Matt

I think I said the best way to judge the company is across three management objectives. I said that a few weeks after I took over. Those where 1) can we scale acquisitions 2) can we improve unit economics and resale velocity while reducing aged inventory and 3) can we build operating leverage (i.e. make sure our contribution margin could cover our fixed cost by increasing former and holding latter steady). on 1) 500%ish YoY, and Q1 2026 was the highest acq since 2022 and double Q4 2025. on 2) % of homes on the market over 120 Days declined from 51%+ when I took over to ~10% last quarter, over the same period the market went the other direction and went from like 20%ish to 33% ish. Contribution Margin has improved every single month since my first day and March was the highest contribution margin in any quarter for some time. October, November, December, and January cohorts are each selling faster than any corresponding cohort since COVID. on 3) Fixed opex was down both QoQ and YoY. And trailing 12 moth opex as a % of revenue is steady at 1.3% QoQ and since CM is up we are going in the right direction. Those are the financial numbers, but also if you look at the people who are coming into Opendoor - they are exceptional and I'd put them up against any tech company. If you look at our shipping velocity, it is higher than it is has been in years (possibly ever?). We went from 35% of the market to 95% market in coverage. Our capital light product went from 0 to a third of our volume. etc. etc.