0001104659-20-137719 | S-1 | XBRL Viewer | Opendoor Technologies INC

September 30,

Description

Cash and Marketable securities held in Trust Account

Cover
- Document and Entity Information
Financial Statements
- CONDENSED CONSOLIDATED BALANCE SHEETS
- CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)
- CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
- CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical)
- CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT)
- CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) (Parenthetical)
- CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Notes to Financial Statements
- DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- INITIAL PUBLIC OFFERING
- PRIVATE PLACEMENT
- RELATED PARTY TRANSACTIONS
- COMMITMENTS
- SHAREHOLDERS' EQUITY
- FAIR VALUE MEASUREMENTS
- SUBSEQUENT EVENTS
Accounting Policies
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Notes Tables
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
- FAIR VALUE MEASUREMENTS (Tables)
Notes Details
- DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details)
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Net Loss Per Common Share (Details)
- INITIAL PUBLIC OFFERING (Details)
- PRIVATE PLACEMENT (Details)
- RELATED PARTY TRANSACTIONS (Details)
- COMMITMENTS (Details)
- SHAREHOLDERS' EQUITY (Details)
- SHAREHOLDERS' EQUITY - Warrants (Details)
- FAIR VALUE MEASUREMENTS (Details)
Financial Statements
- BALANCE SHEET
- BALANCE SHEETS (Parenthetical)
- STATEMENTS OF OPERATIONS
- STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT)
- STATEMENT OF CASH FLOWS
Notes to Financial Statements
- Organization and Plan of Business Operations
- Significant Accounting Policies
- Proposed Public Offering
- Private Placement
- Related Party Transactions
- Commitments
- Shareholder's Equity
- Subsequent Events
Accounting Policies
- Significant Accounting Policies (Policies)
Notes Details
- Organization and Plan of Business Operations (Details)
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
- Proposed Public Offering (Details)
- Private Placement (Details)
- Related Party Transactions (Details)
- Commitments (Details)
- Shareholder's Equity (Details)
- Shareholder's Equity - Warrants (Details)
- Subsequent Events (Details)
Financial Statements
- CONSOLIDATED BALANCE SHEETS
- CONSOLIDATED BALANCE SHEETS (Parenthetical)
- CONSOLIDATED STATEMENTS OF OPERATIONS
- CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
- CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT
- CONSOLIDATED STATEMENTS OF CASH FLOWS
- CONSOLIDATED STATEMENTS OF CASH FLOWS - RECONCILIATION TO CONSOLIDATED BALANCE SHEETS (Parenthetical)
Notes to Financial Statements
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES
- BUSINESS COMBINATION
- REAL ESTATE INVENTORY
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
- DERIVATIVE INSTRUMENTS
- VARIABLE INTEREST ENTITIES
- CREDIT FACILITIES AND LONG-TERM DEBT
- FAIR VALUE DISCLOSURES
- PROPERTY AND EQUIPMENT
- LEASES
- GOODWILL AND INTANGIBLE ASSETS
- ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT
- SHARE-BASED AWARDS
- WARRANTS
- INCOME TAXES
- RELATED PARTIES
- NET LOSS PER SHARE
- COMMITMENTS AND CONTINGENCIES
- RESTRUCTURING
- SUBSEQUENT EVENTS
Accounting Policies
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)
Notes Tables
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)
- BUSINESS COMBINATION (Tables)
- REAL ESTATE INVENTORY (Tables)
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Tables)
- DERIVATIVE INSTRUMENTS (Tables)
- VARIABLE INTEREST ENTITIES (Tables)
- CREDIT FACILITIES AND LONG-TERM DEBT (Tables)
- FAIR VALUE DISCLOSURES (Tables)
- PROPERTY AND EQUIPMENT (Tables)
- LEASES (Tables)
- GOODWILL AND INTANGIBLE ASSETS (Tables)
- ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Tables)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT (Tables)
- SHARE-BASED AWARDS (Tables)
- INCOME TAXES (Tables)
- NET LOSS PER SHARE (Tables)
Notes Details
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Details)
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Property and Equipment (Details)
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Intangible Assetst (Details)
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Revenue Recognitiont (Details)
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Recently Issued Accounting Standardst (Details)
- BUSINESS COMBINATION - Acquisitions (Details)
- BUSINESS COMBINATION - Additional information (Details)
- BUSINESS COMBINATION - Pro forma financial information (Details)
- REAL ESTATE INVENTORY (Details)
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Details)
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss (Details)
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Scheduled contractual maturities of debt securities (Details)
- DERIVATIVE INSTRUMENTS (Details)
- DERIVATIVE INSTRUMENTS - Net gains and losses recognized on derivatives (Details)
- VARIABLE INTEREST ENTITIES (Details)
- CREDIT FACILITIES AND LONG-TERM DEBT (Details)
- CREDIT FACILITIES AND LONG-TERM DEBT - Mezzanine term debt facilities (Details)
- CREDIT FACILITIES AND LONG-TERM DEBT - Convertible Notes (Details)
- CREDIT FACILITIES AND LONG-TERM DEBT - Mortgage Financing (Details)
- FAIR VALUE DISCLOSURES (Details)
- FAIR VALUE DISCLOSURES - Estimated Fair Value (Details)
- FAIR VALUE DISCLOSURES - Reconciliation of Level 3 Fair Value (Details)
- FAIR VALUE DISCLOSURES - Warrant Liabilities (Details)
- FAIR VALUE DISCLOSURES - Embedded Conversion Options (Details)
- PROPERTY AND EQUIPMENT (Details)
- LEASES - Maturity of operating lease liabilities (Details)
- LEASES - Future minimum payments under noncancelable operating leases with terms greater than one year (Details)
- LEASES - Additional information (Details)
- GOODWILL AND INTANGIBLE ASSETS (Details)
- GOODWILL AND INTANGIBLE ASSETS - Expected amortization of intangible assets (Details)
- ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Details)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT (Details) (Imported)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Common stock reserved, as converted (Details) (Imported)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Convertible preferred stock (Details) (Imported)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Dividends, Voting and Liquidation preference (Details) (Imported)
- SHARE-BASED AWARDS - Additional Information (Details)
- SHARE-BASED AWARDS - Stock option activity (Details)
- SHARE-BASED AWARDS - Summary of RSU activity (Details)
- SHARE-BASED AWARDS - Restricted shares activity (Details)
- SHARE-BASED AWARDS - Stock-basd compensation expense (Details)
- SHARE-BASED AWARDS - Black-scholes model (Details)
- WARRANTS (Details)
- WARRANTS - Commitment to Issue Warrants (Details)
- INCOME TAXES (Details)
- INCOME TAXES - Components of our income tax benefit (Details)
- INCOME TAXES - Reconcilitation of the federal statutory rates (Details)
- INCOME TAXES - Components of our deferred tax assets and liabilities (Details)
- INCOME TAXES - Unrecognized tax benefits (Details)
- INCOME TAXES - Additional information (Details)
- RELATED PARTIES (Details)
- NET LOSS PER SHARE - Basic and diluted net loss per share attributable to common shareholders (Details)
- NET LOSS PER SHARE - Anti-dilutive Securities (Details)
- NET LOSS PER SHARE - Additional Information (Details)
- COMMITMENTS AND CONTINGENCIES (Details)
- COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
- RESTRUCTURING (Details)
- SUBSEQUENT EVENTS (Details)
Financial Statements
- CONSOLIDATED BALANCE SHEETS
- CONSOLIDATED BALANCE SHEETS (Parenthetical)
- CONSOLIDATED STATEMENTS OF OPERATIONS
- CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
- CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT
- CONSOLIDATED STATEMENTS OF CASH FLOWS
- CONSOLIDATED STATEMENTS OF CASH FLOWS - RECONCILIATION TO CONSOLIDATED BALANCE SHEETS (Parenthetical)
Notes to Financial Statements
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES
- BUSINESS COMBINATION
- REAL ESTATE INVENTORY
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
- DERIVATIVE INSTRUMENTS
- VARIABLE INTEREST ENTITIES
- CREDIT FACILITIES AND LONG-TERM DEBT
- FAIR VALUE DISCLOSURES
- PROPERTY AND EQUIPMENT
- LEASES
- GOODWILL AND INTANGIBLE ASSETS
- ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT
- SHARE-BASED AWARDS
- WARRANTS
- INCOME TAXES
- RELATED PARTIES
- NET LOSS PER SHARE
- COMMITMENTS AND CONTINGENCIES
- SUBSEQUENT EVENTS
Accounting Policies
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)
Notes Tables
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)
- BUSINESS COMBINATION (Tables)
- REAL ESTATE INVENTORY (Tables)
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Tables)
- DERIVATIVE INSTRUMENTS (Tables)
- VARIABLE INTEREST ENTITIES (Tables)
- CREDIT FACILITIES AND LONG-TERM DEBT (Tables)
- FAIR VALUE DISCLOSURES (Tables)
- PROPERTY AND EQUIPMENT (Tables)
- LEASES (Tables)
- GOODWILL AND INTANGIBLE ASSETS (Tables)
- ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Tables)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT (Tables)
- SHARE-BASED AWARDS (Tables)
- INCOME TAXES (Tables)
- NET LOSS PER SHARE (Tables)
Notes Details
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Details)
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Property and Equipment (Details)
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Intangible Assetst (Details)
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Revenue Recognitiont (Details)
- DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Recently Issued Accounting Standardst (Details)
- BUSINESS COMBINATION - Acquisitions (Details)
- BUSINESS COMBINATION - Additional information (Details)
- BUSINESS COMBINATION - Pro forma financial information (Details)
- REAL ESTATE INVENTORY (Details)
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Details)
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss (Details)
- CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Scheduled contractual maturities of debt securities (Details)
- DERIVATIVE INSTRUMENTS (Details)
- DERIVATIVE INSTRUMENTS - Net gains and losses recognized on derivatives (Details)
- VARIABLE INTEREST ENTITIES (Details)
- CREDIT FACILITIES AND LONG-TERM DEBT (Details)
- CREDIT FACILITIES AND LONG-TERM DEBT - Mezzanine term debt facilities (Details)
- CREDIT FACILITIES AND LONG-TERM DEBT - Convertible Notes (Details)
- FAIR VALUE DISCLOSURES (Details)
- FAIR VALUE DISCLOSURES - Estimated Fair Value (Details)
- FAIR VALUE DISCLOSURES - Reconciliation of Level 3 Fair Value (Details)
- FAIR VALUE DISCLOSURES - Warrant Liabilities (Details)
- FAIR VALUE DISCLOSURES - Embedded Conversion Options (Details)
- PROPERTY AND EQUIPMENT (Details)
- LEASES - Maturity of operating lease liabilities (Details)
- LEASES - Future minimum payments under noncancelable operating leases with terms greater than one year (Details)
- LEASES - Additional information (Details)
- GOODWILL AND INTANGIBLE ASSETS (Details)
- GOODWILL AND INTANGIBLE ASSETS - Expected amortization of intangible assets (Details)
- ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Details)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT (Details) (Imported)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Common stock reserved, as converted (Details) (Imported)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Convertible preferred stock (Details) (Imported)
- TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Dividends, Voting and Liquidation preference (Details) (Imported)
- SHARE-BASED AWARDS - Additional Information (Details)
- SHARE-BASED AWARDS - Stock option activity (Details)
- SHARE-BASED AWARDS - Summary of RSU activity (Details)
- SHARE-BASED AWARDS - Restricted shares activity (Details)
- SHARE-BASED AWARDS - Stock-basd compensation expense (Details)
- SHARE-BASED AWARDS - Black-scholes model (Details)
- WARRANTS (Details)
- WARRANTS - Commitment to Issue Warrants (Details)
- INCOME TAXES (Details)
- INCOME TAXES - Components of our income tax benefit (Details)
- INCOME TAXES - Reconcilitation of the federal statutory rates (Details)
- INCOME TAXES - Components of our deferred tax assets and liabilities (Details)
- INCOME TAXES - Unrecognized tax benefits (Details)
- INCOME TAXES - Additional information (Details)
- RELATED PARTIES (Details)
- NET LOSS PER SHARE - Basic and diluted net loss per share attributable to common shareholders (Details)
- NET LOSS PER SHARE - Anti-dilutive Securities (Details)
- NET LOSS PER SHARE - Additional Information (Details)
- COMMITMENTS AND CONTINGENCIES (Details)
- COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
- SUBSEQUENT EVENTS (Details)
All Reports

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2020
Document and Entity Information [Abstract]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	Opendoor Technologies Inc.
Entity Central Index Key	0001801169
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Oct. 17, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Current Assets
Cash	$ 469,365,000			$ 405,080,000		$ 454,982,000	$ 262,368,000	$ 33,919,000
Total Current Assets	923,459,000			2,087,644,000			1,808,171,000
TOTAL ASSETS	1,049,167,000			2,231,684,000			1,842,295,000
Current liabilities
Accounts payable and accrued expenses	37,998,000			32,977,000			30,265,000
Accrued expenses	19,434,000			16,342,000			15,394,000
Total Current Liabilities	179,001,000			1,126,382,000			1,068,191,000
TOTAL LIABILITIES	376,315,000			1,583,285,000			1,191,797,000
Commitments
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively	1,381,502,000			1,381,502,000			1,063,864,000
Shareholder's Equity (Deficit)
Additional paid-in capital	280,657,000			57,362,000			31,201,000
Accumulated deficit	(989,451,000)			(790,483,000)			(446,056,000)
Total Shareholder's Equity (Deficit)				(733,103,000)			(414,857,000)
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)	1,049,167,000			2,231,684,000			$ 1,842,295,000
Social Capital Hedosophia Holdings Corp. II
Current Assets
Cash	250,461			0
Prepaid expenses	383,761			0
Total Current Assets	634,222			0
Deferred Offering Cost	0			52,673
Cash and Marketable securities held in Trust Account	414,042,207			0
TOTAL ASSETS	414,676,429			52,673
Current liabilities
Accrued expenses	4,362,316			0
Accrued offering costs	0			52,673
Advances from related party	0			21,631
Promissory note - related party	1,138,497			0
Total Current Liabilities	5,500,813			74,304
Deferred underwriting fee payable	14,490,000			0
TOTAL LIABILITIES	19,990,813			74,304
Commitments
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively	389,685,614			0
Shareholder's Equity (Deficit)
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	0			0
Additional paid-in capital	11,341,549			0
Accumulated deficit	(6,342,826)			(21,631)
Total Shareholder's Equity (Deficit)	5,000,002	$ 5,000,007	$ 3,369	(21,631)	$ 0
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)	414,676,429			52,673
Social Capital Hedosophia Holdings Corp. II \| Common Class A
Shareholder's Equity (Deficit)
Common Stock, Value, Issued	244			0
Social Capital Hedosophia Holdings Corp. II \| Common Class B
Shareholder's Equity (Deficit)
Common Stock, Value, Issued	$ 1,035			$ 0
Total Shareholder's Equity (Deficit)					$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock, Par or Stated Value Per Share	$ 0.00001	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	300,000,000	300,000,000	274,000,000
Common Stock, Shares, Issued	52,847,343	51,775,096	48,137,116
Common Stock, Shares, Outstanding	52,847,343	51,775,096	48,137,116
Social Capital Hedosophia Holdings Corp. II
Ordinary shares subject to possible redemption (in shares)	38,964,589	0
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares, Issued		1
Social Capital Hedosophia Holdings Corp. II \| Common Class A
Ordinary shares subject to possible redemption (in shares)	38,964,589	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	2,435,411	0
Common Stock, Shares, Outstanding	2,435,411	0
Social Capital Hedosophia Holdings Corp. II \| Common Class B
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	10,350,000	1
Common Stock, Shares, Outstanding	10,350,000	1
Shares subject to forfeiture	1,350,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Loss from operations				$ (119,741,000)	$ (182,082,000)	$ (247,834,000)	$ (163,672,000)	$ (61,642,000)
Other income:
Net Loss				(198,968,000)	$ (249,295,000)	$ (339,170,000)	$ (239,929,000)	$ (84,767,000)
Social Capital Hedosophia Holdings Corp. II
Formation and operating costs		$ 6,059,583		6,363,402
Loss from operations		(6,059,583)		(6,363,402)
Other income:
Interest income		16,290		42,207
Net Loss	$ (21,631)	$ (6,043,293)	$ (277,902)	$ (6,321,195)
Weighted average shares outstanding, basic and diluted	1,000	12,179,587		10,111,790
Basic and diluted loss per ordinary share	$ (21,631)	$ (0.50)		$ (0.63)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - Social Capital Hedosophia Holdings Corp. II - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Ordinary shares subject to possible redemption (in shares)	38,964,589	38,964,589	0
Income attributable to ordinary shares subject to possible redemption	$ 15,332	$ 39,725

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) - USD ($)

Social Capital Hedosophia Holdings Corp. II

Common Class A

Common Stock [Member]

Social Capital Hedosophia Holdings Corp. II

Common Class A

Social Capital Hedosophia Holdings Corp. II

Common Class B

Common Stock [Member]

Social Capital Hedosophia Holdings Corp. II

Common Class B

Social Capital Hedosophia Holdings Corp. II

Additional Paid-in Capital [Member]

Social Capital Hedosophia Holdings Corp. II

Accumulated Deficit [Member]

Social Capital Hedosophia Holdings Corp. II

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Total

Balance (in shares) at Dec. 31, 2016

35,011,962

Sale of 6,133,333 Private Placement Warrants

$ 32,000

Net loss

$ (84,829,000)

(84,767,000)

Balance (in shares) at Dec. 31, 2017

44,694,066

Net loss

(241,291,000)

(239,929,000)

Balance at Dec. 31, 2018

(414,857,000)

Balance (in shares) at Dec. 31, 2018

48,137,116

Net loss

(249,296,000)

(249,295,000)

Balance (in shares) at Sep. 30, 2019

50,989,128

Balance at Dec. 31, 2018

(414,857,000)

Balance (in shares) at Dec. 31, 2018

48,137,116

Net loss

$ (341,017,000)

(339,170,000)

Balance at Dec. 31, 2019

$ 0

$ (21,631)

(733,103,000)

Balance (in shares) at Dec. 31, 2019

51,775,096

Balance at Oct. 17, 2019

$ 0

Balance (in shares) at Oct. 17, 2019

Issuance of Class B ordinary shares to Sponsor(1)

$ 1

Net loss

(21,631)

Balance at Dec. 31, 2019

$ 0

(21,631)

(733,103,000)

Balance (in shares) at Dec. 31, 2019

51,775,096

Cancellation of Class B ordinary share

$ 0

Cancellation of Class B ordinary share (in shares)

(1)

Issuance of Class B ordinary shares to Sponsor(1)

^[1]

$ 1,035

23,965

25,000

Issuance of Class B ordinary shares to Sponsor(1) (in shares)

^[1]

10,350,000

Balance at Mar. 31, 2020

$ 1,035

23,965

(21,631)

3,369

Balance (in shares) at Mar. 31, 2020

10,350,000

Balance at Dec. 31, 2019

$ 0

(21,631)

(733,103,000)

Balance (in shares) at Dec. 31, 2019

51,775,096

Net loss

(6,321,195)

$ (198,968,000)

Balance at Sep. 30, 2020

$ 244

$ 1,035

11,341,549

(6,342,826)

5,000,002

Balance (in shares) at Sep. 30, 2020

2,435,411

10,350,000

52,847,343

Balance at Mar. 31, 2020

$ 1,035

23,965

(21,631)

3,369

Balance (in shares) at Mar. 31, 2020

10,350,000

Sale of 41,400,000 Units, net of underwriting discount and offering expenses

$ 4,140

391,799,302

391,803,442

Sale of 41,400,000 Units, net of underwriting discount and offering expenses (in shares)

41,400,000

Sale of 6,133,333 Private Placement Warrants

9,200,000

Ordinary shares subject to redemption

$ (3,957)

(395,724,945)

(395,728,902)

Ordinary shares subject to redemption (in shares)

(39,570,413)

Net loss

(277,902)

Balance at Jun. 30, 2020

$ 183

$ 1,035

5,298,322

(299,533)

5,000,007

Balance (in shares) at Jun. 30, 2020

1,829,587

10,350,000

Change in value of ordinary shares subject to possible redemption

$ 61

6,043,227

6,043,288

Change in value of ordinary shares subject to possible redemption (in shares)

605,824

Net loss

(6,043,293)

Balance at Sep. 30, 2020

$ 244

$ 1,035

$ 11,341,549

$ (6,342,826)

$ 5,000,002

Balance (in shares) at Sep. 30, 2020

2,435,411

10,350,000

52,847,343

[1]	Included an aggregate of up to 1,350,000 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full (see Note 7).

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) (Parenthetical) - Social Capital Hedosophia Holdings Corp. II - shares	3 Months Ended
	Jun. 30, 2020	Sep. 30, 2020
Sale of 6,133,333 Private Placement Warrants (in shares)	6,133,333
Common Class A
Sale of 41,400,000 Units, net of underwriting discount and offering expenses (in shares)	41,400,000
Common Class B
Shares subject to forfeiture		1,350,000

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	2 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities:
Net loss			$ (198,968,000)	$ (249,295,000)	$ (339,170,000)	$ (239,929,000)	$ (84,767,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized loss on marketable securities held in Trust Account			(126,000)	(39,000)	(20,000)	(25,000)	27,000
Changes in operating assets and liabilities:
Net cash used in operating activities			1,037,354,000	(312,779,000)	(272,050,000)	(1,179,637,000)	(218,553,000)
Cash Flows from Investing Activities:
Net cash used in investing activities			(50,820,000)	(79,601,000)	(95,078,000)	(7,432,000)	(29,942,000)
Cash Flows from Financing Activities:
Redemption of Class A common shares			0	(3,410,000)	(3,410,000)	(37,777,000)
Net cash provided by financing activities			(1,027,797,000)	642,355,000	646,179,000	1,496,494,000	161,177,000
Net Change in Cash			(41,263,000)	249,975,000	279,051,000	309,425,000	(87,318,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance			684,822,000	405,771,000	405,771,000	96,346,000	183,664,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	$ 684,822,000	$ 643,559,000	643,559,000	$ 655,746,000	684,822,000	$ 405,771,000	$ 96,346,000
Social Capital Hedosophia Holdings Corp. II
Cash Flows from Operating Activities:
Net loss	(21,631)	(6,043,293)	(6,321,195)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on cash and marketable securities held in Trust Account			(42,207)
Changes in operating assets and liabilities:
Prepaid expenses			(383,761)
Accrued expenses			4,362,316
Net cash used in operating activities	(21,631)		(2,384,847)
Cash Flows from Investing Activities:
Investment of cash in Trust Account			(414,000,000)
Net cash used in investing activities			(414,000,000)
Cash Flows from Financing Activities:
Proceeds from issuance of Class B ordinary shares to Sponsor	0		25,000
Proceeds from sale of Units, net of underwriting discounts paid			406,800,000
Proceeds from sale of Private Placement Warrants			9,200,000
Repayment of advances from related parties			(21,631)
Proceeds from promissory note - related party	21,631		1,438,497
Repayment of promissory note - related party			(300,000)
Payment of offering costs			(506,558)
Proceeds from promissory note	0
Net cash provided by financing activities	21,631		416,635,308
Net Change in Cash	0		250,461
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	0		0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	$ 0	$ 250,461	250,461		$ 0
Non-cash investing and financing activities:
Initial classification of ordinary shares subject to possible redemption			396,006,810
Change in value of ordinary shares subject to possible redemption			(6,321,196)
Deferred underwriting fee			14,490,000
Offering costs included in accrued offering costs			$ 264,285

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	2 Months Ended	9 Months Ended
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	Dec. 31, 2019	Sep. 30, 2020
Social Capital Hedosophia Holdings Corp. II
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	Note 1 — Organization and Plan of Business Operations Social Capital Hedosophia Holdings Corp. II (the “Company”) is a newly incorporated blank check company incorporated as a Cayman Islands exempted company on October 18, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus on businesses in the technology industries primarily located in the United States. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2019, the Company had not commenced any operations. All activity for the period from October 18, 2019 (inception) through December 31, 2019 relates to the Company’s formation and the proposed initial public offering (“Proposed Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Proposed Public Offering. The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 36,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per unit (or 41,400,000 Units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3 and the sale of 6,133,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to the Company’s sponsor, SCH Sponsor II LLC (f/k/a SCH Sponsor Corp. II), a Cayman Islands limited liability company (the “Sponsor”), that will close simultaneously with the Proposed Public Offering. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The New York Stock Exchange rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Proposed Public Offering, management has agreed that $10.00 per Unit sold in the Proposed Public Offering, including proceeds of the sale of the Private Placement Warrants, will be held in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a‑7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share) as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to the Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Class A ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote and a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Proposed Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to 15% or more of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial business combination) and (b) not to propose an amendment to the Amended and Restated Memorandum of Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within Combination Period or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until 24 months from the closing of the Proposed Public Offering to consummate a Business Combination. However, if the Company has not completed a Business Combination within 24 months of the closing of the Proposed Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of a liquidation, the Public Shareholders will be entitled to receive a full pro rata interest in the Trust Account (initially anticipated to be approximately $10.00 per share, plus any pro rata interest earned on the Trust Fund not previously released to the Company and less up to $100,000 of interest to pay dissolution expenses). There will be no redemption rights or liquidating distributions with respect to the Founder Shares or the Private Placement Warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Going Concern Consideration At December 31, 2019, the Company had $0 in cash and a working capital deficit of $74,304. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management plans to address this uncertainty through a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Social Capital Hedosophia Holdings Corp. II (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on October 18, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The Company has one subsidiary, Hestia Merger Sub Inc., a wholly owned subsidiary of the Company incorporated in Delaware on September 9, 2020 (“Merger Sub”). As of September 30, 2020, the Company had not commenced any operations. All activity for the period from October 18, 2019 (inception) through September 30, 2020 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and the search for a Business Combination, including activities in connection with the proposed acquisition of Opendoor Labs Inc., a Delaware corporation (“Opendoor”). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statements for the Company’s Initial Public Offering became effective on April 27, 2020. On April 30, 2020, the Company consummated the Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 5,400,000 Units, at $10.00 per Unit, generating gross proceeds of $414,000,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,133,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to SCH Sponsor II LLC (the “Sponsor”), generating gross proceeds of $9,200,000, which is described in Note 4. Transaction costs amounted to $22,196,558 consisting of $7,200,000 of underwriting fees, $14,490,000 of deferred underwriting fees and $506,558 of other offering costs. In addition, at September 30, 2020, cash of $250,461 was held outside of the Trust Account (as defined below) and is available for working capital purposes. Following the closing of the Initial Public Offering on April 30, 2020, an amount of $414,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company will provide the holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination, either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account, calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to the Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote and a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) will be restricted from redeeming its shares with respect to more than 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial Business Combination) and (b) not to propose an amendment to the Amended and Restated Memorandum of Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until April 30, 2022 (the “Combination Period”) to consummate a Business Combination. However, if the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of a liquidation, the Public Shareholders will be entitled to receive a full pro rata interest in the Trust Account ($10.00 per share, plus any pro rata interest earned on the Trust Fund not previously released to the Company and less up to $100,000 of interest to pay dissolution expenses). There will be no redemption rights or liquidating distributions with respect to the Founder Shares or the Private Placement Warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Going Concern As of September 30, 2020, the Company had $250,461 in its operating bank accounts, $414,042,207 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and working capital deficit of $4,866,591. As of September 30, 2020, approximately $42,000 of the amount on deposit in the Trust Account represented interest income. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. On September 30, 2020, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $4,000,000. At September 30, 2020, there was $1,138,497 outstanding under the Promissory Note (see Note 5). The Company may need to raise additional capital through loans or additional investments from its Sponsor, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than pursuant to the Promissory Note), loan the Company additional funds, from time to time or at any time, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months following the date from when the financial statements are issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 Months Ended

9 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Social Capital Hedosophia Holdings Corp. II

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC.

Emerging growth company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2019.

Deferred offering costs

Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to shareholder’s equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be charged to operations.

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.

Net loss per share

Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. At December 31, 2019, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair value of financial instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on April 29, 2020, as well as the Company’s Current Reports on Form 8-K, as filed with the SEC on April 30, 2020 and May 6, 2020. The interim results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any future periods.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

Cash and Cash Equivalents

Cash and Marketable Securities Held in Trust Account

At September 30, 2020, the assets held in the Trust Account were invested in U.S. Treasury securities and money market funds.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity." Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders' equity. The Company's Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' equity section of the Company's condensed consolidated balance sheets.

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security “CARES” Act into law. The CARES Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses (“NOLs”) and allow businesses to carry back NOLs arising in 2018, 2019 and 2020 to the five prior years, suspend the excess business loss rules, accelerate refunds of previously generated corporate alternative minimum tax credits, generally loosen the business interest limitation under IRC section 163(j) from 30 percent to 50 percent among other technical corrections included in the Tax Cuts and Jobs Act tax provisions. The Company does not believe that the CARES Act will have a significant impact on Company's financial position or statement of operations.

Net Loss per Ordinary Share

Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at September 30, 2020, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per ordinary share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of warrants sold in the Initial Public Offering and the private placement to purchase 19,933,333 ordinary shares in the calculation of diluted loss per share, since the exercise of the warrants into ordinary shares is contingent upon the occurrence of future events. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented.

Reconciliation of Net Loss Per Ordinary Share

The Company's net loss is adjusted for the portion of income that is attributable to ordinary shares subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per ordinary share is calculated as follows:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying condensed consolidated financial statements.

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

INITIAL PUBLIC OFFERING	9 Months Ended
INITIAL PUBLIC OFFERING	Sep. 30, 2020
Social Capital Hedosophia Holdings Corp. II
INITIAL PUBLIC OFFERING	NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 41,400,000 Units, which includes the full exercise by the underwriter of its option to purchase an additional 5,400,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 7).

PRIVATE PLACEMENT	2 Months Ended	9 Months Ended
PRIVATE PLACEMENT	Dec. 31, 2019	Sep. 30, 2020
Social Capital Hedosophia Holdings Corp. II
PRIVATE PLACEMENT	Note 4 — Private Placement The Sponsor has committed to purchase an aggregate of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant ($9,200,000 in the aggregate ) from the Company in a private placement that will occur simultaneously with the closing of the Proposed Public Offering. The proceeds from the sale of the Private Placement Warrants will be added to the net proceeds from the Proposed Public Offering held in the Trust Account. Each Private Placement Warrant is exercisable for one Class A Share at a price of $11.50 per share, subject to adjustment (see Note 7). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.	NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $9,200,000. Each Private Placement Warrant is exercisable for one Class A Share at a price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

RELATED PARTY TRANSACTIONS	2 Months Ended	9 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
RELATED PARTY TRANSACTIONS		16. RELATED PARTIES One of the preferred stock investors holds more than 10% interest in our Company and has one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2018, an executive early exercised their option to purchase 914,634 shares of unvested common stock at a price per share of $1.64 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See Note 14 — Warrants for further information. During 2019, we acquired OSN. See Note 2 — Business Combination for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2019. Prior to the acquisition, OSN conducted business with us as the noncontrolling member of our Title Companies. We paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, we paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.	17.RELATED PARTIES One of the Preferred Stock investors holds more than a 10% interest in the Company and has one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2018, an executive early exercised their option to purchase 914,634 shares of unvested common stock at a price per share of $1.64 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See Note 15 — Warrants for further information. During 2019, we acquired OSN. See Note 2 — Business Combination for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2018. Prior to the acquisition, OSN conducted business with us as the noncontrolling member of our Title Companies. We paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, we paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.
Social Capital Hedosophia Holdings Corp. II
RELATED PARTY TRANSACTIONS	Note 5 — Related Party Transactions Founder Shares In October 2019, the Company issued one ordinary share to the Sponsor for no consideration. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Class B ordinary shares or Class A ordinary shares received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30‑trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Advances — Related Party The Sponsor advanced the Company an aggregate of $21,631 to cover expenses related to the Initial Public Offering. The advances are non-interest bearing and due on demand. At December 31, 2019, advances of $21,631 were outstanding. Administrative Services Agreement The Company will enter into an agreement pursuant to which it will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In October 2019, the Company issued one ordinary share to the Sponsor for no consideration. On January 21, 2020, the Company cancelled the one share issued in October 2019 and the Sponsor purchased 8,625,000 Founder Shares for an aggregate purchase price of $25,000. On April 27, 2020, the Company effected a share capitalization, resulting in 10,350,000 Founder Shares issued and outstanding as of such date. All share and per-share amounts have been retroactively restated to reflect the share capitalization. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares included an aggregate of up to 1,350,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the number of Founder Shares would collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, no Founder Shares are subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Class B ordinary shares or Class A ordinary shares received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Advances – Related Party The Sponsor advanced the Company an aggregate of $21,631 to cover expenses related to the Initial Public Offering. The advances were non-interest bearing and due on demand. Advances in the aggregate amount of $21,631 were repaid in February 2020. Promissory Note — Related Party On January 21, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company borrowed an aggregate principal amount of $300,000. The note was non-interest bearing and payable on the earlier of (i) June 30, 2020 and (ii) the completion of the Initial Public Offering. The borrowings outstanding under the note in the amount of $300,000 were repaid upon the consummation of the Initial Public Offering on April 30, 2020. On September 30, 2020, the Company issued the Promissory Note, pursuant to which the Company may borrow up to an aggregate principal amount of $4,000,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) April 30, 2022 and (ii) the completion of the Business Combination. At September 30, 2020, there was $1,138,497 outstanding under the Promissory Note. Administrative Support Agreement The Company entered into an agreement whereby, commencing on April 27, 2020, the Company will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2020, the Company incurred $30,000 and $50,000 of such fees. As of September 30, 2020, $50,000 is included in accrued expenses in the accompanying condensed consolidated balance sheets. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to (other than pursuant to the Promissory Note), loan the Company additional funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

COMMITMENTS	2 Months Ended	9 Months Ended	12 Months Ended
COMMITMENTS	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
COMMITMENTS		18. COMMITMENTS AND CONTINGENCIES Interest Rate Lock Commitments We entered into interest rate lock commitments with prospective borrowers whereby we commit to lend a certain loan amount under specific terms and interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. See Note 5 — Derivative Instruments for more information. Purchase Commitments As of September 30, 2020, we were in contract to purchase 716 homes for an aggregate purchase price of $181.5 million. Legal Matters From time to time, we may be subject to potential liability relating to the ownership and operations of our properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against us, some of which seek damages and other relief which, if granted, may require future cash expenditures. Management does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect our consolidated results of operations or financial condition. From time to time we receive inquiries and audit requests from various government agencies and fully cooperate with these requests. We do not have any material pending investigations or enforcement actions. Leases During the nine months ended September 30, 2020, we did not enter into any material new leases, lease renewals, or lease modifications. Certain long-term real estate leases entered into prior to 2020 commenced in the nine months ended September 30, 2020, for which we recognized right of use assets obtained in exchange for new operating lease liabilities of $40.1 million. On September 25, 2020, we exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In exercising our early termination option, we incurred and paid $5.2 million in early termination fees and are contractually obligated to pay rent through the remaining amended lease term in the amount of $12.9 million. We do not anticipate a return to the space during the remaining lease term and therefore the lease does not have future benefits to the Company. As such, we accelerated $12.5 million of amortization associated with the right of use asset and reduced the lease liability and right of use asset by $28.1 million. For additional information regarding our lease portfolio, see Note 10 — Leases in the accompanying notes to the consolidated audited financial statements as of and for the year ended December 31, 2019	19.COMMITMENTS AND CONTINGENCIES Purchase Commitments As of December 31, 2019, we were in contract to purchase 2,639 homes for an aggregate purchase price of $616.1 million. Legal Matters From time to time, we may be subject to potential liability relating to the ownership and operations of our properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against us, some of which seek damages and other relief which, if granted, may require future cash expenditures. Management does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect our consolidated results of operations or financial condition. From time to time we receive inquiries and audit requests from various government agencies and fully cooperate with these requests. We do not have any material pending investigations or enforcement actions.
Social Capital Hedosophia Holdings Corp. II
COMMITMENTS	Note 6 — Commitments Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued on conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Propose Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company will grant the underwriters a 45‑day option to purchase up to 5,400,000 additional Units to cover over-allotments at the Proposed Public Offering price, less the underwriting discounts and commissions. The underwriters will be entitled to a cash underwriting discount of $7,200,000 in the aggregate, payable upon the closing of the Proposed Public Offering. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Unit, or $12,600,000 in the aggregate (or $14,490,000 in the aggregate if the underwriters’ over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Financial Advisory Fee The Company intends to engage Connaught (UK) Limited (“Connaught”) to provide financial advisory services in connection with the Proposed Public Offering. The Company will pay Connaught a fee in an amount equal to 10% of the underwriting commission payable to the underwriters. The fee to Connaught will be paid in part at the closing of the Proposed Public Offering and in part at the closing of the Business Combination, in the same proportion as the non-deferred and deferred underwriting commission payable to the underwriters. The underwriters have agreed to reimburse the Company for the fee to Connaught as it becomes payable out of the underwriting commission.	NOTE 6. COMMITMENTS Registration Rights Pursuant to a registration rights agreement entered into on April 27, 2020, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $14,490,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Financial Advisory Fee The underwriters agreed to reimburse the Company for an amount equal to 10% of the discount paid to the underwriters for financial advisory services provided by Connaught (UK) Limited in connection with the Initial Public Offering, of which $720,000 was paid at the closing of the Initial Public Offering and up to $1,449,000 will be payable at the time of the closing of a Business Combination. Merger Agreement On September 15, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Merger Sub and Opendoor. Pursuant to the transactions contemplated by the terms of the Merger Agreement (the “Closing”), and subject to the satisfaction or waiver of certain conditions set forth therein, Merger Sub will merge with and into Opendoor, with Opendoor surviving the merger in accordance with the Delaware General Corporation Law (the “DGCL”) and as a wholly owned subsidiary of the Company (the “Merger”) (the transactions contemplated by the Merger Agreement and the related ancillary agreements, the “Opendoor Business Combination”). As a result of the Merger, among other things, all outstanding shares of common stock of Opendoor will be cancelled in exchange for the right to receive, or reservation of, in the aggregate, a number of shares of the Company’s Common Stock (as defined below) equal to the quotient obtained by dividing (x) $5,000,000,000 by (y) $10.00. Prior to the Closing, subject to the approval of the Company’s shareholders, and in accordance with the DGCL, Cayman Islands Companies Law (2020 Revision) (the "CICL") and the Company’s Amended and Restated Memorandum and Articles of Association (as may be amended from time to time, the "Cayman Constitutional Documents"), the Company will effect a deregistration under the CICL and a domestication under Section 388 of the DGCL (by means of filing a certificate of domestication (the "Certificate of Domestication") with the Secretary of State of Delaware), pursuant to which the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the "Domestication"). In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company (the "Class A Ordinary Shares"), will convert automatically, on a one-for-one basis, into a share of common stock, par value $0.0001, per share of the Company (after its Domestication) (the "Common Stock"), (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company (the "Class B Ordinary Shares"), will convert automatically, on a one-for-one basis, into a share of Common Stock, (iii) each then issued and outstanding warrant of the Company will convert automatically into a warrant to acquire one share of Common Stock ("Domesticated Warrant"), and (iv) each of the then issued and outstanding units of the Company that have not been previously separated into the underlying Class A Ordinary Shares and underlying warrants upon the request of the holder thereof (the "Cayman Units"), will be cancelled and will entitle the holder thereof to one share of Common Stock and one-third of one Domesticated Warrant. The consummation of the Opendoor Business Combination is subject to certain conditions as further described in the Merger Agreement.

SHAREHOLDERS' EQUITY

2 Months Ended

9 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Social Capital Hedosophia Holdings Corp. II

SHAREHOLDERS' EQUITY

Note 7 — Shareholder’s Equity

Preferred Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At December 31, 2019, there were no preference shares issued or outstanding.

Class B Ordinary Shares — The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At December 31, 2019, there was one Class B ordinary share issued and outstanding.

Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as otherwise required by law.

The Class B Shares will automatically convert into Class A ordinary shares on the first business day following the completion of the Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Proposed Public Offering and related to the closing of a Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary shares) so that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the ordinary shares issued and outstanding upon completion of the Proposed Public Offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (net of redemptions), excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor.

Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Proposed Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available.

The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement registering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Public Warrants. The Company will use it commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a Public Warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their Public Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

· in whole and not in part;

· at a price of $0.01 per Public Warrant;

· upon not less than 30 days’ prior written notice of redemption to each warrant holder and

· if, and only if, the reported last sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like).

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

· in whole and not in part;

· at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of the Class A ordinary shares;

· if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and

· if the Reference Value is less than $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

If and when the Public Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable as described above so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

NOTE 7. SHAREHOLDERS’ EQUITY

Preferred Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At September 30, 2020 and December 31, 2019, there were no preferred shares issued or outstanding.

Class A Ordinary Shares—The Company is authorized to issue 500,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At September 30, 2020 and December 31, 2019, there were 2,435,411 and no Class A ordinary shares issued or outstanding, excluding 38,964,589 and no Class A ordinary shares subject to possible redemption, respectively.

Class B Ordinary Shares—The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At September 30, 2020 and December 31, 2019, there were 10,350,000 and one Class B ordinary shares issued and outstanding, respectively.

The Class B Shares will automatically convert into Class A ordinary shares on the first business day following the completion of the Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary shares) so that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the ordinary shares issued and outstanding upon completion of the Initial Public Offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (net of redemptions), excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor.

Warrants—Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

in whole and not in part;

at a price of $0.01 per Public Warrant;

upon not less than 30 days’ prior written notice of redemption to each warrant holder and

if, and only if, the reported last sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like).

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

in whole and not in part;

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of the Class A ordinary shares;

if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and

if the Reference Value is less than $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable as described above so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

FAIR VALUE MEASUREMENTS

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

8. FAIR VALUE DISCLOSURES

We use 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 our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Interest rate lock commitments	Fair value of the underlying loan based on quoted market prices in the secondary market and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	September 30, 2020		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	38,902	$	—	$	38,902	$	—
Asset-backed securities		17,998		—		17,998		—
U.S. agency securities		16,984		—		16,984		—
U.S. Treasury securities		6,697		—		6,697		—
Commercial paper		850		—		850		—
Non-U.S. securities		700		—		700		—
Mortgage loans held for sale pledged under agreements to repurchase		13,984		—		13,984		—
Other current assets:
Interest rate lock commitments.		848		—		848		—
Total assets	$	96,963	$	—	$	96,963	$	—
Accounts payable and other accrued liabilities:
Warrants liabilities – current	$	6,440	$	—	$	—	$	6,440
Total liabilities	$	6,440	$	—	$	—	$	6,440


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Other current assets:
Interest rate caps		4		—		4		—
Interest rate lock commitments		95		95
Total assets	$	45,791	$	—	$	45,791	$	—
Derivative and warrant liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235

Fair Value of Financial Instruments

The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for our financial instruments other than assets and liabilities measured at fair value on a recurring basis (in thousands).


	As of September 30, 2020
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	469,365	$	469,365	$	469,365	$	—
Restricted cash		174,194		174,194		174,194		—
Liabilities:
Credit facilities and other secured borrowings	$	270,944	$	270,944	$	—	$	270,944


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded Conversion
	Warrants		Option
Balance at January 1, 2019	$	18,022	$	—
Net change in fair value		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019		4,538		41,697
Net change in fair value		1,902		23,317
Settlement of convertible notes		—		(65,014)
Balance as of September 30, 2020	$	6,440	$	—

Warrant Liabilities

The Company has two different instruments within warrant liabilities, as discussed further in Note 14 — Warrants, the series D preferred warrants and a commitment to issue warrants. As of September 30, 2020, and December 31, 2019, the unexercised series D preferred warrants comprised of warrants with an exercise price of $0.01 per share. As these series D preferred warrants are deep in the money, such that the intrinsic value approximates the option value, the key input in valuing these warrants with respect to the Black-Scholes-Merton model is the Company’s equity valuation.

One of the key inputs in valuing the Company’s commitment to issue warrants is timing to a qualifying liquidity event or change in control; this is because the warrant commitment arrangement is stipulated such that the Company no longer has an obligation to issue warrants in periods subsequent to a qualifying liquidity event or change in control. The Company believes that the consummation of the Merger would qualify as a change in control event with respect to our warrant commitment arrangement. Another key input in valuing the Company’s commitment to issue warrants is the number of warrants to be issued, which can vary based on the range prescribed in the agreement. The valuation of the commitment to issue warrants can vary significantly based on the timing to a qualifying liquidity event and the number of warrants issued. With the Company entering into the Merger Agreement, we have updated the expected timing to a change in control and reduced the expected term of outstanding warrants to be consistent with the expected timing of consummation of the Merger. Any Opendoor warrants not exercised or exercisable at closing of the Merger will be cancelled.

Embedded conversion options

Embedded conversion options, which are bifurcated embedded derivatives, originate from the convertible notes issued by the Company during 2019. See Note 7 — Credit Facilities and Long-Term Debt for further information. The fair value of the embedded conversion options is estimated using a lattice model incorporating the probabilities of various liquidity events which constituted conversion triggering events within the convertible notes. The key input to the valuation model is timing of possible liquidity events. Based on the structure of the convertible notes and that the Company has a redemption option, that if exercised sufficiently in advance of such conversion events, would allow the Company to redeem such notes, the Company valued the embedded conversion options with the assumption that the Company would preempt liquidity events by asserting its redemption option and thereby narrowing the valuation to terms of the redemption option. In addition to the 3% payment-in-kind interest, the redemption value of the convertible notes accretes with the passage of time. Between the end of the first year to the end of the seven year note term, accretion ranges from 5.9% to 79.6%. As such, the embedded conversion options are highly sensitive to the timing of liquidity events. As discussed in Note 7 — Credit facilities and long-term debt, the convertible notes and related bifurcated embedded conversion options have been extinguished with the Exchange Agreement on September 14, 2020 and the Company remeasured the embedded conversion options immediately prior to extinguishment based upon the fair value of the Issuer Stock Rights exchanged.

8.FAIR VALUE DISCLOSURES

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

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 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 our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Other current assets:
Interest rate caps		4		—		4		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Total assets	$	45,696	$	—	$	45,696	$	—
Derivative and warrant Liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235


	Fair Value as of
	December 31, 2018		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	1,152	$	—	$	1,152	$	—
Asset-backed securities		948		—		948		—
Commercial paper		2,443		—		2,443		—
U.S. agency securities		3,462		—		3,462		—
U.S. Treasury securities		999		—		999		—
Other current assets:
Interest rate caps		1,106		—		1,106		—
Total assets	$	10,110	$	—	$	10,110	$	—
Derivative and warrant liabilities:
Warrants	$	18,022	$	—	$	—	$	18,022
Total liabilities	$	18,022	$	—	$	—	$	18,022

Fair Value of Financial Instruments


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252


	As of December 31, 2018
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	262,368	$	262,368	$	262,368	$	—
Restricted cash		143,403		143,403		143,403		—
Liabilities:
Credit facilities and other secured borrowings	$	1,133,095	$	1,133,095	$	—	$	1,133,095

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded
			Conversion
	Warrants		Option
Balance as of December 31, 2017	$	—	$	—
Issuances		14,529		—
Net change in fair value (unrealized)		3,493		—
Balance as of December 31, 2018		18,022		—
Net change in fair value (unrealized)		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019	$	4,538	$	41,697

Warrant Liabilities

The Company has two different instruments within warrant liabilities, as discussed further in Note 15 — Warrants, the series D preferred warrants and a commitment to issue warrants. As of December 31, 2019, the unexercised series D preferred warrants comprised of warrants with an exercise price of $0.01 per share. As these series D preferred warrants are deep in the money, such that the intrinsic value approximates the option value, the key input in valuing these warrants with respect to the Black-Scholes-Merton model is the Company’s equity valuation.

One of the key inputs in valuing the Company’s commitment to issue warrants is timing to a qualifying liquidity event; this is because the warrant commitment arrangement is stipulated such that the Company no longer has an obligation to issue warrants in periods subsequent to a qualifying liquidity event. Another key input in valuing the Company’s commitment to issue warrants is the number of warrants to be issued, which can vary based on the range prescribed the agreement. The valuation of the commitment to issue warrants can vary significantly based on the timing to a qualifying liquidity event and the number of warrants to be issued.

As of December 31, 2018, in addition to the series D preferred warrants with an exercise price of $0.01 per share, the Company also had outstanding warrants with exercise price of $6.58 per share. With respect to the series D preferred warrants with an exercise price of $6.58 per share, the Black-Scholes-Merton inputs that most significantly impact the valuation of the warrants are the term and the Company’s equity valuation; these warrants are sensitive to term as an input because the warrants have a four year term subsequent to acceleration due to liquidity events or the Company’s sole discretion after August 17, 2019.

Embedded conversion options

Social Capital Hedosophia Holdings Corp. II

FAIR VALUE MEASUREMENTS

NOTE 8. FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1:Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company's assets that are measured at fair value on a recurring basis at September 30, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

- 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 + Details

SUBSEQUENT EVENTS	2 Months Ended	9 Months Ended	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
SUBSEQUENT EVENTS		20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this registration statement and determined that there have been no events that have occurred that would require recognition in the consolidated financial statements or disclosure herein.	20.SUBSEQUENT EVENTS On January 23, 2020, we entered into a new mezzanine term debt facility, Term Debt Facility 2020 M‑1, with $300 million in borrowing capacity, a 10% interest rate and a final maturity date of January 23, 2026. On March 11, 2020, the World Health Organization characterized the outbreak of a novel strain of coronavirus (COVID‑19) as a pandemic. Since that time, this outbreak has spread throughout the United States inclusive of the states in which we have operations. In response to the developments of COVID‑19, we significantly reduced our acquisition of property inventory and paused making new offers to purchase homes from customers. We relaunched offers to purchase homes in Phoenix in May and continued to relaunch other markets in the subsequent weeks and months. We resumed operations across all of our markets by the end of August 2020. On April 15, 2020, we announced a workforce reduction of 600 employees. We provided post-employment benefits to impacted employees for a total cost of $11.3 million and incurred $1.1 million of costs related to the exiting of certain non-cancelable leases with no future benefits to the Company. On April 6, 2020, we amended one of our existing mezzanine term debt facilities, Term Debt Facility 2016‑M1, to decrease borrowing capacity by $151 million. On June 1, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑3, to decrease the borrowing capacity by $100 million and extend the final maturity date to June 1, 2023. On July 10, 2020 we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑1, to extend the final maturity date to May 10, 2021. On September 4, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑2, to extend the final maturity date to October 2, 2020 and on September 24, 2020, we extended the final maturity date to December 23, 2022. On September 15, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Social Capital Hedosophia Corp. II (“SCH”) and Hestia Merger Sub Inc. (“Merger Sub”), a direct wholly owned subsidiary of SCH. Pursuant to the Merger Agreement, and subject to the approval of SCH’s shareholders and the Company’s shareholders, all of the equity interests in Opendoor will be converted into the right to receive 500 million shares of common stock of SCH. Upon consummation of the merger, Merger Sub will merge with and into Opendoor, the separate corporate existence of Merger Sub will cease and Opendoor will be the surviving corporation and a wholly owned subsidiary of SCH (the “Merger”). SCH shall immediately be renamed Opendoor Technologies Inc. The consummation of the Merger is subject to the satisfaction or waiver of certain closing conditions contained in the Merger Agreement. As part of the Merger, Opendoor options will be converted into options to acquire shares of Opendoor Technologies Inc. Opendoor warrants exercisable prior to close of the Merger, will be converted into shares of Opendoor common stock prior to or concurrent with closing of the Merger and thereafter, exchanged for shares in Opendoor Technologies Inc. Any Opendoor warrants not exercised or exercisable at closing of the Transaction will be cancelled. On September 14, 2020, the Company entered into a Convertible Notes Exchange Agreement (the “Exchange Agreement”) with the Convertible Note holders. Under the terms of the Exchange Agreement, the Convertible Note holders received rights to 13.3 million shares of the Company’s common stock (“Issuer Stock Rights”) upon the earlier of (i) immediately prior to the consummation of the Merger and (ii) March 13, 2021. The Issuer Stock Rights are received in full satisfaction of the outstanding principal and accrued interest on the Convertible Notes and such notes have been cancelled and of no further force or effect. On January 6, 2020, the Company entered into an employment letter agreement with an executive, including an anticipated grant of 9,202,707 RSUs to the executive upon a listing event. The RSUs would vest upon the achievement of share price milestones and the executive’s continued employment. In August and September 2020, the Company’s board of directors and the majority of the Company’s preferred shareholders, respectively, approved an amendment and restatement of the letter agreement to clarify certain details regarding the terms of the anticipated grant. Under the amended and restated letter agreement, a listing event occurs if an initial public offering, direct listing of the Company’s common stock, or a merger with a special purpose acquisition company occurs before December 31, 2024. In August and September 2020, the Company’s board of directors and the majority of the Company’s preferred shareholders, respectively, approved a grant of 2,160,000 RSUs to an executive. The RSUs, once granted, vest upon a four-year service-based requirement and a performance condition. The performance condition is met by the completion of a Company Listing Event. On September 25, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2019‑1, to extend the final maturity date to March 4, 2022. On September 25, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2019‑3, to increase borrowing capacity by $100 million and extend the final maturity date to August 21, 2023. As a result of the amendments and other events subsequent to December 31, 2019, borrowing capacity under our non-recourse asset-backed financing facilities has increased by $28 million, from $3,380 million at December 31, 2019 to $3,408 million, of which $1,948 million is fully committed. Through August 31, 2020, the Company’s senior revolving credit facilities had a weighted average interest rate of 3.68%. On September 25, 2020, we exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In exercising our early termination option, we incurred and paid $5.2 million in early termination fees. We are contractually obligated to pay rent through the remaining amended lease term in the amount of $10.5 million.
Social Capital Hedosophia Holdings Corp. II
SUBSEQUENT EVENTS	Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to January 31, 2020, the date that the financial statements were available to be issued. Other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Founder Shares On January 21, 2020, the Company cancelled the one share issued in October 2019 and the Sponsor purchased 8,625,000 Founder Shares for an aggregate purchase price of $25,000. On April 27, 2020, the Company effected a share capitalization, resulting in 10,350,000 Founder Shares issued and outstanding as of such date. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares include an aggregate of up to 1,350,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Proposed Public Offering. Promissory Note — Related Party On January 21, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, of which $300,000 was outstanding under the Promissory Note as of January 21, 2020. The note is non-interest bearing and payable on the earlier of (i) June 30, 2020 and (ii) the completion of the Proposed Public Offering. As a result of the execution of the underwriting agreement on April 27, 2020, the financial statements have been modified to reflect the final terms of the agreement.	NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

2 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Dec. 31, 2019

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ materially from such estimates. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, derivatives, convertible notes, mortgage loans held for sale pledged under agreements to repurchase (“MLHFS”), interest rate lock commitments (“IRLCs”), and inventory impairment (“real estate inventory valuation adjustment”). Management believes that the estimates and judgments upon which they rely are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, our consolidated financial statements will be affected. The COVID‑19 pandemic introduced significant additional uncertainties with respect to estimates, judgments and assumptions, which may materially impact these estimates.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ materially from such estimates. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, derivatives, convertible notes, and the impairment loss (“real estate inventory valuation adjustment”). Management believes that the estimates and judgments upon which they rely are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, our financial statements will be affected.

Cash and Cash Equivalents

Cash includes demand deposits with financial institutions and cash items in transit. Cash equivalents include only investments with initial maturities of three months or less that are highly liquid and readily convertible to known amounts of cash. We maintain portions of our cash in bank deposit accounts, which, at times, may exceed federally insured limits. Management believes that we are not exposed to any significant credit risk related to cash deposits.

Income Taxes

We record income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of existing assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to reverse. We recognize the effect on deferred income taxes of a change in tax rates in income in the period that includes the enactment date.

We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

We record uncertain tax positions on the basis of a two-step process whereby: (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.

Concentration of Credit Risk

Concentrations of Credit Risk

Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, investments in marketable securities, and mortgage loans held for sale. We place cash and cash equivalents and investments with major financial institutions, which Management assesses to be of high credit quality, in order to limit exposure of our investments.

Similarly, our credit risk on mortgage loans held for sale is mitigated due to a large number of customers. Further, our credit risk on mortgage loans held for sale is mitigated by the fact that we typically sell mortgages on the secondary market within a relatively short period of time after which the Company’s exposure is limited to borrower defaults within the initial few months of the mortgage.

Concentrations of Credit Risk

Recent Accounting Standards

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In September 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016‑13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. The FASB also issued subsequent amendments to the initial guidance, ASU 2019‑04, ASU 2019‑05, ASU 2019‑11, and ASU 2020‑03 (collectively, “Topic 326”). The effective date and transition methodology for the amendments in Topic 326 are the same as in ASU 2016‑13. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 requires that credit losses be presented as an allowance rather than as a write-down. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. We adopted this ASU as of January 1, 2020 and the adoption of this ASU did not have a material impact to our consolidated financial statements.

In August 2018, the FASB issued ASU 2018‑15 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350‑40). ASU 2018‑15 amends a customer’s accounting for implementation costs incurred in hosting arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in cloud computing arrangements with the requirements for capitalizing costs to develop or obtain internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company adopted this ASU as of January 1, 2020 and the adoption of this ASU did not have a material impact to our consolidated financial statements under the prospective transition method.

Recently Issued Accounting Standards Not Yet Adopted

In December 2019, the FASB issued ASU 2019‑12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019‑12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and disclosures

In March 2020, the FASB issued ASU 2020‑04 which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Inter- Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This guidance is optional for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. This guidance is effective from March 12, 2020 through December 31, 2022. Entities may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We may elect to take advantage of this optional guidance in its transition away from LIBOR within certain debt contracts. While the goal of the reference rate reform transition is for it to be economically neutral to entities, we have not yet adopted this standard nor have we determined the impact the adoption of this guidance will have on our financial position, results of operations or cash flows.

