$OPEN Q4 week 4 acquisitions, 415, down a measly 13%, hoping we get clarification on why we are not pushing for more acquisitions in the earnings call, My thoughts are that they could be focusing energy on developing their 3p model which is unaffected by the current macro environment and being extremely selective with their acquisitions keeping numbers lower but margins/net win rate higher, Anyways, The Q4 run so far: → 525 → 428 → 477 → 415 Q4 is averaging 461 a week which is still solid, still more than double the same weeks last year. At 6% contribution margin: → 461 × 13 = 5,993 contracts a quarter → × $377,500 = $2.26B revenue → × 6% = $136M contribution → − $110M costs = $26M a quarter → about $0.11 adjusted EPS annualised → 30x = $3.34 | 45x = $5.00 | 60x = $6.67 These are contracts, not every home becomes eventually and some fall through. → Clearance 8% better than MLS, really want this to increase in the future → Q4 closings still running well ahead of last year which is very nice to see :) Q3 earnings land Thursday 😅 What I'm watching: → The first $1B revenue quarter under Kaz → Margin against the 3.2–3.5% guide → A Q4 guide above Q3 👀 but keeping my expectations low honestly on this Also, Opendoor's 3P products are now live: → List with Opendoor, for sellers (early release) → Buy with Opendoor, for buyers (beta) Until now, Opendoor mostly made money by buying a home and reselling it. The 3P model means it helps people buy and sell homes it never owns. → Sellers list on the open market using Opendoor's scale and AI tools → Buyers use the same tools to buy any home, not just Opendoor's → Opendoor earns from the transaction without the home sitting on its balance sheet → No inventory to fund, no holding costs, no price risk on those homes As Kaz put it: "We want more homeowners - even if they don't buy or sell to Opendoor." More users, more traffic, less capital at risk. Earn clean bottomline accretive margin. Opendoor are building a platform that can adapt to any macro. It's going to take time for it to show in the numbers, Patience and conviction. nfa, long $OPEN 🏠

Gm gm $OPEN Q4 week 4 numbers drop later today. Q4 run averaging 477 acquisitions a week, not bad, I think this accelerates soon, Then on Thursday, I think Q3 earnings :) Nothing in the business has changed but the macro unfortunately has. Rates are high and buyers are cautious as you would expect, which Kaz cannot control. What he can control is the product, and that's where the work is going. Last week he launched List with Opendoor, the first version of its 3P product. 3P essentially means Opendoor helps sell homes it doesn't buy which is ideal in this environment. → Homes come onto the platform without Opendoor owning them → Less capital tied up and less price risk → More listings, more traffic, more users → More ways to earn from every transaction That's how you build something sticky in a hard market, you need to adapt to the macro, keep building, and let the traffic come to you via having an extremely compelling product. Patience and conviction. nfa, long $OPEN 🏠

Imo, making this work as efficiently as possible is the iPhone moment for $OPEN. Once it goes mainstream across the US, it only makes sense for Opendoor's share of real estate transactions to grow substantially. The pipeline is slimmer, faster, more efficient and AI driven, with cost savings on both ends of the transaction. Since Opendoor doesn't have to own the home with this model, it lowers the risk and adds clean juicy margin to the bottom line. Bravos Kaz 👏🏻👏🏻 Modernise real estate transactions and prove the naysayers wrong. Let's gooo. Patience and conviction. nfa, long $OPEN 🏠

