101,777)			(101,777)
Ending balance at Sep. 30, 2023	115,217	$ 3	497,660	(382,446)
Ending balance, shares at Sep. 30, 2023		27,233
Beginning balance at Jun. 30, 2023	133,211	$ 3	495,668	(362,460)
Beginning balance, shares at Jun. 30, 2023		27,225
Issuance of common stock upon vesting of restricted stock units	(25)		(25)
Issuance of common stock upon vesting of restricted stock units, shares		8
Stock-based compensation expense	2,017		2,017
Net loss	(19,986)			(19,986)
Ending balance at Sep. 30, 2023	115,217	$ 3	497,660	(382,446)
Ending balance, shares at Sep. 30, 2023		27,233
Beginning balance at Dec. 31, 2023	101,776	$ 3	499,660	(397,887)
Beginning balance, shares at Dec. 31, 2023		27,233
Issuance of common stock upon exercise of stock options	17		17
Issuance of common stock upon exercise of stock options, shares		6
Issuance of common stock upon early exercise of stock options, shares		122
Issuance of common stock upon vesting of restricted stock units	(77)		(77)
Stock-based compensation expense	7,831		7,831
Net loss	(44,834)			(44,834)
Ending balance at Sep. 30, 2024	64,713	$ 3	507,431	(442,721)
Ending balance, shares at Sep. 30, 2024		27,361
Beginning balance at Jun. 30, 2024	77,567	$ 3	506,748	(429,184)
Beginning balance, shares at Jun. 30, 2024		27,329
Issuance of common stock upon exercise of stock options	1		1
Issuance of common stock upon exercise of stock options, shares		1
Issuance of common stock upon vesting of restricted stock units	(33)		(33)
Issuance of common stock upon vesting of restricted stock units, shares		31
Stock-based compensation expense	715		715
Net loss	(13,537)			(13,537)
Ending balance at Sep. 30, 2024	$ 64,713	$ 3	$ 507,431	$ (442,721)
Ending balance, shares at Sep. 30, 2024		27,361

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (44,834)	$ (101,777)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	464	556
Amortization of debt financing costs	1,466	3,080
Real estate inventory valuation adjustment	2,016	8,372
Stock-based compensation	7,831	5,915
Change in fair value of warrant liabilities	(349)	(177)
Change in fair value of derivative instrument	0	(1,994)
Loss on disposal of property and equipment	62	30
Changes in operating assets and liabilities:
Accounts receivable	4,346	(1,524)
Real estate inventory	18,012	366,728
Prepaid expenses and other assets	3,920	3,541
Accounts payable	(2,382)	1,712
Accrued and other liabilities	(2,956)	(7,507)
Net cash (used in) provided by operating activities	(12,404)	276,955
Cash flows from investing activities:
Purchases of property and equipment	(1,245)	(90)
Proceeds from sales of property and equipment	46	0
Purchase of derivative instrument	0	(2,569)
Proceeds from sale of derivative instrument	0	2,981
Net cash (used in) provided by investing activities	(1,199)	322
Cash flows from financing activities:
Borrowings from credit facilities and other debt	628,105	687,715
Repayments of credit facilities and other debt	(635,877)	(1,080,821)
Payment of debt financing costs	(73)	(264)
Proceeds from exercise of stock options	17	53
Payments for taxes related to stock-based awards	(77)	(78)
Borrowings from warehouse lending facility	0	21,951
Repayments of warehouse lending facility	0	(21,951)
Proceeds from issuance of pre-funded warrants	0	90,000
Proceeds from exercise of pre-funded warrants	0	11
Issuance cost of pre-funded warrants	0	(784)
Net cash used in financing activities	(7,905)	(304,168)
Net change in cash, cash equivalents and restricted cash	(21,508)	(26,891)
Cash, cash equivalents and restricted cash, beginning of period	79,934	140,299
Cash, cash equivalents and restricted cash, end of period	58,426	113,408
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents	48,504	105,999
Restricted Cash	9,922	7,409
Total cash, cash equivalents and restricted cash	58,426	113,408
Supplemental disclosure of cash flow information:
Cash payments for interest	$ 19,204	$ 23,406

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (13,537)	$ (19,986)	$ (44,834)	$ (101,777)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Operations and Significant Accounting Policies	Note 1. Nature of Operations and Significant Accounting Policies Description of Business Offerpad, dedicated to simplifying the process of buying and selling homes, is committed to providing comprehensive solutions that remove the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cash offers to B2B renovation solutions and industry partnership programs, all tailored to meet the unique needs of our clients. Since 2015, we’ve leveraged local expertise in residential real estate alongside proprietary technology to guide homeowners at every step. The Company is currently headquartered in Chandler, Arizona and operates in over 1,800 cities and towns in 26 metropolitan markets across 17 states as of September 30, 2024 . Basis of Presentation and Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to GAAP and SEC rules and regulations. Accordingly, the unaudited interim condensed consolidated financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. Therefore, this information should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Company’s 2023 Annual Report on Form 10-K as filed with the SEC on February 27, 2024. The accompanying financial information reflects all adjustments which are, in the opinion of the Comp any’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant estimates include those related to the net realizable value of real estate inventory, among others. Actual results could differ from those estimates. Principles of Consolidation The Company’s condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company, its wholly-owned operating subsidiaries and variable interest entities where the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. Real Estate Inventory Real estate inventory consists of acquired homes and is stated at the lower of cost or net realizable value, with cost and net realizable value determined by the specific identification of each home. Costs include initial purchase costs and renovation costs, as well as holding costs and interest incurred during the renovation period, prior to the listing date. Selling costs, including commissions and holding costs incurred after the listing date, are expensed as incurred and included in sales, marketing and operating expenses. The Company reviews real estate inventory for valuation adjustments on a quarterly basis, or more frequently if events or changes in circumstances indicate that the carrying value of real estate inventory may not be recoverable. The Company evaluates real estate inventory for indicators that net realizable value is lower than cost at the individual home level. The Company generally considers multiple factors in determining net realizable value for each home, including recent comparable home sale transactions in the specific area where the home is located, the residential real estate market conditions in both the local market in which the home is located and in the U.S. in general, the impact of national, regional or local economic conditions and expected selling costs. When evidence exists that the net realizable value of real estate inventory is lower than its cost, the difference is recognized as a real estate inventory valuation adjustment in cost of revenue and the related real estate inventory is adjusted to its net realizable value. For individual homes or portfolios of homes under contract to sell as of the real estate inventory valuation assessment date, if the carrying value exceeds the contract price less expected selling costs, the carrying value of these homes are adjusted to the contract price less expected selling costs. For all other homes, if the carrying value exceeds the expected sale price less expected selling costs, the carrying value of these homes are adjusted to the expected sale price less expected selling costs. Changes in the Company’s pricing assumptions may lead to a change in the outcome of the real estate inventory valuation analysis, and actual results may differ from the Company’s assumptions. The Company recorded real estate inventory valuation adjustments of $ 0.8 million and $ 0.9 million during the three months ended September 30, 2024 and 2023, respectively, and $ 2.0 million and $ 8.4 million during the nine months ended September 30, 2024 and 2023, respectively. Refer to Note 2. Real Estate Inventory , for further details. Recent Accounting Standards Income Tax Disclosures In December 2023, the FASB issued a new standard which is intended to improve an entity’s income tax disclosures, primarily through disaggregated information about an entity’s effective income tax rate reconciliation and additional disclosures about income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024. Accordingly, the new standard is effective for the Company on January 1, 2025 on a prospective basis. The Company is currently evaluating the impact that the standard will have on its condensed consolidated financial statements. Segment Reporting In November 2023, the FASB issued a new standard which is intended to improve disclosures about an entity’s reportable segments, primarily through enhanced disclosures about significant segment expenses. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Accordingly, the new standard is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, using a retrospective approach. The Company is currently evaluating the impact that the standard will have on its condensed consolidated financial statements.

Real Estate Inventory

Real Estate Inventory	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Real Estate Inventory	Note 2. Real Estate Inventory The components of real estate inventory, net of applicable lower of cost or net realizable value adjustments, consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Homes preparing for and under renovation $ 29,737 $ 53,116 Homes listed for sale 169,433 148,648 Homes under contract to sell 57,302 74,736 Real estate inventory $ 256,472 $ 276,500

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 3. Derivative Financial Instruments During 2023, the Company entered into derivative arrangements pursuant to which the Company acquired options on U.S. Treasury futures. These options provided the Company with the right, but not the obligation, to purchase U.S. Treasury futures at a predetermined notional amount and stated term in the future. During the nine months ended September 30, 2023 , the Company purchased $ 2.6 million of derivative instruments. During the three and nine months ended September 30, 2023 , the Company recorded changes in the fair value of the derivative instruments of $ 2.7 million and $ 2.0 million, respectively, in Other income, net in the condensed consolidated statements of operations. The Company sold all of its outstanding derivative arrangements during October 2023 and no derivative arrangements remain outstanding.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 4. Property and Equipment Property and equipment consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Rooftop solar panel systems $ 4,999 $ 5,075 Leasehold improvements 1,071 1,130 Office equipment and furniture 781 837 Software systems 386 386 Computers and equipment 265 265 Construction in progress 1,277 32 Property and equipment, gross 8,779 7,725 Less: accumulated depreciation ( 3,589 ) ( 3,208 ) Property and equipment, net $ 5,190 $ 4,517 Depreciation expense was $ 0.2 million during each of the three months ended September 30, 2024 and 2023, respectively, and $ 0.5 million and $ 0.6 million during the nine months ended September 30, 2024 and 2023 , respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Note 5. Leases The Company’s operating lease arrangements consist of its existing corporate headquarters in Chandler, Arizona, its future corporate headquarters in Tempe, Arizona, and field office facilities in most of the metropolitan markets in which the Company operates in the United States. These leases typically have original lease terms of 1 year to 10 years, and some leases contain multiyear renewal options. The Company does not have any finance lease arrangements. The Company’s operating lease costs are included in operating expenses in the accompanying condensed consolidated statements of operations. During the three months ended September 30, 2024 and 2023, operating lease costs were $ 0.8 million and $ 0.6 million, respectively, and variable and short-term lease costs were less than $ 0.1 million during each of the respective periods. During the nine months ended September 30, 2024 and 2023, operating lease costs were $ 2.6 million and $ 1.8 million, respectively, and variable and short-term lease costs were less than $ 0.1 million during each of the respective periods. Cash payments for amounts included in the measurement of operating lease liabilities were $ 0.9 million and $ 0.6 million during the three months ended September 30, 2024 and 2023, and $ 1.8 million during each of the nine months ended September 30, 2024 and 2023, respectively . The Company utilized $ 0.9 million and $ 1.2 million of tenant incentive allowances during the three and nine months September 30, 2024, respectively. There were no right-of-use assets obtained i n exchange for new or acquired operating lease liabilities during three months ended September 30, 2024. Right-of-use assets obtained in exchange for new or acquired operating lease liabilities were $ 7.9 million d uring the nine months ended September 30, 2024. There were no right-of-use assets obtained in exchange for new or acquired operating lease liabilities during both of the three and nine months ended September 30, 2023. As of September 30, 2024 and December 31, 2023, the Company’s operating leases had a weighted-average remaining lease term of 9.3 years and 1.8 years, respectively, and a weighted-average discount rate of 7.2 % and 4.3 % , respectively. The Company’s operating lease liability maturities as of September 30, 2024 are as follows: ($ in thousands) Remainder of 2024 $ 518 2025 2,794 2026 2,089 2027 1,949 2028 1,922 2029 1,974 Thereafter 11,862 Total future lease payments 23,108 Less: Imputed interest ( 6,889 ) Less: Tenant incentive receivable ( 4,649 ) Total lease liabilities $ 11,570 The Company’s operating lease right-of-use assets and operating lease liabilities, and the associated financial statement line items, are as follows as of the respective period ends: September 30, December 31, ($ in thousands) Financial Statement Line Items 2024 2023 Right-of-use assets Other non-current assets $ 9,123 $ 3,338 Lease liabilities: Current liabilities Accrued and other current liabilities 1,416 2,271 Non-current liabilities Other long-term liabilities 10,154 1,418 Total lease liabilities $ 11,570 $ 3,689

