Opendoor (OPEN) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39253
Entity Registrant Name	Opendoor Technologies Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-1318214
Entity Address, Address Line One	410 N. Scottsdale Road,
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Tempe,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85281
City Area Code	480
Local Phone Number	618-6760
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	OPEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		648,777,275
Entity Central Index Key	0001801169
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents		$ 1,143	$ 1,137
Restricted cash		1,515	654
Marketable securities		108	144
Escrow receivable		42	30
Real estate inventory, net		2,118	4,460
Other current assets ($0 and $1 carried at fair value)		46	41
Total current assets		4,972	6,466
PROPERTY AND EQUIPMENT – Net		59	58
RIGHT OF USE ASSETS		39	41
GOODWILL		4	4
INTANGIBLES – Net		11	12
OTHER ASSETS		27	27
TOTAL ASSETS	[1]	5,112	6,608
CURRENT LIABILITIES:
Accounts payable and other accrued liabilities		77	110
Non-recourse asset-backed debt - current portion		355	1,376
Interest payable		4	12
Lease liabilities - current portion		7	7
Total current liabilities		443	1,505
NON-RECOURSE ASSET-BACKED DEBT – Net of current portion		2,824	3,020
CONVERTIBLE SENIOR NOTES		774	959
LEASE LIABILITIES – Net of current portion		35	38
Total liabilities	[2]	4,076	5,522
COMMITMENTS AND CONTINGENCIES (See Note 14)
SHAREHOLDERS’ EQUITY:
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 647,607,920 and 637,387,025 shares issued, respectively; 647,607,920 and 637,387,025 shares outstanding, respectively		0	0
Additional paid-in capital		4,198	4,148
Accumulated deficit		(3,159)	(3,058)
Accumulated other comprehensive loss		(3)	(4)
Total shareholders’ equity		1,036	1,086
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$ 5,112	$ 6,608
[1]The Company’s consolidated assets at March 31, 2023 and December 31, 2022 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $1,494 and $636; Real estate inventory, net, $2,007 and $4,408; Escrow receivable, $28 and $29; Other current assets, $15 and $9; and Total assets of $3,544 and $5,082, respectively.[2]The Company’s consolidated liabilities at March 31, 2023 and December 31, 2022 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $27 and $61; Interest payable, $4 and $11; Current portion of non-recourse asset-backed debt, $355 and $1,376; Non-recourse asset-backed debt, net of current portion, $2,824 and $3,020; and Total liabilities, $3,210 and $4,468, respectively.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Other current assets, carried at fair value		$ 0	$ 1
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common stock authorized (in shares)		3,000,000,000	3,000,000,000
Common stock issued (in dollars per shares)		647,607,920	637,387,025
Common stock outstanding (in dollars per shares)		647,607,920	637,387,025
Restricted cash		$ 1,515	$ 654
Real estate inventory, net		2,118	4,460
Escrow receivable		42	30
Other current assets		46	41
Assets	[1]	5,112	6,608
Accounts payable and other accrued liabilities		77	110
Interest payable		4	12
Non-recourse asset-backed debt - current portion		355	1,376
NON-RECOURSE ASSET-BACKED DEBT – Net of current portion		2,824	3,020
Liabilities	[2]	4,076	5,522
Variable Interest Entity, Primary Beneficiary
Restricted cash		1,494	636
Real estate inventory, net		2,007	4,408
Escrow receivable		28	29
Other current assets		15	9
Assets		3,544	5,082
Accounts payable and other accrued liabilities		27	61
Interest payable		4	11
Non-recourse asset-backed debt - current portion		355	1,376
NON-RECOURSE ASSET-BACKED DEBT – Net of current portion		2,824	3,020
Liabilities		$ 3,210	$ 4,468
[1]The Company’s consolidated assets at March 31, 2023 and December 31, 2022 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $1,494 and $636; Real estate inventory, net, $2,007 and $4,408; Escrow receivable, $28 and $29; Other current assets, $15 and $9; and Total assets of $3,544 and $5,082, respectively.[2]The Company’s consolidated liabilities at March 31, 2023 and December 31, 2022 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $27 and $61; Interest payable, $4 and $11; Current portion of non-recourse asset-backed debt, $355 and $1,376; Non-recourse asset-backed debt, net of current portion, $2,824 and $3,020; and Total liabilities, $3,210 and $4,468, respectively.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
REVENUE	$ 3,120	$ 5,151
COST OF REVENUE	2,950	4,616
GROSS PROFIT	170	535
OPERATING EXPENSES:
Sales, marketing and operations	188	276
General and administrative	66	101
Technology and development	40	40
Total operating expenses	294	417
(LOSS) INCOME FROM OPERATIONS	(124)	118
GAIN ON EXTINGUISHMENT OF DEBT	78	0
INTEREST EXPENSE	(74)	(68)
OTHER INCOME (LOSS) – Net	19	(22)
(LOSS) INCOME BEFORE INCOME TAXES	(101)	28
INCOME TAX EXPENSE	(0.3)	(0.3)
NET (LOSS) INCOME	$ (101)	$ 28
Net (loss) income per share attributable to common shareholders:
Basic (in dollars per share)	$ (0.16)	$ 0.05
Diluted (in dollars per share)	$ (0.16)	$ 0.04
Weighted-average shares outstanding:
Basic (in shares)	641,916,000	619,137,000
Diluted (in shares)	641,916,000	640,785,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Other Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (101)	$ 28
OTHER COMPREHENSIVE INCOME (LOSS):
Unrealized gain (loss) on marketable securities	1	(2)
COMPREHENSIVE (LOSS) INCOME	$ (100)	$ 26

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Common Stock Restricted Shares	Common Stock RSUs	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021		616,026,565
Beginning balance at Dec. 31, 2021	$ 2,248	$ 0			$ 3,955	$ (1,705)	$ (2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock and restricted stock units (in shares)			72,918	4,923,229
Exercise of stock options (in shares)		1,895,800
Exercise of stock options	2				2
Stock-based compensation	71				71
Other comprehensive income (loss)	(2)						(2)
Net (loss) income	28					28
Ending balance (in shares) at Mar. 31, 2022		622,918,512
Ending balance at Mar. 31, 2022	$ 2,347	$ 0			4,028	(1,677)	(4)
Beginning balance (in shares) at Dec. 31, 2022	637,387,025	637,387,025
Beginning balance at Dec. 31, 2022	$ 1,086	$ 0			4,148	(3,058)	(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock and restricted stock units (in shares)				8,241,495
Exercise of stock options (in shares)	1,335,000	1,334,969
Exercise of stock options	$ 1				1
Employee stock purchase plan (in shares)		644,431
Employee stock purchase plan	1				1
Stock-based compensation	48				48
Other comprehensive income (loss)	1						1
Net (loss) income	$ (101)					(101)
Ending balance (in shares) at Mar. 31, 2023	647,607,920	647,607,920
Ending balance at Mar. 31, 2023	$ 1,036	$ 0			$ 4,198	$ (3,159)	$ (3)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (101)	$ 28
Adjustments to reconcile net (loss) income to cash, cash equivalents, and restricted cash provided by operating activities:
Depreciation and amortization	22	18
Amortization of right of use asset	2	2
Stock-based compensation	42	67
Inventory valuation adjustment	23	8
Changes in fair value of equity securities	(1)	22
Net fair value adjustments and loss on sale of mortgage loans held for sale	0	(1)
Origination of mortgage loans held for sale	0	(46)
Proceeds from sale and principal collections of mortgage loans held for sale	1	43
Gain on extinguishment of debt	(78)	0
Changes in operating assets and liabilities:
Escrow receivable	(12)	26
Real estate inventory	2,306	1,416
Other assets	(10)	(28)
Accounts payable and other accrued liabilities	(22)	2
Interest payable	(8)	(5)
Lease liabilities	(2)	(2)
Net cash provided by operating activities	2,162	1,550
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(8)	(10)
Purchase of marketable securities	0	(28)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities	38	22
Purchase of non-marketable equity securities	0	(25)
Capital returns from non-marketable equity securities	0	3
Net cash provided by (used in) investing activities	30	(38)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of convertible senior notes	(101)	0
Proceeds from exercise of stock options	1	2
Proceeds from issuance of common stock for ESPP	1	0
Proceeds from non-recourse asset-backed debt	224	2,292
Principal payments on non-recourse asset-backed debt	(1,446)	(3,622)
Proceeds from other secured borrowings	0	45
Principal payments on other secured borrowings	0	(41)
Payment of loan origination fees and debt issuance costs	0	(10)
Payment for early extinguishment of debt	(4)	0
Net cash used in financing activities	(1,325)	(1,334)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	867	178
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period	1,791	2,578
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period	2,658	2,756
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	74	68
DISCLOSURES OF NONCASH ACTIVITIES:
Stock-based compensation expense capitalized for internally developed software	6	4
RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	1,143	2,312
Restricted cash	1,515	444
Cash, cash equivalents, and restricted cash	$ 2,658	$ 2,756

