依據第424(B)(3)條提交
註冊號碼333-259790

招股章程副刊第4號

(至招股説明書，日期為 2021年10月1日)

Offerpad Solutions Inc.

本招股説明書補編對日期為2021年10月1日的招股説明書(以下簡稱《招股説明書》)進行更新、修改和補充招股説明書？)，構成我們S-1表格(註冊號：333-259790)註冊聲明的一部分 。本招股説明書附錄中使用的未作其他定義的大寫術語具有招股説明書中指定的 含義。

本招股説明書附錄旨在更新、修改和補充 招股説明書中包含的信息，其中附件99.1中包含的某些信息與我們於2022年2月23日提交給美國證券交易委員會(Securities And Exchange Commission)的當前8-K表格報告中的第2.02項相關，具體內容如下 。附件99.1中被視為招股説明書一部分的信息僅限於：直接列在“2021年第四季度財務概要”標題下的表；直接列在“2021年全年財務概要”標題下的表；未經審計的綜合經營表、綜合資產負債表和綜合現金流量表；以及直接列在“非公認會計準則財務措施”標題下的信息。附件99.1或2022年2月23日提交給證券交易委員會的8-K表格當前報告中的任何其他信息均不被視為招股説明書的一部分。

沒有招股説明書，這份招股説明書附錄是不完整的。本招股説明書附錄應與招股説明書一起閲讀，招股説明書將隨本招股説明書附錄一起交付，並通過引用加以限定，除非本招股説明書附錄中的信息更新 或取代招股説明書中包含的信息。請將此招股説明書附錄與你的招股説明書一併保存，以備日後參考。

我們的A類普通股和認股權證分別在紐約證券交易所(NYSE)掛牌上市，代碼分別為？OPAD？2022年2月22日，我們A類普通股的收盤價為3.86美元，認股權證的收盤價為0.47美元。

我們對A類普通股和認股權證的業務和投資 涉及重大風險。這些風險在招股説明書第8頁標題為風險因素的一節中進行了描述。

美國證券交易委員會和任何州證券委員會都沒有批准或不批准這些證券，也沒有對招股説明書或本招股説明書附錄的準確性或充分性作出任何評價。任何相反的陳述都是刑事犯罪。

本招股説明書補充日期為2022年2月23日

美國

美國證券交易委員會

華盛頓特區，20549

表格8-K

當前報告

根據第13或15(D)節

《1934年證券交易法》(Securities Exchange Act Of 1934)

報告日期(最早報告事件日期)：2022年2月23日

Offerpad Solutions Inc.

(註冊人的確切姓名載於其約章)

特拉華州		001-39641		85-2800538
(州或其他司法管轄區 (法團成員)		(佣金) 文件編號)		(美國國税局僱主 識別號碼)

日耳曼東道2150號 套房1
錢德勒，亞利桑那州		85286
(主要行政辦公室地址)		(郵政編碼)

註冊人電話號碼，包括區號：(844)388-4539

不適用

(前姓名或 前地址，如果自上次報告後更改)

如果Form 8-K備案的目的是同時滿足註冊人根據下列任何條款的備案義務，請勾選 下面相應的複選框：

☐	根據證券法第425條規定的書面通信(聯邦判例彙編17卷230.425)

☐	根據交易法規則14a-12徵集材料(17 CFR 240.14a-12)

☐	根據《交易法》第14d-2(B)條(17 CFR 240.14d-2(B))進行開市前通信

☐	根據《交易法》第13E-4(C)條(17 CFR 240.13e-4(C))規定的開市前通信(17CFR 240.13e-4(C))

根據該法第12(B)條登記的證券：

每節課的標題		交易 符號		每個交易所的名稱 在其上註冊的
A類普通股，每股面值0.0001美元		歐帕德		紐約證券交易所
購買A類普通股的認股權證，行使價為每股11.50美元		OPADWS		紐約證券交易所

用複選標記表示註冊人是否為1933年證券法規則405(本章230.405節)或1934年證券交易法規則12b-2(本章240.12b-2節)所定義的新興成長型公司。

新興成長型公司☐

如果是新興成長型公司， 用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據交易法第13(A)節提供的任何新的或修訂的財務會計準則。☐

第2.02項經營業績和財務狀況。

2022年2月23日，Offerpad Solutions Inc.發佈了一份新聞稿，公佈了截至2021年12月31日的季度和財年的財務業績以及一封股東信。新聞稿和股東信函的副本分別作為本報告的附件99.1和附件99.2以Form 8-K形式提供。

本項目2.02中的信息，包括本報告8-K表的附件99.1和附件99.2中包含的信息，現隨函提供，不應被視為根據修訂的1934年《證券交易法》(《交易法》)第18節的目的提交，或受該條款下的 責任的約束，也不應被視為通過引用納入根據1933年修訂的《證券法》或《交易法》提交的任何文件，無論該文件中的任何一般合併語言如何。

項目9.01財務報表和證物。

(D) 個展品

展品編號		展品説明
99.1		Offerpad Solutions Inc.於2022年2月23日發佈的新聞稿
99.2		Offerpad Solutions Inc.日期為2022年2月23日的股東信函
104		封面交互數據文件-封面XBRL標記嵌入在內聯XBRL文檔中。

簽名

根據1934年證券交易法的要求，註冊人已正式促使本報告由其正式授權的簽名人 代表其簽署。

						Offerpad Solutions Inc.
日期：2022年2月23日				由以下人員提供：		/s/邁克爾·伯內特
						邁克爾·伯內特(Michael Burnett)首席財務官

附件99.1

Offerpad宣佈創紀錄的第四季度業績；

報告全年收入增長95%，達到20.7億美元，

正淨收益和調整後的EBITDA

超出第四季度和全年預期

2021年第四季度財務亮點與去年第四季度相比：

•

收入增長289%，達到8.675億美元

•

毛利潤增長178%，達到7030萬美元

•

每股收益增至0.05美元，淨收益為1280萬美元；包括權證按市價計價帶來的每股0.06美元收益

•

調整後的EBITDA增長420%，達到770萬美元

亞利桑那州錢德勒2022年2月23日-領先的住宅房地產買賣科技平臺Offerpad Solutions Inc.(？Offerpad，？？The Company，？WE？WE？？或？Our？)(紐約證券交易所： Opad)今天發佈了截至2021年12月31日的三個月和年度的財務業績。

我們以創紀錄的業績結束了本季度，為非凡的一年畫上了句號，Offerpad董事長兼首席執行官布萊恩·貝爾(Brian Bair)表示。隨着對我們服務的需求持續增長，我們超出了 增長目標和財務預期。我們的團隊在2021年成功地為成千上萬的客户提供了個性化和定製化的體驗，為我們贏得了93%的收益¹客户滿意度評分。客户認識到Offerpad為他們的房地產體驗帶來的好處 ，我們出色的業績突出了我們以客户為中心的方法的價值。

