Offerpad Announces Q1 2026 Financial Results

Offerpad Announces Q1 2026 Financial Results April 30, 2026 Delivers Consistent Execution with Growing Platform Momentum and Continued Progress Toward Profitability Offerpad Solutions Inc. (NYSE: OPAD), a leading tech-enabled real estate solutions company, today reported financial results for the first quarter ended March 31, 2026. During the quarter, Offerpad generated $80.1 million in revenue and closed 263 real estate transactions. Results reflect continued execution against the Company’s 2026 priorities, including growing engagement across its multi-solution platform, improving conversion, and advancing its AI-driven operating capabilities to support more efficient, scalable growth. “We’ve made meaningful progress in how Offerpad operates and serves customers,” said Brian Bair, Chairman and Chief Executive Officer of Offerpad. “Across our platform, we believe each of our solutions is expanding our ability to serve more sellers, improve conversion, and create a consistent experience from first engagement through close. As we move through 2026, we remain focused on disciplined execution, delivering the right solution for each customer, and scaling the business with efficiency and consistency.” Offerpad serves customers through four solutions with distinct margin profiles, operating characteristics, and capital requirements. Together, they broaden reach, improve conversion, and allow the Company to deploy capital with discipline. Cash Offer is the foundation of the platform, providing sellers with pricing certainty and control while operating within disciplined risk, margin, and hold-period guardrails.Cash Offer Marketplace expands buyer demand beyond Offerpad’s balance sheet by connecting homes with a growing network of professional capital providers. This increases bid depth, improves execution certainty, and generates fee-based revenue.Brokerage Services, including HomePro, the Agent Partnership Program, and the Homebuilder Program, guide sellers to the right solution while improving retention and conversion across the platform. In the first quarter of 2026, referral volume exceeded full-year 2025 levels, highlighting accelerating engagement and the growing role of Brokerage Services in driving platform performance.Renovate is a fee-based services business delivering strong margins while supporting both internal transactions and third-party partners generating 20% to 30% margins. It produced $27 million in revenue in 2025, up approximately 50% year over year, and during the first quarter of 2026 expanded partner relationships that we believe contribute to a solid foundation for continued growth. “Our first quarter results reflect continued progress in building a more disciplined and predictable operating model,” said Peter Knag, Chief Financial Officer of Offerpad. “We delivered within our guidance range, improved our cost structure, and reduced our Adjusted EBITDA loss sequentially. As we scale transaction volumes and continue to improve conversion, we expect operating leverage to increase and drive continued progress toward profitability.” Looking Ahead Offerpad's objective is to exit 2026 at a run-rate of approximately 1,000 home transactions per quarter across Cash Offer, Cash Offer Marketplace, and Brokerage Services, excluding Renovate. For the second quarter of 2026, Offerpad expects revenue in the range of $80 million to $90 million, with 300-350 real estate transactions (14-33% sequential increase), and anticipates Adjusted EBITDA to improve sequentially, reaching Adjusted EBITDA positive before the end of 2026. For additional information, please refer to Offerpad’s full financial results available at investor.offerpad.com. Q1 2026 Financial Results (year over year) Q1 2026 Q1 2025 Percentage Change Homes acquired 159 454 (65%) Homes sold 211 460 (54%) Total real estate transactions1 263 519 (49%) Revenue $80.1M $160.7M (50%) Gross profit $5.6M $10.5M (47%) Net loss ($10.1M) ($15.1M) 33% Adjusted EBITDA ($6.7M) ($7.8M) 14% Diluted net loss per share ($0.22) ($0.55) 60% Gross profit per home sold $26,300 $22,800 15% Gross profit per real estate transaction $21,100 $20,200 4% Contribution profit after interest per home sold $6,800 $500 * Contribution profit after interest per real estate transaction $5,500 $400 * Cash and cash equivalents $40.8M $30.8M 32% *Not Meaningful 1 Total real estate transactions represents the total number of closed real estate transactions including Cash Offer homes sold, Cash Offer Marketplace transactions, and listings closed under our Brokerage Services solutions. Additional information regarding Offerpad’s first quarter of 2026 financial results and management commentary can be found by accessing the Company’s Quarterly Shareholder presentation on the Offerpad investor relations website. Second Quarter 2026 Outlook Offerpad is providing its second quarter outlook for 2026 as follows: Q2 2026 