OPEN — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• The U.S. housing market remains constrained by elevated mortgage rates and persistent affordability challenges. Existing home sales remain at a seasonally adjusted annual rate of around 4 million units, representing a 30-year low and roughly 20% below the pre-pandemic decade average of approximately…

• first quarter of 2026. Seller-buyer disconnect persists, with delistings (homes withdrawn from the market without selling) reaching the highest levels in Opendoor’s operating history.

• Our success with title insurance and escrow services helps validate our view that customers prefer an online, integrated experience. In the first quarter of 2026, we launched a mortgage product offering through Opendoor Home Loans LLC, which we believe over time can improve our customer experience a…

• Our business model is working capital intensive and inventory financing is a key enabler of our growth. We primarily rely on our access to non-recourse asset-backed debt, which consists of asset-backed senior debt facilities and asset-backed mezzanine term debt facilities, to finance our home acquis…

• The residential real estate market is seasonal, with greater demand and home price appreciation from home buyers in the spring and summer, and typically weaker demand and lower home price appreciation in late fall and winter. In general, we expect our financial results and working capital requiremen…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• In the third quarter of 2025, U.S. housing market activity remained subdued amid elevated mortgage rates and persistent affordability constraints. Seasonally adjusted annualized existing-home sales hovered around 4 million units, roughly 20 percent below the pre-pandemic decade average of about 5 mi…

• by tight inventory, even as transaction volumes and days-on-market reflected continued buyer hesitancy. New listings fell below 2024 levels, while total active inventory remained above 2024 levels; however, both measures were still below historical norms, limiting overall market liquidity. Clearance…

• We have expanded our reach through our agent-led distribution channel, which enables us to connect home sellers with trusted local agents at the beginning of their journey. These agents present one or more selling solutions, including cash offers and listings, helping customers navigate their option…

• Our success with title insurance and escrow services helps validate our view that customers prefer an online, integrated experience. We will continue to evaluate new ways to improve our end-to-end solution and expect to invest in additional adjacent products and services over time, including through…

• Beginning in February, we began raising spreads and intentionally slowed our home acquisition pace in response to our risk management objectives and broader macroeconomic uncertainty. When newly acquired homes represent a smaller proportion of our overall inventory, average days on market for our po…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective at the reasonable assurance level as of March 31, 2026.

• There were no changes in our internal control over financial reporting in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, our in…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• There were no changes in our internal control over financial reporting in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended September 30, 2025 that materially affected, or are reasonably likely to materially affect, ou…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• (3)At the time of adoption, the maximum number of shares that could be sold was unknown. The Rule 10b5-1 trading arrangement contemplated, as of the adoption date, the sale of up to 859,977 shares of common stock subject to RSUs previously granted to Ms. Schwartz that will vest at various dates betw…

• On March 9, 2026 Mr. Kaz Nejatian, our Chief Executive Officer and Director, entered into a 10b5-1 Instruction Letter (the “Nejatian Instructions”) with respect to all RSUs granted or to be granted to him under the Company’s equity plans or any successor plans, as well as all RSUs granted or to be g…

• On March 10, 2026 Mr. Lucas Matheson, our President, entered into a 10b5-1 Instruction Letter (the “Matheson Instructions”) with respect to all RSUs granted or to be granted to him under the Company’s equity plans or any successor plans, in order to instruct the broker(s) chosen by the Company to se…

• On March 15, 2026 Ms. Giang LeGrice, our Chief Operating Officer, entered into a 10b5-1 Instruction Letter (the “LeGrice Instructions”) with respect to all RSUs granted or to be granted to her under the Company’s equity plans or any successor plans, in order to instruct the broker(s) chosen by the C…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• (a) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

• On October 31, 2025, Sydney Schaub notified the Company’s Chief Executive Officer of her resignation as the Company’s Chief Legal Officer, effective as of November 7, 2025. Following her resignation, the Company expects that Ms. Schaub will remain as an advisor through November 21, 2025.

• On November 5, 2025, the Company appointed Giang Nguyen (LeGrice), age 44, as Chief Operating Officer of the Company. Ms. LeGrice joined the Company as Senior Vice President, Operations, in October, and she previously served as Vice-President, Operations at Shopify Inc., an all-in-one commerce platf…

• (3)At the time of adoption, the maximum number of shares that could be sold was unknown. The Rule 10b5-1 trading arrangement contemplated, as of the adoption date, the sale of up to 1,402,500 shares of common stock subject to RSUs previously granted to Mr. Radhakrishna that will vest at various date…

• The aggregate number of Mr. Radhakrishna’s RSU shares that will be available for sale under the Plan is not yet determinable because the shares available will be net of shares sold to satisfy tax withholding obligations that arise in connection with the vesting and settlement of such RSU awards.