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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 896 $ 962
Restricted cash 66 339
Escrow receivable 13 4
Real estate inventory, net 1,845 925
Other current assets 30 69
Total current assets 2,850 2,299
PROPERTY AND EQUIPMENT – Net 24 27
RIGHT OF USE ASSETS 10 8
GOODWILL 3 3
OTHER ASSETS 74 70
TOTAL ASSETS [1] 2,961 2,407
CURRENT LIABILITIES:    
Accounts payable and other accrued liabilities 78 80
Non-recourse asset-backed debt – current portion 691 52
Convertible senior notes – current portion 194 193
Interest payable 3 1
Lease liabilities – current portion 2 1
Total current liabilities 968 327
NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,071 1,068
LEASE LIABILITIES – Net of current portion 6 6
OTHER LIABILITIES 2 1
Total liabilities [2] 2,047 1,402
COMMITMENTS AND CONTINGENCIES (See Note 15)
SHAREHOLDERS’ EQUITY:    
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 968,626,958 and 957,245,487 shares issued, respectively; 968,626,958 and 957,245,487 shares outstanding, respectively 0 0
Additional paid-in capital 6,283 6,038
Accumulated deficit (5,368) (5,033)
Accumulated other comprehensive loss (1) 0
Total shareholders’ equity 914 1,005
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,961 $ 2,407
[1] The Company’s consolidated assets at June 30, 2026 and December 31, 2025 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $61 and $334; Real estate inventory, net, $1,842 and $916; Escrow receivable, $13 and $4; Other current assets, $6 and $3; and Total assets of $1,922 and $1,257, respectively.
[2] The Company’s consolidated liabilities at June 30, 2026 and December 31, 2025 include the following liabilities for which the VIE creditors generally do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $30 and $12; Current portion of non-recourse asset-backed debt, $691 and $52; Interest payable, $2 and $1; Non-recourse asset-backed debt, net of current portion, $1,071 and $1,068; and Total liabilities, $1,794 and $1,133, respectively. See “Note 4. Variable Interest Entities” for additional information regarding our VIEs.