But, Eric, I still don’t get who are the buyers in this fully AI asset-lit OPEN model? •OPEN partners = agents, investors, institutions, or retail buyers. •OPEN matches the seller to whichever buyer yields the best outcome. •OPEN’s role: provide the floor (reserve price) + funnel the transaction into its network. •The profit center isn’t flipping → it’s: •Referral fees from agents •Financing attach (mortgages, assumables, title, insurance) •Platform fees (like a marketplace take rate).

But, Eric, will sellers still come if OPEN isn’t iBuying? Yes — because the seller’s experience doesn’t change. •Sellers don’t care who is actually putting up the money. •They just want certainty, speed, and a fair price. •As long as Opendoor can still make a binding cash offer as the backstop, sellers perceive the same safety net. In practice: •OPEN doesn’t have to fund that offer — it can partner with capital providers, investors, or market-making partners who underwrite it. •Think of it like Airbnb owning no hotels — sellers use OPEN because it’s the platform of trust + certainty, not because OPEN is the balance sheet.