2021年的運營要點 包括：

•

將團隊擴大一倍至1000多名員工，突出Offerpad是一個令人嚮往的工作場所，創新和 創造力正在重新定義住宅房地產；

•

再創歷史新高，完成8000多套住房改造，增加升級改造和入住準備住房供應；

•

增加156%的收購；以及

•

保持從收購到銷售的平均時間低於100天的目標 。

1	基於2021年進行的3600多項客户調查。

2021年第四季度財務亮點

		Q4 2021				Q4 2020				百分比變化
收購的房屋			3,049				1,032			195%
售出的房屋			2,423				849			185%
收入		$	867.5M			$	223.2M			289%
毛利		$	70.3M			$	25.3M			178%
淨收益/(虧損)(報告)1		$	12.8M			($	1.3M	)		不適用。
調整後淨虧損		($	2.8M	)		($	1.3M	)		(115%)
調整後的EBITDA		$	7.7M			$	1.5M			420%
售出的每間房屋的供款除息後利潤		$	18,400			$	20,700			(11%)

1	包括2021年第四季度1560萬美元的非現金信貸，以向 市場計入保修責任。

2021年全年財務亮點

		2021				2020				百分比變化
收購的房屋			9,023				3,519			156%
售出的房屋			6,373				4,281			49%
收入		$	2.07B			$	1.06B			95%
毛利		$	207.8M			$	87.8M			137%
淨收益/(虧損)(報告)1		$	6.5M			($	23.1M	)		不適用。
調整後淨收益/(虧損)		$	4.0M			($	23.1M	)		不適用。
調整後的EBITDA		$	29.9M			($	8.2M	)		不適用。
售出的每間房屋的供款除息後利潤		$	22,900			$	9,000			154%

1	包括2021年250萬美元的非現金信貸，按市價計價 保修責任。

我們嚴格的、分析驅動的承保實踐和深厚的行業專業知識再次證明瞭我們有能力以財務負責的方式向房主提供有吸引力的報價，Offerpad首席財務官邁克·伯內特(Mike Burnett)表示。雖然我們的收入在2021年幾乎翻了一番，超過20億美元，併產生了正的淨收入，但我們 展示了我們即使在快速變化和不可預測的商業環境中也有能力有效地適應和執行這種業務模式。

Brian Bair指出，Offerpad的敏捷性使動態模型能夠根據房地產行業固有的變化進行調整。我們的領導團隊對市場瞭如指掌，並擁有數十年的經驗，為我們的長期增長的可持續性 創造了信心，併為我們走上了一條持續盈利的道路。

欲瞭解有關Offerpad第四季度和2021年全年財務業績和管理評論的更多信息，請訪問公司關於Offerpad投資者關係的季度致股東信，網址為https://investor.offerpad.com.。

2022年第一季度展望

拜爾表示：我們很高興能在2022年的積極勢頭基礎上再接再厲，住宅房地產市場持續強勁，消費者採用率不斷增加，以及我們行業領先的運營執行力。Offerpad對2022年第一季度的展望如下：

		2022年第一季度展望
售出的房屋		3,000 – 3,150
收入		$1.1B – $1.15B
調整後的 EBITDA1		$20M – $26M

1	有關無法提供本指南的 對賬的原因，請參閲下面的非GAAP財務衡量標準。

電話會議和網絡廣播詳細信息

Offerpad董事長兼首席執行官布萊恩·貝爾(Brian Bair)和首席財務官邁克·伯內特(Mike Burnett)將於2022年2月23日下午5點主持電話會議和配套的網絡直播。艾斯特。網上直播可 在Offerpad的投資者關係網站上訪問，網址為Https://investor.offerpad.com/events-and-presentations。參與者可以註冊at https://www.incommglobalevents.com/registration/q4inc/9581/offerpad-fourthquarter-2021-earnings-conferencecall/以獲得個性化的撥入號碼和個人識別碼。網絡直播結束後不久，可從同一網站 地址訪問網絡直播的重播。

關於Offerpad

Offerpad的使命是為您提供買賣房屋的最佳方式。句號。我們使用技術支持的解決方案為客户提供便利、控制和確定性來解決他們的住房需求，從而重塑房屋銷售和購買體驗 。我們將我們的基礎房地產專業知識與我們的數據驅動型數字解決方案中心平臺相結合，為用户提供以客户為中心的整體體驗，使他們能夠高效地在線銷售和購買房屋，並簡化對其他服務的訪問，包括抵押貸款、掛牌和買家代表服務。有關更多信息，請訪問Offerpad.com。

#OPAD_IR

聯繫人

投資者

斯蒂芬妮·萊頓

郵箱：Investors@offerpad.com

602-706-4905

媒體

勞拉·柯林斯

480-220-0021

大衞·斯蒂芬

951-970-6336

請按@Offerpad.com

前瞻性陳述

本新聞稿中的某些陳述可能被視為1995年“私人證券訴訟改革法”所指的前瞻性陳述。前瞻性陳述一般與未來事件或Offerpad公司未來的財務或經營業績有關。例如，有關Offerpad 2022年第一季度的財務展望、有關 盈利能力的預期以及Offerpad所處行業的預期增長的陳述都是前瞻性陳述。在某些情況下，您可以通過以下術語來識別前瞻性陳述：形式、可能、 應該、可能、項目、預計、預期、意圖、將、預計、預期、相信、預測、繼續、否定或這些術語或類似術語的否定或否定。此類前瞻性陳述受風險、不確定性和其他重要因素的影響，這些風險、不確定性和其他重要因素可能導致實際結果與此類前瞻性陳述明示或暗示的結果大相徑庭。可能影響此類前瞻性陳述的因素包括， 但不限於，Offerpad對一般經濟狀況做出反應的能力；美國住宅房地產行業的健康狀況；Offerpad在其現有市場或可能進入的任何新市場中擴大市場份額的能力； 新冠肺炎大流行的影響；Offerpad有效管理其增長的能力；Offerpad準確評估和管理庫存以及保持充足和理想的庫存供應的能力 ；OfferpadOfferpad維護和提升其產品和品牌的能力, 並吸引 客户；Offerpad在未來實現並保持盈利的能力；以及與第三方戰略關係的成功。在Offerpad於2021年11月10日提交給美國證券交易委員會的截至2021年9月30日的三個月的10-Q表格季度報告以及Offerpad提交給美國證券交易委員會的其他報告 中有關風險因素的標題下討論的這些因素和其他重要因素，可能會導致實際結果與本新聞稿中的前瞻性聲明所表示的結果大不相同。這些前瞻性陳述基於估計和 假設，雖然Offerpad及其管理層認為這些估計和假設是合理的，但本質上是不確定的。本新聞稿中的任何內容都不應被視為任何人表示本文中陳述的前瞻性陳述將會實現，或此類前瞻性陳述的任何預期結果將會實現。你不應該過分依賴前瞻性陳述，因為這些陳述只反映了它們作出之日的情況。除適用的證券法可能要求外，Offerpad不承擔 因新信息、未來事件或其他原因而更新或修改任何前瞻性陳述的義務。

