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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents $ 1,120 $ 1,137
Restricted cash 1,684 654
Marketable securities 90 144
Escrow receivable 13 30
Real estate inventory, net 1,149 4,460
Other current assets ($0 and $1 carried at fair value) 37 41
Total current assets 4,093 6,466
PROPERTY AND EQUIPMENT – Net 62 58
RIGHT OF USE ASSETS 28 41
GOODWILL 4 4
INTANGIBLES – Net 9 12
OTHER ASSETS 27 27
TOTAL ASSETS [1] 4,223 6,608
CURRENT LIABILITIES:    
Accounts payable and other accrued liabilities 65 110
Non-recourse asset-backed debt - current portion 15 1,376
Interest payable 1 12
Lease liabilities - current portion 7 7
Total current liabilities 88 1,505
NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,527 3,020
CONVERTIBLE SENIOR NOTES 501 959
LEASE LIABILITIES – Net of current portion 21 38
Total liabilities [2] 3,137 5,522
COMMITMENTS AND CONTINGENCIES (See Note 14)
SHAREHOLDERS’ EQUITY:    
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 657,337,566 and 637,387,025 shares issued, respectively; 657,337,566 and 637,387,025 shares outstanding, respectively 0 0
Additional paid-in capital 4,224 4,148
Accumulated deficit (3,136) (3,058)
Accumulated other comprehensive loss (2) (4)
Total shareholders’ equity 1,086 1,086
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,223 $ 6,608
[1] The Company’s consolidated assets at June 30, 2023 and December 31, 2022 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Cash and cash equivalents, $1 and $—;Restricted cash, $1,663 and $636; Real estate inventory, net, $1,068 and $4,408; Escrow receivable, $12 and $29; Other current assets, $7 and $9; and Total assets of $2,751 and $5,082, respectively.
[2] The Company’s consolidated liabilities at June 30, 2023 and December 31, 2022 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $21 and $61; Interest payable, $1 and $11; Current portion of non-recourse asset-backed debt, $15 and $1,376; Non-recourse asset-backed debt, net of current portion, $2,527 and $3,020; and Total liabilities, $2,564 and $4,468, respectively.