Outlook Real estate transactions 300 to 350 Revenue $80M to $90M Adjusted EBITDA2 Improve Sequentially 2 See Non-GAAP financial measures below for an explanation of why a reconciliation of this guidance cannot be provided. Conference Call and Webcast Details Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on April 30th, 2026, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes. About Offerpad Offerpad Solutions Inc. (NYSE: OPAD) is a real estate solutions company focused on giving homeowners more control, flexibility, and choice when buying and selling a home. Offerpad provides Cash Offers, Agent listing services, access to additional cash buyers through marketplace-enabled capabilities, and renovation services that support both internal transactions and third-party partners. Founded in 2015, the Company combines proprietary technology with local real estate expertise to simplify the home sale process and reduce friction across the transaction lifecycle, helping customers move forward with speed, transparency, and confidence. Learn more at www.offerpad.com. #OPAD_IR Forward-Looking Statements Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s financial outlook, including transactions across Cash Offer, Cash Offer Marketplace and Brokerage Services, revenue, and Adjusted EBITDA, and expectations regarding cost structure, run-rate, , profitability, transaction volume, conversion, growth and AI capabilities are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, Offerpad’s ability to respond to general economic conditions; the health of the U.S. residential real estate industry; real estate inventory; Offerpad’s ability to successfully launch, market to customers, manage or expand its products and services; Offerpad’s ability to grow market share in its existing markets or any new markets it may enter; Offerpad’s ability to grow effectively; Offerpad’s ability to achieve and maintain profitability in the future; Offerpad’s underwriting process, ability to accurately value and manage real estate inventory, maintain an adequate and desirable supply of real estate inventory, and manage renovations; Offerpad’s ability to manage, develop and refine its technology platform; the success of strategic relationships with third parties; Offerpad’s ability to regain compliance with New York Stock Exchange (“NYSE”) Rule 802.01B and 802.01C, sufficiently execute its business plan, or failure to comply with other NYSE continued listing rules; macroeconomic trends, including due to conflict in the Middle East; and Offerpad’s ability to use net operating loss carryforwards and other tax attributes due to ownership changes. These and other important factors discussed under the caption "Risk Factors" in Offerpad’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 24, 2026, Offerpad’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the SEC and Offerpad’s other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Offerpad undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. OFFERPAD SOLUTIONS INC. Condensed Consolidated Statements of Operations Three Months Ended March 31, (in thousands, except per share data) (Unaudited) 2026 2025 Revenue $ 80,075 $ 160,698 Cost of revenue 74,518 150,191 Gross profit 5,557 10,507 Operating expenses: Sales, marketing and operating 7,574 13,828 General and administrative 6,127 7,196 Technology and development 886 1,020 Total operating expenses 14,587 22,044 Loss from operations (9,030 ) (11,537 ) Other income (expense): Change in fair value of warrant liabilities 169 (257) Interest expense (1,617) (3,522 ) Other income, net 361 296 Total other expense (1,087 ) (3,483 ) Loss before income taxes (10,117 ) (15,020 ) Income tax expense (16) (37) Net loss $ (10,133 ) $ (15,057 ) Net loss per share, basic $ (0.22 ) $ (0.55 ) Net loss per share, diluted $ (0.22 ) $ (0.55 ) Weighted average common shares outstanding, basic 46,194 27,564 Weighted average common shares outstanding, diluted 46,194 27,564 OFFERPAD SOLUTIONS INC. Condensed Consolidated Balance Sheets As of March 31, As of December 31, (in thousands, except par value per share) (Unaudited) 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 40,823 $ 26,543 Restricted cash 810 1,627 Accounts receivable 8,219 7,938 Real estate inventory 74,672 93,793 Prepaid expenses and other current assets 2,613 1,792 Total current assets 127,137 131,693 Property and equipment, net 14,386 14,673 Other non-current assets 8,248 8,405 TOTAL ASSETS $ 149,771 $ 154,771 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,122 $ 1,667 Accrued and other current liabilities 8,379 8,698 Secured credit facilities and other debt, net 63,202 75,494 Secured credit facilities with a related party, net 2,547 2,582 Warrant liabilities 192 361 Total current liabilities 76,442 88,802 Revolving credit facility, net 14,684 14,650 Other long-term liabilities 12,804 13,100 Total liabilities 103,930 116,552 Stockholders’ equity: Class A common stock, $0.0001 par value; 2,000,000 shares authorized; 47,287 and 37,211 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 5 4 Additional paid in capital 562,399 544,645 Accumulated deficit (516,563 ) (506,430 ) Total stockholders’ equity 45,841 38,219 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 149,771 $ 154,771 OFFERPAD SOLUTIONS INC. Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, ($ in thousands) (Unaudited) 2026 2025 Cash flows from operating activities: Net loss $ (10,133 ) $ (15,057 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 287 206 Amortization of debt financing costs 101 341 Real estate inventory valuation adjustment 414 1,743 Stock-based compensation 942 1,782 Change in fair value of warrant liabilities (169) 257 Loss on disposal of property and equipment 2 75 Changes in operating assets and liabilities: Accounts receivable (281 ) (2,446) Real estate inventory 18,707 1,584 Prepaid expenses and other assets (664) 465 Accounts payable 455 229 Accrued and other liabilities (615 ) 645 Net cash provided by (used in) operating activities 9,046 (10,176) Cash flows from investing activities: Purchases of property and equipment (19 ) (994 ) Proceeds from sale of property and equipment 17 - Net cash used in investing activities (2 ) (994 ) Cash flows from financing activities: Borrowings from secured credit facilities and other debt 45,895 162,795 Repayments of secured credit facilities and other debt (58,260 ) (189,408 ) Payment of debt financing costs (29 ) - Proceeds from January 2026 Offering 18,000 - Issuance costs of January 2026 Offering (1,187 ) - Payments for taxes related to stock-based awards - (160 ) Net cash provided by (used in) financing activities 4,419 (26,773 ) Net change in cash, cash equivalents and restricted cash 13,463 (37,943 ) Cash, cash equivalents and restricted cash, beginning of period 28,170 73,626 Cash, cash equivalents and restricted cash, end of period $ 41,633 $ 35,683 Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet: Cash and cash equivalents $ 40,823 $ 30,826 Restricted cash 810 4,857 Total cash, cash equivalents and restricted cash $ 41,633 $ 35,683 Supplemental disclosure of cash flow information: Cash payments for interest $ 1,978 $ 4,593 Cash payments (refunds) for taxes, net $ (2) $ 3 Non-GAAP Financial Measures In addition to Offerpad’s results of operations above, Offerpad reports certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). These measures have limitations as analytical tools when assessing Offerpad’s operating performance and should not be considered in isolation or as a substitute for GAAP measures, including gross profit and net income. Offerpad may calculate or present its non-GAAP financial measures differently than other companies who report measures with similar titles and, as a result, the non-GAAP financial measures Offerpad reports may not be comparable with those of companies in Offerpad’s industry or in other industries. Offerpad has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted net income (loss) within this press release because Offerpad is unable to calculate certain reconciling items without making unreasonable efforts. These items, which include, but are not limited to, stock-based compensation with respect to future grants and forfeitures, could materially affect the computation of forward-looking net income (loss), are inherently uncertain and depend on various factors, some of which are outside of Offerpad’s control. Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins) To provide investors with additional information regarding Offerpad’s margins, Offerpad has included Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins), which are non-GAAP financial measures. Offerpad believes that Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest are useful financial measures for investors as they are used by management in evaluating unit level economics and operating performance across Offerpad’s markets. Each of these measures is intended to present the economics related to the number of homes sold or other real estate transactions during a given period. Offerpad does so by including revenue generated from its Cash Offer, Cash Offer Marketplace, and Brokerage Services solutions in the period and only the expenses that are directly attributable to these transactions, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in real estate inventory as of the end of the period presented. Contribution Profit provides investors a measure to assess Offerpad’s ability to generate returns during a reporting period after considering home acquisition costs, renovation and repair costs, and adjusting for holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs (including senior and mezzanine secured credit facilities and other senior secured debt) attributable to homes sold during a reporting period. Offerpad believes these measures facilitate meaningful