OFFERPAD解決方案公司

合併業務報表

(未經審計)

		截至三個月								年終
		十二月三十一日，								十二月三十一日，
(單位為千，每股數據除外)		2021				2020				2021				2020
收入		$	867,540			$	223,230			$	2,070,446			$	1,064,257
收入成本			797,248				197,975				1,862,631				976,478
毛利			70,292				25,255				207,815				87,779
運營費用：
銷售、市場營銷和運營			51,474				17,738				146,872				76,786
一般事務和行政事務			12,286				5,277				30,317				17,481
技術與發展			3,197				1,816				10,860				7,270
總運營費用			66,957				24,831				188,049				101,537
營業收入(虧損)			3,335				424				19,766				(13,758	)
其他收入(費用)：
認股權證負債的公允價值變動			15,649				—				2,464				—
利息支出			(6,178	)			(1,627	)			(15,848	)			(10,031	)
其他收入，淨額			—				47				248				834
其他收入(費用)合計			9,471				(1,580	)			(13,136	)			(9,197	)
所得税前收入(虧損)			12,806				(1,156	)			6,630				(22,955	)
所得税費用			—				(163	)			(170	)			(163	)
淨收益(虧損)		$	12,806			$	(1,319	)		$	6,460			$	(23,118	)
每股基本淨收益(虧損)		$	0.05			$	(0.02	)		$	0.05			$	(0.40	)
稀釋後每股淨收益(虧損)		$	0.05			$	(0.02	)		$	0.05			$	(0.40	)
加權平均已發行普通股，基本股			238,395				57,865				118,571				57,865
加權平均已發行普通股，稀釋後			261,897				57,865				143,220				57,865

OFFERPAD解決方案公司

合併資產負債表

(未經審計)

				截止到十二月三十一號，
(單位為千，每股面值除外)				2021				2020
資產
流動資產：
現金和現金等價物				$	169,817			$	43,938
受限現金					24,616				6,804
應收賬款					6,165				2,309
庫存					1,132,571				171,359
預付費用和其他流動資產					9,808				2,880
流動資產總額					1,342,977				227,290
財產和設備，淨值					5,146				8,231
其他非流動資產					4,959				352
總資產				$	1,353,082			$	235,873
負債、臨時權益和股東權益(赤字)
流動負債：
應付帳款				$	6,399			$	2,149
應計負債和其他流動負債					35,027				11,181
擔保信貸安排和應付票據，淨額					861,762				50,143
擔保信貸安排和應付票據-關聯方					164,434				126,825
流動負債總額					1,067,622				190,298
擔保信貸安排和應付票據，扣除當期部分					—				4,710
認股權證負債					24,061				—
其他長期負債					3,830				—
總負債					1,095,513				195,008
承諾和或有事項
臨時股本：
A系列可轉換優先股，分別為零股和21,011股；分別為零股和 20,907股已發行和已發行股票；清算優先股分別為0美元和15,099美元					—				14,921
A-1系列可轉換優先股，分別為0股和10,905股 已授權、已發行和已發行股票；清算優先股分別為0美元和7,500美元					—				7,470
A-2系列可轉換優先股，分別為0股和8,322股 已授權、已發行和已發行股票；清算優先股分別為0美元和7,500美元					—				7,463
B系列可轉換優先股，分別為0股和58,390股授權、發行和發行， ；清算優先股分別為0美元和50,000美元					—				49,845
C系列可轉換優先股，分別為零股和56,716股；分別為零股和39,985股已發行和流通股；清算優先股分別為0美元和105,750美元					—				104,424
臨時股本總額					—				184,123
股東權益(赤字)：
A類普通股，面值分別為0.0001美元和0.00001美元；授權股票分別為200萬股和256,694股 股；已發行和已發行股票分別為224,154股和57,865股					22				—
B類普通股，分別為0.0001美元和零面值；授權分別為20,000股和零股 ；分別為14,816股和零股已發行和流通股					2				—
額外實收資本					389,601				5,908
累計赤字					(132,056	)			(138,516	)
庫存股					—				(10,650	)
股東權益總額(赤字)					257,569				(143,258	)
總負債、臨時權益和股東權益(赤字)				$	1,353,082			$	235,873

OFFERPAD解決方案公司

合併現金流量表

(未經審計)

		截至十二月三十一日止的年度，
(千美元)		2021				2020
經營活動的現金流：
淨收益(虧損)		$	6,460			$	(23,118	)
對經營活動 提供的淨收益(虧損)與淨現金(用於)進行調整：
折舊			523				434
出售財產和設備的收益			(246	)			—
債務融資成本攤銷			916				262
存貨減值			2,843				3,170
基於股票的薪酬			3,079				1,363
認股權證負債的公允價值變動			(2,464	)			—
營業資產和負債變動情況：
應收賬款			(3,845	)			937
庫存			(949,591	)			169,079
預付費用和其他資產			(5,288	)			115
應付帳款			4,130				841
應計負債和其他負債			21,563				1,781
經營活動提供的現金淨額(用於)			(921,920	)			154,864
投資活動的現金流：
購置物業和設備			(13,687	)			(2,858	)
出售財產和設備所得收益			2,032				—
用於投資活動的淨現金			(11,655	)			(2,858	)
融資活動的現金流：
企業合併的收益			284,011				—
普通股發行成本			(51,249	)			—
信貸借款和應付票據			2,764,071				799,997
償還信貸安排和應付票據			(1,912,837	)			(960,510	)
支付債務融資成本			(7,632	)			(457	)
行使股票期權所得收益			902				—
發行C類優先股所得款項，淨額			—				29,823
普通股回購			—				—
融資活動提供(用於)的現金淨額			1,077,266				(131,147	)
現金、現金等價物和限制性現金淨變化			143,691				20,859
期初現金、現金等價物和限制性現金			50,742				29,883
期末現金、現金等價物和限制性現金		$	194,433			$	50,742
將現金、現金等價物和限制性現金對賬到合併資產負債表 ：
現金和現金等價物		$	169,817			$	43,938
受限現金			24,616				6,804
現金總額、現金等價物和限制性現金		$	194,433			$	50,742
補充披露現金流信息：
現金支付利息		$	21,875			$	14,048
補充披露非現金投資和 融資活動：
將財產和設備淨額轉移到庫存		$	14,464			$	—
權證法律責任的取得		$	26,525			$	—
將優先股轉換為普通股		$	184,123			$	—
轉換庫存股		$	10,650			$	—

