What changed in this filing

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Item 1. Business

2025-02-27 compared with 2024-02-15 · 66 added, 103 removed, 231 unchanged (42% of the section changed)

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By leveraging software, data science, product design and operations, we are building a technology platform for residential real estate that offers buyers and sellers a digital, on-demand experience that we believe will be the future of how people buy or sell a home.

Residential real estate is the largest undisrupted category in the United States.

Residential real estate is the largest consumer category in the United States.

In 2024 alone, more than four million existing homes were sold, representing approximately $1.7 trillion in transactions.

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Since launch, customers have demonstrated their desire for our digital, on-demand real estate solution with over 274,000 homes bought and sold by Opendoor across the United States.

In 2023, we sold over 18,700 homes and generated $6.9 billion in revenue, the latter of which represents a compound annual growth rate of over 45% since 2017.

Importantly, we have achieved this growth while continuing to delight customers, maintaining an average Net Promoter Score of nearly 80 from our sellers since 2021.

In 2024, we sold over 13,500 homes and generated $5.2 billion in revenue while continuing to delight customers, maintaining an average Net Promoter Score of nearly 80 from our sellers since 2021.

Since our initial market launch in Phoenix in 2014, we have expanded across the United States and operated in 50 markets as of December 31, 2024:

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The current landscape is highly fragmented.

Today, over 85% of residential real estate transactions in the United States involve an agent.

There are over three million licensed real estate agents in the United States, who each complete fewer than four transactions on average per year, and many of whom do not solely work in real estate.

This can lead to an inconsistent and frustrating experience for consumers looking for guidance in what is typically the largest financial decision of their lives.

Today, nearly 90% of residential real estate transactions in the United States involve an agent.

There are approximately two million licensed real estate agents in the United States, who each complete approximately five transactions on average per year, and many of whom do not solely work in real estate.

Without appropriate support, this can lead to an inconsistent experience for consumers looking for guidance in what is typically the largest financial decision of their lives.

Real estate is migrating online.

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They are increasingly comfortable transacting online across retail, food and transportation, and they now expect similar experiences in real estate.

While the majority of home buyers browse for homes online, the transaction itself is still largely offline, requiring consumers to engage with real estate agents to access homes and

While the majority of home buyers browse for homes online, the transaction itself is still largely offline, making it difficult for consumers to access homes and requiring in-person

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requiring in-person closings.

The COVID-19 pandemic catalyzed an increase in demand for digital-first experiences with consumers prioritizing simplicity and certainty.

The traditional process of selling or buying a home is a lengthy and stressful experience for both the seller and buyer.

For over 85% of United States sellers that list their home on the market using an agent, this is what their experience typically looks like:

For nearly 90% of United States sellers that list their home on the market using an agent, this is what their experience typically looks like:

• Find a listing agent.

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• Receive an offer.

Almost 30% of home sellers reduce their asking price at least once, while approximately 20% of sellers offer incentives to attract buyers.

Over 30% of home sellers reduce their asking price at least once, while over 20% of sellers offer incentives to attract buyers.

Once an offer is received, the seller has to negotiate the offer, negotiate the closing date, and deal with any contingencies the buyer may have.

• Negotiate repairs or fix issues identified by buyers.

After the offer is accepted, the buyer conducts an inspection, which often forces the seller to renegotiate the offer or fix issues, increasing the homeowner’s costs and potentially delaying closing.

After the offer is accepted, the buyer typically conducts an inspection, which often forces the seller to renegotiate the offer or fix issues, increasing the homeowner’s costs and potentially delaying closing.

• Wait for closing.

Once the contract is signed, it still takes over 40 days on average to close.

Once the contract is signed, it still takes almost 40 days on average to close.

The seller is reliant on the home buyer and a disparate set of counterparties — such as their agent, mortgage broker and escrow officer — to coordinate and complete the closing process.

• Fall-through risk.