DESCRIPTION OF BUSINESS AND ACC

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES Description of Business Opendoor Technologies Inc. (the “Company” and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a managed marketplace for residential real estate. By leveraging our centralized platform, Opendoor is working towards a future that enables sellers and buyers of residential real estate to experience a simple and certain transaction that is dramatically improved from the traditional process. The Company was incorporated in Delaware on December 30, 2013. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements as of March 31, 2023 and December 31, 2022 and for the three month periods ended March 31, 2023 and 2022 include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where the Company is the primary beneficiary. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements herein. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The Company was formed through a business combination with Social Capital Hedosophia Holdings Corp. II (“SCH”), a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Business Combination, pursuant to which Opendoor Labs Inc. became a wholly owned subsidiary of SCH and SCH changed its name from “Social Capital Hedosophia Holdings Corp. II” to “Opendoor Technologies Inc.”, was completed on December 18, 2020, and was accounted for as a reverse recapitalization, in accordance with GAAP. The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”) filed on February 23, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that have a material impact on the amounts reported in the financial statements and accompanying notes. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, and inventory valuation adjustment. Management believes that the estimates and judgments upon which management relies are reasonable based upon information available to management at the time that these estimates and judgments are made. To the extent there are material differences between these estimates, assumptions and judgments and actual results, the carrying values of the Company's assets and liabilities and the results of operations will be affected. The health of the residential housing market and interest rate environment have introduced additional uncertainty with respect to judgments, estimates and assumptions, which may materially impact the estimates previously listed, among others. Significant Risks and Uncertainties The Company operates in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, the Company believes that changes in any of the following areas could have a significant negative effect on the Company in terms of its future financial position, results of operations or cash flows: public health crises, like the COVID-19 pandemic; its rates of revenue growth; its ability to manage inventory; engagement and usage of its products; the effectiveness of its investment of resources to pursue strategies; competition in its market; the stability of the residential real estate market; the impact of interest rate changes on demand for and pricing of its products and on the cost of capital; changes in technology, products, markets or services by the Company or its competitors; its ability to maintain or establish relationships with listings and data providers; its ability to obtain or maintain licenses and permits to support its current and future businesses; actual or anticipated changes to its products and services; changes in government regulation affecting its business; the outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; its management of its growth; its ability to attract and retain qualified employees and key personnel; its ability to successfully integrate and realize the benefits of its past or future strategic acquisitions or investments; the protection of customers’ information and other privacy concerns; the protection of its brand and intellectual property; and intellectual property infringement and other claims, among other things. Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, and investments in marketable securities. The Company places cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of the Company’s investments. Significant Accounting Policies The Company’s significant accounting policies are discussed in “Part II – Item 8 – Financial Statements and Supplementary Data – Note 1. Description of Business and Accounting Policies” in the Annual Report. There have been no changes to these significant accounting policies for the three month period ended March 31, 2023, except as noted below. Convertible Senior Notes The 0.25% convertible senior notes due in 2026 (the "2026 Notes") issued by the Company in August 2021 are accounted for wholly as debt. The 2026 Notes have an initial carrying value equal to the net proceeds from issuance. Issuance costs associated with the 2026 Notes are amortized over the term using the effective interest method. Conversions are settled through payment of cash or a combination of cash and stock, at the Company's option. Upon conversion, the carrying amount of the 2026 Notes, including any unamortized debt issuance costs, is reduced by cash paid, with any difference being reflected as a change in equity. There will not be any gains or losses recognized upon a conversion. Upon extinguishment of any portion of the 2026 Notes, the difference between the repurchase price of the extinguished notes and the respective net carrying amount is recorded as a gain or loss in Gain on extinguishment of debt in the condensed consolidated statements of operations. See “Note 5 — Credit Facilities and Long-Term Debt” for details on the partial repurchase of the Company's convertible notes that occurred in the period. Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and definite-lived intangible assets, among other long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. The impairment loss recognized for the three months ended March 31, 2023 is related to impairment of certain internally developed software projects. The impairment loss recognized during the periods presented is as follows (in millions): Three Months Ended 2023 2022 Technology and development $ 2 $ — Total impairment loss $ 2 $ —

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
REAL ESTATE INVENTORY	REAL ESTATE INVENTORY The following table presents the components of inventory, net of applicable inventory valuation adjustments of $187 million and $459 million, as of March 31, 2023 and December 31, 2022, respectively (in millions): March 31, December 31, Work in progress $ 158 $ 891 Finished goods: Listed for sale 999 2,788 Under contract for sale 961 781 Total real estate inventory $ 2,118 $ 4,460 As of March 31, 2023, the Company was in contract to purchase 1,137 homes for an aggregate purchase price of $346 million. During the three months ended March 31, 2023 and 2022, the Company recorded inventory valuation adjustments for real estate inventory of $23 million and $8 million , respectively, in Cost of revenue in the condensed consolidated statements of operations.

CASH, CASH EQUIVALENTS, AND INV

CASH, CASH EQUIVALENTS, AND INVESTMENTS	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS, AND INVESTMENTS	CASH, CASH EQUIVALENTS, AND INVESTMENTS The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of March 31, 2023 and December 31, 2022, are as follows (in millions): March 31, 2023 Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 258 $ — $ — $ 258 $ 258 $ — Money market funds 885 — — 885 885 — Corporate debt securities 98 — (3) 95 — 95 Equity securities 12 — — 12 — 12 Asset-backed securities 1 — — 1 — 1 Total $ 1,254 $ — $ (3) $ 1,251 $ 1,143 $ 108 December 31, 2022 Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 422 $ — $ — $ 422 $ 422 $ — Money market funds 715 — — 715 715 — Corporate debt securities 126 — (4) 122 — 122 Equity securities 11 — — 11 — 11 Certificates of deposit 9 — — 9 — 9 Asset-backed securities 2 — — 2 — 2 Total $ 1,285 $ — $ (4) $ 1,281 $ 1,137 $ 144 During the three months ended March 31, 2023, the Company recognized $1 million of net unrealized gains in the condensed consolidated statements of operations related to marketable equity securities held as of March 31, 2023. During the three months ended March 31, 2022, the Company recognized $(22) million of net unrealized losses in the condensed consolidated statements of operations related to marketable equity securities held as of March 31, 2022. A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in millions): Less than 12 Months 12 Months or Greater Total March 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 4 $ — $ 86 $ (3) $ 90 $ (3) Asset-backed securities — — 1 — 1 — Total $ 4 $ — $ 87 $ (3) $ 91 $ (3) Less than 12 Months 12 Months or Greater Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 5 $ — $ 117 $ (4) $ 122 $ (4) Certificates of deposit 6 — — — 6 — Asset-backed securities — — 2 — 2 — Total $ 11 $ — $ 119 $ (4) $ 130 $ (4) Net unrealized losses of the Company's available-for-sale debt securities as of March 31, 2023 and December 31, 2022 were $3 million and $4 million, respectively. These unrealized losses are associated with the Company’s investments in corporate debt securities and were due to interest rate increases, and not credit-related events. The Company does not expect to be required to sell the investments before recovery of the amortized cost bases. As such, no allowance for credit losses is required as of March 31, 2023 or December 31, 2022. The scheduled contractual maturities of debt securities as of March 31, 2023 are as follows (in millions): March 31, 2023 Fair Value Within 1 Year After 1 Year through 5 Years Corporate debt securities $ 95 $ 71 $ 24 Asset-backed securities 1 1 — Total $ 96 $ 72 $ 24 A summary of non-marketable equity securities and equity method investment balances as of March 31, 2023 and December 31, 2022 are as follows (in millions): March 31, December 31, Equity method investments $ 19 $ 20 Non-marketable equity securities 5 5 Total $ 24 $ 25

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The Company utilizes VIEs in the normal course of business to support the Company’s financing needs. The Company determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with the VIE and reconsiders that conclusion on an on-going basis. The Company established certain special purpose entities (“SPEs”) for the purpose of financing the Company’s purchase and renovation of real estate inventory through the issuance of asset-backed debt. The Company is the primary beneficiary of the various VIEs within these financing structures and consolidates these VIEs. The Company is determined to be the primary beneficiary based on its power to direct the activities that most significantly impact the economic outcomes of the SPEs through its role in designing the SPEs and managing the real estate inventory they purchase and sell. The Company has a potentially significant variable interest in the entities based upon the equity interest the Company holds in the VIEs. The following table summarizes the assets and liabilities related to the VIEs consolidated by the Company as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, Assets Restricted cash $ 1,494 $ 636 Real estate inventory, net 2,007 4,408 Other (1) 43 38 Total assets $ 3,544 $ 5,082 Liabilities Non-recourse asset-backed debt $ 3,179 $ 4,396 Other (2) 31 72 Total liabilities $ 3,210 $ 4,468 ________________ (1) Includes escrow receivable and other current assets. (2) Includes accounts payable and other accrued liabilities and interest payable. The creditors of the VIEs generally do not have recourse to the Company’s general credit solely by virtue of being creditors of the VIEs. However, certain of the financial covenants included in the inventory financing facilities to which the VIEs are party are calculated by reference to Opendoor Labs Inc. and its consolidated subsidiaries' assets and liabilities. As a result, under certain circumstances, this may limit the Company's flexibility to transfer assets from Opendoor subsidiaries to the Parent Company. See “Note 5 — Credit Facilities and Long-Term Debt” for further discussion of the recourse obligations with respect to the VIEs.