非GAAP財務指標

除Offerpad上述運營結果外，Offerpad報告的某些財務指標並非美國公認會計原則(GAAP)所要求或根據 提出的。在評估Offerpad的經營業績時，這些指標作為分析工具有其侷限性，不應單獨考慮或替代GAAP 指標，包括毛利和淨收入。

Offerpad可能會計算或呈現其非GAAP財務指標 與其他報告類似標題的指標的公司不同，因此，Offerpad報告的非GAAP財務指標可能無法與 Offerpad所在行業或其他行業的公司進行比較。Offerpad在本新聞稿中沒有提供預測調整後EBITDA與預測淨收益(虧損)的定量對帳，因為Offerpad無法在不做出不合理努力的情況下計算某些 對帳項目。這些項目包括但不限於與未來授予和沒收有關的基於股票的補償，可能會對前瞻性淨收益(虧損)的計算產生重大影響 ，本質上是不確定的，並取決於各種因素，其中一些因素不在Offerpad的控制範圍之內。

調整後毛利、 貢獻利潤、貢獻息後利潤(及相關利潤率)

為了向投資者提供有關 Offerpad的利潤率的更多信息，Offerpad將調整後的毛利潤、貢獻利潤和貢獻息後利潤(以及相關利潤率)包括在內，這些都是非GAAP財務衡量標準。Offerpad認為 調整後的毛利潤、貢獻利潤和貢獻利潤是投資者有用的財務指標，因為管理層使用它們來評估Offerpad各個市場的單位級別經濟和經營業績。 這些措施中的每一項都是為了展示與給定時期內售出的房屋相關的經濟狀況。Offerpad通過計入當期銷售房屋(和輔助服務)產生的收入，僅計入可直接歸因於此類房屋銷售的支出(即使此類支出已在前幾個時期確認)，不包括與截至報告期末仍在庫存中的房屋相關的支出。貢獻利潤為投資者提供了評估Offerpad在考慮購房成本、翻新和維修成本，並根據持有成本和銷售成本進行調整後，在報告期內為出售的房屋產生回報的能力的指標。扣除利息後的貢獻利潤 計入報告期內出售房屋的利息成本(包括高級和夾層擔保信貸安排)，進一步影響毛利。Offerpad認為，這些措施有助於在 期間進行有意義的期間比較，並説明Offerpad在考慮到與所述期間出售的資產直接相關的成本後，能夠為出售的資產產生回報。

調整後的毛利潤、貢獻利潤和貢獻息後利潤(以及相關利潤率)是對Offerpad經營業績的補充衡量 ，作為分析工具存在侷限性。例如，這些衡量標準包括根據公認會計準則在以前期間記錄的成本，不包括與期末庫存房屋相關的成本，而不包括在同一時期根據公認會計準則記錄的 成本。

因此，不應孤立地考慮這些措施，也不應將其作為根據GAAP報告的 Offerpad業績分析的替代措施。Offerpad將這些衡量標準與最直接可比的GAAP財務衡量標準進行了調整，即毛利。

調整後的毛利/利潤率

Offerpad根據GAAP將調整後的毛利潤計算為調整後的毛利潤(1)淨存貨減值加上(2)與本報告期間出售並記錄在收入成本中的房屋相關的利息支出。存貨減值淨額的計算方法為：將期末庫存房屋的存貨減值費用加回本期內記錄的存貨減值費用，並減去本期已售出房屋的前期存貨減值費用。Offerpad 將調整後毛利定義為調整後毛利佔收入的百分比。

Offerpad將此指標視為衡量業務績效的重要指標 ，因為它捕獲了特定時期內已售出房屋的毛利率表現，並提供了不同報告期的可比性。調整後的毛利潤可幫助管理層評估針對特定轉售隊列處理房屋的關鍵階段(收購、翻新和轉售)的績效 。

貢獻利潤/利潤率

Offerpad將貢獻利潤計算為調整後毛利潤，減去(1)在本報告期間銷售房屋發生的直接銷售成本，減去 (2)在銷售、營銷和運營期間銷售的房屋在本期發生的持有成本，減去(3)在本期銷售房屋發生的持有成本，在銷售、營銷和運營中記錄在案，加上(4)其他收入，在歷史上主要包括我們從與Offerpad Home相關的投資中獲得的淨收入。下面對帳表的腳註中介紹了Offerpad持有成本的構成 。Offerpad將貢獻利潤率定義為貢獻利潤佔收入的百分比。

Offerpad將此指標視為業務績效的重要衡量標準，因為它捕獲了特定時期內銷售的房屋的單元級績效 ，並提供了不同報告期的可比性。貢獻利潤幫助管理層評估與特定轉售隊列直接相關的流入和流出。

供款利潤率/息後利潤率

Offerpad 將貢獻息後利潤定義為貢獻利潤，減去(1)與在本報告期間銷售並記錄在收入成本中的房屋相關的利息支出，減去(2)與在 報告期間銷售的房屋相關的利息支出(記錄在銷售成本中，以前不包括在調整後的毛利潤中)，以及減去(3)Offerpad高級和夾層擔保信貸安排項下在此期間銷售的房屋產生的利息支出。此 包括髮生銷售的前幾個期間記錄的利息支出。Offerpad的高級和夾層擔保信貸安排以其庫存中的房屋為擔保，並在購買時按 個房屋進行提款，並要求在房屋出售時償還。Offerpad將貢獻息後保證金定義為貢獻息後利潤佔 收入的百分比。

Offerpad將這一指標視為衡量業務績效的重要指標。扣除 利息後的繳費利潤有助於管理層在完全承擔融資成本的情況下評估繳費利潤率業績。

下表顯示了Offerpad調整後的毛利潤、貢獻利潤和貢獻利息後利潤與Offerpad的毛利潤(最直接的GAAP衡量標準)在所示期間的對賬情況：(br}調整後的毛利潤、貢獻利潤和貢獻的利息後利潤與Offerpad的毛利潤(GAAP最直接的可比性指標)的對賬：

