• Rocket Mortgage for home loans.
• Carvana for home buying and financing services.

• Mortgage Lending Services: Provides various types of home loans including GSE-conforming, FHA-insured, VA-guaranteed, and jumbo loans.
• Real Estate Agent Services: Offers services to assist clients with buying and selling properties.
• Title Insurance and Settlement Services: Facilitates property transactions by providing title insurance and settlement support.
• Homeowners Insurance Services: Offers insurance policies designed to protect residential properties.

Better Home & Finance (BETR) primarily serves other companies as major customers for its core loan products. The company originates and provides various types of loans (GSE-conforming, FHA-insured, VA-guaranteed, and jumbo loans) to institutional buyers.

Its major customers for these loan products include:

• GSEs (Government-Sponsored Enterprises):
  • Fannie Mae (FNMA)
  • Freddie Mac (FMCC)
• Banks
• Insurance companies
• Asset managers
• Mortgage REITs

While Better Home & Finance also offers real estate agent services, title insurance and settlement services, and homeowners insurance services directly to individuals, the description explicitly identifies the aforementioned corporate entities as the recipients and thus major customers for its loan offerings.

• Equifax (EFX)
• Experian (EXPN.L)
• TransUnion (TRU)
• Fidelity National Financial (FNF)
• First American Financial (FAF)
• Old Republic International (ORI)

Vishal Garg

Chief Executive Officer

Vishal Garg is the Founder and Chief Executive Officer of Better Home & Finance. He founded Better in 2015. Prior to founding Better, Mr. Garg was the Founder of 1/0 Capital, an early-stage investment firm focused on FinTech, data science, and consumer products companies. He also co-founded MyRichUncle.com in 1999, an online student lender that became a publicly traded private student loan company, though it later filed for bankruptcy during the 2008 financial crisis. Mr. Garg also co-founded EIFC in 2009, which managed student loan portfolios. Additionally, he co-founded Future Finance in 2013 and founded Climb Credit in 2014, both focused on student loans. Better Home & Finance has raised significant equity capital and is backed by various investors, including SoftBank, L Catterton, Kleiner Perkins, Goldman Sachs, Ally Bank, American Express, and Citi, with SoftBank Vision Fund being a major owner.

Loveen Advani

Chief Financial Officer

Loveen Advani serves as Chief Financial Officer at Better, a position he assumed effective February 2, 2026. In this role, he focuses on disciplined execution, enhancing financial performance, and creating shareholder value. Before joining Better, Mr. Advani served as Executive Vice President of Finance at Zeta Global, where he led the company's IPO. He has also held senior finance and corporate development roles at LivePerson, Inovalon, Aetna, and IBM.

Barry Feierstein

Chief Operating Officer

Barry Feierstein was appointed Chief Operating Officer of Better Home & Finance, effective December 19, 2025. He brings over 30 years of experience in leading and scaling operations across various sectors including residential housing finance, small business lending, student lending, and higher education. Prior to Better, Mr. Feierstein served as Chief Operating Officer of Hamilton Insurance Agency, which was sold to NFP, a division of AON. He was also the Founding Chief Operating Officer of Open Castle, Inc., and served as Chief Operating Officer of EasyKnock, Inc.. Earlier in his career, he held roles as Chief Business Operating Officer of University of Phoenix and Chief Commercial Officer of Apollo Education Group.

Nicholas Calamari

Chief Administrative Officer

Nicholas Calamari serves as Better's Chief Administrative Officer & Senior Counsel. He is responsible for internal governance within the company.

Paula Tuffin

Chief Compliance Officer & General Counsel

Paula Tuffin serves as Better Home & Finance's Chief Compliance Officer and General Counsel.

The key risks to Better Home & Finance (BETR) primarily stem from its ongoing financial struggles, the volatile nature of the mortgage market, and specific internal governance and operational challenges.

1. Persistent Unprofitability and Weak Financial Health: Better Home & Finance has consistently reported significant net losses and negative profit margins. The company faces persistent operating losses and a concerning rate of cash expenditure. Analysts project that the company is highly likely to remain unprofitable through 2027, if not longer, with an EBITDA profit not expected before 2027 and a net income profit unlikely before 2028.
2. Macroeconomic and Mortgage Industry Headwinds: As a homeownership company, Better Home & Finance is highly susceptible to fluctuations in the broader economic environment and the mortgage market. Significant headwinds include interest rate volatility, inflation, and housing market conditions, all of which directly impact mortgage demand and affordability. High interest rates, for instance, are expected to reduce refinancing activity.
3. Litigation Involving its CEO and Material Weaknesses in Internal Financial Controls: The company faces risks associated with litigation involving its CEO. Additionally, there are identified material weaknesses in its internal financial controls, which can undermine financial stability and investor confidence.