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) (“ASU 2016‑02”), and since that date has issued subsequent amendments to the initial guidance intended to clarify certain aspects of the guidance and to provide certain practical expedients entities can elect upon adoption. ASC 842 introduces new requirements to increase transparency and comparability among organizations for leasing transactions for both lessees and lessors. The principle of ASC 842 is that a lessee will recognize assets and liabilities that arise from leases. Lessees need to recognize a right-of-use asset and a lease liability for all leases (other than leases that meet the definition of a short-term lease). The lease liability is equal to the present value of lease payments, and the right-of-use asset is equal to the lease liability, adjusted for other factors. For income statement purposes, ASC 842 requires leases to be classified as either operating or finance. Operating leases result in a straight-line expense pattern while finance leases result in a front-loaded expense pattern. Lessor accounting remains largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance.

We adopted ASC 842 effective January 1, 2019 using the modified retrospective approach and elected to apply the new guidance at the adoption date without adjusting comparative periods presented. Comparative information has not been restated and will continue to be reported under accounting standards in effect for those periods. In adopting the new guidance, we elected to apply the package of transition practical expedients, which allows us not to reassess (1) whether any expired or existing contracts contain leases under the new definition of a lease; (2) lease classification for any expired or existing leases; and (3) whether previously capitalized initial direct costs would qualify for capitalization under ASC 842. In transition, we did not elect to apply the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment of right-of-use assets.

Based on our lease portfolio as of January 1, 2019, we recorded on our consolidated balance sheet right of use assets of $14.7 million as well as operating lease liabilities of $15 million, and we removed existing prepaid and deferred rent balances of $0.6 million and $0.9 million, respectively. Adoption of the standard did not have a material impact on our consolidated statements of operations and cash flows.

Recently Issued Accounting Standards Not Yet Adopted

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. The FASB also issued subsequent amendments to the initial guidance, ASU 2019‑04, ASU 2019‑05, ASU 2019‑11, and ASU 2020‑03 (collectively, “Topic 326”). The effective date and transition methodology for the amendments in Topic 326 are the same as in ASU 2016‑13. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 requires that credit losses be presented as an allowance rather than as a write-down. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years for public business entities that are SEC filers. We do not believe the adoption of this ASU will have a significant impact to our consolidated financial statements given the nature of our business and the composition of our marketable securities.

In August 2018, the FASB issued ASU 2018‑15 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350‑40). ASU 2018‑15 amends a customer’s accounting for implementation costs incurred in hosting arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in cloud computing arrangements with the requirements for capitalizing costs to develop or obtain internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU with respect our consolidated financial statements as the Company expects to apply the prospective transition method.

In December 2019, the FASB issued ASU 2019‑12, Simplifying the Accounting Income Taxes (Topic 740). ASU 2019‑12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and disclosures.

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

Our investments in marketable securities consist of debt securities classified as available-for-sale and measured at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) in shareholders’ equity and realized gains and losses included in earnings. None of our investments in marketable securities were impaired for the years ended December 31, 2019, 2018 and 2017. See Note 4 — Cash, Cash Equivalents, and Marketable Securities for further discussion.

Social Capital Hedosophia Holdings Corp. II

Basis of Presentation

Principles of Consolidation

Emerging Growth Company

Emerging growth company

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Use of Estimates

Use of estimates

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents

Cash and Cash Equivalents

Cash and Marketable Securities Held in Trust Account

At September 30, 2020, the assets held in the Trust Account were invested in U.S. Treasury securities and money market funds.

Class A Ordinary Shares Subject to Possible Redemption

Deferred offering costs

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Net Loss per Ordinary Share

Net loss per share

Net Loss per Ordinary Share

Reconciliation of Net Loss Per Ordinary Share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

Concentration of Credit Risk

Concentration of credit risk

Concentration of Credit Risk

Fair Value of Financial Instruments

Fair value of financial instruments

Fair Value of Financial Instruments

Recent Accounting Standards

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Recent Accounting Standards

Risks and Uncertainties

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of computation of basic and diluted loss per ordinary share

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the nine months ended September 30, 2020 and 2019 (in thousands):


	For the Nine Months Ended September 30,
	2020		2019
Basic net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Net loss attributable to common shareholders – basic	$	(198,968)	$	(249,295)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Basic net loss per share	$	(3.75)	$	(5.11)
Diluted net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Minus: Gain on liability-classified warrants		—		8,402
Net loss attributable to common shareholders – diluted	$	(198,968)	$	(257,697)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Diluted net loss per share	$	(3.75)	$	(5.28)

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the years ended December 31, 2019, 2018, and 2017 (in thousands):


	For the Years Ended December 31,
	2019		2018		2017
Basic net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Net loss attributable to common shareholders – basic	$	(341,017)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share	$	(6.90)	$	(5.12)	$	(2.12)
Diluted net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Minus: Gain on liability-classified warrants	$	8,132		—		—
Net loss attributable to common shareholders – diluted	$	(349,149)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share – diluted	$	(7.06)	$	(5.12)	$	(2.12)

Social Capital Hedosophia Holdings Corp. II

Schedule of computation of basic and diluted loss per ordinary share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Social Capital Hedosophia Holdings Corp. II

Schedule of assets measured at fair value on a recurring basis

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) - USD ($)			1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2020	Jan. 21, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018	Jun. 12, 2018	Dec. 31, 2017
Number of warrants issued									300,000
Operating bank accounts				$ 405,080,000	$ 469,365,000	$ 469,365,000	$ 454,982,000	$ 262,368,000		$ 33,919,000
Aggregate principal amount				$ 2,980,000,000	2,905,000,000	2,905,000,000
Social Capital Hedosophia Holdings Corp. II
Units issue price (in dollars per share)				$ 10.00
Gross proceeds from initial public offering	$ 414,000,000
Proceeds from sale of Private Placement Warrants						9,200,000
Transaction costs	22,196,558
Underwriting fees	7,200,000
Deferred underwriting fees	14,490,000		$ 14,490,000
Other offering costs	$ 506,558
Cash available for working capital purposes					250,461	250,461
Maturity term of U.S. government securities	185 days			185 days
Redemption of shares by Public Shareholders, Number of days considered	2
Minimum net tangible assets to complete business combination	$ 5,000,001		$ 5,000,001	$ 5,000,001
Percentage of aggregate common shares that may not be redeemed without prior consent	15.00%
Percentage of public shares required to be redeemed if business combination is not completed within specified period	100.00%			100.00%
Number of business days after which the public shares are to be redeemed if business combination is not completed within specified period	10
Maximum interest earned to be used to pay dissolution expenses	$ 100,000			$ 100,000
Full pro rata interest per share receivable by the Public Shareholders, in the event of liquidation (in dollars per share)	$ 10.00			$ 10.00
Reduction in the amount of funds held in trust account (in dollars per share)	$ 10.00			$ 10.00
Operating bank accounts				$ 0	250,461	250,461
Securities held in trust account					414,042,207	414,042,207
Working capital deficit				74,304	4,866,591	4,866,591
Interest income on trust account					16,290	42,207
Aggregate principal amount					4,000,000	4,000,000
Amount outstanding under promissory note				$ 0	$ 1,138,497	$ 1,138,497
Social Capital Hedosophia Holdings Corp. II \| Initial Public Offering
Units issued (in shares)	41,400,000		41,400,000
Units issue price (in dollars per share)	$ 10.00		$ 10.00
Social Capital Hedosophia Holdings Corp. II \| Over-allotment option
Units issued (in shares)	5,400,000		5,400,000
Social Capital Hedosophia Holdings Corp. II \| Private placement \| Sponsor
Number of warrants issued	6,133,333		6,133,333	6,133,333
Issue price of warrants (in dollars per share)	$ 1.50		$ 1.50	$ 1.50
Proceeds from sale of Private Placement Warrants	$ 9,200,000		$ 9,200,000	$ 9,200,000
Social Capital Hedosophia Holdings Corp. II \| Subsequent Events \| Sponsor
Units issued (in shares)		8,625,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	2 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrecognized tax benefits	$ 5,033,000			$ 5,033,000	$ 2,433,000	$ 862,000
Tax provision		$ 234,000	$ 340,000	$ 252,000	$ 377,000
Warrants to purchase ordinary shares excluded from computation of diluted loss per share		236,946,000	225,224,000	235,943,000	205,893,000	120,775,000
Social Capital Hedosophia Holdings Corp. II
Unrecognized tax benefits	0	$ 0		$ 0
Unrecognized tax benefits, interest and penalties accrued	0	0		$ 0
Tax provision	$ 0	$ 0
Warrants to purchase ordinary shares excluded from computation of diluted loss per share		19,933,333

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Net Loss Per Common Share (Details) - USD ($)	2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net loss				$ (198,968,000)	$ (249,295,000)	$ (339,170,000)	$ (239,929,000)	$ (84,767,000)
Social Capital Hedosophia Holdings Corp. II
Net loss	$ (21,631)	$ (6,043,293)	$ (277,902)	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss		$ (6,058,625)		$ (6,360,920)
Weighted average shares outstanding, basic and diluted	1,000	12,179,587		10,111,790
Basic and diluted net loss per ordinary share	$ (21,631)	$ (0.50)		$ (0.63)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

INITIAL PUBLIC OFFERING (Details) - Social Capital Hedosophia Holdings Corp. II		1 Months Ended	2 Months Ended
	Apr. 30, 2020 $ / shares shares	Apr. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares
Initial Public Offering, Disclosure [Line Items]
Units issue price (in dollars per share) \| $ / shares			$ 10.00
Initial Public Offering
Initial Public Offering, Disclosure [Line Items]
Units issued (in shares)	41,400,000	41,400,000
Units issue price (in dollars per share) \| $ / shares	$ 10.00	$ 10.00
Number of public warrants that each unit consists (in shares) \| $		0.33
Initial Public Offering \| Common Class A
Initial Public Offering, Disclosure [Line Items]
Number of common stocks included in each unit	1	1
Number of shares called for by each public warrant (in shares)	1	1
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.50	$ 11.50
Over-allotment option
Initial Public Offering, Disclosure [Line Items]
Units issued (in shares)	5,400,000	5,400,000

PRIVATE PLACEMENT (Details) - USD ($)		1 Months Ended	2 Months Ended	9 Months Ended
PRIVATE PLACEMENT (Details) - USD ($)	Apr. 30, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 12, 2018
Private Placement, Disclosure [Line Items]
Number of warrants issued					300,000
Social Capital Hedosophia Holdings Corp. II
Private Placement, Disclosure [Line Items]
Aggregate purchase price				$ 9,200,000
Social Capital Hedosophia Holdings Corp. II \| Private placement \| Common Class A
Private Placement, Disclosure [Line Items]
Number of shares called for by each public warrant (in shares)	1	1	1
Exercise price of warrants (in dollars per share)	$ 11.50	$ 11.50	$ 11.50
Social Capital Hedosophia Holdings Corp. II \| Private placement \| Sponsor
Private Placement, Disclosure [Line Items]
Number of warrants issued	6,133,333	6,133,333	6,133,333
Issue price of warrants (in dollars per share)	$ 1.50	$ 1.50	$ 1.50
Aggregate purchase price	$ 9,200,000	$ 9,200,000	$ 9,200,000

RELATED PARTY TRANSACTIONS (Details) - USD ($)

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

Apr. 30, 2020

Apr. 27, 2020

Jan. 21, 2020

Apr. 30, 2020

Feb. 29, 2020

Dec. 31, 2019

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2020

Dec. 31, 2018

Debt Instrument, Face Amount

$ 400,000,000

$ 503,000,000

Long-term Line of Credit

1,073,695,000

108,611,000

$ 978,951,000

Aggregate principal amount

2,980,000,000

2,905,000,000

Social Capital Hedosophia Holdings Corp. II

Capital contribution by sponsor

^[1]

$ 25,000

Amount outstanding under promissory note

$ 0

1,138,497

Administrative Support Agreement, total expenses incurred

30,000

50,000

Administrative Support Agreement, accrued expenses

50,000

Aggregate principal amount

4,000,000

$ 4,000,000

Social Capital Hedosophia Holdings Corp. II | Related Party Loans [Member]

Price of warrants (in dollars per share)

$ 1.50

Social Capital Hedosophia Holdings Corp. II | Related Party Loans [Member] | Maximum

Loans convertible into warrants

$ 1,500,000

Social Capital Hedosophia Holdings Corp. II | Sponsor

Amount outstanding under promissory note

1,138,497

Aggregate principal amount

$ 4,000,000

Social Capital Hedosophia Holdings Corp. II | Initial Public Offering

Units issued (in shares)

41,400,000

Sale of stock, price per share

$ 10.00

Social Capital Hedosophia Holdings Corp. II | Sponsor

Debt Instrument, Face Amount

$ 25,000

Units issued (in shares)

8,625,000

Number of shares issued to sponsor cancelled

Number of shares held by sponsor

10,350,000

Number of shares held by sponsor subject to forfeiture

1,350,000

Percentage of issued and outstanding shares after the Initial Public Offering held by the sponsor

20.00%

Sponsor Monthly Fee Payable

$ 10,000

Social Capital Hedosophia Holdings Corp. II | Sponsor | Initial Public Offering

Services Fee

$ 21,631

Service Fee paid

$ 21,631

Social Capital Hedosophia Holdings Corp. II | Notes Payable, Other Payables [Member] | Sponsor

Debt Instrument, Face Amount

$ 300,000

Due to Related Parties, Current

$ 300,000

Social Capital Hedosophia Holdings Corp. II | Common Class A | Sponsor

Sale of stock, price per share

$ 12.00

Social Capital Hedosophia Holdings Corp. II | Common Class B

Capital contribution by sponsor

$ 1

[1]	Included an aggregate of up to 1,350,000 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full (see Note 7).

COMMITMENTS (Details) - USD ($)		9 Months Ended
COMMITMENTS (Details) - USD ($)	Sep. 15, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Common stock, par value		$ 0.00001	$ 0.00001	$ 0.00001
Social Capital Hedosophia Holdings Corp. II
Deferred underwriting fees (in dollars per share)		$ 0.35
Deferred Underwriting Fees		$ 14,490,000
Underwriting Discount, Percentage		10.00%
Refunds From Underwriting Discount		$ 720,000
Refunds from deferred underwriting discount		$ 1,449,000
Social Capital Hedosophia Holdings Corp. II \| Common Class A
Common stock, par value		$ 0.0001	0.0001
Social Capital Hedosophia Holdings Corp. II \| Common Class B
Common stock, par value		$ 0.0001	$ 0.0001
Social Capital Hedosophia Holdings Corp. II \| Merger Agreement
Base number of shares for determining consideration	5,000,000,000
Share price (per share)	$ 10.00
Social Capital Hedosophia Holdings Corp. II \| Merger Agreement \| Warrant
Number of shares issued for each warrant	0.33
Social Capital Hedosophia Holdings Corp. II \| Merger Agreement \| Cayman Units
Number of shares issued for each warrant	1
Social Capital Hedosophia Holdings Corp. II \| Merger Agreement \| Common Class A
Conversion ratio upon merger	1
Common stock, par value	$ 0.0001
Social Capital Hedosophia Holdings Corp. II \| Merger Agreement \| Common Class B
Conversion ratio upon merger	1
Common stock, par value	$ 0.0001

SHAREHOLDERS' EQUITY (Details)	Sep. 30, 2020 Vote $ / shares shares	Dec. 31, 2019 Vote $ / shares shares	Dec. 31, 2018 $ / shares shares
Common Stock, Shares Authorized	300,000,000	300,000,000	274,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Common Stock, Shares, Issued	52,847,343	51,775,096	48,137,116
Common Stock, Shares, Outstanding	52,847,343	51,775,096	48,137,116
Social Capital Hedosophia Holdings Corp. II
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares, Issued		1
Ordinary shares subject to possible redemption (in shares)	38,964,589	0
Social Capital Hedosophia Holdings Corp. II \| Common Class A
Common Stock, Shares Authorized	500,000,000	500,000,000
Voting rights of common stock per share \| Vote	1	1
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	2,435,411	0
Common Stock, Shares, Outstanding	2,435,411	0
Ordinary shares subject to possible redemption (in shares)	38,964,589	0
Social Capital Hedosophia Holdings Corp. II \| Common Class B
Common Stock, Shares Authorized	50,000,000	50,000,000
Voting rights of common stock per share \| Vote	1	1
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	10,350,000	1
Common Stock, Shares, Outstanding	10,350,000	1

SHAREHOLDERS' EQUITY - Warrants (Details) - $ / shares	2 Months Ended	9 Months Ended
SHAREHOLDERS' EQUITY - Warrants (Details) - $ / shares	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018
Warrants
Warrants expiration term				4 years
Share Price			$ 6.82
Social Capital Hedosophia Holdings Corp. II
Warrants
Warrants exercisable term from the completion of business combination	30 days	30 days
Warrants exercisable term from the closing of the public offering	12 days	12 months
Warrants expiration term	5 years	5 years
Warrants exercisable for cash	0	0
Threshold period for filling registration statement after business combination	15 days	15 days
Threshold period for filling registration statement within number of days of business combination	60 days	60 days
Closing price of share for threshold consecutive trading days	30 days	30 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18.00	$ 18.00
Share Price	$ 9.20	$ 9.20
Percentage of gross proceeds on total equity proceeds	60.00%	60.00%
Adjustment of exercise price of warrants based on market value (as a percent)	115.00%	115.00%
Percentage of adjustment of redemption price of stock based on market value.	180.00%	180.00%
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination	30 days	30 days
Social Capital Hedosophia Holdings Corp. II \| Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00
Warrants
Redemption price per warrant	$ 0.01	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Closing price of share for threshold trading days	20 days	20 days
Share Price	$ 18.00	$ 18.00
Social Capital Hedosophia Holdings Corp. II \| Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00
Warrants
Redemption price per warrant	$ 0.10	$ 0.10
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 10.00	$ 10.00
Share Price	$ 10.00	$ 10.00

FAIR VALUE MEASUREMENTS (Details)	Sep. 30, 2020 USD ($)
Social Capital Hedosophia Holdings Corp. II \| Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Cash and Marketable securities held in Trust Account	$ 414,042,207

BALANCE SHEET - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Oct. 17, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Current Assets
Cash	$ 469,365,000			$ 405,080,000		$ 454,982,000	$ 262,368,000	$ 33,919,000
Total Current Assets	923,459,000			2,087,644,000			1,808,171,000
TOTAL ASSETS	1,049,167,000			2,231,684,000			1,842,295,000
Current liabilities
Accounts payable and accrued expenses	37,998,000			32,977,000			30,265,000
Accrued expenses	19,434,000			16,342,000			15,394,000
Total Current Liabilities	179,001,000			1,126,382,000			1,068,191,000
TOTAL LIABILITIES	376,315,000			1,583,285,000			1,191,797,000
Commitments
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively	1,381,502,000			1,381,502,000			1,063,864,000
Shareholder's Equity (Deficit)
Additional paid-in capital	280,657,000			57,362,000			31,201,000
Accumulated deficit	(989,451,000)			(790,483,000)			(446,056,000)
Total Shareholder's Equity (Deficit)				(733,103,000)			(414,857,000)
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)	1,049,167,000			2,231,684,000			$ 1,842,295,000
Social Capital Hedosophia Holdings Corp. II
Current Assets
Cash	250,461			0
Prepaid expenses	383,761			0
Total Current Assets	634,222			0
Deferred Offering Cost	0			52,673
Cash and Marketable securities held in Trust Account	414,042,207			0
TOTAL ASSETS	414,676,429			52,673
Current liabilities
Accrued expenses	4,362,316			0
Accrued offering costs	0			52,673
Advances from related party	0			21,631
Promissory note - related party	1,138,497			0
Total Current Liabilities	5,500,813			74,304
Deferred underwriting fee payable	14,490,000			0
TOTAL LIABILITIES	19,990,813			74,304
Commitments
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively	389,685,614			0
Shareholder's Equity (Deficit)
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	0			0
Additional paid-in capital	11,341,549			0
Accumulated deficit	(6,342,826)			(21,631)
Total Shareholder's Equity (Deficit)	5,000,002	$ 5,000,007	$ 3,369	(21,631)	$ 0
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)	414,676,429			52,673
Social Capital Hedosophia Holdings Corp. II \| Common Class A
Shareholder's Equity (Deficit)
Common Stock, Value, Issued	244			0
Social Capital Hedosophia Holdings Corp. II \| Common Class B
Shareholder's Equity (Deficit)
Common Stock, Value, Issued	$ 1,035			$ 0
Total Shareholder's Equity (Deficit)					$ 0

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock, Par or Stated Value Per Share	$ 0.00001	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	300,000,000	300,000,000	274,000,000
Common Stock, Shares, Issued	52,847,343	51,775,096	48,137,116
Common Stock, Shares, Outstanding	52,847,343	51,775,096	48,137,116
Social Capital Hedosophia Holdings Corp. II
Ordinary shares subject to possible redemption (in shares)	38,964,589	0
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares, Issued		1
Social Capital Hedosophia Holdings Corp. II \| Common Class A
Ordinary shares subject to possible redemption (in shares)	38,964,589	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	2,435,411	0
Common Stock, Shares, Outstanding	2,435,411	0
Social Capital Hedosophia Holdings Corp. II \| Common Class B
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	10,350,000	1
Common Stock, Shares, Outstanding	10,350,000	1
Shares subject to forfeiture	1,350,000

STATEMENTS OF OPERATIONS	2 Months Ended
STATEMENTS OF OPERATIONS	Dec. 31, 2019 USD ($) $ / shares shares
Social Capital Hedosophia Holdings Corp. II
Formation costs	$ 21,631
Net Loss	$ (21,631)
Weighted average shares outstanding, basic and diluted \| shares	1,000
Basic and diluted loss per ordinary share \| $ / shares	$ (21,631)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) - USD ($)

Social Capital Hedosophia Holdings Corp. II

Common Class A

Common Stock [Member]

Social Capital Hedosophia Holdings Corp. II

Common Class A

Social Capital Hedosophia Holdings Corp. II

Common Class B

Common Stock [Member]

Social Capital Hedosophia Holdings Corp. II

Common Class B

Social Capital Hedosophia Holdings Corp. II

Additional Paid-in Capital [Member]

Social Capital Hedosophia Holdings Corp. II

Accumulated Deficit [Member]

Social Capital Hedosophia Holdings Corp. II

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Total

Balance (in shares) at Dec. 31, 2016

35,011,962

Sale of 6,133,333 Private Placement Warrants

$ 32,000

Net loss

$ (84,829,000)

(84,767,000)

Balance (in shares) at Dec. 31, 2017

44,694,066

Net loss

(241,291,000)

(239,929,000)

Balance at Dec. 31, 2018

(414,857,000)

Balance (in shares) at Dec. 31, 2018

48,137,116

Net loss

(249,296,000)

(249,295,000)

Balance (in shares) at Sep. 30, 2019

50,989,128

Balance at Dec. 31, 2018

(414,857,000)

Balance (in shares) at Dec. 31, 2018

48,137,116

Net loss

$ (341,017,000)

(339,170,000)

Balance at Dec. 31, 2019

$ 0

$ (21,631)

(733,103,000)

Balance (in shares) at Dec. 31, 2019

51,775,096

Balance at Oct. 17, 2019

$ 0

Balance (in shares) at Oct. 17, 2019

Issuance of Class B ordinary shares to Sponsor

$ 1

Net loss

(21,631)

Balance at Dec. 31, 2019

$ 0

(21,631)

(733,103,000)

Balance (in shares) at Dec. 31, 2019

51,775,096

Cancellation of Class B ordinary share

$ 0

Cancellation of Class B ordinary share (in shares)

(1)

Issuance of Class B ordinary shares to Sponsor

^[1]

$ 1,035

23,965

25,000

Issuance of Class B ordinary shares to Sponsor(1) (in shares)

^[1]

10,350,000

Balance at Mar. 31, 2020

$ 1,035

23,965

(21,631)

3,369

Balance (in shares) at Mar. 31, 2020

10,350,000

Balance at Dec. 31, 2019

$ 0

(21,631)

(733,103,000)

Balance (in shares) at Dec. 31, 2019

51,775,096

Net loss

(6,321,195)

$ (198,968,000)

Balance at Sep. 30, 2020

$ 244

$ 1,035

11,341,549

(6,342,826)

5,000,002

Balance (in shares) at Sep. 30, 2020

2,435,411

10,350,000

52,847,343

Balance at Mar. 31, 2020

$ 1,035

23,965

(21,631)

3,369

Balance (in shares) at Mar. 31, 2020

10,350,000

Sale of 41,400,000 Units, net of underwriting discount and offering expenses

$ 4,140

391,799,302

391,803,442

Sale of 41,400,000 Units, net of underwriting discount and offering expenses (in shares)

41,400,000

Sale of 6,133,333 Private Placement Warrants

9,200,000

Ordinary shares subject to redemption

$ (3,957)

(395,724,945)

(395,728,902)

Ordinary shares subject to redemption (in shares)

(39,570,413)

Net loss

(277,902)

Balance at Jun. 30, 2020

$ 183

$ 1,035

5,298,322

(299,533)

5,000,007

Balance (in shares) at Jun. 30, 2020

1,829,587

10,350,000

Change in value of ordinary shares subject to possible redemption

$ 61

6,043,227

6,043,288

Change in value of ordinary shares subject to possible redemption (in shares)

605,824

Net loss

(6,043,293)

Balance at Sep. 30, 2020

$ 244

$ 1,035

$ 11,341,549

$ (6,342,826)

$ 5,000,002

Balance (in shares) at Sep. 30, 2020

2,435,411

10,350,000

52,847,343

[1]	Included an aggregate of up to 1,350,000 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full (see Note 7).

STATEMENT OF CASH FLOWS	2 Months Ended
STATEMENT OF CASH FLOWS	Dec. 31, 2019 USD ($)
Cash Flows from Financing Activities:
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	$ 684,822,000
Social Capital Hedosophia Holdings Corp. II
Cash Flows from Operating Activities:
Net loss	(21,631)
Changes in operating assets and liabilities:
Net cash used in operating activities	(21,631)
Cash Flows from Financing Activities:
Proceeds from issuance of Class B ordinary shares to Sponsor	0
Advances from related party	21,631
Proceeds from promissory note	0
Net cash provided by financing activities	21,631
Net Change in Cash	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	0
Non-cash investing and financing activities:
Deferred offering costs included in accrued offering costs	$ 52,673

Organization and Plan of Business Operations	2 Months Ended	9 Months Ended
Organization and Plan of Business Operations	Dec. 31, 2019	Sep. 30, 2020
Social Capital Hedosophia Holdings Corp. II
Organization and Plan of Business Operations	Note 1 — Organization and Plan of Business Operations Social Capital Hedosophia Holdings Corp. II (the “Company”) is a newly incorporated blank check company incorporated as a Cayman Islands exempted company on October 18, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus on businesses in the technology industries primarily located in the United States. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2019, the Company had not commenced any operations. All activity for the period from October 18, 2019 (inception) through December 31, 2019 relates to the Company’s formation and the proposed initial public offering (“Proposed Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Proposed Public Offering. The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 36,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per unit (or 41,400,000 Units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3 and the sale of 6,133,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to the Company’s sponsor, SCH Sponsor II LLC (f/k/a SCH Sponsor Corp. II), a Cayman Islands limited liability company (the “Sponsor”), that will close simultaneously with the Proposed Public Offering. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The New York Stock Exchange rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Proposed Public Offering, management has agreed that $10.00 per Unit sold in the Proposed Public Offering, including proceeds of the sale of the Private Placement Warrants, will be held in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a‑7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share) as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to the Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Class A ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote and a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Proposed Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to 15% or more of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial business combination) and (b) not to propose an amendment to the Amended and Restated Memorandum of Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within Combination Period or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until 24 months from the closing of the Proposed Public Offering to consummate a Business Combination. However, if the Company has not completed a Business Combination within 24 months of the closing of the Proposed Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of a liquidation, the Public Shareholders will be entitled to receive a full pro rata interest in the Trust Account (initially anticipated to be approximately $10.00 per share, plus any pro rata interest earned on the Trust Fund not previously released to the Company and less up to $100,000 of interest to pay dissolution expenses). There will be no redemption rights or liquidating distributions with respect to the Founder Shares or the Private Placement Warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Going Concern Consideration At December 31, 2019, the Company had $0 in cash and a working capital deficit of $74,304. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management plans to address this uncertainty through a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Social Capital Hedosophia Holdings Corp. II (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on October 18, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The Company has one subsidiary, Hestia Merger Sub Inc., a wholly owned subsidiary of the Company incorporated in Delaware on September 9, 2020 (“Merger Sub”). As of September 30, 2020, the Company had not commenced any operations. All activity for the period from October 18, 2019 (inception) through September 30, 2020 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and the search for a Business Combination, including activities in connection with the proposed acquisition of Opendoor Labs Inc., a Delaware corporation (“Opendoor”). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statements for the Company’s Initial Public Offering became effective on April 27, 2020. On April 30, 2020, the Company consummated the Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 5,400,000 Units, at $10.00 per Unit, generating gross proceeds of $414,000,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,133,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to SCH Sponsor II LLC (the “Sponsor”), generating gross proceeds of $9,200,000, which is described in Note 4. Transaction costs amounted to $22,196,558 consisting of $7,200,000 of underwriting fees, $14,490,000 of deferred underwriting fees and $506,558 of other offering costs. In addition, at September 30, 2020, cash of $250,461 was held outside of the Trust Account (as defined below) and is available for working capital purposes. Following the closing of the Initial Public Offering on April 30, 2020, an amount of $414,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company will provide the holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination, either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account, calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to the Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote and a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) will be restricted from redeeming its shares with respect to more than 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial Business Combination) and (b) not to propose an amendment to the Amended and Restated Memorandum of Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until April 30, 2022 (the “Combination Period”) to consummate a Business Combination. However, if the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of a liquidation, the Public Shareholders will be entitled to receive a full pro rata interest in the Trust Account ($10.00 per share, plus any pro rata interest earned on the Trust Fund not previously released to the Company and less up to $100,000 of interest to pay dissolution expenses). There will be no redemption rights or liquidating distributions with respect to the Founder Shares or the Private Placement Warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Going Concern As of September 30, 2020, the Company had $250,461 in its operating bank accounts, $414,042,207 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and working capital deficit of $4,866,591. As of September 30, 2020, approximately $42,000 of the amount on deposit in the Trust Account represented interest income. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. On September 30, 2020, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $4,000,000. At September 30, 2020, there was $1,138,497 outstanding under the Promissory Note (see Note 5). The Company may need to raise additional capital through loans or additional investments from its Sponsor, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than pursuant to the Promissory Note), loan the Company additional funds, from time to time or at any time, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months following the date from when the financial statements are issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Significant Accounting Policies

2 Months Ended

9 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Social Capital Hedosophia Holdings Corp. II

Significant Accounting Policies

Note 2 — Significant Accounting Policies

Basis of Presentation

Emerging growth company

Use of estimates

Cash and cash equivalents

Deferred offering costs

Income Taxes

Net loss per share

Concentration of credit risk

Fair value of financial instruments

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Use of Estimates

Cash and Cash Equivalents

Cash and Marketable Securities Held in Trust Account

At September 30, 2020, the assets held in the Trust Account were invested in U.S. Treasury securities and money market funds.

Class A Ordinary Shares Subject to Possible Redemption

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Net Loss per Ordinary Share

Reconciliation of Net Loss Per Ordinary Share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

Concentration of Credit Risk

Fair Value of Financial Instruments

Recent Accounting Standards

Risks and Uncertainties

Proposed Public Offering	2 Months Ended
Proposed Public Offering	Dec. 31, 2019
Social Capital Hedosophia Holdings Corp. II
Proposed Public Offering	Note 3 — Proposed Public Offering Pursuant to the Proposed Public Offering, the Company will offer for sale up to 36,000,000 Units (or 41,400,000 Units if the underwriters’ over-allotment option is exercised in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 7).

Private Placement	2 Months Ended	9 Months Ended
Private Placement	Dec. 31, 2019	Sep. 30, 2020
Social Capital Hedosophia Holdings Corp. II
Private Placement	Note 4 — Private Placement The Sponsor has committed to purchase an aggregate of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant ($9,200,000 in the aggregate ) from the Company in a private placement that will occur simultaneously with the closing of the Proposed Public Offering. The proceeds from the sale of the Private Placement Warrants will be added to the net proceeds from the Proposed Public Offering held in the Trust Account. Each Private Placement Warrant is exercisable for one Class A Share at a price of $11.50 per share, subject to adjustment (see Note 7). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.	NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $9,200,000. Each Private Placement Warrant is exercisable for one Class A Share at a price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

Related Party Transactions	2 Months Ended	9 Months Ended	12 Months Ended
Related Party Transactions	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Related Party Transactions		16. RELATED PARTIES One of the preferred stock investors holds more than 10% interest in our Company and has one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2018, an executive early exercised their option to purchase 914,634 shares of unvested common stock at a price per share of $1.64 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See Note 14 — Warrants for further information. During 2019, we acquired OSN. See Note 2 — Business Combination for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2019. Prior to the acquisition, OSN conducted business with us as the noncontrolling member of our Title Companies. We paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, we paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.	17.RELATED PARTIES One of the Preferred Stock investors holds more than a 10% interest in the Company and has one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2018, an executive early exercised their option to purchase 914,634 shares of unvested common stock at a price per share of $1.64 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See Note 15 — Warrants for further information. During 2019, we acquired OSN. See Note 2 — Business Combination for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2018. Prior to the acquisition, OSN conducted business with us as the noncontrolling member of our Title Companies. We paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, we paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.
Social Capital Hedosophia Holdings Corp. II
Related Party Transactions	Note 5 — Related Party Transactions Founder Shares In October 2019, the Company issued one ordinary share to the Sponsor for no consideration. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Class B ordinary shares or Class A ordinary shares received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30‑trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Advances — Related Party The Sponsor advanced the Company an aggregate of $21,631 to cover expenses related to the Initial Public Offering. The advances are non-interest bearing and due on demand. At December 31, 2019, advances of $21,631 were outstanding. Administrative Services Agreement The Company will enter into an agreement pursuant to which it will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In October 2019, the Company issued one ordinary share to the Sponsor for no consideration. On January 21, 2020, the Company cancelled the one share issued in October 2019 and the Sponsor purchased 8,625,000 Founder Shares for an aggregate purchase price of $25,000. On April 27, 2020, the Company effected a share capitalization, resulting in 10,350,000 Founder Shares issued and outstanding as of such date. All share and per-share amounts have been retroactively restated to reflect the share capitalization. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares included an aggregate of up to 1,350,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the number of Founder Shares would collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, no Founder Shares are subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Class B ordinary shares or Class A ordinary shares received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Advances – Related Party The Sponsor advanced the Company an aggregate of $21,631 to cover expenses related to the Initial Public Offering. The advances were non-interest bearing and due on demand. Advances in the aggregate amount of $21,631 were repaid in February 2020. Promissory Note — Related Party On January 21, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company borrowed an aggregate principal amount of $300,000. The note was non-interest bearing and payable on the earlier of (i) June 30, 2020 and (ii) the completion of the Initial Public Offering. The borrowings outstanding under the note in the amount of $300,000 were repaid upon the consummation of the Initial Public Offering on April 30, 2020. On September 30, 2020, the Company issued the Promissory Note, pursuant to which the Company may borrow up to an aggregate principal amount of $4,000,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) April 30, 2022 and (ii) the completion of the Business Combination. At September 30, 2020, there was $1,138,497 outstanding under the Promissory Note. Administrative Support Agreement The Company entered into an agreement whereby, commencing on April 27, 2020, the Company will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2020, the Company incurred $30,000 and $50,000 of such fees. As of September 30, 2020, $50,000 is included in accrued expenses in the accompanying condensed consolidated balance sheets. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to (other than pursuant to the Promissory Note), loan the Company additional funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

Commitments	2 Months Ended	9 Months Ended	12 Months Ended
Commitments	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Commitments		18. COMMITMENTS AND CONTINGENCIES Interest Rate Lock Commitments We entered into interest rate lock commitments with prospective borrowers whereby we commit to lend a certain loan amount under specific terms and interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. See Note 5 — Derivative Instruments for more information. Purchase Commitments As of September 30, 2020, we were in contract to purchase 716 homes for an aggregate purchase price of $181.5 million. Legal Matters From time to time, we may be subject to potential liability relating to the ownership and operations of our properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against us, some of which seek damages and other relief which, if granted, may require future cash expenditures. Management does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect our consolidated results of operations or financial condition. From time to time we receive inquiries and audit requests from various government agencies and fully cooperate with these requests. We do not have any material pending investigations or enforcement actions. Leases During the nine months ended September 30, 2020, we did not enter into any material new leases, lease renewals, or lease modifications. Certain long-term real estate leases entered into prior to 2020 commenced in the nine months ended September 30, 2020, for which we recognized right of use assets obtained in exchange for new operating lease liabilities of $40.1 million. On September 25, 2020, we exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In exercising our early termination option, we incurred and paid $5.2 million in early termination fees and are contractually obligated to pay rent through the remaining amended lease term in the amount of $12.9 million. We do not anticipate a return to the space during the remaining lease term and therefore the lease does not have future benefits to the Company. As such, we accelerated $12.5 million of amortization associated with the right of use asset and reduced the lease liability and right of use asset by $28.1 million. For additional information regarding our lease portfolio, see Note 10 — Leases in the accompanying notes to the consolidated audited financial statements as of and for the year ended December 31, 2019	19.COMMITMENTS AND CONTINGENCIES Purchase Commitments As of December 31, 2019, we were in contract to purchase 2,639 homes for an aggregate purchase price of $616.1 million. Legal Matters From time to time, we may be subject to potential liability relating to the ownership and operations of our properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against us, some of which seek damages and other relief which, if granted, may require future cash expenditures. Management does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect our consolidated results of operations or financial condition. From time to time we receive inquiries and audit requests from various government agencies and fully cooperate with these requests. We do not have any material pending investigations or enforcement actions.
Social Capital Hedosophia Holdings Corp. II
Commitments	Note 6 — Commitments Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued on conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Propose Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company will grant the underwriters a 45‑day option to purchase up to 5,400,000 additional Units to cover over-allotments at the Proposed Public Offering price, less the underwriting discounts and commissions. The underwriters will be entitled to a cash underwriting discount of $7,200,000 in the aggregate, payable upon the closing of the Proposed Public Offering. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Unit, or $12,600,000 in the aggregate (or $14,490,000 in the aggregate if the underwriters’ over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Financial Advisory Fee The Company intends to engage Connaught (UK) Limited (“Connaught”) to provide financial advisory services in connection with the Proposed Public Offering. The Company will pay Connaught a fee in an amount equal to 10% of the underwriting commission payable to the underwriters. The fee to Connaught will be paid in part at the closing of the Proposed Public Offering and in part at the closing of the Business Combination, in the same proportion as the non-deferred and deferred underwriting commission payable to the underwriters. The underwriters have agreed to reimburse the Company for the fee to Connaught as it becomes payable out of the underwriting commission.	NOTE 6. COMMITMENTS Registration Rights Pursuant to a registration rights agreement entered into on April 27, 2020, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $14,490,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Financial Advisory Fee The underwriters agreed to reimburse the Company for an amount equal to 10% of the discount paid to the underwriters for financial advisory services provided by Connaught (UK) Limited in connection with the Initial Public Offering, of which $720,000 was paid at the closing of the Initial Public Offering and up to $1,449,000 will be payable at the time of the closing of a Business Combination. Merger Agreement On September 15, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Merger Sub and Opendoor. Pursuant to the transactions contemplated by the terms of the Merger Agreement (the “Closing”), and subject to the satisfaction or waiver of certain conditions set forth therein, Merger Sub will merge with and into Opendoor, with Opendoor surviving the merger in accordance with the Delaware General Corporation Law (the “DGCL”) and as a wholly owned subsidiary of the Company (the “Merger”) (the transactions contemplated by the Merger Agreement and the related ancillary agreements, the “Opendoor Business Combination”). As a result of the Merger, among other things, all outstanding shares of common stock of Opendoor will be cancelled in exchange for the right to receive, or reservation of, in the aggregate, a number of shares of the Company’s Common Stock (as defined below) equal to the quotient obtained by dividing (x) $5,000,000,000 by (y) $10.00. Prior to the Closing, subject to the approval of the Company’s shareholders, and in accordance with the DGCL, Cayman Islands Companies Law (2020 Revision) (the "CICL") and the Company’s Amended and Restated Memorandum and Articles of Association (as may be amended from time to time, the "Cayman Constitutional Documents"), the Company will effect a deregistration under the CICL and a domestication under Section 388 of the DGCL (by means of filing a certificate of domestication (the "Certificate of Domestication") with the Secretary of State of Delaware), pursuant to which the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the "Domestication"). In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company (the "Class A Ordinary Shares"), will convert automatically, on a one-for-one basis, into a share of common stock, par value $0.0001, per share of the Company (after its Domestication) (the "Common Stock"), (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company (the "Class B Ordinary Shares"), will convert automatically, on a one-for-one basis, into a share of Common Stock, (iii) each then issued and outstanding warrant of the Company will convert automatically into a warrant to acquire one share of Common Stock ("Domesticated Warrant"), and (iv) each of the then issued and outstanding units of the Company that have not been previously separated into the underlying Class A Ordinary Shares and underlying warrants upon the request of the holder thereof (the "Cayman Units"), will be cancelled and will entitle the holder thereof to one share of Common Stock and one-third of one Domesticated Warrant. The consummation of the Opendoor Business Combination is subject to certain conditions as further described in the Merger Agreement.

Shareholder's Equity

2 Months Ended

9 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Social Capital Hedosophia Holdings Corp. II

Shareholder's Equity

Note 7 — Shareholder’s Equity

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

· in whole and not in part;

· at a price of $0.01 per Public Warrant;

· upon not less than 30 days’ prior written notice of redemption to each warrant holder and

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

· in whole and not in part;

NOTE 7. SHAREHOLDERS’ EQUITY

Preferred Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At September 30, 2020 and December 31, 2019, there were no preferred shares issued or outstanding.

Class B Ordinary Shares—The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At September 30, 2020 and December 31, 2019, there were 10,350,000 and one Class B ordinary shares issued and outstanding, respectively.

The Class B Shares will automatically convert into Class A ordinary shares on the first business day following the completion of the Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary shares) so that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the ordinary shares issued and outstanding upon completion of the Initial Public Offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (net of redemptions), excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor.

Warrants—Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

in whole and not in part;

at a price of $0.01 per Public Warrant;

upon not less than 30 days’ prior written notice of redemption to each warrant holder and

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

in whole and not in part;

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

Subsequent Events	2 Months Ended	9 Months Ended	12 Months Ended
Subsequent Events	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Subsequent Events		20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this registration statement and determined that there have been no events that have occurred that would require recognition in the consolidated financial statements or disclosure herein.	20.SUBSEQUENT EVENTS On January 23, 2020, we entered into a new mezzanine term debt facility, Term Debt Facility 2020 M‑1, with $300 million in borrowing capacity, a 10% interest rate and a final maturity date of January 23, 2026. On March 11, 2020, the World Health Organization characterized the outbreak of a novel strain of coronavirus (COVID‑19) as a pandemic. Since that time, this outbreak has spread throughout the United States inclusive of the states in which we have operations. In response to the developments of COVID‑19, we significantly reduced our acquisition of property inventory and paused making new offers to purchase homes from customers. We relaunched offers to purchase homes in Phoenix in May and continued to relaunch other markets in the subsequent weeks and months. We resumed operations across all of our markets by the end of August 2020. On April 15, 2020, we announced a workforce reduction of 600 employees. We provided post-employment benefits to impacted employees for a total cost of $11.3 million and incurred $1.1 million of costs related to the exiting of certain non-cancelable leases with no future benefits to the Company. On April 6, 2020, we amended one of our existing mezzanine term debt facilities, Term Debt Facility 2016‑M1, to decrease borrowing capacity by $151 million. On June 1, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑3, to decrease the borrowing capacity by $100 million and extend the final maturity date to June 1, 2023. On July 10, 2020 we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑1, to extend the final maturity date to May 10, 2021. On September 4, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑2, to extend the final maturity date to October 2, 2020 and on September 24, 2020, we extended the final maturity date to December 23, 2022. On September 15, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Social Capital Hedosophia Corp. II (“SCH”) and Hestia Merger Sub Inc. (“Merger Sub”), a direct wholly owned subsidiary of SCH. Pursuant to the Merger Agreement, and subject to the approval of SCH’s shareholders and the Company’s shareholders, all of the equity interests in Opendoor will be converted into the right to receive 500 million shares of common stock of SCH. Upon consummation of the merger, Merger Sub will merge with and into Opendoor, the separate corporate existence of Merger Sub will cease and Opendoor will be the surviving corporation and a wholly owned subsidiary of SCH (the “Merger”). SCH shall immediately be renamed Opendoor Technologies Inc. The consummation of the Merger is subject to the satisfaction or waiver of certain closing conditions contained in the Merger Agreement. As part of the Merger, Opendoor options will be converted into options to acquire shares of Opendoor Technologies Inc. Opendoor warrants exercisable prior to close of the Merger, will be converted into shares of Opendoor common stock prior to or concurrent with closing of the Merger and thereafter, exchanged for shares in Opendoor Technologies Inc. Any Opendoor warrants not exercised or exercisable at closing of the Transaction will be cancelled. On September 14, 2020, the Company entered into a Convertible Notes Exchange Agreement (the “Exchange Agreement”) with the Convertible Note holders. Under the terms of the Exchange Agreement, the Convertible Note holders received rights to 13.3 million shares of the Company’s common stock (“Issuer Stock Rights”) upon the earlier of (i) immediately prior to the consummation of the Merger and (ii) March 13, 2021. The Issuer Stock Rights are received in full satisfaction of the outstanding principal and accrued interest on the Convertible Notes and such notes have been cancelled and of no further force or effect. On January 6, 2020, the Company entered into an employment letter agreement with an executive, including an anticipated grant of 9,202,707 RSUs to the executive upon a listing event. The RSUs would vest upon the achievement of share price milestones and the executive’s continued employment. In August and September 2020, the Company’s board of directors and the majority of the Company’s preferred shareholders, respectively, approved an amendment and restatement of the letter agreement to clarify certain details regarding the terms of the anticipated grant. Under the amended and restated letter agreement, a listing event occurs if an initial public offering, direct listing of the Company’s common stock, or a merger with a special purpose acquisition company occurs before December 31, 2024. In August and September 2020, the Company’s board of directors and the majority of the Company’s preferred shareholders, respectively, approved a grant of 2,160,000 RSUs to an executive. The RSUs, once granted, vest upon a four-year service-based requirement and a performance condition. The performance condition is met by the completion of a Company Listing Event. On September 25, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2019‑1, to extend the final maturity date to March 4, 2022. On September 25, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2019‑3, to increase borrowing capacity by $100 million and extend the final maturity date to August 21, 2023. As a result of the amendments and other events subsequent to December 31, 2019, borrowing capacity under our non-recourse asset-backed financing facilities has increased by $28 million, from $3,380 million at December 31, 2019 to $3,408 million, of which $1,948 million is fully committed. Through August 31, 2020, the Company’s senior revolving credit facilities had a weighted average interest rate of 3.68%. On September 25, 2020, we exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In exercising our early termination option, we incurred and paid $5.2 million in early termination fees. We are contractually obligated to pay rent through the remaining amended lease term in the amount of $10.5 million.
Social Capital Hedosophia Holdings Corp. II
Subsequent Events	Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to January 31, 2020, the date that the financial statements were available to be issued. Other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Founder Shares On January 21, 2020, the Company cancelled the one share issued in October 2019 and the Sponsor purchased 8,625,000 Founder Shares for an aggregate purchase price of $25,000. On April 27, 2020, the Company effected a share capitalization, resulting in 10,350,000 Founder Shares issued and outstanding as of such date. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares include an aggregate of up to 1,350,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Proposed Public Offering. Promissory Note — Related Party On January 21, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, of which $300,000 was outstanding under the Promissory Note as of January 21, 2020. The note is non-interest bearing and payable on the earlier of (i) June 30, 2020 and (ii) the completion of the Proposed Public Offering. As a result of the execution of the underwriting agreement on April 27, 2020, the financial statements have been modified to reflect the final terms of the agreement.	NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements.

Significant Accounting Policies (Policies)

2 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Dec. 31, 2019

Use of estimates

Use of Estimates

Cash and cash equivalents

Cash and Cash Equivalents

Income Taxes

Concentration of credit risk

Concentrations of Credit Risk

Recent Accounting Pronouncements

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In August 2018, the FASB issued ASU 2018‑15 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350‑40). ASU 2018‑15 amends a customer’s accounting for implementation costs incurred in hosting arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in cloud computing arrangements with the requirements for capitalizing costs to develop or obtain internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU with respect our consolidated financial statements as the Company expects to apply the prospective transition method.

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

Social Capital Hedosophia Holdings Corp. II

Basis of Presentation

Emerging growth company

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Use of estimates

Use of Estimates

Cash and cash equivalents

Cash and Cash Equivalents

Deferred offering costs

Cash and Marketable Securities Held in Trust Account

At September 30, 2020, the assets held in the Trust Account were invested in U.S. Treasury securities and money market funds.

Class A Ordinary Shares Subject to Possible Redemption

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Net loss per share

Net Loss per Ordinary Share

Reconciliation of Net Loss Per Ordinary Share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

Concentration of credit risk

Concentration of Credit Risk

Fair value of financial instruments

Fair Value of Financial Instruments

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Recent Accounting Standards

Organization and Plan of Business Operations (Details) - USD ($)			1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2020	Jan. 21, 2020	Apr. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018	Jun. 12, 2018	Dec. 31, 2017
Number of warrants issued									300,000
Ordinary share, par value				$ 0.00001		$ 0.00001		$ 0.00001
Common Stock, Shares, Issued				51,775,096		52,847,343		48,137,116
Common Stock, Shares, Outstanding				51,775,096		52,847,343		48,137,116
Share Price							$ 6.82
Cash				$ 405,080,000		$ 469,365,000	$ 454,982,000	$ 262,368,000		$ 33,919,000
Social Capital Hedosophia Holdings Corp. II
Period to consummate business combination				24 months
Units issue price (in dollars per share)				$ 10.00
Gross proceeds from initial public offering	$ 414,000,000
Proceeds from sale of Private Placement Warrants						9,200,000
Transaction costs	22,196,558
Underwriting fees	7,200,000
Deferred underwriting fees	14,490,000		$ 14,490,000
Other offering costs	$ 506,558
Cash available for working capital purposes						250,461
Cash held in trust account						$ 414,042,207
Maturity term of U.S. government securities	185 days			185 days
Redemption of shares by Public Shareholders, Number of days considered	2
Minimum Net Tangible Assets To Complete Business Combination	$ 5,000,001		$ 5,000,001	$ 5,000,001
Percentage of aggregate common shares that may not be redeemed without prior consent	15.00%
Percentage of public shares required to be redeemed if business combination is not completed within specified period	100.00%			100.00%
Number of business days after which the public shares are to be redeemed if business combination is not completed within specified period	10
Maximum interest earned to be used to pay dissolution expenses	$ 100,000			$ 100,000
Full pro rata interest per share receivable by the Public Shareholders, in the event of liquidation (in dollars per share)	$ 10.00			$ 10.00
Reduction in the amount of funds held in trust account (in dollars per share)	$ 10.00			$ 10.00
Class of Warrant or Right, Numbers Issued					6,133,333
Common Stock, Shares, Issued				1
Share Price				$ 9.20		$ 9.20
Cash				$ 0		$ 250,461
Working capital deficit				$ 74,304		$ 4,866,591
Social Capital Hedosophia Holdings Corp. II \| Subsequent Events \| Sponsor
Units issued (in shares)		8,625,000
Social Capital Hedosophia Holdings Corp. II \| Initial Public Offering
Sale of Stock, Number of Shares Issued in Transaction				36,000,000
Sale of stock, price per share				$ 10.00
Units issued (in shares)	41,400,000		41,400,000
Units issue price (in dollars per share)	$ 10.00		$ 10.00
Social Capital Hedosophia Holdings Corp. II \| Over-allotment option
Sale of Stock, Number of Shares Issued in Transaction				41,400,000
Units issued (in shares)	5,400,000		5,400,000
Social Capital Hedosophia Holdings Corp. II \| Private placement \| Sponsor
Number of warrants issued	6,133,333		6,133,333	6,133,333
Issue price of warrants (in dollars per share)	$ 1.50		$ 1.50	$ 1.50
Proceeds from sale of Private Placement Warrants	$ 9,200,000		$ 9,200,000	$ 9,200,000
Social Capital Hedosophia Holdings Corp. II \| Common Class A
Ordinary share, par value				$ 0.0001		$ 0.0001
Common Stock, Shares, Issued				0		2,435,411
Common Stock, Shares, Outstanding				0		2,435,411
Social Capital Hedosophia Holdings Corp. II \| Common Class A \| Sponsor
Sale of stock, price per share				$ 12.00
Social Capital Hedosophia Holdings Corp. II \| Common Class A \| Initial Public Offering
Number of common stocks included in each unit	1		1
Social Capital Hedosophia Holdings Corp. II \| Common Class B
Ordinary share, par value				$ 0.0001		$ 0.0001
Common Stock, Shares, Issued				1		10,350,000
Common Stock, Shares, Outstanding				1		10,350,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	2 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrecognized tax benefits	$ 5,033,000			$ 5,033,000	$ 2,433,000	$ 862,000
Tax provision		$ 234,000	$ 340,000	$ 252,000	$ 377,000
Warrants to purchase ordinary shares excluded from computation of diluted loss per share		236,946,000	225,224,000	235,943,000	205,893,000	120,775,000
Social Capital Hedosophia Holdings Corp. II
Unrecognized tax benefits	0	$ 0		$ 0
Unrecognized tax benefits, interest and penalties accrued	0	0		$ 0
Tax provision	$ 0	$ 0
Warrants to purchase ordinary shares excluded from computation of diluted loss per share		19,933,333

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Proposed Public Offering (Details) - Social Capital Hedosophia Holdings Corp. II - Proposed Public Offering	2 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Unit price \| $	$ 10.00
Number of shares in a unit	1
Number of warrants in a unit	0.33
Number of shares called for by each public warrant (in shares)	1
Exercise price of warrants \| $ / shares	$ 11.50
Scenario One
Subsidiary, Sale of Stock [Line Items]
Number of units to be issued	36,000,000
Scenario Two
Subsidiary, Sale of Stock [Line Items]
Number of units to be issued	41,400,000

Private Placement (Details) - USD ($)		1 Months Ended	2 Months Ended	9 Months Ended
Private Placement (Details) - USD ($)	Apr. 30, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 12, 2018
Private Placement, Disclosure [Line Items]
Number of warrants issued					300,000
Social Capital Hedosophia Holdings Corp. II
Private Placement, Disclosure [Line Items]
Aggregate purchase price				$ 9,200,000
Social Capital Hedosophia Holdings Corp. II \| Private placement \| Common Class A
Private Placement, Disclosure [Line Items]
Number of shares called for by each public warrant (in shares)	1	1	1
Exercise price of warrants	$ 11.50	$ 11.50	$ 11.50
Social Capital Hedosophia Holdings Corp. II \| Private placement \| Sponsor
Private Placement, Disclosure [Line Items]
Number of warrants issued	6,133,333	6,133,333	6,133,333
Issue price of warrants (in dollars per share)	$ 1.50	$ 1.50	$ 1.50
Aggregate purchase price	$ 9,200,000	$ 9,200,000	$ 9,200,000

Related Party Transactions (Details) - USD ($)

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

Apr. 30, 2020

Jan. 21, 2020

Oct. 31, 2019

Apr. 30, 2020

Dec. 31, 2019

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2020

Dec. 31, 2018

Debt Instrument, Face Amount

$ 400,000,000

$ 503,000,000

Long-term Line of Credit

1,073,695,000

108,611,000

$ 978,951,000

Social Capital Hedosophia Holdings Corp. II

Capital contribution by sponsor

^[1]

$ 25,000

Notes Payable, Related Parties, Current

1,138,497

Administrative Support Agreement, total expenses incurred

30,000

50,000

Administrative Support Agreement, accrued expenses

50,000

Advances from related party

21,631

1,438,497

Advances from related party

21,631

$ 0

Social Capital Hedosophia Holdings Corp. II | Sponsor

Number of shares issued to sponsor cancelled

Sponsor Monthly Fee Payable

$ 10,000

Social Capital Hedosophia Holdings Corp. II | Related Party Loans [Member]

Price of warrants (in dollars per share)

$ 1.50

Social Capital Hedosophia Holdings Corp. II | Related Party Loans [Member] | Maximum

Loans convertible into warrants

$ 1,500,000

Social Capital Hedosophia Holdings Corp. II | Initial Public Offering

Units issued (in shares)

41,400,000

Sale of stock, price per share

$ 10.00

Social Capital Hedosophia Holdings Corp. II | Initial Public Offering | Sponsor

Advances from related party

$ 21,631

Advances from related party

$ 21,631

Social Capital Hedosophia Holdings Corp. II | Subsequent Events | Sponsor

Debt Instrument, Face Amount

$ 25,000

Units issued (in shares)

8,625,000

Number of shares held by sponsor

10,350,000

Number of shares held by sponsor subject to forfeiture

1,350,000

Percentage of issued and outstanding shares after the Initial Public Offering held by the sponsor

20.00%

Social Capital Hedosophia Holdings Corp. II | Notes Payable, Other Payables [Member] | Subsequent Events | Sponsor

Due to Related Parties, Current

$ 300,000

Social Capital Hedosophia Holdings Corp. II | Common Class A | Sponsor

Sale of stock, price per share

$ 12.00

Social Capital Hedosophia Holdings Corp. II | Common Class B

Capital contribution by sponsor

$ 1

[1]	Included an aggregate of up to 1,350,000 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full (see Note 7).