Finally, there is an approximately 20% chance the contract falls through between signing and closing (based on average multiple listing services (“MLS”) contract fall-through rates in our markets in 2023), forcing the home seller to start the entire process all over again.

Additionally, we estimate over two-thirds of home sellers are also home buyers.

Finally, there is over a 20% chance the contract falls through between signing and closing (based on average multiple listing services (“MLS”) contract fall-through rates in our markets in 2024), forcing the home seller to start the entire process all over again.

Additionally, we estimate over one-half of home sellers are also home buyers.

These customers face an additional set of challenges to line up their home purchase with their sale:

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Launched in 2014, sellers utilize our core product offering to sell their home directly to us and we resell the home to a home buyer.

By selling to Opendoor, homeowners can avoid the stress of open houses, home repair coordination, overlapping mortgages, and the uncertainty that can come with listing a home on the open market.

Using our website or mobile app, sellers can receive a preliminary offer online.

By selling to Opendoor, homeowners can avoid the stress of open houses, preparing the home for market, overlapping mortgages, and the uncertainty that can come with listing a home on the open market.

Using our website or mobile app, sellers can receive an estimated offer online.

We then conduct a home assessment to verify the home information and finalize the offer, taking into consideration the home’s condition.

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For customers who sell directly to us, we charge a service fee.

We also charge the seller for expected repairs and home quality improvements that relate to our assessment of home condition and the expectations of buyers in the market.

Our final purchase price also reflects expected repairs and home quality improvements that relate to our assessment of home condition and the expectations of buyers in the market.

Our offering compares favorably to the traditional listing process, which can include a broker fee and a number of additional costs, such as resale concessions, inspection costs, staging costs, mortgage payments on two homes, and additional moving and storage costs.

Many of these expenses may be unforeseen by the homeowner at the outset.

Our final offer, inclusive of purchase price, service fee, and repair charge, provides the homeowner with more certainty and transparency as to their expected sale proceeds, while removing the hassle of doing any repairs to get the home “sale ready.”

Our final offer, inclusive of purchase price, service fee, and condition pricing adjustment, provides the homeowner with more certainty and transparency as to their expected sale proceeds, while removing the hassle of doing any repairs and other work to get the home “sale ready.”

• List with Opendoor.

Customers can choose to list their home on the MLS with Opendoor while also receiving the certainty of our cash offer.

By choosing this product, sellers work with one of our local agents (or partner agents) to list their home through the open MLS market, leveraging the expertise of the Opendoor brokerage that has sold thousands of homes.

For customers who list their home with us, we charge a listing fee.

For sellers who do not receive the offer they are looking for on the market, they can choose to accept our cash offer.

Our listing product is currently available in 17 Opendoor markets.

Customers can choose to list their home on the MLS with a partner agent while also receiving the certainty of our cash offer, which is valid for a limited time period while the seller tests the market.

By choosing this product, sellers work with one of our partner agents to list their home through the open MLS market.

If the seller sells their home through the MLS, Opendoor receives a referral fee from the partner agent.

If the seller does not receive the offer they are looking for on the market, they can choose to accept our cash offer and Opendoor charges its same service fee.

Our listing product is currently available in nearly all Opendoor markets.

• Opendoor Marketplace.

Launched in 2022, our capital-light marketplace offering connects home sellers with both institutional and retail buyers, facilitating transactions without Opendoor taking ownership of the home.

For home buyers, we are building an e-commerce-like experience that focuses on unique selection and a streamlined process, including, in some cases, self-touring and click to purchase pricing.

For home buyers, we are building an e-commerce-like experience that focuses on unique selection and a streamlined process.

For home sellers, we are focused on providing options:

in addition to receiving an Opendoor offer, sellers can also look for a higher offer from our network of buyers.

For sellers who choose to place their home into our marketplace, we charge a listing fee.

For sellers who successfully sell their home via our marketplace, we charge a listing fee.