CREDIT FACILITIES AND LONG-TERM

CREDIT FACILITIES AND LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
CREDIT FACILITIES AND LONG-TERM DEBT	CREDIT FACILITIES AND LONG-TERM DEBT The following tables summarize certain details related to the Company's credit facilities and long-term debt as of March 31, 2023 and December 31, 2022 (in millions, except interest rates): Outstanding Amount March 31, 2023 Borrowing Capacity Current Non-Current Weighted Average Interest Rate End of Revolving / Withdrawal Period Final Maturity Date Non-Recourse Asset-backed Debt: Asset-backed Senior Revolving Credit Facilities Revolving Facility 2018-2 $ 1,000 $ 183 $ — 7.43 % June 7, 2024 June 7, 2024 Revolving Facility 2018-3 1,000 — — 6.82 % October 20, 2025 October 20, 2025 Revolving Facility 2019-1 600 — — 7.34 % June 30, 2023 June 30, 2023 Revolving Facility 2019-2 1,850 — — 6.83 % July 8, 2023 July 8, 2024 Revolving Facility 2019-3 925 — — — % April 5, 2024 April 4, 2025 Revolving Facility 2022-1 300 172 — 8.68 % May 9, 2023 October 31, 2023 Asset-backed Senior Term Debt Facilities Term Debt Facility 2021-S1 400 — 400 3.48 % April 1, 2024 April 1, 2025 Term Debt Facility 2021-S2 600 — 500 3.20 % September 10, 2024 September 10, 2025 Term Debt Facility 2021-S3 1,000 — 750 3.75 % January 31, 2027 July 31, 2027 Term Debt Facility 2022-S1 250 — 250 4.07 % March 1, 2025 September 1, 2025 Total $ 7,925 $ 355 $ 1,900 Issuance Costs — (16) Carrying Value $ 355 $ 1,884 Asset-backed Mezzanine Term Debt Facilities Term Debt Facility 2020-M1 2,300 — 800 10.00 % April 1, 2025 April 1, 2026 Term Debt Facility 2022-M1 500 — 150 10.00 % September 15, 2025 September 15, 2026 Total $ 2,800 $ — $ 950 Issuance Costs (10) Carrying Value $ 940 Total Non-Recourse Asset-backed Debt $ 10,725 $ 355 $ 2,824 Outstanding Amount December 31, 2022 Current Non-Current Weighted Average Interest Rate Non-Recourse Asset-backed Debt: Asset-backed Senior Revolving Credit Facilities Revolving Facility 2018-2 $ 472 $ — 4.86 % Revolving Facility 2018-3 194 — 3.98 % Revolving Facility 2019-1 55 — 4.41 % Revolving Facility 2019-2 167 — 3.92 % Revolving Facility 2019-3 — — 3.86 % Revolving Facility 2022-1 289 — 8.15 % Asset-backed Senior Term Debt Facilities Term Debt Facility 2021-S1 — 400 3.48 % Term Debt Facility 2021-S2 — 500 3.20 % Term Debt Facility 2021-S3 — 750 3.75 % Term Debt Facility 2022-S1 — 250 4.07 % Term Debt Facility 2022-S2 200 — 8.48 % Total $ 1,377 $ 1,900 Issuance Costs (1) (17) Carrying Value $ 1,376 $ 1,883 Asset-backed Mezzanine Term Debt Facilities Term Debt Facility 2020-M1 $ — $ 1,000 10.00 % Term Debt Facility 2022-M1 $ — $ 150 10.00 % Total $ — $ 1,150 Issuance Costs (13) Carrying Value $ 1,137 Total Non-Recourse Asset-backed Debt $ 1,376 $ 3,020 Non-Recourse Asset-backed Debt The Company utilizes inventory financing facilities consisting of asset-backed senior debt facilities and asset-backed mezzanine term debt facilities to provide financing for the Company’s real estate inventory purchases and renovation. These inventory financing facilities are typically secured by some combination of restricted cash, equity in real estate owning subsidiaries and related holding companies, and, for senior facilities, the real estate inventory financed by the relevant facility and/or beneficial interests in such inventory. Each of the borrowers under the inventory financing facilities is a consolidated subsidiary of Opendoor and a separate legal entity. Neither the assets nor credit of any such borrower subsidiaries are generally available to satisfy the debts and other obligations of any other Opendoor entities. The inventory financing facilities are non-recourse to the Company and are non-recourse to Opendoor subsidiaries not party to the relevant facilities, except for limited guarantees provided by an Opendoor subsidiary for certain obligations in situations involving “bad acts” by an Opendoor entity and certain other limited circumstances. As of March 31, 2023, the Company had total borrowing capacity with respect to its non-recourse asset-backed debt of $10.7 billion. Borrowing capacity amounts under non-recourse asset-backed debt as reflected in the table above are in some cases not fully committed and any borrowings above the committed amounts are subject to the applicable lender’s discretion. Any amounts repaid for senior term and mezzanine term debt facilities reduce total borrowing capacity as repaid amounts are not available to be reborrowed. As of March 31, 2023, the Company had committed borrowing capacity with respect to the Company’s non-recourse asset-backed debt of $4.9 billion; this committed borrowing capacity is comprised of $2.0 billion for senior revolving credit facilities, $1.9 billion for senior term debt facilities, and $1.0 billion for mezzanine term debt facilities. Asset-backed Senior Revolving Credit Facilities The Company classifies the senior revolving credit facilities as current liabilities on the Company’s condensed consolidated balance sheets as amounts drawn to acquire and renovate homes are required to be repaid as the related real estate inventory is sold, which the Company expects to occur within 12 months. The senior revolving credit facilities are typically structured with an initial revolving period of up to 24 months during which time amounts can be borrowed, repaid and borrowed again. The borrowing capacity is generally available until the end of the applicable revolving period as reflected in the table above. Outstanding amounts drawn under each senior revolving credit facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The final maturity dates and revolving period end dates reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. These facilities may also have extensions subject to lender discretion that are not reflected in the table above. Borrowings under the senior revolving credit facilities accrue interest at various floating rates based on a London Interbank Offered Rate ("LIBOR") or a secured overnight financing rate ("SOFR"), plus a margin that varies by facility. Effective November 2022, all such floating rates are based on SOFR. The Company may also pay fees on certain unused portions of committed borrowing capacity. The Company’s senior revolving credit facility arrangements typically include upfront fees that may be paid at execution of the applicable agreements or be earned at execution and payable over time. These facilities are generally fully prepayable at any time without penalty other than customary breakage costs. The senior revolving credit facilities have aggregated borrowing bases, which increase or decrease based on the cost and value of the properties financed under a given facility and the time that those properties are in the Company’s possession. When the Company resells a home, the proceeds are used to reduce the outstanding balance under the related senior revolving credit facility. The borrowing base for a given facility may be reduced as properties age beyond certain thresholds or the performance of the properties financed under that facility declines, and any borrowing base deficiencies may be satisfied through contributions of additional properties or partial repayment of the facility. Asset-backed Senior Term Debt Facilities The Company classifies its senior term debt facilities as non-current liabilities on the Company’s condensed consolidated balance sheets because its borrowings under these facilities are generally not required to be repaid until the final maturity date. The senior term debt facilities are typically structured with an initial withdrawal period up to 60 months during which the outstanding principal amounts are generally not required to be repaid when homes financed through those facilities are sold and instead are intended to remain outstanding until final maturity for each facility. Outstanding amounts drawn under each senior term debt facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The final maturity dates and withdrawal period end dates reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. These facilities may also have extensions subject to lender discretion that are not reflected in the table above. Borrowings under the senior term debt facilities accrue interest at a fixed rate with the exception of Term Debt Facility 2022-S2, which accrued interest at a floating rate based on SOFR plus a margin. The Company's senior term debt facilities may include upfront issuance costs that are capitalized as part of the facilities' respective carrying values. These facilities are fully prepayable at any time but may be subject to certain customary prepayment penalties. The senior term debt facilities have aggregated property borrowing bases, which increase or decrease based on the cost and value of the properties financed under a given facility, the time those properties are in the Company’s possession and the amount of cash collateral pledged by the relevant borrowers. The borrowing base for a given facility may be reduced as properties age or collateral performance declines beyond certain thresholds, and any borrowing base deficiencies may be satisfied through contributions of additional properties, cash or through partial repayment of the facility. Asset-backed Mezzanine Term Debt Facilities The Company classifies its mezzanine term debt facilities as long-term liabilities on the Company’s condensed consolidated balance sheets because its borrowings under these facilities are generally not required to be repaid until the applicable final maturity date. These facilities are structurally and contractually subordinated to the related asset-backed senior debt facilities. The mezzanine term debt facilities have been structured with an initial 42 month withdrawal period during which the outstanding principal amounts are generally not required to be repaid when homes financed through those facilities are sold and instead are intended to remain outstanding until final maturity. Outstanding amounts drawn under the mezzanine term debt facilities are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The final maturity date and withdrawal period end date reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. These facilities may also have extensions subject to lender discretion that are not reflected in the table above. Borrowings under a given term debt facility accrue interest at a fixed rate. The mezzanine term debt facilities include upfront issuance costs that are capitalized as part of the facilities’ respective carrying values. These facilities are fully prepayable at any time but may be subject to certain prepayment penalties. The mezzanine term debt facilities have aggregated property borrowing bases, which increase or decrease based on the cost and the value of the properties financed under a given facility and time in the Company’s possession of those properties and the amount of cash collateral pledged by the relevant borrowers. The borrowing base for a given facility may be reduced as properties age or collateral performance declines beyond certain thresholds, and any borrowing base deficiencies may be satisfied through contributions of additional properties or cash or through partial repayment of the facility. Covenants The Company’s inventory financing facilities include customary representations and warranties, covenants and events of default. Financed properties are subject to customary eligibility criteria and concentration limits. The terms of these inventory financing facilities and related financing documents require an Opendoor subsidiary to comply with customary financial covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to tangible net worth). Certain of these financial covenants are calculated by reference to Opendoor Labs Inc. and its consolidates subsidiaries' assets and liabilities. As a result, under certain circumstances, this may limit our flexibility to transfer assets from Opendoor subsidiaries to the Parent Company. At March 31, 2023 and December 31, 2022, $500 million and $565 million, respectively, of the Company's net assets are restricted as they reflect minimum net asset requirements at Opendoor Labs Inc. As of March 31, 2023, the Company was in compliance with all financial covenants and no event of default had occurred. Mortgage Financing In 2022, the Company ceased providing correspondent lending or mortgage brokering services. As a result, the Company no longer requires mortgage financing and terminated its master repurchase agreement (the “Repurchase Agreement”) in October 2022. From March 2019 through its exit of mortgage lending and brokering services, the Company utilized the Repurchase Agreement to provide capital for Opendoor Home Loans. The facility, which was classified as a current liability on the Company’s condensed consolidated balance sheets, provided short-term financing between the issuance of a mortgage loan and when Opendoor Home Loans sold the loan to an investor. In accordance with the Repurchase Agreement, the lender agreed to pay Opendoor Home Loans a negotiated purchase price for eligible loans and Opendoor Home Loans simultaneously agreed to repurchase such loans from the lender within a specified timeframe and at an agreed upon price that included interest. Opendoor Labs Inc. was the guarantor with respect to the Repurchase Agreement and the obligation to repurchase loans previously transferred under the arrangement for the benefit of the lender. This financing arrangement was an important component of Opendoor Home Loans’ operations as a correspondent lender. Convertible Senior Notes In August 2021, the Company issued 0.25% senior notes due in 2026 (the “2026 Notes”) with an aggregate principal amount of $978 million. The tables below summarizes certain details related to the 2026 Notes (in millions, except interest rates): March 31, 2023 Remaining Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2026 Notes $ 789 $ (15) $ 774 March 31, 2023 Maturity Date Stated Cash Interest Rate Effective Interest Rate Semi-Annual Interest Payment Dates Conversion Rate Conversion Price 2026 Notes August 15, 2026 0.25 % 0.78 % February 15; August 15 51.9926 $ 19.23 The 2026 Notes will be convertible at the option of the holders before February 15, 2026 only upon the occurrence of certain events. Beginning on August 20, 2024, the Company has the option to redeem the 2026 Notes upon meeting certain conditions related to price of the Company's common stock. Beginning on February 15, 2026 and until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2026 Notes are convertible at any time at election of each holder. The conversion rate and conversion price are subject to customary adjustments under certain circumstances. In addition, if certain corporate events that constitute a make-whole fundamental change occur, then the conversion rate will be adjusted in accordance with the make-whole table within the Indenture. Upon conversion, the Company may satisfy its conversion obligation by paying cash or providing a combination of cash and the Company's common stock, at the Company's election, based on the applicable conversion rate. In March 2023, the Company entered into separate, privately negotiated transactions to repurchase a portion of the outstanding 2026 Notes (“Repurchased 2026 Notes”). The holders of the Repurchased 2026 Notes exchanged $189 million in aggregate principal amount for an aggregate payment of $101 million in cash for full settlement of the principal value and accrued interest on such date. The Company accounted for the repurchase as a debt extinguishment. Accordingly, on the repurchase date, the Company: (i) reduced the carrying value of the Repurchased 2026 Notes by $189 million, (ii) reduced outstanding deferred issuance costs by $3 million, (iii) incurred fees of $1 million and (iv) recorded $84 million of gain on debt extinguishment. The Company elected to leave the Capped Calls associated with the Repurchased 2026 Notes outstanding. For the three months ended March 31, 2023, total interest expense on the Company's convertible senior notes was $2 million, with coupon interest of $1 million and amortization of debt issuance costs of $1 million. Capped Calls In August 2021, in connection with the issuance of the 2026 Notes, the Company purchased capped calls (the “Capped Calls”) from certain financial institutions at a cost of $119 million. The Capped Calls cover, subject to customary adjustments, the number of shares of the Company's common stock underlying the 2026 Notes. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its common stock (or, in the event of a conversion of the 2026 Notes settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2026 Notes its common stock price exceeds the conversion price. The Capped Calls have an initial strike price of $19.23 per share and an initial cap price of $29.59 per share or a cap price premium of 100%.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURESThe Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Following is a discussion of the fair value hierarchy and the valuation methodologies used for assets and liabilities recorded at fair value on a recurring and nonrecurring basis and for estimating fair value for financial instruments not recorded at fair value. Fair Value Hierarchy Fair value measurements of assets and liabilities are categorized based on the following hierarchy: Level 1 — Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 — Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. Level 3 — Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. Estimation of Fair Value The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities. Asset/Liability Class Valuation Methodology, Inputs and Assumptions Classification Cash and cash equivalents Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. Level 1 estimated fair value measurement. Restricted cash Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. Level 1 estimated fair value measurement. Marketable securities Debt securities Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable. Level 2 recurring fair value measurement. Mutual fund Price is quoted given the security is traded on an exchange. Level 1 recurring fair value measurement. Equity securities Price is quoted given the securities are traded on an exchange. Level 1 recurring fair value measurement. Other current assets Mortgage loans held for sale Fair value is estimated based on observable market data including quoted market prices and deal price quotes. Level 2 recurring fair value measurement. Non-recourse asset-backed debt Credit facilities Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity. Carried at amortized cost. Level 2 estimated fair value measurement. Convertible senior notes Fair value is estimated using broker quotes and other observable market inputs. Carried at amortized cost. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present the levels of the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in millions): March 31, 2023 Balance at Fair Value Level 1 Level 2 Level 3 Marketable securities: Corporate debt securities $ 95 $ — $ 95 $ — Equity securities 12 12 — — Asset-backed securities 1 — 1 — Total assets $ 108 $ 12 $ 96 $ — December 31, 2022 Balance at Fair Value Level 1 Level 2 Level 3 Marketable securities: Corporate debt securities $ 122 $ — $ 122 $ — Equity securities 11 11 — — Certificates of deposit 9 — 9 — Asset-backed securities 2 — 2 — Other current assets: Mortgage loans held for sale 1 — 1 — Total assets $ 145 $ 11 $ 134 $ — Fair Value of Financial Instruments The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis (in millions): March 31, 2023 Carrying Value Fair Value Level 1 Level 2 Assets: Cash and cash equivalents $ 1,143 $ 1,143 $ 1,143 $ — Restricted cash 1,515 1,515 1,515 — Liabilities: Non-recourse asset-backed debt $ 3,179 $ 3,205 $ — $ 3,205 Convertible senior notes 774 389 — 389 December 31, 2022 Carrying Value Fair Value Level 1 Level 2 Assets: Cash and cash equivalents $ 1,137 $ 1,137 $ 1,137 $ — Restricted cash 654 654 654 — Liabilities: Non-recourse asset-backed debt $ 4,396 $ 4,427 $ — $ 4,427 Convertible senior notes 959 391 — 391