Commitments (Details) - Social Capital Hedosophia Holdings Corp. II	2 Months Ended
	Dec. 31, 2019 USD ($) item $ / shares shares	Sep. 30, 2020 USD ($)
Subsidiary, Sale of Stock [Line Items]
Maximum number of demands for registration of securities \| item	3
Deferred underwriting fee payable		$ 14,490,000
Underwriters deferred fee (in percent)	10.00%
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Number of units to be issued \| shares	5,400,000
Cash underwriting discount	$ 7,200,000
Deferred fee per unit \| $ / shares	$ 0.35
Over-allotment option \| Scenario One
Subsidiary, Sale of Stock [Line Items]
Deferred underwriting fee payable	$ 12,600,000
Over-allotment option \| Scenario Two
Subsidiary, Sale of Stock [Line Items]
Deferred underwriting fee payable	$ 14,490,000

Shareholder's Equity (Details)	Sep. 30, 2020 Vote $ / shares shares	Dec. 31, 2019 Vote $ / shares shares	Dec. 31, 2018 $ / shares shares
Common Stock, Shares Authorized	300,000,000	300,000,000	274,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Common Stock, Shares, Issued	52,847,343	51,775,096	48,137,116
Common Stock, Shares, Outstanding	52,847,343	51,775,096	48,137,116
Social Capital Hedosophia Holdings Corp. II
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares, Issued		1
Ordinary shares subject to possible redemption (in shares)	38,964,589	0
Social Capital Hedosophia Holdings Corp. II \| Common Class A
Common Stock, Shares Authorized	500,000,000	500,000,000
Voting rights of common stock per share \| Vote	1	1
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	2,435,411	0
Common Stock, Shares, Outstanding	2,435,411	0
Ordinary shares subject to possible redemption (in shares)	38,964,589	0
Social Capital Hedosophia Holdings Corp. II \| Common Class B
Common Stock, Shares Authorized	50,000,000	50,000,000
Voting rights of common stock per share \| Vote	1	1
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	10,350,000	1
Common Stock, Shares, Outstanding	10,350,000	1

Shareholder's Equity - Warrants (Details) - $ / shares	2 Months Ended	9 Months Ended
Shareholder's Equity - Warrants (Details) - $ / shares	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018
Warrants
Warrants expiration term				4 years
Share Price			$ 6.82
Social Capital Hedosophia Holdings Corp. II
Warrants
Warrants exercisable term from the completion of business combination	30 days	30 days
Warrants exercisable term from the closing of the public offering	12 days	12 months
Warrants expiration term	5 years	5 years
Warrants exercisable for cash	0	0
Threshold period for filling registration statement after business combination	15 days	15 days
Threshold period for filling registration statement within number of days of business combination	60 days	60 days
Closing price of share for threshold consecutive trading days	30 days	30 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18.00	$ 18.00
Share Price	$ 9.20	$ 9.20
Percentage of gross proceeds on total equity proceeds	60.00%	60.00%
Adjustment of exercise price of warrants based on market value (as a percent)	115.00%	115.00%
Percentage of adjustment of redemption price of stock based on market value.	180.00%	180.00%
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination	30 days	30 days
Social Capital Hedosophia Holdings Corp. II \| Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00
Warrants
Redemption price per warrant	$ 0.01	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Closing price of share for threshold trading days	20 days	20 days
Share Price	$ 18.00	$ 18.00
Social Capital Hedosophia Holdings Corp. II \| Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00
Warrants
Redemption price per warrant	$ 0.10	$ 0.10
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 10.00	$ 10.00
Share Price	$ 10.00	$ 10.00

Subsequent Events (Details) - USD ($)	Jan. 21, 2020	Sep. 30, 2020	Dec. 31, 2019
SUBSEQUENT EVENTS
Debt Instrument, Face Amount		$ 503,000,000	$ 400,000,000
Social Capital Hedosophia Holdings Corp. II \| Subsequent Events \| Sponsor
SUBSEQUENT EVENTS
Units issued (in shares)	8,625,000
Debt Instrument, Face Amount	$ 25,000
Number of Class A ordinary shares issued upon conversion of founder shares	1
Number of shares held by sponsor	10,350,000
Social Capital Hedosophia Holdings Corp. II \| Subsequent Events \| Sponsor \| Notes Payable, Other Payables [Member]
SUBSEQUENT EVENTS
Maximum borrowing capacity	$ 300,000
Outstanding balance	$ 300,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash	$ 469,365	$ 405,080	$ 454,982	$ 262,368	$ 33,919
Restricted cash	174,194	279,742		143,403
Marketable securities	82,131	43,576		9,004
Mortgage loans held for sale pledged under agreements to repurchase	13,984	2,116
Escrow receivable	2,641	13,882		10,772
Real estate inventory, net	151,512	1,312,369		1,361,796
Other current assets ($848 and $100 carried at fair value)	29,632	30,879
Total Current Assets	923,459	2,087,644		1,808,171
PROPERTY AND EQUIPMENT- Net	29,434	34,606		17,976
RIGHT OF USE ASSETS	51,842	60,681
GOODWILL	30,945	30,945		9,400
INTANGIBLES - Net	9,266	12,414		3,743
OTHER ASSETS	4,221	5,394		3,005
TOTAL ASSETS	1,049,167	2,231,684		1,842,295
CURRENT LIABILITIES:
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	37,998	32,977		30,265
Current portion of credit facilities and other secured borrowings	121,909	1,074,125		1,032,593
Interest payable	1,846	5,808
Lease liabilities, current portion	17,248	13,472
Total Current Liabilities	179,001	1,126,382		1,068,191
CREDIT FACILITIES - Net of current portion	149,035	221,929		100,502
CONVERTIBLE NOTES		140,096
DERIVATIVE AND WARRANT LIABILITIES		46,235		18,022
LEASE LIABILITIES - Net of current portion	48,182	48,435
OTHER LIABILITIES	97	208		5,082
TOTAL LIABILITIES	376,315	1,583,285		1,191,797
COMMITMENTS AND CONTINGENCIES (See Note 19)
TEMPORARY EQUITY:
Total temporary equity	1,381,502	1,381,502		1,063,864
SHAREHOLDERS' DEFICIT
Additional paid-in capital	280,657	57,362		31,201
Accumulated deficit	(989,451)	(790,483)		(446,056)
Accumulated Other Comprehensive Income (Loss), Net of Tax	144	18		(2)
Total Shareholder's Equity (Deficit)		(733,103)		(414,857)
Non-controlling interests				1,491
Total shareholders' deficit	(708,650)	(733,103)	(653,061)	(413,366)	(150,630)	$ (70,264)
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)	1,049,167	2,231,684		1,842,295
Series A convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	9,763	9,763	9,763	9,763		10,037
SHAREHOLDERS' DEFICIT
Total shareholders' deficit					10,037
Series B convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	20,049	20,049	20,049	20,049		20,448
SHAREHOLDERS' DEFICIT
Total shareholders' deficit					20,448
Series C convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	80,519	80,519	80,519	80,519		80,519
SHAREHOLDERS' DEFICIT
Total shareholders' deficit					80,519
Series D convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	257,951	257,951	222,951	222,951		$ 218,141
SHAREHOLDERS' DEFICIT
Total shareholders' deficit					$ 223,072
Series E convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	$ 1,013,220	$ 1,013,220	$ 1,013,220	$ 730,582

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Ordinary share, par value	$ 0.00001	$ 0.00001		$ 0.00001
Common stock, Shares Authorized (in shares)	300,000,000	300,000,000		274,000,000
Common stock, Shares Issued (in shares)	52,847,343	51,775,096		48,137,116
Common stock, Shares Outstanding (in shares)	52,847,343	51,775,096		48,137,116
Cash	$ 469,365	$ 405,080	$ 454,982	$ 262,368	$ 33,919
Restricted cash	174,194	279,742		143,403
Real estate inventory, net	151,512	1,312,369		1,361,796
Escrow receivable	2,641	13,882		10,772
Other	29,632	30,879
Other current assets carried at fair value	848	100
Accounts payable and other accrued liabilities carried at fair value	6,440	0
Property and equipment	29,434	34,606		17,976
Other assets	4,221	5,394		3,005
Total assets	1,049,167	2,231,684		1,842,295
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	37,998	32,977		30,265
Interest payable	1,846	5,808
Current portion of credit facilities and other secured borrowings	121,909	1,074,125		1,032,593
Credit facilities, net of current portion	149,035	221,929		100,502
Total liabilities	376,315	1,583,285		1,191,797
Variable interest entities ("VIEs")
Cash	15,370	86,526		79
Restricted cash	161,624	268,368		134,535
Real estate inventory, net	148,205	1,312,194		1,360,236
Escrow receivable	2,374	13,798		10,772
Other	3,674	11,995		9,835
Property and equipment		0		115
Other assets		0		77
Total assets	331,247	1,692,881		1,515,649
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	1,632	9,199		1,511
Interest payable	1,812	5,784		5,333
Current portion of credit facilities and other secured borrowings	108,612	1,042,984		1,032,593
Credit facilities, net of current portion	149,035	221,929		100,502
Total liabilities	$ 261,091	$ 1,279,896		$ 1,139,939
Series A convertible preferred stock
Shares Authorized (in shares)	24,784,202	24,784,202		25,477,056
Shares Issued (in shares)	24,784,202	24,784,202		24,784,202
Shares Outstanding (in shares)	24,784,202	24,784,202	24,784,202	24,784,202		25,477,056
Liquidation preference	$ 9,807	$ 9,807		$ 9,807
Series B convertible preferred stock
Shares Authorized (in shares)	14,738,907	14,738,907		15,029,846
Shares Issued (in shares)	14,738,907	14,738,907		14,738,907
Shares Outstanding (in shares)	14,738,907	14,738,907	14,738,907	14,738,907		15,029,846
Liquidation preference	$ 20,182	$ 20,182		$ 20,182
Series C convertible preferred stock
Shares Authorized (in shares)	17,972,134	17,972,134		17,972,134
Shares Issued (in shares)	17,972,134	17,972,134		17,972,134
Shares Outstanding (in shares)	17,972,134	17,972,134	17,972,134	17,972,134		17,972,134
Liquidation preference	$ 77,160	$ 77,160		$ 77,160
Series D convertible preferred stock
Shares Authorized (in shares)	39,539,070	39,539,070		39,557,594
Shares Issued (in shares)	39,239,070	39,239,070		33,919,032
Shares Outstanding (in shares)	39,239,070	39,239,070	33,919,032	33,919,032		33,184,364
Liquidation preference	$ 248,333	$ 248,333		$ 213,333
Series E convertible preferred stock
Shares Authorized (in shares)	102,588,689	102,588,689		78,441,874
Shares Issued (in shares)	97,649,658	97,649,658		76,426,829
Shares Outstanding (in shares)	97,649,658	97,649,658	97,649,658	76,426,829
Liquidation preference	$ 1,011,319	$ 1,011,319		$ 728,444

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUE:
REVENUE	$ 2,334,235	$ 3,484,929	$ 4,740,583	$ 1,838,066	$ 711,066
COST OF REVENUE	2,152,803	3,257,640	4,439,333	1,704,638	644,719
GROSS PROFIT	181,432	227,289	301,250	133,428	66,347
OPERATING EXPENSES:
Sales, marketing and operations	156,290	291,375	384,416	196,292	74,938
General and administrative	99,074	80,781	113,446	72,350	36,928
Technology and development	45,809	37,215	51,222	28,458	16,123
Total operating expenses	301,173	409,371	549,084	297,100	127,989
LOSS FROM OPERATIONS	(119,741)	(182,082)	(247,834)	(163,672)	(61,642)
DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT	(25,219)	6,644	6,243	(18,022)	(32)
INTEREST EXPENSE	(57,393)	(81,114)	(109,728)	(60,456)	(23,342)
OTHER INCOME - Net	3,619	9,444	12,401	2,598	249
LOSS BEFORE INCOME TAXES	(198,734)	(247,108)	(338,918)	(239,552)	(84,767)
INCOME TAX EXPENSE	(234)	(340)	(252)	(377)
NET LOSS	(198,968)	(247,448)	(339,170)	(239,929)	(84,767)
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	1,847	1,847	1,362	62
Net Loss	$ (198,968)	$ (249,295)	$ (339,170)	$ (239,929)	$ (84,767)
Net loss per share attributable to common shareholders:
Basic	$ (3.75)	$ (5.11)	$ (6.90)	$ (5.12)	$ (2.12)
Diluted	$ (3.75)	$ (5.28)	$ (7.06)	$ (5.12)	$ (2.12)
Weighted-average shares outstanding:
Basic	53,110,000	48,786,000	49,444	48,570	39,930
Diluted	53,110,000	48,786,000	49,444	48,570	39,930

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
NET LOSS	$ (198,968)	$ (247,448)	$ (339,170)	$ (239,929)	$ (84,767)
OTHER COMPREHENSIVE INCOME:
Unrealized gains on marketable securities	126	39	20	25	(27)
COMPREHENSIVE LOSS	(198,842)	(247,409)	(339,150)	(239,904)	(84,794)
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	1,847	1,847	1,362	62
COMPREHENSIVE LOSS ATTRIBUTABLE TO OPENDOOR LABS INC.	$ (198,842)	$ (249,256)	$ (340,997)	$ (241,266)	$ (84,856)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3000-108585

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - USD ($)	Series A convertible preferred stock Accumulated Deficit [Member]	Series A convertible preferred stock	Series B convertible preferred stock Accumulated Deficit [Member]	Series B convertible preferred stock	Series C convertible preferred stock	Series D convertible preferred stock Additional Paid-in Capital [Member]	Series D convertible preferred stock Accumulated Deficit [Member]	Series D convertible preferred stock	Series E convertible preferred stock	Series E-1 convertible preferred stock	Series E-2 convertible preferred stock	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income	Non-controlling Interest	Total
BALANCE at the beginning at Dec. 31, 2016		$ 10,037,000		$ 20,448,000	$ 80,519,000			$ 218,141,000
BALANCE at the beginning (in shares) at Dec. 31, 2016		25,477,056		15,029,846	17,972,134			33,184,364
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock								$ 4,931,000
Issuance of preferred stock (in shares)								753,192
BALANCE at the beginning at Dec. 31, 2016													$ 6,341,000	$ (76,605,000)			$ (70,264,000)
Balance (in shares) at Dec. 31, 2016												35,011,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of warrants for services													32,000				32,000
Issuance of common stock in connection with acquisition													75,000				75,000
Issuance of common stock in connection with acquisition (in shares)												45,596
Vesting of restricted stock													12,000				12,000
Vesting of restricted stock (in shares)												8,520,424
Exercise of stock options													481,000				481,000
Exercise of stock options (in shares)												1,116,084
Stock-based compensation													3,761,000				3,761,000
Other comprehensive loss															$ (27,000)		(27,000)
Capital contributions from non-controlling interests																$ 67,000	67,000
Net income (loss)																	(84,767,000)
BALANCE at the end at Dec. 31, 2017		$ 10,037,000		$ 20,448,000	$ 80,519,000			$ 223,072,000					$ 10,702,000	(161,434,000)	(27,000)	129,000	(150,630,000)
Balance (in shares) at Dec. 31, 2017		25,477,056		15,029,846	17,972,134			33,937,556				44,694,066
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock										$ 706,766,000
Issuance of preferred stock (in shares)									73,940,269	2,486,560
Repurchase of preferred stock		$ (274,000)		$ (399,000)				$ (121,000)
Repurchase of preferred stock (in shares)		(692,854)		(290,939)				(18,524)
BALANCE at the end at Dec. 31, 2018		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 222,951,000	$ 730,582,000								$ 1,063,864,000
BALANCE at the end (in shares) at Dec. 31, 2018		24,784,202		14,738,907	17,972,134			33,919,032	76,426,829
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition										$ 23,816,000
Issuance of common stock in connection with acquisition (in shares)												1,648,679	7,922,000				7,922,000
Vesting of restricted stock													$ 2,388,000				$ 2,388,000
Vesting of restricted stock (in shares)												2,555,208
Exercise of stock options													(5,201,000)				(5,201,000)
Exercise of stock options (in shares)												5,172,343
Repurchase of common Stock													(9,986,000)	(36,106,000)			(46,092,000)
Repurchase of common Stock (in shares)												(5,933,180)
Stock-based compensation													14,974,000				14,974,000
Repurchase of Series preferred stock	$ (5,269,000)	$ (5,269,000)	$ (1,930,000)	$ (1,930,000)			$ (26,000)	$ (26,000)
Other comprehensive loss															25,000		25,000
Net income (loss)																	(239,929,000)
BALANCE at the end at Dec. 31, 2018													31,201,000	(446,056,000)	(2,000)	1,491,000	(413,366,000)
Balance (in shares) at Dec. 31, 2018												48,137,116
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock											$ 21,222,829
Issuance of preferred stock (in shares)											282,638,000
BALANCE at the end at Sep. 30, 2019		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 222,951,000	$ 1,013,220,000
BALANCE at the end (in shares) at Sep. 30, 2019		24,784,202		14,738,907	17,972,134			33,919,032	97,649,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition													6,650,000				6,650,000
Issuance of common stock in connection with acquisition (in shares)												958,280
Vesting of restricted stock													737,000				737,000
Vesting of restricted stock (in shares)												1,003,493
Exercise of stock options													2,523,000				2,523,000
Exercise of stock options (in shares)												1,390,239
Repurchase of common Stock													590,000	3,410,000			(4,000,000)
Repurchase of common Stock (in shares)												(500,000)
Stock-based compensation													9,990,000				9,990,000
Purchase of non- controlling interests													4,847,000			62,000	4,909,000
Other comprehensive loss															39,000		39,000
Capital distribution of non-controlling interests																(3,276,000)	(3,276,000)
Net income (loss)																	(247,448,000)
BALANCE at the end at Sep. 30, 2019													45,664,000	(698,762,000)	37,000		(653,061,000)
Balance (in shares) at Sep. 30, 2019												50,989,128
BALANCE at the beginning at Dec. 31, 2018		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 222,951,000	$ 730,582,000								1,063,864,000
BALANCE at the beginning (in shares) at Dec. 31, 2018		24,784,202		14,738,907	17,972,134			33,919,032	76,426,829
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock								$ 35,000,000	$ 282,638,000
Issuance of preferred stock (in shares)								5,320,038	21,222,829
BALANCE at the end at Dec. 31, 2019		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 257,951,000	$ 1,013,220,000								1,381,502,000
BALANCE at the end (in shares) at Dec. 31, 2019		24,784,202		14,738,907	17,972,134			39,239,070	97,649,658
BALANCE at the beginning at Dec. 31, 2018													31,201,000	(446,056,000)	(2,000)	1,491,000	(413,366,000)
Balance (in shares) at Dec. 31, 2018												48,137,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition													6,650,000				6,650,000
Issuance of common stock in connection with acquisition (in shares)												958,280
Issuance of issuer stock rights in extinguishment of convertible notes						$ 7,241,000		$ 7,241,000
Vesting of restricted stock													1,061,000				1,061,000
Vesting of restricted stock (in shares)												1,302,065
Exercise of stock options													3,450,000				3,450,000
Exercise of stock options (in shares)												1,877,635
Repurchase of common Stock													(590,000)	(3,410,000)			(4,000,000)
Repurchase of common Stock (in shares)												(500,000)
Stock-based compensation													13,196,000				13,196,000
Purchase of non- controlling interests													4,847,000			62,000	4,909,000
Other comprehensive loss															20,000		20,000
Capital distribution of non-controlling interests																$ (3,276,000)	(3,276,000)
Net income (loss)																	(339,170,000)
BALANCE at the end at Dec. 31, 2019													57,362,000	(790,483,000)	18,000		(733,103,000)
Balance (in shares) at Dec. 31, 2019												51,775,096
BALANCE at the end at Sep. 30, 2020		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 257,951,000	$ 1,013,220,000								1,381,502,000
BALANCE at the end (in shares) at Sep. 30, 2020		24,784,202		14,738,907	17,972,134			39,239,070	97,649,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of issuer stock rights in extinguishment of convertible notes													212,940,000				212,940,000
Vesting of restricted stock													95,000				95,000
Vesting of restricted stock (in shares)												694,387
Exercise of stock options													1,098,000				1,098,000
Exercise of stock options (in shares)												377,860
Stock-based compensation													9,162,000				9,162,000
Other comprehensive loss															126,000		126,000
Net income (loss)														(198,968,000)			(198,968,000)
BALANCE at the end at Sep. 30, 2020													$ 280,657,000	$ (989,451,000)	$ 144,000		$ (708,650,000)
Balance (in shares) at Sep. 30, 2020												52,847,343

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Cash Provided by (Used in) Operating Activities [Abstract]
NET LOSS	$ (198,968)	$ (247,448)	$ (339,170)	$ (239,929)	$ (84,767)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization - net of accretion	31,114	18,543	27,372	12,781	7,441
Amortization of right of use assets	22,008	7,792	11,940
Stock-based compensation	9,162	9,400	12,606	8,422	3,761
Warrant fair value adjustment	1,901	(6,644)	(6,243)	18,022	32
Inventory valuation adjustment	7,517	23,900	31,885	20,523	4,231
Loss on disposal of property and equipment					517
Changes in fair value of derivative instruments	22,568	918	1,102	2,996	(134)
Payment-in-kind interest	3,910	800	2,052
Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale	(2,131)	(157)	(447)
Origination of mortgage loans held for sale	(88,098)	(7,749)	(23,194)
Proceeds from sale and principal collection of mortgage loans held for sale	78,360	5,837	21,525
Increase (Decrease) in Operating Capital [Abstract]
Escrow receivable	11,241	(9,712)	(3,110)	4,474	3,964
Real estate inventories	1,146,798	(99,533)	16,951	(1,015,207)	(152,390)
Other assets	793	(6,705)	(7,518)	(11,723)	(3,016)
Accounts payable and other accrued liabilities	3,355	5,470	(4,331)	16,375	760
Interest payable	(2,530)	89	475	3,629	1,048
Lease liabilities	(9,646)	(7,580)	(13,945)
Net cash used in operating activities	1,037,354	(312,779)	(272,050)	(1,179,637)	(218,553)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchase of property and equipment	(12,068)	(21,761)	(27,972)	(20,022)	(2,869)
Purchase of derivative instruments				(16)	(615)
Purchase of marketable securities	(174,530)	(57,026)	(79,319)	(22,910)	(57,063)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities	135,778	31,998	45,025	40,373	30,605
Acquisitions, net of cash acquired	0	(32,812)	(32,812)	(4,857)
Net cash used in investing activities	(50,820)	(79,601)	(95,078)	(7,432)	(29,942)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of Series preferred stock	0	282,875
Issuance cost of Series preferred stock	0	(236)
Proceeds from issuance of convertible notes	0	160,000	178,200	20,000
Proceeds from exercise of stock options	1,078	2,389	3,358	6,888	2,129
Capital distributions of non-controlling interest			(3,276)		67
Proceeds from credit facilities and other secured borrowings	998,078	2,770,179	3,664,217	1,994,088	490,281
Principal payments on credit facilities and other secured borrowings	(2,023,885)	(2,557,244)	(3,495,411)	(1,176,541)	(329,824)
Payment of loan origination fees and debt issuance costs	(3,068)	(12,198)	(15,137)	(8,911)	(6,407)
Repurchase of common stock at fair value	0	(3,410)	(3,410)	(37,777)
Net cash provided by financing activities	(1,027,797)	642,355	646,179	1,496,494	161,177
Net Change in Cash	(41,263)	249,975	279,051	309,425	(87,318)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	684,822	405,771	405,771	96,346	183,664
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	643,559	655,746	684,822	405,771	96,346
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Cash paid during the period for interest	47,977	71,122	85,910	44,574	14,955
DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Vesting of early exercised stock options			1,060	2,388	254
Conversion of convertible notes to Series E-1 preferred stock				23,816
Noncash financing, issuance of common stock for acquisition			6,650	(6,152)
Issuance of issuer stock rights in extinguishment of convertible notes.	$ 212,940	$ 0
Series A convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repurchase of Series preferred stock				(5,543)
Series B convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repurchase of Series preferred stock				(2,329)
Series D convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of Series preferred stock			35,000		4,955
Issuance cost of Series preferred stock					$ (24)
Repurchase of Series preferred stock				(147)
Series E convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of Series preferred stock				708,200
Issuance cost of Series preferred stock				$ (1,434)
Series E-2 convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of Series preferred stock			282,875
Issuance cost of Series preferred stock			$ (237)

CONSOLIDATED STATEMENTS OF CASH FLOWS - RECONCILIATION TO CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Operating bank accounts	$ 469,365	$ 405,080	$ 454,982	$ 262,368	$ 33,919
Restricted cash	174,194	279,742	200,764	143,403	62,427
Cash, cash equivalents, and restricted cash	$ 643,559	$ 684,822	$ 655,746	$ 405,771	$ 96,346	$ 183,664

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

1. DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Description of Business

Opendoor Labs Inc. (the “Company”, “we”, “our”, and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a leading digital platform for buying and selling homes. Opendoor streamlines the home selling and buying transaction and creates an end-to-end experience online. Since 2014, we have completed over 80,000 home transactions and currently operate in 21 markets in the United States. We are headquartered in San Francisco, California with operations in the United States and were incorporated in Delaware on December 30, 2013.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited consolidated financial statements have been prepared pursuant to generally accepted accounting principles in the United States of America (“GAAP”) and reflect all adjustments which are, in the opinion of management, necessary to a fair presentation of the results of the interim periods presented.

The consolidated financial statements as of September 30, 2020 and for the nine months ended September 30, 2020 and 2019, respectively, are unaudited. The consolidated balance sheet as of December 31, 2019, included herein was derived from the audited consolidated financial statements as of that date, but does not include all of the information and notes to the financial statements to be considered complete financial statements under GAAP. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been or omitted pursuant to such rules and regulations. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes included in the consolidated audited financial statements as of and for the year ended December 31, 2019, included elsewhere in this filing.

The consolidated financial statements include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Reclassifications

In Q2 2020, the Company changed its presentation of mortgage loans held for sale pledged under agreements to repurchase on the Consolidated Balance Sheets, as of December 31, 2019, by reclassifying the $2.1 million balance from Other current assets to Mortgage loans held for sale pledged under agreements to repurchase (“MLHFS”). These changes had no effect on previously reported total assets and total liabilities, net loss or to the classifications of cash flow activities. The Company has modified its disclosures, including comparative disclosures, for MLHFS and related mortgage activity.

Significant Risks and Uncertainties

We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: public health crises, like the COVID‑19 pandemic; rates of revenue growth; our ability to manage advertising inventory or pricing; engagement and usage of our products; effectiveness of our investment of resources to pursue strategies; competition in our market; the stability of the residential real estate market; impact of interest rate changes on demand and our costs; changes in technology, products, markets or services by us or our competitors; addition or loss of significant customers; our ability to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future businesses; actual or anticipated changes to our products and services; changes in government regulation affecting our business; outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; management of our growth; our ability to attract and retain qualified employees and key personnel; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; protection of customers’ information and other privacy concerns; protection of our brand and intellectual property; and intellectual property infringement and other claims, among other things.

On March 11, 2020, the World Health Organization characterized the outbreak of a novel strain of coronavirus (COVID‑19) as a pandemic. Since that time, this outbreak has spread throughout the United States inclusive of the states in which we operate. In response to the developments of COVID‑19, we significantly reduced our acquisition of property inventory and paused making new offers to purchase homes from customers We relaunched offers to purchase homes in select markets in May and continued to relaunch other markets in the subsequent weeks and months. We resumed operations across all of our markets by the end of August 2020. We believe COVID‑19 will continue to have a negative impact with respect to volumes during the duration of the outbreak and we are monitoring its effects on us, our industry, and customer behavior. See Note 19 — Restructuring for further discussion.

Concentrations of Credit Risk

Mortgage Loans Held for Sale Pledged under Agreements to Repurchase

MLHFS pledged under agreements to repurchase include residential mortgages originated for sale in the secondary markets on a best effort basis. We have elected the fair value option for all MLHFS (see Note 8 — Fair Value Disclosures). This option allows for the Company to better offset changes in the fair value of MLHFS with derivatives used to economically hedge them when the Company moves away from selling on a best effort basis, without applying hedge accounting. MLHFS are recorded at fair value based on sales commitments. MLHFS are transferred from the Company to the counterparty pursuant to a master repurchase agreement, which is treated as a secured borrowing; this treatment requires that the assets transferred remain on the Company’s balance sheet and measured as if the transfer did not take place.

Gains and losses on MLHFS, including the change in fair value associated with MLHFS, are recorded in Other revenue, net of direct loan origination costs and fees. Interest income on MLHFS is calculated based upon the note rate of the loan and recorded in Interest income.

Derivative Instruments

Our derivative instruments are comprised of interest rate caps, IRLCs, and embedded conversion options related to the convertible notes. Our derivative instruments are freestanding in nature and some are utilized as economic hedges. These derivative instruments are recorded at fair value with changes recognized as a gain or loss to operations. See Note 5 — Derivative Instruments for further discussion.

Revenue Recognition

We generate revenue through home sales, along with other revenue from real estate services. Other revenue represents an insignificant portion of our total revenue.

We recognize revenue when we satisfy our performance obligations by transferring control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services.

Home sales revenue consists of selling residential real estate to customers. Revenue is recognized when title to and possession of the property has transferred to the customer and we have no continuing involvement with the property, which is generally upon close of escrow. The amount of revenue recognized for each home sale is equal to the sale price of the home net of any concessions. The Company generally provides a 90- day guarantee on home sales, subject to terms and conditions. Returns on home sales have been limited in our experience and we do not estimate for returns in recognizing revenue.

Other revenue consists primarily of title insurance facilitation revenue, closing and escrow services, real estate broker commissions, and gain (loss) on sale of mortgage loans. These real estate services are provided in conjunction with home sales, and revenue is recognized consistent with home sales revenue, generally upon close of escrow.

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

1.DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Description of Business

Opendoor Labs Inc. (the “Company”, “we”, “our”, and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a leading digital platform for buying and selling your home. Opendoor streamlines the home selling and buying transaction and creates an end-to-end experience online. Since 2014, we have completed over 80,000 home transactions and currently operate in 21 markets in the United States. We are headquartered in San Francisco, California with operations in the United States and were incorporated in Delaware on December 30, 2013.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared pursuant to generally accepted accounting principles in the United States of America (“GAAP”). The consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements herein.

Use of Estimates

Significant Risks and Uncertainties

We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: rates of revenue growth; our ability to manage advertising inventory or pricing; engagement and usage of our products; effectiveness of our investment of resources to pursue strategies; competition in our market; the stability of the residential real estate market; impact of interest rate changes on demand and our costs; changes in technology, products, markets or services by us or our competitors; addition or loss of significant customers; our ability to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future businesses; actual or anticipated changes to our products and services; changes in government regulation affecting our business; outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; management of our growth; our ability to attract and retain qualified employees and key personnel; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; protection of customers’ information and other privacy concerns; protection of our brand and intellectual property; and intellectual property infringement and other claims, among other things.

Concentrations of Credit Risk

Reclassifications

In 2019, we changed the presentation of warrant liabilities on the Consolidated Balance Sheets by reclassifying the $18.0 million balance as of December 31, 2018 from other liabilities to derivative and warrant liabilities. This reclassification had no effect on previously reported total assets and total liabilities, net loss or to the classifications of cash flow activities.

Segment Reporting

For the years ended December 31, 2019, 2018, and 2017, we were managed as a single operating segment on a consolidated basis. Furthermore, we determined that the Co-Founder and Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) as he is responsible for making decisions regarding the allocation of resources and assessing performance, as well as for strategic operational decisions and managing the organization at a consolidated level.

Cash and Cash Equivalents

Restricted Cash

Restricted cash consists primarily of funds held in operating, collection, disbursement and reserve accounts related to our credit facilities and entities established for such credit facilities. The restricted cash balance related to our credit facilities are constrained by contract to purchasing real estate inventory and certain related activities. In addition, we are required to maintain letters of credit and a time deposit account for certain of our office leases. See Note 7 — Credit Facilities and Long-Term Debt for further discussion.

Marketable Securities

Real Estate Inventory

Real estate inventory is carried at the lower of cost or net realizable value. Real estate inventory cost includes but is not limited to the property purchase price, acquisition costs and direct costs to renovate or repair the home, less real estate inventory valuation adjustments, if any. Work-in-progress inventory includes homes undergoing updates and finished goods inventory includes homes ready for resale. Real estate inventory is reviewed for impairment at least quarterly and as events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying amount or basis is not expected to be recovered, a real estate inventory valuation adjustment is recorded to cost of revenue and the related assets are adjusted to their net realizable value.

Derivative Instruments

Our derivative instruments are comprised of interest rate caps and embedded conversion options related to the convertible notes. Our derivative instruments are freestanding in nature and some are utilized as economic hedges. These derivative instruments are recorded at fair value with changes recognized as a gain or loss to operations. See Note 5 — Derivative Instruments for further discussion.

Escrow Receivable

Escrow receivable consists of proceeds from home resale held in escrow prior to such proceeds being remitted to us. We review the need for an allowance for doubtful accounts quarterly based on historical collections experience, among other factors. At December 31, 2019 and 2018, we did not have any material write-offs and did not record an allowance for doubtful accounts.

No customers accounted for 10% or more of our Escrow Receivable as of December 31, 2019 or 2018, respectively.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Property and equipment are capitalized and depreciated. Depreciation is calculated using the straight-line method over the estimated useful lives of assets. Maintenance and repair costs are charged to expense as incurred. The estimated useful lives of our property and equipment are as follows:


Internally developed software		2 years
Software implementation costs		Lesser of 3 years or contract term
Computers		2 years
Security systems		1 year
Furniture and fixtures		5 years
Leasehold improvements		Lesser of useful life or lease term
Office equipment		3 years

Leases

We determine if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified assets means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

For leases for which we are the lessee, we recognize right-of-use assets and lease liabilities for all leases other than those with a term of 12 months or less as the Company has elected to apply the short-term lease recognition exemption. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities are measured based on the present value of fixed lease payments over the lease term. Right-of-use assets consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Company. Lease payments may vary because of changes in facts or circumstances occurring after the commencement, including changes in inflation indices. Variable lease payments are excluded from the measurement of right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred.

As the rates implicit on our leases for which we are the lessee are not readily determinable, we use our incremental borrowing rate based on information available at the commencement date in determining the present value of lease payments. When determining the incremental borrowing rate, we assess multiple variables such as lease term, collateral, economic conditions, and creditworthiness.

For operating leases, we recognize straight-line rent expense. For finance leases, we recognize interest expense associated with the lease liability and amortization expense associated with the right-of-use asset. For right-of-use assets held under finance leases and leasehold improvements, the estimated useful lives are limited to the shorter of the useful life of the asset or the term of the lease.

Our lease arrangements may include options to extend or early terminate a lease, which we do not include in expected lease terms unless they are reasonably certain to be exercised. The Company has lease arrangements with lease and non-lease components. As a lessee, the Company has elected to apply the practical expedient to combine lease and related non-lease components, for all classes of underlying assets, and shall account for the combined component as a lease component.

Occasionally, as a lessor, the Company enters into contracts accounted for as leases. As a lessor, the Company elected to apply the practical expedient to combine lease and non-lease components for all classes of underlying assets.

Internally Developed Software

For software we developed for internal use, the costs incurred in the preliminary stages of development are expensed as incurred. Once an application reaches the development stage, we capitalize direct costs incurred (including internal and external) to property and equipment. Maintenance and on-going operating costs of developed applications are expensed as incurred. Amortization expense is recognized on a straight-line basis into technology and development expense.

Goodwill

Goodwill represents the difference between the purchase price and the fair value of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized. We have a single reporting unit and we review goodwill for impairment annually on the first day of third quarter and also if events or changes in circumstances indicate the occurrence of a triggering event. The Company reviews goodwill for impairment by initially considering qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform a quantitative analysis. If it is determined that it is more likely than not that the fair value of reporting unit is less than its carrying amount, a quantitative analysis is performed to identify goodwill impairment.

Intangible Assets

We recorded intangible assets with finite lives, including developed technology, customer relationships, trademarks, and non-competition agreements, as a result of acquisitions as well as internal development. Intangible assets are amortized based on their estimated economic lives, ranging from 2 to 5 years.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and definite-lived intangible assets, among other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2019, 2018, and 2017.

Revenue Recognition

We generate revenue through home sales, along with other revenue from real estate services. Other revenue represents an insignificant portion of our total revenue.

Home sales revenue consists of selling residential real estate to customers. Revenue is recognized when title to and possession of the property has transferred to the customer and we have no continuing involvement with the property, which is generally upon close of escrow. The amount of revenue recognized for each home sale is equal to the sale price of the home net of any concessions. The Company generally provides a 90‑day guarantee on home sales, subject to terms and conditions. Returns on home sales have been limited in our experience and we do not estimate for returns in recognizing revenue.

No customers generated 10% or more of our total revenue in the years ended December 31, 2019, 2018 or 2017.

Cost of Revenue

Cost of revenue includes the property purchase price, acquisition costs, direct costs to renovate or repair the home and real estate inventory valuation adjustments, if any. These costs are accumulated in real estate inventory during the property holding period and charged to cost of revenue under the specific identification method when the property is sold. Additionally, for our revenues other than home sales revenue, cost of revenue consists of any costs incurred in delivering the service including associated headcount expenses such as salaries, benefits, and stock-based compensation.

Sales, Marketing and Operations Expense

Sales, marketing and operations expense consists primarily of resale broker commissions, resale closing costs, holding costs related to real estate inventory including utilities, property taxes and maintenance, and expenses associated with product marketing, promotions and brand-building. Sales, marketing and operations expense includes any headcount expenses in support of sales, marketing, and real estate inventory operations such as salaries, benefits, and stock-based compensation. These costs are expensed as incurred.

Technology and Development

Technology and development expense consists primarily of amortization expense of capitalized software development costs in addition to headcount expenses, including salaries, benefits, and stock-based compensation for employees in the design, development, testing, maintenance and operation of our mobile applications, websites, tools and other applications that support our products.

Stock-Based Compensation

Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), and restricted common shares (“Restricted Shares”).

We use the Black-Scholes-Merton option-pricing model to determine the fair value as of the grant date for option awards. We recognize compensation expense for all option awards on a straight-line basis over the requisite service period of the awards, which is generally the option’s vesting period. These amounts are reduced by forfeitures as the forfeitures occur.

We determine the fair value of RSUs based on the valuation of our common stock as of the grant date. As our RSU awards typically have a performance condition, based on a liquidity event, as defined by the share agreement, as well as a service condition to vest, no compensation expense is recognized until the liquidity event has occurred. Subsequent to the occurrence of a liquidity event, compensation expense is recognized to the extent the requisite service period has been completed and compensation expense thereafter is recognized on a straight-line basis over the remaining requisite service period of the awards.

The fair value of the Restricted Shares is equal to the estimated fair value of our common stock on the grant date. We recognize compensation expense for the shares on a straight-line basis over the requisite service period of the awards. The fair value of these shares will be recognized into Common Stock and additional paid-in-capital as the shares vest.

Income Taxes

Consolidation of Variable Interest Entities

We are a variable interest holder in certain entities in which equity investors at risk do not have the characteristics of a controlling financial interest or where the entity does not have enough equity at risk to finance its activities without additional subordinated financial support from other parties; these entities are VIEs. Our variable interest arises from contractual, ownership or other monetary interest in the entity, which fluctuates based on the VIE’s economic performance. We consolidate a VIE if it is the primary beneficiary. We are the primary beneficiary if it has a controlling financial interest, which includes both the power to direct the activities that most significantly impact the economic performance of the VIE and a variable interest that potentially could be significant to the VIE. To determine whether a variable interest we hold could potentially be significant to the VIE, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIE. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In August 2018, the FASB issued ASU 2018‑15 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350‑40). ASU 2018‑15 amends a customer’s accounting for implementation costs incurred in hosting arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in cloud computing arrangements with the requirements for capitalizing costs to develop or obtain internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU with respect our consolidated financial statements as the Company expects to apply the prospective transition method.

BUSINESS COMBINATION

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

BUSINESS COMBINATION

BUSINESS COMBINATION

2. BUSINESS COMBINATION

OSN acquisition

On September 4, 2019, we acquired 100% of the outstanding equity of OS National LLC, including its consolidated subsidiaries (“OSN”). Refer to Note 2 — Business Combination in the accompanying notes to the consolidated audited financial statements as of and for the year ended December 31, 2019 for further information on the OSN acquisition. The results of operations for OSN that have been included in our consolidated financial statements from the September 4, 2019 acquisition date through September 30, 2020.

The following unaudited pro forma results of operations have been prepared as though the OSN acquisition was completed on January 1, 2019. Pro forma amounts are based on the purchase price allocation of the acquisition and are not necessarily indicative of results that may be reported in the future. Non-recurring pro forma adjustments including acquisition-related costs directly attributable to the acquisition of OSN are included within the reported pro forma revenue and net loss (in thousands).


	For the nine months ended
	September 30,
(unaudited)	2019
Revenue	$	3,508,062
Net loss	$	(248,945)

2.BUSINESS COMBINATIONS

OSN acquisition

On September 4, 2019, we acquired 100% of the outstanding equity of OS National LLC, including its consolidated subsidiaries (“OSN”). OSN, a company based in Duluth, Georgia, provides settlement, escrow, and title services to consumers, financial institutions, real estate investment trusts, private equity firms, mortgage servicers and institutional investors to facilitate residential and commercial real estate transactions. We acquired OSN with the intent of streamlining the home-buying process for our customers by integrating settlement and escrow services into our existing product offerings. The Company indirectly acquired OSN’s noncontrolling interest in the title companies originally formed as joint ventures between Opendoor and OSN for $4.9 million, which was recorded as an equity transaction. As a result of this business combination, we became more vertically integrated with the ability to offer our customers OSN products and create a more seamless home buying experience while reducing our cost structure with respect to real estate transactions.

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	34,300
Equity consideration – common stock		6,700
Total consideration transferred	$	41,000

Acquired intangible assets consist of trademarks and customer relationships valued at $5.1 million and $6.5 million, respectively. We amortize these acquired intangible assets over 5 years.

Open Listings acquisition

On September 10, 2018, we acquired 100% of the outstanding equity of Open Listings Co. (“Open Listings”). Open Listings, a Los Angeles based company, is an online platform that connects self-directed buyers with partner buying agents in an effort to reshape the home buying experience and deliver a lower buyer agent commission by refunding a portion of the agent commission to the buyer. We acquired Open Listings with the intent of integrating the Open Listings business model into our business of buying and selling homes. The Open Listings service product attached to our purchase and resale transactions offers us an opportunity to reduce our cost structure.

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	9,370
Equity consideration		6,150
Total consideration transferred	$	15,520

Acquired intangible assets consist of trademarks, non-competition agreements, customer relationships, and developed technology valued at $0.3 million, $0.1 million, $0.9 million, and $2.9 million, respectively. We amortize these acquired intangible assets over 2 years.

Pro forma financial information

The results of operations for OSN that have been included in our consolidated financial statements from the September 4, 2019 acquisition date through December 31, 2019 includes revenue of $12.8 million and net loss of $4.2 million. The results of operations for Open Listings that have been included in our consolidated financial statements from the September 10, 2018 acquisition date through December 31, 2018 includes revenue of $2.0 million and net loss of $2.3 million.

The following unaudited pro forma results of operations have been prepared as though the OSN acquisition was completed on January 1, 2018 and the Open Listings acquisition was completed on January 1, 2017 (in thousands). Pro forma amounts are based on the purchase price allocation of the acquisition and are not necessarily indicative of results that may be reported in the future. Non-recurring pro forma adjustments including acquisition-related costs directly attributable to the business combination transactions are included within the reported pro forma revenue and net loss.


	For Year Ended December 31,
(unaudited)	2019		2018		2017
Revenue	$	4,763,716	$	1,883,129	$	713,293
Net loss		(340,667)		(231,865)		(86,244)

REAL ESTATE INVENTORY

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY

3. REAL ESTATE INVENTORY

The following table presents the components of inventory, net of applicable real estate inventory valuation adjustments, as of the dates presented (in thousands):


	September 30,		December 31,
	2020		2019
Work-in-process	$	33,233	$	179,419
Finished goods		118,279		1,132,950
Total real estate inventory	$	151,512	$	1,312,369

3.REAL ESTATE INVENTORY

The following table presents the components of inventory, net of applicable real estate inventory valuation adjustments, as of the dates presented (in thousands):


	2019		2018
Work-in-process	$	179,419	$	231,186
Finished goods		1,132,950		1,130,610
Total real estate inventory	$	1,312,369	$	1,361,796

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

4. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of September 30, 2020 and December 31, 2019, are as follows (in thousands):


	September 30, 2020
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	405,312		—	$	405,312	$	405,312		—		—
Money market funds		13,707		—		13,707		13,707		—		—
Commercial paper		49,189		2		(1)		49,190		48,340		850
Corporate debt securities		40,813		97		(2)		40,908		2,006		38,902
Asset-backed securities		17,954		50		(6)		17,998		—		17,998
U.S. agency securities		16,980		4		—		16,984		—		16,984
U.S. Treasury securities		6,697		—		—		6,697		—		6,697
Non-U.S. securities		700		—		—		700		—		700
Total	$	551,352	$	153	$	(9)	$	551,496	$	469,365	$	82,131


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt securities		16,417		12		(1)		16,428		—		16,428
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury securities		1,000		—		—		1,000		—		1,000
Asset-backed securities		12,482		12		(2)		12,492		—		12,492
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576

A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in thousands):


September 30, 2020	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	14,797	$	(1)	$	—	$	—	$	14,797	$	(1)
Corporate debt securities		8,212		(2)		—		—		8,212		(2)
Asset-backed securities		2,940		(6)		—		—		2,940		(6)
U.S. Treasury securities		1,699		—		—		—		1,699		—
Total	$	27,648	$	(9)	$	—	$	—	$	27,648	$	(9)


December 31, 2019	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate-debt securities		3,166		(1)		—		—		3,166		(1)
Asset-backed securities		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)

The scheduled contractual maturities of debt securities as of September 30, 2020 are as follows (in thousands):


	Fair Value		Within 1 Year
Commercial paper	$	49,190	$	49,190
Corporate-debt securities		40,908		40,908
Asset-backed securities		17,998		17,998
U.S. agency securities		16,984		16,984
U.S. Treasury securities		6,697		6,697
Non-U.S. securities		700		700
Total	$	132,477	$	132,477

4.CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2019 and 2018, are as follows (in thousands):


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt		16,417		12		(1)		16,428		—		16,428
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury		1,000		—		—		1,000		—		1,000
Asset-backed		12,482		12		(2)		12,492		—		12,492
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576


	December 31, 2018
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	2,020	$	—	$	—	$	2,020	$	2,020	$	—
Money market funds		253,911		—		—		253,911		253,911		—
Commercial paper		6,635		—		—		6,635		4,192		2,443
Corporate debt		1,403		—		(1)		1,402		250		1,152
U.S. agency securities		5,456		1		—		5,457		1,995		3,462
U.S. Treasury		999		—		—		999		—		999
Asset-backed		950		—		(2)		948		—		948
Total	$	271,374	$	1	$	(3)	$	271,372	$	262,368	$	9,004

A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in thousands):


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2019	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate debt		3,166		(1)		—		—		3,166		(1)
Asset-backed		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2018	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	4,591	$	—	$	—	$	—	$	4,591	$	—
Corporate debt		1,402		(1)		—		—		1,402		(1)
U.S. agency		999		—		—		—		999		—
Asset-backed		—		—		948		(2)		948		(2)
Total	$	6,992	$	(1)	$	948	$	(2)	$	7,940	$	(3)

The scheduled contractual maturities of debt securities as of December 31, 2019 are as follows (in thousands):


					After
					1 Year
			Within		through
December 31, 2019	Fair Value		1 Year		5 Years
Commercial paper	$	19,994	$	19,994	$	—
Corporate debt		16,428		16,428		—
U.S. agency securities		749		749		—
U.S. Treasury		1,000		1,000		—
Asset-backed		12,492		—		12,492
Non-U.S. securities		700		700		—
Total	$	51,363	$	38,871	$	12,492

DERIVATIVE INSTRUMENTS

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

5. DERIVATIVE INSTRUMENTS

We use certain types of derivative instruments in the normal course of business and our use of derivatives includes interest rate caps to manage interest rate risk, IRLCs with respect to our MLHFS, and embedded conversion options with respect to our convertible notes. Derivative transactions can be measured in terms of notional amount, but this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged but is used only as the basis on which interest and other payments are determined.

Interest Rate Caps

We use free-standing derivative instruments in the normal course of business as economic hedges to manage interest rate risks with respect to our variable senior revolving credit facilities. The interest rate caps are carried at fair value in Other current assets with changes in fair value included in Other income.

Interest Rate Lock Commitments

In originating mortgage loans, we enter into IRLCs with prospective borrowers which are freestanding derivative instruments. IRLCs are a commitment that binds us, subject to loan underwriting and approval process, to fund the loan at a specified interest rate, regardless of fluctuations in the market interest rates between commitment date and funding date. The interest rate risk associated with the fluctuations in market interest rates between commitment date and funding date with respect to IRLCs is mitigated as we operate under the best effort basis whereby at the time of commitment, we enter into a sales commitment with a third-party for the same prospective loan. The fair value of interest rate lock commitments is presented in Other current assets. The change in fair value on IRLCs is a component of Other revenue.

Embedded Conversion Options

In connection with our issuance of convertible notes in 2019 (the “Convertible Notes”), we bifurcated the embedded conversion features associated with the Convertible Notes. The Convertible Notes and the related bifurcated embedded conversion options were extinguished in September 2020 as discussed in Note 7 — Credit Facilities and Long-Term Debt. Prior to extinguishment, the embedded conversion options were measured at fair value in accordance with the methodology described in Note 8 — Fair Value Disclosures and were presented in Derivative and warrant liabilities. The change in fair value of the embedded conversion options is a component of Derivative and warrant fair value adjustment.

The following table presents the total notional amounts and fair values for our derivatives (in thousands):


	Notional		Fair Value Derivatives
As of September 30, 2020	Amount		Asset		Liability
Interest rate caps	$	100,000	$	—	$	—
Interest rate lock commitments		24,884		(848)		—


	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Interest rate lock commitments		3,429		95		—
Embedded conversion options		180,252		—		41,697

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statements of operations for the periods indicated (in thousands):


	Nine Months Ended
	September 30,
	2020		2019
Net gains (losses) recognized on economic hedges:
Revenue	$	753	$	135
Derivative and warrant fair value adjustment	$	(23,317)	$	—
Other income-net	$	(4)	$	(729)

5.DERIVATIVE INSTRUMENTS

We use certain types of derivative instruments in the normal course of business and our use of derivatives includes interest rate caps to manage interest rate risk and embedded conversion options with respect to our convertible notes. Derivative transactions can be measured in terms of notional amount, but this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which interest and other payments are determined.

Interest Rate Caps

Embedded Conversion Options

In connection with our issuance of convertible notes in 2019 (the “Convertible Notes”), we bifurcated the embedded conversion features associated with the Convertible Notes. See Note 7 — Credit Facilities and Long-Term Debt for further information. The embedded conversion options are measured at fair value in accordance with the methodology described in Note 8 — Fair Value Disclosures and are presented in Derivative and warrant liabilities. The embedded conversion options did not change in fair value for the year ended December 31, 2019.

The following table presents the total notional amounts and fair values for our derivatives (in thousands):



	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Embedded conversion options	$	180,252	$	—	$	41,697



	Notional		Fair Value Derivatives
As of December 31, 2018	Amount		Asset		Liability
Interest rate caps	$	366,700	$	1,106	$	—

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statement of operations for the periods indicated (in thousands):


	For the Years Ended
	December 31,
	2019		2018		2017
Other income, net	$	(773)	$	420	$	134

VARIABLE INTEREST ENTITIES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

6. VARIABLE INTEREST ENTITIES

We utilize VIEs in the normal course of business to support our financing needs (“Credit Facility Vehicles”). We determine whether we are the primary beneficiary of a VIE at the time we become involved with the VIE and reconsider that conclusion on an on-going basis.

Credit Facility Vehicles

We established certain special purpose entities (“SPEs”) for the purpose of financing our purchase and renovation of real estate inventory through the issuance of senior revolving credit facility debt and mezzanine term debt. We are the primary beneficiary of the various VIEs within the credit facility structure and consolidate these VIEs. We are determined to be the primary beneficiary based on our power to direct the activities that most significantly impact the economic outcomes of the entities through our role in designing the entities and managing the real estate inventory purchased and sold by the entities. We have a potentially significant variable interest in the entities based upon the equity interest we hold in the VIEs.

The following table summarizes the assets and liabilities related to the VIEs consolidated by us from our Credit Facility Vehicles as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	15,370	$	86,526
Restricted cash		161,624		268,368
Real estate inventory		148,205		1,312,194
Other(a)		6,048		25,793
Total assets	$	331,247	$	1,692,881
Liabilities
Credit facilities	$	257,647	$	1,264,913
Other(b)		3,444		14,983
Total liabilities	$	261,091	$	1,279,896

(a) Includes escrow receivable and other current assets.

(b) Includes accounts payable and other accrued liabilities and interest payable.

The creditors of the VIEs generally do not have recourse to Opendoor Labs Inc.’s general credit solely by virtue of being creditors of the VIEs with the exception of limited guarantees for credit facilities. See Note 7 — Credit Facilities and Long-Term Debt for further discussion of the recourse obligations with respect to the credit facility vehicles.

6.VARIABLE INTEREST ENTITIES

We utilize VIEs in the normal course of business to support our financing needs (“Credit Facility Vehicles”) and to conduct our title business (“Title Companies”). We determine whether the Company is the primary beneficiary of a VIE at the time it becomes involved with the VIE and reconsider that conclusion on an on-going basis. See Note 1 — Description of Business and Accounting Policies for further discussion of our “Consolidation of Variable Interest Entities” policy.

Credit Facility Vehicles

Title Companies

In prior years, we established certain limited liability companies to hold and operate title insurance agencies, which enables Opendoor to obtain, and facilitate our customers in obtaining, title insurance in connection with home purchase and sale transactions. We have determined the Company is the primary beneficiary of the various VIEs based on its power to direct the activities that most significantly impact the economic outcomes of the entities through its role in design and ongoing activities. We have potentially significant variable interest in the entities based upon the equity interest we hold in the VIEs. In 2019, with our acquisition of OSN, the noncontrolling interest holder with respect to these title companies was acquired and all interests in the Title Companies are under common control with Opendoor; therefore, these entities are no longer determined to be VIEs as the equity holders as a group are under common control with respect to Opendoor, who possesses the power to direct the activities that most significantly impact the economic performance of the entities. See Note 2 — Busines Combinations for further discussion.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2019:


	Credit Facility
	Vehicles
Assets
Cash and cash equivalents	$	86,526
Restricted cash		268,368
Real estate inventory		1,312,194
Other(a)		25,793
Total assets	$	1,692,881
Liabilities
Credit facilities	$	1,264,913
Other(b)		14,983
Total liabilities	$	1,279,896

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2018:


	Credit Facility		Title
	Vehicles		Companies		Total
Assets
Cash and cash equivalents	$	79	$	—	$	79
Restricted cash		127,798		6,737		134,535
Real estate inventory		1,360,236		—		1,360,236
Other(a)		19,431		1,368		20,799
Total assets	$	1,507,544	$	8,105		1,515,649
Liabilities
Credit facilities	$	1,133,095	$	—	$	1,133,095
Other(b)		6,316		528		6,844
Total liabilities	$	1,139,411	$	528	$	1,139,939

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

The creditors of the VIEs generally do not have recourse to Opendoor Labs Inc.’s general credit solely by virtue of being creditors of the VIEs, with the exception of limited guarantees for credit facilities. See Note 7 — Credit Facilities and Long-Term Debt for further discussion of the recourse obligations with respect to the credit facility vehicles.

CREDIT FACILITIES AND LONG-TERM DEBT

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

CREDIT FACILITIES AND LONG-TERM DEBT

CREDIT FACILITIES AND LONG-TERM DEBT

7. CREDIT FACILITIES AND LONG-TERM DEBT

Non-Recourse Asset-backed Financing Facilities

We utilize limited recourse inventory financing facilities consisting of asset-backed senior revolving credit facilities and asset-backed mezzanine term debt facilities to provide financing for our real estate inventory purchases and renovation. Each SPE is a consolidated subsidiary of Opendoor and a separate legal entity. Neither the assets nor credit of any such SPE are generally available to satisfy the debts and other obligations of any other Opendoor entities, except to the extent other Opendoor entities are also a party to the financing arrangements. The credit facilities are secured by the assets and equity of one or more SPEs. Except for certain limited circumstances, these facilities are non-recourse to Opendoor. These SPEs are variable interest entities and Opendoor is determined to be the primary beneficiary based on its power to direct the activities that most significantly impact the economic outcomes of the entities through its role in designing the entities and managing the real estate inventory purchased and sold by the entities. The Company has potentially significant variable interest in the entities based upon the equity interest the Company holds in the VIEs.

Asset-backed Senior Revolving Credit Facilities

We classify the senior revolving credit facilities as current liabilities on the Company’s consolidated balance sheets as amounts drawn to acquire and renovate homes are required to be repaid as the related real estate inventory is sold, which we expect to be within 12 months. The following table summarizes certain details related to our credit facilities outstanding as of September 30, 2020 and December 31, 2019 (in thousands, except interest rates):


					Weighted
	Borrowing		Outstanding		Average		End of Revolving	Final Maturity
As of September 30, 2020	Capacity		Amount		Interest Rate		Period	Date
Revolving Facility 2018-1	$	250,000	$	962	4.32	%	February 10, 2021	May 10, 2021
Revolving Facility 2018-2		750,000		1,373	4.44	%	September 23, 2022	December 23, 2022
Revolving Facility 2018-3		100,000		11,558	4.36	%	June 1, 2023	June 1, 2023
Revolving Facility 2019-1		300,000		10,909	3.76	%	March 4, 2022	March 4, 2022
Revolving Facility 2019-2		1,030,000		72,808	3.30	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		475,000		11,001	3.92	%	August 22, 2022	August 21, 2023
Total	$	2,905,000	$	108,611


			Weighted
	Outstanding		Average
As of December 31, 2019	Amount		Interest Rate
Revolving Facility 2016-1	$	39,346	6.17	%
Revolving Facility 2017-1		25,758	7.00	%
Revolving Facility 2018-1		126,450	5.62	%
Revolving Facility 2018-2		194,293	6.00	%
Revolving Facility 2018-3		111,411	4.65	%
Revolving Facility 2019-1		206,399	3.81	%
Revolving Facility 2019-2		327,226	3.41	%
Revolving Facility 2019-3		42,812	3.02	%
Total	$	1,073,695

As of September 30, 2020, we had multiple senior revolving credit facilities with various financial institutions with a total borrowing capacity of $2,905 million. Undrawn borrowing capacity amounts under the senior revolving credit facilities as reflected in the table above are in some cases not fully committed and any borrowings above the fully committed amounts are subject to the applicable lender’s discretion. As of September 30, 2020, the Company had fully committed borrowing capacity with respect to our senior revolving credit facilities of $1,458 million.