It's time, $OPEN Q4 week 3 acquisitions. 477, up 11%, I'll take it, But need more 🙏🏻 hopefully steady leg higher into year end and next year, velocity is key, in building, in acquiring and in selling. The Q4 run so far: → 525 → 428 → 477 Q4 is averaging 477 a week across three weeks, which is 2.8x the same weeks last year. This week alone was 2x last year. A solid bounce after last week's dip, but need more. 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 all acquisitions mentioned close, but again gives an idea of what can happen to the stock when the market finally decides to pay attention. Relative clearance, Opendoor vs MLS: → 1.19x → 1.22x → 1.11x → 1.15x → 1.27x → 1.19x → 1.09x → 1.10x Opendoor homes are still clearing 10% better than MLS, I do want to see this drastically creep up into next year, Resale COEs are the standout. Q4 closings reached 628 by Oct 21, against 431 last year. That's 46% ahead, and the gap has widened every week this quarter: 35%, then 42%, now 46%, I like this a lot :) So the picture this week: → Buying bounced 11% → Selling still beating MLS by 10% → Closings 46% ahead of last year, and widening I think we're at the very beginning of the Opendoor run. In recent weeks, Opendoor has shipped: → A rebuilt Android app for buyers → AI virtual staging, which furnishes listing photos automatically → A simpler path to an offer for sellers on mobile → A new operations workspace for the team Each one looks small on its own. Together, they make it easier to sell to Opendoor, easier to buy from Opendoor, and cheaper to run behind the scenes. A better experience brings more traffic, more traffic brings more volume, and lower costs per home + additional built in services will bring more clean positive margin to the bottomline. I want see more, more buys more sells into year end 😅 If Kaz pulls this off, we re-rate soon, stars are aligning. Patience and conviction. nfa, long $OPEN 🏠

Gm gm, Q4 week 3 acquisition numbers drop later today, Hoping for 500+ If not, I completely understand, This is a hard market to buy/sell homes in, with mortgage rates above 7% and buyers/sellers cautious, Sentiment isn't in Kaz's favour right now and ofc, many have written him off. However this is the perfect environment to build a robust platform: → Costs stay lean because they have to → Homes turn faster, with far fewer sitting on the market for months → New products like Own and Home Loans get tested before the market wakes up When the market turns, the platform will already be built. That's when scale shows up in the numbers (which are getting better) Q3 earnings are only weeks away. That's the next real checkpoint, I've stated what I think they will deliver, lets see how the market responds, Patience and conviction. nfa, long $OPEN 🏠

Guac candles loading, Antonio knows, $IREN $WGMI!!!!!

Lucas Matheson is stepping down as $OPEN President, and the timeline is panicking as usual, it's a nothing burger imo, Kaz now holds both roles, CEO and President. I prefer this personally, → One leader, one vision, faster decisions → Kaz has set the strategy from day one - speed, lean costs, tech doing the heavy lifting → Lucas stays on as an advisor to Kaz through July 2027, so the handover is orderly → Nothing about the product, the pipeline or the cost base changed overnight What actually moves this stock: contracts, closings, margin, ANI positive and being able to survive in this turbulent macro 🤷🏻‍♂️ simple as, Q3 earnings are weeks away, first billion revenue quarter under Kaz or close to it, probably expands into Q4 earnings, can they grow/scale into 2027 and introduce more services/products to create a sticky easy to use business, So far, they are doing well, That's where my focus is. Patience and conviction. nfa, long $OPEN 🏠

Acquisition day - $OPEN :) Q4 week 2 numbers drop later today. Week 1 came in at 525 and I am hoping to see another 500+ week as Kaz turns the dial and begins scaling this beast, The market is horrible, it's understandable atm, High beta is getting crushed across the board, and most people don't believe Opendoor can pull this off. Most don't believe in Kaz either tbh, easy to say when the stock is down, I think we're at a turning point from a revenue → Q3 should be the first $1B revenue quarter under Kaz, or very close to it and it scales into 2027 → More people selling to Opendoor, and more people buying from it A year from now, this company will look very different and it is starting to Patience and conviction. nfa, long $OPEN 🏠

It's a bull run. Know what you hold. $CYPH $MSTR $ASST and all the quality dats are going to go parabolic. Do not get shaken. Double digits cyph incoming, triple digit asst Quadruple digit mstr It's fkn time, You have at most 1-3 months to get quality entries on most imo before the typical crypto cycle occurs, LONGGGG WGMI

$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 🏠