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VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
ASSETS      
Cash and cash equivalents $ 1,120 $ 1,137 $ 2,239
Restricted cash 1,684 654  
Real estate inventory, net 1,149 4,460  
TOTAL ASSETS [1] 4,223 6,608  
Liabilities      
Total liabilities [2] 3,137 5,522  
Variable Interest Entity, Primary Beneficiary      
ASSETS      
Cash and cash equivalents 1 0  
Restricted cash 1,663 636  
Real estate inventory, net 1,068 4,408  
Other 19 38  
TOTAL ASSETS 2,751 5,082  
Liabilities      
Non-recourse asset-backed debt 2,542 4,396  
Other 22 72  
Total liabilities $ 2,564 $ 4,468  
[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.