The equity compensation hit to EPS is an unfortunate technicality that creates a misrepresentation of the company’s profitability Luckily that GAAP line item will decay over time, and so will the EPS hit. On the positive side, this misrepresentation creates an opportunity to front-run the wider market that will initially look at these numbers at face value. Time alone will decay this misrepresentation, but Opendoor could also grow beyond it. In Q3 it would need an extra 4500 homes sold to eliminate this hit to EPS. By the end of 2027 that number will be 2000 homes. With the most recent weekly acquisition rate of 716, Opendoor is on pace to move 9300 homes per quarter, or 2400 more homes than Q2 2026. Both time and growth alone will erase this deceptive hit to EPS; improving efficiency and additional revenue streams (like mortgage, which has yet to be fully rolled out) will amplify the effect of time and growth. In the latest earnings call, you can sense both Kaz’s extreme confidence and also his ever so slight vexation about presenting early numbers obscured by financial technicalities. He can see the reality of what is emerging from under that smog. And you might “well wouldn’t the market price in this temporary technicality?” To get your answer, all you have to do is look at how many people on X are reacting to the face value of the earnings report.