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment as of March 31, 2023 and December 31, 2022, consisted of the following (in millions): March 31, December 31, Internally developed software $ 115 $ 105 Security systems 19 18 Computers 13 13 Software implementation costs 4 4 Furniture and fixtures 3 3 Office equipment 3 3 Leasehold improvements 2 2 Total 159 148 Accumulated depreciation and amortization (100) (90) Property and equipment – net $ 59 $ 58

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS For the three months ended March 31, 2023, there were no additions to goodwill. For the year ended December 31, 2022 the carrying amount of goodwill increased by $4 million due to acquisitions. For more information on significant acquisitions, refer to “ Note 13 — Business Acquisition ”. No impairment of goodwill was identified for the three months ended March 31, 2023 and 2022. Intangible assets subject to amortization consisted of the following as of March 31, 2023 and December 31, 2022, respectively (in millions, except years): March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Remaining Weighted Average Useful Life (Years) Developed technology $ 17 $ (10) $ 7 1.5 Customer relationships 7 (5) 2 1.4 Trademarks 5 (4) 1 1.4 Intangible assets – net $ 29 $ (19) $ 10 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Remaining Weighted Average Useful Life (Years) Developed technology $ 17 $ (9) $ 8 1.8 Customer relationships 7 (5) 2 1.7 Trademarks 5 (3) 2 1.7 Intangible assets – net $ 29 $ (17) $ 12 Amortization expense for intangible assets was $2 million and $2 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, expected amortization of intangible assets is as follows: Fiscal Years (In millions) Remainder of 2023 $ 5 2024 5 Total $ 10

SHARE-BASED AWARDS

SHARE-BASED AWARDS	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED AWARDS	SHARE-BASED AWARDS 2022 Inducement Plan In July 2022, the Company’s board of directors adopted the 2022 Inducement Plan (the “Inducement Plan”). Under the Inducement Plan, 31,200,000 shares were initially reserved for issuance. The purpose of the Inducement Plan is to attract, retain and motivate prospective employees of the Company, particularly executive team members and employees joining as part of business combinations. The Inducement Plan allows for the issuance of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and other stock or cash based awards to new employees of the Company or any subsidiary of the Company. Stock options and RSUs Option awards are generally granted with an exercise price equal to the fair value of the Company’s common stock at the date of grant. Options are exercisable over a maximum term of 10 years from the date of grant and generally vest over a period of four years. Incentive stock options granted to a 10% shareholder are exercisable over a maximum term of five years from the date of grant. A summary of the stock option activity for the three months ended March 31, 2023, is as follows: Number of Options (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Balance-December 31, 2022 10,712 $ 2.13 3.5 $ 1 Exercised (1,335) 1.01 Expired (11) 3.09 Balance-March 31, 2023 9,366 $ 2.29 3.6 $ 3 Exercisable-March 31, 2023 9,366 $ 2.29 3.6 $ 3 A summary of the RSU activity for the three months ended March 31, 2023, is as follows: Number of RSUs (in thousands) Weighted- Average Grant-Date Fair Value Unvested and outstanding-December 31, 2022 54,547 $ 10.29 Granted 34,561 1.48 Vested (8,241) 6.39 Forfeited (4,051) 8.28 Unvested and outstanding-March 31, 2023 76,816 $ 5.56 Restricted Shares The Company has granted Restricted Shares to certain continuing employees, primarily in connection with acquisitions. The Restricted Shares vest upon satisfaction of a service condition, which generally ranges from three ESPP The first offering period for the Company's 2020 ESPP began on March 1, 2022. The ESPP, pursuant to Internal Revenue Code Section 423, allows eligible participants to purchase shares using payroll deductions of up to 15% of their total compensation, subject to a $25,000 calendar year limitation on contributions. The Company has limited the maximum number of shares to be purchased in an offering period to 1,000 shares per employee. Beginning in March 2023, the maximum number of shares to be purchased in an offering period was increased to 10,000 shares per employee, 5,000 per purchase period. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a 15% discount on the lower price of either (i) the offer period start date or (ii) the purchase date. Prior to March 2023, each offering period was six months in duration. Beginning in March 2023, each offering period is 12 months in duration, with two 6-month purchase periods. The ESPP also includes a reset provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. ESPP employee payroll contributions withheld as of March 31, 2023 were $0.5 million and are included within Accounts payable and other accrued liabilities in the condensed consolidated balance sheets. Payroll contributions withheld as of March 31, 2023 will be used to purchase shares at the end of the current ESPP purchase period ending on August 31, 2023. The fair value of ESPP purchase rights is estimated at the date of grant using the Black-Scholes option-pricing valuation model. The following assumptions were applied in the model to estimate the grant-date fair value of the ESPP. Three Months Ended Fair value $0.64 – $0.81 Volatility 119% Risk-free rate 5.06% – 5.20% Expected life (in years) 0.5 – 1.0 Expected dividend $ — The Company recognized stock-based compensation expense related to the ESPP of $0.4 million during the three months ended March 31, 2023. As of March 31, 2023, total estimated unrecognized compensation expense related to the ESPP was $2 million. The unamortized compensation costs are expected to be recognized over the remaining term of the offering period of 0.9 years. Stock-based compensation expense Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function as presented in the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 General and administrative $ 27 $ 51 Sales, marketing and operations 4 4 Technology and development 11 12 Total stock-based compensation expense $ 42 $ 67 During the three months ended March 31, 2023, no market condition awards satisfied their market condition.

WARRANTS

WARRANTS	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
WARRANTS	WARRANTSMarketing WarrantsOn July 28, 2022, the Company entered into a warrant agreement with Zillow, Inc. (“Zillow”) in connection with a partnership arrangement that allows for Zillow to purchase up to 6 million shares of common stock that will vest in tranches (each, a “Tranche”) upon Zillow providing resale marketing services to the Company. Each Tranche will have an exercise price per share equal to the 30-day trailing volume weighted average price per share of Opendoor Common Stock (“VWAP”) prior to the vesting date of that Tranche, subject to a $15 floor and $30 cap per share. After a Tranche has vested, the Tranche can be exercised via a cash payment or a cashless exercise; provided that the Company has the option to cash settle any exercise. The warrant expires in July 2027, subject to extension for an additional Tranche and early termination under limited circumstances. Zillow began providing marketing services under the partnership arrangement in March 2023. As of March 31, 2023, no warrant shares had vested

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. The Company’s provision for income taxes, which was primarily composed of state tax expense, was $0.3 million for the three months ended March 31, 2023 with an effective tax rate of (0.26)%. The Company's provision for income taxes was $0.3 million for the three months ended March 31, 2022 with an effective tax rate of 1.00%. The effective tax rate differs from the U.S. statutory tax rate primarily due to the recording of a full valuation allowance against the net deferred tax assets. The Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, including a three-year cumulative loss position, the Company believes that based on the weight of available evidence, it is more likely than not that all of the deferred tax assets will not be realized and recorded a full valuation allowance on its net deferred tax assets as of March 31, 2023 and December 31, 2022.