These facilities are typically structured with an initial 24 month revolving period during which time amounts can be borrowed, repaid and borrowed again. The borrowing capacity is generally available until the end of the applicable revolving period as reflected in the table above. Outstanding amounts drawn under each senior revolving credit facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The final maturity dates and revolving period end dates reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. Our senior revolving credit facilities also have extensions that may also be subject to lender discretion that are not reflected in the table above.

Borrowings accrue interest at a rate based on a LIBOR reference rate plus a margin that varies by facility and we may also pay fees on certain unused portions of the committed borrowing capacity as defined in the respective credit agreements. Our senior revolving credit facility arrangements typically include upfront fees that may be paid at execution of the applicable agreements or be earned at execution and payable over time. These facilities are generally fully prepayable at any time without penalty other than customary LIBOR breakage costs.

These borrowings are collateralized by cash, equity in the real estate owning SPEs, and the real estate inventory funded by the relevant revolving credit facility. The lenders have legal recourse only to the real estate owning SPE borrowers, certain SPE guarantors, and the assets securing the debt, and do not have general recourse to Opendoor Labs Inc. with limited exceptions.

The senior revolving credit facilities have aggregated borrowing bases, which increase or decrease based on the cost and value of the properties financed under a given facility and time that those properties are in our possession. When we resell a home, the proceeds are used to reduce the outstanding balance under the related revolving senior credit facility. The borrowing base for a given facility may be reduced as properties age beyond certain thresholds and any borrowing base deficiencies may be satisfied through contributions of additional properties or partial repayment of the facility.

Asset-backed Mezzanine Term Debt Facilities

We classify our mezzanine term debt facilities as long-term liabilities on the Company’s consolidated balance sheets because our borrowings under these facilities are generally not required to be repaid until the applicable final maturity date. These facilities are structurally and contractually subordinated to the related senior revolving credit facilities. The following table summarizes certain details related to our mezzanine term debt facilities as of September 30, 2020 (in thousands, except interest rates):


	Borrowing		Outstanding		Interest		End of Draw	Final Maturity
As of September 30, 2020	Capacity		Amount		Rate		Period	Date
Term Debt Facility 2016-M1	$	149,000	$	40,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2019-M1		54,000		15,000	15.00	%	August 15, 2023	February 15, 2025
Term Debt Facility 2020-M1		300,000		100,000	10.00	%	January 23, 2023	January 23, 2026
Total	$	503,000	$	155,000
		Issuance Costs		(5,965)
		Carrying Value	$	149,035

As of September 30, 2020, we had $155 million in total principal outstanding under multiple mezzanine term debt facilities with various financial institutions. Undrawn amounts under the mezzanine term debt facilities of $348 million as reflected in the table above are fully committed and generally may be drawn at any time during the draw period; however, any amounts repaid reduce total borrowing capacity as repaid amounts are not available to be reborrowed. The final maturity dates as reflected in the table above are inclusive of any extensions at the sole discretion of the Company.

Borrowings under a given term debt facility accrue interest at a fixed rate. Our mezzanine term debt facility arrangements may include upfront issuance costs that are capitalized as part of the facilities’ respective carrying values. These facilities are fully prepayable at any time but may be subject to certain prepayment penalties.

These borrowings are collateralized by cash and equity in certain holding companies that own our real estate owning SPEs. The lenders have legal recourse only to the applicable borrowers of the debt and their assets securing the debt and, with limited exceptions, do not have recourse to Opendoor Labs Inc.

The facilities have aggregated property borrowing bases, which increase or decrease based on the cost and the value of the properties financed under a given facility and time in our possession of those properties and the amount of cash collateral pledged by the relevant SPE borrower. The borrowing base for a given facility may be reduced as properties age beyond certain thresholds and any borrowing base deficiencies may be satisfied through contributions of additional properties or cash or through partial repayment of the facility.

Covenants

Our inventory financing facilities include customary representations and warranties, covenants and events of default. Financed properties are subject to customary eligibility criteria and concentration limits. The terms of these facilities and related financing documents require Opendoor to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to equity). As of September 30, 2020, Opendoor was in compliance with all financial covenants and no event of default had occurred.

Convertible Notes

In July through November 2019, we issued Convertible Notes at par for a total of $178.2 million in proceeds, net of $0.5 million in debt issuance costs. The Convertible Notes have an initial maturity date of July 2026, which we can elect to extend by one year if a material financial market disruption (as defined in the notes) exists at initial maturity. The Convertible Notes accrue interest at a rate of 3% per annum, which is compounded semi-annually and payable by increasing the principal amounts of the Convertible Notes. The Convertible Notes are a hybrid instrument with several features that could accelerate the settlement of the Convertible Notes in such a way that the holder would receive a substantial premium on accrued principal and interest owed. We determined these features should be bifurcated and separately accounted for as a derivative and recorded its initial fair value of $41.7 million as a discount on the Convertible Notes’ face amount. Refer to Note 5 — Derivative Instruments for further information on the embedded conversion options and Note 8 — Fair Value Disclosures for the fair value methodology.

The debt discount is amortized to interest expense at an effective interest rate of 3.8%. We amortize the discount over the period until the initial maturity date of the respective note. The Convertible Notes are carried on the consolidated balance sheets at their original issuance value in addition to paid-in kind interest, net of unamortized debt discount and issuance costs.

On September 14, 2020, the Company entered into a Convertible Notes Exchange Agreement (the “Exchange Agreement”) with the Convertible Note holders. Under the terms of the Exchange Agreement, the Convertible Note holders received rights to 13.3 million shares of the Company’s common stock (“Issuer Stock Rights”) upon the earlier of (i) immediately prior to the consummation of the Merger and (ii) March 13, 2021. The Issuer Stock Rights were received in full satisfaction of the outstanding principal and accrued interest on the Convertible Notes and such notes were cancelled and of no further force or effect. “The Merger” referenced in the Exchange Agreement is the business combination transaction as stipulated in the Agreement and Plan of Merger (the “Merger Agreement”) that the Company entered into with Social Capital Hedosophia Corp. II (“SCH”) and Hestia Merger Sub Inc., a direct wholly owned subsidiary of SCH on September 15, 2020. With the issuance of the Issuer Stock Rights, which the Company has assessed to be an equity classified instrument with a fair value of $212.9 million, the convertible notes, including the the unamortized debt discount and debt issuance costs, and the related bifurcated embedded conversion options were extinguished.

Mortgage Financing

The following tables summarize certain details related to our mortgage financing (in thousands, except interest rates):

Weighted

End of

Borrowing

Outstanding

Average

Revolving

Final Maturity

As of September 30, 2020

Capacity

Amount

Interest Rate

Period

Date

Repo Facility 2019-R1

50,000

13,297

1.90

April 29, 2021


			Weighted
	Outstanding		Average
As of December 31, 2019	Amount		Interest Rate
Repo Facility 2019-R1	$	2,021	3.98	%

To provide capital for Opendoor Home Loans, we utilize a master repurchase agreement (the “Repurchase Agreement”) which is classified as a current liability in our balance sheets. In March 2019, we entered into the Repurchase Agreement with a lender to provide short-term funding for mortgage loans originated by Opendoor Home Loans. The facility provides short-term financing between the issuance of a mortgage loan and when Opendoor Home Loans sells the loan to an investor. In accordance with the Repurchase Agreement, the lender agrees to pay Opendoor Home Loans a negotiated purchase price for eligible loans and Opendoor Home Loans simultaneously agrees to repurchase such loans from the lender within a specified timeframe and at an agreed upon price that includes interest. Opendoor Labs Inc. is the guarantor with respect to the Repurchase Agreement and the obligation to repurchase loans previously transferred under the arrangement for the benefit of the lender.

As of September 30, 2020, the Repurchase Agreement has a borrowing capacity of $50 million, of which $20 million is fully committed. The Repurchase Agreement includes customary representations and warranties, covenants and provisions regarding events of default. As of September 30, 2020, $14.0 million in mortgage loans were financed under the facility, and Opendoor was in compliance with all financial covenants and no event of default had occurred.

Transactions under the Repurchase Agreement bear interest at a rate based on one-month LIBOR plus an applicable margin, as defined in the Repurchase Agreement, and are secured by residential mortgage loans available for sale. The Repurchase Agreement contains margin call provisions that provide the lender with certain rights in the event of a decline in the market value of the assets purchased under the Repurchase Agreement. The Repurchase Agreement is recourse to Opendoor.

7.CREDIT FACILITIES AND LONG-TERM DEBT

Non-Recourse Asset-backed Financing Facilities

We utilize limited recourse inventory financing facilities consisting of asset-backed senior revolving credit facilities and asset-backed mezzanine term debt facilities to provide financing for our real estate inventory purchases and renovation. We established certain special purpose entities (“SPEs”) for the purpose of financing our purchase and renovation of real estate inventory through borrowings under the SPEs’ issuance of senior revolving credit facilities and mezzanine term debt facilities, as applicable. Each SPE is a consolidated subsidiary of Opendoor and a separate legal entity. Neither the assets nor credit of any such SPE are generally available to satisfy the debts and other obligations of any other Opendoor entities, except to the extent other Opendoor entities are also a party to the financing arrangements. The credit facilities are secured by the assets and equity of one or more SPEs. Except for certain limited circumstances, these facilities are non-recourse to Opendoor. These SPEs are variable interest entities and Opendoor is determined to be the primary beneficiary based on its power to direct the activities that most significantly impact the economic outcomes of the entities through its role in designing the entities and managing the real estate inventory purchased and sold by the entities. The Company has potentially significant variable interest in the entities based upon the equity interest the Company holds in the VIEs.

Asset-backed Senior Revolving Credit Facilities

We classify the senior revolving credit facilities as current liabilities on the Company’s consolidated balance sheets as amounts drawn to acquire and renovate homes are required to be repaid as the related real estate inventory is sold, which we expect to be within 12 months. The following table summarizes certain details related to our credit facilities outstanding as of December 31, 2019 and December 31, 2018 (in thousands, except interest rates):


					Weighted
					Average		End of	Final
	Borrowing		Outstanding		Interest		Revolving	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date
Revolving Facility 2016-1	$	39,346	$	39,346	6.17	%	August 22, 2019	March 20, 2020
Revolving Facility 2017-1		75,000		25,758	7.00	%	March 1, 2020	9 months by property
Revolving Facility 2018-1		250,000		126,450	5.62	%	July 11, 2020	July 11, 2020
Revolving Facility 2018-2		750,000		194,293	6.00	%	September 4, 2020	September 4, 2020
Revolving Facility 2018-3		200,000		111,411	4.65	%	June 20, 2020	December 20, 2020
Revolving Facility 2019-1		300,000		206,399	3.81	%	June 5, 2021	June 5, 2021
Revolving Facility 2019-2		1,030,000		327,226	3.41	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		335,654		42,812	3.02	%	August 20, 2021	August 19, 2022
Total	$	2,980,000	$	1,073,695


			Weighted
			Average
	Outstanding		Interest
As of December 31, 2018	Amount		Rate
Revolving Facility 2016-1	$	326,970	6.83	%
Revolving Facility 2017-1		36,650	7.00	%
Revolving Facility 2017-2		184,250	7.04	%
Revolving Facility 2018-1		131,802	6.25	%
Revolving Facility 2018-2		299,279	4.81	%
Total	$	978,951

As of December 31, 2019, we had multiple senior revolving credit facilities with various financial institutions with a total borrowing capacity of $2,980 million. Undrawn borrowing capacity amounts under the senior revolving credit facilities as reflected in the table above are in some cases not fully committed and any borrowings above the fully committed amounts are subject to the applicable lender’s discretion. As of December 31, 2019, the Company had fully committed borrowing capacity with respect to our senior revolving credit facilities of $2,710 million.

These facilities are typically structured with an initial 12 to 24 month revolving period during which time amounts can be borrowed, repaid and borrowed again. The borrowing capacity is generally available until the end of the applicable revolving period as reflected in the table above. Outstanding amounts drawn under each senior revolving credit facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The final maturity dates and revolving period end dates reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. Our senior revolving credit facilities also have extensions that may also be subject to lender discretion that are not reflected in the table above.

These borrowings are collateralized by cash, equity in the real estate owning SPEs, and the real estate inventory funded by the relevant revolving credit facility. The lenders have legal recourse only to the real estate-owning SPE borrowers, certain SPE guarantors, and the assets securing the debt, and do not have general recourse to Opendoor Labs Inc. with limited exceptions.

Asset-backed Mezzanine Term Debt Facilities

We classify our mezzanine term debt facilities as long-term liabilities on the Company’s consolidated balance sheets because our borrowings under these facilities are generally not required to be repaid until the applicable final maturity date. These facilities are structurally and contractually subordinated to the related senior revolving credit facilities. The following table summarizes certain details related to our mezzanine term debt facilities as of December 31, 2019 (in thousands, except interest rates):


								Final
	Borrowing		Outstanding		Interest		End of Draw	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date

Term Debt Facility 2016-M1	$	300,000	$	166,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2019-M1		100,000		61,000	15.00	%	August 15, 2023	February 15, 2025
Total	$	400,000	$	227,000
		Issuance Costs, Net		(5,071)
		Carrying Value	$	221,929

As of December 31, 2019, we had $227 million in total principal outstanding under multiple mezzanine term debt facilities with various financial institutions. Undrawn amounts under the mezzanine term debt facilities of $173 million as reflected in the table above are fully committed and generally may be drawn at any time during the draw period; however, any amounts repaid reduce total borrowing capacity as repaid amounts are not available to be reborrowed. The final maturity dates as reflected in the table above are inclusive of any extensions at the sole discretion of the Company. Our mezzanine term debt facilities also have extensions that may also be subject to lender discretion that are not reflected in the table above.

Covenants

The terms of these facilities and related financing documents require Opendoor to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to equity). As of December 31, 2019, Opendoor was in compliance with all financial covenants and no event of default had occurred.

Convertible Notes

Refer to Note 20 — Subsequent Events for further information on the Convertible Notes.

FAIR VALUE DISCLOSURES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

FAIR VALUE DISCLOSURES

8. FAIR VALUE DISCLOSURES

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

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 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 our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Interest rate lock commitments	Fair value of the underlying loan based on quoted market prices in the secondary market and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	September 30, 2020		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	38,902	$	—	$	38,902	$	—
Asset-backed securities		17,998		—		17,998		—
U.S. agency securities		16,984		—		16,984		—
U.S. Treasury securities		6,697		—		6,697		—
Commercial paper		850		—		850		—
Non-U.S. securities		700		—		700		—
Mortgage loans held for sale pledged under agreements to repurchase		13,984		—		13,984		—
Other current assets:
Interest rate lock commitments.		848		—		848		—
Total assets	$	96,963	$	—	$	96,963	$	—
Accounts payable and other accrued liabilities:
Warrants liabilities – current	$	6,440	$	—	$	—	$	6,440
Total liabilities	$	6,440	$	—	$	—	$	6,440


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Other current assets:
Interest rate caps		4		—		4		—
Interest rate lock commitments		95		95
Total assets	$	45,791	$	—	$	45,791	$	—
Derivative and warrant liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235

Fair Value of Financial Instruments


	As of September 30, 2020
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	469,365	$	469,365	$	469,365	$	—
Restricted cash		174,194		174,194		174,194		—
Liabilities:
Credit facilities and other secured borrowings	$	270,944	$	270,944	$	—	$	270,944


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded Conversion
	Warrants		Option
Balance at January 1, 2019	$	18,022	$	—
Net change in fair value		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019		4,538		41,697
Net change in fair value		1,902		23,317
Settlement of convertible notes		—		(65,014)
Balance as of September 30, 2020	$	6,440	$	—

Warrant Liabilities

Embedded conversion options

8.FAIR VALUE DISCLOSURES

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

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 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 our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Other current assets:
Interest rate caps		4		—		4		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Total assets	$	45,696	$	—	$	45,696	$	—
Derivative and warrant Liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235


	Fair Value as of
	December 31, 2018		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	1,152	$	—	$	1,152	$	—
Asset-backed securities		948		—		948		—
Commercial paper		2,443		—		2,443		—
U.S. agency securities		3,462		—		3,462		—
U.S. Treasury securities		999		—		999		—
Other current assets:
Interest rate caps		1,106		—		1,106		—
Total assets	$	10,110	$	—	$	10,110	$	—
Derivative and warrant liabilities:
Warrants	$	18,022	$	—	$	—	$	18,022
Total liabilities	$	18,022	$	—	$	—	$	18,022

Fair Value of Financial Instruments


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252


	As of December 31, 2018
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	262,368	$	262,368	$	262,368	$	—
Restricted cash		143,403		143,403		143,403		—
Liabilities:
Credit facilities and other secured borrowings	$	1,133,095	$	1,133,095	$	—	$	1,133,095

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded
			Conversion
	Warrants		Option
Balance as of December 31, 2017	$	—	$	—
Issuances		14,529		—
Net change in fair value (unrealized)		3,493		—
Balance as of December 31, 2018		18,022		—
Net change in fair value (unrealized)		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019	$	4,538	$	41,697

Warrant Liabilities

Embedded conversion options

- Definition

+ References + Details

PROPERTY AND EQUIPMENT

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

9. PROPERTY AND EQUIPMENT

Property and equipment as of September 30, 2020 and December 31, 2019, consisted of the following (in thousands):


	September 30,		December 31,
	2020		2019
Internally developed software	$	44,209	$	33,765
Software implementation costs		1,604		1,214
Computers		5,383		7,777
Security systems		559		4,927
Furniture and fixtures		3,007		2,843
Leasehold improvements		2,444		2,748
Office equipment		1,910		1,794
Total		59,116		55,068
Accumulated depreciation and amortization		(29,682)		(20,462)
Property and equipment – net	$	29,434	$	34,606

Depreciation and amortization expense of $17.0 million and $10.5 million was recorded for the nine months ended September 30, 2020 and 2019, respectively.

9.PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2019 and 2018, consisted of the following (in thousands):


	2019		2018
Internally developed software	$	33,765	$	12,567
Software implementation costs		1,214		208
Computers		7,777		4,053
Security systems		4,927		3,235
Furniture and fixtures		2,843		1,547
Leasehold improvements		2,748		1,349
Office equipment		1,794		672
Total		55,068		23,631
Accumulated depreciation and amortization		(20,462)		(5,655)
Property and equipment – net	$	34,606	$	17,976

Depreciation and amortization expense of $15.0 million, $4.6 million, and $1.2 million was recorded for the years ended December 31, 2019, 2018 and 2017, respectively.

LEASES

12 Months Ended

Dec. 31, 2019

LEASES

LEASES

10.LEASES

We lease office space throughout the United States under operating and short-term lease agreements. These lease agreements have terms not exceeding 11 years and some contain multi-year renewal options or early termination options that are not considered reasonably certain of exercise. We also lease equipment under immaterial finance lease agreements.

For the year ended December 31, 2019 operating lease cost was $11.7 million, variable lease cost was $0.8 million, short-term lease cost was $2.9 million, and sublease income was $1.3 million. During the years ended December 31, 2018 and 2017, rent expense related to operating leases was $7.4 million and $3.5 million, respectively.

For the year ended December 31, 2019, cash paid for amounts included in the measurement of operating lease liabilities was $10.8 million. For the year ended December 31, 2019, right-of-use assets obtained in exchange for new or acquired operating lease liabilities was $57.9 million. For the year ended December 31, 2019, terminations of certain operating leases resulted in the reduction of right-of-use assets and lease liabilities of approximately $2.9 million. There were no other material lease modifications in the year ended December 31, 2019.

As of December 31, 2019, for operating leases, the weighted average lease term was 4.5 years, and the weighted average discount rate was 7.2%.

Maturity of operating lease liabilities as of December 31, 2019 are as follows (in thousands):


2020	$	17,384
2021		15,149
2022		14,363
2023		13,922
2024		10,881
Thereafter		832
Total undiscounted future cash flows	$	72,531
Less: Imputed interest		10,624
Total lease liabilities	$	61,907

We have entered into certain long-term leases of real estate which have yet to commence as of December 31, 2019. These leases are due to commence in 2020, with varying lease terms ranging from 5 to 11 years, and total aggregate lease commitments of $67.3 million.

Future minimum payments under noncancelable operating leases with terms greater than one year as of December 31, 2018, are as follows (in thousands):


2019	$	13,269
2020		15,832
2021		13,638
2022		13,267
2023		13,071
Total minimum payments	$	69,077

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

10. GOODWILL AND INTANGIBLE ASSETS

For the year ended December 31, 2019, the carrying amount of goodwill increased by $21.5 million due to the acquisition of OSN (See Note 2 — Business Combination). There were no additions to goodwill for the nine months ended September 30, 2020. No impairment of goodwill was identified for the year ended December 31, 2019 and the nine months ended September 30, 2020.

Intangible assets subject to amortization consisted of the following as of September 30, 2020 (in thousands, except years):


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(2,921)	$	—	2
Customer relationships		7,400		(2,295)		5,105	5
Trademarks		5,400		(1,396)		4,004	5
Non-competition agreements		100		(100)		—	2
Intangible assets – net	$	15,821	$	(6,712)	$	9,109

We also have domain name intangible assets, which are not subject to amortization, with a carrying amount of $0.2 million as of both September 30, 2020 and December 31, 2019.

Amortization expense for intangible assets was $3.1 million and $1.9 million for the nine months ended September 30, 2020 and 2019, respectively. For the expected amortization of intangible assets for each of the fiscal years succeeding September 30, 2020, see Note 10 — Goodwill and Intangible Assets in the accompanying notes to the consolidated audited financial statements as of and for the year ended December 31, 2019

11.GOODWILL AND INTANGIBLE ASSETS

For the years ended December 31, 2019 and December 31, 2018, the carrying amount of goodwill increased by $21.5 million due to the acquisition of OSN and $9.4 million due to the acquisition of Open Listings, respectively (See Note 2 — Business Combination). No impairment of goodwill was identified for the years ended December 31, 2019 and 2018.

Intangible assets subject to amortization consisted of the follow as of December 31, 2019 and 2018, respectively(in thousands, except years):

As of December 31, 2019


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(1,879)	$	1,042	2
Customer relationships		7,400		(990)		6,410	5
Trademarks		5,400		(631)		4,769	5
Non-competition agreements		100		(65)		35	2
Intangible assets – net	$	15,821	$	(3,565)	$	12,256

As of December 31, 2018


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,900	$	(423)	$	2,477	2
Customer relationships		900		(131)		769	2
Trademarks		300		(44)		256	2
Non-competition agreements		100		(15)		85	2
Intangible assets – net	$	4,200	$	(613)	$	3,587

We also have domain name intangible assets, which are not subject to amortization, with a carrying amount of $0.2 million as of both December 31, 2019 and 2018, respectively.

Amortization expense for intangible assets was $2.9 million, $0.6 million, and $0 for the years ended December 31, 2019, 2018 and 2017, respectively.

As of December 31, 2019, expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows:


Fiscal Years	(In thousands)
2020	$	3,730
2021		2,320
2022		2,320
2023		2,320
2024		1,566
Total	$	12,256

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

11. ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of September 30, 2020 and December 31, 2019, consist of the following (in thousands):


	September 30,		December 31,
	2020		2019
Accrued expenses due to vendors	$	19,434	$	16,342
Accounts payable due to vendors		3,212		6,453
Accrued property and franchise taxes		1,243		5,739
Accrued payroll and other employee related expenses		5,198		3,328
Other		8,911		1,115
Total accounts payable and other accrued liabilities	$	37,998	$	32,977

12.ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of December 31, 2019 and 2018, consisted of the following (in thousands):


	2019		2018
Accrued expenses due to vendors	$	16,342	$	15,394
Accounts payable due to vendors		6,453		6,237
Accrued property and franchise taxes		5,739		5,487
Accrued payroll and other employee related expenses		3,328		2,366
Other		1,115		781
Total accounts payable and other accrued liabilities	$	32,977	$	30,265

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT

12. TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT

On September 14, 2020, the Company adopted the tenth amended and restated certification of incorporation (“Tenth Amended and Restated Company Charter”). As a result of the Tenth Amended and Restated Company Charter, the consummation of the Merger, which is a liquidation transaction, will result in the automatic conversion of Preferred Stock into Common Stock. See Note 13 — Temporary Equity and Shareholders’ Deficit in the accompanying notes to the consolidated audited financial statements as of and for the year ended December 31, 2019 for the significant terms of the Preferred Stock.

13.TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT

During 2018 as part of a tender offer process approved by our board of directors, we repurchased 692,854, 290,939, 18,524, and 5,545,160 shares of Series A Convertible Preferred Stock (“Series A”), Series B Convertible Preferred Stock (“Series B”), Series D Convertible Preferred Stock (“Series D”), and Common Stock, respectively. The participants in this transaction included our preferred stock investors, employees, former employees, advisors, and two of our founders. The shares were repurchased at a price of $8.00 per share for a total purchase price of $52.4 million. The repurchase resulted in the recognition of $6.6 million of stock-based compensation expense for the excess of the repurchase price over the fair value of the common stock awards repurchased. On February 4, 2019, following the tender offer process and separately approved by the Board of Directors, we repurchased an additional 500,000 shares of common stock from an executive at a price of $8.00 per share for a total purchase price of $4.0 million. The repurchase resulted in the recognition of $590 thousand of stock-based compensation expense for the excess of the repurchase price over the fair value of the common stock awards repurchased.

Common Stock — No dividends other than those payable solely in Common Stock shall be paid on any Common Stock, unless and until (i) the dividends are paid on each outstanding share of Convertible Preferred Stock and (ii) a dividend is paid with respect to all outstanding shares of convertible Preferred Stock in an amount equal to or greater than the aggregate amount of dividends, which would be payable on each share of convertible Preferred Stock, if immediately prior to such payment on Common Stock, it had been converted into Common Stock.

Common Stock Reserved, as Converted — We have reserved shares of common stock, on an as-converted basis, for future issuance as follows (shares in thousands):


	December 31,
	2019	2018
Redeemable convertible preferred stock outstanding	194,384	167,841
Stock options issued and outstanding	22,633	26,330
RSUs issued and outstanding	14,070	564
Restricted shares of common stock	2,156	1,666
Early exercised stock options (unvested)	116	693
Warrants issued and outstanding	2,459	7,701
Future issuance of warrants	750	—
Shares available for future equity grants under 2014 Stock Plan	2,176	12,918
Total	238,744	217,713

Convertible Preferred Stock

All of our Preferred Stock is classified as temporary equity because the Preferred Stock is redeemable upon the occurrence of a Deemed Liquidation, which is not within our control. However, because a Deemed Liquidation event is currently not probable to occur, the Preferred Stock is currently not remeasured to its redemption value

In 2014 through 2019, we issued Series A, Series B, Series C Convertible Preferred Stock (“Series C”), Series C‑1 Convertible Preferred Stock (“Series C‑1”), Series D, Series D‑1 Convertible Preferred Stock (“Series D‑1”), Series E Convertible Preferred Stock (“Series E”), Series E‑1 Convertible Preferred Stock (“Series E‑1”), and Series E‑2 Convertible Preferred Stock (“Series E‑2”) (collectively, “Preferred Stock”).

In March and April 2018, we issued $20.0 million of convertible notes (the “2018 Notes”) to investors. The 2018 notes were issued with a maturity date two years from the issuance date at an interest rate of 7% per annum, which is payable on a quarterly basis; if we elected to not make cash interest payments, the interest would accrue at 10% per annum. The 2018 notes would convert to preferred shares of the company in a qualified equity financing event with a conversion price the lesser of: (i) 85% of the qualified financing price per share if converted within one year of issuance and 80% of the qualified financing price per share if converted thereafter and (ii) $2.080 billion divided by the number of outstanding shares of common stock immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock except for the 2018 Notes).

In May through December 2018, we issued 73,940,269 shares of Series E at $9.58 per share to investors in exchange for $708.2 million. This was a qualified financing event as per the 2018 Notes agreement, and the full value of the convertible notes were converted into 2,486,560 shares of Series E‑1 for 85% of the Series E price per share of $8.14. Accrued interest expense of $0.3 million was recorded up to conversion and was added to the value of the Series E‑1 shares. We recognized a net loss associated with the bifurcated conversion options of $3.3 million with respect to the convertible notes and the subsequent conversion to Series E‑1. We incurred approximately $1.4 million in Series E issuance costs, which is recorded as a discount to the carrying value of Series E.

In February through May 2019, we issued 21,222,829 shares of Series E‑2 at $13.3288 per share to investors in exchange for $282.9 million. We incurred approximately $235.9 thousand in Series E‑2 issuance costs, which is recorded as a discount to the carrying value of Series E‑2. In 2019, we issued 5,320,038 shares of Series D as a result of warrants exercised. Refer to Note 15 — Warrants for further information.

Significant terms of the Preferred Stock are as follows:

Dividends

The holders of Preferred Stock, in preference to the holders of Common Stock, shall be entitled to receive, when declared by the board of directors, cash dividends at the rate of $0.0317, $0.1096, $0.3589, $0.2871, $0.5263, $0.4737, $0.7662, $0.6513, and $1.0663 per share for Series A, Series B, Series C, Series C‑1, Series D, Series D‑1, Series E, Series E‑1, and Series E‑2 Convertible Preferred Stock, respectively. Additionally, the Preferred Stock entitles the holders to participate in dividends with the holders of Common Stock on an as-converted basis. Such dividends shall be payable only if and when declared by the board of directors and shall be noncumulative.

Voting

The holder of each share of Preferred Stock shall have the right to one vote for each share of Common Stock into which such Preferred Stocks could then be converted, and with respect to such vote, such holder shall have full voting rights and powers equal to the voting rights and powers of the holders of Common Stock, and shall be entitled, notwithstanding any provision hereof, to notice of any shareholders’ meeting in accordance with our bylaws. The holders of Preferred Stock and the holders of Common Stock shall vote together and not as separate classes.

Conversion

The holder of each share of Preferred Stock has the option to convert each share of Preferred Stock into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the original issue price by the conversion price applicable to such series of Preferred Stock. Each share of Preferred Stock shall automatically be converted into shares of Common Stock at the conversion rate (i) with the approval, affirmative vote, written consent, or agreement of the holders of a majority of the then outstanding Preferred Stock (the “Requisite Preferred Majority”), voting together as a single class and on an as-converted basis, (with the exception that the Series C and Series C‑1 shall not be converted without the approval of the holders of at least 60% of the then outstanding shares of Series C and Series C‑1 (the “Requisite Series C Majority”), with the exception that the Series D and Series D‑1 shall not be converted without the approval of at least two thirds of the then outstanding shares of Series D and Series D‑1 (the “Requisite Series D Majority”), with the exception that the Series E and Series E‑1 shall not be converted without the approval of a majority of then outstanding shares of Series E and Series E‑1 (the “Requisite Series E Majority”), and with the exception that the Series E‑2 Preferred Stock shall not be converted without the approval of a majority of the then outstanding shares of Series E‑2 (the “Requisite Series E‑2 Majority’)) or (ii) upon the effectiveness of a registration statement under the Securities Act of 1933, filed in connection with a firm commitment underwritten public offering of Common Stock with a price per share of at least $14.37 (as adjusted for stock dividends, combinations, or splits), and an aggregate offering price of not less than $50.0 million.

Liquidation Preference

In the event of any liquidation, change in control, dissolution, or winding up of our business (a “Liquidation Event” or “Deemed Liquidation”), the holders of Series E, Series E‑1, or Series E‑2 are entitled to receive, prior and in preference to any distribution of any of our assets to the holders of Series A, Series B, Series C, Series C‑1, Series D, and Series D‑1 and Common Stock by reason of their ownership thereof, an amount per share equal to (i) $9.5780 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stock) with respect to each share of Series E , (ii) $8.1413 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stock) with respect to each share of Series E‑1, and (iii) $13.3288 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stock) with respect to each share of Series E‑2. If, upon the occurrence of such event, the assets and funds thus distributed among the holders of Series E, Series E‑1 and Series E‑2 shall be insufficient to permit the payment to such holders of the full aforesaid preferential amounts, the entire assets and funds of our legally available for distribution shall be distributed ratably among the holders of Series E, Series E‑1, and Series E‑2 in proportion to the preferential amount each such holder is otherwise entitled to receive.

Upon completion of the distribution to Series E, Series E‑1, and Series E‑2, the holder of Series A, Series B, Series C, Series C‑1, Series D, and Series D‑1 are entitled to receive, prior and in preference to any distribution of any of the assets of our Company to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to (i) $0.3957 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stocks) with respect to each share of Series A, (ii) $1.3693 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stock) with respect to each share of Series B, (iii) $4.4856 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stock) with respect to each share of Series C plus any declared but unpaid dividends, (iv) $3.5885 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stock) with respect to each share of Series C‑1, (v) $6.5789 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stock) with respect to each share of Series D, (vi) $5.9210 per share (as adjusted for stock splits, stock dividends, reclassification, and the like with respect to such series of Preferred Stock) with respect to each share of Series D‑1. If, upon the occurrence of such event, the assets and funds thus distributed among the holders of Preferred Stocks shall be insufficient to permit the payment to such holders of the full aforesaid preferential amounts, the entire assets and funds of our Company legally available for distribution shall be distributed ratably among the holders of Series A, Series B, Series C, Series C‑1, Series D, and Series D‑1 in proportion to the preferential amount each such holder is otherwise entitled to receive. After payment of the liquidation amount, the remaining assets or property distributable upon such liquidation shall be divided pro rata among the holders of the Common Stock.

Redemption

The shares of Preferred Stocks are not redeemable at the option of the holder. Unless waived by the Requisite Preferred Majority, the Requisite Series C Majority, the Requisite Series D Majority, the Requisite Series E Majority, and the Requisite Series E‑2 Majority, a liquidation event or a transaction in which 50% of our voting power is transferred, other than a bona fide equity financing, or a sale of substantially all of our assets would constitute a redemption event.

SHARE-BASED AWARDS

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

SHARE-BASED AWARDS

SHARE-BASED AWARDS

13. SHARE-BASED AWARDS

Stock Plan

Our 2014 Stock Plan (the “Plan”), as amended and approved by the board of directors on February 6, 2020, allows us to grant options to purchase or directly issue 65,729,703 shares of Common Stock to employees, directors, and non-employees. We grant non statutory stock options, incentive stock options, restricted stock, and restricted stock units (“RSUs”).

Option awards are generally granted with an exercise price equal to the fair value of our common stock at the date of grant. Options granted are exercisable over a maximum term of 10 years from the date of grant and generally vest over a period of four years. Incentive stock options granted to a 10% shareholder are exercisable over a maximum term of 5 years from the date of grant.

A summary of the stock option activity for the nine months ended September 30, 2020, is as follows:


			Weighted-
		Weighted-	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise	Contractual	Value
	(in thousands)	Price	Term (in years)	(in thousands)
Balance – December 31, 2019	22,633	3.00	6.9	110,481
Exercised	(378)	2.85
Forfeited	(2,734)	3.67
Expired	(796)	3.65
Balance – September 30, 2020	18,725	2.88	6.0	93,646
Exercisable – September 30, 2020	13,096	2.37	5.3	72,214

RSUs typically vest upon both a service-based requirement, generally over a four year period, and a performance condition. The performance condition is met by the completion of a Company liquidity event, which is defined as a change of control or the effective date of a registration statement of the Company filed under the securities act for the sale of the Company’s common stock. A merger transaction with a publicly traded special purpose acquisition company does not meet the definition of a liquidity event. If a participant terminates service, any portion of an RSU unit that has met the service-based requirement will remain outstanding and remain eligible to vest when the performance condition has been satisfied. The vesting requirements of the RSUs typically must be met before the seventh anniversary of the grant date before the units expire. The Company’s Board of Directors has the authority to amend the vesting terms of any outstanding RSU award.

A summary of the RSU activity for the nine months ended September 30, 2020, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2019	14,070	$	6.80
Granted	8,592		7.60
Forfeited	(3,000)		6.99
Unvested and outstanding – September 30, 2020	19,662		7.12
Vested and outstanding – September 30, 2020	—		—

Restricted Shares

We have granted Restricted Shares to certain continuing employees, primarily in connection with acquisitions. The Restricted Shares vest upon satisfaction of a service condition, which generally ranges from three to four years.

A summary of the Restricted Shares activity for the nine months ended September 30, 2020 is as follows:


		Weighted-
	Number of	Average
	Restricted Shares	Grant-Date
	(Thousands)	Fair Value
Unvested – December 31, 2019	2,156	$	5.98
Vested	(636)	$	5.90
Unvested – September 30, 2020	1,520	$	6.01

Stock-based compensation expense

We recognized stock-based compensation expense in the statements of operations for the nine months ended September 30, 2020 and 2019, as follows (in thousands):


	Nine months Ended September 30,
	2020	2019
Stock options	5,411	7,085
Excess of the repurchase price over the fair value of common stock awards repurchased	—	590
Vesting of restricted shares	3,751	2,315
Total stock-based compensation expense	9,162	9,990

The range of assumptions used in the Black-Scholes Model for options for the nine months ended September 30, 2019 are as follows:


	2019
	Range
Fair value	$	6.82
Volatility		32%
Risk-free rate		1.80% – 2.34%
Expected life (in years)		5 – 7
Expected dividend	$	—

14.SHARE-BASED AWARDS

Stock Plan

Our 2014 Stock Plan (the “Plan”), as amended and approved by the board of directors on December 9, 2018, allows us to grant options to purchase or directly issue 51,529,703 shares of Common Stock to employees, directors, and non-employees. We grant non-statutory stock options, incentive stock options, restricted stock, and restricted stock units (“RSUs”).

A summary of the stock option activity for the year ended December 31, 2019, is as follows:


				Weighted-
		Weighted-		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	(in thousands)	Price		Term (in years)	(in thousands)
Balance – December 31, 2018	26,330	$	2.53	8.7	$	113,031
Granted	3,661		5.56
Exercised	(1,928)		1.83
Forfeited	(5,256)		2.85
Expired	(174)		2.86
Balance – December 31, 2019	22,633		3.00	6.9	$	110,481
Exercisable – December 31, 2019	10,870		2.17	6.0	$	62,060

Aggregate intrinsic value represents the difference between the exercise price of the options and the estimated fair value of our common stock. The total intrinsic value of options exercised for the years ended December 31, 2019, 2018 and 2017, was $9.7 million, $39.2 million, and $1.8 million, respectively.

The weighted-average grant date fair value per option granted for the years ended December 31, 2019, 2018, and 2017 was $2.42, $1.80, and $0.8 respectively.

A summary of the RSU activity for the year ended December 31, 2019, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2018	564	$	4.88
Granted	13,901		6.87
Forfeited	(395)		6.71
Unvested and outstanding – December 31, 2019	14,070	$	6.79
Vested and outstanding – December 31, 2019	—		—

Restricted Shares

A summary of the Restricted Shares activity for the year ended December 31, 2019 is as follows:


	Number of	Average
	Restricted Shares	Grant-Date
	(In thousands)	Fair Value
Unvested – December 31, 2018	1,666	$	4.88
Granted	1,263		6.94
Vested	(773)		5.18
Unvested – December 31, 2019	2,156	$	5.98
Vested and outstanding – December 31, 2019	—		—

The total intrinsic value of Restricted Shares vested for the years ended December 31, 2019, 2018, and 2017 was $1.5 million, $0.1 million, and $0.3 million respectively.

Stock-based compensation expense

We recognized stock-based compensation expense in the statements of operations for the years ended December 31, 2019, 2018 and 2017, as follows (in thousands):


	2019		2018		2017
Stock options	$	9,175	$	7,526	$	3,761
Excess of the repurchase price over the fair value of common stock awards repurchased		590		6,552		—
Vesting of restricted shares		3,431		896		—
Total stock-based compensation expense	$	13,196	$	14,974	$	3,761

As of December 31, 2019, there was $29.2 million of unamortized stock-based compensation costs related to unvested stock options and Restricted Shares for which vesting is not contingent on a qualifying event. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.6 years.

As of December 31, 2019, there was $95.6 million of unrecognized stock-based compensation costs relating to RSUs that vest upon satisfaction of a performance condition and a service condition. Of this amount, $9.3 million relates to awards for which the time-based vesting condition had been satisfied or partially satisfied on that date. No compensation cost is recorded for options that do not vest.

Valuation of options

The Black-Scholes Model used to value stock options incorporates the following assumptions:

Fair Value of Common Stock

The fair value of the Common Stock underlying the stock option awards was determined by the board of directors. Given the absence of a public trading market, the board of directors considered numerous objective and subjective factors to determine the fair value of our Common Stock at each meeting at which awards were approved. These factors included, but were not limited to (i) contemporaneous third-party valuations of Common Stock; (ii) the rights, preferences and privileges of convertible preferred stock relative to Common Stock; (iii) the lack of marketability of Common Stock; (iv) stage and development of our business; (v) general economic conditions and (vi) the likelihood of achieving a liquidity event, such as an IPO or sale, given prevailing market conditions.

Volatility

The expected stock price volatilities are estimated based on the historical and implied volatilities of comparable publicly traded companies as we do not have sufficient history of trading its Common Stock.

Risk-Free Interest Rate

The risk-free interest rates are based on U.S. Treasury yields in effect at the grant date for notes with comparable terms as the awards.

Expected Life

The expected term of options granted to employees is determined using the practical expedient method, which allows us to estimate the expected life as the midpoint between the requisite service period and the contractual term.

Dividend Yield

The expected dividend yield assumption is based on our current expectations about our anticipated dividend policy.

The range of assumptions used in the Black-Scholes Model for employee and non-employee stock options for 2019, 2018, and 2017 are as follows:


	2019 Range			2018 Range			2017 Range
Fair value		$6.82 – $6.94			$2.29 – $4.88			$1.64 – $2.59
Volatility		32% – 45	%		32% – 34	%		34% – 36	%
Risk-free rate		1.63% – 2.34	%		2.68% – 3.17	%		2.02% – 2.42	%
Expected life (in years)		5 – 7			5 – 7			7
Expected dividend	$	—		$	—		$	—

Valuation of RSU’s and Restricted Stock

Given the absence of a public trading market, our Board of Directors considers numerous objective and subjective factors to determine the fair value of common stock at each meeting at which awards were approved. These factors include, but were not limited to, contemporaneous valuations of common stock performed by an independent valuation specialist; developments in the Company’s business and stage of development; the Company’s operational and financial performance and condition; issuances of preferred stock and the rights and preferences of preferred stock relative to common stock; current condition of capital markets and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the

Company; and the lack of marketability of the Company’s common stock. For financial reporting purposes, the Company considers the amount of time between the valuation date and the grant date to determine whether to use the latest common stock valuation or a straight-line interpolation between the two valuation dates. The determination includes an evaluation of whether the subsequent valuation indicates that any significant change in valuation had occurred between the previous valuation and the grant date.

WARRANTS	9 Months Ended	12 Months Ended
WARRANTS	Sep. 30, 2020	Dec. 31, 2019
WARRANTS
WARRANTS	14. WARRANTS Warrants to purchase Series D Preferred Stock On September 12, 2018, we issued warrants to purchase 300,000 at a price of $0.01 (“Penny Warrants”). The Penny Warrants are exercisable, in whole or in part, upon issuance with exercise taking the form of payment of the full purchase price. As of September 30, 2020, the outstanding Penny Warrants provide the holder of the warrant the right to purchase 300,000 shares of Series D in exchange for proceeds of $3.0 thousand. Commitment to Issue Warrants In September 2018, we entered into a commitment to issue warrants (“Warrant Commitment.”). The Warrant Commitment obligates us to issue warrants on an annual basis until 2025 (“Issuance Date”). The number of warrants issued is calculated by dividing the Warrant Coverage Amount by the Warrant Coverage Price. On each Issuance Date, we determine the Warrant Coverage Amount. Prior to an initial public offering, we will issue warrants for Series E stock. As of September 30, 2020, the Warrant Coverage Amount can range from $11.0 million to $32.0 million, in total, for all future Issuance Dates. The Warrant Coverage Price is the higher of the Series E original issuance price of $9.58 and the cash price paid per share for our preferred stock issued in the most recent qualified financing event prior to the corresponding Issuance Date. If we participate in an initial public offering, we will issue warrants for the class of shares of common stock sold by the Company in its initial public offering. As of September 30, 2020, the Warrant Coverage Amount can range from $0.0 to $32.0 million, in total, for all future remaining Issuance Dates. The Warrant Coverage Price is the higher of the Warrant Coverage Price as determined prior to an initial public offering and the Issuance Date closing price of our stock on the securities exchange in which it is traded. See Note 8 — Fair value disclosures for further discussion of the impact of the Merger on our warrant commitment arrangement. On each Warrant Commitment Issuance date in September 2019 and September 2020, we issued warrants to purchase 75,025 shares and 150,051 shares, respectively, of Series E at a price of $9.58 per share (“Series E Warrants”). The Series E Warrants are exercisable, in whole or in part, upon issuance with exercise taking the form of payment of the full purchase price. As of September 30, 2020, the outstanding Series E Warrants provide the holder of the warrant the right to purchase 225,076 shares of Series E in exchange for proceeds of $2.2 million. The Penny Warrants, the Series D Warrants, the Warrant Commitment, and the Series E Warrants have been determined to be liabilities under ASC 480 as the underlying preferred shares have certain liquidation preferences in the event of a deemed liquidation. The outstanding Penny Warrants, the outstanding Series E Warrants, and the Warrant Commitment have a fair value measured in accordance with the methodology described in Note 8 — Fair Value Disclosures of $4.8 million, $1.5 million, and $0.0 million, respectively as of September 30, 2020. Changes in the fair value of our Series D or Series E would have no impact if the Penny Warrants or Series E Warrants, respectively, are settled through full payment. We recorded an increase to the warrant fair value adjustments of $1.9 million and a decrease to the warrant fair value adjustments of negative $6.6 million for the nine months ended September 30, 2020 and 2019, respectively.	15.WARRANTS Warrants to Purchase Series D Preferred Stock On June 12, 2018, we issued warrants to purchase 300,000 and 5,320,038 shares of Series D Preferred Stock at a price of $0.01 (“Penny Warrants”) and $6.58 per share (“Series D Warrants”), respectively. The Penny Warrants are exercisable, in whole or in part, upon issuance with exercise taking the form of payment of the full purchase price. The Series D Warrants are exercisable, in whole, upon issuance with the exercise taking the form of either payment of the purchase price or net exercise if the exercise is triggered upon certain events. In October 2019, the Series D Warrants were exercised and we issued 5,320,038 shares of Series D in exchange for $35.0 million. As of December 31, 2019, there were no Series D Warrants outstanding. As of December 31, 2019, the outstanding Penny Warrants provide the holder of the warrant the right to purchase 300,000 shares of Series D in exchange for proceeds of $3.0 thousand. Commitment to Issue Warrants In June 2018, we entered into a commitment to issue warrants (“Warrant Commitment.”). The Warrant Commitment obligates us to issue warrants on an annual basis until 2025 (“Issuance Date”). The number of warrants issued is calculated by dividing the Warrant Coverage Amount by the Warrant Coverage Price. On each Issuance Date, we determine the Warrant Coverage Amount. Prior to an initial public offering, we will issue warrants for Series E stock. As of December 31, 2019, the Warrant Coverage Amount can range from $12.0 million to $34 million, in total, for all future Issuance Dates. The Warrant Coverage Price is the higher of the Series E original issuance price of $9.58 and the cash price paid per share for our preferred stock issued in the most recent qualified financing event prior to the corresponding Issuance Date. If we participate in an initial public offering, we will issue warrants for the class of shares of common stock sold by the Company in its initial public offering. As of December 31, 2019, the Warrant Coverage Amount can range from $0.0 to $34.0 million, in total, for all future remaining Issuance Dates. The Warrant Coverage Price is the higher of the Warrant Coverage Price as determined prior to an initial public offering and the Issuance Date closing price of our stock on the securities exchange in which it is traded. On the first Warrant Commitment Issuance date in June 2019, we issued warrants to purchase 75,025 shares of Series E at a price of $9.58 per share (“Series E Warrants”). The Series E Warrants are exercisable, in whole or in part, upon issuance with exercise taking the form of payment of the full purchase price. As of December 31, 2019, the outstanding Series E Warrants provide the holder of the warrant the right to purchase 75,025 shares of Series E in exchange for proceeds of $718.6 thousand. The Penny Warrants, the Series D Warrants, the Warrant Commitment, and the Series E Warrants have been determined to be liabilities under ASC 480 as the underlying preferred shares have certain liquidation preferences in the event of a deemed liquidation. The outstanding Penny Warrants, the outstanding Series E Warrants, and the Warrant Commitment have a fair value measured in accordance with the methodology described in Note 8 — Fair Value Disclosures of $2.7 million, $288.9 thousand, and $1.5 million, respectively as of December 31, 2019. Changes in the fair value of our Series D or Series E would have no impact if the Penny Warrants or Series E Warrants, respectively, are settled through full payment. We recorded an increase to the warrant fair value adjustments of $6.2 million and a decrease to the warrant fair value adjustments of negative $18.0 million in 2019 and 2018, respectively.

INCOME TAXES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

INCOME TAXES

INCOME TAXES

15. INCOME TAXES

The Company’s quarterly tax provision is based upon an estimated annual effective tax rate. The Company’s provision for income taxes has not been historically significant to the business as the Company has incurred operating losses to date. The provision for income taxes consists primarily of state taxes in jurisdictions in which the Company conducts business.

The Company’s provision for income taxes was $0.2 million and $0.2 million for the nine months ended September 30, 2020 and 2019, respectively, with an effective tax rate of (0.1)% and (0.1)%, respectively. The effective tax rate differs from the U.S. statutory tax rate primarily due to the valuation allowances on the Company’s deferred tax assets as it is more likely than not that some or all of the Company’s deferred tax assets will not be realized.

16.INCOME TAXES

Income before income taxes consisted entirely of losses from domestic operations of $338.9 million, $239.6 million and $84.8 million for the calendar years ended December 31, 2019, December 31, 2018 and December 31, 2017, respectively.

For the years ended December 31, 2019, 2018, and 2017, we have not recorded any federal income tax expense or benefit due to the full valuation allowance. We incurred state income tax expense for the years ended December 31, 2019 and 2018 of $0.3 million and $0.4 million, respectively, and did not record any state income tax expense for the year ended December 31, 2017.

The following table summarizes the components of our income tax benefit for the periods presented (in thousands):


	Year Ended December 31,
	2019		2018		2017
Current income tax expense:
Federal	$	—	$	—	$	—
State		252		377		—
Total current income tax expense		252		377		—
Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Total deferred income tax benefit		—		—		—
Income Tax Provision	$	252	$	377	$	—

Effective Tax Rate

The following table presents a reconciliation of the federal statutory rates of 21% and 34% to our effective tax rate for the periods presented:


	Year Ended December 31,
	2019		2018		2017
Federal tax benefit at statutory rate	21.0	%	21.0	%	34.0	%
State income taxes, net of federal benefit	3.2		2.6		2.9
Non-deductible expenses and other	(0.1)		(0.9)		(0.1)
Non-deductible warrant expenses	0.4		(1.6)		—
Share-based compensation	(0.4)		0.4		(0.8)
Change in federal tax rate	—		—		(21.1)
Change in valuation allowance, net	(25.2)		(22.6)		(16.0)
Research and development credits	1.0		0.9		1.1
Effective tax rate	(0.1)	%	(0.2)	%	(0.0)	%

For 2019, 2018 and 2017, our effective tax rate differs from the amount computed by applying the statutory federal and state income tax rates to net loss before income tax, primarily as the result of state income taxes, R&D credits and changes in our valuation allowance.

Deferred Taxes

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income taxes purposes. Significant components of our deferred tax assets and liabilities as of December 31, 2019 and 2018, are as follows (in thousands):


	2019		2018
Deferred tax assets:
Accrued and reserves	$	4,231	$	4,685
Inventory		15,181		15,419
Tax credits		10,880		5,334
Lease Liability		14,800		—
Net operating loss		149,141		66,427
Total gross deferred tax assets		194,233		91,865
Depreciation and amortization		(4,749)		(3,179)
Goodwill		(114)		—
Lease ROU Asset		(14,507)		—
Valuation allowance		(174,863)		(88,686)
Net deferred tax assets	$	—	$	—

The Company assesses the realizability of deferred tax assets based on the available evidence, including a history of taxable income and estimates of future taxable income. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that all or some portion of deferred tax assets will not be realized. Due to the losses the Company generated in the current and prior years, the Company believes it is not more likely than not that all of the deferred tax assets can be realized. Accordingly, the Company established and recorded a full valuation allowance on its net deferred tax assets of $174.9 million as of December 31, 2019 and a full valuation allowance on its net deferred tax assets of $88.7 million as of December 31, 2018. The valuation allowance increased by $86.2 million and $55.0 million for 2019 and 2018 respectively primarily as a result of current year losses.

As of December 31, 2019, the Company had federal and state net operating loss (“NOL”) carryforwards of $630.4 million and $421.0 million, respectively. For NOLs arising after December 31, 2017, the Tax Cuts and Jobs Act of 2017 limits a taxpayer’s ability to utilize NOL carryforwards to 80% of taxable income and can be carried forward indefinitely (carryback is generally prohibited). In the Company’s case this would apply to federal NOLs generated in 2018 and 2019 of $166.3 million and $347.5 million, respectively. NOLs generated in tax years beginning before January 1, 2018 will not be subject to the taxable income limitation and will continue to have a two-year carryback and twenty-year carryforward period. California NOLs have a carryover period of 20 taxable years following the year of the loss. Additionally, the Company has U.S. federal research tax credit carryforwards of $10.7 million that begin to expire in 2034. The Company also has state research tax credit carryforwards of $5.6 million that have an indefinite carryforward period.

Section 382 of the Internal Revenue Code (the “Code”) limits the use of net operating losses and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. Utilization of the net operating loss carryforwards are subject to various limitations due to the ownership change limitations provided by Internal Revenue Code (IRC) Section 382 and similar state provisions.

Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2019		2018		2017
Unrecognized tax benefits as of the beginning of the year	$	2,433	$	862	$	—
Increases related to prior year tax provisions		383		197		332
Decrease related to prior year tax provisions		(247)		—		—
Increase related to current year tax provisions		2,464		1,374		530
Unrecognized tax benefits as of the end of the year	$	5,033	$	2,433	$	862

Due to the full valuation allowance at December 31, 2019, current adjustments to the unrecognized tax benefit will have no impact on our effective income tax rate. $4.7 million would impact the effective tax rate if adjustments are made after the valuation allowance is released. We do not anticipate any significant change in our uncertain tax positions within 12 months of this reporting date.

The Company’s policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the Company’s consolidated balance sheets. To date, the Company has not recognized any interest and penalties in its consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. We are subject to income tax in the U.S. and in various states. Due to the history of net operating losses, we are subject to U.S. federal, state and local examinations by tax authorities for all years since incorporation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

RELATED PARTIES	9 Months Ended	12 Months Ended
RELATED PARTIES	Sep. 30, 2020	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	16. RELATED PARTIES One of the preferred stock investors holds more than 10% interest in our Company and has one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2018, an executive early exercised their option to purchase 914,634 shares of unvested common stock at a price per share of $1.64 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See Note 14 — Warrants for further information. During 2019, we acquired OSN. See Note 2 — Business Combination for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2019. Prior to the acquisition, OSN conducted business with us as the noncontrolling member of our Title Companies. We paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, we paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.	17.RELATED PARTIES One of the Preferred Stock investors holds more than a 10% interest in the Company and has one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2018, an executive early exercised their option to purchase 914,634 shares of unvested common stock at a price per share of $1.64 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See Note 15 — Warrants for further information. During 2019, we acquired OSN. See Note 2 — Business Combination for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2018. Prior to the acquisition, OSN conducted business with us as the noncontrolling member of our Title Companies. We paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, we paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.

NET LOSS PER SHARE

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

NET LOSS PER SHARE

NET LOSS PER SHARE

17. NET LOSS PER SHARE

We use the two-class method to calculate net loss per share and apply the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net loss per share. No dividends were declared or paid for the nine months ended September 30, 2020 and 2019. Undistributed earnings for each period are allocated to participating securities, including the convertible preferred stock, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. As there is no contractual obligation for the convertible preferred stock to share in losses, our basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average shares of common stock outstanding during periods with undistributed losses.

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the nine months ended September 30, 2020 and 2019 (in thousands):


	For the Nine Months Ended September 30,
	2020		2019
Basic net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Net loss attributable to common shareholders – basic	$	(198,968)	$	(249,295)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Basic net loss per share	$	(3.75)	$	(5.11)
Diluted net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Minus: Gain on liability-classified warrants		—		8,402
Net loss attributable to common shareholders – diluted	$	(198,968)	$	(257,697)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Diluted net loss per share	$	(3.75)	$	(5.28)

There were no preferred dividends declared or accumulated for the period. In determining weighted average shares outstanding for the nine months ended September 30, 2020 for both basic and diluted EPS, the Company included the shares underlying the Issuer Stock Rights issued in extinguishment of the Company’s convertible notes as discussed in Note 7 — Credit facilities and long-term debt, as the shares are issuable with no cash consideration. In determining diluted EPS for the nine months ended September 30, 2019, the Company adjusted the numerator for fair value adjustments related to its Series D Preferred Warrants; however, the exercise of the warrants results in additional participating securities being issued and the Company assumed such participating securities did not convert into additional common stock as that is the most dilutive settlement assumption.