Major real estate platforms are increasingly integrating full-stack homeownership services, including advanced AI-powered tools for property search, real estate agent services, and seamless mortgage origination. These dominant platforms, such as Zillow or Redfin, possess vast user data and significant influence over the initial stages of the home-buying journey. If these platforms successfully leverage their extensive ecosystems to offer a highly integrated, one-stop shop for home discovery, financing, title, and insurance, they could significantly disrupt the direct-to-consumer model employed by companies like Better Home & Finance. This emerging threat lies in the potential for these platforms to become the primary gateway for homebuyers, offering a frictionless, embedded experience that bypasses independent digital lenders and consolidates the entire homeownership transaction within their own environments.

The addressable markets for Better Home & Finance's main products and services in the United States are as follows:

• Mortgage Loans: The total single-family mortgage origination volume in the U.S. is expected to reach $2.2 trillion in 2026. This includes an estimated $1.46 trillion in purchase originations and $737 billion in refinance originations for 2026.
• Real Estate Agent Services: The U.S. real estate agency and brokerage market was valued at approximately $1.38 trillion (USD 1,382,856.15 million) in 2025, with projections to increase to about $2.4 trillion (USD 2,400,865.49 million) by 2032.
• Title Insurance Services: The U.S. title insurance industry is expected to have an annual revenue of approximately $17.1 billion in 2025.
• Homeowners Insurance Services: The U.S. homeowners insurance market size is projected to be approximately $184.59 billion in 2026.

Better Home & Finance (BETR) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily centered around its advanced technology platform, strategic partnerships, and expansion of its product offerings.

1. Expansion and Deeper Penetration of AI-Driven Tinman Platform: Better Home & Finance is transitioning to an AI-native mortgage and home equity finance platform, with its proprietary Tinman AI platform expected to drive 60% of funded loan volume by 2026. This platform, along with tools like Betsy™, the AI loan assistant, aims to enhance customer experience, improve loan-team efficiency, accelerate the end-to-end technology platform, and ultimately increase loan origination.
2. Strategic Partnerships for Expanded Distribution and Loan Volume: The company is significantly expanding its reach through strategic partnerships with major financial services platforms. For example, its collaboration with Intuit Credit Karma allows Better's Tinman AI platform to access over 140 million users, marking a shift from a direct-to-consumer model to a broader distribution strategy. They are also exploring integrations with platforms like ChatGPT.
3. Growth in Home Equity Products (HELOCs and HELOANs): Better has demonstrated substantial growth in its home equity product offerings, scaling loan volume significantly. This diversification of lending segments, including Home Equity Lines of Credit (HELOCs) and Home Equity Loans (HELOANs), is also being fueled by strategic partnerships with mortgage brokers and lenders leveraging Better's technology and capital.
4. Increased Loan Origination Volume and Market Share Gains: Despite broader market conditions, Better has reported strong year-over-year funded loan volume growth, with a 56% increase in Q4 2025, and aims to achieve $1 billion in monthly loan volume by May 2026. This growth is supported by its technology advantages and diversified distribution channels, enabling the company to gain market share.
5. Diversification through Software Licensing and New Distribution Channels: Better is leveraging its Tinman platform beyond direct mortgage origination, offering it as a software licensing platform for banks and powering retail loan officers (e.g., NEO Powered by Better). This creates new revenue streams by enabling other financial institutions to utilize Better's AI technology across consumer and wholesale channels.

Capital Allocation Decisions for Better Home & Finance (BETR)

Share Repurchases

• Better Home & Finance Holding Company authorized a $25 million share repurchase program on January 22, 2025, which is set to expire on December 31, 2025.

Share Issuance

• As part of its business combination with Aurora Acquisition Corp. in August 2023, Better Home & Finance issued a Convertible Note, raising $528.6 million.
• The company completed a 1-for-50 reverse stock split in August 2024 to comply with Nasdaq listing requirements.
• On September 29, 2025, Better Home & Finance initiated a $75 million at-the-market (ATM) equity offering program to increase warehouse line capacity and support loan originations.

Inbound Investments

• The business combination with Aurora Acquisition Corp. in August 2023 secured approximately $565 million in fresh capital.
• This fresh capital included a $528 million convertible note from affiliates of SoftBank and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital).
• In December 2021, new financing agreements provided $750 million in upfront bridge financing from Aurora Acquisition Corp., Novator Capital, and SoftBank.

Outbound Investments

• Better is undergoing efforts to exit its noncore U.K. assets, with the exiting of three smaller non-core U.K. businesses expected to benefit Adjusted EBITDA losses beginning in the second half of 2025.
• In Q3 2025, the company executed two significant strategic partnerships, in addition to a third subsequent to the end of the third quarter, aimed at evolving as a platform and software provider powering the home finance ecosystem.

Capital Expenditures

• Better Home & Finance invested approximately $240K in capital expenditures in Q3 2025.
• The company makes continuous strategic investments in its proprietary technology platform, Tinman, to improve mortgage fulfillment efficiency and streamline the homeownership experience.
• Investments are focused on artificial intelligence (AI) and building out its retail channel to enhance customer experience and improve loan-team efficiency.