There is no need for making repairs on spec and no upfront commitment.

We are giving home sellers control and flexibility, including over showings and selling timelines.

We have launched our marketplace offering in one market, Dallas Fort-Worth, so we can iterate on the product experience quickly.

We have launched our marketplace offering in three markets:

Dallas-Fort Worth (launched in 2022), and Charlotte and Raleigh-Durham (launched in late 2024), and we continue to iterate on the product experience.

When we are ready to scale, we believe we are well positioned to expand the product across our existing markets given our ability to leverage our existing core product infrastructure.

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Our Business Model

The vast majority of our revenue and margins today are generated by our core product offering, where we acquire homes directly from sellers and resell those homes to buyers.

The vast majority of our revenue today is generated by our core product offering, where we acquire homes directly from sellers and resell those homes to buyers.

We also provide additional services to home sellers and home buyers, including title and escrow services, List with Opendoor, and Opendoor Marketplace.

To achieve our long-term margin objectives, we plan to continue to make competitive offers that customers choose, provide value-added adjacent services for our customers to increasingly adopt, and offer products that meet our customers where they are on their selling and buying journeys.

We plan to incrementally scale our listing and marketplace offerings to expand into more markets over time.

At scale, we believe these offerings have the potential to reduce our inventory exposure, capital intensity, and macro risk.

At scale, we believe our List with Opendoor and Opendoor Marketplace offerings have the potential to reduce our inventory exposure, capital intensity, and macro risk.

Additionally, we plan to achieve operating leverage by growing our revenue at a faster pace than our fixed cost base, which includes general and administrative as well as technology and development expenses.

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Home sellers can visit our website or mobile app and answer a few questions about their home’s condition, features, and upgrades.

For eligible homes, customers receive a preliminary offer, which can be refreshed at any time through their personalized seller dashboard.

As of December 31, 2023, all of our preliminary offers are algorithmically generated and require minimal human intervention.

For eligible homes, customers receive an estimated offer, which can be refreshed at any time through their personalized seller dashboard.

As of December 31, 2024, all of our estimated offers are algorithmically generated and require minimal human intervention.

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In order to finalize our offer, we conduct a combination of virtual and in-person home assessments to verify the condition of the home and determine what kind of repairs and home quality improvements may need to be performed after we acquire the home.

We typically ask for a repair charge that relates to our assessment of home condition and what it will require to get the home “sale ready” based on the expectations of buyers in the market.

In order to finalize our offer, we conduct a combination of virtual and/or in-person home assessments to verify the condition of the home and determine what kind of repairs and home quality improvements may need to be performed after we acquire the home.

We typically ask for a condition pricing adjustment that relates to our assessment of home condition and what it will require to get and maintain the home as “sale ready” based on the expectations of buyers in the market.

We have developed purpose-built software to guide home assessment workflows and collect over 150 unique data points on average regarding a home’s condition and quality.

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We closely track the number of potential sellers who accept the Opendoor offer versus listing their home on the MLS.

We define this as the “real seller” conversion rate, which is the percentage of unique leads who either accept an Opendoor offer or list their home on the MLS within 60 days of receiving an offer from us.

We define this as the “true seller” conversion rate, which is the percentage of unique leads who either accept an Opendoor offer or list their home on the MLS within 60 days of receiving an offer from us.

We believe this is an important measure of the strength of our value proposition.

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We add these individuals to our expanding pool of prospective customers, and we re-engage with them over time for when they are ready to transact.

Nearly 25% of sellers who listed or sold their homes have previously entered their home address on Opendoor.com across our active markets, which suggests that our registered user base is a powerful source of future sellers that we can use to drive our future growth.

Over 20% of sellers who listed or sold their homes have previously entered their home address on Opendoor.com across our active markets, which suggests that our registered user base is a powerful source of future sellers that we can use to drive our future growth.

Home acquisition and repairs

Once a seller has received and accepted our final purchase offer, we enable the seller to close the transaction on a flexible timeline.

