Offerpad is a residential real estate company that buys homes directly from sellers for cash, renovates them, and resells them. Founded in 2015, Offerpad operates in 26 metro markets across 17 states. The core product — the Cash Offer — lets homeowners receive a cash bid within 24 hours and close in as little as seven days, skipping the traditional listing process. Offerpad buys homes at a median price of roughly $370K, invests around $25K per home in renovations, and resells them, targeting 90- to 120-day hold times. Profitability on these principal transactions is sensitive to hold time, pricing accuracy, and renovation speed. Beyond the Cash Offer, Offerpad runs three asset-light businesses: a fee-based B2B renovation service for third-party property owners (running 20%–30% margins), a marketplace that routes sellers to third-party cash buyers for a ~5% fee without using Offerpad's balance sheet, and a brokerage referral service pairing sellers with local agents. These asset-light services grew to 26% of gross profit in FY25, up from 11% in FY24, and management is targeting a ~50/50 mix between principal and asset-light transactions over time. Offerpad's path to profitability centers on scaling to ~1,000 total transactions per quarter — the level at which management believes the current cost structure breaks even — while continuing to shift mix toward higher-margin, capital-light services.