Accrued and Other Liabilities

Accrued and Other Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued and Other Liabilities	Note 6. Accrued and Other Liabilities Accrued and other current liabilities consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Home renovation $ 3,150 $ 3,534 Payroll and other employee related expenses 1,671 3,200 Interest 1,563 1,989 Operating lease liabilities 1,416 2,271 Marketing 485 999 Legal and professional obligations 312 392 Other 1,493 1,474 Accrued and other current liabilities $ 10,090 $ 13,859 The Company incurred advertising expenses of $ 2.2 million and $ 8.6 million during the three months ended September 30, 2024 and 2023, respectively, and $ 10.1 million and $ 27.5 million during the nine months ended September 30, 2024 and 2023, respectively. Other long-term liabilities consists of the non-current portion of our operating lease liabilities as of September 30, 2024 and December 31, 2023 .

Credit Facilities and Other Deb

Credit Facilities and Other Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Credit Facilities and Other Debt	Note 7. Credit Facilities and Other Debt The carrying value of the Company’s credit facilities and other debt consists of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Credit facilities and other debt, net Senior secured credit facilities with financial institutions $ 197,020 $ 216,654 Senior secured credit facility with a related party 13,330 6,289 Mezzanine secured credit facilities with financial institutions 20,252 12,704 Mezzanine secured credit facilities with a related party 21,076 23,803 Debt issuance costs ( 833 ) ( 2,226 ) Total credit facilities and other debt, net 250,845 257,224 Current portion - credit facilities and other debt, net Total credit facilities and other debt, net 216,439 227,132 Total credit facilities and other debt - related party 34,406 30,092 Total credit facilities and other debt, net $ 250,845 $ 257,224 The Company utilizes inventory financing facilities consisting of senior secured credit facilities, mezzanine secured credit facilities and other senior secured borrowing arrangements to provide financing for the Company’s real estate inventory purchases and renovation. Borrowings under the Company’s credit facilities and other debt are classified as current liabilities on the accompanying condensed consolidated balance sheets as amounts drawn to purchase and renovate homes are required to be repaid as the related real estate inventory is sold, which is expected to be within 12 months. As of September 30, 2024, the Company had a total borrowing capacity of $ 1,007.0 million under its senior secured credit facilities and mezzanine secured credit facilities, of which $ 482.2 million was committed. Any borrowings above the committed amounts are subject to the applicable lender’s discretion. Under the Company’s senior secured credit facilities and mezzanine secured credit facilities, amounts can be borrowed, repaid and borrowed again during the revolving period. The borrowing capacity is generally available until the end of the applicable revolving period as reflected in the tables below. Outstanding amounts drawn under each senior secured credit facility and mezzanine secured credit facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The Company’s senior secured credit facilities and mezzanine secured credit facilities have aggregated borrowing bases, which increase or decrease based on the cost and value of the properties financed under a given facility and the time that those properties are in the Company’s possession. When the Company resells a home, the proceeds are used to reduce the corresponding outstanding balance under the related senior and mezzanine secured revolving credit facilities. The borrowing base for a given facility may be reduced as properties age beyond certain thresholds or the performance of the properties financed under that facility declines, and any borrowing base deficiencies may be satisfied through contributions of additional properties or partial repayment of the facility. Senior Secured Credit Facilities The following summarizes certain details related to the Company’s senior secured credit facilities (in thousands, except interest rates): Borrowing Capacity Outstanding Weighted- End of Final As of September 30, 2024 Committed Uncommitted Total Amount Rate Period Date Senior financial institution 1 $ 150,000 $ 250,000 $ 400,000 $ 98,142 8.09 % December 2025 June 2026 Senior financial institution 2 100,000 100,000 200,000 37,190 8.07 % January 2025 July 2025 Senior financial institution 3 100,000 50,000 150,000 52,952 8.54 % January 2025 April 2025 Related party 30,000 20,000 50,000 13,330 10.31 % March 2025 September 2025 Senior financial institution 4 — 30,000 30,000 8,736 9.82 % August 2025 February 2026 Senior secured credit facilities $ 380,000 $ 450,000 $ 830,000 $ 210,350 Borrowing Capacity Outstanding Weighted- As of December 31, 2023 Committed Uncommitted Total Amount Rate Senior financial institution 1 $ 200,000 $ 200,000 $ 400,000 $ 135,676 7.91 % Senior financial institution 2 100,000 100,000 200,000 55,541 7.61 % Senior financial institution 3 100,000 50,000 150,000 6,453 7.11 % Related party 30,000 20,000 50,000 6,289 10.05 % Senior financial institution 4 30,000 45,000 75,000 18,984 8.42 % Senior secured credit facilities $ 460,000 $ 415,000 $ 875,000 $ 222,943 As of September 30, 2024 , the Company had five senior secured credit facilities, four with separate financial institutions and one with a related party, which holds more than 5 % of our Class A common stock. Borrowings under the senior secured credit facilities accrue interest at a rate based on a Secured Overnight Financing Rate (“SOFR”) reference rate, plus a margin which varies by facility. Each of the Company’s senior secured credit facilities also have interest rate floors. The Company may also pay fees on its senior secured credit facilities, including a commitment fee and fees on certain unused portions of the committed borrowing capacity under the respective credit agreements. Borrowings under the Company’s senior secured credit facilities are collateralized by the real estate inventory financed by the senior secured credit facility. The lenders have legal recourse only to the assets securing the debt and do not have general recourse against the Company with limited exceptions. The Company has, however, provided limited non-recourse carve-out guarantees under its senior and mezzanine secured credit facilities for certain of the SPEs’ obligations. Each senior secured credit facility contains eligibility requirements that govern whether a property can be financed. Mezzanine Secured Credit Facilities The following summarizes certain details related to the Company’s mezzanine secured credit facilities (in thousands, except interest rates): Borrowing Capacity Outstanding Weighted- End of Final As of September 30, 2024 Committed Uncommitted Total Amount Rate Period Date Related party facility 1 $ 45,000 $ 25,000 $ 70,000 $ 16,752 13.82 % June 2025 December 2025 Mezzanine financial institution 1 22,500 22,500 45,000 7,702 13.92 % January 2025 July 2025 Mezzanine financial institution 2 26,667 13,333 40,000 12,550 12.54 % January 2025 April 2025 Related party facility 2 8,000 14,000 22,000 4,324 13.81 % March 2025 September 2025 Mezzanine secured credit facilities $ 102,167 $ 74,833 $ 177,000 $ 41,328 Borrowing Capacity Outstanding Weighted- As of December 31, 2023 Committed Uncommitted Total Amount Rate Related party facility 1 $ 45,000 $ 25,000 $ 70,000 $ 22,250 11.56 % Mezzanine financial institution 1 22,500 22,500 45,000 11,198 12.79 % Mezzanine financial institution 2 26,667 13,333 40,000 1,506 9.55 % Related party facility 2 8,000 14,000 22,000 1,553 13.05 % Mezzanine secured credit facilities $ 102,167 $ 74,833 $ 177,000 $ 36,507 As of September 30, 2024, the Company had four mezzanine secured credit facilities, two with separate financial institutions and two with a related party, which holds more than 5% of our Class A common stock. Borrowings under the Company’s mezzanine secured credit facilities accrue interest at a rate based on a SOFR reference rate, plus a margin which varies by facility. Each of the Company’s mezzanine secured credit facilities also have interest rate floors. The Company may also pay fees on its mezzanine secured credit facilities, including a commitment fee and fees on certain unused portions of the committed borrowing capacity under the respective credit agreements. Borrowings under the Company’s mezzanine secured credit facilities are collateralized by a second lien on the real estate inventory financed by the relevant credit facility. The lenders have legal recourse only to the assets securing the debt, and do not have general recourse to Offerpad with limited exceptions. The Company’s mezzanine secured credit facilities are structurally and contractually subordinated to the related senior secured credit facilities. Maturities Certain of the Company’s secured credit facilities mature within the next twelve months following the date these condensed consolidated financial statements are issued. The Company expects to enter into new financing arrangements or amend existing arrangements to meet its obligations as they come due, which the Company believes is probable based on its history of prior credit facility renewals. The Company believes cash on hand, together with proceeds from the resale of homes and cash from future borrowings available under each of the Company’s existing credit facilities or the entry into new financing arrangements, will be sufficient to meet its obligations as they become due in the ordinary course of business for at least 12 months following the date these condensed consolidated financial statements are issued. Covenants for Senior Secured Credit Facilities and Mezzanine Secured Credit Facilities The Company’s secured credit facilities include customary representations and warranties, covenants and events of default. Financed properties are subject to customary eligibility criteria and concentration limits. The terms of these facilities and related financing documents require the Company to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to tangible net worth). As of September 30, 2024 , the Company was in compliance with all covenants and no event of default had occurred.