This is a particularly important feature as over two-thirds of sellers are also buyers, who are often looking to line up the timing of these two transactions to ensure they have their next home to move to before locking in the sale of their current home or to avoid double moves or mortgages.

This is a particularly important feature as the majority of sellers are also buyers, who are often looking to line up the timing of these two transactions to ensure they have their next home to move to before locking in the sale of their current home or to avoid double moves or mortgages.

This feature further differentiates our service from a traditional sale.

Following acquisition, we bear the subsequent risk of conducting repairs and home quality improvements on a timely and on-budget basis.

Following acquisition, we bear the subsequent risk of conducting repairs and home quality improvements on time and on budget.

The scope of this work before resale is focused on ensuring the home is in “sale ready” condition.

We engage third-party contractors within each market to conduct repairs, and continuously refine and adjust our repair strategies based on our operating experience in markets and reviewing neighborhood-level resale outcomes.

After we complete the repairs and list the home for resale, we market our homes across a wide variety of channels to generate buyer awareness and demand.

We engage third-party contractors within each market to conduct repairs, and continuously refine and adjust our repair and improvement strategies based on our operating experience in markets and reviewing neighborhood-level resale outcomes.

After we prepare the home for market and list the home for resale, we market our homes across a wide variety of channels to generate buyer awareness and demand.

These channels include the Opendoor website and mobile app, local MLS, and syndication across real estate portals.

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The majority of our sales are to individual consumers, with a minority sold to institutional investors.

Efficiently turning our inventory, inclusive of repairing, listing, and reselling the home, is important to our financial performance, as we bear holding costs (including utilities, property taxes, maintenance and insurance) and financing costs during our ownership period.

Efficiently turning our inventory, inclusive of preparing, listing, and reselling the home, is important to our financial performance, as we bear holding costs (including utilities, property taxes, maintenance and insurance) and financing costs during our ownership period.

As part of the listing and marketing process, we determine an appropriate resale strategy for each home.

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We manage and measure our inventory performance by listing cohort and by market, and our pricing models can incorporate granular, relative demand signals to optimize pricing and sell-through across the portfolio.

Our resale models, in conjunction with input from our pricing team, are designed to enable realized margins within our targets while maintaining appropriate transaction velocity and inventory portfolio health.

Our resale models, in conjunction with input from our pricing team, are designed to enable realized target margins while maintaining appropriate transaction velocity and inventory portfolio health.

When we receive an acceptable offer on a given home, we enter into a resale contract.

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Since our inception, we have prioritized investment in our pricing capabilities across our home acquisition processes and our forecasting and resale systems.

Our pricing function focuses on ensuring we are providing competitive offers to customers while managing acquisition volumes and resale policy decisions to meet our underwriting and risk management objectives.

Our pricing function focuses on ensuring we are providing competitive offers to customers while managing acquisition volumes and resale policy decisions to meet our margin and risk management objectives.

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This degree of certainty can be impacted by factors such as macro conditions, local market dynamics, the condition or attributes of a home, and the depth of home comparables.

We recalibrate our view of pricing and where market values are trending using high-frequency detailed metrics across all segments of our business, including inputs related to the dynamics of market demand and supply across markets, home types, and time periods.

These factors are reflected in our spreads, which we define as total discount to our home valuation at the time of offer, less our 5% service fee, which in turn affects seller conversion.

In general, the more spread is reduced, the higher our seller conversion is, which results in more home acquisitions and ultimately more home sales.

We recalibrate our view of pricing and where market values are trending using high-frequency detailed metrics across all aspects of our business, including inputs related to the dynamics of market demand and supply across markets, home types, and time periods.

These factors are reflected in our spreads, which we define as total discount to our home valuation at the time of offer, less our 5% service fee.

While the real estate industry generates a wealth of publicly sourceable data, much of this data lacks the quality and specificity essential to price individual homes.

