Redfin (NASDAQ: RDFN) will collect $110 million from the sale of its stock, but investors aren't exactly welcoming the cash infusion. The online real estate brokerage announced Monday that it has agreed to sell the stock to Durable Capital Partners, a privately held investment firm. For its money, Durable will receive $70 million worth of Redfin common stock at $15.61 per share, and $40 million in convertible preferred stock. The latter security is convertible into Redfin common stock; the conversion price is $19.51 per share if the buyer exercises its option. But it will convert automatically after three years if and when Redfin's common shares close above $27.32 per share for 30 consecutive trading days. If neither of these events occur, the preferred stock is to redeem on Nov. 30, 2024, either in common stock or cash as per the buyer's choice. Image source: Getty Images Durable is led by investor Henry Ellenbogen, who has invested in Redfin at various times and through various means since 2013. In its press release announcing the Durable deal, Redfin said of Ellenbogen that "[i]n chaotic times, he understands our long-term commitments to our culture and our technology, and why those commitments position us to take share in a housing market that is being transformed by this pandemic to be more virtual, convenient and efficient." Although Redfin's Q4 results smashed analyst estimates, the company is wading into an uncertain future given the impact of the coronavirus pandemic on the real estate business. Investors didn't cheer Redfin's latest news, likely because that $15.61 common-stock price was under the company's Friday market close of $16.09. On Monday, in contrast to the broader market and the performance of certain top stocks, Redfin's shares declined, albeit marginally. 10 stocks we like better than RedfinWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Redfin wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 18, 2020 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Redfin. The Motley Fool has a disclosure policy.Source