FAIR VALUE DISCLOSURES

9 Months Ended

Sep. 30, 2025

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

Following is a discussion of the fair value hierarchy and the valuation methodologies used for assets and liabilities recorded at fair value on a recurring and nonrecurring basis and for estimating fair value for financial instruments not recorded at fair value.

Fair Value Hierarchy

Fair value measurements of assets and liabilities are categorized based on the following hierarchy:

Level 1 — Fair value determined based on quoted prices in active markets for identical assets or liabilities.

Level 2 — Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means.

Level 3 — Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.

Estimation of Fair Value

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities recorded at fair value on a recurring basis.

Asset/Liability Class

Valuation Methodology, Inputs and

Assumptions

Classification

Marketable securities

Equity securities

Price is quoted given the securities are traded on an exchange.

Level 1 recurring fair value measurement.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

As of September 30, 2025, the Company did not have any assets or liabilities measured at fair value on a recurring basis. The following table presents the levels of the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of December 31, 2024 (in millions):


December 31, 2024	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:


Equity securities	$	8	$	8	$	—	$	—










Total assets	$	8	$	8	$	—	$	—

Fair Value of Financial Instruments

The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis (in millions):


	September 30, 2025
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	962	$	962	$	962	$	—
Restricted cash	490		490		490		—

Liabilities:
Non-recourse asset-backed debt – current portion	$	374	$	370	$	—	$	370

Convertible senior notes – current portion	439		1,819		—		1,819
Non-recourse asset-backed debt – net of current portion	966		957		—		957


	December 31, 2024
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	671	$	671	$	671	$	—
Restricted cash	92		92		92		—

Liabilities:
Non-recourse asset-backed debt – current portion	$	432	$	431	$	—	$	431


Non-recourse asset-backed debt – net of current portion	1,492		1,443		—		1,443
Convertible senior notes – net of current portion	378		336		—		336

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Opendoor Technologies Inc. 10-Q