Since our inception, we have invested in our research and data science teams, modeling capabilities, and systematized tooling to gather, aggregate, and synthesize an expanding catalog of proprietary, hyper-local data in order to enhance and automate pricing decisions.

Since our inception, we have invested in our research and data science teams, modeling capabilities, and systematized tooling to gather, aggregate, correct, and synthesize an expanding catalog of proprietary, hyper-local data in order to enhance and automate pricing decisions.

We have also acquired third-party data to improve our pricing models and forecast quality.

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• Proprietary offline data.

We have conducted approximately 690,000 assessments during which we collect over 150 data points on average for each home and its surroundings using custom inspection and operator tooling to systematically source and translate home features into a robust data library.

We have conducted over 850,000 assessments during which we collect over 150 data points on average for each home and its surroundings using custom inspection and operator tooling to systematically source and translate home features into a robust data library.

These proprietary data points have led us to make approximately 2.3 billion annotations and adjustments to MLS and tax assessor data, as well as build out unique geospatial data assets, such as power line and busy road proximity.

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• Our pricing models and inventory management systems are designed to recalibrate to market signals on a daily basis.

Accordingly, changing market conditions are reflected in our pricing for new acquisitions, largely leaving previously-acquired inventory and homes under contract to be acquired at risk for potential market volatility.

In addition, we employ sophisticated resale pricing management systems that are designed to allow us to optimize sell-

In addition, we employ sophisticated resale pricing management systems that are designed to allow us to optimize sell-through and margin using real-time, local market demand information, including down to an individual home level.

We believe that the quality and scale of information we utilize in our inventory management decisions

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through and margin using real-time, local market demand information, including down to an individual home level.

We believe that the quality and scale of information we utilize in our inventory management decisions and our ability to manage these decisions across a scaled, diversified portfolio provides us with a structural advantage over individual sellers or agents in the traditional home selling process.

and our ability to manage these decisions across a scaled, diversified portfolio provides us with a structural advantage over individual sellers or agents in the traditional home selling process.

• Our operations across 50 markets and a range of price and home types allow us to benefit from significant diversification effects.

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We believe that this increases the attractiveness and liquidity of our portfolio.

• At any moment in time, a significant portion of our inventory is under resale contract;

• At any moment in time, a portion of our inventory is under resale contract;

this means we have already found buyers for those homes and are in the process of closing the resale transactions.

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Each component of our real estate business and transaction experience has been purpose-built to delight our customers through a streamlined, digital-first, flexible, and vertically-integrated platform.

We have reimagined the traditionally inefficient and labor-intensive processes required to purchase, repair, and resell a home, and we have designed our technology and processes to do so at scale.

We have reimagined the traditionally inefficient and labor-intensive processes required to purchase, prepare, and resell a home, and we have designed our technology and processes to do so at scale.

With this in mind, we have invested in developing technology that enables virtualization, centralization, and automation to reduce cost, increase speed and improve quality of execution.

Our proprietary construction management technology enables us to drive efficiencies across all home servicing functions, tying together pre-acquisition assessments, pricing, repair scoping, centralized back-office operations, renovation project management, and listed home maintenance.

Our proprietary construction management technology enables us to drive efficiencies across all home servicing functions, tying together pre-acquisition assessments, pricing, repair and preparation scoping, centralized back-office operations, renovation project management, and listed home maintenance.

Our systems and processes facilitate the centralization of certain processes that previously required local labor, which provides staffing flexibility, cost economies, training and quality enhancements, and faster turnaround times, all of which result in a superior home product and customer experience.

One example is our virtual home assessment capability for our lowest risk homes, where home sellers are able to take our operators on a virtual, guided tour of their home, both interior and exterior.

One example is our virtual home assessment capability for our lowest risk homes, where home sellers or their agents are able to take our operators on a virtual, guided tour of their home, both interior and exterior.

