Opendoor Technologies Inc.

It also excludes (gain) loss on extinguishment of debt as these gains or expenses were incurred as a result of decisions made by management to terminate or partially extinguish portions of our outstanding credit facilities or convertible senior notes early these expenses are not reflective of ongoing operating results and vary in frequency and amount.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

(9) Includes interest expense on our non-recourse asset-backed debt facilities.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

(10) Includes amortization of debt issuance costs and loan origination fees, amortization of debt discounts, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the convertible senior notes outstanding.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

At quarter end, we had $7.8 billion in non-recourse, asset-backed borrowing capacity, of which $1.8 billion was outstanding.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

And our total committed borrowing capacity was $2.0 billion, of which $1.7 billion has a scheduled revolving or withdrawal period ending in 2026 or later.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

In May, we completed the successful issuance of $325 million of 7.0% Convertible Senior Notes due 2030, consisting of (a) approximately $246 million principal amount of 2030 Notes issued in exchange for approximately $246 million principal amount of 0.25% Convertible Senior Notes due 2026, and (b) approximately $79 million principal amount of 2030 Notes for cash.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

These forward-looking statements generally are identified by the words anticipate , believe , contemplate , continue , could , estimate , expect , forecast , future , guidance , intend , may , might , opportunity , outlook , plan , possible , potential , predict , project , should , strategy , strive , target , vision , will , or would , any negative of these words or other similar terms or expressions.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

This is a powerful lever for long-term margin expansion, which also enables us to pursue incremental attach opportunities over time.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Based on the early results, we have moved quickly from pilot to rapid expansion.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

From Product to Platform 3 Our focus is now on optimization via additional agent onboarding, training, and product expansion.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

This drove higher resale volumes but lower acquisitions in the quarter, as we continue to prioritize prudence over pace focusing on disciplined underwriting and efficient spend, rather than pursuing growth that could compromise long-term value creation.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings actual or anticipated fluctuations in our financial condition and results of operations changes in projected operational and financial results our real estate assets and increased competition in the U.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC ) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Financial Highlights Volume and Revenue Unit Economics Net Loss and Adjusted EBITDA Shareholder Letter 2Q25 Amid heightened uncertainty from shifting economic policies, the evolving tariff landscape, and geopolitical tensions, the broader macroeconomic environment remains challenging.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Given the ongoing uncertainty in the housing macro environment, we continue to take a cautious approach to pricing, maintaining spreads above historical seasonal norms to account for ongoing softness in demand.

SEC original ↗Opendoor Technologies Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025