v3.26.1
VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets    
Restricted cash $ 66 $ 339
Real estate inventory, net 1,845 925
TOTAL ASSETS [1] 2,961 2,407
Liabilities    
Total liabilities [2] 2,047 1,402
Variable Interest Entity, Primary Beneficiary    
Assets    
Restricted cash 61 334
Real estate inventory, net 1,842 916
Other 19 7
TOTAL ASSETS 1,922 1,257
Liabilities    
Non-recourse asset-backed debt 1,762 1,120
Other 32 13
Total liabilities $ 1,794 $ 1,133
[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.