Opendoor Technologies (OPEN) – a marketplace that pays for the goods itself

Opendoor purchases single-family homes with its own capital, keeps them on its balance sheet, and resells them through a digital platform: real estate becomes the inventory here. In its five years on the stock market, the company has had three CEOs, seen its revenue drop from $15.567 billion to $3.254 billion, and accumulated a deficit of $5.368 billion. In this first report on the issuer, we analyze the economics of the iBuying model, the structure of its debt financing, the August zero-coupon transaction, and the price movements of its shares expressed in gold.