Dae Lee
JPMorgan Chase & Co, Research Division

Okay. All right. We're going to get started. I'm Dae Lee, JPMorgan's Internet analyst, and we're pleased to have here with us Opendoor's CEO, Kaz Nejatian.

Kasra Nejatian
CEO & Director

That was good. That was as good as anyone does that last name, man.

Dae Lee
JPMorgan Chase & Co, Research Division

Okay. That's great. I practiced. Okay. So Opendoor is the leading digital platform for homes, buying and selling powered by AI-driven pricing and operations. In 1Q, Open had contracts to purchase over 5,000 homes which is a lot, probably the biggest home purchaser in the U.S. And it's the highest acquisition level since 2022. And Kaz became CEO in Fall 2025 after time as COO at Shopify and leadership positions at PayPal and LinkedIn, a builder and a tech native, and he is the architect behind Opendoor 2.0, a faster volume-driven AI-powered model. And we'll dig into all of this today.

So Kaz, thank you for coming.

Kasra Nejatian
CEO & Director

Thanks for having me, man.

Dae Lee
JPMorgan Chase & Co, Research Division

All right. Let's start with how you -- or the reason why you joined Opendoor as CEO last fall? Walk us through your decision to take this role? What did you see in Open's platform, data or market positioning that convinced you this was a generation opportunity? And what was it that you felt like you could do for Opendoor?

Kasra Nejatian
CEO & Director

Yes. I mean -- I honestly like -- so I had been at