Austin was intrigued in $OPEN not that long ago. Funny that it was at the prices that didn’t make sense and he fell victim to buying in at a poor valuation after it was a momentum trade. Not an investment. He did take a 1% position which means he must have thought at some point there was an intriguing argument for this to 10x from the $5-$6 range. What people pay him for. He blames his bad timing on Kaz. Now I understand where the hate comes from. It’s lack of personal responsibility and blaming management instead. The problem is the share price over time will value the business correctly. The business and the operating leverage has changed significantly since then. I would challenge Austin to research the company again now - really in depth - see what Kaz and team has done and is planing, and reconsider. Now with sentiment in the trash, a reasonable valuation, turnaround taking shape, about to see impact in earnings, and the more data the faster the wheel spins, is a great time to consider that 1-2% starter position and it really does have 10x potential from here if it starts moving in the right direction. A good leader and steward of capital would say “I mistimed this and made a mistake” not say Kaz has destroyed shareholder value since taking over.

Still bullish on $OPEN but would be reassured during the Q3 earnings if @nejatian could address some of the following: -Plan to accelerate acquisitions -Latest cohort CM vs. Aug/Sept -Assurance on profitability in 2027 -Mortgage/title attach rates -Opendoor Own signups/traction -Capital-light business outlook for 27’ -2027 volume outlook Macro creates uncertainty and I think addressing these will help restore confidence that the team isn’t going to be held back by a challenging macro environment.

110 homes left the Drop, 71% of them pending.

Q3 2026 Financial and Operational Results xitter.cf/i/broadcasts/1PKqrNbLZ…

Interesting observation: homes sometimes are moved between having ARM+30yr Fix attached to them to only with 30yr Fix. Some (262) made the turn and now have both types of mortgages.

Drop updates as of 8am PT.

Thanks to @BraveFrogger who flagged that earlier, it looks like that big chunk (majority of that at least) never left the Drop list. What happened was just to move to a different mortgage. I wonder why you would change mortgage type of those many homes of that’s part of the tests they are doing? 🤔 Also, a note for @Opendoor team (not sure if this is intentional), accessing the drop list using my phone browser (Safari) does only shows ARM rates unlike accessing the list using a laptop browser (Edge) will show both ARM and 30yr fix.

Two important changes to timeline recommendations: - New AI/SI ranking model that predicts probable time spent much better - Retrieval model trained to surface posts people read all the way through User active seconds is growing exponentially and hitting all-time highs almost every day:

Drop list experienced a large drop in homes in the list within the last hour or so (~700 homes). Note that they said they'd be doing some tests. These ~700 homes are not necessarily moved into "pending" status. I'm looking into the data and will publish some results soon. opendoor.com/drop

Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many.