NET (LOSS) INCOME PER SHARE

NET (LOSS) INCOME PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
NET (LOSS) INCOME PER SHARE	NET (LOSS) INCOME PER SHARE Basic net (loss) income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. During the periods when there is a net loss, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. No dividends were declared or paid for the three months ended March 31, 2023 or 2022. The Company uses the two-class method to calculate net (loss) income per share and apply the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net (loss) income per share. Undistributed earnings for each period are allocated to participating securities, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. As there is no contractual obligation for participating securities to share in losses, the Company’s basic net (loss) income per share is computed by dividing the net (loss) income attributable to common shareholders by the weighted-average shares of common stock outstanding during periods with undistributed losses. The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share attributable to common shareholders for the three months ended March 31, 2023 and 2022 (in millions, except share amounts which are presented in thousands, and per share amounts): Three Months Ended 2023 2022 Basic and diluted net (loss) income per share: Numerator: Net (loss) income attributable to common shareholders – basic $ (101) $ 28 Denominator: Weighted average shares outstanding – basic 641,916 619,137 Basic net (loss) income per share $ (0.16) $ 0.05 Diluted net (loss) income per share: Numerator: Net (loss) income attributable to common shareholders – diluted $ (101) $ 28 Denominator: Weighted average shares outstanding – basic 641,916 619,137 Plus: Potential common shares: RSUs — 11,043 Options — 10,104 Restricted Shares — 501 Weighted average shares outstanding - diluted 641,916 640,785 Diluted net (loss) income per share $ (0.16) $ 0.04 There were no preferred dividends declared or accumulated for the periods presented. The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands): Three Months Ended 2023 2022 RSUs 76,816 36,034 Options 9,366 150 Employee Stock Purchase Plan 3,396 439 Total anti-dilutive securities 89,578 36,623

BUSINESS ACQUISITION

BUSINESS ACQUISITION	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS ACQUISITION	BUSINESS ACQUISITIONOn November 4, 2022, the Company acquired TaxProper Inc. in exchange for $10 million in cash consideration. Acquired intangible assets consist of developed technology valued at $7 million and are being amortized over two years. Goodwill attributed to the TaxProper acquisition was $2 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Commitments During the three months ended March 31, 2023, the Company did not enter into any material new leases, lease renewals, or lease modifications. Legal Matters From time to time, the Company may be subject to potential liability relating to the ownership and operations of the Company’s properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against the Company, some of which seek damages and other relief which, if granted, may require future cash expenditures. In addition, from time to time the Company receives inquiries and audit requests from various government agencies and fully cooperates with these requests. The Company does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect the Company’s condensed consolidated results of operations or financial condition except as noted below. On October 7, 2022 and November 22, 2022, purported securities class action lawsuits were filed in the United States District Court for the District of Arizona, captioned Alich v. Opendoor Technologies Inc., et al. (Case No. 2:22-cv-01717-JFM) (“Alich”) and Oakland County Voluntary Employee’s Beneficiary Association, et al. v. Opendoor Technologies Inc., et al. (Case No. 2:22-cv-01987-GMS) (“Oakland County”), respectively. The lawsuits were consolidated into a single action, captioned In re Opendoor Technologies Inc. Securities Litigation (Case No. 2:22-CV-01717-MTL). The consolidated amended complaint names as defendants the Company, Social Capital Hedosophia Holdings Corp. II (SCH"), certain of the Company’s current and former officers and directors and the underwriters of a securities offering the Company made in February 2021. The complaint alleges that the Company and certain officers violated Section 10(b) of the Exchange Act and SEC Rule 10b-5, and that the Company, SCH, certain officers and directors and the underwriters violated Section 11 of the Securities Act, in each case by making materially false or misleading statements related to the effectiveness of the Company’s pricing algorithm. The plaintiffs also allege that certain defendants violated Section 20(a) of the Exchange Act and Section 15 of the Securities Act, respectively, which provide for control person liability. The complaint asserts claims on behalf of all persons and entities that purchased, or otherwise acquired, Company common stock between December 21, 2020 and November 3, 2022 or pursuant to offering documents issued in connection with our business combination with SCH and the secondary public offerings conducted by the Company in February 2021. The plaintiffs seek class certification, an award of unspecified compensatory damages, an award of interest and reasonable costs and expenses, including attorneys’ fees and expert fees, and other and further relief as the court may deem just and proper. We believe that the allegations in the complaints are without merit and we intend to vigorously defend ourselves in the matter. On March 1, 2023 and March 15, 2023, shareholder derivative lawsuits were filed in the United States District Court for the District of Arizona, captioned Carlson v. Rice, et al. (Case No. 2:23-cv-00367-GMS) and Van Dorn v. Wu, et al. (Case No. 2:23-cv-00455-DMF), respectively. The lawsuits were consolidated into a single action, captioned Carlson v. Rice (Case No. 2:23-CV-00367-GMS). The complaints are based on the same facts and circumstances as In re Opendoor Technologies Inc. Securities Litigation and name certain officers and directors of the Company as defendants. The defendants are alleged to have violated Section 10(b) of the Exchange Act and SEC Rule 10b-5 and breached fiduciary duties. The plaintiffs seek to maintain the derivative actions on behalf of the Company, an award of unspecified compensatory damages, an order directing the Company to reform its corporate governance and internal procedures, restitutionary relief, an award of interest and expenses, including attorneys’ fees and expert fees, and other and further relief as the court may deem just and proper.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn April 18, 2023, the Company announced a workforce reduction of approximately 560 employees, representing approximately 22% of our workforce at that time and primarily impacting volume-based roles. We are providing post-employment benefits to impacted employees for a total cash cost of approximately $10 million, which we expect will be recognized in the second quarter of fiscal 2023 and paid primarily during the same period.

DESCRIPTION OF BUSINESS AND A_2

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Description of Business	Description of Business Opendoor Technologies Inc. (the “Company” and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a managed marketplace for residential real estate. By leveraging our centralized platform, Opendoor is working towards a future that enables sellers and buyers of residential real estate to experience a simple and certain transaction that is dramatically improved from the traditional process. The Company was incorporated in Delaware on December 30, 2013.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements as of March 31, 2023 and December 31, 2022 and for the three month periods ended March 31, 2023 and 2022 include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where the Company is the primary beneficiary. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements herein. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The Company was formed through a business combination with Social Capital Hedosophia Holdings Corp. II (“SCH”), a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Business Combination, pursuant to which Opendoor Labs Inc. became a wholly owned subsidiary of SCH and SCH changed its name from “Social Capital Hedosophia Holdings Corp. II” to “Opendoor Technologies Inc.”, was completed on December 18, 2020, and was accounted for as a reverse recapitalization, in accordance with GAAP. The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”) filed on February 23, 2023.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that have a material impact on the amounts reported in the financial statements and accompanying notes. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, and inventory valuation adjustment. Management believes that the estimates and judgments upon which management relies are reasonable based upon information available to management at the time that these estimates and judgments are made. To the extent there are material differences between these estimates, assumptions and judgments and actual results, the carrying values of the Company's assets and liabilities and the results of operations will be affected. The health of the residential housing market and interest rate environment have introduced additional uncertainty with respect to judgments, estimates and assumptions, which may materially impact the estimates previously listed, among others.
Significant Risks and Uncertainties	Significant Risks and Uncertainties The Company operates in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, the Company believes that changes in any of the following areas could have a significant negative effect on the Company in terms of its future financial position, results of operations or cash flows: public health crises, like the COVID-19 pandemic; its rates of revenue growth; its ability to manage inventory; engagement and usage of its products; the effectiveness of its investment of resources to pursue strategies; competition in its market; the stability of the residential real estate market; the impact of interest rate changes on demand for and pricing of its products and on the cost of capital; changes in technology, products, markets or
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, and investments in marketable securities. The Company places cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of the Company’s investments.
Convertible Senior Notes	Convertible Senior Notes The 0.25% convertible senior notes due in 2026 (the "2026 Notes") issued by the Company in August 2021 are accounted for wholly as debt. The 2026 Notes have an initial carrying value equal to the net proceeds from issuance. Issuance costs associated with the 2026 Notes are amortized over the term using the effective interest method. Conversions are settled through payment of cash or a combination of cash and stock, at the Company's option. Upon conversion, the carrying amount of the 2026 Notes, including any unamortized debt issuance costs, is reduced by cash paid, with any difference being reflected as a change in equity. There will not be any gains or losses recognized upon a conversion. Upon extinguishment of any portion of the 2026 Notes, the difference between the repurchase price of the extinguished notes and the respective net carrying amount is recorded as a gain or loss in Gain on extinguishment of debt in the condensed consolidated statements of operations. See “Note 5 — Credit Facilities and Long-Term Debt” for details on the partial repurchase of the Company's convertible notes that occurred in the period.
Impairment of Long-Lived Assets	Impairment of Long-Lived AssetsLong-lived assets, such as property and equipment and definite-lived intangible assets, among other long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value.

DESCRIPTION OF BUSINESS AND A_3

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Impairment Loss Recognized	The impairment loss recognized during the periods presented is as follows (in millions): Three Months Ended 2023 2022 Technology and development $ 2 $ — Total impairment loss $ 2 $ —

REAL ESTATE INVENTORY (Tables)

REAL ESTATE INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Real Estate Inventory	The following table presents the components of inventory, net of applicable inventory valuation adjustments of $187 million and $459 million, as of March 31, 2023 and December 31, 2022, respectively (in millions): March 31, December 31, Work in progress $ 158 $ 891 Finished goods: Listed for sale 999 2,788 Under contract for sale 961 781 Total real estate inventory $ 2,118 $ 4,460

CASH, CASH EQUIVALENTS, AND I_2

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Available-For-Sale Securities Reconciliation	The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of March 31, 2023 and December 31, 2022, are as follows (in millions): March 31, 2023 Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 258 $ — $ — $ 258 $ 258 $ — Money market funds 885 — — 885 885 — Corporate debt securities 98 — (3) 95 — 95 Equity securities 12 — — 12 — 12 Asset-backed securities 1 — — 1 — 1 Total $ 1,254 $ — $ (3) $ 1,251 $ 1,143 $ 108 December 31, 2022 Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 422 $ — $ — $ 422 $ 422 $ — Money market funds 715 — — 715 715 — Corporate debt securities 126 — (4) 122 — 122 Equity securities 11 — — 11 — 11 Certificates of deposit 9 — — 9 — 9 Asset-backed securities 2 — — 2 — 2 Total $ 1,285 $ — $ (4) $ 1,281 $ 1,137 $ 144
Schedule of Unrealized Loss on Investments	A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in millions): Less than 12 Months 12 Months or Greater Total March 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 4 $ — $ 86 $ (3) $ 90 $ (3) Asset-backed securities — — 1 — 1 — Total $ 4 $ — $ 87 $ (3) $ 91 $ (3) Less than 12 Months 12 Months or Greater Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 5 $ — $ 117 $ (4) $ 122 $ (4) Certificates of deposit 6 — — — 6 — Asset-backed securities — — 2 — 2 — Total $ 11 $ — $ 119 $ (4) $ 130 $ (4)
Scheduled Contractual Maturities of Marketable Securities	The scheduled contractual maturities of debt securities as of March 31, 2023 are as follows (in millions): March 31, 2023 Fair Value Within 1 Year After 1 Year through 5 Years Corporate debt securities $ 95 $ 71 $ 24 Asset-backed securities 1 1 — Total $ 96 $ 72 $ 24
Schedule of Non- Marketable Equity Securities and Equity Method Investment	A summary of non-marketable equity securities and equity method investment balances as of March 31, 2023 and December 31, 2022 are as follows (in millions): March 31, December 31, Equity method investments $ 19 $ 20 Non-marketable equity securities 5 5 Total $ 24 $ 25

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table summarizes the assets and liabilities related to the VIEs consolidated by the Company as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, Assets Restricted cash $ 1,494 $ 636 Real estate inventory, net 2,007 4,408 Other (1) 43 38 Total assets $ 3,544 $ 5,082 Liabilities Non-recourse asset-backed debt $ 3,179 $ 4,396 Other (2) 31 72 Total liabilities $ 3,210 $ 4,468 ________________ (1) Includes escrow receivable and other current assets. (2) Includes accounts payable and other accrued liabilities and interest payable.