period over period comparisons and illustrate Offerpad’s ability to generate returns on its homes sold and other real estate transactions after considering the costs directly related to such transactions in a presented period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest (and related margins) are supplemental measures of Offerpad’s operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in real estate inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad’s results as reported under GAAP. Offerpad includes a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. Adjusted Gross Profit / Margin Offerpad calculates Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net real estate inventory valuation adjustment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net real estate inventory valuation adjustment is calculated by adding back the real estate inventory valuation adjustment charges recorded during the period on homes that remain in real estate inventory at period end and subtracting the real estate inventory valuation adjustment charges recorded in prior periods on homes sold in the current period. Offerpad defines Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. Offerpad views this metric as an important measure of business performance, as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess performance across the key phases of processing a home (acquisitions, renovations, and resale) for a specific resale cohort. Contribution Profit / Margin Offerpad calculates Contribution Profit as Adjusted Gross Profit, minus (1) direct selling costs incurred on homes sold during the presented period, minus (2) holding costs incurred in the current period on homes sold during the period recorded in sales, marketing, and operating, minus (3) holding costs incurred in prior periods on homes sold in the current period recorded in sales, marketing, and operating, plus (4) other income, net which is primarily comprised of interest income earned on our cash and cash equivalents. The composition of Offerpad’s holding costs is described in the footnotes to the reconciliation table below. Offerpad defines Contribution Margin as Contribution Profit as a percentage of revenue. Offerpad views this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflow directly associated with a specific resale cohort. Contribution Profit / Margin After Interest Offerpad defines Contribution Profit After Interest as Contribution Profit, minus (1) interest expense associated with homes sold in the presented period and recorded in cost of revenue, minus (2) interest expense associated with homes sold in the presented period, recorded in costs of sales, and previously excluded from Adjusted Gross Profit, and minus (3) interest expense under Offerpad’s senior and mezzanine secured credit facilities and other senior secured debt incurred on homes sold during the period. This includes interest expense recorded in prior periods in which the sale occurred. Offerpad’s senior and mezzanine secured credit facilities and other senior secured debt are secured by its homes in real estate inventory and drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. Offerpad defines Contribution Margin After Interest as Contribution Profit After Interest as a percentage of revenue. Offerpad views this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with costs of financing. The following table presents a reconciliation of Offerpad’s Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to Offerpad’s Gross Profit, which is the most directly comparable GAAP measure, for the periods indicated: Three Months Ended (in thousands, except percentages, homes sold, and real estate transactions, unaudited) March 31, 2026 December 31, 2025 March 31, 2025 Gross profit (GAAP) $ 5,557 $ 8,011 $ 10,507 Gross margin 6.9 % 7.0 % 6.5 % Homes sold 211 312 460 Gross profit per home sold $ 26.3 $ 25.7 $ 22.8 Total real estate transactions (1) 263 403 519 Gross profit per real estate transaction $ 21.1 $ 19.9 $ 20.2 Adjustments: Real estate inventory valuation adjustment - current period(2) 414 548 1,743 Real estate inventory valuation adjustment - prior period(3) (755 ) (1,851 ) (2,211 ) Interest expense capitalized(4) 724 902 1,422 Adjusted gross profit $ 5,940 $ 7,610 $ 11,461 Adjusted gross margin 7.4 % 6.7 % 7.1 % Adjustments: Direct selling costs(5) (1,937 ) (2,831 ) (4,388 ) Holding costs on sales - current period (6)(7) (390 ) (335 ) (535 ) Holding costs on sales - prior period(6)(8) (389 ) (481 ) (690 ) Other income, net(9) 361 288 296 Contribution profit $ 3,585 $ 4,251 $ 6,144 Contribution margin 4.5 % 3.7 % 3.8 % Homes sold 211 312 460 Contribution profit per home sold $ 17.0 $ 13.6 $ 13.4 Total real estate transactions(1) 263 403 519 Contribution profit per real estate transaction $ 13.6 $ 10.5 $ 11.8 Adjustments: Interest expense capitalized(4) (724 ) (902 ) (1,422 ) Interest expense on homes sold - current period(10) (283 ) (609 ) (1,617 ) Interest expense on homes sold - prior period(11) (1,138 ) (1,887 ) (2,883 ) Contribution profit after interest $ 1,440 $ 853 $ $222 Contribution margin after interest 1.8 % 0.7 % 0.1 % Homes sold 211 312 460 Contribution profit after interest per home sold $ 6.8 $ 2.7 $ $0.5 Total real estate transactions (1) 263 403 519 Contribution profit after interest per real estate transaction $ 5.5 $ 2.1 $ 0.4 (1) Total real estate transactions represents the total number of closed real estate transactions including Cash Offer homes sold, Cash Offer Marketplace transactions, and listings closed under our Brokerage Services solutions. (2) Real estate inventory valuation adjustment – current period is the real estate inventory valuation adjustments recorded during the period presented associated with homes that remain in real estate inventory at period end. (3) Real estate inventory valuation adjustment – prior period is the real estate inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Interest expense capitalized represents all interest related costs under our senior and mezzanine secured credit facilities and other senior secured debt, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale. (5) Direct selling costs represents selling costs incurred related to homes sold in the period presented. This primarily includes broker commissions and title and escrow closing fees. (6) Holding costs primarily include insurance, utilities, homeowners association dues, property taxes, cleaning, and maintenance costs. (7) Represents holding costs incurred on homes sold in the period presented and expensed to Sales, marketing, and operating on the Condensed Consolidated Statements of Operations. (8) Represents holding costs incurred in prior periods on homes sold in the period presented and expensed to Sales, marketing, and operating on the Condensed Consolidated Statements of Operations. (9) Other income, net principally represents interest income earned on our cash and cash equivalents. (10) Represents interest expense under our senior and mezzanine secured credit facilities and other senior secured debt incurred on homes sold in the period presented and expensed to interest expense on the Condensed Consolidated Statements of Operations. (11) Represents interest expense under our senior and mezzanine secured credit facilities and other senior secured debt incurred in prior periods on homes sold in the period presented and expensed to interest expense on the Condensed Consolidated Statements of Operations. Adjusted Net Income (Loss) and Adjusted EBITDA Offerpad also presents Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which the management team uses to assess Offerpad’s underlying financial performance. Offerpad believes these measures provide insight into period over period performance, adjusted for non-recurring or non-cash items. Offerpad calculates Adjusted Net Income (Loss) as GAAP Net Income (Loss) adjusted for the change in fair value of warrant liabilities. Offerpad defines Adjusted Net Income (Loss) Margin as Adjusted Net Income (Loss) as a percentage of revenue. Offerpad calculates Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for interest expense, amortization of capitalized interest, taxes, depreciation and amortization and stock-based compensation expense. Offerpad defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental to Offerpad’s operating performance measures calculated in accordance with GAAP and have important limitations. For example, Adjusted Net Income (Loss) and Adjusted EBITDA exclude the impact of certain costs required to be recorded under GAAP and could differ substantially from similarly titled measures presented by other companies in Offerpad’s industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad’s results as reported under GAAP. The following table presents a reconciliation of Offerpad’s Adjusted Net Income (Loss) and Adjusted EBITDA to its GAAP Net Income (Loss), which is the most directly comparable GAAP measure, for the periods indicated: Three Months Ended (in thousands, except percentages, unaudited) March 31, 2026 December 31, 2025 March 31, 2025 Net loss (GAAP) $ (10,133) $ (8,820) $ (15,057) Change in fair value of warrant liabilities (169) (785) 257 Adjusted net loss $ (10,302) $ (9,605) $ (14,800) Adjusted net loss margin (12.9%) (8.4%) (9.2%) Adjustments: Interest expense 1,617 2,570 3,522 Amortization of capitalized interest(1) 724 902 1,422 Income tax expense (benefit) 16 ( 6) 37 Depreciation and amortization 287 267 206 Amortization of stock-based compensation 942 (1,026) 1,782 Adjusted EBITDA $ (6,716) $ (6,898) $ (7,831) Adjusted EBITDA margin (8.4%) (6.0%) (4.9%) (1) Amortization of capitalized interest represents all interest related costs under our senior and mezzanine secured credit facilities and other senior secured debt, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale. Source: Offerpad