Opendoor Technologies Inc. reported specific details regarding its debt structure as of September 30, 2025, in its latest 10-Q filing. The company had a total outstanding balance of $1.3 billion in asset-backed debt and an aggregate principal of $460 million in convertible senior notes.1
Asset-Backed Debt Details
Opendoor primarily utilizes non-recourse asset-backed debt to finance its real estate inventory purchases and renovations. As of September 30, 2025, the total outstanding amount for this category was $1,340 million.1 This debt is structured across various facilities:
- Asset-backed Senior Revolving Credit Facilities: These facilities are classified as current liabilities, as amounts drawn are expected to be repaid within 12 months upon the sale of related real estate inventory.1
- Asset-backed Senior Term Debt Facilities: These are classified as current or non-current based on their final maturity dates.1
- Asset-backed Mezzanine Term Debt Facilities: These also contribute to the overall asset-backed debt structure.1
The company had a total borrowing capacity of $7.6 billion for its non-recourse asset-backed debt, with $1.8 billion in committed borrowing capacity as of September 30, 2025. This committed capacity included $400 million for senior revolving credit facilities, $993 million for senior term debt facilities, and $450 million for mezzanine term debt facilities.1
Convertible Senior Notes Details
The $460 million in convertible senior notes is composed of two tranches:
- 2026 Notes: $135 million in 0.25% senior convertible notes due in 2026.1
- 2030 Notes: $325 million in 7.00% senior convertible notes due in 2030.1
The net carrying amount for these convertible senior notes was $439 million as of September 30, 2025.1
These financing arrangements are crucial for Opendoor's capital-intensive business model, supporting its growth and inventory management.1