The Company has presented the Series E Warrants issued-to-date under the Warrant Commitment in the table below. Refer to Note 14 — Warrants for further information on the Warrant Commitment and Series E Warrants. The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	For the Nine Months Ended September 30,
	2020	2019
Common Stock Warrants	2,084	2,081
Series D Preferred Stock Warrants	300	—
Series E Preferred Stock Warrants	225	75
RSUs	19,662	8,736
Options	18,725	22,760
Unvested Shares from Early Exercise	46	220
Restricted Shares	1,520	2,288
Redeemable convertible preferred stock	194,384	189,064
Total anti-dilutive securities	236,946	225,224

18.NET LOSS PER SHARE

We use the two-class method to calculate basic net loss per share and apply the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net loss per share. No dividends were declared or paid for the years ended December 31, 2019, 2018 or 2017. Undistributed earnings for each period are allocated to participating securities, including the Preferred Stock, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. As there is no contractual obligation for the Preferred Stock to share in losses, our basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average shares of common stock outstanding during periods with undistributed losses.

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the years ended December 31, 2019, 2018, and 2017 (in thousands):


	For the Years Ended December 31,
	2019		2018		2017
Basic net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Net loss attributable to common shareholders – basic	$	(341,017)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share	$	(6.90)	$	(5.12)	$	(2.12)
Diluted net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Minus: Gain on liability-classified warrants	$	8,132		—		—
Net loss attributable to common shareholders – diluted	$	(349,149)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share – diluted	$	(7.06)	$	(5.12)	$	(2.12)

There were no preferred dividends declared or accumulated for the period. In determining diluted EPS, the Company adjusted the numerator for fair value adjustments related to its Series D Preferred Warrants; however, the exercise of the warrants results in additional participating securities being issued and the Company assumed such participating securities did not convert into additional common stock as that is the most dilutive settlement assumption.

The Company has presented the Series E Warrants issued-to-date under the Warrant Commitment in the table below. Refer to Note 15 — Warrants for further information on the Warrant Commitment and Series E Warrants. During 2019, the Company issued Convertible Notes for a total of $178.2 million in proceeds. Refer to Note 7 — Credit Facilities and Long-Term Debt for the terms for the Convertible Notes. Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	For the Years Ended December 31,
	2019	2018	2017
Common Stock Warrants	2,084	2,081	853
Series D Preferred Stock Warrants	300	5,620	—
Series E Preferred Stock Warrants	75	—	—
RSUs	14,070	564	—
Options	22,633	27,243	24,897
Unvested Shares from Early Exercise	116	693	1,611
Restricted Shares	2,281	1,851	997
Redeemable convertible preferred stock	194,384	167,841	92,417
Total anti-dilutive securities	235,943	205,893	120,775

COMMITMENTS AND CONTINGENCIES	9 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2020	Dec. 31, 2019
COMMITMENTS
COMMITMENTS	18. COMMITMENTS AND CONTINGENCIES Interest Rate Lock Commitments We entered into interest rate lock commitments with prospective borrowers whereby we commit to lend a certain loan amount under specific terms and interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. See Note 5 — Derivative Instruments for more information. Purchase Commitments As of September 30, 2020, we were in contract to purchase 716 homes for an aggregate purchase price of $181.5 million. Legal Matters From time to time, we may be subject to potential liability relating to the ownership and operations of our properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against us, some of which seek damages and other relief which, if granted, may require future cash expenditures. Management does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect our consolidated results of operations or financial condition. From time to time we receive inquiries and audit requests from various government agencies and fully cooperate with these requests. We do not have any material pending investigations or enforcement actions. Leases During the nine months ended September 30, 2020, we did not enter into any material new leases, lease renewals, or lease modifications. Certain long-term real estate leases entered into prior to 2020 commenced in the nine months ended September 30, 2020, for which we recognized right of use assets obtained in exchange for new operating lease liabilities of $40.1 million. On September 25, 2020, we exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In exercising our early termination option, we incurred and paid $5.2 million in early termination fees and are contractually obligated to pay rent through the remaining amended lease term in the amount of $12.9 million. We do not anticipate a return to the space during the remaining lease term and therefore the lease does not have future benefits to the Company. As such, we accelerated $12.5 million of amortization associated with the right of use asset and reduced the lease liability and right of use asset by $28.1 million. For additional information regarding our lease portfolio, see Note 10 — Leases in the accompanying notes to the consolidated audited financial statements as of and for the year ended December 31, 2019	19.COMMITMENTS AND CONTINGENCIES Purchase Commitments As of December 31, 2019, we were in contract to purchase 2,639 homes for an aggregate purchase price of $616.1 million. Legal Matters From time to time, we may be subject to potential liability relating to the ownership and operations of our properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against us, some of which seek damages and other relief which, if granted, may require future cash expenditures. Management does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect our consolidated results of operations or financial condition. From time to time we receive inquiries and audit requests from various government agencies and fully cooperate with these requests. We do not have any material pending investigations or enforcement actions.

RESTRUCTURING	9 Months Ended
RESTRUCTURING	Sep. 30, 2020
RESTRUCTURING
RESTRUCTURING	19. RESTRUCTURING On April 15, 2020, we initiated a reduction in workforce of 600 employees to achieve a more resilient cost structure in response to the uncertainties caused by COVID‑19. As a result, for the nine months ended September 30, 2020, we recorded $11.3 million of restructuring charges for employee termination benefits. Additionally, we incurred $18.3 million of costs related to the exiting of certain non-cancelable leases with no future benefits to the Company. This includes the Company’s exercise of the early termination option related to our San Francisco headquarters as discussed in Note 18 — Commitments and contingencies as well as the termination of other real estate leases. Of the restructuring charges with respect to employee termination benefits and lease modifications, we presented $1.9 million in Cost of revenue, $5.1 million in Sales, marketing and operations expense, $2.1 million in Technology and development and $20.5 million in General and administrative in our consolidated statement of operations. All restructuring costs were paid prior to September 30, 2020 with the exception of $12.9 million in rent due through the remaining amended lease term of our San Francisco headquarters.

SUBSEQUENT EVENTS	9 Months Ended	12 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2020	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this registration statement and determined that there have been no events that have occurred that would require recognition in the consolidated financial statements or disclosure herein.	20.SUBSEQUENT EVENTS On January 23, 2020, we entered into a new mezzanine term debt facility, Term Debt Facility 2020 M‑1, with $300 million in borrowing capacity, a 10% interest rate and a final maturity date of January 23, 2026. On March 11, 2020, the World Health Organization characterized the outbreak of a novel strain of coronavirus (COVID‑19) as a pandemic. Since that time, this outbreak has spread throughout the United States inclusive of the states in which we have operations. In response to the developments of COVID‑19, we significantly reduced our acquisition of property inventory and paused making new offers to purchase homes from customers. We relaunched offers to purchase homes in Phoenix in May and continued to relaunch other markets in the subsequent weeks and months. We resumed operations across all of our markets by the end of August 2020. On April 15, 2020, we announced a workforce reduction of 600 employees. We provided post-employment benefits to impacted employees for a total cost of $11.3 million and incurred $1.1 million of costs related to the exiting of certain non-cancelable leases with no future benefits to the Company. On April 6, 2020, we amended one of our existing mezzanine term debt facilities, Term Debt Facility 2016‑M1, to decrease borrowing capacity by $151 million. On June 1, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑3, to decrease the borrowing capacity by $100 million and extend the final maturity date to June 1, 2023. On July 10, 2020 we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑1, to extend the final maturity date to May 10, 2021. On September 4, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑2, to extend the final maturity date to October 2, 2020 and on September 24, 2020, we extended the final maturity date to December 23, 2022. On September 15, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Social Capital Hedosophia Corp. II (“SCH”) and Hestia Merger Sub Inc. (“Merger Sub”), a direct wholly owned subsidiary of SCH. Pursuant to the Merger Agreement, and subject to the approval of SCH’s shareholders and the Company’s shareholders, all of the equity interests in Opendoor will be converted into the right to receive 500 million shares of common stock of SCH. Upon consummation of the merger, Merger Sub will merge with and into Opendoor, the separate corporate existence of Merger Sub will cease and Opendoor will be the surviving corporation and a wholly owned subsidiary of SCH (the “Merger”). SCH shall immediately be renamed Opendoor Technologies Inc. The consummation of the Merger is subject to the satisfaction or waiver of certain closing conditions contained in the Merger Agreement. As part of the Merger, Opendoor options will be converted into options to acquire shares of Opendoor Technologies Inc. Opendoor warrants exercisable prior to close of the Merger, will be converted into shares of Opendoor common stock prior to or concurrent with closing of the Merger and thereafter, exchanged for shares in Opendoor Technologies Inc. Any Opendoor warrants not exercised or exercisable at closing of the Transaction will be cancelled. On September 14, 2020, the Company entered into a Convertible Notes Exchange Agreement (the “Exchange Agreement”) with the Convertible Note holders. Under the terms of the Exchange Agreement, the Convertible Note holders received rights to 13.3 million shares of the Company’s common stock (“Issuer Stock Rights”) upon the earlier of (i) immediately prior to the consummation of the Merger and (ii) March 13, 2021. The Issuer Stock Rights are received in full satisfaction of the outstanding principal and accrued interest on the Convertible Notes and such notes have been cancelled and of no further force or effect. On January 6, 2020, the Company entered into an employment letter agreement with an executive, including an anticipated grant of 9,202,707 RSUs to the executive upon a listing event. The RSUs would vest upon the achievement of share price milestones and the executive’s continued employment. In August and September 2020, the Company’s board of directors and the majority of the Company’s preferred shareholders, respectively, approved an amendment and restatement of the letter agreement to clarify certain details regarding the terms of the anticipated grant. Under the amended and restated letter agreement, a listing event occurs if an initial public offering, direct listing of the Company’s common stock, or a merger with a special purpose acquisition company occurs before December 31, 2024. In August and September 2020, the Company’s board of directors and the majority of the Company’s preferred shareholders, respectively, approved a grant of 2,160,000 RSUs to an executive. The RSUs, once granted, vest upon a four-year service-based requirement and a performance condition. The performance condition is met by the completion of a Company Listing Event. On September 25, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2019‑1, to extend the final maturity date to March 4, 2022. On September 25, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2019‑3, to increase borrowing capacity by $100 million and extend the final maturity date to August 21, 2023. As a result of the amendments and other events subsequent to December 31, 2019, borrowing capacity under our non-recourse asset-backed financing facilities has increased by $28 million, from $3,380 million at December 31, 2019 to $3,408 million, of which $1,948 million is fully committed. Through August 31, 2020, the Company’s senior revolving credit facilities had a weighted average interest rate of 3.68%. On September 25, 2020, we exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In exercising our early termination option, we incurred and paid $5.2 million in early termination fees. We are contractually obligated to pay rent through the remaining amended lease term in the amount of $10.5 million.

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Description of Business

Opendoor Labs Inc. (the “Company”, “we”, “our”, and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a leading digital platform for buying and selling your home. Opendoor streamlines the home selling and buying transaction and creates an end-to-end experience online. Since 2014, we have completed over 80,000 home transactions and currently operate in 21 markets in the United States. We are headquartered in San Francisco, California with operations in the United States and were incorporated in Delaware on December 30, 2013.

Basis of Presentation and Principles of Consolidation

Use of Estimates

Significant Risks and Uncertainties

We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: rates of revenue growth; our ability to manage advertising inventory or pricing; engagement and usage of our products; effectiveness of our investment of resources to pursue strategies; competition in our market; the stability of the residential real estate market; impact of interest rate changes on demand and our costs; changes in technology, products, markets or services by us or our competitors; addition or loss of significant customers; our ability to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future businesses; actual or anticipated changes to our products and services; changes in government regulation affecting our business; outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; management of our growth; our ability to attract and retain qualified employees and key personnel; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; protection of customers’ information and other privacy concerns; protection of our brand and intellectual property; and intellectual property infringement and other claims, among other things.

Concentration of Credit Risk

Concentrations of Credit Risk

Reclassifications

Segment Reporting

Mortgage Loans Held for Sale Pledged under Agreements to Repurchase

Cash and Cash Equivalents

Restricted Cash

Marketable Securities

Real Estate Inventory

Derivative Instruments

Escrow Receivable

No customers accounted for 10% or more of our Escrow Receivable as of December 31, 2019 or 2018, respectively.

Property and Equipment


Internally developed software		2 years
Software implementation costs		Lesser of 3 years or contract term
Computers		2 years
Security systems		1 year
Furniture and fixtures		5 years
Leasehold improvements		Lesser of useful life or lease term
Office equipment		3 years

Leases

Internally Developed Software

Goodwill

Intangible Assets

Impairment of Long-Lived Assets

Revenue Recognition

We generate revenue through home sales, along with other revenue from real estate services. Other revenue represents an insignificant portion of our total revenue.

Revenue Recognition

We generate revenue through home sales, along with other revenue from real estate services. Other revenue represents an insignificant portion of our total revenue.

Home sales revenue consists of selling residential real estate to customers. Revenue is recognized when title to and possession of the property has transferred to the customer and we have no continuing involvement with the property, which is generally upon close of escrow. The amount of revenue recognized for each home sale is equal to the sale price of the home net of any concessions. The Company generally provides a 90‑day guarantee on home sales, subject to terms and conditions. Returns on home sales have been limited in our experience and we do not estimate for returns in recognizing revenue.

No customers generated 10% or more of our total revenue in the years ended December 31, 2019, 2018 or 2017.

Cost of Revenue

Sales, Marketing and Operations Expense

Technology and Development

Stock-Based Compensation

Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), and restricted common shares (“Restricted Shares”).

Income Taxes

Consolidation of Variable Interest Entities

Recent Accounting Pronouncements

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In August 2018, the FASB issued ASU 2018‑15 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350‑40). ASU 2018‑15 amends a customer’s accounting for implementation costs incurred in hosting arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in cloud computing arrangements with the requirements for capitalizing costs to develop or obtain internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU with respect our consolidated financial statements as the Company expects to apply the prospective transition method.

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Summary of estimated useful lives of our property and equipment

The estimated useful lives of our property and equipment are as follows:


Internally developed software		2 years
Software implementation costs		Lesser of 3 years or contract term
Computers		2 years
Security systems		1 year
Furniture and fixtures		5 years
Leasehold improvements		Lesser of useful life or lease term
Office equipment		3 years

BUSINESS COMBINATION (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Business Acquisition [Line Items]

Schedule of Pro forma Information


	For Year Ended December 31,
(unaudited)	2019		2018		2017
Revenue	$	4,763,716	$	1,883,129	$	713,293
Net loss		(340,667)		(231,865)		(86,244)

OS National LLC

Business Acquisition [Line Items]

Schedule of fair value of the consideration transferred

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	34,300
Equity consideration – common stock		6,700
Total consideration transferred	$	41,000

Schedule of Pro forma Information

Non-recurring pro forma adjustments including acquisition-related costs directly attributable to the acquisition of OSN are included within the reported pro forma revenue and net loss (in thousands).


	For the nine months ended
	September 30,
(unaudited)	2019
Revenue	$	3,508,062
Net loss	$	(248,945)

Open Listings Co

Business Acquisition [Line Items]

Schedule of fair value of the consideration transferred

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	9,370
Equity consideration		6,150
Total consideration transferred	$	15,520

REAL ESTATE INVENTORY (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

REAL ESTATE INVENTORY

Summary of components of inventory, net of applicable real estate inventory valuation adjustments


	September 30,		December 31,
	2020		2019
Work-in-process	$	33,233	$	179,419
Finished goods		118,279		1,132,950
Total real estate inventory	$	151,512	$	1,312,369

The following table presents the components of inventory, net of applicable real estate inventory valuation adjustments, as of the dates presented (in thousands):


	2019		2018
Work-in-process	$	179,419	$	231,186
Finished goods		1,132,950		1,130,610
Total real estate inventory	$	1,312,369	$	1,361,796

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

Summary of amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities


	September 30, 2020
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	405,312		—	$	405,312	$	405,312		—		—
Money market funds		13,707		—		13,707		13,707		—		—
Commercial paper		49,189		2		(1)		49,190		48,340		850
Corporate debt securities		40,813		97		(2)		40,908		2,006		38,902
Asset-backed securities		17,954		50		(6)		17,998		—		17,998
U.S. agency securities		16,980		4		—		16,984		—		16,984
U.S. Treasury securities		6,697		—		—		6,697		—		6,697
Non-U.S. securities		700		—		—		700		—		700
Total	$	551,352	$	153	$	(9)	$	551,496	$	469,365	$	82,131


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt securities		16,417		12		(1)		16,428		—		16,428
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury securities		1,000		—		—		1,000		—		1,000
Asset-backed securities		12,482		12		(2)		12,492		—		12,492
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2019 and 2018, are as follows (in thousands):


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt		16,417		12		(1)		16,428		—		16,428
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury		1,000		—		—		1,000		—		1,000
Asset-backed		12,482		12		(2)		12,492		—		12,492
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576


	December 31, 2018
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	2,020	$	—	$	—	$	2,020	$	2,020	$	—
Money market funds		253,911		—		—		253,911		253,911		—
Commercial paper		6,635		—		—		6,635		4,192		2,443
Corporate debt		1,403		—		(1)		1,402		250		1,152
U.S. agency securities		5,456		1		—		5,457		1,995		3,462
U.S. Treasury		999		—		—		999		—		999
Asset-backed		950		—		(2)		948		—		948
Total	$	271,374	$	1	$	(3)	$	271,372	$	262,368	$	9,004

Summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss


September 30, 2020	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	14,797	$	(1)	$	—	$	—	$	14,797	$	(1)
Corporate debt securities		8,212		(2)		—		—		8,212		(2)
Asset-backed securities		2,940		(6)		—		—		2,940		(6)
U.S. Treasury securities		1,699		—		—		—		1,699		—
Total	$	27,648	$	(9)	$	—	$	—	$	27,648	$	(9)


December 31, 2019	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate-debt securities		3,166		(1)		—		—		3,166		(1)
Asset-backed securities		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)

A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in thousands):


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2019	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate debt		3,166		(1)		—		—		3,166		(1)
Asset-backed		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2018	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	4,591	$	—	$	—	$	—	$	4,591	$	—
Corporate debt		1,402		(1)		—		—		1,402		(1)
U.S. agency		999		—		—		—		999		—
Asset-backed		—		—		948		(2)		948		(2)
Total	$	6,992	$	(1)	$	948	$	(2)	$	7,940	$	(3)

Summary of contractual maturities of debt securities

The scheduled contractual maturities of debt securities as of September 30, 2020 are as follows (in thousands):


	Fair Value		Within 1 Year
Commercial paper	$	49,190	$	49,190
Corporate-debt securities		40,908		40,908
Asset-backed securities		17,998		17,998
U.S. agency securities		16,984		16,984
U.S. Treasury securities		6,697		6,697
Non-U.S. securities		700		700
Total	$	132,477	$	132,477

The scheduled contractual maturities of debt securities as of December 31, 2019 are as follows (in thousands):


					After
					1 Year
			Within		through
December 31, 2019	Fair Value		1 Year		5 Years
Commercial paper	$	19,994	$	19,994	$	—
Corporate debt		16,428		16,428		—
U.S. agency securities		749		749		—
U.S. Treasury		1,000		1,000		—
Asset-backed		12,492		—		12,492
Non-U.S. securities		700		700		—
Total	$	51,363	$	38,871	$	12,492

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

DERIVATIVE INSTRUMENTS

Summary of total notional amounts and fair values for derivatives

The following table presents the total notional amounts and fair values for our derivatives (in thousands):


	Notional		Fair Value Derivatives
As of September 30, 2020	Amount		Asset		Liability
Interest rate caps	$	100,000	$	—	$	—
Interest rate lock commitments		24,884		(848)		—


	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Interest rate lock commitments		3,429		95		—
Embedded conversion options		180,252		—		41,697

The following table presents the total notional amounts and fair values for our derivatives (in thousands):



	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Embedded conversion options	$	180,252	$	—	$	41,697



	Notional		Fair Value Derivatives
As of December 31, 2018	Amount		Asset		Liability
Interest rate caps	$	366,700	$	1,106	$	—

Summary of net gains and losses recognized on derivatives within the respective line items in the statement of operations

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statements of operations for the periods indicated (in thousands):


	Nine Months Ended
	September 30,
	2020		2019
Net gains (losses) recognized on economic hedges:
Revenue	$	753	$	135
Derivative and warrant fair value adjustment	$	(23,317)	$	—
Other income-net	$	(4)	$	(729)

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statement of operations for the periods indicated (in thousands):


	For the Years Ended
	December 31,
	2019		2018		2017
Other income, net	$	(773)	$	420	$	134

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

VARIABLE INTEREST ENTITIES

Summarizes the assets and liabilities related to the VIEs

The following table summarizes the assets and liabilities related to the VIEs consolidated by us from our Credit Facility Vehicles as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	15,370	$	86,526
Restricted cash		161,624		268,368
Real estate inventory		148,205		1,312,194
Other(a)		6,048		25,793
Total assets	$	331,247	$	1,692,881
Liabilities
Credit facilities	$	257,647	$	1,264,913
Other(b)		3,444		14,983
Total liabilities	$	261,091	$	1,279,896

(a) Includes escrow receivable and other current assets.

(b) Includes accounts payable and other accrued liabilities and interest payable.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2019:


	Credit Facility
	Vehicles
Assets
Cash and cash equivalents	$	86,526
Restricted cash		268,368
Real estate inventory		1,312,194
Other(a)		25,793
Total assets	$	1,692,881
Liabilities
Credit facilities	$	1,264,913
Other(b)		14,983
Total liabilities	$	1,279,896

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2018:


	Credit Facility		Title
	Vehicles		Companies		Total
Assets
Cash and cash equivalents	$	79	$	—	$	79
Restricted cash		127,798		6,737		134,535
Real estate inventory		1,360,236		—		1,360,236
Other(a)		19,431		1,368		20,799
Total assets	$	1,507,544	$	8,105		1,515,649
Liabilities
Credit facilities	$	1,133,095	$	—	$	1,133,095
Other(b)		6,316		528		6,844
Total liabilities	$	1,139,411	$	528	$	1,139,939

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

CREDIT FACILITIES AND LONG-TERM DEBT (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

CREDIT FACILITIES AND LONG-TERM DEBT

Schedule of credit facilities outstanding

The following table summarizes certain details related to our credit facilities outstanding as of September 30, 2020 and December 31, 2019 (in thousands, except interest rates):


					Weighted
	Borrowing		Outstanding		Average		End of Revolving	Final Maturity
As of September 30, 2020	Capacity		Amount		Interest Rate		Period	Date
Revolving Facility 2018-1	$	250,000	$	962	4.32	%	February 10, 2021	May 10, 2021
Revolving Facility 2018-2		750,000		1,373	4.44	%	September 23, 2022	December 23, 2022
Revolving Facility 2018-3		100,000		11,558	4.36	%	June 1, 2023	June 1, 2023
Revolving Facility 2019-1		300,000		10,909	3.76	%	March 4, 2022	March 4, 2022
Revolving Facility 2019-2		1,030,000		72,808	3.30	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		475,000		11,001	3.92	%	August 22, 2022	August 21, 2023
Total	$	2,905,000	$	108,611


			Weighted
	Outstanding		Average
As of December 31, 2019	Amount		Interest Rate
Revolving Facility 2016-1	$	39,346	6.17	%
Revolving Facility 2017-1		25,758	7.00	%
Revolving Facility 2018-1		126,450	5.62	%
Revolving Facility 2018-2		194,293	6.00	%
Revolving Facility 2018-3		111,411	4.65	%
Revolving Facility 2019-1		206,399	3.81	%
Revolving Facility 2019-2		327,226	3.41	%
Revolving Facility 2019-3		42,812	3.02	%
Total	$	1,073,695

We classify the senior revolving credit facilities as current liabilities on the Company’s consolidated balance sheets as amounts drawn to acquire and renovate homes are required to be repaid as the related real estate inventory is sold, which we expect to be within 12 months. The following table summarizes certain details related to our credit facilities outstanding as of December 31, 2019 and December 31, 2018 (in thousands, except interest rates):


					Weighted
					Average		End of	Final
	Borrowing		Outstanding		Interest		Revolving	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date
Revolving Facility 2016-1	$	39,346	$	39,346	6.17	%	August 22, 2019	March 20, 2020
Revolving Facility 2017-1		75,000		25,758	7.00	%	March 1, 2020	9 months by property
Revolving Facility 2018-1		250,000		126,450	5.62	%	July 11, 2020	July 11, 2020
Revolving Facility 2018-2		750,000		194,293	6.00	%	September 4, 2020	September 4, 2020
Revolving Facility 2018-3		200,000		111,411	4.65	%	June 20, 2020	December 20, 2020
Revolving Facility 2019-1		300,000		206,399	3.81	%	June 5, 2021	June 5, 2021
Revolving Facility 2019-2		1,030,000		327,226	3.41	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		335,654		42,812	3.02	%	August 20, 2021	August 19, 2022
Total	$	2,980,000	$	1,073,695


			Weighted
			Average
	Outstanding		Interest
As of December 31, 2018	Amount		Rate
Revolving Facility 2016-1	$	326,970	6.83	%
Revolving Facility 2017-1		36,650	7.00	%
Revolving Facility 2017-2		184,250	7.04	%
Revolving Facility 2018-1		131,802	6.25	%
Revolving Facility 2018-2		299,279	4.81	%
Total	$	978,951

Summary of details related to our credit facilities and mezzanine term debt facilities outstanding

The following table summarizes certain details related to our mezzanine term debt facilities as of September 30, 2020 (in thousands, except interest rates):


	Borrowing		Outstanding		Interest		End of Draw	Final Maturity
As of September 30, 2020	Capacity		Amount		Rate		Period	Date
Term Debt Facility 2016-M1	$	149,000	$	40,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2019-M1		54,000		15,000	15.00	%	August 15, 2023	February 15, 2025
Term Debt Facility 2020-M1		300,000		100,000	10.00	%	January 23, 2023	January 23, 2026
Total	$	503,000	$	155,000
		Issuance Costs		(5,965)
		Carrying Value	$	149,035


								Final
	Borrowing		Outstanding		Interest		End of Draw	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date

Term Debt Facility 2016-M1	$	300,000	$	166,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2019-M1		100,000		61,000	15.00	%	August 15, 2023	February 15, 2025
Total	$	400,000	$	227,000
		Issuance Costs, Net		(5,071)
		Carrying Value	$	221,929

Schedule of mortgage financing

The following tables summarize certain details related to our mortgage financing (in thousands, except interest rates):

Weighted

End of

Borrowing

Outstanding

Average

Revolving

Final Maturity

As of September 30, 2020

Capacity

Amount

Interest Rate

Period

Date

Repo Facility 2019-R1

50,000

13,297

1.90

April 29, 2021


			Weighted
	Outstanding		Average
As of December 31, 2019	Amount		Interest Rate
Repo Facility 2019-R1	$	2,021	3.98	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

Summary of fair value measurement methodologies, including significant inputs and assumptions, and classification of our assets and liabilities

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Interest rate lock commitments	Fair value of the underlying loan based on quoted market prices in the secondary market and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Summary of levels of the fair value hierarchy for our assets and liabilities measured at fair value on a recurring basis

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	September 30, 2020		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	38,902	$	—	$	38,902	$	—
Asset-backed securities		17,998		—		17,998		—
U.S. agency securities		16,984		—		16,984		—
U.S. Treasury securities		6,697		—		6,697		—
Commercial paper		850		—		850		—
Non-U.S. securities		700		—		700		—
Mortgage loans held for sale pledged under agreements to repurchase		13,984		—		13,984		—
Other current assets:
Interest rate lock commitments.		848		—		848		—
Total assets	$	96,963	$	—	$	96,963	$	—
Accounts payable and other accrued liabilities:
Warrants liabilities – current	$	6,440	$	—	$	—	$	6,440
Total liabilities	$	6,440	$	—	$	—	$	6,440


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Other current assets:
Interest rate caps		4		—		4		—
Interest rate lock commitments		95		95
Total assets	$	45,791	$	—	$	45,791	$	—
Derivative and warrant liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Other current assets:
Interest rate caps		4		—		4		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Total assets	$	45,696	$	—	$	45,696	$	—
Derivative and warrant Liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235


	Fair Value as of
	December 31, 2018		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	1,152	$	—	$	1,152	$	—
Asset-backed securities		948		—		948		—
Commercial paper		2,443		—		2,443		—
U.S. agency securities		3,462		—		3,462		—
U.S. Treasury securities		999		—		999		—
Other current assets:
Interest rate caps		1,106		—		1,106		—
Total assets	$	10,110	$	—	$	10,110	$	—
Derivative and warrant liabilities:
Warrants	$	18,022	$	—	$	—	$	18,022
Total liabilities	$	18,022	$	—	$	—	$	18,022

Summary of carrying value, estimated fair value and the levels of the fair value hierarchy for our financial instruments other than assets and liabilities measured at fair value on a recurring basis


	As of September 30, 2020
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	469,365	$	469,365	$	469,365	$	—
Restricted cash		174,194		174,194		174,194		—
Liabilities:
Credit facilities and other secured borrowings	$	270,944	$	270,944	$	—	$	270,944


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252


	As of December 31, 2018
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	262,368	$	262,368	$	262,368	$	—
Restricted cash		143,403		143,403		143,403		—
Liabilities:
Credit facilities and other secured borrowings	$	1,133,095	$	1,133,095	$	—	$	1,133,095

Summary of reconciliation from the opening balances to the closing balances for Level 3 Fair values


			Embedded Conversion
	Warrants		Option
Balance at January 1, 2019	$	18,022	$	—
Net change in fair value		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019		4,538		41,697
Net change in fair value		1,902		23,317
Settlement of convertible notes		—		(65,014)
Balance as of September 30, 2020	$	6,440	$	—

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded
			Conversion
	Warrants		Option
Balance as of December 31, 2017	$	—	$	—
Issuances		14,529		—
Net change in fair value (unrealized)		3,493		—
Balance as of December 31, 2018		18,022		—
Net change in fair value (unrealized)		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019	$	4,538	$	41,697

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

PROPERTY AND EQUIPMENT

Schedule of property and equipment

Property and equipment as of September 30, 2020 and December 31, 2019, consisted of the following (in thousands):


	September 30,		December 31,
	2020		2019
Internally developed software	$	44,209	$	33,765
Software implementation costs		1,604		1,214
Computers		5,383		7,777
Security systems		559		4,927
Furniture and fixtures		3,007		2,843
Leasehold improvements		2,444		2,748
Office equipment		1,910		1,794
Total		59,116		55,068
Accumulated depreciation and amortization		(29,682)		(20,462)
Property and equipment – net	$	29,434	$	34,606

Property and equipment as of December 31, 2019 and 2018, consisted of the following (in thousands):


	2019		2018
Internally developed software	$	33,765	$	12,567
Software implementation costs		1,214		208
Computers		7,777		4,053
Security systems		4,927		3,235
Furniture and fixtures		2,843		1,547
Leasehold improvements		2,748		1,349
Office equipment		1,794		672
Total		55,068		23,631
Accumulated depreciation and amortization		(20,462)		(5,655)
Property and equipment – net	$	34,606	$	17,976

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

LEASES

Schedule of maturity of operating lease liabilities

Maturity of operating lease liabilities as of December 31, 2019 are as follows (in thousands):


2020	$	17,384
2021		15,149
2022		14,363
2023		13,922
2024		10,881
Thereafter		832
Total undiscounted future cash flows	$	72,531
Less: Imputed interest		10,624
Total lease liabilities	$	61,907

Schedule of future minimum payments under noncancelable operating leases with terms greater than one year

Future minimum payments under noncancelable operating leases with terms greater than one year as of December 31, 2018, are as follows (in thousands):


2019	$	13,269
2020		15,832
2021		13,638
2022		13,267
2023		13,071
Total minimum payments	$	69,077

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

GOODWILL AND INTANGIBLE ASSETS

Schedule of Intangible assets subject to amortization

Intangible assets subject to amortization consisted of the following as of September 30, 2020 (in thousands, except years):


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(2,921)	$	—	2
Customer relationships		7,400		(2,295)		5,105	5
Trademarks		5,400		(1,396)		4,004	5
Non-competition agreements		100		(100)		—	2
Intangible assets – net	$	15,821	$	(6,712)	$	9,109

Intangible assets subject to amortization consisted of the follow as of December 31, 2019 and 2018, respectively(in thousands, except years):

As of December 31, 2019


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(1,879)	$	1,042	2
Customer relationships		7,400		(990)		6,410	5
Trademarks		5,400		(631)		4,769	5
Non-competition agreements		100		(65)		35	2
Intangible assets – net	$	15,821	$	(3,565)	$	12,256

As of December 31, 2018


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,900	$	(423)	$	2,477	2
Customer relationships		900		(131)		769	2
Trademarks		300		(44)		256	2
Non-competition agreements		100		(15)		85	2
Intangible assets – net	$	4,200	$	(613)	$	3,587

Schedule of expected amortization of intangible assets


Fiscal Years	(In thousands)
2020	$	3,730
2021		2,320
2022		2,320
2023		2,320
2024		1,566
Total	$	12,256

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Schedule of Accounts payable and accrued liabilities

Accounts payable and accrued liabilities as of September 30, 2020 and December 31, 2019, consist of the following (in thousands):


	September 30,		December 31,
	2020		2019
Accrued expenses due to vendors	$	19,434	$	16,342
Accounts payable due to vendors		3,212		6,453
Accrued property and franchise taxes		1,243		5,739
Accrued payroll and other employee related expenses		5,198		3,328
Other		8,911		1,115
Total accounts payable and other accrued liabilities	$	37,998	$	32,977


	2019		2018
Accrued expenses due to vendors	$	16,342	$	15,394
Accounts payable due to vendors		6,453		6,237
Accrued property and franchise taxes		5,739		5,487
Accrued payroll and other employee related expenses		3,328		2,366
Other		1,115		781
Total accounts payable and other accrued liabilities	$	32,977	$	30,265

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT (Tables)

12 Months Ended

Dec. 31, 2019

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT

Schedule of Shares reserved for common stock, on an as-converted basis, for future issuance

We have reserved shares of common stock, on an as-converted basis, for future issuance as follows (shares in thousands):


	December 31,
	2019	2018
Redeemable convertible preferred stock outstanding	194,384	167,841
Stock options issued and outstanding	22,633	26,330
RSUs issued and outstanding	14,070	564
Restricted shares of common stock	2,156	1,666
Early exercised stock options (unvested)	116	693
Warrants issued and outstanding	2,459	7,701
Future issuance of warrants	750	—
Shares available for future equity grants under 2014 Stock Plan	2,176	12,918
Total	238,744	217,713

SHARE-BASED AWARDS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

SHARE-BASED AWARDS

Summary of the stock option activity

A summary of the stock option activity for the nine months ended September 30, 2020, is as follows:


			Weighted-
		Weighted-	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise	Contractual	Value
	(in thousands)	Price	Term (in years)	(in thousands)
Balance – December 31, 2019	22,633	3.00	6.9	110,481
Exercised	(378)	2.85
Forfeited	(2,734)	3.67
Expired	(796)	3.65
Balance – September 30, 2020	18,725	2.88	6.0	93,646
Exercisable – September 30, 2020	13,096	2.37	5.3	72,214

A summary of the stock option activity for the year ended December 31, 2019, is as follows:


				Weighted-
		Weighted-		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	(in thousands)	Price		Term (in years)	(in thousands)
Balance – December 31, 2018	26,330	$	2.53	8.7	$	113,031
Granted	3,661		5.56
Exercised	(1,928)		1.83
Forfeited	(5,256)		2.85
Expired	(174)		2.86
Balance – December 31, 2019	22,633		3.00	6.9	$	110,481
Exercisable – December 31, 2019	10,870		2.17	6.0	$	62,060

Summary of the RSU activity

A summary of the RSU activity for the nine months ended September 30, 2020, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2019	14,070	$	6.80
Granted	8,592		7.60
Forfeited	(3,000)		6.99
Unvested and outstanding – September 30, 2020	19,662		7.12
Vested and outstanding – September 30, 2020	—		—

A summary of the RSU activity for the year ended December 31, 2019, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2018	564	$	4.88
Granted	13,901		6.87
Forfeited	(395)		6.71
Unvested and outstanding – December 31, 2019	14,070	$	6.79
Vested and outstanding – December 31, 2019	—		—

Summary of the Restricted Shares activity

A summary of the Restricted Shares activity for the nine months ended September 30, 2020 is as follows:


		Weighted-
	Number of	Average
	Restricted Shares	Grant-Date
	(Thousands)	Fair Value
Unvested – December 31, 2019	2,156	$	5.98
Vested	(636)	$	5.90
Unvested – September 30, 2020	1,520	$	6.01

A summary of the Restricted Shares activity for the year ended December 31, 2019 is as follows:


	Number of	Average
	Restricted Shares	Grant-Date
	(In thousands)	Fair Value
Unvested – December 31, 2018	1,666	$	4.88
Granted	1,263		6.94
Vested	(773)		5.18
Unvested – December 31, 2019	2,156	$	5.98
Vested and outstanding – December 31, 2019	—		—

Summary of stock-based compensation expense in the statements of operations

We recognized stock-based compensation expense in the statements of operations for the nine months ended September 30, 2020 and 2019, as follows (in thousands):


	Nine months Ended September 30,
	2020	2019
Stock options	5,411	7,085
Excess of the repurchase price over the fair value of common stock awards repurchased	—	590
Vesting of restricted shares	3,751	2,315
Total stock-based compensation expense	9,162	9,990

We recognized stock-based compensation expense in the statements of operations for the years ended December 31, 2019, 2018 and 2017, as follows (in thousands):


	2019		2018		2017
Stock options	$	9,175	$	7,526	$	3,761
Excess of the repurchase price over the fair value of common stock awards repurchased		590		6,552		—
Vesting of restricted shares		3,431		896		—
Total stock-based compensation expense	$	13,196	$	14,974	$	3,761

Summary of assumptions used in the Black-Scholes Model for employee and non-employee stock options

The range of assumptions used in the Black-Scholes Model for options for the nine months ended September 30, 2019 are as follows:


	2019
	Range
Fair value	$	6.82
Volatility		32%
Risk-free rate		1.80% – 2.34%
Expected life (in years)		5 – 7
Expected dividend	$	—

The range of assumptions used in the Black-Scholes Model for employee and non-employee stock options for 2019, 2018, and 2017 are as follows:


	2019 Range			2018 Range			2017 Range
Fair value		$6.82 – $6.94			$2.29 – $4.88			$1.64 – $2.59
Volatility		32% – 45	%		32% – 34	%		34% – 36	%
Risk-free rate		1.63% – 2.34	%		2.68% – 3.17	%		2.02% – 2.42	%
Expected life (in years)		5 – 7			5 – 7			7
Expected dividend	$	—		$	—		$	—

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of components of our income tax benefit for the periods


	Year Ended December 31,
	2019		2018		2017
Current income tax expense:
Federal	$	—	$	—	$	—
State		252		377		—
Total current income tax expense		252		377		—
Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Total deferred income tax benefit		—		—		—
Income Tax Provision	$	252	$	377	$	—

Schedule of a reconciliation of the federal statutory rates to our effective tax rates


	Year Ended December 31,
	2019		2018		2017
Federal tax benefit at statutory rate	21.0	%	21.0	%	34.0	%
State income taxes, net of federal benefit	3.2		2.6		2.9
Non-deductible expenses and other	(0.1)		(0.9)		(0.1)
Non-deductible warrant expenses	0.4		(1.6)		—
Share-based compensation	(0.4)		0.4		(0.8)
Change in federal tax rate	—		—		(21.1)
Change in valuation allowance, net	(25.2)		(22.6)		(16.0)
Research and development credits	1.0		0.9		1.1
Effective tax rate	(0.1)	%	(0.2)	%	(0.0)	%

Schedule of components of our deferred tax assets and liabilities


	2019		2018
Deferred tax assets:
Accrued and reserves	$	4,231	$	4,685
Inventory		15,181		15,419
Tax credits		10,880		5,334
Lease Liability		14,800		—
Net operating loss		149,141		66,427
Total gross deferred tax assets		194,233		91,865
Depreciation and amortization		(4,749)		(3,179)
Goodwill		(114)		—
Lease ROU Asset		(14,507)		—
Valuation allowance		(174,863)		(88,686)
Net deferred tax assets	$	—	$	—

Schedule of tabular reconciliation of the total amounts of unrecognized tax benefits.


	Year Ended December 31,
	2019		2018		2017
Unrecognized tax benefits as of the beginning of the year	$	2,433	$	862	$	—
Increases related to prior year tax provisions		383		197		332
Decrease related to prior year tax provisions		(247)		—		—
Increase related to current year tax provisions		2,464		1,374		530
Unrecognized tax benefits as of the end of the year	$	5,033	$	2,433	$	862

NET LOSS PER SHARE (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

NET LOSS PER SHARE

Schedule of computation of our basic and diluted net loss per share attributable to common shareholders

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the nine months ended September 30, 2020 and 2019 (in thousands):


	For the Nine Months Ended September 30,
	2020		2019
Basic net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Net loss attributable to common shareholders – basic	$	(198,968)	$	(249,295)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Basic net loss per share	$	(3.75)	$	(5.11)
Diluted net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Minus: Gain on liability-classified warrants		—		8,402
Net loss attributable to common shareholders – diluted	$	(198,968)	$	(257,697)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Diluted net loss per share	$	(3.75)	$	(5.28)

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the years ended December 31, 2019, 2018, and 2017 (in thousands):


	For the Years Ended December 31,
	2019		2018		2017
Basic net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Net loss attributable to common shareholders – basic	$	(341,017)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share	$	(6.90)	$	(5.12)	$	(2.12)
Diluted net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Minus: Gain on liability-classified warrants	$	8,132		—		—
Net loss attributable to common shareholders – diluted	$	(349,149)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share – diluted	$	(7.06)	$	(5.12)	$	(2.12)

Schedule of anti-dilutive securities were not included in the computation of diluted shares outstanding

The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	For the Nine Months Ended September 30,
	2020	2019
Common Stock Warrants	2,084	2,081
Series D Preferred Stock Warrants	300	—
Series E Preferred Stock Warrants	225	75
RSUs	19,662	8,736
Options	18,725	22,760
Unvested Shares from Early Exercise	46	220
Restricted Shares	1,520	2,288
Redeemable convertible preferred stock	194,384	189,064
Total anti-dilutive securities	236,946	225,224

Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	For the Years Ended December 31,
	2019	2018	2017
Common Stock Warrants	2,084	2,081	853
Series D Preferred Stock Warrants	300	5,620	—
Series E Preferred Stock Warrants	75	—	—
RSUs	14,070	564	—
Options	22,633	27,243	24,897
Unvested Shares from Early Exercise	116	693	1,611
Restricted Shares	2,281	1,851	997
Redeemable convertible preferred stock	194,384	167,841	92,417
Total anti-dilutive securities	235,943	205,893	120,775

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2020 item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2013 USD ($)
Description of Business
Number of home transactions completed	80,000				80,000
Number of currently operated markets	21				21
Number of days of guarantee on home sales	90 days	90 days
Reclassification
Reclassification from other liabilities to derivative and warrant liabilities		$ 18,000,000
Reclassification from other current assets to Mortgage loans held for sale pledged under agreements to repurchase		2,100,000
Marketable Securities
Impairment of investments in marketable securities		$ 0	$ 0	$ 0

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Internally developed software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Computers
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Security systems
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	1 year
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum \| Software implementation costs
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Intangible Assetst (Details)	12 Months Ended
	Dec. 31, 2019
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Revenue Recognitiont (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Impairment loss		$ 0	$ 0	$ 0
Revenue Recognition
Number of days of guarantee on home sales	90 days	90 days

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Recently Issued Accounting Standardst (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Jan. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	$ 51,842	$ 60,681
Operating lease liabilities		$ 61,907
Adjustment \| ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets			$ 14,700
Operating lease liabilities			15,000
Prepaid balances removed			600
Deferred rent balances removed			$ 900

BUSINESS COMBINATION - Acquisitions (Details) - USD ($) $ in Thousands	Sep. 04, 2019	Sep. 10, 2018
OS National LLC
Business Acquisition [Line Items]
Cash consideration	$ 34,300
Equity consideration - common stock	6,700
Total consideration transferred	$ 41,000
Open Listings Co
Business Acquisition [Line Items]
Cash consideration		$ 9,370
Equity consideration - common stock		6,150
Total consideration transferred		$ 15,520

BUSINESS COMBINATION - Additional information (Details) - USD ($) $ in Millions			4 Months Ended
	Sep. 04, 2019	Sep. 10, 2018	Dec. 31, 2019	Dec. 31, 2018
OS National LLC
Business Acquisition [Line Items]
Percentage of equity interests acquired	100.00%
Non controlling interest acquired	$ 4.9
Amortization period	5 years
Revenue			$ 12.8
Net loss			$ 4.2
OS National LLC \| Trademarks
Business Acquisition [Line Items]
Intangible assets	$ 5.1
OS National LLC \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 6.5
Open Listings Co
Business Acquisition [Line Items]
Percentage of equity interests acquired		100.00%
Amortization period		2 years
Revenue				$ 2.0
Net loss				$ 2.3
Open Listings Co \| Trademarks
Business Acquisition [Line Items]
Intangible assets		$ 0.3
Open Listings Co \| Non-competition agreements
Business Acquisition [Line Items]
Intangible assets		0.1
Open Listings Co \| Developed technology
Business Acquisition [Line Items]
Intangible assets		2.9
Open Listings Co \| Customer relationships
Business Acquisition [Line Items]
Intangible assets		$ 0.9

BUSINESS COMBINATION - Pro forma financial information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Revenue		$ 4,763,716	$ 1,883,129	$ 713,293
Net loss		$ (340,667)	$ (231,865)	$ (86,244)
OS National LLC
Business Acquisition [Line Items]
Revenue	$ 3,508,062
Net loss	$ (248,945)

REAL ESTATE INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
REAL ESTATE INVENTORY
Work-in-process	$ 33,233	$ 179,419	$ 231,186
Finished goods	118,279	1,132,950	1,130,610
Total real estate inventory	$ 151,512	$ 1,312,369	$ 1,361,796

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	$ 551,352	$ 448,638		$ 271,374
Unrealized Gains	153	25		1
Unrealized Losses	9	7		3
Fair Value	551,496	448,656		271,372
Operating bank accounts	469,365	405,080	$ 454,982	262,368	$ 33,919
Marketable Securities	82,131	43,576		9,004
Cash
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	405,312	366,358		2,020
Unrealized Losses	405,312
Fair Value	405,312	366,358		2,020
Operating bank accounts		366,358		2,020
Money market funds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	13,707	30,935		253,911
Unrealized Losses	13,707
Fair Value	13,707	30,935		253,911
Operating bank accounts		30,935		253,911
Commercial paper
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	49,189	19,997		6,635
Unrealized Gains	2	1
Unrealized Losses	1	4
Fair Value	49,190	19,994		6,635
Operating bank accounts	48,340	7,038		4,192
Marketable Securities	850	12,956		2,443
Corporate debt
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	40,813	16,417		1,403
Unrealized Gains	97	12
Unrealized Losses	2	1		1
Fair Value	40,908	16,428		1,402
Operating bank accounts	2,006			250
Marketable Securities	38,902	16,428		1,152
Asset-backed
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	17,954	12,482		950
Unrealized Gains	50	12
Unrealized Losses	6	2		2
Fair Value	17,998	12,492		948
Marketable Securities	17,998	12,492		948
U.S. agency securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	16,980	749		5,456
Unrealized Gains	4			1
Fair Value	16,984	749		5,457
Operating bank accounts		749		1,995
Marketable Securities	16,984			3,462
U.S. Treasury
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	6,697	1,000		999
Fair Value	6,697	1,000		999
Marketable Securities	6,697	1,000		$ 999
Non-U.S. securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	700	700
Fair Value	700	700
Marketable Securities	$ 700	$ 700

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	$ (9)	$ (7)	$ (1)
12 Months or Greater			(2)
Total	(9)	(7)	(3)
Fair value
Less than 12 Months	27,648	23,183	6,992
12 Months or Greater			948
Total	27,648	23,183	7,940
Commercial paper
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	(1)	(4)
Total	(1)	(4)
Fair value
Less than 12 Months	14,797	15,059	4,591
Total	14,797	15,059	4,591
Corporate debt
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	(2)	(1)	(1)
Total	(2)	(1)	(1)
Fair value
Less than 12 Months	8,212	3,166	1,402
Total	8,212	3,166	1,402
Asset-backed
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	(6)	(2)
12 Months or Greater			(2)
Total	(6)	(2)	(2)
Fair value
Less than 12 Months	2,940	4,258
12 Months or Greater			948
Total	2,940	4,258	948
U.S. agency securities
Fair value
Less than 12 Months			999
Total			$ 999
U.S. Treasury
Fair value
Less than 12 Months	1,699
Total	$ 1,699
Non-U.S. securities
Fair value
Less than 12 Months		700
Total		$ 700

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Scheduled contractual maturities of debt securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	$ 132,477	$ 51,363
Within 1 Year	132,477	38,871
After 1 Year through 5 Years		12,492
Commercial paper
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	49,190	19,994
Within 1 Year	49,190	19,994
Corporate debt
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	40,908	16,428
Within 1 Year	40,908	16,428
Asset-backed
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	17,998	12,492
Within 1 Year	17,998
After 1 Year through 5 Years		12,492
U.S. agency securities
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	16,984	749
Within 1 Year	16,984	749
U.S. Treasury
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	6,697	1,000
Within 1 Year	6,697	1,000
Non-U.S. securities
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	700	700
Within 1 Year	$ 700	$ 700

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest rate caps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 100,000	$ 100,000	$ 366,700
Fair Value Derivatives, Asset	0	4	$ 1,106
Fair Value Derivatives, Liability	0	0
Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional Amount	24,884	3,429
Fair Value Derivatives, Asset	(848)	95
Fair Value Derivatives, Liability	$ 0	0
Embedded conversion options
Derivatives, Fair Value [Line Items]
Notional Amount		180,252
Fair Value Derivatives, Asset		0
Fair Value Derivatives, Liability		$ 41,697

DERIVATIVE INSTRUMENTS - Net gains and losses recognized on derivatives (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	$ 753	$ 135
Derivative and warrant fair value adjustment
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	(23,317)	0
Other income, net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	$ (4)	$ (729)	$ (773)	$ 420	$ 134

VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Thousands

Sep. 30, 2020

Dec. 31, 2019

Sep. 30, 2019

Dec. 31, 2018

Dec. 31, 2017

ASSETS

Cash

$ 469,365

$ 405,080

$ 454,982

$ 262,368

$ 33,919

Restricted cash

174,194

279,742

143,403

Real estate inventory, net

151,512

1,312,369

1,361,796

TOTAL ASSETS

1,049,167

2,231,684

1,842,295

Liabilities

TOTAL LIABILITIES

376,315

1,583,285

1,191,797

Variable interest entities ("VIEs")

ASSETS

Cash

15,370

86,526

Restricted cash

161,624

268,368

134,535

Real estate inventory, net

148,205

1,312,194

1,360,236

Other

6,048

^[1]

25,793

^[1]

20,799

TOTAL ASSETS

331,247

1,692,881

1,515,649

Liabilities

Credit facilities

257,647

1,264,913

100,502

Other

3,444

^[2]

14,983

^[2]

6,844

TOTAL LIABILITIES

$ 261,091

$ 1,279,896

1,139,939

Variable interest entities ("VIEs") | Credit Facility Vehicles

ASSETS

Cash

Restricted cash

127,798

Real estate inventory, net

1,360,236

Other

19,431

TOTAL ASSETS

1,507,544

Liabilities

Credit facilities

1,133,095

Other

6,316

TOTAL LIABILITIES

1,139,411

Variable interest entities ("VIEs") | Title Companies

ASSETS

Restricted cash

6,737

Other

1,368

TOTAL ASSETS

8,105

Liabilities

Other

528

TOTAL LIABILITIES

$ 528

[1]	Includes escrow receivable and other current assets.
[2]	Includes accounts payable and other accrued liabilities and interest payable.