Warrant Liabilities

Warrant Liabilities	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Warrant Liabilities	Note 8. Warrant Liabilities As of September 30, 2024, the Company had 16.1 million public warrants outstanding and 5.7 million private placement warrants outstanding, with every 15 warrants being exercisable to purchase one share of Class A common stock at an exercise price of $ 172.50 per share . Public Warrants The public warrants became exercisable on October 23, 2021. A holder may exercise its warrants only for a whole number of shares of Class A common stock. The public warrants will expire on September 1, 2026 , or earlier upon redemption or liquidation. Pursuant to the terms of the warrant agreements, the Company may call the public warrants for redemption for cash or redeem the outstanding warrants for shares of Class A common stock under certain scenarios. The public warrants are traded on an over-the-counter market. Private Placement Warrants The private placement warrants have terms and provisions that are substantially identical to those of the public warrants, with the exception of certain redemption rights, options to exercise and registration rights when the private placement warrants are owned by specified holders.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9. Fair Value Measurements The fair values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and certain prepaid and other current assets and accrued expenses approximate carrying values because of their short-term nature. The Company’s credit facilities are carried at amortized cost and the carrying value approximates fair value because of their short-term nature. The Company’s liabilities that are measured at fair value on a recurring basis consist of the following (in thousands): As of September 30, 2024 Quoted Prices in Significant Other Significant Public warrant liabilities $ 48 $ — $ — Private placement warrant liabilities $ — $ — $ 74 As of December 31, 2023 Quoted Prices in Significant Other Significant Public warrant liabilities $ 305 $ — $ — Private placement warrant liabilities $ — $ — $ 166 Public Warrants The public warrants are traded on an over-the-counter market. The fair value of the public warrants is estimated based on the quoted market price of such warrants on the valuation date. The Company recorded changes in the fair value of the public warrants of less than $( 0.1 ) million and $( 0.1 ) million during the three months ended September 30, 2024 and 2023, respectively, and $( 0.3 ) million and $( 0.1 ) million during the nine months ended September 30, 2024 and 2023, respectively. These changes are recorded in Change in fair value of warrant liabilities in our condensed consolidated statements of operations. Private Placement Warrants The following summarizes the changes in the Company’s private placement warrant liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Beginning balance $ 78 $ 171 $ 166 $ 196 Change in fair value of private placement warrants included in net loss ( 4 ) ( 34 ) ( 92 ) ( 59 ) Ending balance $ 74 $ 137 $ 74 $ 137 The Company generally uses the Black-Scholes-Merton option-pricing model to determine the fair value of the private placement warrants, with assumptions including expected volatility, expected life of the warrants, associated risk-free interest rate, and expected dividend yield. There were no transfers between Levels 1, 2, and 3 during the three and nine months ended September 30, 2024 and 2023 .

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 10. Stockholders’ Equity Authorized Capital Stock The Company is authorized to issue 2,100,000,000 shares of capital stock, which consists of 2,000,000,000 shares of Class A common stock and 100,000,000 shares of preferred stock, both of which have a par value $ 0.0001 per share. Class A Common Stock Our Class A common stock trades on the New York Stock Exchange under the symbol “OPAD” and our public warrants trade on the OTC Markets Group Pink Market under the symbol “OPADW.” As of September 30, 2024, we had 27,361,414 shares of Class A common stock issued and outstanding. We also have outstanding private placement warrants to purchase shares of our Class A common stock. Refer to Note 8. Warrant Liabilities . During January 2023 , we sold and issued pre-funded warrants to purchase shares of our Class A common stock, resulting in gross proceeds of approximately $ 90.0 million. The pre-funded warrants became exercisable during March 2023. All of the pre-funded warrants were subsequently exercised during 2023, upon which, 10.7 million shares of our Class A common stock were issued. Preferred Stock As of September 30, 2024 , there were no shares of preferred stock issued and outstanding. Dividends Our Class A common stock is entitled to dividends if and when any dividend is declared by our Board, subject to the rights of all classes of stock outstanding having priority rights to dividends. We have not paid any cash dividends on common stock to date. We may retain future earnings, if any, for the further development and expansion of our business and have no current plans to pay cash dividends for the foreseeable future. Any future determination to pay dividends will be made at the discretion of our Board and will depend on, among other things, our financial condition, results of operations, capital requirements, restrictions contained in future agreements and financing instruments, business prospects and such other factors as our Board may deem relevant.

Stock-Based Awards

Stock-Based Awards	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Awards	Note 11. Stock-Based Awards 2021 Equity Incentive Plans Incentive Award Plan As of December 31, 2023, there were 1,755,548 shares of Class A common stock reserved for issuance under the Offerpad Solutions Inc. 2021 Incentive Award Plan (the “2021 Plan”). Pursuant to the terms of the 2021 Plan, the number of shares of the Company’s Class A common stock available for issuance under the 2021 Plan automatically increased by 122,360 shares of Class A common stock on January 1, 2024. Following this increase, there were 1,877,908 shares reserved for issuance under the 2021 Plan as of September 30, 2024. As of September 30, 2024, the Company has granted stock options, restricted stock units (“RSUs”), performance-based RSUs (“PSUs”) and other stock or cash-based awards under the 2021 Plan. Employee Stock Purchase Plan As of December 31, 2023, there were 175,554 shares of Class A common stock reserved for issuance under the Offerpad Solutions Inc. 2021 Employee Stock Purchase Plan (“ESPP”). Pursuant to the terms of the ESPP, the number of shares of the Company’s Class A common stock available for issuance under the ESPP automatically increased by 111,248 shares of Class A common stock on January 1, 2024. Following this increase, there were 286,802 shares reserved for issuance under the ESPP as of September 30, 2024. As of September 30, 2024 , no shares have been issued under the ESPP. Restricted Stock Units During the nine months ended September 30, 2024 , the Company granted RSUs with service vesting conditions to employees and non-employee members of our Board. The vesting period for RSUs granted to employees is generally three years , subject to continued employment, and the vesting period for RSUs granted to non-employee members of our Board generally ranges from three months to three years , subject to continued service on the Board. The following summarizes RSU award activity during the nine months ended September 30, 2024: Number of (in thousands) Weighted Average Outstanding as of December 31, 2023 250 $ 29.77 Granted 916 5.21 Vested and settled ( 136 ) 25.50 Forfeited ( 129 ) 9.96 Outstanding as of September 30, 2024 901 8.28 As of September 30, 2024, 0.1 million RSUs have vested, but have not yet been settled in shares of the Company’s Class A common stock, pursuant to elections made by certain non-employee members of our Board to defer settlement thereof under the Offerpad Solutions Inc. Deferred Compensation Plan for Directors. As of September 30, 2024, the Company had $ 4.1 million of unrecognized stock-based compensation expense related to unvested RSUs. This expense is expected to be recognized over a weighted average period of 2.40 years. The fair value of RSUs that vested and settled during the nine months ended September 30, 2024 and 2023 was $ 2.9 million and $ 2.7 million, respectively. Performance-Based Restricted Stock Units The following summarizes PSU award activity during the nine months ended September 30, 2024: Number of (in thousands) Weighted Average Outstanding as of December 31, 2023 119 $ 70.81 Granted — — Vested — — Forfeited ( 8 ) 70.81 Outstanding as of September 30, 2024 111 70.81 As of September 30, 2024, the Company had $ 1.1 million of unrecognized stock-based compensation expense related to unvested PSUs. This expense is expected to be recognized over a weighted average period of 0.42 years. Other Cash or Stock-Based Awards During the nine months ended September 30, 2024, the Company granted long-term incentive awards, which include both a service vesting condition and a performance vesting condition that is associated with the share price of the Company’s Class A common stock (“LTI Award”). The Company also amended certain terms and conditions associated with the LTI Awards granted in 2023. Both the newly amended and granted LTI Awards will become earned during a three-year performance period based on the appreciation in the price of the Company’s Class A common stock over pre-determined price per share goals set forth in the LTI Award agreements. The portion of the LTI Award that will become earned will be determined based on the average share price over the 60 consecutive calendar-day period ending on (and including) the end of the performance period, the total number of shares of the Company’s Class A common stock outstanding as of the last day of the performance period and the participant sharing rates as set forth in the LTI Award agreements. To the extent that an LTI Award is earned during the performance period, half of the earned LTI Award will vest at the end of the three-year performance period, and the remaining half of the earned LTI Award will vest one year after the end of the performance period, in each case, subject to the employee’s continued service through the applicable vesting date. If the LTI Award does not become earned as of the last day of the performance period, each LTI Award automatically will be forfeited and terminated without consideration. The Company determined the fair value of the LTI awards using a Monte Carlo simulation model that determines the probability of satisfying the market condition stipulated in the award. The assumptions used in the Monte Carlo simulation model to determine the fair value of the LTI Awards during the nine months ended September 30, 2024 are as follows: Risk-free interest rate 4.36 % Expected stock price volatility 95.0 % Expected dividend yield 0.0 % Fair value on grant date $ 5.08 The LTI Awards, to the extent vested, can be settled in cash or shares of Company Class A common stock (as determined by the Compensation Committee of the Board in its discretion). As of September 30, 2024, the Company has the intent and ability to settle the LTI Awards in shares of the Company’s Class A common stock. As of September 30, 2024, the Company had $ 2.8 million of unrecognized stock-based compensation expense related to the LTI Awards. This expense is expected to be recognized over a weighted average period of 3.20 years. Stock Options The following summarizes stock option activity during the nine months ended September 30, 2024: Number of (in thousands) Weighted- Weighted Average (in years) Aggregate (in thousands) Outstanding as of December 31, 2023 1,078 $ 12.04 4.26 $ 1,686 Granted — — Exercised ( 6 ) 2.95 Forfeited, canceled or expired ( 123 ) 18.71 Outstanding as of September 30, 2024 949 11.23 3.48 237 Exercisable as of September 30, 2024 925 11.00 3.40 237 Vested and expected to vest as of September 30, 2024 949 11.23 3.48 237 The total intrinsic value of stock options exercised during the nine months ended September 30, 2024 and 2023 wa s less than $ 0.1 million and $ 0.1 million, respectively. As of September 30, 2024, the Company had unrecognized stock-based compensation expense related to unvested stock options of $ 0.4 million. This expense is expected to be recognized over a weighted average period of 0.75 years. The fair value of stock options that vested during the nine months ended September 30, 2024 and 2023 was $ 0.7 million and $ 1.5 million, respectively. Stock-based Compensation Expense The following details stock-based compensation expense for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Sales, marketing and operating $ 69 $ 650 $ 2,374 $ 1,479 General and administrative 561 1,242 4,956 4,155 Technology and development 85 125 501 281 Stock-based compensation expense $ 715 $ 2,017 $ 7,831 $ 5,915