		截至三個月								年終
		十二月三十一日，								十二月三十一日，
(以千為單位，除百分比和售出的房屋外， (未經審計)		2021				2020				2021				2020
毛利(GAAP)		$	70,292			$	25,254			$	207,815			$	87,779
毛利率			8.1	%			11.3	%			10.0	%			8.2	%
售出的房屋			2,423				849				6,373				4,281
每户銷售毛利		$	29.0			$	29.7			$	32.6			$	20.5
調整：
存貨減值-本期(1)			985				144				1,205				160
存貨減值-前期(2)			(511	)			(46	)			(160	)			(842	)
利息支出資本化(3)			3,511				396				6,294				2,962
調整後毛利		$	74,277			$	25,748			$	215,154			$	90,059
調整後的毛利率			8.6	%			11.5	%			10.4	%			8.5	%
調整：
直銷成本 (4)			(19,894	)			(5,981	)			(48,066	)			(30,878	)
銷售的持有成本-本期(5)(6)			(1,339	)			(434	)			(4,262	)			(4,419	)
銷售持有成本-前期(5)(7)			(558	)			(158	)			(214	)			(1,393	)
其他收入(8)			0				47				248				834
貢獻利潤		$	52,486			$	19,221			$	162,860			$	54,203
貢獻保證金			6.0	%			8.6	%			7.9	%			5.1	%
售出的房屋			2,423				849				6,373				4,281
每套售出房屋的貢獻利潤		$	21.7			$	22.6			$	25.6			$	12.7
調整：
利息支出資本化(3)			(3,511	)			(396	)			(6,294	)			(2,962	)
已售出房屋的利息支出-本期(9)			(2,575	)			(916	)			(10,228	)			(8,500	)
售出房屋的利息支出-前期(10)			(1,749	)			(336	)			(468	)			(4,169	)
供款息後利潤		$	44,651			$	17,574			$	145,870			$	38,572
扣除利息後的供款保證金			5.1	%			7.9	%			7.0	%			3.6	%
售出的房屋			2,423				849				6,373				4,281
售出的每間房屋的供款除息後利潤		$	18.4			$	20.7			$	22.9			$	9.0

(1)	本期存貨減值是指在 期間記錄的與期末庫存房屋相關的存貨估值調整。

(2)	前期存貨減值是指前期記錄的存貨估值調整 與在列示期間售出的房屋相關的存貨估值調整。

(3)	資本化的利息支出是指在本報告所述期間出售的房屋發生的所有利息相關成本，包括優先和夾層擔保信貸安排，並在銷售時資本化並在銷售成本中支出。

(4)	直銷成本是指與在列示期間內出售的房屋相關的銷售成本。這 主要包括經紀人佣金以及所有權和託管成交費。

(5)	持有成本主要包括財產税、保險費、水電費、房主協會會費、清潔費和 維護費。

(6)	代表在列報期間出售房屋所發生的持有成本，並計入銷售、營銷和 綜合經營報表運營。

(7)	表示在列報並計入銷售、 市場營銷和綜合經營報表運營的期間內出售的房屋在前期發生的持有成本。

(8)	2021年的其他收入來自出售某些固定資產。2020年，其他收入主要由Offerpad在OPHL的歷史投資為Offerpad帶來的淨收入 構成。

(9)	指在呈列期間內出售房屋所產生的高級及夾層利息開支， 在綜合經營報表上計入利息開支。

(10)	代表高級和夾層擔保信貸安排利息支出，在所列期間內出售的 套住房在前幾個期間發生利息支出，並計入合併營業報表的利息支出。

調整後的 淨收益(虧損)和調整後的EBITDA

Offerpad還公佈了調整後的淨收入(虧損)和調整後的EBITDA，這是 非GAAP財務指標，管理團隊用來評估Offerpad的基本財務業績。Offerpad認為，這些衡量標準提供了對期間業績的洞察， 根據非經常性或非現金項目進行了調整。

Offerpad計算 調整後淨收益(虧損)為GAAP淨收益(虧損)，該淨收益(虧損)根據權證負債公允價值的變化進行調整。Offerpad將調整後淨收益(虧損)利潤率定義為調整後淨收益(虧損)佔收入的百分比。

Offerpad將調整後的EBITDA計算為調整後的淨收益(虧損)，調整後的淨收益(虧損)經利息支出、資本化利息攤銷、税項、折舊和 攤銷以及基於股票的薪酬支出調整後。Offerpad將調整後的EBITDA利潤率定義為調整後的EBITDA佔收入的百分比。

調整後的淨收益(虧損)和調整後的EBITDA是根據GAAP計算的Offerpad運營業績指標的補充，具有重要的侷限性。例如，調整後淨收益(虧損)和調整後EBITDA不包括要求根據GAAP記錄的某些成本的影響，可能與Offerpad行業的其他公司或其他行業的公司提出的同名指標有很大不同。因此，不應 孤立地考慮這些措施，也不應將其作為根據GAAP報告的Offerpad業績分析的替代措施。

下表列出了Offerpad的調整後淨收入(虧損)和調整後 EBITDA與其GAAP淨收入(虧損)的對賬，GAAP淨收入(虧損)是最直接可比的GAAP衡量標準：

		截至三個月								年終
		十二月三十一日，								十二月三十一日，
(除百分比外，以千計，未經審計)		2021				2020				2021				2020
淨收益(虧損)(GAAP)		$	12,806			$	(1,319	)		$	6,460			$	(23,118	)
認股權證負債的公允價值變動			(15,649	)			—				(2,464	)			—
調整後淨(虧損)收入		$	(2,843	)		$	(1,319	)		$	3,996			$	(23,118	)
調整後淨利潤率			(0.3	%)			(0.6	%)			0.2	%			(2.2	%)
調整：
利息支出			6,178				1,627				15,848				10,031
資本化權益攤銷(1)			3,511				396				6,294				2,962
所得税費用			—				163				170				163
Depreciation and amortization			90				126				523				434
Amortization of share based compensation			763				488				3,079				1,363
Adjusted EBITDA			7,699				1,482				29,910				(8,165	)
Adjusted EBITDA margin			0.9	%			0.7	%			1.4	%			(0.8	%)

(1)	Amortization of capitalized interest represents all interest related costs, including senior and mezzanine secured credit facilities, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale.

Exhibit 99.2

LETTER TO SHAREHOLDERS Q4 | 2021

2021 HIGHLIGHTS RECORD REVENUE $2.07B RECORD GROSS PROFIT $207.8M RECORD HOMES SOLD 6,373 RECORD HOMES ACQUIRED 9,023 Achieved high customer satisfaction rating of 93%* Completed 137% more renovations year over year Exceeded 2021 financial guidance and consensus expectations * Based on surveys from over 3,600 customers in 2021. 2|4Q 2021

04 Welcome to Offerpad 05 Letter to Shareholders 06 Investment Highlights 07 Customer Feedback 08 Business Highlights 10 Financial Results Summary 12 First-Quarter 2022 Outlook 13 Appendix 3|4Q 2021