CREDIT FACILITIES AND LONG-TE_2

CREDIT FACILITIES AND LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following tables summarize certain details related to the Company's credit facilities and long-term debt as of March 31, 2023 and December 31, 2022 (in millions, except interest rates): Outstanding Amount March 31, 2023 Borrowing Capacity Current Non-Current Weighted Average Interest Rate End of Revolving / Withdrawal Period Final Maturity Date Non-Recourse Asset-backed Debt: Asset-backed Senior Revolving Credit Facilities Revolving Facility 2018-2 $ 1,000 $ 183 $ — 7.43 % June 7, 2024 June 7, 2024 Revolving Facility 2018-3 1,000 — — 6.82 % October 20, 2025 October 20, 2025 Revolving Facility 2019-1 600 — — 7.34 % June 30, 2023 June 30, 2023 Revolving Facility 2019-2 1,850 — — 6.83 % July 8, 2023 July 8, 2024 Revolving Facility 2019-3 925 — — — % April 5, 2024 April 4, 2025 Revolving Facility 2022-1 300 172 — 8.68 % May 9, 2023 October 31, 2023 Asset-backed Senior Term Debt Facilities Term Debt Facility 2021-S1 400 — 400 3.48 % April 1, 2024 April 1, 2025 Term Debt Facility 2021-S2 600 — 500 3.20 % September 10, 2024 September 10, 2025 Term Debt Facility 2021-S3 1,000 — 750 3.75 % January 31, 2027 July 31, 2027 Term Debt Facility 2022-S1 250 — 250 4.07 % March 1, 2025 September 1, 2025 Total $ 7,925 $ 355 $ 1,900 Issuance Costs — (16) Carrying Value $ 355 $ 1,884 Asset-backed Mezzanine Term Debt Facilities Term Debt Facility 2020-M1 2,300 — 800 10.00 % April 1, 2025 April 1, 2026 Term Debt Facility 2022-M1 500 — 150 10.00 % September 15, 2025 September 15, 2026 Total $ 2,800 $ — $ 950 Issuance Costs (10) Carrying Value $ 940 Total Non-Recourse Asset-backed Debt $ 10,725 $ 355 $ 2,824 Outstanding Amount December 31, 2022 Current Non-Current Weighted Average Interest Rate Non-Recourse Asset-backed Debt: Asset-backed Senior Revolving Credit Facilities Revolving Facility 2018-2 $ 472 $ — 4.86 % Revolving Facility 2018-3 194 — 3.98 % Revolving Facility 2019-1 55 — 4.41 % Revolving Facility 2019-2 167 — 3.92 % Revolving Facility 2019-3 — — 3.86 % Revolving Facility 2022-1 289 — 8.15 % Asset-backed Senior Term Debt Facilities Term Debt Facility 2021-S1 — 400 3.48 % Term Debt Facility 2021-S2 — 500 3.20 % Term Debt Facility 2021-S3 — 750 3.75 % Term Debt Facility 2022-S1 — 250 4.07 % Term Debt Facility 2022-S2 200 — 8.48 % Total $ 1,377 $ 1,900 Issuance Costs (1) (17) Carrying Value $ 1,376 $ 1,883 Asset-backed Mezzanine Term Debt Facilities Term Debt Facility 2020-M1 $ — $ 1,000 10.00 % Term Debt Facility 2022-M1 $ — $ 150 10.00 % Total $ — $ 1,150 Issuance Costs (13) Carrying Value $ 1,137 Total Non-Recourse Asset-backed Debt $ 1,376 $ 3,020
Convertible Debt	The tables below summarizes certain details related to the 2026 Notes (in millions, except interest rates): March 31, 2023 Remaining Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2026 Notes $ 789 $ (15) $ 774 March 31, 2023 Maturity Date Stated Cash Interest Rate Effective Interest Rate Semi-Annual Interest Payment Dates Conversion Rate Conversion Price 2026 Notes August 15, 2026 0.25 % 0.78 % February 15; August 15 51.9926 $ 19.23

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement Methodologies	The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities. Asset/Liability Class Valuation Methodology, Inputs and Assumptions Classification Cash and cash equivalents Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. Level 1 estimated fair value measurement. Restricted cash Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. Level 1 estimated fair value measurement. Marketable securities Debt securities Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable. Level 2 recurring fair value measurement. Mutual fund Price is quoted given the security is traded on an exchange. Level 1 recurring fair value measurement. Equity securities Price is quoted given the securities are traded on an exchange. Level 1 recurring fair value measurement. Other current assets Mortgage loans held for sale Fair value is estimated based on observable market data including quoted market prices and deal price quotes. Level 2 recurring fair value measurement. Non-recourse asset-backed debt Credit facilities Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity. Carried at amortized cost. Level 2 estimated fair value measurement. Convertible senior notes Fair value is estimated using broker quotes and other observable market inputs. Carried at amortized cost.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the levels of the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in millions): March 31, 2023 Balance at Fair Value Level 1 Level 2 Level 3 Marketable securities: Corporate debt securities $ 95 $ — $ 95 $ — Equity securities 12 12 — — Asset-backed securities 1 — 1 — Total assets $ 108 $ 12 $ 96 $ — December 31, 2022 Balance at Fair Value Level 1 Level 2 Level 3 Marketable securities: Corporate debt securities $ 122 $ — $ 122 $ — Equity securities 11 11 — — Certificates of deposit 9 — 9 — Asset-backed securities 2 — 2 — Other current assets: Mortgage loans held for sale 1 — 1 — Total assets $ 145 $ 11 $ 134 $ —
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis (in millions): March 31, 2023 Carrying Value Fair Value Level 1 Level 2 Assets: Cash and cash equivalents $ 1,143 $ 1,143 $ 1,143 $ — Restricted cash 1,515 1,515 1,515 — Liabilities: Non-recourse asset-backed debt $ 3,179 $ 3,205 $ — $ 3,205 Convertible senior notes 774 389 — 389 December 31, 2022 Carrying Value Fair Value Level 1 Level 2 Assets: Cash and cash equivalents $ 1,137 $ 1,137 $ 1,137 $ — Restricted cash 654 654 654 — Liabilities: Non-recourse asset-backed debt $ 4,396 $ 4,427 $ — $ 4,427 Convertible senior notes 959 391 — 391

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment as of March 31, 2023 and December 31, 2022, consisted of the following (in millions): March 31, December 31, Internally developed software $ 115 $ 105 Security systems 19 18 Computers 13 13 Software implementation costs 4 4 Furniture and fixtures 3 3 Office equipment 3 3 Leasehold improvements 2 2 Total 159 148 Accumulated depreciation and amortization (100) (90) Property and equipment – net $ 59 $ 58

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets subject to amortization consisted of the following as of March 31, 2023 and December 31, 2022, respectively (in millions, except years): March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Remaining Weighted Average Useful Life (Years) Developed technology $ 17 $ (10) $ 7 1.5 Customer relationships 7 (5) 2 1.4 Trademarks 5 (4) 1 1.4 Intangible assets – net $ 29 $ (19) $ 10 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Remaining Weighted Average Useful Life (Years) Developed technology $ 17 $ (9) $ 8 1.8 Customer relationships 7 (5) 2 1.7 Trademarks 5 (3) 2 1.7 Intangible assets – net $ 29 $ (17) $ 12
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2023, expected amortization of intangible assets is as follows: Fiscal Years (In millions) Remainder of 2023 $ 5 2024 5 Total $ 10

SHARE-BASED AWARDS (Tables)

SHARE-BASED AWARDS (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of the Stock Option Activity	A summary of the stock option activity for the three months ended March 31, 2023, is as follows: Number of Options (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Balance-December 31, 2022 10,712 $ 2.13 3.5 $ 1 Exercised (1,335) 1.01 Expired (11) 3.09 Balance-March 31, 2023 9,366 $ 2.29 3.6 $ 3 Exercisable-March 31, 2023 9,366 $ 2.29 3.6 $ 3
Summary of the RSU Activity	A summary of the RSU activity for the three months ended March 31, 2023, is as follows: Number of RSUs (in thousands) Weighted- Average Grant-Date Fair Value Unvested and outstanding-December 31, 2022 54,547 $ 10.29 Granted 34,561 1.48 Vested (8,241) 6.39 Forfeited (4,051) 8.28 Unvested and outstanding-March 31, 2023 76,816 $ 5.56
Summary of Assumptions Used in the Black-Scholes Model for Employee and Non-Employee Stock Options	The fair value of ESPP purchase rights is estimated at the date of grant using the Black-Scholes option-pricing valuation model. The following assumptions were applied in the model to estimate the grant-date fair value of the ESPP. Three Months Ended Fair value $0.64 – $0.81 Volatility 119% Risk-free rate 5.06% – 5.20% Expected life (in years) 0.5 – 1.0 Expected dividend $ —
Summary of Stock-Based Compensation Expense in the Statements of Operations	Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function as presented in the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 General and administrative $ 27 $ 51 Sales, marketing and operations 4 4 Technology and development 11 12 Total stock-based compensation expense $ 42 $ 67

NET (LOSS) INCOME PER SHARE (Ta

NET (LOSS) INCOME PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of (Loss) Income Per Share, Basic and Diluted	The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share attributable to common shareholders for the three months ended March 31, 2023 and 2022 (in millions, except share amounts which are presented in thousands, and per share amounts): Three Months Ended 2023 2022 Basic and diluted net (loss) income per share: Numerator: Net (loss) income attributable to common shareholders – basic $ (101) $ 28 Denominator: Weighted average shares outstanding – basic 641,916 619,137 Basic net (loss) income per share $ (0.16) $ 0.05 Diluted net (loss) income per share: Numerator: Net (loss) income attributable to common shareholders – diluted $ (101) $ 28 Denominator: Weighted average shares outstanding – basic 641,916 619,137 Plus: Potential common shares: RSUs — 11,043 Options — 10,104 Restricted Shares — 501 Weighted average shares outstanding - diluted 641,916 640,785 Diluted net (loss) income per share $ (0.16) $ 0.04
Schedule of Antidilutive Securities Excluded from Computation of (Loss) Income Per Share	The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands): Three Months Ended 2023 2022 RSUs 76,816 36,034 Options 9,366 150 Employee Stock Purchase Plan 3,396 439 Total anti-dilutive securities 89,578 36,623