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	Note 12. Variable Interest Entities The Company formed certain special purpose entities (each, an “SPE”) to purchase and sell residential properties. Each SPE is a wholly-owned subsidiary of the Company and a separate legal entity, and neither the assets nor credit of any such SPE are available to satisfy the debts and other obligations of any affiliate or other entity. The credit facilities are secured by the assets and equity of one or more SPEs. These SPEs are variable interest entities, and the Company is the primary beneficiary as it has the power to control the activities that most significantly impact the SPEs’ economic performance and the obligation to absorb losses of the SPEs or the right to receive benefits from the SPEs that could potentially be significant to the SPEs. The SPEs are consolidated within the Company’s condensed consolidated financial statements. The following summarizes the assets and liabilities related to the VIEs as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Assets Restricted cash $ 9,922 $ 3,867 Accounts receivable 1,897 6,782 Real estate inventory 256,472 276,500 Prepaid expenses and other current assets 379 1,588 Total assets $ 268,670 $ 288,737 Liabilities Accounts payable $ 1,124 $ 1,798 Accrued and other current liabilities 1,595 2,027 Secured credit facilities and other debt, net 250,845 257,224 Total liabilities $ 253,564 $ 261,049

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 13. Earnings Per Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares plus the incremental effect of dilutive potential common shares outstanding during the period. In periods when losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. The components of basic and diluted earnings per share are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2024 2023 2024 2023 Numerator: Net loss $ ( 13,537 ) $ ( 19,986 ) $ ( 44,834 ) $ ( 101,777 ) Denominator: Weighted average common shares outstanding, basic 27,439 27,276 27,388 26,079 Dilutive effect of stock options (1) — — — — Dilutive effect of restricted stock units (1) — — — — Weighted average common shares outstanding, diluted 27,439 27,276 27,388 26,079 Net loss per share, basic $ ( 0.49 ) $ ( 0.73 ) $ ( 1.64 ) $ ( 3.90 ) Net loss per share, diluted $ ( 0.49 ) $ ( 0.73 ) $ ( 1.64 ) $ ( 3.90 ) Anti-dilutive securities excluded from diluted loss per share: Anti-dilutive stock options (1) 817 612 919 903 Anti-dilutive restricted stock units (1) 780 282 135 144 Anti-dilutive performance-based restricted stock units 115 119 118 125 Anti-dilutive warrants 1,452 1,452 1,452 1,452 (1) Due to the net loss during each of the three and nine months ended September 30, 2024 and 2023 , no dilutive securities were included in the calculation of diluted loss per share because they would have been anti-dilutive.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes The Company determines its interim tax provision by applying the estimated effective income tax rate expected to be applicable for the full fiscal year to its income (loss) before income taxes for the period. The Company’s effective tax rate is dependent on several factors, such as tax rates in state jurisdictions and the relative amount of income the Company earns in the respective jurisdiction. The Company recorded income tax expense of less than $ 0.1 million during each of the three months ended September 30, 2024 and 2023, respectively, and $ 0.1 million and $ 0.2 million during the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective tax rate was an expense of 0.2 % and less than 0.1 % for the three months ended September 30, 2024 and 2023, respectively, and 0.2 % for each of the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective tax rate during the three and nine months ended September 30, 2024 differed from the federal statutory rate of 21 % primarily due to net operating loss carryforwards and state taxes. The valuation allowance recorded against our net deferred tax assets was $ 111.0 million as of September 30, 2024. As of September 30, 2024, we continue to have a full valuation allowance recorded against all deferred tax assets and will continue to evaluate our valuation allowance in future periods for any change in circumstances that causes a change in judgment about the realizability of the deferred tax assets. The amount of the deferred tax assets considered realizable, however, could be adjusted in future periods if estimates of future taxable income during the carryforward period are increased, if objective negative evidence in the form of cumulative losses is no longer present, and if we employ tax planning strategies in the future. The Internal Revenue Code contains provisions that limit the utilization of net operating loss carryforwards and tax credit carryforwards if there has been an ownership change. Such ownership change, as described in Section 382 of the Internal Revenue Code, may limit the Company’s ability to utilize its net operating loss carryforwards and tax credit carryforwards on a yearly basis. To the extent that any single-year limitation is not utilized to the full amount of the limitation, such unused amounts are carried over to subsequent years until the earlier of utilization or the expiration of the relevant carryforward period. The Company determined that an ownership change occurred on February 10, 2017. An analysis was performed and while utilization of net operating losses would be limited in years prior to December 31, 2020, subsequent to that date, there is no limitation on the Company’s ability to utilize its net operating losses. As such, the ownership change has no impact to the carrying value of the Company’s net operating loss carryforwards or ability to use them in future years.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	Note 15. Related-Party Transactions LL Credit Facilities As of September 30, 2024 , we have one senior secured credit facility with a related party and two mezzanine secured credit facilities with a related party (the “LL Credit Facilities”) . The following summarizes certain details related to these facilities: As of September 30, 2024 As of December 31, 2023 ($ in thousands) Borrowing Outstanding Borrowing Outstanding Senior secured credit facility with a related party $ 50,000 $ 13,330 $ 50,000 $ 6,289 Mezzanine secured credit facilities with a related party $ 92,000 $ 21,076 $ 92,000 $ 23,803 Since October 2016, we have been party to a loan and security agreement (the “LL Funds Loan Agreement”), with LL Private Lending Fund, L.P. and LL Private Lending Fund II, L.P., both of which are affiliates of LL Capital Partners I, L.P., which holds more than 5 % of our Class A common stock. Additionally, Roberto Sella, who is a member of our Board and holds more than 5% of our Class A common stock, is the managing partner of LL Funds. The LL Funds Loan Agreement is comprised of a senior secured credit facility and a mezzanine secured credit facility, under which we may borrow funds up to a maximum principal amount of $ 50.0 million and $ 22.0 million, respectively. The LL Funds Loan Agreement also provides us with the option to borrow above the fully committed borrowing capacity, subject to the lender’s discretion. Refer to Note 7. Credit Facilities and Other Debt , for further details about the facilities under the LL Funds Loan Agreement. Since March 2020, we have also been party to a mezzanine loan and security agreement (the “LL Mezz Loan Agreement”), with LL Private Lending Fund II, L.P., which is an affiliate of LL Capital Partners I, L.P. Under the LL Mezz Loan Agreement, we may borrow funds up to a maximum principal amount of $ 70.0 million. Refer to Note 7. Credit Facilities and Other Debt , for further details about the mezzanine facility under the LL Mezz Loan Agreement. We paid interest for borrowings under the LL Credit Facilities of $ 1.0 million and $ 0.8 million during the three months ended September 30, 2024 and 2023, respectively, and $ 2.8 million and $ 3.0 million during the nine months ended September 30, 2024 and 2023, respectively. Use of First American Financial Corporation’s Services First American Financial Corporation (“First American”), which holds more than 5 % of our Class A common stock, through its subsidiaries is a provider of title insurance and settlement services for real estate transactions and a provider of property data services. Additionally, Kenneth DeGiorgio, who is a member of the Company’s Board, is the chief executive officer of First American. We use First American’s services in the ordinary course of our home-buying and home-selling activities. We paid First American $ 1.1 million and $ 1.6 million during the three months ended September 30, 2024 and 2023, respectively, and $ 4.3 million and $ 5.9 million d uring the nine months ended September 30, 2024 and 2023, respectively, for its services, inclusive of the fees for property data services. Compensation of Immediate Family Members of Brian Bair During each of the three and nine months ended September 30, 2024 and 2023, Offerpad employed t wo of Brian Bair’s brothers, along with Mr. Bair’s sister-in-law. The following details the total compensation paid to Mr. Bair’s brothers and Mr. Bair’s sister-in-law, which includes both base salary and annual performance-based cash incentives during the respective year-to-date periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Mr. Bair’s brother 1 $ 114 $ 114 $ 376 $ 582 Mr. Bair’s brother 2 (1) 108 108 353 548 Mr. Bair’s sister-in-law 41 33 108 113 $ 263 $ 255 $ 837 $ 1,243 (1) Mr. Casey Bair separated from service with the Company in August 2024 and is receiving severance payments in connection with his separation. During the nine months ended September 30, 2024, Mr. Bair’s brothers and Mr. Bair’s sister-in-law received the following restricted stock unit awards: Mr. Bair’s brother 1 42,500 Mr. Bair’s brother 2 (1) 40,000 Mr. Bair’s sister-in-law 6,000 88,500 (1) This restricted stock unit award was forfeited by Mr. Casey Bair in connection with his separation from service in August 2024. During the nine months ended September 30, 2024, the Company amended certain terms and conditions associated with the LTI Awards granted to Mr. Bair’s brothers and Mr. Bair’s sister-in-law in 2023, including the performance period, price per share goals and sharing rates. In connection with Mr. Casey Bair’s separation from service, all unvested equity awards, including this LTI Award, were forfeited. Refer to Note 11. Stock-Based Awards , for further details. Warehouse Lending Facility with FirstFunding, Inc. During 2022 , Offerpad Mortgage, LLC (“Offerpad Home Loans” or “OPHL”), a wholly-owned subsidiary of the Company, entered into a warehouse lending facility with FirstFunding, Inc., a wholly-owned subsidiary of First American, which holds more than 5 % of our Class A common stock. Offerpad Home Loans used the warehouse lending facility to fund mortgag e loans it originated and then sold to third-party mortgage servicers. During April 2024, the warehouse lending facility expired and was not renewed. The fees paid under the facility were immaterial during the periods in which the facility was used. Pre-Funded Warrants During January 2023, the Company sold and issued pre-funded warrants to purchase shares of the Company’s Class A common stock which were subsequently exercised in full during 2023. The investors included Brian Bair, Roberto Sella, First American, and Kenneth DeGiorgio. Refer to Note 10. Stockholders’ Equity , for further details.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16. Commitments and Contingencies Homes Purchase Commitments As of September 30, 2024, the Company was under contract to purchase 218 homes for an aggregate purchase price of $ 59.9 million. Lease Commitments The Company has entered into operating lease agreements for its existing corporate headquarters in Chandler, Arizona, its future corporate headquarters in Tempe, Arizona, and field office facilities in most of the metropolitan markets in which the Company operates in the United States. Refer to Note 5. Leases , for further details. Legal and Other Matters The Company is subject to various actions, claims, suits and other legal proceedings that arise in the ordinary course of business, including, without limitation, assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related matters. The Company records accruals for loss contingencies when it is probable that a loss will occur, and the amount of such loss can be reasonably estimated. The Company is not currently a party to any actions, claims, suits or other legal proceedings arising in the ordinary course of business, the outcome of which, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on the Company’s condensed consolidated financial statements. The following is a description of pending litigation that falls outside the scope of ordinary and routine litigation incidental to the Company’s business. Class Action Alleging Breach of Fiduciary Duties On August 26, 2024, a purported stockholder of Offerpad filed a complaint against Alexander Klabin, Spencer Rascoff, Ken Fox, Jim Lanzone, Gregg Renfrew, Rajeev Singh, Robert Reid, Michael Clifton, Supernova Partners, LLC (the “Supernova Defendants”), Brian Bair, and Michael Burnett (the “Offerpad Defendants”). The complaint is captioned Jandreau v. Klabin, C.A. No. 2024-0887 (Del. Ch.) (the “Complaint”). The Complaint generally alleges that the Supernova Defendants breached their fiduciary duties, with the Offerpad Defendants aiding and abetting these breaches, in connection with the merger between OfferPad, Inc. and Supernova Partners Acquisition Company, Inc. on September 1, 2021. The Complaint seeks, among other things, monetary damages, disgorgement of any unjust enrichment, rescissory damages, pre-judgment and post-judgment interest, and reasonable attorneys’ fees and costs. On September 19, 2024, proceedings related to the Complaint were temporarily stayed. Offerpad disputes the allegations in the Complaint and intends to vigorously defend against them. The Company is unable to reasonably estimate the potential loss or range of loss associated with this matter.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 17. Subsequent Events The Company has determined that there have been no events that have occurred that would require recognition in the condensed consolidated financial statements or additional disclosure herein.

