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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 207,673 $ 503,591
Restricted cash 29,406 24,475
Short-term investments 54,414 25,597
Mortgage loans held for sale, at fair value 339,485 170,150
Loans held for investment (net of allowance for credit losses of $1,138 and none as of September 30, 2024 and December 31, 2023, respectively) 81,401 4,793
Other receivables, net 17,337 16,888
Property and equipment, net 12,846 16,454
Right-of-use assets 3,471 19,988
Internal use software and other intangible assets, net 24,684 38,126
Goodwill 33,403 32,390
Derivative assets, at fair value 4,425 1,716
Prepaid expenses and other assets 36,618 51,386
Total Assets 845,163 905,554
Liabilities    
Warehouse lines of credit 134,481 126,218
Convertible Note 518,012 514,644
Customer deposits 97,782 11,839
Accounts payable and accrued expenses (includes $81 and none payable to related parties as of September 30, 2024 and December 31, 2023, respectively) 68,557 66,558
Escrow payable and other customer accounts 4,736 3,376
Derivative liabilities, at fair value 6 949
Warrant and equity related liabilities, at fair value 1,404 2,331
Lease liabilities 4,824 31,202
Other liabilities (includes none and $390 payable to related parties as of September 30, 2024 and December 31, 2023, respectively) 14,973 25,837
Total Liabilities 844,775 782,954
Commitments and contingencies
Stockholders’ (Deficit)/Equity    
Common stock value issued [1] 2 2
Notes receivable from stockholders (9,149) (10,111)
Additional paid-in capital [1] 1,858,070 1,838,499
Accumulated deficit (1,851,143) (1,704,076)
Accumulated other comprehensive loss 2,608 (1,714)
Total Stockholders’ (Deficit)/Equity 388 122,600
Total Liabilities and Stockholders’ (Deficit)/Equity $ 845,163 $ 905,554
[1] Periods have been adjusted to reflect the 1-for-50 reverse stock split on August 16, 2024. See Note 1 Organization and Nature of the Business - Reverse Stock Split, for additional information.