Opendoor Investor Presentation Deck

We target inventory turns of 3-4 times per year, mitigating the impact of interest rate changes at the transaction level Weighted average interest rate 2.5x turns 3.0x turns 3.5x turns 4.0x turns 9/30/23 6.2% 2.5% 2.1% 1.8% 1.6% +50bps 6.7% 2.2% 1.9% +100bps 1.7% Implied gross interest expense (% of cost): 2.7% 7.2% We have a robust and dynamic capital structure, built to adapt for growth Inventory turns Interest income Increasing the number of turns per year reduces risk, interest costs, and capital requirements Our cash and restricted cash generate interest income, which offsets gross interest expense Spread adjustment Ability to offset changes in financing costs with changes in our spreads 2.9% 2.4% 2.1% +150bps 1.8% 7.7% 3.1% 2.6% 2.2% 1.9% Capital structure Well capitalized to achieve our growth targets with $2.3B of fixed-rate debt and $3.9B in undrawn revolving capacity Note: Weighted average interest rates shown are annual; rate of 6.2% on $2.3 billion in outstanding term debt as of 9/30/23. To the extent Opendoor sells for more than their cost basis, interest as % of revenue will be lower than interest as % of cost 1 | Path to positive ANI Annualized Revenue Contribution Margin Net Interest Expense $10B Adj. Operating 4-5% | Expenses Adj. Net Income breakeven 5-7% 2-3% 32

View entire presentation