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Description of Business	Description of Business Offerpad, dedicated to simplifying the process of buying and selling homes, is committed to providing comprehensive solutions that remove the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cash offers to B2B renovation solutions and industry partnership programs, all tailored to meet the unique needs of our clients. Since 2015, we’ve leveraged local expertise in residential real estate alongside proprietary technology to guide homeowners at every step. The Company is currently headquartered in Chandler, Arizona and operates in over 1,800 cities and towns in 26 metropolitan markets across 17 states as of September 30, 2024 .
Basis of Presentation and Interim Financial Information	Basis of Presentation and Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to GAAP and SEC rules and regulations. Accordingly, the unaudited interim condensed consolidated financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. Therefore, this information should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Company’s 2023 Annual Report on Form 10-K as filed with the SEC on February 27, 2024. The accompanying financial information reflects all adjustments which are, in the opinion of the Comp any’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant estimates include those related to the net realizable value of real estate inventory, among others. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The Company’s condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company, its wholly-owned operating subsidiaries and variable interest entities where the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Real Estate Inventory	Real Estate Inventory Real estate inventory consists of acquired homes and is stated at the lower of cost or net realizable value, with cost and net realizable value determined by the specific identification of each home. Costs include initial purchase costs and renovation costs, as well as holding costs and interest incurred during the renovation period, prior to the listing date. Selling costs, including commissions and holding costs incurred after the listing date, are expensed as incurred and included in sales, marketing and operating expenses. The Company reviews real estate inventory for valuation adjustments on a quarterly basis, or more frequently if events or changes in circumstances indicate that the carrying value of real estate inventory may not be recoverable. The Company evaluates real estate inventory for indicators that net realizable value is lower than cost at the individual home level. The Company generally considers multiple factors in determining net realizable value for each home, including recent comparable home sale transactions in the specific area where the home is located, the residential real estate market conditions in both the local market in which the home is located and in the U.S. in general, the impact of national, regional or local economic conditions and expected selling costs. When evidence exists that the net realizable value of real estate inventory is lower than its cost, the difference is recognized as a real estate inventory valuation adjustment in cost of revenue and the related real estate inventory is adjusted to its net realizable value. For individual homes or portfolios of homes under contract to sell as of the real estate inventory valuation assessment date, if the carrying value exceeds the contract price less expected selling costs, the carrying value of these homes are adjusted to the contract price less expected selling costs. For all other homes, if the carrying value exceeds the expected sale price less expected selling costs, the carrying value of these homes are adjusted to the expected sale price less expected selling costs. Changes in the Company’s pricing assumptions may lead to a change in the outcome of the real estate inventory valuation analysis, and actual results may differ from the Company’s assumptions. The Company recorded real estate inventory valuation adjustments of $ 0.8 million and $ 0.9 million during the three months ended September 30, 2024 and 2023, respectively, and $ 2.0 million and $ 8.4 million during the nine months ended September 30, 2024 and 2023, respectively. Refer to Note 2. Real Estate Inventory , for further details.
Recent Accounting Standards	Recent Accounting Standards Income Tax Disclosures In December 2023, the FASB issued a new standard which is intended to improve an entity’s income tax disclosures, primarily through disaggregated information about an entity’s effective income tax rate reconciliation and additional disclosures about income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024. Accordingly, the new standard is effective for the Company on January 1, 2025 on a prospective basis. The Company is currently evaluating the impact that the standard will have on its condensed consolidated financial statements. Segment Reporting In November 2023, the FASB issued a new standard which is intended to improve disclosures about an entity’s reportable segments, primarily through enhanced disclosures about significant segment expenses. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Accordingly, the new standard is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, using a retrospective approach. The Company is currently evaluating the impact that the standard will have on its condensed consolidated financial statements.

Real Estate Inventory (Tables)

Real Estate Inventory (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of real estate inventory, net of applicable lower of cost or net realizable value adjustments, consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Homes preparing for and under renovation $ 29,737 $ 53,116 Homes listed for sale 169,433 148,648 Homes under contract to sell 57,302 74,736 Real estate inventory $ 256,472 $ 276,500

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Rooftop solar panel systems $ 4,999 $ 5,075 Leasehold improvements 1,071 1,130 Office equipment and furniture 781 837 Software systems 386 386 Computers and equipment 265 265 Construction in progress 1,277 32 Property and equipment, gross 8,779 7,725 Less: accumulated depreciation ( 3,589 ) ( 3,208 ) Property and equipment, net $ 5,190 $ 4,517

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Company Operating Lease Liability Maturities	The Company’s operating lease liability maturities as of September 30, 2024 are as follows: ($ in thousands) Remainder of 2024 $ 518 2025 2,794 2026 2,089 2027 1,949 2028 1,922 2029 1,974 Thereafter 11,862 Total future lease payments 23,108 Less: Imputed interest ( 6,889 ) Less: Tenant incentive receivable ( 4,649 ) Total lease liabilities $ 11,570
Schedule of Company Operating Lease Right of Use Assets and Operating Lease Liabilities	The Company’s operating lease right-of-use assets and operating lease liabilities, and the associated financial statement line items, are as follows as of the respective period ends: September 30, December 31, ($ in thousands) Financial Statement Line Items 2024 2023 Right-of-use assets Other non-current assets $ 9,123 $ 3,338 Lease liabilities: Current liabilities Accrued and other current liabilities 1,416 2,271 Non-current liabilities Other long-term liabilities 10,154 1,418 Total lease liabilities $ 11,570 $ 3,689

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued and Other Liabilities	Accrued and other current liabilities consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Home renovation $ 3,150 $ 3,534 Payroll and other employee related expenses 1,671 3,200 Interest 1,563 1,989 Operating lease liabilities 1,416 2,271 Marketing 485 999 Legal and professional obligations 312 392 Other 1,493 1,474 Accrued and other current liabilities $ 10,090 $ 13,859