Our centralized teams then assess home condition and home features, and compare the subject home to nearby recently sold homes.

Leveraging a combination of industry best practices and big data, we can fully underwrite these lower risk homes via centralized teams in order to provide sellers fast and frictionless final offers.

Leveraging a combination of industry best practices and large, complex data sets, we can fully underwrite these lower risk homes via centralized teams in order to provide sellers fast and frictionless final offers.

This centralization has also enabled us to shift an increasing amount of back-office work to our offshore teams, which we believe will help deliver structural cost improvements over time.

We have also established a network of approximately 600 trade partners and local service providers that use our proprietary technology to complete home repairs and maintenance.

We have also established a network of over 450 trade partners and local service providers that use our proprietary technology to complete home repairs and maintenance.

By leveraging our technology platform and directly interfacing with our trade partners, we reduce delays, eliminate waste, and improve quality of repairs while capturing data at every step to continuously improve the system.

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In addition, we have designed our home inventory management processes and home access technology to ensure our homes are regularly cleaned, well-maintained and safe to enable our on-demand, self-tour experience.

We receive regular home condition status updates from our trade partners and local service provider network who are in our homes multiple times per month.

We receive regular home condition status updates from our trade partners and local service provider network who are in our homes multiple times per month, as well as from home shoppers and agents who provide feedback through our mobile application after their home tours.

This feedback enables rapid response in the event of condition defects that would otherwise persist unaddressed.

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Increase penetration in existing markets.

We are focused on continued growth in our existing markets — greater scale improves awareness, trust and adoption, operational cost efficiencies, and pricing competitiveness from more data.

We are focused on growing market share in our existing markets — greater scale improves awareness, trust and adoption, operational cost efficiencies, and pricing competitiveness from more data.

We have historically demonstrated our ability to capture over 4% market share in multiple markets, with our oldest market cohorts

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showing deeper market penetration.

As our newer markets mature, we believe we have significant runway for growth.

We will continue to expand our customer base through partnerships and marketing campaigns that increase awareness and engage customers early in their home selling and buying research.

Expand to new markets.

At 50 markets as of December 31, 2023, we are making good progress towards our long-term goal of being able to deliver for customers nationwide.

We select new markets by looking at drivers of supply, demand and affordability, housing stock, cost structure and expected pricing competitiveness.

At 50 markets as of December 31, 2024, we have made good progress towards our long-term goal of being able to deliver for customers nationwide.

In the future, we may choose to expand our market presence.

We will select any new markets by looking at drivers of supply, demand and affordability, housing stock, cost structure and expected pricing competitiveness.

We have honed our market launch playbook by centralizing many of our core pricing, operations and customer service functions, enabling us to efficiently launch new markets with limited in-market physical presence.

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We are focused on continuing to refine our best-in-class seller experience, drive additional scale and efficiencies, expand the options available to sellers to best suit their specific needs, invest in enhancing the buyer experience, and continue to integrate the seller and buyer journey.

Over time, we plan to launch additional products related to real estate transactions and ancillary services.

We continually evaluate the need for additional products related to real estate transactions and ancillary services.

We utilize a diversified, multichannel approach in marketing, with a focus on efficient growth.

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We also continue to build our prospective customer base by maintaining relationships and re-engaging with homeowners who might not have been ready to sell during their first interaction with Opendoor.

With over two-thirds of sellers also being buyers, these homeowners represent a large part of our marketing funnel that we are focused on converting when they are ready to transact.

With the majority of sellers also being buyers, these homeowners represent a large part of our marketing funnel that we are focused on converting when they are ready to transact.

As more consumers start their home journey with Opendoor, we expect this prospective customer base to continue to expand over time.

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Human Capital Resources

Our Values and People

Our values reflect how we will deliver on our goal to build a once in a generation company and include a focus on the customer, a culture of efficiency, continuous invention, and ruthless execution against results:

• Start and end with the customer.

We invent, build and execute to improve the lives of our customers.

