9 unchanged sentences
Many of our floating rate debt facilities also have benchmark rate floors.
+Added: See “ Part II – Item 8.
+Added: Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 5.
+Added: Credit Facilities, Long-Term Debt, and Convertible Notes ” for additional information regarding our inventory financing facilities and fixed and floating interest rates.
Assuming no change in the outstanding borrowings on our credit facilities, we estimate that a one percentage point increase in applicable benchmark rates would increase our annual interest expense by approximately $1 million as of December 31, 2025.
−Removed: As of December 31, 2023, 100% of our outstanding borrowings were at a fixed rate and did not utilize floating benchmark reference rates.
Inflation Risk
1 unchanged sentence
Moreover, the current U.S.
−Removed: presidential administration has implemented tariffs on imports from Canada, Mexico, and China, and has promoted plans for potential tariffs on goods from other countries and to pursue other trade policies intended to restrict imports, which may further increase the cost of materials for home repairs.
+Added: presidential administration has implemented tariffs on imports from a number of countries, and has proposed or announced tariffs on goods from numerous additional countries and other trade policies intended to restrict imports, which may further increase the cost and the scarcity of materials used for home repairs.
We endeavor to offset these impacts in our business by appropriately considering them in our pricing and operational models.
1 unchanged sentence
Our inability to do so could harm our business, results of operations, and financial condition.
−Removed: In response to ongoing inflationary pressures in the U.S., the Federal Reserve implemented a number of increases to the federal funds rate since 2022, which, despite the Federal Reserve’s 50 basis point cut in September 2024 and 25 basis point cuts in November and December 2024, remains elevated compared to historical levels.
−Removed: See “Part I – Item 2.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations – Current Housing Environment” for a discussion of the impact of the increased federal funds rate on mortgage interest rates and our business.
+Added: In response to persistent inflationary pressures in the U.S., the Federal Reserve implemented a number of increases to the federal funds rate in 2022 and 2023.
+Added: Despite the Federal Reserve’s rate reductions in 2024 and 2025, the federal funds rate remains elevated compared to recent historical levels.
+Added: Higher interest rates contribute to increased mortgage rates, which reduce home affordability and can lead to lower transaction volumes, extended holding periods, and increased holding and financing costs for our owned inventory.
+Added: See “ Part II – Item 7.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations – Current Housing Environment ” for a further discussion of the impact of the elevated federal funds rate on our business.
OPENDOOR TECHNOLOGIES INC.
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.