DESCRIPTION OF BUSINESS AND A_4

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Convertible Senior Notes (Details)	Mar. 31, 2023	Aug. 31, 2021
Senior Convertible Notes 2026 | Convertible Debt
Debt Instrument [Line Items]
Stated Cash Interest Rate	0.25%	0.25%

DESCRIPTION OF BUSINESS AND A_5

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Impairment of long-lived assets held-for-use	$ 2	$ 0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Technology and development	Technology and development

REAL ESTATE INVENTORY - Narrati

REAL ESTATE INVENTORY - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) home	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Inventory Disclosure [Abstract]
Inventory valuation adjustments	$ 187		$ 459
Number of homes under contract to be purchased | home	1,137
Aggregate purchase price for homes	$ 346
Valuation adjustments	$ 23	$ 8

REAL ESTATE INVENTORY - Schedul

REAL ESTATE INVENTORY - Schedule of Real Estate Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Work in progress	$ 158	$ 891
Finished goods:
Listed for sale	999	2,788
Under contract for sale	961	781
Total real estate inventory	$ 2,118	$ 4,460

CASH, CASH EQUIVALENTS, AND I_3

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Amortized Cost (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,143	$ 1,137	$ 2,312
Unrealized Gains	0	0
Unrealized Losses	(3)	(4)
Fair Value	96
Equity securities	12	11
Equity securities, cash and cash equivalents	0	0
Equity securities, marketable securities	12	11
Total cost basis	1,254	1,285
Total fair value	1,251	1,281
Cash and Cash Equivalents	1,143	1,137
Marketable Securities	108	144
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Cost Basis	98	126
Unrealized Gains	0	0
Unrealized Losses	(3)	(4)
Fair Value	95	122
Debt securities, available-for-sale, cash and cash equivalents	0	0
Debt securities, available-for-sale, marketable securities	95	122
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Cost Basis		9
Unrealized Gains		0
Unrealized Losses		0
Fair Value		9
Debt securities, available-for-sale, cash and cash equivalents		0
Debt securities, available-for-sale, marketable securities		9
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Cost Basis	1	2
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	1	2
Debt securities, available-for-sale, cash and cash equivalents	0	0
Debt securities, available-for-sale, marketable securities	1	2
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	258	422
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 885	$ 715

CASH, CASH EQUIVALENTS, AND I_4

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Recognized unrealized gain (loss) related to equity securities still held	$ 1,000,000	$ (22,000,000)

CASH, CASH EQUIVALENTS, AND I_5

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Summary of Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	$ 4	$ 11
Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or Greater	87	119
Unrealized Losses 12 Months or Greater	(3)	(4)
Fair Value, Total	91	130
Unrealized Losses, Total	(3)	(4)
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	4	5
Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or Greater	86	117
Unrealized Losses 12 Months or Greater	(3)	(4)
Fair Value, Total	90	122
Unrealized Losses, Total	(3)	(4)
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months		6
Unrealized Losses, Less than 12 Months		0
Fair Value, 12 Months or Greater		0
Unrealized Losses 12 Months or Greater		0
Fair Value, Total		6
Unrealized Losses, Total		0
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	0	0
Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or Greater	1	2
Unrealized Losses 12 Months or Greater	0	0
Fair Value, Total	1	2
Unrealized Losses, Total	$ 0	$ 0

CASH, CASH EQUIVALENTS, AND I_6

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Schedule of Contractual Marketable Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Fair Value	$ 96
Within 1 Year	72
After 1 Year through 5 Years	24
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Fair Value	95	$ 122
Within 1 Year	71
After 1 Year through 5 Years	24
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Fair Value	1	$ 2
Within 1 Year	1
After 1 Year through 5 Years	$ 0

CASH, CASH EQUIVALENTS, AND I_7

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Non-marketable Equity Securities and Equity Method Investment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Equity method investments	$ 19	$ 20
Non-marketable equity securities	5	5
Total	$ 24	$ 25

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
ASSETS
Restricted cash		$ 1,515	$ 654
Real estate inventory, net		2,118	4,460
TOTAL ASSETS	[1]	5,112	6,608
Liabilities
Total liabilities	[2]	4,076	5,522
Variable Interest Entity, Primary Beneficiary
ASSETS
Restricted cash		1,494	636
Real estate inventory, net		2,007	4,408
Other		43	38
TOTAL ASSETS		3,544	5,082
Liabilities
Non-recourse asset-backed debt		3,179	4,396
Other		31	72
Total liabilities		$ 3,210	$ 4,468
[1]The Company’s consolidated assets at March 31, 2023 and December 31, 2022 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $1,494 and $636; Real estate inventory, net, $2,007 and $4,408; Escrow receivable, $28 and $29; Other current assets, $15 and $9; and Total assets of $3,544 and $5,082, respectively.[2]The Company’s consolidated liabilities at March 31, 2023 and December 31, 2022 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $27 and $61; Interest payable, $4 and $11; Current portion of non-recourse asset-backed debt, $355 and $1,376; Non-recourse asset-backed debt, net of current portion, $2,824 and $3,020; and Total liabilities, $3,210 and $4,468, respectively.

CREDIT FACILITIES AND LONG-TE_3

CREDIT FACILITIES AND LONG-TERM DEBT - Summary of Credit Facilities and Long-Term Debt (Details) - Line of Credit - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowing Capacity	$ 10,725
Outstanding, current	355	$ 1,376
Net Carrying Amount	2,824	3,020
Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	7,925
Outstanding amount, current	355	1,377
Outstanding, current	355	1,376
Outstanding amount, noncurrent	1,900	1,900
Issuance Costs	0	(1)
Issuance Costs	(16)	(17)
Net Carrying Amount	1,884	1,883
Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	2,800
Outstanding amount, current	0	0
Outstanding amount, noncurrent	950	1,150
Issuance Costs	(10)	(13)
Net Carrying Amount	940	1,137
Revolving Facility 2018-2 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	1,000
Outstanding amount, current	183	472
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	7.43%	4.86%
Revolving Facility 2018-3 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,000
Outstanding amount, current	0	$ 194
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	6.82%	3.98%
Revolving Facility 2019-1 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 600
Outstanding amount, current	0	$ 55
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	7.34%	4.41%
Revolving Facility 2019-2 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,850
Outstanding amount, current	0	$ 167
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	6.83%	3.92%
Revolving Facility 2019-3 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 925
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	0%	3.86%
Revolving Facility 2022-1 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 300
Outstanding amount, current	172	$ 289
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	8.68%	8.15%
Term Debt Facility 2021-S1 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 400
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 400	$ 400
Weighted average interest rate (in percent)	3.48%	3.48%
Term Debt Facility 2021-S2 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 600
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 500	$ 500
Weighted average interest rate (in percent)	3.20%	3.20%
Term Debt Facility 2021-S3 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,000
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 750	$ 750
Weighted average interest rate (in percent)	3.75%	3.75%
Term Debt Facility 2022-S1 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 250
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 250	$ 250
Weighted average interest rate (in percent)	4.07%	4.07%
Term Debt Facility 2022-S2 | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Outstanding amount, current		$ 200
Outstanding amount, noncurrent		$ 0
Weighted average interest rate (in percent)		8.48%
Term Debt Facility 2020-M1 | Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 2,300
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 800	$ 1,000
Weighted average interest rate (in percent)	10%	10%
Term Debt Facility 2022-M1 | Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 500
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 150	$ 150
Weighted average interest rate (in percent)	10%	10%

CREDIT FACILITIES AND LONG-TE_4

CREDIT FACILITIES AND LONG-TERM DEBT - Non-Recourse Asset-backed Debt (Details) $ in Millions	Mar. 31, 2023 USD ($)
Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 10,725
Line of Credit | Asset Back Senior Credit Facility and Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity, maximum	4,900
Line of Credit | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing capacity	7,925
Line of Credit | Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing capacity	2,800
Revolving Credit Facility | Asset-backed Senior Revolving Credit Facilities | Multiple Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	2,000
Revolving Credit Facility | Asset-backed Senior Revolving Credit Facilities | Multiple Term Loan Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	1,900
Revolving Credit Facility | Asset-backed Mezzanine Term Debt Facilities | Multiple Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	$ 1,000

CREDIT FACILITIES AND LONG-TE_5

CREDIT FACILITIES AND LONG-TERM DEBT - Asset Backed Senior Credit Facilities (Details) - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2023
Multiple Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Term	24 months
Multiple Term Loan Facilities | Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Debt instrument, term, withdrawal period, maximum	60 months

CREDIT FACILITIES AND LONG-TE_6

CREDIT FACILITIES AND LONG-TERM DEBT - Asset-backed Mezzanine Term Debt Facilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Other Restricted Assets	$ 500	$ 565
Revolving Credit Facility | Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Debt instrument, term, withdrawal period, maximum	42 months

CREDIT FACILITIES AND LONG-TE_7

CREDIT FACILITIES AND LONG-TERM DEBT - Convertible Senior Notes (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)
Debt Instrument [Line Items]
Repurchase of convertible senior notes		$ 101,000,000	$ 0
Gain on extinguishment of debt		$ 78,000,000	$ 0
Senior Convertible Notes 2026 | Convertible Debt
Debt Instrument [Line Items]
Stated Cash Interest Rate	0.25%	0.25%		0.25%
Principal amount				$ 978,000,000
Remaining Aggregate Principal Amount	$ 789,000,000	$ 789,000,000
Unamortized Debt Issuance Costs	(15,000,000)	(15,000,000)
Net Carrying Amount	$ 774,000,000	$ 774,000,000
Effective Interest Rate	0.78%	0.78%
Conversion Rate		0.0519926
Conversion price (in dollars per share) | $ / shares	$ 19.23	$ 19.23
Deferred issuance costs	$ 15,000,000	$ 15,000,000
Interest expense		2,000,000
Coupon interest		1,000,000
Amortization of debt issuance costs		1,000,000
Repurchased 2026 Notes | Convertible Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	(3,000,000)	(3,000,000)
Repurchased face amount	189,000,000	189,000,000
Repurchase of convertible senior notes	101,000,000
Deferred issuance costs	3,000,000	3,000,000
Fee amount	1,000,000	$ 1,000,000
Gain on extinguishment of debt	$ 84,000,000