CREDIT FACILITIES AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2018
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 2,980,000	$ 2,905,000
Outstanding Amount	1,073,695	108,611	$ 978,951
Fully committed borrowing capacity	2,710,000	1,458,000
Revolving Facility 2016-1
Line of Credit Facility [Line Items]
Borrowing Capacity	39,346
Outstanding Amount	$ 39,346		$ 326,970
Weighted Average Interest Rate	6.17%		6.83%
Revolving Facility 2017-1
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 75,000
Outstanding Amount	$ 25,758		$ 36,650
Weighted Average Interest Rate	7.00%		7.00%
Revolving Facility 2017-2
Line of Credit Facility [Line Items]
Outstanding Amount			$ 184,250
Weighted Average Interest Rate			7.04%
Revolving Facility 2018-1
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 250,000	250,000
Outstanding Amount	$ 126,450	$ 962	$ 131,802
Weighted Average Interest Rate	5.62%	4.32%	6.25%
Revolving Facility 2018-2
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 750,000	$ 750,000
Outstanding Amount	$ 194,293	$ 1,373	$ 299,279
Weighted Average Interest Rate	6.00%	4.44%	4.81%
Revolving Facility 2018-3
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 200,000	$ 100,000
Outstanding Amount	$ 111,411	$ 11,558
Weighted Average Interest Rate	4.65%	4.36%
Revolving Facility 2019-1
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 300,000	$ 300,000
Outstanding Amount	$ 206,399	$ 10,909
Weighted Average Interest Rate	3.81%	3.76%
Revolving Facility 2019-2
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 1,030,000	$ 1,030,000
Outstanding Amount	$ 327,226	$ 72,808
Weighted Average Interest Rate	3.41%	3.30%
Revolving Facility 2019-3
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 335,654	$ 475,000
Outstanding Amount	$ 42,812	$ 11,001
Weighted Average Interest Rate	3.02%	3.92%
Minimum
Line of Credit Facility [Line Items]
Revolving period	12 months
Maximum
Line of Credit Facility [Line Items]
Revolving period	24 months

CREDIT FACILITIES AND LONG-TERM DEBT - Mezzanine term debt facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowing Capacity	$ 503,000	$ 400,000
Outstanding Amount	155,000	227,000
Issuance Costs	(5,965)	(5,071)
Carrying Value	149,035	221,929
Undrawn amounts	348,000	173
Term Debt Facility 2016-M1
Debt Instrument [Line Items]
Borrowing Capacity	149,000	300,000
Outstanding Amount	$ 40,000	$ 166,000
Interest Rate	10.00%	10.00%
Term Debt Facility 2019-M1
Debt Instrument [Line Items]
Borrowing Capacity	$ 54,000	$ 100,000
Outstanding Amount	$ 15,000	$ 61,000
Interest Rate	15.00%	15.00%
Term Debt Facility 2020-M1
Debt Instrument [Line Items]
Borrowing Capacity	$ 300,000
Outstanding Amount	$ 100,000
Interest Rate	10.00%

CREDIT FACILITIES AND LONG-TERM DEBT - Convertible Notes (Details) - USD ($) $ in Thousands, shares in Millions		1 Months Ended		5 Months Ended	9 Months Ended		12 Months Ended
	Sep. 14, 2020	Nov. 30, 2019	Jul. 31, 2019	Nov. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes					$ 0	$ 160,000	$ 178,200	$ 20,000
Convertible Notes
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes		$ 178,200		$ 178,200			$ 178,200
Debt issuance costs		$ 500		$ 500
Extension term of notes		1 year	1 year
Interest rate		3.00%		3.00%
Initial fair value of derivative recorded as discount on Convertible Notes' face amount		$ 41,700		$ 41,700
Effective interest rate		3.80%		3.80%	3.80%
Right to receive shares of common stock on exchange of convertible notes	13.3
Equity classified debt instrument	$ 212,900

CREDIT FACILITIES AND LONG-TERM DEBT - Mortgage Financing (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowing Capacity	$ 503,000	$ 400,000
Outstanding Amount	155,000	227,000
Undrawn amounts fully committed	348,000	173
Repo Facility 2019-R1
Debt Instrument [Line Items]
Borrowing Capacity	50,000
Outstanding Amount	$ 13,297	$ 2,021
Weighted average interest rate	1.90%	3.98%
Undrawn amounts fully committed	$ 20,000
Amount of loans financed	$ 14,000

FAIR VALUE DISCLOSURES (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Net Asset (Liability) [Abstract]
Total assets	$ 96,963	$ 45,791
Total liabilities	6,440	46,235	$ 18,022
Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	96,963	45,791
Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities	6,440	46,235	18,022
Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	700
Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	700
Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		46,235
Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		46,235
Corporate debt
Fair Value, Net Asset (Liability) [Abstract]
Total assets		16,428
Corporate debt \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		16,428
Corporate debt \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	38,902
Corporate debt \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	38,902
Asset-backed
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,492
Asset-backed \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,492
Asset-backed \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	17,998
Asset-backed \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	17,998
Commercial paper
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,956
Commercial paper \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,956
Commercial paper \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	850
Commercial paper \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	850
U.S. agency securities \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	16,984
U.S. agency securities \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	16,984
Non-U.S. securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets		700
Non-U.S. securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		700
U.S. Treasury
Fair Value, Net Asset (Liability) [Abstract]
Total assets		1,000
U.S. Treasury \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		1,000
U.S. Treasury \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	6,697
U.S. Treasury \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	6,697
Interest rate caps
Fair Value, Net Asset (Liability) [Abstract]
Total assets		4
Interest rate caps \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		4
Mortgage loans held for sale pledged under agreements to repurchase
Fair Value, Net Asset (Liability) [Abstract]
Total assets		2,116
Mortgage loans held for sale pledged under agreements to repurchase \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		2,116
Mortgage loans held for sale pledged under agreements to repurchase \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	13,984
Mortgage loans held for sale pledged under agreements to repurchase \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	13,984
Interest rate lock commitments
Fair Value, Net Asset (Liability) [Abstract]
Total assets		95
Interest rate lock commitments \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Net Asset (Liability) [Abstract]
Total assets		95
Interest rate lock commitments \| Other current assets
Fair Value, Net Asset (Liability) [Abstract]
Total assets	848
Interest rate lock commitments \| Other current assets \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	848
Warrant
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538
Warrant \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538
Warrant \| Accounts Payable and Accrued Liabilities [Member]
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities	6,440
Warrant \| Accounts Payable and Accrued Liabilities [Member] \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities	$ 6,440
Warrant \| Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538	18,022
Warrant \| Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538	$ 18,022
Embedded conversion options
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		41,697
Embedded conversion options \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		41,697
Embedded conversion options \| Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		41,697
Embedded conversion options \| Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		$ 41,697

FAIR VALUE DISCLOSURES - Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	$ 469,365	$ 405,080	$ 262,368
Restricted cash	174,194	279,742	143,403
Level 2
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	270,944	1,296,054	1,133,095
Convertible notes		180,252
Carrying Value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	469,365	405,080	262,368
Restricted cash	174,194	279,742	143,403
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	270,944	1,296,054	1,133,095
Convertible notes		140,096
Fair Value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	469,365	405,080	262,368
Restricted cash	174,194	279,742	143,403
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	$ 270,944	1,296,054	$ 1,133,095
Convertible notes		$ 180,252

FAIR VALUE DISCLOSURES - Reconciliation of Level 3 Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	$ 4,538	$ 18,022
Net change in fair value	1,902	(7,413)	$ 3,493
Issuances		1,170	14,529
Exercise of warrants		(7,241)
Balance at the end	6,440	4,538	$ 18,022
Embedded conversion options
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	41,697
Net change in fair value	23,317
Issuances		41,697
Settlement of convertible notes	$ (65,014)
Balance at the end		$ 41,697

FAIR VALUE DISCLOSURES - Warrant Liabilities (Details) - $ / shares	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 12, 2018	Jun. 12, 2018
Class of Warrant or Right [Line Items]
Warrants term			4 years
Penny Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)				$ 0.01	$ 0.01
Series D preferred warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 0.01	$ 0.01	$ 6.58		$ 6.58
Outstanding warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)			$ 6.58

FAIR VALUE DISCLOSURES - Embedded Conversion Options (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Embedded Derivative [Line Items]
Payment-in-kind interest (as a percent)	3.00%	3.00%
Note term	7 years	7 years
Minimum
Embedded Derivative [Line Items]
Accretion of redemption value of the convertible notes (as a percent)	5.90%	5.90%
Maximum
Embedded Derivative [Line Items]
Accretion of redemption value of the convertible notes (as a percent)	79.60%	79.60%

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total	$ 59,116		$ 55,068	$ 23,631
Accumulated depreciation and amortization	(29,682)		(20,462)	(5,655)
Property and equipment - net	29,434		34,606	17,976
Depreciation, Depletion and Amortization	17,000	$ 10,500	15,000	4,600	$ 1,200
Internally developed software
Property, Plant and Equipment [Line Items]
Total	44,209		33,765	12,567
Software implementation costs
Property, Plant and Equipment [Line Items]
Total	1,604		1,214	208
Computers
Property, Plant and Equipment [Line Items]
Total	5,383		7,777	4,053
Security systems
Property, Plant and Equipment [Line Items]
Total	559		4,927	3,235
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	3,007		2,843	1,547
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	2,444		2,748	1,349
Office equipment
Property, Plant and Equipment [Line Items]
Total	$ 1,910		$ 1,794	$ 672

LEASES - Maturity of operating lease liabilities (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Sep. 30, 2020	Dec. 31, 2019
Maturity of operating lease liabilities
2020			$ 17,384
2021			15,149
2022			14,363
2023			13,922
2024			10,881
Thereafter			832
Total undiscounted future cash flows	$ 12,900	$ 12,900	72,531
Less: Imputed interest			10,624
Total lease liabilities			$ 61,907

LEASES - Future minimum payments under noncancelable operating leases with terms greater than one year (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Future minimum payments under noncancelable operating leases with terms greater than one year
2019	$ 13,269
2020	15,832
2021	13,638
2022	13,267
2023	13,071
Total minimum payments	$ 69,077

LEASES - Additional information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
LEASES
Lessee, Operating Lease, Existence of Option to Extend		true
Lessee, Operating Lease, Existence of Option to Terminate		true
Operating lease cost		$ 11.7
Variable lease cost		0.8
Short-term lease cost		2.9
Sublease income		1.3
Rent expense related to operating leases			$ 7.4	$ 3.5
Cash paid for amounts included in the measurement of operating lease liabilities		10.8
Right-of-use assets obtained in exchange for new or acquired operating lease liabilities	$ 40.1	57.9
Reduction in right-of-use assets and lease liabilities		$ 2.9
Weighted average lease term		4 years 6 months
Weighted average discount rate		7.20%
Maximum
LEASES
Lease agreement term (in years)		11 years
Minimum
LEASES
Lease agreement term (in years)		5 years

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Additions to goodwill			$ 21,500
Impairment of goodwill	$ 0		0
Gross Carrying Amount	15,821		15,821	$ 4,200
Accumulated Amortization	(6,712)		(3,565)	(613)
Net Carrying Amount	9,109		12,256	3,587
Domain name intangible assets, not subject to amortization	200		200	200
Amortization expense for intangible assets	3,100	$ 1,900	2,900	600	$ 0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,921		2,921	2,900
Accumulated Amortization	(2,921)		(1,879)	(423)
Net Carrying Amount	$ 0		$ 1,042	$ 2,477
Weighted Average Useful Life (Years)	2 years		2 years	2 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 7,400		$ 7,400	$ 900
Accumulated Amortization	(2,295)		(990)	(131)
Net Carrying Amount	$ 5,105		$ 6,410	$ 769
Weighted Average Useful Life (Years)	5 years		5 years	2 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,400		$ 5,400	$ 300
Accumulated Amortization	(1,396)		(631)	(44)
Net Carrying Amount	$ 4,004		$ 4,769	$ 256
Weighted Average Useful Life (Years)	5 years		5 years	2 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 100		$ 100	$ 100
Accumulated Amortization	(100)		(65)	(15)
Net Carrying Amount	$ 0		$ 35	$ 85
Weighted Average Useful Life (Years)	2 years		2 years	2 years
OS National LLC
Finite-Lived Intangible Assets [Line Items]
Additions to goodwill			$ 21,500
Open Listings Co
Finite-Lived Intangible Assets [Line Items]
Additions to goodwill				$ 9,400

GOODWILL AND INTANGIBLE ASSETS - Expected amortization of intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Expected amortization of intangible assets
2020		$ 3,730
2021		2,320
2022		2,320
2023		2,320
2024		1,566
Total	$ 9,109	$ 12,256	$ 3,587

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES
Accrued expenses due to vendors	$ 19,434	$ 16,342	$ 15,394
Accounts payable due to vendors	3,212	6,453	6,237
Accrued property and franchise taxes	1,243	5,739	5,487
Accrued payroll and other employee related expenses	5,198	3,328	2,366
Other	8,911	1,115	781
Total accounts payable and other accrued liabilities	$ 37,998	$ 32,977	$ 30,265

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT (Details) (Imported) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended
	Feb. 04, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Temporary Equity [Line Items]
Stock-based compensation expense		$ 9,162	$ 9,990	$ 13,196	$ 14,974	$ 3,761
Convertible Preferred Stock
Temporary Equity [Line Items]
Shares repurchased	500,000
Repurchase price per share	$ 8.00				$ 8.00
Total purchase price	$ 4,000				$ 52,400
Stock-based compensation expense	$ 590				$ 6,600
Convertible Preferred Stock \| Common Stock [Member]
Temporary Equity [Line Items]
Shares repurchased					5,545,160
Series A convertible preferred stock
Temporary Equity [Line Items]
Shares repurchased					692,854
Series B convertible preferred stock
Temporary Equity [Line Items]
Shares repurchased					290,939
Series D convertible preferred stock
Temporary Equity [Line Items]
Shares repurchased					18,524

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Common stock reserved, as converted (Details) (Imported) - shares shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Total	238,744	217,713
Warrant
Class of Stock [Line Items]
Total	2,459	7,701
Future issuance of warrants
Class of Stock [Line Items]
Total	750
Redeemable convertible preferred stock outstanding
Class of Stock [Line Items]
Total	194,384	167,841
Stock option
Class of Stock [Line Items]
Total	22,633	26,330
RSU
Class of Stock [Line Items]
Total	14,070	564
Vesting of restricted shares
Class of Stock [Line Items]
Total	2,156	1,666
Early exercised stock options (unvested)
Class of Stock [Line Items]
Total	116	693
Shares available for future equity grants under 2014 Stock Plan
Class of Stock [Line Items]
Total	2,176	12,918

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Convertible preferred stock (Details) (Imported) $ / shares in Units, $ in Thousands	2 Months Ended	4 Months Ended	8 Months Ended	9 Months Ended		12 Months Ended
	Apr. 30, 2019 USD ($)	May 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)
Class of Stock [Line Items]
Notes issued				$ 503,000		$ 400,000
Interest payable				1,846		5,808
Issuance costs				$ 0	$ 236
Series E convertible preferred stock
Class of Stock [Line Items]
Issuance costs			$ 1,400				$ 1,434
Series E-2 convertible preferred stock
Class of Stock [Line Items]
Price per share (in dollars per share) \| $ / shares		$ 13.3288
Issuance of Class B ordinary shares to Sponsor(1) (in shares) \| shares		21,222,829
Issuance of Class B ordinary shares to Sponsor(1)		$ 282,900
Issuance costs		$ 235,900				$ 237
Series D convertible preferred stock
Class of Stock [Line Items]
Issuance of Class B ordinary shares to Sponsor(1) (in shares) \| shares						5,320,038
Issuance costs								$ 24
2018 Notes
Class of Stock [Line Items]
Notes issued	$ 20,000
Maturity term	2 years
Interest rate	7.00%
Effective interest accrued (as a percent)	10.00%
Value of shares immediately prior to qualified financing	$ 2,080,000
Interest payable			$ 300				$ 300
2018 Notes \| Series E convertible preferred stock
Class of Stock [Line Items]
Shares issued on conversion \| shares			73,940,269
Price per share (in dollars per share) \| $ / shares			$ 9.58				$ 9.58
Value of shares issued on conversion			$ 708,200
2018 Notes \| Series E-1 convertible preferred stock
Class of Stock [Line Items]
Shares issued on conversion \| shares			2,486,560
Price per share (in dollars per share) \| $ / shares			$ 8.14				$ 8.14
Percentage of issued price of Series E Preferred shares			85
Loss on extinguishment			$ 3,300
Scenario One \| 2018 Notes
Class of Stock [Line Items]
Percentage of qualified financing price	85.00%
Scenario Two \| 2018 Notes
Class of Stock [Line Items]
Percentage of qualified financing price	80.00%

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Dividends, Voting and Liquidation preference (Details) (Imported) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) Vote $ / shares
Convertible Preferred Stock
Class of Stock [Line Items]
Vote per share \| Vote	1
Redemption percentage	50.00%
Series A convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	$ 0.0317
Liquidation preference per share	0.3957
Series B convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	0.1096
Liquidation preference per share	1.3693
Series C convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	$ 0.3589
Percentage limit for conversion of shares	60.00%
Liquidation preference per share	$ 4.4856
Series C-1
Class of Stock [Line Items]
Cash dividends per share	$ 0.2871
Percentage limit for conversion of shares	60.00%
Liquidation preference per share	$ 3.5885
Series D convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	0.5263
Liquidation preference per share	6.5789
Series D-1
Class of Stock [Line Items]
Cash dividends per share	0.4737
Liquidation preference per share	5.9210
Series E convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	0.7662
Liquidation preference per share	9.5780
Series E-1 convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	0.6513
Liquidation preference per share	8.1413
Series E-2 convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	1.0663
Liquidation preference per share	13.3288
Common Stock [Member]
Class of Stock [Line Items]
Price per share , underwritten offering	$ 14.37
Aggregate Offering price for conversion of stock \| $	$ 50.0

SHARE-BASED AWARDS - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2020	Feb. 06, 2020
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		65,729,703
Maximum term	10 years
Vesting period	4 years
Incentive stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shareholder to whom exercisable shares are granted	10.00%
Maximum term	5 years

SHARE-BASED AWARDS - Stock option activity (Details) - Stock option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Balance at the beginning	22,633	26,330
Granted		3,661
Exercised	(378)	(1,928)
Forfeited	(2,734)	(5,256)
Expired	(796)	(174)
Balance at the end	18,725	22,633	26,330
Exercisable at the end	13,096	10,870
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share)	$ 3.00	$ 2.53
Granted (in dollars per share)		5.56
Exercised (in dollars per share)	2.85	1.83
Forfeited (in dollars per share)	3.67	2.85
Expired (in dollars per share)	3.65	2.86
Balance at the end (in dollars per share)	2.88	3.00	$ 2.53
Exercisable at the end (in dollars per share)	$ 2.37	$ 2.17
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Balance (in years)	6 years	6 years 10 months 24 days	8 years 8 months 12 days
Exercisable at the end (in years)	5 years 3 months 18 days	6 years
Balance (in dollars)	$ 93,646	$ 110,481	$ 113,031
Exercisable at the end (in dollars)	$ 72,214	62,060
Total intrinsic value of options exercised		$ 9,700	$ 39,200	$ 1,800
Weighted-average grant date fair value per option granted		$ 2.42	$ 1.80	$ 0.8

SHARE-BASED AWARDS - Summary of RSU activity (Details) - RSU - $ / shares	1 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Number of RSUs
Unvested at the beginning			14,070,000	564,000
Granted	2,160,000	2,160,000	8,592,000	13,901,000
Forfeited			(3,000,000)	(395,000)
Vested and outstanding at the end	19,662,000		19,662,000
Unvested at the end	0		0	14,070,000
Weighted-Average Grant-Date Fair Value
Unvested at the beginning (in dollars per share)			$ 6.80	$ 4.88
Granted (in dollars per share)			7.60	6.87
Forfeited (in dollars per share)			6.99	6.71
Unvested at the end (in dollars per share)	$ 7.12		7.12	$ 6.80
Vested and outstanding at the end (in dollars per share)	$ 0		$ 0

SHARE-BASED AWARDS - Restricted shares activity (Details) - Vesting of restricted shares - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Restricted Shares
Unvested at the beginning	2,156	1,666
Granted		1,263
Vested	(636)	(773)
Unvested at the end	1,520	2,156	1,666
Average Grant-Date Fair Value
Unvested at the beginning (in dollars per share)	$ 5.98	$ 4.88
Granted (in dollars per share)		6.94
Vested (in dollars per share)	5.90	5.18
Unvested at the end (in dollars per share)	$ 6.01	$ 5.98	$ 4.88
Total intrinsic value of Restricted Shares vested		$ 1.5	$ 0.1	$ 0.3
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

SHARE-BASED AWARDS - Stock-basd compensation expense (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 9,162	$ 9,990	$ 13,196	$ 14,974	$ 3,761
Stock option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,411	7,085	9,175	7,526	$ 3,761
Excess of the repurchase price over the fair value of common stock awards repurchased
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	0	590	590	6,552
Vesting of restricted shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,751	$ 2,315	3,431	$ 896
Unvested stock options and Restricted Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unamortized stock-based compensation costs			$ 29,200
Unamortized compensation costs are expected to be recognized over a weighted-average period			2 years 7 months 6 days
RSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unamortized stock-based compensation costs			$ 95,600
Time-based vesting condition \| RSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unamortized stock-based compensation costs			$ 9,300

SHARE-BASED AWARDS - Black-scholes model (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value	$ 6.82
Volatility, minimum		32.00%	32.00%	34.00%
Volatility, maximum		45.00%	34.00%	36.00%
Volatility	32.00%
Risk-free rate, minimum	1.80%	1.63%	2.68%	2.02%
Risk-free rate, maximum	2.34%	2.34%	3.17%	2.42%
Expected life (in years)				7 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value		$ 6.82	$ 2.29	$ 1.64
Expected life (in years)	5 years	5 years	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value		$ 6.94	$ 4.88	$ 2.59
Expected life (in years)	7 years	7 years	7 years

WARRANTS (Details) - USD ($)	1 Months Ended	9 Months Ended
WARRANTS (Details) - USD ($)	Oct. 31, 2019	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 12, 2018	Jun. 12, 2018
ClassOfWarrantOrRightLineItems
Warrants to purchase shares						300,000
Class of warrants outstanding		225,076
Penny Warrants
ClassOfWarrantOrRightLineItems
Warrants to purchase shares					300,000
Exercise price of warrants (in dollars per share)					$ 0.01	$ 0.01
Warrants exercised		300,000
Warrants outstanding			$ 300,000
Series D preferred warrants
ClassOfWarrantOrRightLineItems
Warrants to purchase shares						5,320,038
Exercise price of warrants (in dollars per share)		$ 0.01	$ 0.01	$ 6.58		$ 6.58
Warrants exercised	5,320,038
Proceeds from exercise of warrants	$ 35,000,000	$ 3,000
Class of warrants outstanding			0
Warrants outstanding			$ 3,000,000

WARRANTS - Commitment to Issue Warrants (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Sep. 12, 2018	Jun. 12, 2018
ClassOfWarrantOrRightLineItems
Warrants to purchase shares								300,000
Class of warrants outstanding	225,076
Increase (decrease) to the warrant fair value adjustments	$ 1,901,000	$ (6,644,000)	$ (6,243,000)	$ 18,022,000	$ 32,000
Penny Warrants
ClassOfWarrantOrRightLineItems
Warrants to purchase shares							300,000
Warrants outstanding			300,000
Warrants, fair value	$ 4,800,000		$ 2,700,000
Series E Warrants
ClassOfWarrantOrRightLineItems
Original issuance price	$ 9.58					$ 9.58
Warrants to purchase shares	225,076					75,025
Class of warrants outstanding			75,025
Warrants outstanding	$ 2,200,000		$ 718,600
Warrants, fair value	$ 1,500,000		288,900
Warrant Commitment
ClassOfWarrantOrRightLineItems
Warrants to purchase shares	150,051	75,025
Warrants, fair value	$ 0		$ 1,500,000
Prior to an initial public offering \| Series E Warrants
ClassOfWarrantOrRightLineItems
Original issuance price	$ 9.58		$ 9.58
Prior to an initial public offering \| Minimum \| Series E Warrants
ClassOfWarrantOrRightLineItems
Warrant Coverage Amount	$ 11,000,000		$ 12,000,000
Prior to an initial public offering \| Maximum \| Series E Warrants
ClassOfWarrantOrRightLineItems
Warrant Coverage Amount	32,000,000		34,000,000
If we participate in an initial public offering \| Minimum
ClassOfWarrantOrRightLineItems
Warrant Coverage Amount	0		0
If we participate in an initial public offering \| Maximum
ClassOfWarrantOrRightLineItems
Warrant Coverage Amount	$ 32,000,000		$ 34,000,000

INCOME TAXES (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Income Tax Provision	$ 234	$ 340	$ 252	$ 377
Effective tax rate	(0.10%)	(0.10%)	(0.10%)	(0.20%)	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Components of our income tax benefit (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Current income tax expense:
State			$ 252	$ 377
Total current income tax expense			252	377
Deferred income tax benefit:
Income Tax Provision	$ 234	$ 340	$ 252	$ 377

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Reconcilitation of the federal statutory rates (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal tax benefit at statutory rate			21.00%	21.00%	34.00%
State income taxes, net of federal benefit			3.20%	2.60%	2.90%
Non-deductible expenses and other			(0.10%)	(0.90%)	(0.10%)
Non-deductible warrant expenses			0.40%	(1.60%)
Share-based compensation			(0.40%)	0.40%	(0.80%)
Change in federal tax rate					(21.10%)
Change in valuation allowance, net			(25.20%)	(22.60%)	(16.00%)
Research and development credits			1.00%	0.90%	1.10%
Effective tax rate	(0.10%)	(0.10%)	(0.10%)	(0.20%)	0.00%

INCOME TAXES - Components of our deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Accrued and reserves	$ 4,231	$ 4,685
Inventory	15,181	15,419
Tax credits	10,880	5,334
Lease Liability	14,800
Net operating loss	149,141	66,427
Total gross deferred tax assets	194,233	91,865
Depreciation and amortization	(4,749)	(3,179)
Goodwill	(114)
Lease ROU Asset	(14,507)
Valuation allowance	$ (174,863)	$ (88,686)

INCOME TAXES - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of the beginning of the year	$ 2,433	$ 862
Increases related to prior year tax provisions	383	197	$ 332
Decrease related to prior year tax provisions	(247)
Increase related to current year tax provisions	2,464	1,374	530
Unrecognized tax benefits as of the end of the year	$ 5,033	$ 2,433	$ 862

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Income before income taxes	$ (198,734)	$ (247,108)	$ (338,918)	$ (239,552)	$ (84,767)
State income tax expense			$ 252	$ 377
Federal statutory rates			21.00%	21.00%	34.00%
Valuation allowance			$ 174,863	$ 88,686
Increase in valuation allowance			86,200	55,000
Federal net operating loss ("NOL") carryforwards			630,400
State net operating loss ("NOL") carryforwards			$ 421,000
Percentage of taxable income utilize			80.00%
Federal NOLs generated			$ 347,500	$ 166,300
NOL Carry over period			20 years
Federal research tax credit carryforwards			$ 10,700
State research tax credit carryforwards			5,600
Impact on effective tax rate			$ 4,700

RELATED PARTIES (Details) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019 item	Dec. 31, 2018 USD ($) $ / shares shares	Sep. 30, 2019 $ / shares
Related Party Transaction [Line Items]
Price per share				$ 6.82
Director
Related Party Transaction [Line Items]
Percentage of interest in the Company	10.00%	10.00%
Number of seats held in company	1	1
An executive
Related Party Transaction [Line Items]
Number of shares of unvested common stock purchased \| shares			914,634
Price per share			$ 1.64
Total price \| $			$ 1.5
Interest Rate			2.31%

NET LOSS PER SHARE - Basic and diluted net loss per share attributable to common shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic net loss per share:
NET LOSS	$ (198,968)	$ (247,448)	$ (339,170)	$ (239,929)	$ (84,767)
Minus: Deemed dividend				7,224
Minus: Net income attributable to noncontrolling interests	0	1,847	1,847	1,362	62
Minus: Gain on liability-classified warrants		8,402	8,132
Net loss attributable to common shareholders - diluted	(198,968)	(257,697)	(349,149)	(248,515)	(84,829)
Net loss attributable to common shareholders - basic	$ (198,968)	$ (249,295)	$ (341,017)	$ (248,515)	$ (84,829)
Denominator:
Weighted average shares outstanding - basic and diluted	53,110,000	48,786,000	49,444	48,570	39,930
Basic and diluted net loss per share	$ (3.75)	$ (5.11)	$ (6.90)	$ (5.12)	$ (2.12)
Denominator:
Weighted average shares outstanding - basic and diluted	53,110,000	48,786,000	49,444	48,570	39,930
Basic and diluted net loss per share - diluted	$ (3.75)	$ (5.28)	$ (7.06)	$ (5.12)	$ (2.12)

NET LOSS PER SHARE - Anti-dilutive Securities (Details) - shares shares in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	236,946	225,224	235,943	205,893	120,775
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	2,084	2,081	2,084	2,081	853
Series D Preferred Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	300		300	5,620
Series E Preferred Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	225	75	75
RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	19,662	8,736	14,070	564
Stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	18,725	22,760	22,633	27,243	24,897
Unvested Shares from Early Exercise
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	46	220	116	693	1,611
Vesting of restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	1,520	2,288	2,281	1,851	997
Redeemable convertible preferred stock outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	194,384	189,064	194,384	167,841	92,417

NET LOSS PER SHARE - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	9 Months Ended		12 Months Ended
	Nov. 30, 2019	Nov. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends declared			$ 0	$ 0	$ 0	$ 0	$ 0
Dividends paid			0	0	0	0	$ 0
Preferred dividends declared or accumulated			0		0
Proceeds from issuance of convertible notes			$ 0	$ 160,000	178,200	$ 20,000
Convertible Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Proceeds from issuance of convertible notes	$ 178,200	$ 178,200			$ 178,200

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2020 USD ($) home	Dec. 31, 2019 USD ($)
COMMITMENTS
Number of homes agreed to purchase	716	2,639
Aggregate purchase price	$ 181.5	$ 616.1

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Sep. 25, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Oct. 01, 2020
COMMITMENTS
Right of use assets obtained in exchange for new operating lease liabilities		$ 40,100		$ 57,900
Early termination fee incurred and paid		5,200
Obligation to pay rent through the remaining amended lease term		12,900		72,531	$ 12,900
Amortization expense	$ 12,500	22,008	$ 7,792	$ 11,940
Decrease in Operating lease liability		$ 28,100

RESTRUCTURING (Details) $ in Thousands		9 Months Ended
RESTRUCTURING (Details) $ in Thousands	Apr. 15, 2020 USD ($) employee	Sep. 30, 2020 USD ($)	Oct. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Reduction in workforce \| employee	600
Restructuring cost	$ 11,300
Additional restructuring costs relating to non-cancellabe leases	$ 18,300
Payments due through the remaining amended lease term		$ 12,900	$ 12,900	$ 72,531
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring cost		1,900
Sales, marketing and operations expense
Restructuring Cost and Reserve [Line Items]
Restructuring cost		5,100
Technology and development
Restructuring Cost and Reserve [Line Items]
Restructuring cost		2,100
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring cost		$ 20,500

SUBSEQUENT EVENTS (Details) $ in Thousands					1 Months Ended		9 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) $ in Thousands	Sep. 25, 2020 USD ($)	Sep. 15, 2020 shares	Sep. 14, 2020 shares	Mar. 11, 2020 USD ($) employee	Sep. 30, 2020 USD ($) shares	Aug. 31, 2020 USD ($) shares	Sep. 30, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Jun. 01, 2020 USD ($)	Apr. 06, 2020 USD ($)	Jan. 23, 2020 USD ($)	Jan. 06, 2020 shares	Dec. 31, 2018 USD ($) shares
Subsequent Event [Line Items]
Borrowing Capacity					$ 2,905,000		$ 2,905,000	$ 2,980,000
Amount committed					$ 108,611		$ 108,611	1,073,695					$ 978,951
Asset-backed financing facilities
Subsequent Event [Line Items]
Increase in borrowing capacity								28,000
Remaining capacity on borrowings								$ 3,380,000
Amount committed						$ 1,948,000
RSU
Subsequent Event [Line Items]
Number of units to be granted \| shares					0		0	14,070,000					564,000
Number of units granted \| shares					2,160,000	2,160,000	8,592,000	13,901,000
Vesting term							4 years
Term Debt Facility 2019-M1
Subsequent Event [Line Items]
Interest rate					15.00%		15.00%	15.00%
Subsequent Events
Subsequent Event [Line Items]
Number of employees reduction \| employee				600
Pension and Other Postretirement Benefits Cost (Reversal of Cost)				$ 11,300
Total cost of post-employment benefits				$ 1,100
Early termination fees	$ 5,200
Payoff amount	10,500
Subsequent Events \| Asset-backed financing facilities
Subsequent Event [Line Items]
Remaining capacity on borrowings						$ 3,408,000
Subsequent Events \| Senior revolving credit facilities
Subsequent Event [Line Items]
Weighted average interest rate						3.68%
Subsequent Events \| RSU
Subsequent Event [Line Items]
Number of units to be granted \| shares												9,202,707
Vesting term					4 years	4 years
Subsequent Events \| Merger Agreement with Social Capital Hedosophia Corp II [Member]
Subsequent Event [Line Items]
Right to receive number of shares upon merger \| shares		500,000,000
Subsequent Events \| Term Debt Facility 2020-M1
Subsequent Event [Line Items]
Borrowing Capacity											$ 300,000
Interest rate											10.00%
Subsequent Events \| Term Debt Facility 2016-M1
Subsequent Event [Line Items]
Borrowing Capacity										$ 151,000
Subsequent Events \| Revolving Facility 2018-3
Subsequent Event [Line Items]
Borrowing Capacity									$ 100,000
Subsequent Events \| Convertible notes \| Merger Agreement with Social Capital Hedosophia Corp II [Member]
Subsequent Event [Line Items]
Right to receive number of shares, Exchange agreement \| shares			13,300,000
Subsequent Events \| Revolving Facility 2019-3
Subsequent Event [Line Items]
Borrowing Capacity	$ 100,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash	$ 405,080	$ 262,368
Restricted cash	279,742	143,403
Marketable securities	43,576	9,004
Mortgage loans held for sale pledged under agreements to repurchase	2,116
Escrow receivable	13,882	10,772
Real estate inventory, net	1,312,369	1,361,796
Other current assets	32,995	20,828
Total Current Assets	2,087,644	1,808,171
PROPERTY AND EQUIPMENT- Net	34,606	17,976
RIGHT OF USE ASSETS	60,681
GOODWILL	30,945	9,400
INTANGIBLES - Net	12,414	3,743
OTHER ASSETS	5,394	3,005
TOTAL ASSETS	2,231,684	1,842,295
CURRENT LIABILITIES:
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	32,977	30,265
Current portion of credit facilities and other secured borrowings	1,074,125	1,032,593
Interest payable	5,808
Lease liabilities, current portion	13,472
Total Current Liabilities	1,126,382	1,068,191
CREDIT FACILITIES - Net of current portion	221,929	100,502
CONVERTIBLE NOTES	140,096
DERIVATIVE AND WARRANT LIABILITIES	46,235	18,022
LEASE LIABILITIES - Net of current portion	48,435
OTHER LIABILITIES	208	5,082
TOTAL LIABILITIES	1,583,285	1,191,797
COMMITMENTS AND CONTINGENCIES (See Note 19)
TEMPORARY EQUITY:
Total temporary equity	1,381,502	1,063,864
SHAREHOLDERS' DEFICIT
Additional paid-in capital	57,362	31,201
Accumulated deficit	(790,483)	(446,056)
Accumulated Other Comprehensive Income (Loss), Net of Tax	18	(2)
Total Shareholder's Equity (Deficit)	(733,103)	(414,857)
Non-controlling interests		1,491
Total shareholders' deficit	(733,103)	(413,366)
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)	2,231,684	1,842,295
Series A convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	9,763	9,763
Series B convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	20,049	20,049
Series C convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	80,519	80,519
Series D convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	257,951	222,951
Series E convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity	$ 1,013,220	$ 730,582

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Ordinary share, par value	$ 0.00001	$ 0.00001		$ 0.00001
Common stock, Shares Authorized (in shares)	300,000,000	300,000,000		274,000,000
Common stock, Shares Issued (in shares)	52,847,343	51,775,096		48,137,116
Common stock, Shares Outstanding (in shares)	52,847,343	51,775,096		48,137,116
Cash	$ 469,365	$ 405,080	$ 454,982	$ 262,368	$ 33,919
Restricted cash	174,194	279,742		143,403
Real estate inventory, net	151,512	1,312,369		1,361,796
Escrow receivable	2,641	13,882		10,772
Other	29,632	30,879
Other current assets carried at fair value	848	100
Accounts payable and other accrued liabilities carried at fair value	6,440	0
Property and equipment	29,434	34,606		17,976
Other assets	4,221	5,394		3,005
Total assets	1,049,167	2,231,684		1,842,295
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	37,998	32,977		30,265
Interest payable	1,846	5,808
Current portion of credit facilities and other secured borrowings	121,909	1,074,125		1,032,593
Credit facilities, net of current portion	149,035	221,929		100,502
Total liabilities	376,315	1,583,285		1,191,797
Variable interest entities ("VIEs")
Cash	15,370	86,526		79
Restricted cash	161,624	268,368		134,535
Real estate inventory, net	148,205	1,312,194		1,360,236
Escrow receivable	2,374	13,798		10,772
Other	3,674	11,995		9,835
Property and equipment		0		115
Other assets		0		77
Total assets	331,247	1,692,881		1,515,649
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	1,632	9,199		1,511
Interest payable	1,812	5,784		5,333
Current portion of credit facilities and other secured borrowings	108,612	1,042,984		1,032,593
Credit facilities, net of current portion	149,035	221,929		100,502
Total liabilities	$ 261,091	$ 1,279,896		$ 1,139,939
Series A convertible preferred stock
Shares Authorized (in shares)	24,784,202	24,784,202		25,477,056
Shares Issued (in shares)	24,784,202	24,784,202		24,784,202
Shares Outstanding (in shares)	24,784,202	24,784,202	24,784,202	24,784,202		25,477,056
Liquidation preference	$ 9,807	$ 9,807		$ 9,807
Series B convertible preferred stock
Shares Authorized (in shares)	14,738,907	14,738,907		15,029,846
Shares Issued (in shares)	14,738,907	14,738,907		14,738,907
Shares Outstanding (in shares)	14,738,907	14,738,907	14,738,907	14,738,907		15,029,846
Liquidation preference	$ 20,182	$ 20,182		$ 20,182
Series C convertible preferred stock
Shares Authorized (in shares)	17,972,134	17,972,134		17,972,134
Shares Issued (in shares)	17,972,134	17,972,134		17,972,134
Shares Outstanding (in shares)	17,972,134	17,972,134	17,972,134	17,972,134		17,972,134
Liquidation preference	$ 77,160	$ 77,160		$ 77,160
Series D convertible preferred stock
Shares Authorized (in shares)	39,539,070	39,539,070		39,557,594
Shares Issued (in shares)	39,239,070	39,239,070		33,919,032
Shares Outstanding (in shares)	39,239,070	39,239,070	33,919,032	33,919,032		33,184,364
Liquidation preference	$ 248,333	$ 248,333		$ 213,333
Series E convertible preferred stock
Shares Authorized (in shares)	102,588,689	102,588,689		78,441,874
Shares Issued (in shares)	97,649,658	97,649,658		76,426,829
Shares Outstanding (in shares)	97,649,658	97,649,658	97,649,658	76,426,829
Liquidation preference	$ 1,011,319	$ 1,011,319		$ 728,444

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUE:
REVENUE	$ 2,334,235	$ 3,484,929	$ 4,740,583	$ 1,838,066	$ 711,066
COST OF REVENUE	2,152,803	3,257,640	4,439,333	1,704,638	644,719
GROSS PROFIT	181,432	227,289	301,250	133,428	66,347
OPERATING EXPENSES:
Sales, marketing and operations	156,290	291,375	384,416	196,292	74,938
General and administrative	99,074	80,781	113,446	72,350	36,928
Technology and development	45,809	37,215	51,222	28,458	16,123
Total operating expenses	301,173	409,371	549,084	297,100	127,989
LOSS FROM OPERATIONS	(119,741)	(182,082)	(247,834)	(163,672)	(61,642)
DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT	(25,219)	6,644	6,243	(18,022)	(32)
INTEREST EXPENSE	(57,393)	(81,114)	(109,728)	(60,456)	(23,342)
OTHER INCOME - Net	3,619	9,444	12,401	2,598	249
LOSS BEFORE INCOME TAXES	(198,734)	(247,108)	(338,918)	(239,552)	(84,767)
INCOME TAX EXPENSE	(234)	(340)	(252)	(377)
NET LOSS	(198,968)	(247,448)	(339,170)	(239,929)	(84,767)
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	1,847	1,847	1,362	62
Net Loss	$ (198,968)	$ (249,295)	$ (339,170)	$ (239,929)	$ (84,767)
Net loss per share attributable to common shareholders:
Basic	$ (3.75)	$ (5.11)	$ (6.90)	$ (5.12)	$ (2.12)
Diluted	$ (3.75)	$ (5.28)	$ (7.06)	$ (5.12)	$ (2.12)
Weighted-average shares outstanding:
Basic	53,110,000	48,786,000	49,444	48,570	39,930
Diluted	53,110,000	48,786,000	49,444	48,570	39,930

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
NET LOSS	$ (198,968)	$ (247,448)	$ (339,170)	$ (239,929)	$ (84,767)
OTHER COMPREHENSIVE INCOME:
Unrealized gains on marketable securities	126	39	20	25	(27)
COMPREHENSIVE LOSS	(198,842)	(247,409)	(339,150)	(239,904)	(84,794)
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	1,847	1,847	1,362	62
COMPREHENSIVE LOSS ATTRIBUTABLE TO OPENDOOR LABS INC.	$ (198,842)	$ (249,256)	$ (340,997)	$ (241,266)	$ (84,856)

- Definition

+ References + Details

- Definition

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - USD ($)	Series A convertible preferred stock Accumulated Deficit [Member]	Series A convertible preferred stock	Series B convertible preferred stock Accumulated Deficit [Member]	Series B convertible preferred stock	Series C convertible preferred stock	Series D convertible preferred stock Additional Paid-in Capital [Member]	Series D convertible preferred stock Accumulated Deficit [Member]	Series D convertible preferred stock	Series E convertible preferred stock	Series E-1 convertible preferred stock	Series E-2 convertible preferred stock	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income	Non-controlling Interest	Total
BALANCE at the beginning at Dec. 31, 2016		$ 10,037,000		$ 20,448,000	$ 80,519,000			$ 218,141,000
BALANCE at the beginning (in shares) at Dec. 31, 2016		25,477,056		15,029,846	17,972,134			33,184,364
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock								$ 4,931,000
Issuance of preferred stock (in shares)								753,192
BALANCE at the beginning at Dec. 31, 2016													$ 6,341,000	$ (76,605,000)			$ (70,264,000)
Balance (in shares) at Dec. 31, 2016												35,011,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of warrants for services													32,000				32,000
Issuance of common stock in connection with acquisition													75,000				75,000
Issuance of common stock in connection with acquisition (in shares)												45,596
Vesting of restricted stock													12,000				12,000
Vesting of restricted stock (in shares)												8,520,424
Exercise of stock options													481,000				481,000
Exercise of stock options (in shares)												1,116,084
Stock-based compensation													3,761,000				3,761,000
Other comprehensive loss															$ (27,000)		(27,000)
Capital contributions from non-controlling interests																$ 67,000	67,000
Net income (loss)														(84,829,000)		62,000	(84,767,000)
Net income (loss)																	(84,767,000)
BALANCE at the end at Dec. 31, 2017		$ 10,037,000		$ 20,448,000	$ 80,519,000			$ 223,072,000					$ 10,702,000	(161,434,000)	(27,000)	129,000	(150,630,000)
Balance (in shares) at Dec. 31, 2017		25,477,056		15,029,846	17,972,134			33,937,556				44,694,066
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock										$ 706,766,000
Issuance of preferred stock (in shares)									73,940,269	2,486,560
Repurchase of preferred stock		$ (274,000)		$ (399,000)				$ (121,000)
Repurchase of preferred stock (in shares)		(692,854)		(290,939)				(18,524)
BALANCE at the end at Dec. 31, 2018		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 222,951,000	$ 730,582,000								$ 1,063,864,000
BALANCE at the end (in shares) at Dec. 31, 2018		24,784,202		14,738,907	17,972,134			33,919,032	76,426,829
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition										$ 23,816,000
Issuance of common stock in connection with acquisition (in shares)												1,648,679	7,922,000				7,922,000
Vesting of restricted stock													$ 2,388,000				$ 2,388,000
Vesting of restricted stock (in shares)												2,555,208
Exercise of stock options													(5,201,000)				(5,201,000)
Exercise of stock options (in shares)												5,172,343
Repurchase of common Stock													(9,986,000)	(36,106,000)			(46,092,000)
Repurchase of common Stock (in shares)												(5,933,180)
Stock-based compensation													14,974,000				14,974,000
Repurchase of Series preferred stock	$ (5,269,000)	$ (5,269,000)	$ (1,930,000)	$ (1,930,000)			$ (26,000)	$ (26,000)
Other comprehensive loss															25,000		25,000
Net income (loss)														(241,291,000)		1,362,000	(239,929,000)
Net income (loss)																	(239,929,000)
BALANCE at the end at Dec. 31, 2018													31,201,000	(446,056,000)	(2,000)	1,491,000	(413,366,000)
Balance (in shares) at Dec. 31, 2018												48,137,116
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock											$ 21,222,829
Issuance of preferred stock (in shares)											282,638,000
BALANCE at the end at Sep. 30, 2019		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 222,951,000	$ 1,013,220,000
BALANCE at the end (in shares) at Sep. 30, 2019		24,784,202		14,738,907	17,972,134			33,919,032	97,649,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition													6,650,000				6,650,000
Issuance of common stock in connection with acquisition (in shares)												958,280
Vesting of restricted stock													737,000				737,000
Vesting of restricted stock (in shares)												1,003,493
Exercise of stock options													2,523,000				2,523,000
Exercise of stock options (in shares)												1,390,239
Repurchase of common Stock													590,000	3,410,000			(4,000,000)
Repurchase of common Stock (in shares)												(500,000)
Stock-based compensation													9,990,000				9,990,000
Purchase of non- controlling interests													4,847,000			62,000	4,909,000
Other comprehensive loss															39,000		39,000
Capital distribution of non-controlling interests																(3,276,000)	(3,276,000)
Net income (loss)														(249,296,000)		1,847,000	(249,295,000)
Net income (loss)																	(247,448,000)
BALANCE at the end at Sep. 30, 2019													45,664,000	(698,762,000)	37,000		(653,061,000)
Balance (in shares) at Sep. 30, 2019												50,989,128
BALANCE at the beginning at Dec. 31, 2018		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 222,951,000	$ 730,582,000								1,063,864,000
BALANCE at the beginning (in shares) at Dec. 31, 2018		24,784,202		14,738,907	17,972,134			33,919,032	76,426,829
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock								$ 35,000,000	$ 282,638,000
Issuance of preferred stock (in shares)								5,320,038	21,222,829
BALANCE at the end at Dec. 31, 2019		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 257,951,000	$ 1,013,220,000								1,381,502,000
BALANCE at the end (in shares) at Dec. 31, 2019		24,784,202		14,738,907	17,972,134			39,239,070	97,649,658
BALANCE at the beginning at Dec. 31, 2018													31,201,000	(446,056,000)	(2,000)	1,491,000	(413,366,000)
Balance (in shares) at Dec. 31, 2018												48,137,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition													6,650,000				6,650,000
Issuance of common stock in connection with acquisition (in shares)												958,280
Issuance of issuer stock rights in extinguishment of convertible notes						$ 7,241,000		$ 7,241,000
Vesting of restricted stock													1,061,000				1,061,000
Vesting of restricted stock (in shares)												1,302,065
Exercise of stock options													3,450,000				3,450,000
Exercise of stock options (in shares)												1,877,635
Repurchase of common Stock													(590,000)	(3,410,000)			(4,000,000)
Repurchase of common Stock (in shares)												(500,000)
Stock-based compensation													13,196,000				13,196,000
Purchase of non- controlling interests													4,847,000			62,000	4,909,000
Other comprehensive loss															20,000		20,000
Capital distribution of non-controlling interests																(3,276,000)	(3,276,000)
Net income (loss)														(341,017,000)		$ 1,847,000	(339,170,000)
Net income (loss)																	(339,170,000)
BALANCE at the end at Dec. 31, 2019													57,362,000	(790,483,000)	18,000		(733,103,000)
Balance (in shares) at Dec. 31, 2019												51,775,096
BALANCE at the end at Dec. 31, 2019		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 257,951,000	$ 1,013,220,000								1,381,502,000
BALANCE at the end (in shares) at Dec. 31, 2019		24,784,202		14,738,907	17,972,134			39,239,070	97,649,658
BALANCE at the end at Dec. 31, 2019													57,362,000	(790,483,000)	18,000		(733,103,000)
Balance (in shares) at Dec. 31, 2019												51,775,096
BALANCE at the end at Sep. 30, 2020		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 257,951,000	$ 1,013,220,000								1,381,502,000
BALANCE at the end (in shares) at Sep. 30, 2020		24,784,202		14,738,907	17,972,134			39,239,070	97,649,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of issuer stock rights in extinguishment of convertible notes													212,940,000				212,940,000
Vesting of restricted stock													95,000				95,000
Vesting of restricted stock (in shares)												694,387
Exercise of stock options													1,098,000				1,098,000
Exercise of stock options (in shares)												377,860
Stock-based compensation													9,162,000				9,162,000
Other comprehensive loss															126,000		126,000
Net income (loss)																	(198,968,000)
Net income (loss)														(198,968,000)			(198,968,000)
BALANCE at the end at Sep. 30, 2020													280,657,000	(989,451,000)	144,000		(708,650,000)
Balance (in shares) at Sep. 30, 2020												52,847,343
BALANCE at the end at Sep. 30, 2020		$ 9,763,000		$ 20,049,000	$ 80,519,000			$ 257,951,000	$ 1,013,220,000								1,381,502,000
BALANCE at the end (in shares) at Sep. 30, 2020		24,784,202		14,738,907	17,972,134			39,239,070	97,649,658
BALANCE at the end at Sep. 30, 2020													$ 280,657,000	$ (989,451,000)	$ 144,000		$ (708,650,000)
Balance (in shares) at Sep. 30, 2020												52,847,343

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Cash Provided by (Used in) Operating Activities [Abstract]
NET LOSS	$ (198,968)	$ (247,448)	$ (339,170)	$ (239,929)	$ (84,767)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization - net of accretion	31,114	18,543	27,372	12,781	7,441
Amortization of right of use assets	22,008	7,792	11,940
Stock-based compensation	9,162	9,400	12,606	8,422	3,761
Warrant fair value adjustment	1,901	(6,644)	(6,243)	18,022	32
Inventory valuation adjustment	7,517	23,900	31,885	20,523	4,231
Loss on disposal of property and equipment					517
Changes in fair value of derivative instruments	22,568	918	1,102	2,996	(134)
Payment-in-kind interest	3,910	800	2,052
Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale	(2,131)	(157)	(447)
Origination of mortgage loans held for sale	(88,098)	(7,749)	(23,194)
Proceeds from sale and principal collection of mortgage loans held for sale	78,360	5,837	21,525
Increase (Decrease) in Operating Capital [Abstract]
Escrow receivable	11,241	(9,712)	(3,110)	4,474	3,964
Real estate inventories	1,146,798	(99,533)	16,951	(1,015,207)	(152,390)
Other assets	793	(6,705)	(7,518)	(11,723)	(3,016)
Accounts payable and other accrued liabilities	3,355	5,470	(4,331)	16,375	760
Interest payable	(2,530)	89	475	3,629	1,048
Lease liabilities	(9,646)	(7,580)	(13,945)
Net cash used in operating activities	1,037,354	(312,779)	(272,050)	(1,179,637)	(218,553)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchase of property and equipment	(12,068)	(21,761)	(27,972)	(20,022)	(2,869)
Purchase of derivative instruments				(16)	(615)
Purchase of marketable securities	(174,530)	(57,026)	(79,319)	(22,910)	(57,063)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities	135,778	31,998	45,025	40,373	30,605
Acquisitions, net of cash acquired	0	(32,812)	(32,812)	(4,857)
Net cash used in investing activities	(50,820)	(79,601)	(95,078)	(7,432)	(29,942)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of Series preferred stock	0	282,875
Issuance cost of Series preferred stock	0	(236)
Proceeds from issuance of convertible notes	0	160,000	178,200	20,000
Proceeds from exercise of stock options	1,078	2,389	3,358	6,888	2,129
Capital distributions of non-controlling interest			(3,276)		67
Proceeds from credit facilities and other secured borrowings	998,078	2,770,179	3,664,217	1,994,088	490,281
Principal payments on credit facilities and other secured borrowings	(2,023,885)	(2,557,244)	(3,495,411)	(1,176,541)	(329,824)
Payment of loan origination fees and debt issuance costs	(3,068)	(12,198)	(15,137)	(8,911)	(6,407)
Repurchase of common stock at fair value	0	(3,410)	(3,410)	(37,777)
Net cash provided by financing activities	(1,027,797)	642,355	646,179	1,496,494	161,177
Net Change in Cash	(41,263)	249,975	279,051	309,425	(87,318)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	684,822	405,771	405,771	96,346	183,664
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	643,559	655,746	684,822	405,771	96,346
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Cash paid during the period for interest	47,977	71,122	85,910	44,574	14,955
DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Vesting of early exercised stock options			1,060	2,388	254
Conversion of convertible notes to Series E-1 preferred stock				23,816
Noncash financing, issuance of common stock for acquisition			6,650	(6,152)
Issuance of issuer stock rights in extinguishment of convertible notes.	$ 212,940	$ 0
Series A convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repurchase of Series preferred stock				(5,543)
Series B convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repurchase of Series preferred stock				(2,329)
Series D convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of Series preferred stock			35,000		4,955
Issuance cost of Series preferred stock					$ (24)
Repurchase of Series preferred stock				(147)
Series E convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of Series preferred stock				708,200
Issuance cost of Series preferred stock				$ (1,434)
Series E-2 convertible preferred stock
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of Series preferred stock			282,875
Issuance cost of Series preferred stock			$ (237)

CONSOLIDATED STATEMENTS OF CASH FLOWS - RECONCILIATION TO CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Operating bank accounts	$ 469,365	$ 405,080	$ 454,982	$ 262,368	$ 33,919
Restricted cash	174,194	279,742	200,764	143,403	62,427
Cash, cash equivalents, and restricted cash	$ 643,559	$ 684,822	$ 655,746	$ 405,771	$ 96,346	$ 183,664

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

1. DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Description of Business

Basis of Presentation and Principles of Consolidation

Use of Estimates

Reclassifications

Significant Risks and Uncertainties

Concentrations of Credit Risk

Mortgage Loans Held for Sale Pledged under Agreements to Repurchase

Derivative Instruments

Revenue Recognition

We generate revenue through home sales, along with other revenue from real estate services. Other revenue represents an insignificant portion of our total revenue.

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

1.DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Description of Business

Opendoor Labs Inc. (the “Company”, “we”, “our”, and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a leading digital platform for buying and selling your home. Opendoor streamlines the home selling and buying transaction and creates an end-to-end experience online. Since 2014, we have completed over 80,000 home transactions and currently operate in 21 markets in the United States. We are headquartered in San Francisco, California with operations in the United States and were incorporated in Delaware on December 30, 2013.

Basis of Presentation and Principles of Consolidation

Use of Estimates

Significant Risks and Uncertainties

We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: rates of revenue growth; our ability to manage advertising inventory or pricing; engagement and usage of our products; effectiveness of our investment of resources to pursue strategies; competition in our market; the stability of the residential real estate market; impact of interest rate changes on demand and our costs; changes in technology, products, markets or services by us or our competitors; addition or loss of significant customers; our ability to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future businesses; actual or anticipated changes to our products and services; changes in government regulation affecting our business; outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; management of our growth; our ability to attract and retain qualified employees and key personnel; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; protection of customers’ information and other privacy concerns; protection of our brand and intellectual property; and intellectual property infringement and other claims, among other things.

Concentrations of Credit Risk

Reclassifications

Segment Reporting

Cash and Cash Equivalents

Restricted Cash

Marketable Securities

Real Estate Inventory

Derivative Instruments

Escrow Receivable

No customers accounted for 10% or more of our Escrow Receivable as of December 31, 2019 or 2018, respectively.

Property and Equipment


Internally developed software		2 years
Software implementation costs		Lesser of 3 years or contract term
Computers		2 years
Security systems		1 year
Furniture and fixtures		5 years
Leasehold improvements		Lesser of useful life or lease term
Office equipment		3 years

Leases

Internally Developed Software

Goodwill

Intangible Assets

Impairment of Long-Lived Assets

Revenue Recognition

We generate revenue through home sales, along with other revenue from real estate services. Other revenue represents an insignificant portion of our total revenue.

Home sales revenue consists of selling residential real estate to customers. Revenue is recognized when title to and possession of the property has transferred to the customer and we have no continuing involvement with the property, which is generally upon close of escrow. The amount of revenue recognized for each home sale is equal to the sale price of the home net of any concessions. The Company generally provides a 90‑day guarantee on home sales, subject to terms and conditions. Returns on home sales have been limited in our experience and we do not estimate for returns in recognizing revenue.

No customers generated 10% or more of our total revenue in the years ended December 31, 2019, 2018 or 2017.

Cost of Revenue

Sales, Marketing and Operations Expense

Technology and Development

Stock-Based Compensation

Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), and restricted common shares (“Restricted Shares”).

Income Taxes

Consolidation of Variable Interest Entities

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In August 2018, the FASB issued ASU 2018‑15 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350‑40). ASU 2018‑15 amends a customer’s accounting for implementation costs incurred in hosting arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in cloud computing arrangements with the requirements for capitalizing costs to develop or obtain internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU with respect our consolidated financial statements as the Company expects to apply the prospective transition method.

BUSINESS COMBINATION

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

BUSINESS COMBINATION

BUSINESS COMBINATION

2. BUSINESS COMBINATION

OSN acquisition


	For the nine months ended
	September 30,
(unaudited)	2019
Revenue	$	3,508,062
Net loss	$	(248,945)

2.BUSINESS COMBINATIONS

OSN acquisition

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	34,300
Equity consideration – common stock		6,700
Total consideration transferred	$	41,000

Acquired intangible assets consist of trademarks and customer relationships valued at $5.1 million and $6.5 million, respectively. We amortize these acquired intangible assets over 5 years.

Open Listings acquisition

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	9,370
Equity consideration		6,150
Total consideration transferred	$	15,520

Pro forma financial information


	For Year Ended December 31,
(unaudited)	2019		2018		2017
Revenue	$	4,763,716	$	1,883,129	$	713,293
Net loss		(340,667)		(231,865)		(86,244)

REAL ESTATE INVENTORY

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY

3. REAL ESTATE INVENTORY

The following table presents the components of inventory, net of applicable real estate inventory valuation adjustments, as of the dates presented (in thousands):


	September 30,		December 31,
	2020		2019
Work-in-process	$	33,233	$	179,419
Finished goods		118,279		1,132,950
Total real estate inventory	$	151,512	$	1,312,369

3.REAL ESTATE INVENTORY

The following table presents the components of inventory, net of applicable real estate inventory valuation adjustments, as of the dates presented (in thousands):


	2019		2018
Work-in-process	$	179,419	$	231,186
Finished goods		1,132,950		1,130,610
Total real estate inventory	$	1,312,369	$	1,361,796

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

4. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES


	September 30, 2020
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	405,312		—	$	405,312	$	405,312		—		—
Money market funds		13,707		—		13,707		13,707		—		—
Commercial paper		49,189		2		(1)		49,190		48,340		850
Corporate debt securities		40,813		97		(2)		40,908		2,006		38,902
Asset-backed securities		17,954		50		(6)		17,998		—		17,998
U.S. agency securities		16,980		4		—		16,984		—		16,984
U.S. Treasury securities		6,697		—		—		6,697		—		6,697
Non-U.S. securities		700		—		—		700		—		700
Total	$	551,352	$	153	$	(9)	$	551,496	$	469,365	$	82,131


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt securities		16,417		12		(1)		16,428		—		16,428
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury securities		1,000		—		—		1,000		—		1,000
Asset-backed securities		12,482		12		(2)		12,492		—		12,492
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576

A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in thousands):


September 30, 2020	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	14,797	$	(1)	$	—	$	—	$	14,797	$	(1)
Corporate debt securities		8,212		(2)		—		—		8,212		(2)
Asset-backed securities		2,940		(6)		—		—		2,940		(6)
U.S. Treasury securities		1,699		—		—		—		1,699		—
Total	$	27,648	$	(9)	$	—	$	—	$	27,648	$	(9)


December 31, 2019	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate-debt securities		3,166		(1)		—		—		3,166		(1)
Asset-backed securities		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)

The scheduled contractual maturities of debt securities as of September 30, 2020 are as follows (in thousands):


	Fair Value		Within 1 Year
Commercial paper	$	49,190	$	49,190
Corporate-debt securities		40,908		40,908
Asset-backed securities		17,998		17,998
U.S. agency securities		16,984		16,984
U.S. Treasury securities		6,697		6,697
Non-U.S. securities		700		700
Total	$	132,477	$	132,477

4.CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2019 and 2018, are as follows (in thousands):


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt		16,417		12		(1)		16,428		—		16,428
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury		1,000		—		—		1,000		—		1,000
Asset-backed		12,482		12		(2)		12,492		—		12,492
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576


	December 31, 2018
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	2,020	$	—	$	—	$	2,020	$	2,020	$	—
Money market funds		253,911		—		—		253,911		253,911		—
Commercial paper		6,635		—		—		6,635		4,192		2,443
Corporate debt		1,403		—		(1)		1,402		250		1,152
U.S. agency securities		5,456		1		—		5,457		1,995		3,462
U.S. Treasury		999		—		—		999		—		999
Asset-backed		950		—		(2)		948		—		948
Total	$	271,374	$	1	$	(3)	$	271,372	$	262,368	$	9,004

A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in thousands):


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2019	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate debt		3,166		(1)		—		—		3,166		(1)
Asset-backed		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2018	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	4,591	$	—	$	—	$	—	$	4,591	$	—
Corporate debt		1,402		(1)		—		—		1,402		(1)
U.S. agency		999		—		—		—		999		—
Asset-backed		—		—		948		(2)		948		(2)
Total	$	6,992	$	(1)	$	948	$	(2)	$	7,940	$	(3)

The scheduled contractual maturities of debt securities as of December 31, 2019 are as follows (in thousands):


					After
					1 Year
			Within		through
December 31, 2019	Fair Value		1 Year		5 Years
Commercial paper	$	19,994	$	19,994	$	—
Corporate debt		16,428		16,428		—
U.S. agency securities		749		749		—
U.S. Treasury		1,000		1,000		—
Asset-backed		12,492		—		12,492
Non-U.S. securities		700		700		—
Total	$	51,363	$	38,871	$	12,492

DERIVATIVE INSTRUMENTS

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

5. DERIVATIVE INSTRUMENTS

Interest Rate Caps

Interest Rate Lock Commitments

Embedded Conversion Options

The following table presents the total notional amounts and fair values for our derivatives (in thousands):


	Notional		Fair Value Derivatives
As of September 30, 2020	Amount		Asset		Liability
Interest rate caps	$	100,000	$	—	$	—
Interest rate lock commitments		24,884		(848)		—


	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Interest rate lock commitments		3,429		95		—
Embedded conversion options		180,252		—		41,697

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statements of operations for the periods indicated (in thousands):


	Nine Months Ended
	September 30,
	2020		2019
Net gains (losses) recognized on economic hedges:
Revenue	$	753	$	135
Derivative and warrant fair value adjustment	$	(23,317)	$	—
Other income-net	$	(4)	$	(729)

5.DERIVATIVE INSTRUMENTS

Interest Rate Caps

Embedded Conversion Options

In connection with our issuance of convertible notes in 2019 (the “Convertible Notes”), we bifurcated the embedded conversion features associated with the Convertible Notes. See Note 7 — Credit Facilities and Long-Term Debt for further information. The embedded conversion options are measured at fair value in accordance with the methodology described in Note 8 — Fair Value Disclosures and are presented in Derivative and warrant liabilities. The embedded conversion options did not change in fair value for the year ended December 31, 2019.

