Business Description

The Business Combination On August 22, 2023, we consummated the transactions contemplated by the Agreement and Plan of Merger (as amended, the “Merger Agreement”), by and among Aurora Acquisition Corp. (“Aurora”), Better Holdco, Inc. (“Pre-Business Combination Better”), and Aurora Merger Sub I, Inc., formerly a wholly owned subsidiary of Aurora (“Business Combination”). In connection with the closing of the transactions contemplated by the Merger Agreement, the Company’s Class A common stock and Warrants began trading on the Nasdaq Global Market and Nasdaq Capital Market, respectively, under the ticker symbols “BETR” and BETRW.” On March 13, 2024, the listing of the Company’s Class A common stock and warrants transferred from the Nasdaq Global Market to the Nasdaq Capital Market. Unless otherwise indicated, references to “Better,” “Better Home & Finance,” the “Company,” “we,” “us,” “our” and other similar terms refer to (i) Pre-Business Combination Better and its consolidated subsidiaries prior to the closing of the Business Combination and (ii) Better Home & Finance and its consolidated subsidiaries following the closing of the Business Combination. Overview We are a technology-enabled homeownership company that offers mortgage, home equity, and other homeownership products through a digital platform. Our services are designed to support customers across key stages of the homeownership cycle including purchase, ownership, refinance, and sale. Founded in 2015, we built our business with a technology-first approach. Our proprietary platform supports both consumer-facing offerings and offerings provided to third-party strategic partners and is designed to scale across products, channels, and market conditions. The home is among the world’s largest, oldest, and most tangible asset classes and yet, while other industries are undergoing end-to-end digital transformations, the homeownership journey remains mired in legacy inefficiencies. High transaction costs, regulatory complexity, and sprawling intermediary stack come at the expense of the consumer, leading to frustration and impeding digital adoption. The homeownership experience is unnecessarily slow, convoluted, and analog; in sum, we believe it is broken. Our advanced technology stack, which we call Tinman®, enables us to deliver on what we believe is most important for our customers: a seamless experience, time saved, and higher certainty on the single biggest financial decision of their lives. For the year ended December 31, 2025, our Funded Loan Volume was $4.7 billion, compared to $3.6 billion for the year ended December 31, 2024, representing a year-over-year increase of approximately 32%. Our revenue was $164.9 million for the year ended December 31, 2025, compared to $108.5 million for the year ended December 31, 2024, representing a year-over-year increase of approximately 52%. We recorded a net loss of $165.9 million for the year ended December 31, 2025, compared to a net loss of $206.3 million for the year ended December 31, 2024, representing a 20% year-over-year decrease. Our Products and Services We offer a range of products and services designed to support the homeownership lifecycle. These include consumer-facing mortgage and related homeownership products, as well as technology-enabled offerings provided to third-party strategic partners. Our offerings are supported by our proprietary technology platform, Tinman, which enables digital delivery, automation, and integration across these activities. Home Finance Home Finance offers a range of residential mortgage loan products for home purchase and refinance, including cash-out refinance and debt consolidation, and home equity, across various maturities and interest rate structures. Our offerings include GSE-conforming loans, Federal Housing Administration (“FHA”) insured loans, Department of Veterans Affairs (“VA”) guaranteed loans, and jumbo loans. We sell the mortgage loans we originate into a network of loan purchasers, including GSEs, banks, insurance companies, asset managers, and mortgage real estate investment trusts, and we earn revenue upon the sale of each loan.…