CREDIT FACILITIES AND LONG-TE_8

CREDIT FACILITIES AND LONG-TERM DEBT - Capped Calls (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 31, 2021 USD ($) $ / shares
Debt Instrument [Line Items]
Capped calls cap price premium	100%
Call Option
Debt Instrument [Line Items]
Capped calls cost | $	$ 119
Capped calls strike price (in dollars per share)	$ 19.23
Capped calls cap price (in dollars per share)	$ 29.59

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other current assets:
Mortgages held-for-sale		$ 1
Total assets	$ 108	145
Level 1
Other current assets:
Mortgages held-for-sale		0
Total assets	12	11
Level 2
Other current assets:
Mortgages held-for-sale		1
Total assets	96	134
Level 3
Other current assets:
Mortgages held-for-sale		0
Total assets	0	0
Corporate debt securities
Marketable securities:
Marketable securities	95	122
Corporate debt securities | Level 1
Marketable securities:
Marketable securities	0	0
Corporate debt securities | Level 2
Marketable securities:
Marketable securities	95	122
Corporate debt securities | Level 3
Marketable securities:
Marketable securities	0	0
Equity securities
Marketable securities:
Marketable securities	12	11
Equity securities | Level 1
Marketable securities:
Marketable securities	12	11
Equity securities | Level 2
Marketable securities:
Marketable securities	0	0
Equity securities | Level 3
Marketable securities:
Marketable securities	0	0
Certificates of deposit
Marketable securities:
Marketable securities		9
Certificates of deposit | Level 1
Marketable securities:
Marketable securities		0
Certificates of deposit | Level 2
Marketable securities:
Marketable securities		9
Certificates of deposit | Level 3
Marketable securities:
Marketable securities		0
Asset-backed securities
Marketable securities:
Marketable securities	1	2
Asset-backed securities | Level 1
Marketable securities:
Marketable securities	0	0
Asset-backed securities | Level 2
Marketable securities:
Marketable securities	1	2
Asset-backed securities | Level 3
Marketable securities:
Marketable securities	$ 0	$ 0

FAIR VALUE DISCLOSURES - Fair_2

FAIR VALUE DISCLOSURES - Fair Value Disclosure of Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Level 1
Assets:
Cash and cash equivalents	$ 1,143	$ 1,137
Liabilities:
Non-recourse asset-backed debt	0	0
Convertible senior notes	0	0
Level 1 | Restricted Cash
Assets:
Cash and cash equivalents	1,515	654
Level 2
Assets:
Cash and cash equivalents	0	0
Liabilities:
Non-recourse asset-backed debt	3,205	4,427
Convertible senior notes	389	391
Level 2 | Restricted Cash
Assets:
Cash and cash equivalents	0	0
Reported Value Measurement
Assets:
Cash and cash equivalents	1,143	1,137
Liabilities:
Non-recourse asset-backed debt	3,179	4,396
Convertible senior notes	774	959
Reported Value Measurement | Restricted Cash
Assets:
Cash and cash equivalents	1,515	654
Estimate of Fair Value Measurement
Assets:
Cash and cash equivalents	1,143	1,137
Liabilities:
Non-recourse asset-backed debt	3,205	4,427
Convertible senior notes	389	391
Estimate of Fair Value Measurement | Restricted Cash
Assets:
Cash and cash equivalents	$ 1,515	$ 654

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 159		$ 148
Accumulated depreciation and amortization	(100)		(90)
Property and equipment – net	59		58
Depreciation and amortization expense	10	$ 9
Internally developed software
Property, Plant and Equipment [Line Items]
Property, plant and equipment	115		105
Security systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	19		18
Computers
Property, Plant and Equipment [Line Items]
Property, plant and equipment	13		13
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3		3
Software implementation costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment	4		4
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3		3
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2		$ 2

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquisition cost	$ 0		$ 4,000,000
Goodwill, impairment loss	0	$ 0
Amortization expense of intangible assets	$ 2,000,000	$ 2,000,000

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 29		$ 29
Accumulated Amortization	(19)		(17)
Net Carrying Amount	10		12
Developed technology
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	17		17
Accumulated Amortization	(10)		(9)
Net Carrying Amount	$ 7		8
Remaining Weighted Average Useful Life (Years)	1 year 6 months	1 year 9 months 18 days
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 7		7
Accumulated Amortization	(5)		(5)
Net Carrying Amount	$ 2		2
Remaining Weighted Average Useful Life (Years)	1 year 4 months 24 days	1 year 8 months 12 days
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5		5
Accumulated Amortization	(4)		(3)
Net Carrying Amount	$ 1		$ 2
Remaining Weighted Average Useful Life (Years)	1 year 4 months 24 days	1 year 8 months 12 days

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Expected Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 5
2024	5
Net Carrying Amount	$ 10	$ 12

SHARE-BASED AWARDS - Narrative

SHARE-BASED AWARDS - Narrative (Details)	Jul. 31, 2022 shares
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	31,200,000

SHARE-BASED AWARDS - Stock Opti

SHARE-BASED AWARDS - Stock Options and RSUs Narrative (Details)	3 Months Ended
	Mar. 31, 2023
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	10 years
Vesting period	4 years
Incentive Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	5 years
Shareholder ownership percentage threshold, extended exercisable term	10%

SHARE-BASED AWARDS - Stock Op_2

SHARE-BASED AWARDS - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Options (in thousands)
Beginning balance (in shares)	10,712
Exercised (in shares)	(1,335)
Expired (in shares)	(11)
Ending balance (in shares)	9,366	10,712
Exercisable (in shares)	9,366
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 2.13
Exercised (in dollars per share)	1.01
Expired (in dollars per share)	3.09
Ending balance (in dollars per share)	2.29	$ 2.13
Exercisable (in dollars per share)	$ 2.29
Weighted-Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Weighted-average remaining contractual term (in years), outstanding	3 years 7 months 6 days	3 years 6 months
Weighted-average remaining contractual term (in years), exercisable	3 years 7 months 6 days
Aggregate intrinsic values	$ 3	$ 1
Exercisable, aggregate intrinsic value	$ 3

SHARE-BASED AWARDS - RSU Activi

SHARE-BASED AWARDS - RSU Activity (Details) - RSUs shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of RSUs
Beginning balance (in shares) | shares	54,547
Granted (in shares) | shares	34,561
Vested (in shares) | shares	(8,241)
Forfeited (in shares) | shares	(4,051)
Ending balance (in shares) | shares	76,816
Weighted- Average Grant-Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 10.29
Granted (in dollars per share) | $ / shares	1.48
Vested (in dollars per share) | $ / shares	6.39
Forfeited (in dollars per share) | $ / shares	8.28
Ending balance (in dollars per share) | $ / shares	$ 5.56

SHARE-BASED AWARDS - Restricted

SHARE-BASED AWARDS - Restricted Shares (Details) - Restricted Shares	3 Months Ended
	Mar. 31, 2023
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

SHARE-BASED AWARDS - ESPP (Deta

SHARE-BASED AWARDS - ESPP (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 42,000,000	$ 67,000,000
Employee Stock Purchase Plan | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll deductions	15%
Calendar year limitation on contributions	$ 25,000
Number of shares allowed per employee, per offering period (in shares)	10,000		1,000
Number of shares allowed per purchase period, per offering period (in shares)	5,000
Common stock discount on shares purchase price	15%
Employee payroll contributions with held	$ 500,000
Share-based compensation expense	400,000
Estimated unrecognized compensation expense	$ 2,000,000
Recognized over remaining term of offering period	10 months 24 days

SHARE-BASED AWARDS - Fair Value

SHARE-BASED AWARDS - Fair Value Assumptions (Details) - Employee Stock Purchase Plan - Employee Stock Purchase Plan	3 Months Ended
	Mar. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	119%
Risk-free rate	5.20%
Risk-free rate	5.06%
Expected dividend	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 0.64
Expected life (in years)	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 0.81
Expected life (in years)	1 year

SHARE-BASED AWARDS - Expense an

SHARE-BASED AWARDS - Expense and Capitalized (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 42	$ 67
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	27	51
Sales, marketing and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4	4
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11	$ 12

SHARE-BASED AWARDS - Stock-Base

SHARE-BASED AWARDS - Stock-Based Compensation Expense (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) marketConditionAward
Market Condition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards with satisfied market conditions | marketConditionAward	0
Unvested Stock Options and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation | $	$ 354
Unamortized stock-based compensation period (in years)	2 years 1 month 6 days

WARRANTS (Details)

WARRANTS (Details) - Marketing Warrants - Zillow	Jul. 28, 2022 d $ / shares shares	Mar. 31, 2023 shares
Class of Warrant or Right [Line Items]
Number of shares authorized to be purchased by warrant agreement (in shares) | shares	6,000,000
Volume-weighted average price, days | d	30
Warrants to purchase shares (in shares) | shares		0
Minimum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares	$ 15
Maximum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares	$ 30

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 0.3	$ 0.3
Effective tax rate	(0.26%)	1%

NET (LOSS) INCOME PER SHARE - N

NET (LOSS) INCOME PER SHARE - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Dividends declared	$ 0	$ 0
Preferred dividends declared	$ 0	$ 0

NET (LOSS) INCOME PER SHARE - E

NET (LOSS) INCOME PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss attributable to common shareholders -basic	$ (101)	$ 28
Net loss attributable to common shareholders – diluted	$ (101)	$ 28
Denominator:
Weighted average shares outstanding - basic (in shares)	641,916,000	619,137,000
Weighted average shares outstanding - diluted (in shares)	641,916,000	640,785,000
Basic net loss per share (in dollars per share)	$ (0.16)	$ 0.05
Diluted net (loss) income per share (in dollars per share)	$ (0.16)	$ 0.04
RSUs
Denominator:
Weighted average shares outstanding - diluted (in shares)	0	11,043,000
Options
Denominator:
Weighted average shares outstanding - diluted (in shares)	0	10,104,000
Restricted Shares
Denominator:
Weighted average shares outstanding - diluted (in shares)	0	501,000

NET (LOSS) INCOME PER SHARE - A

NET (LOSS) INCOME PER SHARE - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	89,578	36,623
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	76,816	36,034
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	9,366	150
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	3,396	439

BUSINESS ACQUISITION (Details)

BUSINESS ACQUISITION (Details) - USD ($) $ in Millions	Nov. 04, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 4	$ 4
TaxProper
Business Acquisition [Line Items]
Total PIPE shares investment	$ 10
Goodwill	2
TaxProper | Technology Based Intangible Assets
Business Acquisition [Line Items]
Acquired intangible assets	$ 7
Remaining weighted average useful life (years)	2 years

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions	Apr. 18, 2023 USD ($) employee
Subsequent Event [Line Items]
Reduction in workforce, number of employees (approximately) | employee	560
Reduction in workforce, percent of employees (approximately)	22%
Post-employment benefits | $	$ 10