Credit Facilities and Other D_2

Credit Facilities and Other Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Line Of Credit Facility [Line Items]
Schedule of Carrying Values of Company Debt	The carrying value of the Company’s credit facilities and other debt consists of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Credit facilities and other debt, net Senior secured credit facilities with financial institutions $ 197,020 $ 216,654 Senior secured credit facility with a related party 13,330 6,289 Mezzanine secured credit facilities with financial institutions 20,252 12,704 Mezzanine secured credit facilities with a related party 21,076 23,803 Debt issuance costs ( 833 ) ( 2,226 ) Total credit facilities and other debt, net 250,845 257,224 Current portion - credit facilities and other debt, net Total credit facilities and other debt, net 216,439 227,132 Total credit facilities and other debt - related party 34,406 30,092 Total credit facilities and other debt, net $ 250,845 $ 257,224
Summary of Company Senior Secured Credit Facilities	The following summarizes certain details related to the Company’s senior secured credit facilities (in thousands, except interest rates): Borrowing Capacity Outstanding Weighted- End of Final As of September 30, 2024 Committed Uncommitted Total Amount Rate Period Date Senior financial institution 1 $ 150,000 $ 250,000 $ 400,000 $ 98,142 8.09 % December 2025 June 2026 Senior financial institution 2 100,000 100,000 200,000 37,190 8.07 % January 2025 July 2025 Senior financial institution 3 100,000 50,000 150,000 52,952 8.54 % January 2025 April 2025 Related party 30,000 20,000 50,000 13,330 10.31 % March 2025 September 2025 Senior financial institution 4 — 30,000 30,000 8,736 9.82 % August 2025 February 2026 Senior secured credit facilities $ 380,000 $ 450,000 $ 830,000 $ 210,350 Borrowing Capacity Outstanding Weighted- As of December 31, 2023 Committed Uncommitted Total Amount Rate Senior financial institution 1 $ 200,000 $ 200,000 $ 400,000 $ 135,676 7.91 % Senior financial institution 2 100,000 100,000 200,000 55,541 7.61 % Senior financial institution 3 100,000 50,000 150,000 6,453 7.11 % Related party 30,000 20,000 50,000 6,289 10.05 % Senior financial institution 4 30,000 45,000 75,000 18,984 8.42 % Senior secured credit facilities $ 460,000 $ 415,000 $ 875,000 $ 222,943
Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Summary of Company Senior Secured Credit Facilities	The following summarizes certain details related to the Company’s mezzanine secured credit facilities (in thousands, except interest rates): Borrowing Capacity Outstanding Weighted- End of Final As of September 30, 2024 Committed Uncommitted Total Amount Rate Period Date Related party facility 1 $ 45,000 $ 25,000 $ 70,000 $ 16,752 13.82 % June 2025 December 2025 Mezzanine financial institution 1 22,500 22,500 45,000 7,702 13.92 % January 2025 July 2025 Mezzanine financial institution 2 26,667 13,333 40,000 12,550 12.54 % January 2025 April 2025 Related party facility 2 8,000 14,000 22,000 4,324 13.81 % March 2025 September 2025 Mezzanine secured credit facilities $ 102,167 $ 74,833 $ 177,000 $ 41,328 Borrowing Capacity Outstanding Weighted- As of December 31, 2023 Committed Uncommitted Total Amount Rate Related party facility 1 $ 45,000 $ 25,000 $ 70,000 $ 22,250 11.56 % Mezzanine financial institution 1 22,500 22,500 45,000 11,198 12.79 % Mezzanine financial institution 2 26,667 13,333 40,000 1,506 9.55 % Related party facility 2 8,000 14,000 22,000 1,553 13.05 % Mezzanine secured credit facilities $ 102,167 $ 74,833 $ 177,000 $ 36,507

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s liabilities that are measured at fair value on a recurring basis consist of the following (in thousands): As of September 30, 2024 Quoted Prices in Significant Other Significant Public warrant liabilities $ 48 $ — $ — Private placement warrant liabilities $ — $ — $ 74 As of December 31, 2023 Quoted Prices in Significant Other Significant Public warrant liabilities $ 305 $ — $ — Private placement warrant liabilities $ — $ — $ 166
Schedule of Changes in Private Placement Warrant Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs	The following summarizes the changes in the Company’s private placement warrant liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Beginning balance $ 78 $ 171 $ 166 $ 196 Change in fair value of private placement warrants included in net loss ( 4 ) ( 34 ) ( 92 ) ( 59 ) Ending balance $ 74 $ 137 $ 74 $ 137

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of RSU award activity	The following summarizes RSU award activity during the nine months ended September 30, 2024: Number of (in thousands) Weighted Average Outstanding as of December 31, 2023 250 $ 29.77 Granted 916 5.21 Vested and settled ( 136 ) 25.50 Forfeited ( 129 ) 9.96 Outstanding as of September 30, 2024 901 8.28
Summary of PSU award activity	The following summarizes PSU award activity during the nine months ended September 30, 2024: Number of (in thousands) Weighted Average Outstanding as of December 31, 2023 119 $ 70.81 Granted — — Vested — — Forfeited ( 8 ) 70.81 Outstanding as of September 30, 2024 111 70.81
Schedule of Assumptions Used	The assumptions used in the Monte Carlo simulation model to determine the fair value of the LTI Awards during the nine months ended September 30, 2024 are as follows: Risk-free interest rate 4.36 % Expected stock price volatility 95.0 % Expected dividend yield 0.0 % Fair value on grant date $ 5.08
Summary of Stock Option Activity	The following summarizes stock option activity during the nine months ended September 30, 2024: Number of (in thousands) Weighted- Weighted Average (in years) Aggregate (in thousands) Outstanding as of December 31, 2023 1,078 $ 12.04 4.26 $ 1,686 Granted — — Exercised ( 6 ) 2.95 Forfeited, canceled or expired ( 123 ) 18.71 Outstanding as of September 30, 2024 949 11.23 3.48 237 Exercisable as of September 30, 2024 925 11.00 3.40 237 Vested and expected to vest as of September 30, 2024 949 11.23 3.48 237
Schedule of stock-based compensation expense	The following details stock-based compensation expense for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Sales, marketing and operating $ 69 $ 650 $ 2,374 $ 1,479 General and administrative 561 1,242 4,956 4,155 Technology and development 85 125 501 281 Stock-based compensation expense $ 715 $ 2,017 $ 7,831 $ 5,915

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Variable Interest Entities [Abstract]
Summary of Assets and Liabilities Related to VIEs	The following summarizes the assets and liabilities related to the VIEs as of the respective period ends: September 30, December 31, ($ in thousands) 2024 2023 Assets Restricted cash $ 9,922 $ 3,867 Accounts receivable 1,897 6,782 Real estate inventory 256,472 276,500 Prepaid expenses and other current assets 379 1,588 Total assets $ 268,670 $ 288,737 Liabilities Accounts payable $ 1,124 $ 1,798 Accrued and other current liabilities 1,595 2,027 Secured credit facilities and other debt, net 250,845 257,224 Total liabilities $ 253,564 $ 261,049

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Components of Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2024 2023 2024 2023 Numerator: Net loss $ ( 13,537 ) $ ( 19,986 ) $ ( 44,834 ) $ ( 101,777 ) Denominator: Weighted average common shares outstanding, basic 27,439 27,276 27,388 26,079 Dilutive effect of stock options (1) — — — — Dilutive effect of restricted stock units (1) — — — — Weighted average common shares outstanding, diluted 27,439 27,276 27,388 26,079 Net loss per share, basic $ ( 0.49 ) $ ( 0.73 ) $ ( 1.64 ) $ ( 3.90 ) Net loss per share, diluted $ ( 0.49 ) $ ( 0.73 ) $ ( 1.64 ) $ ( 3.90 ) Anti-dilutive securities excluded from diluted loss per share: Anti-dilutive stock options (1) 817 612 919 903 Anti-dilutive restricted stock units (1) 780 282 135 144 Anti-dilutive performance-based restricted stock units 115 119 118 125 Anti-dilutive warrants 1,452 1,452 1,452 1,452 (1) Due to the net loss during each of the three and nine months ended September 30, 2024 and 2023 , no dilutive securities were included in the calculation of diluted loss per share because they would have been anti-dilutive.

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transaction [Line Items]
Summary of Related Parties	The following details the total compensation paid to Mr. Bair’s brothers and Mr. Bair’s sister-in-law, which includes both base salary and annual performance-based cash incentives during the respective year-to-date periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Mr. Bair’s brother 1 $ 114 $ 114 $ 376 $ 582 Mr. Bair’s brother 2 (1) 108 108 353 548 Mr. Bair’s sister-in-law 41 33 108 113 $ 263 $ 255 $ 837 $ 1,243 (1) Mr. Casey Bair separated from service with the Company in August 2024 and is receiving severance payments in connection with his separation.
Grants of Equity Awards to Related Parties	During the nine months ended September 30, 2024, Mr. Bair’s brothers and Mr. Bair’s sister-in-law received the following restricted stock unit awards: Mr. Bair’s brother 1 42,500 Mr. Bair’s brother 2 (1) 40,000 Mr. Bair’s sister-in-law 6,000 88,500 (1) This restricted stock unit award was forfeited by Mr. Casey Bair in connection with his separation from service in August 2024.
LL Credit Facilities [Member]
Related Party Transaction [Line Items]
Summary of Related Parties	The following summarizes certain details related to these facilities: As of September 30, 2024 As of December 31, 2023 ($ in thousands) Borrowing Outstanding Borrowing Outstanding Senior secured credit facility with a related party $ 50,000 $ 13,330 $ 50,000 $ 6,289 Mezzanine secured credit facilities with a related party $ 92,000 $ 21,076 $ 92,000 $ 23,803

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real estate inventory valuation adjustment	$ 800	$ 900	$ 2,016	$ 8,372

Real Estate Inventory - Schedul

Real Estate Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Homes preparing for and under renovation	$ 29,737	$ 53,116
Homes listed for sale	169,433	148,648
Homes under contract to sell	57,302	74,736
Real estate inventory	$ 256,472	$ 276,500

Derivative Financial Instrume_2

Derivative Financial Instruments (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Derivative [Line Items]
Payment to acquire option		$ 2.6
Changes in the fair value of derivative instruments	$ 2.7	$ 2

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,779	$ 7,725
Less: accumulated depreciation	(3,589)	(3,208)
Property and equipment, net	5,190	4,517
Rooftop Solar Panel Systems
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,999	5,075
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,071	1,130
Office Equipment and Furniture
Property Plant And Equipment [Line Items]
Property and equipment, gross	781	837
Software Systems
Property Plant And Equipment [Line Items]
Property and equipment, gross	386	386
Computers and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	265	265
Construction In Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,277	$ 32

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 200	$ 200	$ 464	$ 556

Leases - Schedule of Company Op

Leases - Schedule of Company Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 518
2025	2,794
2026	2,089
2027	1,949
2028	1,922
2029	1,974
Thereafter	11,862
Total future lease payments	23,108
Less: Imputed interest	(6,889)
Less: Tenant incentive receivable	(4,649)
Total lease liabilities	$ 11,570	$ 3,689

Leases - Schedule of Company _2

Leases - Schedule of Company Operating Lease Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets	$ 9,123	$ 3,338
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent
Operating Lease, Liability, Current	$ 1,416	2,271
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities
Operating Lease, Liability, Noncurrent	$ 10,154	1,418
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Operating Lease, Liability, Total	$ 11,570	$ 3,689

Leases (Additional Information)

