Opendoor Technologies Inc. unveiled a two-part capital plan combining a $650 million private offering of zero-coupon convertible senior notes due 2030 with its first share repurchase program since going public. The company said it will use about $158 million to buy back roughly 45.3 million shares at $3.49 each, or about 5% of shares outstanding as reported on July 28, 2026, and about $52.5 million for capped call transactions, leaving approximately $440 million in net proceeds to increase residential property inventory and expand into additional markets. The notes carry no periodic interest payments, mature on August 15, 2030 and are convertible at 212.2466 shares per $1,000 principal, implying a conversion price of about $4.71 per share, a 35% premium to the August 12 close. The capped calls carry a ceiling price of $6.98 per share, or a 100% premium to that close, and the structure is designed to avoid net share issuance unless the stock rises above $10.38 per share. Shares closed at $3.49 on August 12 and fell 2.51% in the next session to $3.23. J. Wood Capital Advisor LLC is serving as placement agent and has committed to buy about $25 million of Opendoor common stock when the transaction closes, which is scheduled for August 19, 2026, subject to customary conditions.