WELCOME TO OFFERPAD HOW ARE WE DIFFERENT? Providing a Real Estate Adding Value 1 5 Solutions Center Through Renovations We are offering services to meet Our renovations team can navigate both homeowners’ needs beyond less traditional and larger renovation just buying and selling. projects, expanding our customer base and adding value to each home. Offering Customizable 2 Options 6 Applying Flexibility With multiple service offerings We use real time market data and to choose from, homeowners can sentiment to anticipate and integrate create customizable solutions to changes in market conditions into our best meet their needs. model. Our agility and flexibility mitigate external risk factors. 3 Building Sustainable Growth Our focus is on growing rapidly in a responsible and disciplined manner that balances our goal of increased market share with achieving long- term sustainable profitability. Utilizing Industry 4 Expertise Our in-house real estate experts provide deep, local real estate expertise to ensure we are accounting for the unique market conditions in each location to optimize performance. 4 | 4Q 2021

DEAR SHAREHOLDERS, 2021 was a milestone year for Offerpad. We exceeded expectations and ended the year with positive earnings. Our strategy of balancing disciplined growth with achieving long-term profitability delivered record results. Our customer engagement was another driver supporting exceptional outcomes in 2021. We continue to see an increase in customer awareness and adoption as more people experience the convenience, simplicity and control our services provide. To enhance our offerings and expand our scope, we added seven new geographic markets and broadened our ancillary service offerings to include Bundle Rewards and Offerpad Home Loans. In 2022, we will continue executing our customer-centric strategy by enhancing the experience for home buyers. This includes making it easier for home buyers to reach us directly, increasing their ability to benefit from a full-service solutions center. We are also planning to pilot a new Buyer Boost tool empowering buyers to make an offer on a home that is comparable to a cash offer. With consumers’ growingdesire to make things easier through on-demand services such as ride sharing, streaming, and food delivery, it’stime we use technology and innovation to eliminate the stress and hassle of buying and selling a home. Because we offer Flex listing services in addition to our Express Cash offer, customers can choose the service that provides the most convenience and simplicity to meet their individual needs. I’m incredibly excited about our future as a leading iBuyerand real estate solutions center. Our experience navigating dynamic market changes combined with our advanced technology gives me confidence we will redefine the residential real estate experience, creating value for our customers and shareholders. Brian Bair | Chairman and CEO 5|4Q 2021

INVESTMENT HIGHLIGHTS Large Addressable Market Offerpad operates in the residential real estate industry with Total Addressable Market of approximately $2T. Focused Business Model Offerpad is focused on responsible, long-term growth powe our real estate expertise and advanced, proprietary algorith that help to optimize each transaction. Competitive Differentiation Offerpad’s Solutions Center provides a diversified suite of re estate services, customizable to meet each customer’s need Attractive Growth Profile Offerpad’s growth is fueled by geographic expansion, existin market penetration and the rollout of additional ancillary se that create value for our customers. 6|4Q 2021

9 RECOMMEND OUT OF 10 WOULD TO A FRIEND* +74 NET PROMOTER “Seamless” SCORE* Julia in Jacksonville 93% “Easy and Convenient” CUSTOMER SATISFACTION* Baylee in Atlanta “Beyondour expectations” Carol in Tampa * Based on surveys from over 3,600 customers in 2021. 7|4Q 2021

BUSINESS HIGHLIGHTS Market Expansion and Penetration Offerpad’s record revenue of $2.07B in 2021 was fueled by solid execution of our business plan and strategy, as well as the comprehensive rollout of services in seven new U.S. markets. We plan to add eight new markets this year for a total of 29 markets by year-end 2022. In addition to market expansion, we continue to increase our market penetration in existing locations. In 2021, we estimate that we captured roughly 0.9% market share across our then active 21 markets. We use market-specific criteria to select locations that will support Offerpad’s long-term growth objectives, including: Geographical diversity Historical transactions (quantity and composition) Housing affordability Housing supply and demand Population and employment growth Number of Offerpad Markets 2018 2019 2020 2021 2022E 10 12 14 21 ~29 8|4Q 2021

BUSINESS HIGHLIGHTS Renovations Increase Growth Opportunity Our differentiated approach to renovations utilizes in-house talent, increasing our efficiency and helping to ensure consistent quality. The sophisticated, technology-driven logistics operation managed by our Renovations team enables us to take on both less traditional and larger renovations projects, which in turn expands our potential customer base. In addition, our flexible and adaptable culture enables our team to mitigate industry or other supply chain related challenges. PROPRIETARY FIELD AUTOMATION EXPERIENCE EFFICIENCY APPROX. 1.5 AVG. 20,000 DAYS Renovations through Per thousand dollars spent on December31, 2021 renovations in 4Q 2021 Increased Ancillary Services Not only are we expanding into new markets, we are also focused on increasing the diversity of our service offerings. By continuing to build out the suite of services in our Real Estate Solutions Center, we can increase the number of transactions per customer, increase our opportunity to build brand loyalty through customer engagement and increase our margins. Partnerships Offerpad values our relationships with our more than 50 homebuilder partners across the country to help streamline the new-home buying process. Customers purchasing a new home and selling their existing home to Offerpad enjoy multiple benefits including buying their new home before selling, more flexible closing dates and expedited underwriting. RETURNS PER HOME SOLD KEY TAKEWAYS Gross Profit per Home Sold Renovations $45K Contribution Profit After Interest Per Home Sold expand our buy box and $40K value creation opportunities $35K $30K Ancillary Services $25K increase customer transactions $20K and diversify our offerings $15K $10K $5K $0K Q1’21 Q2’21 Q3’21 Q4’21 9 | 4Q 2021

Q4 2021 FINANCIAL RESULTS SUMMARY Compared with Q4 2020 Revenue increased 289%to $867.5M Acquired 3,049 homes, an increase of 195% Sold a record 2,423 homes, an increase of 185% Gross profit increased 178% to $70.3M Net incomewas $12.8M compared to a net loss of ($1.3M) Net income includes a $15.6M non-cash credit to mark to market the Warrant Liability Adjusted EBITDA increased 420% to $7.7M Contribution profit after interest per home sold was $18,400, a decrease of 11%

TOTAL REVENUE ($B) $2.1 +60% CAGR $1.1 $1.1 $0.9 $0.3 2017 2018 2019 2020 2021 NET INCOME (LOSS) & ADJ. EBITDA ($M) $13.1 $12.8 $7.7 $6.1 $3.0 $1.5 $9.2 $(1.3) $(0.2) $(2.1) $(2.8) $(15.3) Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 See page 20 for a reconciliation to the most directly Net Income Adj. Net Income Adj. EBITDA comparable GAAP measure and additional information. (Loss) (Loss) 11|4Q 2021

FIRST QUARTER 2022 OUTLOOK HOMES SOLD 3,150 –3,250 REVENUE $1.15B –$1.20B ADJUSTED EBITDA1 $22M –$28M 1 See Non-GAAP financial measures on page 17 for an explanation of why a reconciliation of this guidance cannot be provided. 12|4Q 2021