Leases (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	$ 0.8	$ 0.6	$ 2.6	$ 1.8
Short-Term Lease, Cost	0.1	0.1	0.1	0.1
Leases Incentive Allowances	0.9		$ 1.2
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0
Operating Lease, Weighted Average Remaining Lease Term	9 years 3 months 18 days		9 years 3 months 18 days		1 year 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	7.20%		7.20%		4.30%
Measurement Of Operating Lease Liabilities [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Payments	$ 0.9	0.6	$ 1.8	1.8
Acquired Operating Lease Liabilities [Member]
Lessee, Lease, Description [Line Items]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 0	$ 7.9	$ 0
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Lease Term	10 years		10 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Lease Term	1 year		1 year

Accrued And Other Liabilities -

Accrued And Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Home renovation	$ 3,150	$ 3,534
Payroll and other employee related expenses	1,671	3,200
Operating lease liabilities	1,416	2,271
Marketing	485	999
Interest	1,563	1,989
Legal and professional obligations	312	392
Other	1,493	1,474
Accrued and other current liabilities	$ 10,090	$ 13,859

Accrued And Other Liabilities_2

Accrued And Other Liabilities (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Payables and Accruals [Abstract]
Advertising expenses	$ 2.2	$ 8.6	$ 10.1	$ 27.5

Credit Facilities and Other D_3

Credit Facilities and Other Debt - Schedule of Carrying Values of the Company's Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Credit facilities and notes payable, net
Debt issuance costs	$ (833)	$ (2,226)
Total credit facilites and notes payable, net	250,845	257,224
Current portion - credit facilities and notes payable, net
Total credit facilities and notes payable	216,439	227,132
Total credit facilities and notes payable, net - related party	34,406	30,092
Total credit facilites and notes payable, net	250,845	257,224
Senior Secured Credit Facilities [Member]
Credit facilities and notes payable, net
Secured credit facilities	13,330	6,289
Senior Secured Credit Facilities [Member] | Financial Institutions [Member]
Credit facilities and notes payable, net
Secured credit facilities	197,020	216,654
Mezzanine Secured Credit Facilities [Member]
Credit facilities and notes payable, net
Secured credit facilities	21,076	23,803
Mezzanine Secured Credit Facilities [Member] | Financial Institutions [Member]
Credit facilities and notes payable, net
Secured credit facilities	$ 20,252	$ 12,704

Credit Facilities and Other D_4

Credit Facilities and Other Debt - Schedule of Company's Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Senior Secured Credit Facilities With Financial Institutions [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 380,000	$ 460,000
Uncommitted amount	450,000	415,000
Borrowing Capacity	830,000	875,000
Outstanding Amount	210,350	222,943
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	50,000	50,000
Outstanding Amount	13,330	6,289
June 2026 Revolving Credit Facility [Member] | Senior Secured Credit Facilities With Financial Institutions 1 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	150,000	200,000
Uncommitted amount	250,000	200,000
Borrowing Capacity	400,000	400,000
Outstanding Amount	$ 98,142	$ 135,676
Weighted- Average Interest Rate	8.09%	7.91%
End of Revolving / Withdrawal Period	Dec. 31, 2025
Maturity Date	Jun. 30, 2026
July 2025 Revolving Credit Facility [Member] | Senior Secured Credit Facility With Financial Institution Two Member
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 100,000	$ 100,000
Uncommitted amount	100,000	100,000
Borrowing Capacity	200,000	200,000
Outstanding Amount	$ 37,190	$ 55,541
Weighted- Average Interest Rate	8.07%	7.61%
End of Revolving / Withdrawal Period	Jan. 31, 2025
Maturity Date	Jul. 31, 2025
April 2025 Revolving Credit Facility [Member] | Senior Secured Credit Facility With Financial Institution 3 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 100,000	$ 100,000
Uncommitted amount	50,000	50,000
Borrowing Capacity	150,000	150,000
Outstanding Amount	$ 52,952	$ 6,453
Weighted- Average Interest Rate	8.54%	7.11%
End of Revolving / Withdrawal Period	Jan. 31, 2025
Maturity Date	Apr. 30, 2025
September 2025 Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 30,000	$ 30,000
Uncommitted amount	20,000	20,000
Borrowing Capacity	50,000	50,000
Outstanding Amount	$ 13,330	$ 6,289
Weighted- Average Interest Rate	10.31%	10.05%
End of Revolving / Withdrawal Period	Mar. 31, 2025
Maturity Date	Sep. 30, 2025
February 2025 Revolving Credit Facility [Member] | Senior Secured Credit Facility With Financial Institution 4 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed		$ 30,000
Uncommitted amount		45,000
Borrowing Capacity		75,000
Outstanding Amount		$ 18,984
Weighted- Average Interest Rate		8.42%
February 2026 Revolving Credit Facility [Member] | Senior Secured Credit Facility With Financial Institution 4 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 0
Uncommitted amount	30,000
Borrowing Capacity	30,000
Outstanding Amount	$ 8,736
Weighted- Average Interest Rate	9.82%
End of Revolving / Withdrawal Period	Aug. 31, 2024
Maturity Date	Feb. 28, 2025

Credit Facilities and Other D_5

Credit Facilities and Other Debt - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Facility	Dec. 31, 2023 USD ($)
Common Class A [Member]
Line Of Credit Facility [Line Items]
Related party, holding percentage	5%
Financial Institutions [Member]
Line Of Credit Facility [Line Items]
Number of facilities | Facility	4
Related Parties [Member]
Line Of Credit Facility [Line Items]
Number of facilities | Facility	1
Senior Secured Credit Facilities With Financial Institutions [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 830,000	$ 875,000
Borrowing Capacity, Committed	$ 380,000	460,000
Senior Secured Credit Facility [Member]
Line Of Credit Facility [Line Items]
Number of facilities | Facility	5
Borrowing Capacity	$ 1,007,000
Borrowing Capacity, Committed	482,200
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	50,000	50,000
Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Borrowing Capacity	177,000	177,000
Borrowing Capacity, Committed	$ 102,167	$ 102,167

Credit Facilities and Notes Pay

Credit Facilities and Notes Payable - Schedule of Company's Mezzanine Secured Credit Facilities (Details) - Mezzanine Revolving Credit Facilities - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 102,167	$ 102,167
Uncommitted amount	74,833	74,833
Borrowing Capacity	177,000	177,000
Outstanding Amount	41,328	36,507
December 2025 Mezzanine Credit Facility With Related Party [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	45,000	45,000
Uncommitted amount	25,000	25,000
Borrowing Capacity	70,000	70,000
Outstanding Amount	$ 16,752	$ 22,250
Weighted- Average Interest Rate	13.82%	11.56%
End of Revolving / Withdrawal Period	Jun. 30, 2025
Maturity Date	Dec. 31, 2025
July 2025 Mezzanine Credit Facility With Related Party [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 22,500	$ 22,500
Uncommitted amount	22,500	22,500
Borrowing Capacity	45,000	45,000
Outstanding Amount	$ 7,702	$ 11,198
Weighted- Average Interest Rate	13.92%	12.79%
End of Revolving / Withdrawal Period	Jan. 31, 2025
Maturity Date	Jul. 31, 2025
April 2025 Mezzanine Credit Facility With Related Party [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 26,667	$ 26,667
Uncommitted amount	13,333	13,333
Borrowing Capacity	40,000	40,000
Outstanding Amount	$ 12,550	$ 1,506
Weighted- Average Interest Rate	12.54%	9.55%
End of Revolving / Withdrawal Period	Jan. 31, 2025
Maturity Date	Apr. 30, 2025
September 2025 Mezzanine Credit Facility With Related Party [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity, Committed	$ 8,000	$ 8,000
Uncommitted amount	14,000	14,000
Borrowing Capacity	22,000	22,000
Outstanding Amount	$ 4,324	$ 1,553
Weighted- Average Interest Rate	13.81%	13.05%
End of Revolving / Withdrawal Period	Mar. 31, 2025
Maturity Date	Sep. 30, 2024

Warrant Liabilities - Additiona

Warrant Liabilities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Derivative Warrant Liabilities [Line Items]
Warrants expiration period after completion of business combination or earlier upon redemption or liquidation date	Sep. 01, 2026
Class A Common Stock
Derivative Warrant Liabilities [Line Items]
Number of warrants or rights, excercisable	15
Warrants exercisable | $ / shares	$ 172.5
Class A Common Stock | Public Warrant
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	16,100,000
Class A Common Stock | Private Placement
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	5,700,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Quoted Prices in Active Markets for Identical Liabilities (Level 1) | Public Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	$ 48	$ 305
Significant Unobservable Inputs (Level 3) | Private Placement Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	$ 74	$ 166

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value of warrant liabilities	$ (14)	$ (131)	$ (349)	$ (177)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0	0	0
Public Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value of warrant liabilities	$ (100)	$ (100)	$ (300)	$ (100)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities Measured on Recurring Basis Unobservable Input Reconciliation (Details) - Private Placement Warrant - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 78	$ 171	$ 166	$ 196
Change in fair value of private placement warrants included in net loss	(4)	(34)	(92)	(59)
Ending balance	$ 74	$ 137	$ 74	$ 137

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class Of Stock [Line Items]
Shares authorized	2,100,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Proceeds from exercise of pre-funded warrants	$ 0	$ 11
Class A Common Stock
Class Of Stock [Line Items]
Shares authorized	2,000,000,000
Common stock, par value	$ 0.0001		$ 0.0001
Common stock, shares issued	27,361,414		27,233,000
Common stock, shares outstanding	27,361,414		27,233,000
Preferred Stock
Class Of Stock [Line Items]
Shares authorized	100,000,000
Common stock, par value	$ 0.0001
Pre Funded Warrants | Class A Common Stock
Class Of Stock [Line Items]
Class of warrants issued	10,700,000
Pre Funded Warrants | Private Placement
Class Of Stock [Line Items]
Proceeds from exercise of pre-funded warrants	$ 90,000

