$OPEN Q4 week 2 acquisitions are out, 428, it's not bad, it's not great, I obviously want more, hoping it changes going deeper into the quarter, The Q4 run so far: → 525 → 428 Q4 is averaging 477 a week across two weeks, and this week was still 3x the same week last year. A softer week after 525. Buying moves around week to week, so the trend is what matters. I want to see it back above 500, ideally soon, ANI in 2027 is based has a key variable and that is acquisitions. The usual math: At 5% contribution margin: → 477 × 13 = 6,201 contracts a quarter → × $377,500 = $2.34B revenue → × 5% = $117M contribution → − $110M costs = $7M a quarter → about $0.03 adjusted EPS annualised → 30x = $0.91 | 45x = $1.37 | 60x = $1.83 At 6% contribution margin: → 477 × 13 = 6,201 contracts a quarter → × $377,500 = $2.34B revenue → × 6% = $140M contribution → − $110M costs = $30M a quarter → about $0.13 adjusted EPS annualised → 30x = $3.95 | 45x = $5.92 | 60x = $7.89 These are contracts, not homes bought, but this gives an idea of what to expect if Kaz succeeds. Relative clearance, Opendoor vs MLS: → 1.19x → 1.22x → 1.11x → 1.15x → 1.27x → 1.19x → 1.09x Opendoor homes are still clearing 9% better than MLS, though the edge has narrowed from 1.27x. Resale COEs: Q4 closings are running well ahead of last year, 394 by Oct 14 vs 278 which is up 42%, nice, we want to see YoY sales growth, So the picture this week: → Buying dipped 18%, still 3x last year → Selling still beating MLS, by 9% → Q4 closings up 42% on last year Fewer contracts this week, but more homes closing and closings are what turn into revenue. Q3 earnings are a few weeks out and I have my eyes on: → Revenue which guided up 10–15% year over year, about $1.01–1.05B and is the first $1B quarter under Kaz 🙈 → Contribution margin which guided 3.2–3.5%, the macro hit → Q4 guide where Kaz said Q4 margin would beat Q3, breaking the historical trend, feels really unlikely at this point given current macro, but maybe, just maybe → The path to ANI positive on a twelve-month go-forward basis at the end of 2026, need more acquisitions, more selling, faster churn. That's where the numbers start to prove themselves, Patience and conviction, nfa, long $OPEN 🏠