The following table presents the total notional amounts and fair values for our derivatives (in thousands):



	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Embedded conversion options	$	180,252	$	—	$	41,697



	Notional		Fair Value Derivatives
As of December 31, 2018	Amount		Asset		Liability
Interest rate caps	$	366,700	$	1,106	$	—

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statement of operations for the periods indicated (in thousands):


	For the Years Ended
	December 31,
	2019		2018		2017
Other income, net	$	(773)	$	420	$	134

VARIABLE INTEREST ENTITIES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

6. VARIABLE INTEREST ENTITIES

Credit Facility Vehicles

The following table summarizes the assets and liabilities related to the VIEs consolidated by us from our Credit Facility Vehicles as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	15,370	$	86,526
Restricted cash		161,624		268,368
Real estate inventory		148,205		1,312,194
Other(a)		6,048		25,793
Total assets	$	331,247	$	1,692,881
Liabilities
Credit facilities	$	257,647	$	1,264,913
Other(b)		3,444		14,983
Total liabilities	$	261,091	$	1,279,896

(a) Includes escrow receivable and other current assets.

(b) Includes accounts payable and other accrued liabilities and interest payable.

6.VARIABLE INTEREST ENTITIES

Credit Facility Vehicles

Title Companies

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2019:


	Credit Facility
	Vehicles
Assets
Cash and cash equivalents	$	86,526
Restricted cash		268,368
Real estate inventory		1,312,194
Other(a)		25,793
Total assets	$	1,692,881
Liabilities
Credit facilities	$	1,264,913
Other(b)		14,983
Total liabilities	$	1,279,896

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2018:


	Credit Facility		Title
	Vehicles		Companies		Total
Assets
Cash and cash equivalents	$	79	$	—	$	79
Restricted cash		127,798		6,737		134,535
Real estate inventory		1,360,236		—		1,360,236
Other(a)		19,431		1,368		20,799
Total assets	$	1,507,544	$	8,105		1,515,649
Liabilities
Credit facilities	$	1,133,095	$	—	$	1,133,095
Other(b)		6,316		528		6,844
Total liabilities	$	1,139,411	$	528	$	1,139,939

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

CREDIT FACILITIES AND LONG-TERM DEBT

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

CREDIT FACILITIES AND LONG-TERM DEBT

CREDIT FACILITIES AND LONG-TERM DEBT

7. CREDIT FACILITIES AND LONG-TERM DEBT

Non-Recourse Asset-backed Financing Facilities

Asset-backed Senior Revolving Credit Facilities


					Weighted
	Borrowing		Outstanding		Average		End of Revolving	Final Maturity
As of September 30, 2020	Capacity		Amount		Interest Rate		Period	Date
Revolving Facility 2018-1	$	250,000	$	962	4.32	%	February 10, 2021	May 10, 2021
Revolving Facility 2018-2		750,000		1,373	4.44	%	September 23, 2022	December 23, 2022
Revolving Facility 2018-3		100,000		11,558	4.36	%	June 1, 2023	June 1, 2023
Revolving Facility 2019-1		300,000		10,909	3.76	%	March 4, 2022	March 4, 2022
Revolving Facility 2019-2		1,030,000		72,808	3.30	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		475,000		11,001	3.92	%	August 22, 2022	August 21, 2023
Total	$	2,905,000	$	108,611


			Weighted
	Outstanding		Average
As of December 31, 2019	Amount		Interest Rate
Revolving Facility 2016-1	$	39,346	6.17	%
Revolving Facility 2017-1		25,758	7.00	%
Revolving Facility 2018-1		126,450	5.62	%
Revolving Facility 2018-2		194,293	6.00	%
Revolving Facility 2018-3		111,411	4.65	%
Revolving Facility 2019-1		206,399	3.81	%
Revolving Facility 2019-2		327,226	3.41	%
Revolving Facility 2019-3		42,812	3.02	%
Total	$	1,073,695

Asset-backed Mezzanine Term Debt Facilities


	Borrowing		Outstanding		Interest		End of Draw	Final Maturity
As of September 30, 2020	Capacity		Amount		Rate		Period	Date
Term Debt Facility 2016-M1	$	149,000	$	40,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2019-M1		54,000		15,000	15.00	%	August 15, 2023	February 15, 2025
Term Debt Facility 2020-M1		300,000		100,000	10.00	%	January 23, 2023	January 23, 2026
Total	$	503,000	$	155,000
		Issuance Costs		(5,965)
		Carrying Value	$	149,035

Covenants

Convertible Notes

Mortgage Financing

The following tables summarize certain details related to our mortgage financing (in thousands, except interest rates):

Weighted

End of

Borrowing

Outstanding

Average

Revolving

Final Maturity

As of September 30, 2020

Capacity

Amount

Interest Rate

Period

Date

Repo Facility 2019-R1

50,000

13,297

1.90

April 29, 2021


			Weighted
	Outstanding		Average
As of December 31, 2019	Amount		Interest Rate
Repo Facility 2019-R1	$	2,021	3.98	%

7.CREDIT FACILITIES AND LONG-TERM DEBT

Non-Recourse Asset-backed Financing Facilities

We utilize limited recourse inventory financing facilities consisting of asset-backed senior revolving credit facilities and asset-backed mezzanine term debt facilities to provide financing for our real estate inventory purchases and renovation. We established certain special purpose entities (“SPEs”) for the purpose of financing our purchase and renovation of real estate inventory through borrowings under the SPEs’ issuance of senior revolving credit facilities and mezzanine term debt facilities, as applicable. Each SPE is a consolidated subsidiary of Opendoor and a separate legal entity. Neither the assets nor credit of any such SPE are generally available to satisfy the debts and other obligations of any other Opendoor entities, except to the extent other Opendoor entities are also a party to the financing arrangements. The credit facilities are secured by the assets and equity of one or more SPEs. Except for certain limited circumstances, these facilities are non-recourse to Opendoor. These SPEs are variable interest entities and Opendoor is determined to be the primary beneficiary based on its power to direct the activities that most significantly impact the economic outcomes of the entities through its role in designing the entities and managing the real estate inventory purchased and sold by the entities. The Company has potentially significant variable interest in the entities based upon the equity interest the Company holds in the VIEs.

Asset-backed Senior Revolving Credit Facilities

We classify the senior revolving credit facilities as current liabilities on the Company’s consolidated balance sheets as amounts drawn to acquire and renovate homes are required to be repaid as the related real estate inventory is sold, which we expect to be within 12 months. The following table summarizes certain details related to our credit facilities outstanding as of December 31, 2019 and December 31, 2018 (in thousands, except interest rates):


					Weighted
					Average		End of	Final
	Borrowing		Outstanding		Interest		Revolving	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date
Revolving Facility 2016-1	$	39,346	$	39,346	6.17	%	August 22, 2019	March 20, 2020
Revolving Facility 2017-1		75,000		25,758	7.00	%	March 1, 2020	9 months by property
Revolving Facility 2018-1		250,000		126,450	5.62	%	July 11, 2020	July 11, 2020
Revolving Facility 2018-2		750,000		194,293	6.00	%	September 4, 2020	September 4, 2020
Revolving Facility 2018-3		200,000		111,411	4.65	%	June 20, 2020	December 20, 2020
Revolving Facility 2019-1		300,000		206,399	3.81	%	June 5, 2021	June 5, 2021
Revolving Facility 2019-2		1,030,000		327,226	3.41	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		335,654		42,812	3.02	%	August 20, 2021	August 19, 2022
Total	$	2,980,000	$	1,073,695


			Weighted
			Average
	Outstanding		Interest
As of December 31, 2018	Amount		Rate
Revolving Facility 2016-1	$	326,970	6.83	%
Revolving Facility 2017-1		36,650	7.00	%
Revolving Facility 2017-2		184,250	7.04	%
Revolving Facility 2018-1		131,802	6.25	%
Revolving Facility 2018-2		299,279	4.81	%
Total	$	978,951

These borrowings are collateralized by cash, equity in the real estate owning SPEs, and the real estate inventory funded by the relevant revolving credit facility. The lenders have legal recourse only to the real estate-owning SPE borrowers, certain SPE guarantors, and the assets securing the debt, and do not have general recourse to Opendoor Labs Inc. with limited exceptions.

Asset-backed Mezzanine Term Debt Facilities

We classify our mezzanine term debt facilities as long-term liabilities on the Company’s consolidated balance sheets because our borrowings under these facilities are generally not required to be repaid until the applicable final maturity date. These facilities are structurally and contractually subordinated to the related senior revolving credit facilities. The following table summarizes certain details related to our mezzanine term debt facilities as of December 31, 2019 (in thousands, except interest rates):


								Final
	Borrowing		Outstanding		Interest		End of Draw	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date

Term Debt Facility 2016-M1	$	300,000	$	166,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2019-M1		100,000		61,000	15.00	%	August 15, 2023	February 15, 2025
Total	$	400,000	$	227,000
		Issuance Costs, Net		(5,071)
		Carrying Value	$	221,929

Covenants

Convertible Notes

Refer to Note 20 — Subsequent Events for further information on the Convertible Notes.

FAIR VALUE DISCLOSURES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

FAIR VALUE DISCLOSURES

8. FAIR VALUE DISCLOSURES

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

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 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 our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Interest rate lock commitments	Fair value of the underlying loan based on quoted market prices in the secondary market and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	September 30, 2020		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	38,902	$	—	$	38,902	$	—
Asset-backed securities		17,998		—		17,998		—
U.S. agency securities		16,984		—		16,984		—
U.S. Treasury securities		6,697		—		6,697		—
Commercial paper		850		—		850		—
Non-U.S. securities		700		—		700		—
Mortgage loans held for sale pledged under agreements to repurchase		13,984		—		13,984		—
Other current assets:
Interest rate lock commitments.		848		—		848		—
Total assets	$	96,963	$	—	$	96,963	$	—
Accounts payable and other accrued liabilities:
Warrants liabilities – current	$	6,440	$	—	$	—	$	6,440
Total liabilities	$	6,440	$	—	$	—	$	6,440


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Other current assets:
Interest rate caps		4		—		4		—
Interest rate lock commitments		95		95
Total assets	$	45,791	$	—	$	45,791	$	—
Derivative and warrant liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235

Fair Value of Financial Instruments


	As of September 30, 2020
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	469,365	$	469,365	$	469,365	$	—
Restricted cash		174,194		174,194		174,194		—
Liabilities:
Credit facilities and other secured borrowings	$	270,944	$	270,944	$	—	$	270,944


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded Conversion
	Warrants		Option
Balance at January 1, 2019	$	18,022	$	—
Net change in fair value		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019		4,538		41,697
Net change in fair value		1,902		23,317
Settlement of convertible notes		—		(65,014)
Balance as of September 30, 2020	$	6,440	$	—

Warrant Liabilities

Embedded conversion options

8.FAIR VALUE DISCLOSURES

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

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 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 our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Other current assets:
Interest rate caps		4		—		4		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Total assets	$	45,696	$	—	$	45,696	$	—
Derivative and warrant Liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235


	Fair Value as of
	December 31, 2018		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	1,152	$	—	$	1,152	$	—
Asset-backed securities		948		—		948		—
Commercial paper		2,443		—		2,443		—
U.S. agency securities		3,462		—		3,462		—
U.S. Treasury securities		999		—		999		—
Other current assets:
Interest rate caps		1,106		—		1,106		—
Total assets	$	10,110	$	—	$	10,110	$	—
Derivative and warrant liabilities:
Warrants	$	18,022	$	—	$	—	$	18,022
Total liabilities	$	18,022	$	—	$	—	$	18,022

Fair Value of Financial Instruments


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252


	As of December 31, 2018
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	262,368	$	262,368	$	262,368	$	—
Restricted cash		143,403		143,403		143,403		—
Liabilities:
Credit facilities and other secured borrowings	$	1,133,095	$	1,133,095	$	—	$	1,133,095

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded
			Conversion
	Warrants		Option
Balance as of December 31, 2017	$	—	$	—
Issuances		14,529		—
Net change in fair value (unrealized)		3,493		—
Balance as of December 31, 2018		18,022		—
Net change in fair value (unrealized)		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019	$	4,538	$	41,697

Warrant Liabilities

Embedded conversion options

- Definition

+ References + Details

PROPERTY AND EQUIPMENT

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

9. PROPERTY AND EQUIPMENT

Property and equipment as of September 30, 2020 and December 31, 2019, consisted of the following (in thousands):


	September 30,		December 31,
	2020		2019
Internally developed software	$	44,209	$	33,765
Software implementation costs		1,604		1,214
Computers		5,383		7,777
Security systems		559		4,927
Furniture and fixtures		3,007		2,843
Leasehold improvements		2,444		2,748
Office equipment		1,910		1,794
Total		59,116		55,068
Accumulated depreciation and amortization		(29,682)		(20,462)
Property and equipment – net	$	29,434	$	34,606

Depreciation and amortization expense of $17.0 million and $10.5 million was recorded for the nine months ended September 30, 2020 and 2019, respectively.

9.PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2019 and 2018, consisted of the following (in thousands):


	2019		2018
Internally developed software	$	33,765	$	12,567
Software implementation costs		1,214		208
Computers		7,777		4,053
Security systems		4,927		3,235
Furniture and fixtures		2,843		1,547
Leasehold improvements		2,748		1,349
Office equipment		1,794		672
Total		55,068		23,631
Accumulated depreciation and amortization		(20,462)		(5,655)
Property and equipment – net	$	34,606	$	17,976

Depreciation and amortization expense of $15.0 million, $4.6 million, and $1.2 million was recorded for the years ended December 31, 2019, 2018 and 2017, respectively.

LEASES

12 Months Ended

Dec. 31, 2019

LEASES

LEASES

10.LEASES

As of December 31, 2019, for operating leases, the weighted average lease term was 4.5 years, and the weighted average discount rate was 7.2%.

Maturity of operating lease liabilities as of December 31, 2019 are as follows (in thousands):


2020	$	17,384
2021		15,149
2022		14,363
2023		13,922
2024		10,881
Thereafter		832
Total undiscounted future cash flows	$	72,531
Less: Imputed interest		10,624
Total lease liabilities	$	61,907

Future minimum payments under noncancelable operating leases with terms greater than one year as of December 31, 2018, are as follows (in thousands):


2019	$	13,269
2020		15,832
2021		13,638
2022		13,267
2023		13,071
Total minimum payments	$	69,077

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

10. GOODWILL AND INTANGIBLE ASSETS

Intangible assets subject to amortization consisted of the following as of September 30, 2020 (in thousands, except years):


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(2,921)	$	—	2
Customer relationships		7,400		(2,295)		5,105	5
Trademarks		5,400		(1,396)		4,004	5
Non-competition agreements		100		(100)		—	2
Intangible assets – net	$	15,821	$	(6,712)	$	9,109

We also have domain name intangible assets, which are not subject to amortization, with a carrying amount of $0.2 million as of both September 30, 2020 and December 31, 2019.

11.GOODWILL AND INTANGIBLE ASSETS

Intangible assets subject to amortization consisted of the follow as of December 31, 2019 and 2018, respectively(in thousands, except years):

As of December 31, 2019


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(1,879)	$	1,042	2
Customer relationships		7,400		(990)		6,410	5
Trademarks		5,400		(631)		4,769	5
Non-competition agreements		100		(65)		35	2
Intangible assets – net	$	15,821	$	(3,565)	$	12,256

As of December 31, 2018


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,900	$	(423)	$	2,477	2
Customer relationships		900		(131)		769	2
Trademarks		300		(44)		256	2
Non-competition agreements		100		(15)		85	2
Intangible assets – net	$	4,200	$	(613)	$	3,587

We also have domain name intangible assets, which are not subject to amortization, with a carrying amount of $0.2 million as of both December 31, 2019 and 2018, respectively.

Amortization expense for intangible assets was $2.9 million, $0.6 million, and $0 for the years ended December 31, 2019, 2018 and 2017, respectively.

As of December 31, 2019, expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows:


Fiscal Years	(In thousands)
2020	$	3,730
2021		2,320
2022		2,320
2023		2,320
2024		1,566
Total	$	12,256

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

11. ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of September 30, 2020 and December 31, 2019, consist of the following (in thousands):


	September 30,		December 31,
	2020		2019
Accrued expenses due to vendors	$	19,434	$	16,342
Accounts payable due to vendors		3,212		6,453
Accrued property and franchise taxes		1,243		5,739
Accrued payroll and other employee related expenses		5,198		3,328
Other		8,911		1,115
Total accounts payable and other accrued liabilities	$	37,998	$	32,977

12.ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of December 31, 2019 and 2018, consisted of the following (in thousands):


	2019		2018
Accrued expenses due to vendors	$	16,342	$	15,394
Accounts payable due to vendors		6,453		6,237
Accrued property and franchise taxes		5,739		5,487
Accrued payroll and other employee related expenses		3,328		2,366
Other		1,115		781
Total accounts payable and other accrued liabilities	$	32,977	$	30,265

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT

12. TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT

13.TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT

Common Stock Reserved, as Converted — We have reserved shares of common stock, on an as-converted basis, for future issuance as follows (shares in thousands):


	December 31,
	2019	2018
Redeemable convertible preferred stock outstanding	194,384	167,841
Stock options issued and outstanding	22,633	26,330
RSUs issued and outstanding	14,070	564
Restricted shares of common stock	2,156	1,666
Early exercised stock options (unvested)	116	693
Warrants issued and outstanding	2,459	7,701
Future issuance of warrants	750	—
Shares available for future equity grants under 2014 Stock Plan	2,176	12,918
Total	238,744	217,713

Convertible Preferred Stock

Significant terms of the Preferred Stock are as follows:

Dividends

Voting

Conversion

Liquidation Preference

Redemption

SHARE-BASED AWARDS

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

SHARE-BASED AWARDS

SHARE-BASED AWARDS

13. SHARE-BASED AWARDS

Stock Plan

A summary of the stock option activity for the nine months ended September 30, 2020, is as follows:


			Weighted-
		Weighted-	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise	Contractual	Value
	(in thousands)	Price	Term (in years)	(in thousands)
Balance – December 31, 2019	22,633	3.00	6.9	110,481
Exercised	(378)	2.85
Forfeited	(2,734)	3.67
Expired	(796)	3.65
Balance – September 30, 2020	18,725	2.88	6.0	93,646
Exercisable – September 30, 2020	13,096	2.37	5.3	72,214

A summary of the RSU activity for the nine months ended September 30, 2020, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2019	14,070	$	6.80
Granted	8,592		7.60
Forfeited	(3,000)		6.99
Unvested and outstanding – September 30, 2020	19,662		7.12
Vested and outstanding – September 30, 2020	—		—

Restricted Shares

A summary of the Restricted Shares activity for the nine months ended September 30, 2020 is as follows:


		Weighted-
	Number of	Average
	Restricted Shares	Grant-Date
	(Thousands)	Fair Value
Unvested – December 31, 2019	2,156	$	5.98
Vested	(636)	$	5.90
Unvested – September 30, 2020	1,520	$	6.01

Stock-based compensation expense

We recognized stock-based compensation expense in the statements of operations for the nine months ended September 30, 2020 and 2019, as follows (in thousands):


	Nine months Ended September 30,
	2020	2019
Stock options	5,411	7,085
Excess of the repurchase price over the fair value of common stock awards repurchased	—	590
Vesting of restricted shares	3,751	2,315
Total stock-based compensation expense	9,162	9,990

The range of assumptions used in the Black-Scholes Model for options for the nine months ended September 30, 2019 are as follows:


	2019
	Range
Fair value	$	6.82
Volatility		32%
Risk-free rate		1.80% – 2.34%
Expected life (in years)		5 – 7
Expected dividend	$	—

14.SHARE-BASED AWARDS

Stock Plan

A summary of the stock option activity for the year ended December 31, 2019, is as follows:


				Weighted-
		Weighted-		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	(in thousands)	Price		Term (in years)	(in thousands)
Balance – December 31, 2018	26,330	$	2.53	8.7	$	113,031
Granted	3,661		5.56
Exercised	(1,928)		1.83
Forfeited	(5,256)		2.85
Expired	(174)		2.86
Balance – December 31, 2019	22,633		3.00	6.9	$	110,481
Exercisable – December 31, 2019	10,870		2.17	6.0	$	62,060

The weighted-average grant date fair value per option granted for the years ended December 31, 2019, 2018, and 2017 was $2.42, $1.80, and $0.8 respectively.

A summary of the RSU activity for the year ended December 31, 2019, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2018	564	$	4.88
Granted	13,901		6.87
Forfeited	(395)		6.71
Unvested and outstanding – December 31, 2019	14,070	$	6.79
Vested and outstanding – December 31, 2019	—		—

Restricted Shares

A summary of the Restricted Shares activity for the year ended December 31, 2019 is as follows:


	Number of	Average
	Restricted Shares	Grant-Date
	(In thousands)	Fair Value
Unvested – December 31, 2018	1,666	$	4.88
Granted	1,263		6.94
Vested	(773)		5.18
Unvested – December 31, 2019	2,156	$	5.98
Vested and outstanding – December 31, 2019	—		—

The total intrinsic value of Restricted Shares vested for the years ended December 31, 2019, 2018, and 2017 was $1.5 million, $0.1 million, and $0.3 million respectively.

Stock-based compensation expense

We recognized stock-based compensation expense in the statements of operations for the years ended December 31, 2019, 2018 and 2017, as follows (in thousands):


	2019		2018		2017
Stock options	$	9,175	$	7,526	$	3,761
Excess of the repurchase price over the fair value of common stock awards repurchased		590		6,552		—
Vesting of restricted shares		3,431		896		—
Total stock-based compensation expense	$	13,196	$	14,974	$	3,761

Valuation of options

The Black-Scholes Model used to value stock options incorporates the following assumptions:

Fair Value of Common Stock

Volatility

Risk-Free Interest Rate

The risk-free interest rates are based on U.S. Treasury yields in effect at the grant date for notes with comparable terms as the awards.

Expected Life

Dividend Yield

The expected dividend yield assumption is based on our current expectations about our anticipated dividend policy.

The range of assumptions used in the Black-Scholes Model for employee and non-employee stock options for 2019, 2018, and 2017 are as follows:


	2019 Range			2018 Range			2017 Range
Fair value		$6.82 – $6.94			$2.29 – $4.88			$1.64 – $2.59
Volatility		32% – 45	%		32% – 34	%		34% – 36	%
Risk-free rate		1.63% – 2.34	%		2.68% – 3.17	%		2.02% – 2.42	%
Expected life (in years)		5 – 7			5 – 7			7
Expected dividend	$	—		$	—		$	—

Valuation of RSU’s and Restricted Stock

WARRANTS	9 Months Ended	12 Months Ended
WARRANTS	Sep. 30, 2020	Dec. 31, 2019
WARRANTS
WARRANTS	14. WARRANTS Warrants to purchase Series D Preferred Stock On September 12, 2018, we issued warrants to purchase 300,000 at a price of $0.01 (“Penny Warrants”). The Penny Warrants are exercisable, in whole or in part, upon issuance with exercise taking the form of payment of the full purchase price. As of September 30, 2020, the outstanding Penny Warrants provide the holder of the warrant the right to purchase 300,000 shares of Series D in exchange for proceeds of $3.0 thousand. Commitment to Issue Warrants In September 2018, we entered into a commitment to issue warrants (“Warrant Commitment.”). The Warrant Commitment obligates us to issue warrants on an annual basis until 2025 (“Issuance Date”). The number of warrants issued is calculated by dividing the Warrant Coverage Amount by the Warrant Coverage Price. On each Issuance Date, we determine the Warrant Coverage Amount. Prior to an initial public offering, we will issue warrants for Series E stock. As of September 30, 2020, the Warrant Coverage Amount can range from $11.0 million to $32.0 million, in total, for all future Issuance Dates. The Warrant Coverage Price is the higher of the Series E original issuance price of $9.58 and the cash price paid per share for our preferred stock issued in the most recent qualified financing event prior to the corresponding Issuance Date. If we participate in an initial public offering, we will issue warrants for the class of shares of common stock sold by the Company in its initial public offering. As of September 30, 2020, the Warrant Coverage Amount can range from $0.0 to $32.0 million, in total, for all future remaining Issuance Dates. The Warrant Coverage Price is the higher of the Warrant Coverage Price as determined prior to an initial public offering and the Issuance Date closing price of our stock on the securities exchange in which it is traded. See Note 8 — Fair value disclosures for further discussion of the impact of the Merger on our warrant commitment arrangement. On each Warrant Commitment Issuance date in September 2019 and September 2020, we issued warrants to purchase 75,025 shares and 150,051 shares, respectively, of Series E at a price of $9.58 per share (“Series E Warrants”). The Series E Warrants are exercisable, in whole or in part, upon issuance with exercise taking the form of payment of the full purchase price. As of September 30, 2020, the outstanding Series E Warrants provide the holder of the warrant the right to purchase 225,076 shares of Series E in exchange for proceeds of $2.2 million. The Penny Warrants, the Series D Warrants, the Warrant Commitment, and the Series E Warrants have been determined to be liabilities under ASC 480 as the underlying preferred shares have certain liquidation preferences in the event of a deemed liquidation. The outstanding Penny Warrants, the outstanding Series E Warrants, and the Warrant Commitment have a fair value measured in accordance with the methodology described in Note 8 — Fair Value Disclosures of $4.8 million, $1.5 million, and $0.0 million, respectively as of September 30, 2020. Changes in the fair value of our Series D or Series E would have no impact if the Penny Warrants or Series E Warrants, respectively, are settled through full payment. We recorded an increase to the warrant fair value adjustments of $1.9 million and a decrease to the warrant fair value adjustments of negative $6.6 million for the nine months ended September 30, 2020 and 2019, respectively.	15.WARRANTS Warrants to Purchase Series D Preferred Stock On June 12, 2018, we issued warrants to purchase 300,000 and 5,320,038 shares of Series D Preferred Stock at a price of $0.01 (“Penny Warrants”) and $6.58 per share (“Series D Warrants”), respectively. The Penny Warrants are exercisable, in whole or in part, upon issuance with exercise taking the form of payment of the full purchase price. The Series D Warrants are exercisable, in whole, upon issuance with the exercise taking the form of either payment of the purchase price or net exercise if the exercise is triggered upon certain events. In October 2019, the Series D Warrants were exercised and we issued 5,320,038 shares of Series D in exchange for $35.0 million. As of December 31, 2019, there were no Series D Warrants outstanding. As of December 31, 2019, the outstanding Penny Warrants provide the holder of the warrant the right to purchase 300,000 shares of Series D in exchange for proceeds of $3.0 thousand. Commitment to Issue Warrants In June 2018, we entered into a commitment to issue warrants (“Warrant Commitment.”). The Warrant Commitment obligates us to issue warrants on an annual basis until 2025 (“Issuance Date”). The number of warrants issued is calculated by dividing the Warrant Coverage Amount by the Warrant Coverage Price. On each Issuance Date, we determine the Warrant Coverage Amount. Prior to an initial public offering, we will issue warrants for Series E stock. As of December 31, 2019, the Warrant Coverage Amount can range from $12.0 million to $34 million, in total, for all future Issuance Dates. The Warrant Coverage Price is the higher of the Series E original issuance price of $9.58 and the cash price paid per share for our preferred stock issued in the most recent qualified financing event prior to the corresponding Issuance Date. If we participate in an initial public offering, we will issue warrants for the class of shares of common stock sold by the Company in its initial public offering. As of December 31, 2019, the Warrant Coverage Amount can range from $0.0 to $34.0 million, in total, for all future remaining Issuance Dates. The Warrant Coverage Price is the higher of the Warrant Coverage Price as determined prior to an initial public offering and the Issuance Date closing price of our stock on the securities exchange in which it is traded. On the first Warrant Commitment Issuance date in June 2019, we issued warrants to purchase 75,025 shares of Series E at a price of $9.58 per share (“Series E Warrants”). The Series E Warrants are exercisable, in whole or in part, upon issuance with exercise taking the form of payment of the full purchase price. As of December 31, 2019, the outstanding Series E Warrants provide the holder of the warrant the right to purchase 75,025 shares of Series E in exchange for proceeds of $718.6 thousand. The Penny Warrants, the Series D Warrants, the Warrant Commitment, and the Series E Warrants have been determined to be liabilities under ASC 480 as the underlying preferred shares have certain liquidation preferences in the event of a deemed liquidation. The outstanding Penny Warrants, the outstanding Series E Warrants, and the Warrant Commitment have a fair value measured in accordance with the methodology described in Note 8 — Fair Value Disclosures of $2.7 million, $288.9 thousand, and $1.5 million, respectively as of December 31, 2019. Changes in the fair value of our Series D or Series E would have no impact if the Penny Warrants or Series E Warrants, respectively, are settled through full payment. We recorded an increase to the warrant fair value adjustments of $6.2 million and a decrease to the warrant fair value adjustments of negative $18.0 million in 2019 and 2018, respectively.

INCOME TAXES

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

INCOME TAXES

INCOME TAXES

15. INCOME TAXES

16.INCOME TAXES

The following table summarizes the components of our income tax benefit for the periods presented (in thousands):


	Year Ended December 31,
	2019		2018		2017
Current income tax expense:
Federal	$	—	$	—	$	—
State		252		377		—
Total current income tax expense		252		377		—
Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Total deferred income tax benefit		—		—		—
Income Tax Provision	$	252	$	377	$	—

Effective Tax Rate

The following table presents a reconciliation of the federal statutory rates of 21% and 34% to our effective tax rate for the periods presented:


	Year Ended December 31,
	2019		2018		2017
Federal tax benefit at statutory rate	21.0	%	21.0	%	34.0	%
State income taxes, net of federal benefit	3.2		2.6		2.9
Non-deductible expenses and other	(0.1)		(0.9)		(0.1)
Non-deductible warrant expenses	0.4		(1.6)		—
Share-based compensation	(0.4)		0.4		(0.8)
Change in federal tax rate	—		—		(21.1)
Change in valuation allowance, net	(25.2)		(22.6)		(16.0)
Research and development credits	1.0		0.9		1.1
Effective tax rate	(0.1)	%	(0.2)	%	(0.0)	%

Deferred Taxes


	2019		2018
Deferred tax assets:
Accrued and reserves	$	4,231	$	4,685
Inventory		15,181		15,419
Tax credits		10,880		5,334
Lease Liability		14,800		—
Net operating loss		149,141		66,427
Total gross deferred tax assets		194,233		91,865
Depreciation and amortization		(4,749)		(3,179)
Goodwill		(114)		—
Lease ROU Asset		(14,507)		—
Valuation allowance		(174,863)		(88,686)
Net deferred tax assets	$	—	$	—

Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2019		2018		2017
Unrecognized tax benefits as of the beginning of the year	$	2,433	$	862	$	—
Increases related to prior year tax provisions		383		197		332
Decrease related to prior year tax provisions		(247)		—		—
Increase related to current year tax provisions		2,464		1,374		530
Unrecognized tax benefits as of the end of the year	$	5,033	$	2,433	$	862

- Definition

+ References + Details

RELATED PARTIES	9 Months Ended	12 Months Ended
RELATED PARTIES	Sep. 30, 2020	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	16. RELATED PARTIES One of the preferred stock investors holds more than 10% interest in our Company and has one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2018, an executive early exercised their option to purchase 914,634 shares of unvested common stock at a price per share of $1.64 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See Note 14 — Warrants for further information. During 2019, we acquired OSN. See Note 2 — Business Combination for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2019. Prior to the acquisition, OSN conducted business with us as the noncontrolling member of our Title Companies. We paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, we paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.	17.RELATED PARTIES One of the Preferred Stock investors holds more than a 10% interest in the Company and has one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2018, an executive early exercised their option to purchase 914,634 shares of unvested common stock at a price per share of $1.64 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See Note 15 — Warrants for further information. During 2019, we acquired OSN. See Note 2 — Business Combination for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2018. Prior to the acquisition, OSN conducted business with us as the noncontrolling member of our Title Companies. We paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, we paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.

NET LOSS PER SHARE

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

NET LOSS PER SHARE

NET LOSS PER SHARE

17. NET LOSS PER SHARE

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the nine months ended September 30, 2020 and 2019 (in thousands):


	For the Nine Months Ended September 30,
	2020		2019
Basic net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Net loss attributable to common shareholders – basic	$	(198,968)	$	(249,295)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Basic net loss per share	$	(3.75)	$	(5.11)
Diluted net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Minus: Gain on liability-classified warrants		—		8,402
Net loss attributable to common shareholders – diluted	$	(198,968)	$	(257,697)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Diluted net loss per share	$	(3.75)	$	(5.28)


	For the Nine Months Ended September 30,
	2020	2019
Common Stock Warrants	2,084	2,081
Series D Preferred Stock Warrants	300	—
Series E Preferred Stock Warrants	225	75
RSUs	19,662	8,736
Options	18,725	22,760
Unvested Shares from Early Exercise	46	220
Restricted Shares	1,520	2,288
Redeemable convertible preferred stock	194,384	189,064
Total anti-dilutive securities	236,946	225,224

18.NET LOSS PER SHARE

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the years ended December 31, 2019, 2018, and 2017 (in thousands):


	For the Years Ended December 31,
	2019		2018		2017
Basic net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Net loss attributable to common shareholders – basic	$	(341,017)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share	$	(6.90)	$	(5.12)	$	(2.12)
Diluted net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Minus: Gain on liability-classified warrants	$	8,132		—		—
Net loss attributable to common shareholders – diluted	$	(349,149)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share – diluted	$	(7.06)	$	(5.12)	$	(2.12)


	For the Years Ended December 31,
	2019	2018	2017
Common Stock Warrants	2,084	2,081	853
Series D Preferred Stock Warrants	300	5,620	—
Series E Preferred Stock Warrants	75	—	—
RSUs	14,070	564	—
Options	22,633	27,243	24,897
Unvested Shares from Early Exercise	116	693	1,611
Restricted Shares	2,281	1,851	997
Redeemable convertible preferred stock	194,384	167,841	92,417
Total anti-dilutive securities	235,943	205,893	120,775

COMMITMENTS AND CONTINGENCIES	9 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2020	Dec. 31, 2019
COMMITMENTS
COMMITMENTS	18. COMMITMENTS AND CONTINGENCIES Interest Rate Lock Commitments We entered into interest rate lock commitments with prospective borrowers whereby we commit to lend a certain loan amount under specific terms and interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. See Note 5 — Derivative Instruments for more information. Purchase Commitments As of September 30, 2020, we were in contract to purchase 716 homes for an aggregate purchase price of $181.5 million. Legal Matters From time to time, we may be subject to potential liability relating to the ownership and operations of our properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against us, some of which seek damages and other relief which, if granted, may require future cash expenditures. Management does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect our consolidated results of operations or financial condition. From time to time we receive inquiries and audit requests from various government agencies and fully cooperate with these requests. We do not have any material pending investigations or enforcement actions. Leases During the nine months ended September 30, 2020, we did not enter into any material new leases, lease renewals, or lease modifications. Certain long-term real estate leases entered into prior to 2020 commenced in the nine months ended September 30, 2020, for which we recognized right of use assets obtained in exchange for new operating lease liabilities of $40.1 million. On September 25, 2020, we exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In exercising our early termination option, we incurred and paid $5.2 million in early termination fees and are contractually obligated to pay rent through the remaining amended lease term in the amount of $12.9 million. We do not anticipate a return to the space during the remaining lease term and therefore the lease does not have future benefits to the Company. As such, we accelerated $12.5 million of amortization associated with the right of use asset and reduced the lease liability and right of use asset by $28.1 million. For additional information regarding our lease portfolio, see Note 10 — Leases in the accompanying notes to the consolidated audited financial statements as of and for the year ended December 31, 2019	19.COMMITMENTS AND CONTINGENCIES Purchase Commitments As of December 31, 2019, we were in contract to purchase 2,639 homes for an aggregate purchase price of $616.1 million. Legal Matters From time to time, we may be subject to potential liability relating to the ownership and operations of our properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against us, some of which seek damages and other relief which, if granted, may require future cash expenditures. Management does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect our consolidated results of operations or financial condition. From time to time we receive inquiries and audit requests from various government agencies and fully cooperate with these requests. We do not have any material pending investigations or enforcement actions.

SUBSEQUENT EVENTS	9 Months Ended	12 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2020	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this registration statement and determined that there have been no events that have occurred that would require recognition in the consolidated financial statements or disclosure herein.	20.SUBSEQUENT EVENTS On January 23, 2020, we entered into a new mezzanine term debt facility, Term Debt Facility 2020 M‑1, with $300 million in borrowing capacity, a 10% interest rate and a final maturity date of January 23, 2026. On March 11, 2020, the World Health Organization characterized the outbreak of a novel strain of coronavirus (COVID‑19) as a pandemic. Since that time, this outbreak has spread throughout the United States inclusive of the states in which we have operations. In response to the developments of COVID‑19, we significantly reduced our acquisition of property inventory and paused making new offers to purchase homes from customers. We relaunched offers to purchase homes in Phoenix in May and continued to relaunch other markets in the subsequent weeks and months. We resumed operations across all of our markets by the end of August 2020. On April 15, 2020, we announced a workforce reduction of 600 employees. We provided post-employment benefits to impacted employees for a total cost of $11.3 million and incurred $1.1 million of costs related to the exiting of certain non-cancelable leases with no future benefits to the Company. On April 6, 2020, we amended one of our existing mezzanine term debt facilities, Term Debt Facility 2016‑M1, to decrease borrowing capacity by $151 million. On June 1, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑3, to decrease the borrowing capacity by $100 million and extend the final maturity date to June 1, 2023. On July 10, 2020 we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑1, to extend the final maturity date to May 10, 2021. On September 4, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2018‑2, to extend the final maturity date to October 2, 2020 and on September 24, 2020, we extended the final maturity date to December 23, 2022. On September 15, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Social Capital Hedosophia Corp. II (“SCH”) and Hestia Merger Sub Inc. (“Merger Sub”), a direct wholly owned subsidiary of SCH. Pursuant to the Merger Agreement, and subject to the approval of SCH’s shareholders and the Company’s shareholders, all of the equity interests in Opendoor will be converted into the right to receive 500 million shares of common stock of SCH. Upon consummation of the merger, Merger Sub will merge with and into Opendoor, the separate corporate existence of Merger Sub will cease and Opendoor will be the surviving corporation and a wholly owned subsidiary of SCH (the “Merger”). SCH shall immediately be renamed Opendoor Technologies Inc. The consummation of the Merger is subject to the satisfaction or waiver of certain closing conditions contained in the Merger Agreement. As part of the Merger, Opendoor options will be converted into options to acquire shares of Opendoor Technologies Inc. Opendoor warrants exercisable prior to close of the Merger, will be converted into shares of Opendoor common stock prior to or concurrent with closing of the Merger and thereafter, exchanged for shares in Opendoor Technologies Inc. Any Opendoor warrants not exercised or exercisable at closing of the Transaction will be cancelled. On September 14, 2020, the Company entered into a Convertible Notes Exchange Agreement (the “Exchange Agreement”) with the Convertible Note holders. Under the terms of the Exchange Agreement, the Convertible Note holders received rights to 13.3 million shares of the Company’s common stock (“Issuer Stock Rights”) upon the earlier of (i) immediately prior to the consummation of the Merger and (ii) March 13, 2021. The Issuer Stock Rights are received in full satisfaction of the outstanding principal and accrued interest on the Convertible Notes and such notes have been cancelled and of no further force or effect. On January 6, 2020, the Company entered into an employment letter agreement with an executive, including an anticipated grant of 9,202,707 RSUs to the executive upon a listing event. The RSUs would vest upon the achievement of share price milestones and the executive’s continued employment. In August and September 2020, the Company’s board of directors and the majority of the Company’s preferred shareholders, respectively, approved an amendment and restatement of the letter agreement to clarify certain details regarding the terms of the anticipated grant. Under the amended and restated letter agreement, a listing event occurs if an initial public offering, direct listing of the Company’s common stock, or a merger with a special purpose acquisition company occurs before December 31, 2024. In August and September 2020, the Company’s board of directors and the majority of the Company’s preferred shareholders, respectively, approved a grant of 2,160,000 RSUs to an executive. The RSUs, once granted, vest upon a four-year service-based requirement and a performance condition. The performance condition is met by the completion of a Company Listing Event. On September 25, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2019‑1, to extend the final maturity date to March 4, 2022. On September 25, 2020, we amended one of our existing senior revolving credit facilities, Revolving Facility 2019‑3, to increase borrowing capacity by $100 million and extend the final maturity date to August 21, 2023. As a result of the amendments and other events subsequent to December 31, 2019, borrowing capacity under our non-recourse asset-backed financing facilities has increased by $28 million, from $3,380 million at December 31, 2019 to $3,408 million, of which $1,948 million is fully committed. Through August 31, 2020, the Company’s senior revolving credit facilities had a weighted average interest rate of 3.68%. On September 25, 2020, we exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In exercising our early termination option, we incurred and paid $5.2 million in early termination fees. We are contractually obligated to pay rent through the remaining amended lease term in the amount of $10.5 million.

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Description of Business

Opendoor Labs Inc. (the “Company”, “we”, “our”, and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a leading digital platform for buying and selling your home. Opendoor streamlines the home selling and buying transaction and creates an end-to-end experience online. Since 2014, we have completed over 80,000 home transactions and currently operate in 21 markets in the United States. We are headquartered in San Francisco, California with operations in the United States and were incorporated in Delaware on December 30, 2013.

Basis of Presentation and Principles of Consolidation

Use of Estimates

Significant Risks and Uncertainties

We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: rates of revenue growth; our ability to manage advertising inventory or pricing; engagement and usage of our products; effectiveness of our investment of resources to pursue strategies; competition in our market; the stability of the residential real estate market; impact of interest rate changes on demand and our costs; changes in technology, products, markets or services by us or our competitors; addition or loss of significant customers; our ability to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future businesses; actual or anticipated changes to our products and services; changes in government regulation affecting our business; outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; management of our growth; our ability to attract and retain qualified employees and key personnel; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; protection of customers’ information and other privacy concerns; protection of our brand and intellectual property; and intellectual property infringement and other claims, among other things.

Concentration of Credit Risk

Concentrations of Credit Risk

Reclassifications

Segment Reporting

Mortgage Loans Held for Sale Pledged under Agreements to Repurchase

Cash and Cash Equivalents

Restricted Cash

Marketable Securities

Real Estate Inventory

Derivative Instruments

Escrow Receivable

No customers accounted for 10% or more of our Escrow Receivable as of December 31, 2019 or 2018, respectively.

Property and Equipment


Internally developed software		2 years
Software implementation costs		Lesser of 3 years or contract term
Computers		2 years
Security systems		1 year
Furniture and fixtures		5 years
Leasehold improvements		Lesser of useful life or lease term
Office equipment		3 years

Leases

Internally Developed Software

Goodwill

Intangible Assets

Impairment of Long-Lived Assets

Revenue Recognition

We generate revenue through home sales, along with other revenue from real estate services. Other revenue represents an insignificant portion of our total revenue.

Revenue Recognition

We generate revenue through home sales, along with other revenue from real estate services. Other revenue represents an insignificant portion of our total revenue.

Home sales revenue consists of selling residential real estate to customers. Revenue is recognized when title to and possession of the property has transferred to the customer and we have no continuing involvement with the property, which is generally upon close of escrow. The amount of revenue recognized for each home sale is equal to the sale price of the home net of any concessions. The Company generally provides a 90‑day guarantee on home sales, subject to terms and conditions. Returns on home sales have been limited in our experience and we do not estimate for returns in recognizing revenue.

No customers generated 10% or more of our total revenue in the years ended December 31, 2019, 2018 or 2017.

Cost of Revenue

Sales, Marketing and Operations Expense

Technology and Development

Stock-Based Compensation

Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), and restricted common shares (“Restricted Shares”).

Income Taxes

Consolidation of Variable Interest Entities

Recent Accounting Pronouncements

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In August 2018, the FASB issued ASU 2018‑15 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350‑40). ASU 2018‑15 amends a customer’s accounting for implementation costs incurred in hosting arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in cloud computing arrangements with the requirements for capitalizing costs to develop or obtain internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU with respect our consolidated financial statements as the Company expects to apply the prospective transition method.

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Summary of estimated useful lives of our property and equipment

The estimated useful lives of our property and equipment are as follows:


Internally developed software		2 years
Software implementation costs		Lesser of 3 years or contract term
Computers		2 years
Security systems		1 year
Furniture and fixtures		5 years
Leasehold improvements		Lesser of useful life or lease term
Office equipment		3 years

BUSINESS COMBINATION (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Business Acquisition [Line Items]

Schedule of Pro forma Information


	For Year Ended December 31,
(unaudited)	2019		2018		2017
Revenue	$	4,763,716	$	1,883,129	$	713,293
Net loss		(340,667)		(231,865)		(86,244)

OS National LLC

Business Acquisition [Line Items]

Schedule of fair value of the consideration transferred

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	34,300
Equity consideration – common stock		6,700
Total consideration transferred	$	41,000

Schedule of Pro forma Information

Non-recurring pro forma adjustments including acquisition-related costs directly attributable to the acquisition of OSN are included within the reported pro forma revenue and net loss (in thousands).


	For the nine months ended
	September 30,
(unaudited)	2019
Revenue	$	3,508,062
Net loss	$	(248,945)

Open Listings Co

Business Acquisition [Line Items]

Schedule of fair value of the consideration transferred

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	9,370
Equity consideration		6,150
Total consideration transferred	$	15,520

REAL ESTATE INVENTORY (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

REAL ESTATE INVENTORY

Summary of components of inventory, net of applicable real estate inventory valuation adjustments


	September 30,		December 31,
	2020		2019
Work-in-process	$	33,233	$	179,419
Finished goods		118,279		1,132,950
Total real estate inventory	$	151,512	$	1,312,369

The following table presents the components of inventory, net of applicable real estate inventory valuation adjustments, as of the dates presented (in thousands):


	2019		2018
Work-in-process	$	179,419	$	231,186
Finished goods		1,132,950		1,130,610
Total real estate inventory	$	1,312,369	$	1,361,796

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

Summary of amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities


	September 30, 2020
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	405,312		—	$	405,312	$	405,312		—		—
Money market funds		13,707		—		13,707		13,707		—		—
Commercial paper		49,189		2		(1)		49,190		48,340		850
Corporate debt securities		40,813		97		(2)		40,908		2,006		38,902
Asset-backed securities		17,954		50		(6)		17,998		—		17,998
U.S. agency securities		16,980		4		—		16,984		—		16,984
U.S. Treasury securities		6,697		—		—		6,697		—		6,697
Non-U.S. securities		700		—		—		700		—		700
Total	$	551,352	$	153	$	(9)	$	551,496	$	469,365	$	82,131


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt securities		16,417		12		(1)		16,428		—		16,428
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury securities		1,000		—		—		1,000		—		1,000
Asset-backed securities		12,482		12		(2)		12,492		—		12,492
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2019 and 2018, are as follows (in thousands):


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt		16,417		12		(1)		16,428		—		16,428
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury		1,000		—		—		1,000		—		1,000
Asset-backed		12,482		12		(2)		12,492		—		12,492
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576


	December 31, 2018
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	2,020	$	—	$	—	$	2,020	$	2,020	$	—
Money market funds		253,911		—		—		253,911		253,911		—
Commercial paper		6,635		—		—		6,635		4,192		2,443
Corporate debt		1,403		—		(1)		1,402		250		1,152
U.S. agency securities		5,456		1		—		5,457		1,995		3,462
U.S. Treasury		999		—		—		999		—		999
Asset-backed		950		—		(2)		948		—		948
Total	$	271,374	$	1	$	(3)	$	271,372	$	262,368	$	9,004

Summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss


September 30, 2020	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	14,797	$	(1)	$	—	$	—	$	14,797	$	(1)
Corporate debt securities		8,212		(2)		—		—		8,212		(2)
Asset-backed securities		2,940		(6)		—		—		2,940		(6)
U.S. Treasury securities		1,699		—		—		—		1,699		—
Total	$	27,648	$	(9)	$	—	$	—	$	27,648	$	(9)


December 31, 2019	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate-debt securities		3,166		(1)		—		—		3,166		(1)
Asset-backed securities		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)

A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in thousands):


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2019	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate debt		3,166		(1)		—		—		3,166		(1)
Asset-backed		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2018	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	4,591	$	—	$	—	$	—	$	4,591	$	—
Corporate debt		1,402		(1)		—		—		1,402		(1)
U.S. agency		999		—		—		—		999		—
Asset-backed		—		—		948		(2)		948		(2)
Total	$	6,992	$	(1)	$	948	$	(2)	$	7,940	$	(3)

Summary of contractual maturities of debt securities

The scheduled contractual maturities of debt securities as of September 30, 2020 are as follows (in thousands):


	Fair Value		Within 1 Year
Commercial paper	$	49,190	$	49,190
Corporate-debt securities		40,908		40,908
Asset-backed securities		17,998		17,998
U.S. agency securities		16,984		16,984
U.S. Treasury securities		6,697		6,697
Non-U.S. securities		700		700
Total	$	132,477	$	132,477

The scheduled contractual maturities of debt securities as of December 31, 2019 are as follows (in thousands):


					After
					1 Year
			Within		through
December 31, 2019	Fair Value		1 Year		5 Years
Commercial paper	$	19,994	$	19,994	$	—
Corporate debt		16,428		16,428		—
U.S. agency securities		749		749		—
U.S. Treasury		1,000		1,000		—
Asset-backed		12,492		—		12,492
Non-U.S. securities		700		700		—
Total	$	51,363	$	38,871	$	12,492

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

DERIVATIVE INSTRUMENTS

Summary of total notional amounts and fair values for derivatives

The following table presents the total notional amounts and fair values for our derivatives (in thousands):


	Notional		Fair Value Derivatives
As of September 30, 2020	Amount		Asset		Liability
Interest rate caps	$	100,000	$	—	$	—
Interest rate lock commitments		24,884		(848)		—


	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Interest rate lock commitments		3,429		95		—
Embedded conversion options		180,252		—		41,697

The following table presents the total notional amounts and fair values for our derivatives (in thousands):



	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Embedded conversion options	$	180,252	$	—	$	41,697



	Notional		Fair Value Derivatives
As of December 31, 2018	Amount		Asset		Liability
Interest rate caps	$	366,700	$	1,106	$	—

Summary of net gains and losses recognized on derivatives within the respective line items in the statement of operations

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statements of operations for the periods indicated (in thousands):


	Nine Months Ended
	September 30,
	2020		2019
Net gains (losses) recognized on economic hedges:
Revenue	$	753	$	135
Derivative and warrant fair value adjustment	$	(23,317)	$	—
Other income-net	$	(4)	$	(729)

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statement of operations for the periods indicated (in thousands):


	For the Years Ended
	December 31,
	2019		2018		2017
Other income, net	$	(773)	$	420	$	134

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

VARIABLE INTEREST ENTITIES

Summarizes the assets and liabilities related to the VIEs

The following table summarizes the assets and liabilities related to the VIEs consolidated by us from our Credit Facility Vehicles as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	15,370	$	86,526
Restricted cash		161,624		268,368
Real estate inventory		148,205		1,312,194
Other(a)		6,048		25,793
Total assets	$	331,247	$	1,692,881
Liabilities
Credit facilities	$	257,647	$	1,264,913
Other(b)		3,444		14,983
Total liabilities	$	261,091	$	1,279,896

(a) Includes escrow receivable and other current assets.

(b) Includes accounts payable and other accrued liabilities and interest payable.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2019:


	Credit Facility
	Vehicles
Assets
Cash and cash equivalents	$	86,526
Restricted cash		268,368
Real estate inventory		1,312,194
Other(a)		25,793
Total assets	$	1,692,881
Liabilities
Credit facilities	$	1,264,913
Other(b)		14,983
Total liabilities	$	1,279,896

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2018:


	Credit Facility		Title
	Vehicles		Companies		Total
Assets
Cash and cash equivalents	$	79	$	—	$	79
Restricted cash		127,798		6,737		134,535
Real estate inventory		1,360,236		—		1,360,236
Other(a)		19,431		1,368		20,799
Total assets	$	1,507,544	$	8,105		1,515,649
Liabilities
Credit facilities	$	1,133,095	$	—	$	1,133,095
Other(b)		6,316		528		6,844
Total liabilities	$	1,139,411	$	528	$	1,139,939

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

- Definition

+ References + Details

CREDIT FACILITIES AND LONG-TERM DEBT (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

CREDIT FACILITIES AND LONG-TERM DEBT

Schedule of credit facilities outstanding

The following table summarizes certain details related to our credit facilities outstanding as of September 30, 2020 and December 31, 2019 (in thousands, except interest rates):


					Weighted
	Borrowing		Outstanding		Average		End of Revolving	Final Maturity
As of September 30, 2020	Capacity		Amount		Interest Rate		Period	Date
Revolving Facility 2018-1	$	250,000	$	962	4.32	%	February 10, 2021	May 10, 2021
Revolving Facility 2018-2		750,000		1,373	4.44	%	September 23, 2022	December 23, 2022
Revolving Facility 2018-3		100,000		11,558	4.36	%	June 1, 2023	June 1, 2023
Revolving Facility 2019-1		300,000		10,909	3.76	%	March 4, 2022	March 4, 2022
Revolving Facility 2019-2		1,030,000		72,808	3.30	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		475,000		11,001	3.92	%	August 22, 2022	August 21, 2023
Total	$	2,905,000	$	108,611


			Weighted
	Outstanding		Average
As of December 31, 2019	Amount		Interest Rate
Revolving Facility 2016-1	$	39,346	6.17	%
Revolving Facility 2017-1		25,758	7.00	%
Revolving Facility 2018-1		126,450	5.62	%
Revolving Facility 2018-2		194,293	6.00	%
Revolving Facility 2018-3		111,411	4.65	%
Revolving Facility 2019-1		206,399	3.81	%
Revolving Facility 2019-2		327,226	3.41	%
Revolving Facility 2019-3		42,812	3.02	%
Total	$	1,073,695

We classify the senior revolving credit facilities as current liabilities on the Company’s consolidated balance sheets as amounts drawn to acquire and renovate homes are required to be repaid as the related real estate inventory is sold, which we expect to be within 12 months. The following table summarizes certain details related to our credit facilities outstanding as of December 31, 2019 and December 31, 2018 (in thousands, except interest rates):


					Weighted
					Average		End of	Final
	Borrowing		Outstanding		Interest		Revolving	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date
Revolving Facility 2016-1	$	39,346	$	39,346	6.17	%	August 22, 2019	March 20, 2020
Revolving Facility 2017-1		75,000		25,758	7.00	%	March 1, 2020	9 months by property
Revolving Facility 2018-1		250,000		126,450	5.62	%	July 11, 2020	July 11, 2020
Revolving Facility 2018-2		750,000		194,293	6.00	%	September 4, 2020	September 4, 2020
Revolving Facility 2018-3		200,000		111,411	4.65	%	June 20, 2020	December 20, 2020
Revolving Facility 2019-1		300,000		206,399	3.81	%	June 5, 2021	June 5, 2021
Revolving Facility 2019-2		1,030,000		327,226	3.41	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		335,654		42,812	3.02	%	August 20, 2021	August 19, 2022
Total	$	2,980,000	$	1,073,695


			Weighted
			Average
	Outstanding		Interest
As of December 31, 2018	Amount		Rate
Revolving Facility 2016-1	$	326,970	6.83	%
Revolving Facility 2017-1		36,650	7.00	%
Revolving Facility 2017-2		184,250	7.04	%
Revolving Facility 2018-1		131,802	6.25	%
Revolving Facility 2018-2		299,279	4.81	%
Total	$	978,951

Summary of details related to our credit facilities and mezzanine term debt facilities outstanding

The following table summarizes certain details related to our mezzanine term debt facilities as of September 30, 2020 (in thousands, except interest rates):


	Borrowing		Outstanding		Interest		End of Draw	Final Maturity
As of September 30, 2020	Capacity		Amount		Rate		Period	Date
Term Debt Facility 2016-M1	$	149,000	$	40,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2019-M1		54,000		15,000	15.00	%	August 15, 2023	February 15, 2025
Term Debt Facility 2020-M1		300,000		100,000	10.00	%	January 23, 2023	January 23, 2026
Total	$	503,000	$	155,000
		Issuance Costs		(5,965)
		Carrying Value	$	149,035


								Final
	Borrowing		Outstanding		Interest		End of Draw	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date

Term Debt Facility 2016-M1	$	300,000	$	166,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2019-M1		100,000		61,000	15.00	%	August 15, 2023	February 15, 2025
Total	$	400,000	$	227,000
		Issuance Costs, Net		(5,071)
		Carrying Value	$	221,929

Schedule of mortgage financing

The following tables summarize certain details related to our mortgage financing (in thousands, except interest rates):

Weighted

End of

Borrowing

Outstanding

Average

Revolving

Final Maturity

As of September 30, 2020

Capacity

Amount

Interest Rate

Period

Date

Repo Facility 2019-R1

50,000

13,297

1.90

April 29, 2021


			Weighted
	Outstanding		Average
As of December 31, 2019	Amount		Interest Rate
Repo Facility 2019-R1	$	2,021	3.98	%

- Definition

+ References

+ Details

FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

Summary of fair value measurement methodologies, including significant inputs and assumptions, and classification of our assets and liabilities

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Interest rate lock commitments	Fair value of the underlying loan based on quoted market prices in the secondary market and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of our assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Summary of levels of the fair value hierarchy for our assets and liabilities measured at fair value on a recurring basis

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	September 30, 2020		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	38,902	$	—	$	38,902	$	—
Asset-backed securities		17,998		—		17,998		—
U.S. agency securities		16,984		—		16,984		—
U.S. Treasury securities		6,697		—		6,697		—
Commercial paper		850		—		850		—
Non-U.S. securities		700		—		700		—
Mortgage loans held for sale pledged under agreements to repurchase		13,984		—		13,984		—
Other current assets:
Interest rate lock commitments.		848		—		848		—
Total assets	$	96,963	$	—	$	96,963	$	—
Accounts payable and other accrued liabilities:
Warrants liabilities – current	$	6,440	$	—	$	—	$	6,440
Total liabilities	$	6,440	$	—	$	—	$	6,440


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Other current assets:
Interest rate caps		4		—		4		—
Interest rate lock commitments		95		95
Total assets	$	45,791	$	—	$	45,791	$	—
Derivative and warrant liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235

The following tables present the levels of the fair value hierarchy for our assets measured at fair value on a recurring basis (in thousands).