Stock Based Awards - Additional

Stock Based Awards - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 01, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option exercised, intrinsic value	$ 0.1	$ 0.1
Unrecognized stock based compensation expense	$ 0.4
Unrecognized stock based compensation expense, recognition period	9 months
Fair value of options vested	$ 0.7	1.5
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested	136,000
Unrecognized stock based compensation expense	$ 4.1
Unrecognized stock based compensation expense, recognition period	2 years 4 months 24 days
Fair value of options vested	$ 2.9	$ 2.7
Restricted Stock Units (RSUs) [Member] | Employee [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vesting period	3 years
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vesting period	3 months
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vesting period	3 years
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested	0
Unrecognized stock based compensation expense	$ 1.1
Unrecognized stock based compensation expense, recognition period	5 months 1 day
Long-Term Incentives (LTI) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 2.8
Unrecognized stock based compensation expense, recognition period	3 years 2 months 12 days
Class A Common Stock | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested	100,000
2021 Equity Incentive plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Available for Grant	1,877,908
Increase in Share Limit, Reserved for Issuance, Shares				122,360
2021 Equity Incentive plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved for issuance of shares under plan			1,755,548
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued	0
Number of Shares Available for Grant			175,554
Reserved for issuance of shares under plan	286,802
Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in Share Limit, Reserved for Issuance, Shares				111,248

Stock Based Awards - Summary of

Stock Based Awards - Summary of RSU award activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance | shares	250
Granted | shares	916
Vested and settled | shares	(136)
Forfeited | shares	(129)
Ending Balance | shares	901
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 29.77
Weighted Average Grant Date Fair Value, Granted | $ / shares	5.21
Weighted Average Grant Date Fair Value, Vested and Settled | $ / shares	25.5
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	9.96
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 8.28

Stock Based Awards - Summary _2

Stock Based Awards - Summary of PSU award activity (Details) - Performance-Based Restricted Stock Units [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance | shares	119
Granted | shares	0
Vested | shares	0
Forfeited | shares	(8)
Ending Balance | shares	111
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 70.81
Weighted Average Grant Date Fair Value, Granted | $ / shares	0
Weighted Average Grant Date Fair Value, Vested and Settled | $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	70.81
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 70.81

Stock-Based Awards - Summary LT

Stock-Based Awards - Summary LTI Awards using a Monte Carlo simulation model (Details) - Long-Term Incentives (LTI) [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.36%
Expected volatility	95%
Dividend yield	0%
Fair value on grant date	$ 5.08

Stock Based Awards - Summary _3

Stock Based Awards - Summary of Stock Option Activity (Details) - Employee Stock Option $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options, Outstanding at beginning of period | shares	1,078
Options, Granted | shares	0
Options, Excercised | shares	(6)
Options, Forfeited, canceled or expired | shares	(123)
Options, Outstanding at end of period | shares	949	1,078
Options, Exercisable | shares	925
Options, Vested and expected to vest | shares	949
Weighted Average Exercise Price
Weighted average exercise price per share, Outstanding beginning of period | $ / shares	$ 12.04
Weighted average exercise price per share, Granted | $ / shares	0
Weighted average exercise price per share, Exercised | $ / shares	2.95
Weighted average exercise price per share, Forfeited, canceled or expired | $ / shares	18.71
Weighted average exercise price per share, Outstanding at end of period | $ / shares	11.23	$ 12.04
Weighted average exercise price per share, Exercisable | $ / shares	11
Weighted average exercise price per share, Vested and expected to vest | $ / shares	$ 11.23
Weighted average remaining contractual term	3 years 5 months 23 days	4 years 3 months 3 days
Weighted average remaining contractual term, Exercisable	3 years 4 months 24 days
Weighted average remaining contractual term, Vested and expected to vest	3 years 5 months 23 days
Aggregate intrinsic value, Outstanding beginning of period | $	$ 1,686
Aggregate intrinsic value, Outstanding end of period | $	237	$ 1,686
Aggregate intrinsic value, Exercisable | $	237
Aggregate intrinsic value, Vested and expected to vest | $	$ 237

Stock Based Awards - Summary _4

Stock Based Awards - Summary of stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 715	$ 2,017	$ 7,831	$ 5,915
Sales, Marketing and Operating [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	69	650	2,374	1,479
General and Administrative [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	561	1,242	4,956	4,155
Technology and Development [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 85	$ 125	$ 501	$ 281

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities Related to VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets
Restricted Cash		$ 9,922		$ 7,409
Accounts receivable		5,589	$ 9,935
Real estate inventory		256,472	276,500
Prepaid expenses and other current assets		2,553	5,236
Total assets	[1]	338,488	379,694
Liabilities
Accounts payable		2,564	4,946
Total liabilities	[2]	273,775	277,918
Variable Interest Entity [Member]
Assets
Restricted Cash		9,922	3,867
Accounts receivable		1,897	6,782
Real estate inventory		256,472	276,500
Prepaid expenses and other current assets		379	1,588
Total assets		268,670	288,737
Liabilities
Accounts payable		1,124	1,798
Accrued and other current liabilities		1,595	2,027
Secured credit facilities and other debt, net		250,845	257,224
Total liabilities		$ 253,564	$ 261,049
[1] Our consolidat ed assets as of September 30, 2024 and December 31, 2023 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $ 9,922 and $ 3,867 ; Accounts receivable, $ 1,897 and $ 6,782 ; Real estate inventory, $ 256,472 and $ 276,500 ; Prepaid expenses and other current assets, $ 379 and $ 1,588 ; Total assets of $ 268,670 and $ 288,737 , respectively. Our consolidated liabilities as of September 30, 2024 and December 31, 2023 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $ 1,124 and $ 1,798 ; Accrued and other current liabilities, $ 1,595 and $ 2,027 ; Secured credit facilities and other debt, net, $ 250,845 and $ 257,224 ; Total liabilities, $ 253,564 and $ 261,049 , respectively.

Earnings Per Share - Summary of

Earnings Per Share - Summary of Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net loss		$ (13,537)	$ (19,986)	$ (44,834)	$ (101,777)
Weighted average common shares outstanding, basic		27,439	27,276	27,388	26,079
Dilutive effect of stock options	[1]	0	0	0	0
Dilutive effect of restricted stock units	[1]	0	0	0	0
Weighted average common shares outstanding, diluted		27,439	27,276	27,388	26,079
Net loss per share, basic		$ (0.49)	$ (0.73)	$ (1.64)	$ (3.9)
Net loss per share, diluted		$ (0.49)	$ (0.73)	$ (1.64)	$ (3.9)
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share:	[1]	817	612	919	903
Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share:	[1]	780	282	135	144
Performance-Based Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share:		115	119	118	125
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share:		1,452	1,452	1,452	1,452
[1] (1) Due to the net loss during each of the three and nine months ended September 30, 2024 and 2023 , no dilutive securities were included in the calculation of diluted loss per share because they would have been anti-dilutive.

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Components of Basic and Diluted Earnings Per Share (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Dilutive Securities, Effect on Basic Earnings Per Share	$ 0	$ 0	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Examination [Line Items]
Income tax expense	$ (24)	$ (6)	$ (93)	$ (171)
Company's effective tax rate	0.20%	0.10%	0.20%	0.20%
Company's federal statutory rate	21%		21%
Valuation allowance	$ 111,000		$ 111,000
Minimum
Income Tax Examination [Line Items]
Income tax expense	$ 100	$ 100	$ 100	$ 200

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Facility	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Operating Costs and Expenses	$ 263	$ 255	$ 837	$ 1,243
First American Financial Corporation | Related Party [Member]
Related Party Transaction [Line Items]
Operating Costs and Expenses	1,100	1,600	$ 4,300	5,900
Senior Secured Credit Line
Related Party Transaction [Line Items]
Number of Facilities | Facility			1
Mezzanine facility
Related Party Transaction [Line Items]
Number of Facilities | Facility			2
LL Mezz Loan Agreement
Related Party Transaction [Line Items]
Maximum principal amount	$ 70,000		$ 70,000
L L Funds Loan Agreement | Class A Common Stock
Related Party Transaction [Line Items]
Ownership percentage	5%		5%
L L Funds Loan Agreement | Senior Secured Credit Line
Related Party Transaction [Line Items]
Maximum principal amount	$ 50,000		$ 50,000
L L Funds Loan Agreement | Mezzanine Secured Loan
Related Party Transaction [Line Items]
Maximum principal amount	$ 22,000		$ 22,000
First Funding Inc.
Related Party Transaction [Line Items]
Ownership percentage	5%		5%
First American Credit Agreement [Member] | Class A Common Stock
Related Party Transaction [Line Items]
Ownership percentage	5%		5%
LL Capital Partners I, L.P
Related Party Transaction [Line Items]
Interest Expense, Operating and Nonoperating	$ 1,000	$ 800	$ 2,800	$ 3,000

Related-Party Transactions - Su

Related-Party Transactions - Summary of Credit Facilities as Related Parties (Details) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Senior Secured Credit Facility With a Related Party
Related Party Transaction [Line Items]
Borrowing Capacity	$ 50,000	$ 50,000
Outstanding Amount	13,330	6,289
Mezzanine Secured Credit Facilities With a Related Party
Related Party Transaction [Line Items]
Borrowing Capacity	92,000	92,000
Outstanding Amount	$ 21,076	$ 23,803

Related-Party Transactions - _2

Related-Party Transactions - Summary of Related Parties (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Operating Costs and Expenses		$ 263	$ 255	$ 837	$ 1,243
Brother 1 | Related Party [Member]
Related Party Transaction [Line Items]
Operating Costs and Expenses		114	114	376	582
Brother 2 | Related Party [Member]
Related Party Transaction [Line Items]
Operating Costs and Expenses	[1]	108	108	353	548
Sister-in-law | Related Party [Member]
Related Party Transaction [Line Items]
Operating Costs and Expenses		$ 41	$ 33	$ 108	$ 113
[1] (1) Mr. Casey Bair separated from service with the Company in August 2024 and is receiving severance payments in connection with his separation.

Related-Party Transactions - Gr

Related-Party Transactions - Grants of Equity Awards to Related Parties (Details)	9 Months Ended
	Sep. 30, 2024 shares
Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Granted	916,000
First American Financial Corporation [Member]
Related Party Transaction [Line Items]
Granted	88,500
First American Financial Corporation [Member] | Brother 1
Related Party Transaction [Line Items]
Granted	42,500
First American Financial Corporation [Member] | Brother 2
Related Party Transaction [Line Items]
Granted	40,000	[1]
First American Financial Corporation [Member] | Sister-in-law
Related Party Transaction [Line Items]
Granted	6,000
[1] (1) This restricted stock unit award was forfeited by Mr. Casey Bair in connection with his separation from service in August 2024.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($) Home
Commitments and Contingencies Disclosure [Abstract]
Contract to purchase homes | Home	218
Aggregate purchase price | $	$ 59.9