We put in the hard work to delight customers, even when no one is looking.

• BPs for Breakfast.

We eat “BPs (or basis points) for breakfast” — meaning we are always looking for where we can take costs out of the transaction —so we can put more money in the pockets of our customers.

We will win by building the lowest cost platform.

• Act from ownership.

When we see a problem, we roll up our sleeves and fix it.

We hold ourselves accountable because it is our home and it is our responsibility to take care of it.

• Build openness.

We are open, honest and direct about problems and seek the truth.

We assume good intentions and treat feedback as a gift.

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• 1% Better Every Day.

We value a growth mindset and operate from a place of humility.

We are energized by constantly improving.

• Startup mentality.

We move fast, operate with urgency, and have a bias towards action without sacrificing quality.

We are relentlessly resourceful.

• One Team, One Dream.

Our superpower is a diverse community that combines technology, operational excellence, talent and respect.

We work through teams and care for each other professionally and personally.

We honor and respect our diverse workforce and actively work to ensure everyone feels represented.

• Results matter.

We focus on outputs and outcomes and hold ourselves accountable to hitting ambitious goals.

We have a high quality bar and pay attention to the pixels, words, and results.

• Celebrate moments.

We work tirelessly for our customers and teammates so we take the time to celebrate moments large and small.

As of December 31, 2024, we employed 1,470 individuals, including 1,128 in the United States.

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We also use third-party services to allow customers to digitally sign contracts, upload videos of their home and manage customer support services.

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Intellectual Property

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federal government.

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various state licensing authorities, consumer protection agencies, financial regulatory agencies and insurance agencies.

Regulatory bodies include the Consumer Financial Protection Bureau (“CFPB”), the Federal Trade Commission (“FTC”), the Department of Justice (“DOJ”), the Department of Housing and Urban Development (“HUD”), and various state licensing authorities, consumer protection agencies, financial regulatory agencies and insurance agencies.

We are subject to compliance audits of our operations by many of these authorities.

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• Opendoor Brokerage LLC and Opendoor Brokerage Inc., collectively, hold real estate brokerage licenses in all our markets and certain other states.

• OS National LLC, and its subsidiaries, OSN Texas LLC and OSN Alabama LLC, are licensed as title agents in 27 states.

In addition, OS National LLC, and its subsidiary, OSN Escrow, are licensed as escrow agents in seven states and OS National LLC is authorized to conduct the business of title insurance in five additional states that do not require entity and/or individual licensing.

• Open Exchange Brokerage LLC, holds real estate brokerage licenses in 18 states.

• OS National LLC, and its subsidiaries, OSN Texas LLC, OSN Alabama LLC, and OSN Title Company are licensed as title agents in 28 states.

In addition, OS National LLC, and its subsidiary, OSN Escrow Inc., are licensed as escrow agents in seven states and OS National LLC is authorized to conduct the business of title insurance in five additional states that do not require entity and/or individual licensing.

• Tremont Realty LLC (dba Opendoor Connect), holds a real estate brokerage license in Texas.

For certain licenses, we are required to designate individual licensed brokers of record, qualified individuals and control persons.

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For information regarding the seasonality of our business, please see “ Part II – Item 7.

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At our Investor Relations website, investor.opendoor.com, we make available, free of charge, a variety of information for investors, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, proxy statements, and other information, as soon as reasonably practicable after we electronically file that material with, or furnish it to, the Securities and Exchange Commission (“SEC”).

We also use the Investor Relations page of our website for purposes of compliance with Regulation FD and as a

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routine channel for distribution of important information, including blogs, news releases, analyst presentations, financial information and corporate governance practices.

We also use the Investor Relations page of our website for purposes of compliance with Regulation FD and as a routine channel for distribution of important information, including blogs, news releases, analyst presentations, financial information and corporate governance practices.

The information found on our website is not part of this or any other report we file with, or furnish to, the SEC.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business