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Other current assets:
Interest rate caps		4		—		4		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Total assets	$	45,696	$	—	$	45,696	$	—
Derivative and warrant Liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235


	Fair Value as of
	December 31, 2018		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	1,152	$	—	$	1,152	$	—
Asset-backed securities		948		—		948		—
Commercial paper		2,443		—		2,443		—
U.S. agency securities		3,462		—		3,462		—
U.S. Treasury securities		999		—		999		—
Other current assets:
Interest rate caps		1,106		—		1,106		—
Total assets	$	10,110	$	—	$	10,110	$	—
Derivative and warrant liabilities:
Warrants	$	18,022	$	—	$	—	$	18,022
Total liabilities	$	18,022	$	—	$	—	$	18,022

Summary of carrying value, estimated fair value and the levels of the fair value hierarchy for our financial instruments other than assets and liabilities measured at fair value on a recurring basis


	As of September 30, 2020
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	469,365	$	469,365	$	469,365	$	—
Restricted cash		174,194		174,194		174,194		—
Liabilities:
Credit facilities and other secured borrowings	$	270,944	$	270,944	$	—	$	270,944


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252


	As of December 31, 2018
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	262,368	$	262,368	$	262,368	$	—
Restricted cash		143,403		143,403		143,403		—
Liabilities:
Credit facilities and other secured borrowings	$	1,133,095	$	1,133,095	$	—	$	1,133,095

Summary of reconciliation from the opening balances to the closing balances for Level 3 Fair values


			Embedded Conversion
	Warrants		Option
Balance at January 1, 2019	$	18,022	$	—
Net change in fair value		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019		4,538		41,697
Net change in fair value		1,902		23,317
Settlement of convertible notes		—		(65,014)
Balance as of September 30, 2020	$	6,440	$	—

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded
			Conversion
	Warrants		Option
Balance as of December 31, 2017	$	—	$	—
Issuances		14,529		—
Net change in fair value (unrealized)		3,493		—
Balance as of December 31, 2018		18,022		—
Net change in fair value (unrealized)		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019	$	4,538	$	41,697

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

PROPERTY AND EQUIPMENT

Schedule of property and equipment

Property and equipment as of September 30, 2020 and December 31, 2019, consisted of the following (in thousands):


	September 30,		December 31,
	2020		2019
Internally developed software	$	44,209	$	33,765
Software implementation costs		1,604		1,214
Computers		5,383		7,777
Security systems		559		4,927
Furniture and fixtures		3,007		2,843
Leasehold improvements		2,444		2,748
Office equipment		1,910		1,794
Total		59,116		55,068
Accumulated depreciation and amortization		(29,682)		(20,462)
Property and equipment – net	$	29,434	$	34,606

Property and equipment as of December 31, 2019 and 2018, consisted of the following (in thousands):


	2019		2018
Internally developed software	$	33,765	$	12,567
Software implementation costs		1,214		208
Computers		7,777		4,053
Security systems		4,927		3,235
Furniture and fixtures		2,843		1,547
Leasehold improvements		2,748		1,349
Office equipment		1,794		672
Total		55,068		23,631
Accumulated depreciation and amortization		(20,462)		(5,655)
Property and equipment – net	$	34,606	$	17,976

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

LEASES

Schedule of maturity of operating lease liabilities

Maturity of operating lease liabilities as of December 31, 2019 are as follows (in thousands):


2020	$	17,384
2021		15,149
2022		14,363
2023		13,922
2024		10,881
Thereafter		832
Total undiscounted future cash flows	$	72,531
Less: Imputed interest		10,624
Total lease liabilities	$	61,907

Schedule of future minimum payments under noncancelable operating leases with terms greater than one year

Future minimum payments under noncancelable operating leases with terms greater than one year as of December 31, 2018, are as follows (in thousands):


2019	$	13,269
2020		15,832
2021		13,638
2022		13,267
2023		13,071
Total minimum payments	$	69,077

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

GOODWILL AND INTANGIBLE ASSETS

Schedule of Intangible assets subject to amortization

Intangible assets subject to amortization consisted of the following as of September 30, 2020 (in thousands, except years):


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(2,921)	$	—	2
Customer relationships		7,400		(2,295)		5,105	5
Trademarks		5,400		(1,396)		4,004	5
Non-competition agreements		100		(100)		—	2
Intangible assets – net	$	15,821	$	(6,712)	$	9,109

Intangible assets subject to amortization consisted of the follow as of December 31, 2019 and 2018, respectively(in thousands, except years):

As of December 31, 2019


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(1,879)	$	1,042	2
Customer relationships		7,400		(990)		6,410	5
Trademarks		5,400		(631)		4,769	5
Non-competition agreements		100		(65)		35	2
Intangible assets – net	$	15,821	$	(3,565)	$	12,256

As of December 31, 2018


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,900	$	(423)	$	2,477	2
Customer relationships		900		(131)		769	2
Trademarks		300		(44)		256	2
Non-competition agreements		100		(15)		85	2
Intangible assets – net	$	4,200	$	(613)	$	3,587

Schedule of expected amortization of intangible assets


Fiscal Years	(In thousands)
2020	$	3,730
2021		2,320
2022		2,320
2023		2,320
2024		1,566
Total	$	12,256

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Schedule of Accounts payable and accrued liabilities

Accounts payable and accrued liabilities as of September 30, 2020 and December 31, 2019, consist of the following (in thousands):


	September 30,		December 31,
	2020		2019
Accrued expenses due to vendors	$	19,434	$	16,342
Accounts payable due to vendors		3,212		6,453
Accrued property and franchise taxes		1,243		5,739
Accrued payroll and other employee related expenses		5,198		3,328
Other		8,911		1,115
Total accounts payable and other accrued liabilities	$	37,998	$	32,977


	2019		2018
Accrued expenses due to vendors	$	16,342	$	15,394
Accounts payable due to vendors		6,453		6,237
Accrued property and franchise taxes		5,739		5,487
Accrued payroll and other employee related expenses		3,328		2,366
Other		1,115		781
Total accounts payable and other accrued liabilities	$	32,977	$	30,265

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT (Tables)

12 Months Ended

Dec. 31, 2019

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT

Schedule of Shares reserved for common stock, on an as-converted basis, for future issuance

We have reserved shares of common stock, on an as-converted basis, for future issuance as follows (shares in thousands):


	December 31,
	2019	2018
Redeemable convertible preferred stock outstanding	194,384	167,841
Stock options issued and outstanding	22,633	26,330
RSUs issued and outstanding	14,070	564
Restricted shares of common stock	2,156	1,666
Early exercised stock options (unvested)	116	693
Warrants issued and outstanding	2,459	7,701
Future issuance of warrants	750	—
Shares available for future equity grants under 2014 Stock Plan	2,176	12,918
Total	238,744	217,713

SHARE-BASED AWARDS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

SHARE-BASED AWARDS

Summary of the stock option activity

A summary of the stock option activity for the nine months ended September 30, 2020, is as follows:


			Weighted-
		Weighted-	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise	Contractual	Value
	(in thousands)	Price	Term (in years)	(in thousands)
Balance – December 31, 2019	22,633	3.00	6.9	110,481
Exercised	(378)	2.85
Forfeited	(2,734)	3.67
Expired	(796)	3.65
Balance – September 30, 2020	18,725	2.88	6.0	93,646
Exercisable – September 30, 2020	13,096	2.37	5.3	72,214

A summary of the stock option activity for the year ended December 31, 2019, is as follows:


				Weighted-
		Weighted-		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	(in thousands)	Price		Term (in years)	(in thousands)
Balance – December 31, 2018	26,330	$	2.53	8.7	$	113,031
Granted	3,661		5.56
Exercised	(1,928)		1.83
Forfeited	(5,256)		2.85
Expired	(174)		2.86
Balance – December 31, 2019	22,633		3.00	6.9	$	110,481
Exercisable – December 31, 2019	10,870		2.17	6.0	$	62,060

Summary of the RSU activity

A summary of the RSU activity for the nine months ended September 30, 2020, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2019	14,070	$	6.80
Granted	8,592		7.60
Forfeited	(3,000)		6.99
Unvested and outstanding – September 30, 2020	19,662		7.12
Vested and outstanding – September 30, 2020	—		—

A summary of the RSU activity for the year ended December 31, 2019, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2018	564	$	4.88
Granted	13,901		6.87
Forfeited	(395)		6.71
Unvested and outstanding – December 31, 2019	14,070	$	6.79
Vested and outstanding – December 31, 2019	—		—

Summary of the Restricted Shares activity

A summary of the Restricted Shares activity for the nine months ended September 30, 2020 is as follows:


		Weighted-
	Number of	Average
	Restricted Shares	Grant-Date
	(Thousands)	Fair Value
Unvested – December 31, 2019	2,156	$	5.98
Vested	(636)	$	5.90
Unvested – September 30, 2020	1,520	$	6.01

A summary of the Restricted Shares activity for the year ended December 31, 2019 is as follows:


	Number of	Average
	Restricted Shares	Grant-Date
	(In thousands)	Fair Value
Unvested – December 31, 2018	1,666	$	4.88
Granted	1,263		6.94
Vested	(773)		5.18
Unvested – December 31, 2019	2,156	$	5.98
Vested and outstanding – December 31, 2019	—		—

Summary of stock-based compensation expense in the statements of operations

We recognized stock-based compensation expense in the statements of operations for the nine months ended September 30, 2020 and 2019, as follows (in thousands):


	Nine months Ended September 30,
	2020	2019
Stock options	5,411	7,085
Excess of the repurchase price over the fair value of common stock awards repurchased	—	590
Vesting of restricted shares	3,751	2,315
Total stock-based compensation expense	9,162	9,990

We recognized stock-based compensation expense in the statements of operations for the years ended December 31, 2019, 2018 and 2017, as follows (in thousands):


	2019		2018		2017
Stock options	$	9,175	$	7,526	$	3,761
Excess of the repurchase price over the fair value of common stock awards repurchased		590		6,552		—
Vesting of restricted shares		3,431		896		—
Total stock-based compensation expense	$	13,196	$	14,974	$	3,761

Summary of assumptions used in the Black-Scholes Model for employee and non-employee stock options

The range of assumptions used in the Black-Scholes Model for options for the nine months ended September 30, 2019 are as follows:


	2019
	Range
Fair value	$	6.82
Volatility		32%
Risk-free rate		1.80% – 2.34%
Expected life (in years)		5 – 7
Expected dividend	$	—

The range of assumptions used in the Black-Scholes Model for employee and non-employee stock options for 2019, 2018, and 2017 are as follows:


	2019 Range			2018 Range			2017 Range
Fair value		$6.82 – $6.94			$2.29 – $4.88			$1.64 – $2.59
Volatility		32% – 45	%		32% – 34	%		34% – 36	%
Risk-free rate		1.63% – 2.34	%		2.68% – 3.17	%		2.02% – 2.42	%
Expected life (in years)		5 – 7			5 – 7			7
Expected dividend	$	—		$	—		$	—

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of components of our income tax benefit for the periods


	Year Ended December 31,
	2019		2018		2017
Current income tax expense:
Federal	$	—	$	—	$	—
State		252		377		—
Total current income tax expense		252		377		—
Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Total deferred income tax benefit		—		—		—
Income Tax Provision	$	252	$	377	$	—

Schedule of a reconciliation of the federal statutory rates to our effective tax rates


	Year Ended December 31,
	2019		2018		2017
Federal tax benefit at statutory rate	21.0	%	21.0	%	34.0	%
State income taxes, net of federal benefit	3.2		2.6		2.9
Non-deductible expenses and other	(0.1)		(0.9)		(0.1)
Non-deductible warrant expenses	0.4		(1.6)		—
Share-based compensation	(0.4)		0.4		(0.8)
Change in federal tax rate	—		—		(21.1)
Change in valuation allowance, net	(25.2)		(22.6)		(16.0)
Research and development credits	1.0		0.9		1.1
Effective tax rate	(0.1)	%	(0.2)	%	(0.0)	%

Schedule of components of our deferred tax assets and liabilities


	2019		2018
Deferred tax assets:
Accrued and reserves	$	4,231	$	4,685
Inventory		15,181		15,419
Tax credits		10,880		5,334
Lease Liability		14,800		—
Net operating loss		149,141		66,427
Total gross deferred tax assets		194,233		91,865
Depreciation and amortization		(4,749)		(3,179)
Goodwill		(114)		—
Lease ROU Asset		(14,507)		—
Valuation allowance		(174,863)		(88,686)
Net deferred tax assets	$	—	$	—

Schedule of tabular reconciliation of the total amounts of unrecognized tax benefits.


	Year Ended December 31,
	2019		2018		2017
Unrecognized tax benefits as of the beginning of the year	$	2,433	$	862	$	—
Increases related to prior year tax provisions		383		197		332
Decrease related to prior year tax provisions		(247)		—		—
Increase related to current year tax provisions		2,464		1,374		530
Unrecognized tax benefits as of the end of the year	$	5,033	$	2,433	$	862

NET LOSS PER SHARE (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

NET LOSS PER SHARE

Schedule of computation of our basic and diluted net loss per share attributable to common shareholders

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the nine months ended September 30, 2020 and 2019 (in thousands):


	For the Nine Months Ended September 30,
	2020		2019
Basic net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Net loss attributable to common shareholders – basic	$	(198,968)	$	(249,295)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Basic net loss per share	$	(3.75)	$	(5.11)
Diluted net loss per share:
Numerator:
Net Loss	$	(198,968)	$	(247,448)
Minus: Net income attributed to noncontrolling interests		—		1,847
Minus: Gain on liability-classified warrants		—		8,402
Net loss attributable to common shareholders – diluted	$	(198,968)	$	(257,697)
Denominator:
Weighted average shares outstanding – basic and diluted		53,110		48,786
Diluted net loss per share	$	(3.75)	$	(5.28)

The following table sets forth the computation of our basic and diluted net loss per share attributable to common shareholders for the years ended December 31, 2019, 2018, and 2017 (in thousands):


	For the Years Ended December 31,
	2019		2018		2017
Basic net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Net loss attributable to common shareholders – basic	$	(341,017)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share	$	(6.90)	$	(5.12)	$	(2.12)
Diluted net loss per share:
Numerator:
Net loss	$	(339,170)	$	(239,929)	$	(84,767)
Minus: Deemed dividend		—	$	7,224		—
Minus: Net income attributable to noncontrolling interests	$	1,847	$	1,362	$	62
Minus: Gain on liability-classified warrants	$	8,132		—		—
Net loss attributable to common shareholders – diluted	$	(349,149)	$	(248,515)	$	(84,829)
Denominator:
Weighted average shares outstanding – basic and diluted		49,444		48,570		39,930
Basic and diluted net loss per share – diluted	$	(7.06)	$	(5.12)	$	(2.12)

Schedule of anti-dilutive securities were not included in the computation of diluted shares outstanding


	For the Nine Months Ended September 30,
	2020	2019
Common Stock Warrants	2,084	2,081
Series D Preferred Stock Warrants	300	—
Series E Preferred Stock Warrants	225	75
RSUs	19,662	8,736
Options	18,725	22,760
Unvested Shares from Early Exercise	46	220
Restricted Shares	1,520	2,288
Redeemable convertible preferred stock	194,384	189,064
Total anti-dilutive securities	236,946	225,224


	For the Years Ended December 31,
	2019	2018	2017
Common Stock Warrants	2,084	2,081	853
Series D Preferred Stock Warrants	300	5,620	—
Series E Preferred Stock Warrants	75	—	—
RSUs	14,070	564	—
Options	22,633	27,243	24,897
Unvested Shares from Early Exercise	116	693	1,611
Restricted Shares	2,281	1,851	997
Redeemable convertible preferred stock	194,384	167,841	92,417
Total anti-dilutive securities	235,943	205,893	120,775

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2020 item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2013 USD ($)
Description of Business
Number of home transactions completed	80,000				80,000
Number of currently operated markets	21				21
Number of days of guarantee on home sales	90 days	90 days
Reclassification
Reclassification from other liabilities to derivative and warrant liabilities		$ 18,000,000
Reclassification from other current assets to Mortgage loans held for sale pledged under agreements to repurchase		2,100,000
Marketable Securities
Impairment of investments in marketable securities		$ 0	$ 0	$ 0

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Internally developed software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Computers
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Security systems
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	1 year
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum \| Software implementation costs
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Intangible Assetst (Details)	12 Months Ended
	Dec. 31, 2019
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Revenue Recognitiont (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Impairment loss		$ 0	$ 0	$ 0
Revenue Recognition
Number of days of guarantee on home sales	90 days	90 days

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Recently Issued Accounting Standardst (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Jan. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	$ 51,842	$ 60,681
Operating lease liabilities		$ 61,907
Adjustment \| ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets			$ 14,700
Operating lease liabilities			15,000
Prepaid balances removed			600
Deferred rent balances removed			$ 900

BUSINESS COMBINATION - Acquisitions (Details) - USD ($) $ in Thousands	Sep. 04, 2019	Sep. 10, 2018
OS National LLC
Business Acquisition [Line Items]
Cash consideration	$ 34,300
Equity consideration - common stock	6,700
Total consideration transferred	$ 41,000
Open Listings Co
Business Acquisition [Line Items]
Cash consideration		$ 9,370
Equity consideration - common stock		6,150
Total consideration transferred		$ 15,520

BUSINESS COMBINATION - Additional information (Details) - USD ($) $ in Millions			4 Months Ended
	Sep. 04, 2019	Sep. 10, 2018	Dec. 31, 2019	Dec. 31, 2018
OS National LLC
Business Acquisition [Line Items]
Percentage of equity interests acquired	100.00%
Non controlling interest acquired	$ 4.9
Amortization period	5 years
Revenue			$ 12.8
Net loss			$ 4.2
OS National LLC \| Trademarks
Business Acquisition [Line Items]
Intangible assets	$ 5.1
OS National LLC \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 6.5
Open Listings Co
Business Acquisition [Line Items]
Percentage of equity interests acquired		100.00%
Amortization period		2 years
Revenue				$ 2.0
Net loss				$ 2.3
Open Listings Co \| Trademarks
Business Acquisition [Line Items]
Intangible assets		$ 0.3
Open Listings Co \| Non-competition agreements
Business Acquisition [Line Items]
Intangible assets		0.1
Open Listings Co \| Developed technology
Business Acquisition [Line Items]
Intangible assets		2.9
Open Listings Co \| Customer relationships
Business Acquisition [Line Items]
Intangible assets		$ 0.9

BUSINESS COMBINATION - Pro forma financial information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Revenue		$ 4,763,716	$ 1,883,129	$ 713,293
Net loss		$ (340,667)	$ (231,865)	$ (86,244)
OS National LLC
Business Acquisition [Line Items]
Revenue	$ 3,508,062
Net loss	$ (248,945)

REAL ESTATE INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
REAL ESTATE INVENTORY
Work-in-process	$ 33,233	$ 179,419	$ 231,186
Finished goods	118,279	1,132,950	1,130,610
Total real estate inventory	$ 151,512	$ 1,312,369	$ 1,361,796

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	$ 551,352	$ 448,638		$ 271,374
Unrealized Gains	153	25		1
gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	(9)	(7)		(3)
Fair Value	551,496	448,656		271,372
Operating bank accounts	469,365	405,080	$ 454,982	262,368	$ 33,919
Marketable Securities	82,131	43,576		9,004
Cash
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	405,312	366,358		2,020
gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	(405,312)
Fair Value	405,312	366,358		2,020
Operating bank accounts		366,358		2,020
Money market funds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	13,707	30,935		253,911
gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	(13,707)
Fair Value	13,707	30,935		253,911
Operating bank accounts		30,935		253,911
Commercial paper
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	49,189	19,997		6,635
Unrealized Gains	2	1
gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	(1)	(4)
Fair Value	49,190	19,994		6,635
Operating bank accounts	48,340	7,038		4,192
Marketable Securities	850	12,956		2,443
Corporate debt
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	40,813	16,417		1,403
Unrealized Gains	97	12
gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	(2)	(1)		(1)
Fair Value	40,908	16,428		1,402
Operating bank accounts	2,006			250
Marketable Securities	38,902	16,428		1,152
Asset-backed
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	17,954	12,482		950
Unrealized Gains	50	12
gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	(6)	(2)		(2)
Fair Value	17,998	12,492		948
Marketable Securities	17,998	12,492		948
U.S. agency securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	16,980	749		5,456
Unrealized Gains	4			1
Fair Value	16,984	749		5,457
Operating bank accounts		749		1,995
Marketable Securities	16,984			3,462
U.S. Treasury
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	6,697	1,000		999
Fair Value	6,697	1,000		999
Marketable Securities	6,697	1,000		$ 999
Non-U.S. securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	700	700
Fair Value	700	700
Marketable Securities	$ 700	$ 700

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	$ (9)	$ (7)	$ (1)
12 Months or Greater			(2)
Total	(9)	(7)	(3)
Fair value
Less than 12 Months	27,648	23,183	6,992
12 Months or Greater			948
Total	27,648	23,183	7,940
Commercial paper
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	(1)	(4)
Total	(1)	(4)
Fair value
Less than 12 Months	14,797	15,059	4,591
Total	14,797	15,059	4,591
Corporate debt
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	(2)	(1)	(1)
Total	(2)	(1)	(1)
Fair value
Less than 12 Months	8,212	3,166	1,402
Total	8,212	3,166	1,402
Asset-backed
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	(6)	(2)
12 Months or Greater			(2)
Total	(6)	(2)	(2)
Fair value
Less than 12 Months	2,940	4,258
12 Months or Greater			948
Total	2,940	4,258	948
U.S. agency securities
Fair value
Less than 12 Months			999
Total			$ 999
U.S. Treasury
Fair value
Less than 12 Months	1,699
Total	$ 1,699
Non-U.S. securities
Fair value
Less than 12 Months		700
Total		$ 700

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Scheduled contractual maturities of debt securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	$ 132,477	$ 51,363
Within 1 Year	132,477	38,871
After 1 Year through 5 Years		12,492
Commercial paper
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	49,190	19,994
Within 1 Year	49,190	19,994
Corporate debt
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	40,908	16,428
Within 1 Year	40,908	16,428
Asset-backed
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	17,998	12,492
Within 1 Year	17,998
After 1 Year through 5 Years		12,492
U.S. agency securities
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	16,984	749
Within 1 Year	16,984	749
U.S. Treasury
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	6,697	1,000
Within 1 Year	6,697	1,000
Non-U.S. securities
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	700	700
Within 1 Year	$ 700	$ 700

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest rate caps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 100,000	$ 100,000	$ 366,700
Fair Value Derivatives, Asset	0	4	$ 1,106
Fair Value Derivatives, Liability	0	0
Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional Amount	24,884	3,429
Fair Value Derivatives, Asset	(848)	95
Fair Value Derivatives, Liability	$ 0	0
Embedded conversion options
Derivatives, Fair Value [Line Items]
Notional Amount		180,252
Fair Value Derivatives, Asset		0
Fair Value Derivatives, Liability		$ 41,697

DERIVATIVE INSTRUMENTS - Net gains and losses recognized on derivatives (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	$ 753	$ 135
Derivative and warrant fair value adjustment
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	(23,317)	0
Other income, net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	$ (4)	$ (729)	$ (773)	$ 420	$ 134

VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Thousands

Sep. 30, 2020

Dec. 31, 2019

Sep. 30, 2019

Dec. 31, 2018

Dec. 31, 2017

ASSETS

Cash

$ 469,365

$ 405,080

$ 454,982

$ 262,368

$ 33,919

Restricted cash

174,194

279,742

143,403

Real estate inventory, net

151,512

1,312,369

1,361,796

TOTAL ASSETS

1,049,167

2,231,684

1,842,295

Liabilities

TOTAL LIABILITIES

376,315

1,583,285

1,191,797

Variable interest entities ("VIEs")

ASSETS

Cash

15,370

86,526

Restricted cash

161,624

268,368

134,535

Real estate inventory, net

148,205

1,312,194

1,360,236

Other

6,048

^[1]

25,793

^[1]

20,799

TOTAL ASSETS

331,247

1,692,881

1,515,649

Liabilities

Credit facilities

257,647

1,264,913

100,502

Other

3,444

^[2]

14,983

^[2]

6,844

TOTAL LIABILITIES

$ 261,091

$ 1,279,896

1,139,939

Variable interest entities ("VIEs") | Credit Facility Vehicles

ASSETS

Cash

Restricted cash

127,798

Real estate inventory, net

1,360,236

Other

19,431

TOTAL ASSETS

1,507,544

Liabilities

Credit facilities

1,133,095

Other

6,316

TOTAL LIABILITIES

1,139,411

Variable interest entities ("VIEs") | Title Companies

ASSETS

Restricted cash

6,737

Other

1,368

TOTAL ASSETS

8,105

Liabilities

Other

528

TOTAL LIABILITIES

$ 528

[1]	Includes escrow receivable and other current assets.
[2]	Includes accounts payable and other accrued liabilities and interest payable.

CREDIT FACILITIES AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2018
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 2,980,000	$ 2,905,000
Outstanding Amount	1,073,695	108,611	$ 978,951
Fully committed borrowing capacity	2,710,000	1,458,000
Revolving Facility 2016-1
Line of Credit Facility [Line Items]
Borrowing Capacity	39,346
Outstanding Amount	$ 39,346		$ 326,970
Weighted Average Interest Rate	6.17%		6.83%
Revolving Facility 2017-1
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 75,000
Outstanding Amount	$ 25,758		$ 36,650
Weighted Average Interest Rate	7.00%		7.00%
Revolving Facility 2017-2
Line of Credit Facility [Line Items]
Outstanding Amount			$ 184,250
Weighted Average Interest Rate			7.04%
Revolving Facility 2018-1
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 250,000	250,000
Outstanding Amount	$ 126,450	$ 962	$ 131,802
Weighted Average Interest Rate	5.62%	4.32%	6.25%
Revolving Facility 2018-2
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 750,000	$ 750,000
Outstanding Amount	$ 194,293	$ 1,373	$ 299,279
Weighted Average Interest Rate	6.00%	4.44%	4.81%
Revolving Facility 2018-3
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 200,000	$ 100,000
Outstanding Amount	$ 111,411	$ 11,558
Weighted Average Interest Rate	4.65%	4.36%
Revolving Facility 2019-1
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 300,000	$ 300,000
Outstanding Amount	$ 206,399	$ 10,909
Weighted Average Interest Rate	3.81%	3.76%
Revolving Facility 2019-2
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 1,030,000	$ 1,030,000
Outstanding Amount	$ 327,226	$ 72,808
Weighted Average Interest Rate	3.41%	3.30%
Revolving Facility 2019-3
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 335,654	$ 475,000
Outstanding Amount	$ 42,812	$ 11,001
Weighted Average Interest Rate	3.02%	3.92%
Minimum
Line of Credit Facility [Line Items]
Revolving period	12 months
Maximum
Line of Credit Facility [Line Items]
Revolving period	24 months

CREDIT FACILITIES AND LONG-TERM DEBT - Mezzanine term debt facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowing Capacity	$ 503,000	$ 400,000
Outstanding Amount	155,000	227,000
Issuance Costs	(5,965)	(5,071)
Carrying Value	149,035	221,929
Undrawn amounts	348,000	173
Term Debt Facility 2016-M1
Debt Instrument [Line Items]
Borrowing Capacity	149,000	300,000
Outstanding Amount	$ 40,000	$ 166,000
Interest Rate	10.00%	10.00%
Term Debt Facility 2019-M1
Debt Instrument [Line Items]
Borrowing Capacity	$ 54,000	$ 100,000
Outstanding Amount	$ 15,000	$ 61,000
Interest Rate	15.00%	15.00%
Term Debt Facility 2020-M1
Debt Instrument [Line Items]
Borrowing Capacity	$ 300,000
Outstanding Amount	$ 100,000
Interest Rate	10.00%

CREDIT FACILITIES AND LONG-TERM DEBT - Convertible Notes (Details) - USD ($) $ in Thousands, shares in Millions		1 Months Ended		5 Months Ended	9 Months Ended		12 Months Ended
	Sep. 14, 2020	Nov. 30, 2019	Jul. 31, 2019	Nov. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes					$ 0	$ 160,000	$ 178,200	$ 20,000
Convertible Notes
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes		$ 178,200		$ 178,200			$ 178,200
Debt issuance costs		$ 500		$ 500
Extension term of notes		1 year	1 year
Interest rate		3.00%		3.00%
Initial fair value of derivative recorded as discount on Convertible Notes' face amount		$ 41,700		$ 41,700
Effective interest rate		3.80%		3.80%	3.80%
Right to receive shares of common stock on exchange of convertible notes	13.3
Equity classified debt instrument	$ 212,900

FAIR VALUE DISCLOSURES (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Net Asset (Liability) [Abstract]
Total assets		$ 45,696	$ 10,110
Total liabilities	$ 6,440	46,235	18,022
Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		45,696	10,110
Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities	6,440	46,235	18,022
Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		46,235
Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		46,235
Corporate debt \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets		16,428	1,152
Corporate debt \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		16,428	1,152
Asset-backed \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,492	948
Asset-backed \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,492	948
Commercial paper \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,956	2,443
Commercial paper \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,956	2,443
U.S. agency securities \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets			3,462
U.S. agency securities \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets			3,462
Non-U.S. securities \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets		700
Non-U.S. securities \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		700
U.S. Treasury \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets		1,000	999
U.S. Treasury \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		1,000	999
Interest rate caps \| Other current assets
Fair Value, Net Asset (Liability) [Abstract]
Total assets		4	1,106
Interest rate caps \| Other current assets \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		4	1,106
Mortgage loans held for sale pledged under agreements to repurchase \| Other current assets
Fair Value, Net Asset (Liability) [Abstract]
Total assets		2,116
Mortgage loans held for sale pledged under agreements to repurchase \| Other current assets \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		2,116
Warrant
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538
Warrant \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538
Warrant \| Accounts Payable and Accrued Liabilities [Member]
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities	6,440
Warrant \| Accounts Payable and Accrued Liabilities [Member] \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities	$ 6,440
Warrant \| Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538	18,022
Warrant \| Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538	$ 18,022
Embedded conversion options
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		41,697
Embedded conversion options \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		41,697
Embedded conversion options \| Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		41,697
Embedded conversion options \| Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		$ 41,697

FAIR VALUE DISCLOSURES - Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	$ 469,365	$ 405,080	$ 262,368
Restricted cash	174,194	279,742	143,403
Level 2
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	270,944	1,296,054	1,133,095
Convertible notes		180,252
Carrying Value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	469,365	405,080	262,368
Restricted cash	174,194	279,742	143,403
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	270,944	1,296,054	1,133,095
Convertible notes		140,096
Fair Value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	469,365	405,080	262,368
Restricted cash	174,194	279,742	143,403
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	$ 270,944	1,296,054	$ 1,133,095
Convertible notes		$ 180,252

FAIR VALUE DISCLOSURES - Reconciliation of Level 3 Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	$ 4,538	$ 18,022
Net change in fair value	1,902	(7,413)	$ 3,493
Issuances		1,170	14,529
Exercise of warrants		(7,241)
Balance at the end	6,440	4,538	$ 18,022
Embedded conversion options
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	41,697
Net change in fair value	23,317
Issuances		41,697
Settlement of convertible notes	$ (65,014)
Balance at the end		$ 41,697

FAIR VALUE DISCLOSURES - Warrant Liabilities (Details) - $ / shares	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 12, 2018	Jun. 12, 2018
Class of Warrant or Right [Line Items]
Warrants term			4 years
Penny Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)				$ 0.01	$ 0.01
Series D preferred warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 0.01	$ 0.01	$ 6.58		$ 6.58
Outstanding warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)			$ 6.58

FAIR VALUE DISCLOSURES - Embedded Conversion Options (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Embedded Derivative [Line Items]
Payment-in-kind interest (as a percent)	3.00%	3.00%
Note term	7 years	7 years
Minimum
Embedded Derivative [Line Items]
Accretion of redemption value of the convertible notes (as a percent)	5.90%	5.90%
Maximum
Embedded Derivative [Line Items]
Accretion of redemption value of the convertible notes (as a percent)	79.60%	79.60%

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total	$ 59,116		$ 55,068	$ 23,631
Accumulated depreciation and amortization	(29,682)		(20,462)	(5,655)
Property and equipment - net	29,434		34,606	17,976
Depreciation, Depletion and Amortization	17,000	$ 10,500	15,000	4,600	$ 1,200
Internally developed software
Property, Plant and Equipment [Line Items]
Total	44,209		33,765	12,567
Software implementation costs
Property, Plant and Equipment [Line Items]
Total	1,604		1,214	208
Computers
Property, Plant and Equipment [Line Items]
Total	5,383		7,777	4,053
Security systems
Property, Plant and Equipment [Line Items]
Total	559		4,927	3,235
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	3,007		2,843	1,547
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	2,444		2,748	1,349
Office equipment
Property, Plant and Equipment [Line Items]
Total	$ 1,910		$ 1,794	$ 672

LEASES - Maturity of operating lease liabilities (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Sep. 30, 2020	Dec. 31, 2019
Maturity of operating lease liabilities
2020			$ 17,384
2021			15,149
2022			14,363
2023			13,922
2024			10,881
Thereafter			832
Total undiscounted future cash flows	$ 12,900	$ 12,900	72,531
Less: Imputed interest			10,624
Total lease liabilities			$ 61,907

LEASES - Future minimum payments under noncancelable operating leases with terms greater than one year (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Future minimum payments under noncancelable operating leases with terms greater than one year
2019	$ 13,269
2020	15,832
2021	13,638
2022	13,267
2023	13,071
Total minimum payments	$ 69,077

LEASES - Additional information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
LEASES
Lessee, Operating Lease, Existence of Option to Extend		true
Lessee, Operating Lease, Existence of Option to Terminate		true
Operating lease cost		$ 11.7
Variable lease cost		0.8
Short-term lease cost		2.9
Sublease income		1.3
Rent expense related to operating leases			$ 7.4	$ 3.5
Cash paid for amounts included in the measurement of operating lease liabilities		10.8
Right-of-use assets obtained in exchange for new or acquired operating lease liabilities	$ 40.1	57.9
Reduction in right-of-use assets and lease liabilities		$ 2.9
Weighted average lease term		4 years 6 months
Weighted average discount rate		7.20%
Maximum
LEASES
Lease agreement term (in years)		11 years
Minimum
LEASES
Lease agreement term (in years)		5 years

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Additions to goodwill			$ 21,500
Impairment of goodwill	$ 0		0
Gross Carrying Amount	15,821		15,821	$ 4,200
Accumulated Amortization	(6,712)		(3,565)	(613)
Net Carrying Amount	9,109		12,256	3,587
Domain name intangible assets, not subject to amortization	200		200	200
Amortization expense for intangible assets	3,100	$ 1,900	2,900	600	$ 0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,921		2,921	2,900
Accumulated Amortization	(2,921)		(1,879)	(423)
Net Carrying Amount	$ 0		$ 1,042	$ 2,477
Weighted Average Useful Life (Years)	2 years		2 years	2 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 7,400		$ 7,400	$ 900
Accumulated Amortization	(2,295)		(990)	(131)
Net Carrying Amount	$ 5,105		$ 6,410	$ 769
Weighted Average Useful Life (Years)	5 years		5 years	2 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,400		$ 5,400	$ 300
Accumulated Amortization	(1,396)		(631)	(44)
Net Carrying Amount	$ 4,004		$ 4,769	$ 256
Weighted Average Useful Life (Years)	5 years		5 years	2 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 100		$ 100	$ 100
Accumulated Amortization	(100)		(65)	(15)
Net Carrying Amount	$ 0		$ 35	$ 85
Weighted Average Useful Life (Years)	2 years		2 years	2 years
OS National LLC
Finite-Lived Intangible Assets [Line Items]
Additions to goodwill			$ 21,500
Open Listings Co
Finite-Lived Intangible Assets [Line Items]
Additions to goodwill				$ 9,400

GOODWILL AND INTANGIBLE ASSETS - Expected amortization of intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Expected amortization of intangible assets
2020		$ 3,730
2021		2,320
2022		2,320
2023		2,320
2024		1,566
Total	$ 9,109	$ 12,256	$ 3,587

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES
Accrued expenses due to vendors	$ 19,434	$ 16,342	$ 15,394
Accounts payable due to vendors	3,212	6,453	6,237
Accrued property and franchise taxes	1,243	5,739	5,487
Accrued payroll and other employee related expenses	5,198	3,328	2,366
Other	8,911	1,115	781
Total accounts payable and other accrued liabilities	$ 37,998	$ 32,977	$ 30,265

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT (Details) (Imported) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended
	Feb. 04, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Temporary Equity [Line Items]
Stock-based compensation expense		$ 9,162	$ 9,990	$ 13,196	$ 14,974	$ 3,761
Convertible Preferred Stock
Temporary Equity [Line Items]
Shares repurchased	500,000
Repurchase price per share	$ 8.00				$ 8.00
Total purchase price	$ 4,000				$ 52,400
Stock-based compensation expense	$ 590				$ 6,600
Convertible Preferred Stock \| Common Stock [Member]
Temporary Equity [Line Items]
Shares repurchased					5,545,160
Series A convertible preferred stock
Temporary Equity [Line Items]
Shares repurchased					692,854
Series B convertible preferred stock
Temporary Equity [Line Items]
Shares repurchased					290,939
Series D convertible preferred stock
Temporary Equity [Line Items]
Shares repurchased					18,524

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Common stock reserved, as converted (Details) (Imported) - shares shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Total	238,744	217,713
Warrant
Class of Stock [Line Items]
Total	2,459	7,701
Future issuance of warrants
Class of Stock [Line Items]
Total	750
Redeemable convertible preferred stock outstanding
Class of Stock [Line Items]
Total	194,384	167,841
Stock option
Class of Stock [Line Items]
Total	22,633	26,330
RSU
Class of Stock [Line Items]
Total	14,070	564
Vesting of restricted shares
Class of Stock [Line Items]
Total	2,156	1,666
Early exercised stock options (unvested)
Class of Stock [Line Items]
Total	116	693
Shares available for future equity grants under 2014 Stock Plan
Class of Stock [Line Items]
Total	2,176	12,918

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Convertible preferred stock (Details) (Imported) $ / shares in Units, $ in Thousands	2 Months Ended	4 Months Ended	8 Months Ended	9 Months Ended		12 Months Ended
	Apr. 30, 2019 USD ($)	May 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)
Class of Stock [Line Items]
Notes issued				$ 503,000		$ 400,000
Interest payable				1,846		5,808
Issuance costs				$ 0	$ 236
Series E convertible preferred stock
Class of Stock [Line Items]
Issuance costs			$ 1,400				$ 1,434
Series E-2 convertible preferred stock
Class of Stock [Line Items]
Price per share (in dollars per share) \| $ / shares		$ 13.3288
Issuance of Class B ordinary shares to Sponsor(1) (in shares) \| shares		21,222,829
Issuance of Class B ordinary shares to Sponsor(1)		$ 282,900
Issuance costs		$ 235,900				$ 237
Series D convertible preferred stock
Class of Stock [Line Items]
Issuance of Class B ordinary shares to Sponsor(1) (in shares) \| shares						5,320,038
Issuance costs								$ 24
2018 Notes
Class of Stock [Line Items]
Notes issued	$ 20,000
Maturity term	2 years
Interest rate	7.00%
Effective interest accrued (as a percent)	10.00%
Value of shares immediately prior to qualified financing	$ 2,080,000
Interest payable			$ 300				$ 300
2018 Notes \| Series E convertible preferred stock
Class of Stock [Line Items]
Shares issued on conversion \| shares			73,940,269
Price per share (in dollars per share) \| $ / shares			$ 9.58				$ 9.58
Value of shares issued on conversion			$ 708,200
2018 Notes \| Series E-1 convertible preferred stock
Class of Stock [Line Items]
Shares issued on conversion \| shares			2,486,560
Price per share (in dollars per share) \| $ / shares			$ 8.14				$ 8.14
Percentage of issued price of Series E Preferred shares			85
Loss on extinguishment			$ 3,300
Scenario One \| 2018 Notes
Class of Stock [Line Items]
Percentage of qualified financing price	85.00%
Scenario Two \| 2018 Notes
Class of Stock [Line Items]
Percentage of qualified financing price	80.00%

TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - Dividends, Voting and Liquidation preference (Details) (Imported) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) Vote $ / shares
Convertible Preferred Stock
Class of Stock [Line Items]
Vote per share \| Vote	1
Redemption percentage	50.00%
Series A convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	$ 0.0317
Liquidation preference per share	0.3957
Series B convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	0.1096
Liquidation preference per share	1.3693
Series C convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	$ 0.3589
Percentage limit for conversion of shares	60.00%
Liquidation preference per share	$ 4.4856
Series C-1
Class of Stock [Line Items]
Cash dividends per share	$ 0.2871
Percentage limit for conversion of shares	60.00%
Liquidation preference per share	$ 3.5885
Series D convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	0.5263
Liquidation preference per share	6.5789
Series D-1
Class of Stock [Line Items]
Cash dividends per share	0.4737
Liquidation preference per share	5.9210
Series E convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	0.7662
Liquidation preference per share	9.5780
Series E-1 convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	0.6513
Liquidation preference per share	8.1413
Series E-2 convertible preferred stock
Class of Stock [Line Items]
Cash dividends per share	1.0663
Liquidation preference per share	13.3288
Common Stock [Member]
Class of Stock [Line Items]
Price per share , underwritten offering	$ 14.37
Aggregate Offering price for conversion of stock \| $	$ 50.0

SHARE-BASED AWARDS - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2020	Feb. 06, 2020
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		65,729,703
Maximum term	10 years
Vesting period	4 years
Incentive stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shareholder to whom exercisable shares are granted	10.00%
Maximum term	5 years

SHARE-BASED AWARDS - Stock option activity (Details) - Stock option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Balance at the beginning	22,633	26,330
Granted		3,661
Exercised	(378)	(1,928)
Forfeited	(2,734)	(5,256)
Expired	(796)	(174)
Balance at the end	18,725	22,633	26,330
Exercisable at the end	13,096	10,870
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share)	$ 3.00	$ 2.53
Granted (in dollars per share)		5.56
Exercised (in dollars per share)	2.85	1.83
Forfeited (in dollars per share)	3.67	2.85
Expired (in dollars per share)	3.65	2.86
Balance at the end (in dollars per share)	2.88	3.00	$ 2.53
Exercisable at the end (in dollars per share)	$ 2.37	$ 2.17
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Balance (in years)	6 years	6 years 10 months 24 days	8 years 8 months 12 days
Exercisable at the end (in years)	5 years 3 months 18 days	6 years
Balance (in dollars)	$ 93,646	$ 110,481	$ 113,031
Exercisable at the end (in dollars)	$ 72,214	62,060
Total intrinsic value of options exercised		$ 9,700	$ 39,200	$ 1,800
Weighted-average grant date fair value per option granted		$ 2.42	$ 1.80	$ 0.8

SHARE-BASED AWARDS - Summary of RSU activity (Details) - RSU - $ / shares	1 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Number of RSUs
Unvested at the beginning			14,070,000	564,000
Granted	2,160,000	2,160,000	8,592,000	13,901,000
Forfeited			(3,000,000)	(395,000)
Vested and outstanding at the end	19,662,000		19,662,000
Unvested at the end	0		0	14,070,000
Weighted-Average Grant-Date Fair Value
Unvested at the beginning (in dollars per share)			$ 6.80	$ 4.88
Granted (in dollars per share)			7.60	6.87
Forfeited (in dollars per share)			6.99	6.71
Unvested at the end (in dollars per share)	$ 7.12		7.12	$ 6.80
Vested and outstanding at the end (in dollars per share)	$ 0		$ 0

SHARE-BASED AWARDS - Restricted shares activity (Details) - Vesting of restricted shares - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Restricted Shares
Unvested at the beginning	2,156	1,666
Granted		1,263
Vested	(636)	(773)
Unvested at the end	1,520	2,156	1,666
Average Grant-Date Fair Value
Unvested at the beginning (in dollars per share)	$ 5.98	$ 4.88
Granted (in dollars per share)		6.94
Vested (in dollars per share)	5.90	5.18
Unvested at the end (in dollars per share)	$ 6.01	$ 5.98	$ 4.88
Total intrinsic value of Restricted Shares vested		$ 1.5	$ 0.1	$ 0.3
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

SHARE-BASED AWARDS - Stock-basd compensation expense (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 9,162	$ 9,990	$ 13,196	$ 14,974	$ 3,761
Stock option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,411	7,085	9,175	7,526	$ 3,761
Excess of the repurchase price over the fair value of common stock awards repurchased
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	0	590	590	6,552
Vesting of restricted shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,751	$ 2,315	3,431	$ 896
Unvested stock options and Restricted Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unamortized stock-based compensation costs			$ 29,200
Unamortized compensation costs are expected to be recognized over a weighted-average period			2 years 7 months 6 days
RSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unamortized stock-based compensation costs			$ 95,600
Time-based vesting condition \| RSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unamortized stock-based compensation costs			$ 9,300

SHARE-BASED AWARDS - Black-scholes model (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value	$ 6.82
Volatility, minimum		32.00%	32.00%	34.00%
Volatility, maximum		45.00%	34.00%	36.00%
Volatility	32.00%
Risk-free rate, minimum	1.80%	1.63%	2.68%	2.02%
Risk-free rate, maximum	2.34%	2.34%	3.17%	2.42%
Expected life (in years)				7 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value		$ 6.82	$ 2.29	$ 1.64
Expected life (in years)	5 years	5 years	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value		$ 6.94	$ 4.88	$ 2.59
Expected life (in years)	7 years	7 years	7 years

WARRANTS (Details) - USD ($)	1 Months Ended	9 Months Ended
WARRANTS (Details) - USD ($)	Oct. 31, 2019	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 12, 2018	Jun. 12, 2018
ClassOfWarrantOrRightLineItems
Warrants to purchase shares						300,000
Class of warrants outstanding		225,076
Penny Warrants
ClassOfWarrantOrRightLineItems
Warrants to purchase shares					300,000
Exercise price of warrants (in dollars per share)					$ 0.01	$ 0.01
Warrants exercised		300,000
Warrants outstanding			$ 300,000
Series D preferred warrants
ClassOfWarrantOrRightLineItems
Warrants to purchase shares						5,320,038
Exercise price of warrants (in dollars per share)		$ 0.01	$ 0.01	$ 6.58		$ 6.58
Warrants exercised	5,320,038
Proceeds from exercise of warrants	$ 35,000,000	$ 3,000
Class of warrants outstanding			0
Warrants outstanding			$ 3,000,000

WARRANTS - Commitment to Issue Warrants (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Sep. 12, 2018	Jun. 12, 2018
ClassOfWarrantOrRightLineItems
Warrants to purchase shares								300,000
Class of warrants outstanding	225,076
Increase (decrease) to the warrant fair value adjustments	$ 1,901,000	$ (6,644,000)	$ (6,243,000)	$ 18,022,000	$ 32,000
Penny Warrants
ClassOfWarrantOrRightLineItems
Warrants to purchase shares							300,000
Warrants outstanding			300,000
Warrants, fair value	$ 4,800,000		$ 2,700,000
Series E Warrants
ClassOfWarrantOrRightLineItems
Original issuance price	$ 9.58					$ 9.58
Warrants to purchase shares	225,076					75,025
Class of warrants outstanding			75,025
Warrants outstanding	$ 2,200,000		$ 718,600
Warrants, fair value	$ 1,500,000		288,900
Warrant Commitment
ClassOfWarrantOrRightLineItems
Warrants to purchase shares	150,051	75,025
Warrants, fair value	$ 0		$ 1,500,000
Prior to an initial public offering \| Series E Warrants
ClassOfWarrantOrRightLineItems
Original issuance price	$ 9.58		$ 9.58
Prior to an initial public offering \| Minimum \| Series E Warrants
ClassOfWarrantOrRightLineItems
Warrant Coverage Amount	$ 11,000,000		$ 12,000,000
Prior to an initial public offering \| Maximum \| Series E Warrants
ClassOfWarrantOrRightLineItems
Warrant Coverage Amount	32,000,000		34,000,000
If we participate in an initial public offering \| Minimum
ClassOfWarrantOrRightLineItems
Warrant Coverage Amount	0		0
If we participate in an initial public offering \| Maximum
ClassOfWarrantOrRightLineItems
Warrant Coverage Amount	$ 32,000,000		$ 34,000,000

INCOME TAXES (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Income Tax Provision	$ 234	$ 340	$ 252	$ 377
Effective tax rate	(0.10%)	(0.10%)	(0.10%)	(0.20%)	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Components of our income tax benefit (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Current income tax expense:
State			$ 252	$ 377
Total current income tax expense			252	377
Deferred income tax benefit:
Income Tax Provision	$ 234	$ 340	$ 252	$ 377

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Reconcilitation of the federal statutory rates (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal tax benefit at statutory rate			21.00%	21.00%	34.00%
State income taxes, net of federal benefit			3.20%	2.60%	2.90%
Non-deductible expenses and other			(0.10%)	(0.90%)	(0.10%)
Non-deductible warrant expenses			0.40%	(1.60%)
Share-based compensation			(0.40%)	0.40%	(0.80%)
Change in federal tax rate					(21.10%)
Change in valuation allowance, net			(25.20%)	(22.60%)	(16.00%)
Research and development credits			1.00%	0.90%	1.10%
Effective tax rate	(0.10%)	(0.10%)	(0.10%)	(0.20%)	0.00%

INCOME TAXES - Components of our deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Accrued and reserves	$ 4,231	$ 4,685
Inventory	15,181	15,419
Tax credits	10,880	5,334
Lease Liability	14,800
Net operating loss	149,141	66,427
Total gross deferred tax assets	194,233	91,865
Depreciation and amortization	(4,749)	(3,179)
Goodwill	(114)
Lease ROU Asset	(14,507)
Valuation allowance	$ (174,863)	$ (88,686)

INCOME TAXES - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of the beginning of the year	$ 2,433	$ 862
Increases related to prior year tax provisions	383	197	$ 332
Decrease related to prior year tax provisions	(247)
Increase related to current year tax provisions	2,464	1,374	530
Unrecognized tax benefits as of the end of the year	$ 5,033	$ 2,433	$ 862

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Income before income taxes	$ (198,734)	$ (247,108)	$ (338,918)	$ (239,552)	$ (84,767)
State income tax expense			$ 252	$ 377
Federal statutory rates			21.00%	21.00%	34.00%
Valuation allowance			$ 174,863	$ 88,686
Increase in valuation allowance			86,200	55,000
Federal net operating loss ("NOL") carryforwards			630,400
State net operating loss ("NOL") carryforwards			$ 421,000
Percentage of taxable income utilize			80.00%
Federal NOLs generated			$ 347,500	$ 166,300
NOL Carry over period			20 years
Federal research tax credit carryforwards			$ 10,700
State research tax credit carryforwards			5,600
Impact on effective tax rate			$ 4,700

RELATED PARTIES (Details) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019 item	Dec. 31, 2018 USD ($) $ / shares shares	Sep. 30, 2019 $ / shares
Related Party Transaction [Line Items]
Price per share				$ 6.82
Director
Related Party Transaction [Line Items]
Percentage of interest in the Company	10.00%	10.00%
Number of seats held in company	1	1
An executive
Related Party Transaction [Line Items]
Number of shares of unvested common stock purchased \| shares			914,634
Price per share			$ 1.64
Total price \| $			$ 1.5
Interest Rate			2.31%

NET LOSS PER SHARE - Basic and diluted net loss per share attributable to common shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic net loss per share:
Net income (loss)	$ (198,968)	$ (247,448)	$ (339,170)	$ (239,929)	$ (84,767)
Minus: Deemed dividend				7,224
Minus: Net income attributable to noncontrolling interests	0	1,847	1,847	1,362	62
Minus: Gain on liability-classified warrants		8,402	8,132
Net loss attributable to common shareholders - diluted	(198,968)	(257,697)	(349,149)	(248,515)	(84,829)
Net loss attributable to common shareholders - basic	$ (198,968)	$ (249,295)	$ (341,017)	$ (248,515)	$ (84,829)
Denominator:
Weighted average shares outstanding - basic and diluted	53,110,000	48,786,000	49,444	48,570	39,930
Basic and diluted net loss per share	$ (3.75)	$ (5.11)	$ (6.90)	$ (5.12)	$ (2.12)
Denominator:
Weighted average shares outstanding - basic and diluted	53,110,000	48,786,000	49,444	48,570	39,930
Basic and diluted net loss per share - diluted	$ (3.75)	$ (5.28)	$ (7.06)	$ (5.12)	$ (2.12)

NET LOSS PER SHARE - Anti-dilutive Securities (Details) - shares shares in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	236,946	225,224	235,943	205,893	120,775
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	2,084	2,081	2,084	2,081	853
Series D Preferred Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	300		300	5,620
Series E Preferred Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	225	75	75
RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	19,662	8,736	14,070	564
Stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	18,725	22,760	22,633	27,243	24,897
Unvested Shares from Early Exercise
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	46	220	116	693	1,611
Vesting of restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	1,520	2,288	2,281	1,851	997
Redeemable convertible preferred stock outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	194,384	189,064	194,384	167,841	92,417

NET LOSS PER SHARE - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	9 Months Ended		12 Months Ended
	Nov. 30, 2019	Nov. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends declared			$ 0	$ 0	$ 0	$ 0	$ 0
Dividends paid			0	0	0	0	$ 0
Preferred dividends declared or accumulated			0		0
Proceeds from issuance of convertible notes			$ 0	$ 160,000	178,200	$ 20,000
Convertible Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Proceeds from issuance of convertible notes	$ 178,200	$ 178,200			$ 178,200

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2020 USD ($) home	Dec. 31, 2019 USD ($)
COMMITMENTS
Number of homes agreed to purchase	716	2,639
Aggregate purchase price	$ 181.5	$ 616.1

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Sep. 25, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Oct. 01, 2020
COMMITMENTS
Right of use assets obtained in exchange for new operating lease liabilities		$ 40,100		$ 57,900
Early termination fee incurred and paid		5,200
Obligation to pay rent through the remaining amended lease term		12,900		72,531	$ 12,900
Amortization expense	$ 12,500	22,008	$ 7,792	$ 11,940
Decrease in Operating lease liability		$ 28,100

SUBSEQUENT EVENTS (Details) $ in Thousands					1 Months Ended		9 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) $ in Thousands	Sep. 25, 2020 USD ($)	Sep. 15, 2020 shares	Sep. 14, 2020 shares	Mar. 11, 2020 USD ($) employee	Sep. 30, 2020 USD ($) shares	Aug. 31, 2020 USD ($) shares	Sep. 30, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Jun. 01, 2020 USD ($)	Apr. 06, 2020 USD ($)	Jan. 23, 2020 USD ($)	Jan. 06, 2020 shares	Dec. 31, 2018 USD ($) shares
Subsequent Event [Line Items]
Borrowing Capacity					$ 2,905,000		$ 2,905,000	$ 2,980,000
Amount committed					$ 108,611		$ 108,611	1,073,695					$ 978,951
Asset-backed financing facilities
Subsequent Event [Line Items]
Increase in borrowing capacity								28,000
Remaining capacity on borrowings								$ 3,380,000
Amount committed						$ 1,948,000
RSU
Subsequent Event [Line Items]
Number of units to be granted \| shares					0		0	14,070,000					564,000
Number of units granted \| shares					2,160,000	2,160,000	8,592,000	13,901,000
Vesting term							4 years
Term Debt Facility 2019-M1
Subsequent Event [Line Items]
Interest rate					15.00%		15.00%	15.00%
Subsequent Events
Subsequent Event [Line Items]
Number of employees reduction \| employee				600
Pension and Other Postretirement Benefits Cost (Reversal of Cost)				$ 11,300
Total cost of post-employment benefits				$ 1,100
Early termination fees	$ 5,200
Payoff amount	10,500
Subsequent Events \| Asset-backed financing facilities
Subsequent Event [Line Items]
Remaining capacity on borrowings						$ 3,408,000
Subsequent Events \| Senior revolving credit facilities
Subsequent Event [Line Items]
Weighted average interest rate						3.68%
Subsequent Events \| RSU
Subsequent Event [Line Items]
Number of units to be granted \| shares												9,202,707
Vesting term					4 years	4 years
Subsequent Events \| Merger Agreement with Social Capital Hedosophia Corp II [Member]
Subsequent Event [Line Items]
Right to receive number of shares upon merger \| shares		500,000,000
Subsequent Events \| Term Debt Facility 2020-M1
Subsequent Event [Line Items]
Borrowing Capacity											$ 300,000
Interest rate											10.00%
Subsequent Events \| Term Debt Facility 2016-M1
Subsequent Event [Line Items]
Borrowing Capacity										$ 151,000
Subsequent Events \| Revolving Facility 2018-3
Subsequent Event [Line Items]
Borrowing Capacity									$ 100,000
Subsequent Events \| Convertible notes \| Merger Agreement with Social Capital Hedosophia Corp II [Member]
Subsequent Event [Line Items]
Right to receive number of shares, Exchange agreement \| shares			13,300,000
Subsequent Events \| Revolving Facility 2019-3
Subsequent Event [Line Items]
Borrowing Capacity	$ 100,000