APPENDIX Forward-Looking Statements Certain statements in this shareholder letter 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 for first quarter 2022, expectations regarding profitability and anticipated growth in the industry in which Offerpad operates are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “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; Offerpad’s ability to grow market share in its existing markets or any new markets it may enter; the impact of the COVID-19 pandemic; Offerpad’s ability to manage its growth effectively; Offerpad’s ability to accurately value and manage inventory, and to maintain an adequate and desirable supply of inventory; Offerpad’s ability to successfully launch new product and service offerings, and to manage, develop and refine its technology platform; Offerpad’s ability to maintain and enhance its products and brand, and to attract customers; Offerpad’s ability to achieve and maintain profitability in the future; and the success of strategic relationships with third parties. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended September 30, 2021filed with the Securities and Exchange Commission on November 10, 2021, and our 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 shareholder letter. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpadand its management, are inherently uncertain. Nothing in this shareholder letter 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. 13|4Q 2021

OFFERPAD SOLUTIONS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Year Ended December31, December31, (in thousands, except per share data) 2021 2020 2021 2020 Revenue $ 867,540 $ 223,230 $ 2,070,446 $ 1,064,257 Cost of revenue 797,248 197,975 1,862,631 976,478 Gross profit 70,292 25,255 207,815 87,779 Operating expenses: Sales, marketing and operating 51,474 17,738 146,872 76,786 General and administrative 12,286 5,277 30,317 17,481 Technology and development 3,197 1,816 10,860 7,270 Total operating expenses 66,957 24,831 188,049 101,537 Income (loss) from operations 3,335 424 19,766 (13,758) Other income (expense): Change in fair value of warrant liabilities 15,649 — 2,464 — Interest expense (6,178) (1,627) (15,848) (10,031) Other income, net — 47 248 834 Total other income (expense) 9,471 (1,580) (13,136) (9,197) Income (loss) before income taxes 12,806 (1,156) 6,630 (22,955) Income tax expense — (163) (170) (163) Net income (loss) $ 12,806 $ (1,319) $ 6,460 $ (23,118) Net income (loss) per share, basic $ 0.05 $ (0.02) $ 0.05 $ (0.40) Net income (loss) per share, diluted $ 0.05 $ (0.02) $ 0.05 $ (0.40) Weighted average common shares outstanding, basic 238,395 57,865 118,571 57,865 Weighted average common shares outstanding, diluted 261,897 57,865 143,220 57,865 14 | 4Q 2021

OFFERPAD SOLUTIONS INC. CONSOLIDATED BALANCE SHEETS (Unaudited) As of December 31, (in thousands, except par value per share) 2021 2020 ASSETS Current assets: Cash and cash equivalents $ 169,817 $ 43,938 Restricted cash 24,616 6,804 Accounts receivable 6,165 2,309 Inventory 1,132,571 171,359 Prepaid expenses and other current assets 9,808 2,880 Total current assets 1,342,977 227,290 Property and equipment, net 5,146 8,231 Other non-current assets 4,959 352 TOTAL ASSETS $ 1,353,082 $ 235,873 LIABILITIES, TEMPORARY EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable $ 6,399 $ 2,149 Accrued and other current liabilities 35,027 11,181 Secured credit facilities and notes payable, net 861,762 50,143 Secured credit facilities and notes payable—related party 164,434 126,825 Total current liabilities 1,067,622 190,298 Secured credit facilities and notes payable, net of current portion — 4,710 Warrant liabilities 24,061 — Other long-term liabilities 3,830 — Total liabilities 1,095,513 195,008 Commitments and contingencies Temporary equity: Series A convertible preferred stock, zero and 21,011 shares authorized, respectively; zero and 20,907 shares issued and outstanding, respectively; liquidation preference of $0 and $15,099, respectively — 14,921 Series A-1 convertible preferred stock, zero and 10,905 shares authorized, issued and outstanding, respectively; liquidation preference of $0 and $7,500, respectively — 7,470 Series A-2 convertible preferred stock, zero and 8,322 shares authorized, issued and outstanding, respectively; liquidation preference of $0 and $7,500, respectively — 7,463 Series B convertible preferred stock, zero and 58,390 shares authorized, issued and outstanding, respectively; liquidation preference of $0 and $50,000, respectively — 49,845 Series C convertible preferred stock, zero and 56,716 shares authorized, respectively; zero and 39,985 shares issued and outstanding, respectively; liquidation preference of $0 and $105,750, respectively — 104,424 Total temporary equity — 184,123 Stockholders’ equity (deficit): Class A common stock, $0.0001 and $0.00001 par value, respectively; 2,000,000 and 256,694 shares authorized, respectively; 224,154 and 57,865 shares issued and outstanding, respectively 22 — Class B common stock, $0.0001 and zero par value, respectively; 20,000 and zero shares authorized, respectively; 14,816 and zero shares issued and outstanding, respectively 2 — Additional paid in capital 389,601 5,908 Accumulated deficit (132,056) (138,516) Treasury stock — (10,650) Total stockholders’ equity (deficit) 257,569 (143,258) TOTAL LIABILITIES, TEMPORARY EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 1,353,082 $ 235,873

OFFERPAD SOLUTIONS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Year Ended December 31, ($ in thousands) 2021 2020 Cash flows from operating activities: Net income (loss) $ 6,460 $ (23,118) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation 523 434 Gain on sale of property and equipment (246) — Amortization of debt financing costs 916 262 Impairment of inventory 2,843 3,170 Stock-based compensation 3,079 1,363 Change in fair value of warrant liabilities (2,464) — Changes in operating assets and liabilities: Accounts receivable (3,845) 937 Inventory (949,591) 169,079 Prepaid expenses and other assets (5,288) 115 Accounts payable 4,130 841 Accrued and other liabilities 21,563 1,781 Net cash (used in) provided by operating activities (921,920) 154,864 Cash flows from investing activities: Purchases of property and equipment (13,687) (2,858) Proceeds from sales of property and equipment 2,032 — Net cash used in investing activities (11,655) (2,858) Cash flows from financing activities: Proceeds from Business Combination 284,011 — Issuance cost of common stock (51,249) — Borrowings from credit facilities and notes payable 2,764,071 799,997 Repayments of credit facilities and notes payable (1,912,837) (960,510) Payment of debt financing costs (7,632) (457) Proceeds from exercise of stock options 902 — Proceeds from issuance of Class C preferred stock, net — 29,823 Repurchase of common stock — — Net cash provided by (used in) financing activities 1,077,266 (131,147) Net change in cash, cash equivalents and restricted cash 143,691 20,859 Cash, cash equivalents and restricted cash, beginning of period 50,742 29,883 Cash, cash equivalents and restricted cash, end of period $ 194,433 $ 50,742 Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet: Cash and cash equivalents $ 169,817 $ 43,938 Restricted cash 24,616 6,804 Total cash, cash equivalents and restricted cash $ 194,433 $ 50,742 Supplemental disclosure of cash flow information: Cash payments for interest $ 21,875 $ 14,048 Supplemental disclosure of non-cash investing and financing activities: Transfer of property and equipment, net to inventory $ 14,464 $ — Acquisition of warrant liabilities $ 26,525 $ — Conversion of preferred stock to common stock $ 184,123 $ — Conversion of treasury stock $ 10,650 $ — 16 | 4Q 2021

Non-GAAP Financial Measures In addition to our results of operations above, we report 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 our operating performance and should not be considered in isolation or as a substitute for GAAP measures, including gross profit and net income. We may calculate or present our non-GAAP financial measures differently than other companies who report measures with similar titles and, as a result, the non-GAAP financial measures we report may not be comparable with those of companies in our industry or in other industries. We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted net income (loss) within this shareholder letter because we are 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 our control. Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins) To provide investors with additional information regarding our margins, we have included Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins), which are non-GAAP financial measures. We believe 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 our markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and ancillary services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period presented. Contribution Profit provides investors a measure to assess Offerpad’s ability to generate returns on homes sold 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) attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a presented period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest (and related margins) are supplemental measures of our 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 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 our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 17|4Q 2021

Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net inventory impairment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net inventory impairment is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end and subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance, as it captures gross margin performance isolated to homes sold in a givenperiod 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 We calculate 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 which historically is primarily comprised of net income to us from the investment related to our Offerpad Home Loans “OPHL” operations. The composition of our holding costs is described in the footnotes to the reconciliation table below. We define Contribution Margin as Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a givenperiod 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 We define 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 our senior and mezzanine secured credit facilities incurred on homes sold during the period. This includes interest expense recorded in prior periods in which the sale occurred. Our senior and mezzanine secured credit facilities are secured by our homes in 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. We define Contribution Margin After Interest as Contribution Profit After Interest as a percentage of revenue. We view 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. 18|4Q 2021

The following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated: Three Months Ended Year Ended December 31, December 31, (in thousands, except percentages and homes sold, unaudited) 2021 2020 2021 2020 Gross profit (GAAP) $ 70,292 $ 25,254 $ 207,815 $ 87,779 Gross margin 8.1% 11.3% 10.0% 8.2% Homes sold 2,423 849 6,373 4,281 Gross profit per home sold $ 29.0 $ 29.7 $ 32.6 $ 20.5 Adjustments: Inventory impairment—current period (1) 985 144 1,205 160 Inventory impairment—prior period (2) (511) (46) (160) (842) Interest expense capitalized (3) 3,511 396 6,294 2,962 Adjusted gross profit $ 74,277 $ 25,748 $ 215,154 $ 90,059 Adjusted gross margin 8.6% 11.5% 10.4% 8.5% Adjustments: Direct selling costs (4) (19,894) (5,981) (48,066) (30,878) Holding costs on sales—current period (5)(6) (1,339) (434) (4,262) (4,419) Holding costs on sales—prior period (5)(7) (558) (158) (214) (1,393) Other income (8) 0 47 248 834 Contribution profit $ 52,486 $ 19,221 $ 162,860 $ 54,203 Contribution margin 6.0% 8.6% 7.9% 5.1% Homes sold 2,423 849 6,373 4,281 Contribution profit per home sold $ 21.7 $ 22.6 $ 25.6 $ 12.7 Adjustments: Interest expense capitalized (3) (3,511) (396) (6,294) (2,962) Interest expense on homes sold—current period (9) (2,575) (916) (10,228) (8,500) Interest expense on homes sold—prior period (10) (1,749) (336) (468) (4,169) Contribution profit after interest $ 44,651 $ 17,574 $ 145,870 $ 38,572 Contribution margin after interest 5.1% 7.9% 7.0% 3.6% Homes sold 2,423 849 6,373 4,281 Contribution profit after interest per home sold $ 18.4 $ 20.7 $ 22.9 $ 9.0 (1) Inventory impairment – current period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (2) Inventory impairment – prior period is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3) Interest expense capitalized represents all interest related costs, including senior and mezzanine secured credit facilities, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale. (4) 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. (5) Holding costs primarily include property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. (6) Represents holding costs incurred on homes sold in the period presented and expensed to Sales, marketing, and operating on the Consolidated Statements of Operations. (7) Represents holding costs incurred in prior periods on homes sold in the period presented and expensed to Sales, marketing, and operating on the Consolidated Statements of Operations. (8) Other income in 2021 was earned from the sale of certain fixed assets. In 2020, other income primarily consists of net income to Offerpad from our historical investment in OPHL. (9) Represents both senior and mezzanine interest expense incurred on homes sold in the period presented and expensed to Interest expense on the Consolidated Statements of Operations. (10) Represents both senior and mezzanine secured credit facilities interest expense incurred in prior periods on homes sold in the period presented and expensed to Interest expense on the Consolidated Statements of Operations. 19 | 4Q 2021

Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which our management team uses to assess our underlying financial performance. We believe these measures provide insight into period over period performance, adjusted for non- recurring or non-cash items. We calculate Adjusted Net Income (Loss) as GAAP net income (loss) adjusted for the change in fair value of warrant liabilities. We define Adjusted Net Income (Loss) Margin as Adjusted Net Income (Loss) as a percentage of revenue. We calculate Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for interest expense, amortization of capitalized interest, taxes, depreciation and amortization and stock-based compensation expense. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental to our 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 our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. The following table presents a reconciliation of our Adjusted Net Income (Loss) and Adjusted EBITDA to our GAAP net income (loss), which is the most directly comparable GAAP measure, for the periods indicated: Three Months Ended Year Ended December 31, December 31, (in thousands, except percentages, unaudited) 2021 2020 2021 2020 Net income (loss) (GAAP) $ 12,806 $ (1,319) $ 6,460 $ (23,118) Change in fair value of warrant liability (15,649) — (2,464) —Adjusted net (loss) income $ (2,843) $ (1,319) $ 3,996 $ (23,118) Adjusted net income margin (0.3%) (0.6%) 0.2% (2.2%) Adjustments: Interest expense 6,178 1,627 15,848 10,031 Amortization of capitalized interest (1) 3,511 396 6,294 2,962 Income tax expense — 163 170 163 Depreciation and amortization 90 126 523 434 Amortization of share based compensation 763 488 3,079 1,363 Adjusted EBITDA 7,699 1,482 29,910 (8,165) Adjusted EBITDA margin 0.9% 0.7% 1.4% (0.8%) (1) Amortization of capitalized interest represents all interest related costs, including senior and mezzanine secured credit facilities, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale. 20 | 4Q 2021

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