B
Better Home & Finance Holding Co
BETRWCIK 0001835856NasdaqAcceleratedSmaller ReportingEmerging GrowthLoan BrokersFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-165.87M
Total Assets
$1.51B
Equity
$37.18M
Shares Out
16.00M
Op. Cash Flow
$-166.57M
Business
Better Home & Finance Holding Co builds and operates a digital homeownership platform that streamlines buying, financing, insuring and selling homes. It offers Home Finance loan products (purchase, refinance, GSE-conforming, FHA, VA, jumbo, HELOC) and Better Plus non-mortgage services including real estate agent referrals, title and settlement services, and homeowners insurance via third-party partners. The company’s key business components are its Tinman technology platform, Home Finance origination and capital markets activities, and Better Plus marketplace and referral services. It distributes services direct-to-consumer, through B2B partnerships, integrated white-label offerings and a growing distributed retail channel across the U.S. and select international markets.
Summary from filing dated 2025-03-19
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Gain on loans, net | 136 | 78 | 59 | — | — | |
| Other revenue | 11 | 13 | 16 | — | — | |
| Interest income | 60 | 39 | 29 | 27 | — | |
| Interest expense | −43 | −21 | −32 | — | — | |
| Net interest income | 17 | 18 | −3 | 10 | — | |
| Total net revenues | 165 | 108 | 72 | 378 | — | |
| Compensation and benefits | 174 | 141 | 182 | — | — | |
| General and administrative | 45 | 52 | 60 | 186 | — | |
| Technology | 28 | 26 | 39 | 124 | — | |
| Marketing and advertising | 38 | 34 | 20 | 69 | — | |
| Loan origination expense | 14 | 10 | 9 | — | — | |
| Depreciation and amortization | 14 | 33 | 43 | — | — | |
| Other expenses/(income) | 16 | 17 | — | — | — | |
| Total Expenses | 331 | 314 | 607 | 1,237 | — | |
| Loss before income tax expense | −166 | −205 | −534 | −876 | — | |
| Income tax expense | 53,000 | 850,000 | 2 | 1 | — | |
| Net loss | −166 | −206 | −536 | −877 | −7 | |
| Foreign currency translation adjustment, net of tax | 6 | −222,000 | −291,000 | — | — | |
| Comprehensive loss | −160 | −207 | −537 | −878 | — | |
| Loss per share attributable to common stockholders: Basic (in dollars per share) | −10.8 | −13.65 | −58.09 | −3.01 | — | |
| Loss per share attributable to common stockholders: Diluted (in dollars per share) | −10.8 | −13.65 | −58.09 | −3.01 | — | |
| Weighted average common shares outstanding basic (in shares) | 15 | 15 | 9 | 291 | 20 | |
| Weighted average common shares outstanding diluted (in shares) | 15 | 15 | 9 | 291 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-09-30 | FY 2023 2023-06-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 100 | 211 | 504 | — | — | |
| Restricted cash | 17 | 24 | 25 | — | — | |
| Short-term investments | 104 | 54 | 26 | — | — | |
| Mortgage loans held for sale, at fair value | 467 | 399 | 170 | — | — | |
| Loans held for investment (net of allowance for credit losses of $2,251 and $1,667 as of December 31, 2025 and 2024, respectively) | 723 | 111 | 5 | — | — | |
| Other receivables, net | 15 | 18 | 17 | 11 | 16 | |
| Assets held for sale | 9 | 10 | 0 | — | — | |
| Property and equipment, net | 2 | 3 | 16 | — | — | |
| Right-of-use assets | 5 | 1 | 20 | — | — | |
| Internal use software and other intangible assets, net | 22 | 21 | 38 | — | — | |
| Goodwill | 11 | 24 | 32 | 31 | 32 | |
| Derivative assets, at fair value | 4 | 3 | 2 | — | — | |
| Prepaid expenses and other assets | 28 | 34 | 51 | — | 66 | |
| Total Assets | 1,505 | 913 | 906 | 936 | 925 | |
| Warehouse lines of credit | 412 | 244 | 126 | — | — | |
| Convertible note | 0 | 520 | 515 | — | — | |
| Senior notes | 199 | 0 | — | — | — | |
| Customer deposits | 763 | 134 | 12 | — | — | |
| Liabilities held for sale | 5 | 6 | 0 | — | — | |
| Accounts payable and accrued expenses (includes $200 and $74 payable to related parties as of December 31, 2025 and 2024, respectively) | 75 | 48 | 67 | 93 | 101 | |
| Escrow payable and other customer accounts | 172,000 | 74,000 | 3 | — | — | |
| Derivative liabilities, at fair value | 2 | 0 | 949,000 | — | — | |
| Warrant and equity related liabilities, at fair value | 1 | 1 | 2 | — | — | |
| Lease liabilities | 5 | 4 | 31 | — | — | |
| Other liabilities | 7 | 13 | 26 | — | — | |
| Total Liabilities | 1,468 | 971 | 783 | 770 | 1,215 | |
| Commitments and contingencies | — | — | — | — | — | |
| Common stock $0.0001 par value; 66,000,000 and 66,000,000 shares authorized as of December 31, 2025 and 2024, respectively, and 15,996,907 and 15,168,795 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 2,000 | 2,000 | 2,000 | — | — | |
| Notes receivable from stockholders | 0 | −9 | −10 | −10 | −57 | |
| Additional paid-in capital | 2,110 | 1,863 | 1,838 | 1,832 | 631 | |
| Accumulated deficit | −2,076 | −1,910 | −1,704 | −1,653 | −1,299 | |
| Accumulated other comprehensive gain/(loss) | 4 | −2 | −2 | — | — | |
| Total Stockholders Equity/(Deficit) | 37 | −58 | 123 | 166 | −726 | |
| Total Liabilities and Stockholders Equity/(Deficit) | 1,505 | 913 | 906 | 936 | 925 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation of property and equipment | 1 | 7 | 6 | 14 | — | |
| Impairment charges, net | 13 | 16 | 9 | 145 | — | |
| Amortization of internal use software and other intangible assets | 13 | 26 | 37 | 36 | — | |
| Gain on sale of loans, net | −128 | −59 | −47 | — | — | |
| Non-cash interest and amortization of debt issuance costs and discounts | 2 | 6 | 8 | 273 | — | |
| Change in fair value of warrants and equity related liabilities | 69,000 | −924,000 | 507,000 | — | — | |
| Stock-based compensation | 20 | 27 | 54 | 31 | — | |
| Recovery of loan repurchase reserve | −821,000 | −10 | −2 | 34 | — | |
| Provision for credit losses | 584,000 | 2 | 0 | — | — | |
| Amortization/accretion of deferred fees and costs | −2 | 0 | — | — | — | |
| Change in fair value of derivatives | 673,000 | −2 | 452,000 | 6 | — | |
| Change in fair value of loans held for investment attributable to hedged risk | −2 | 0 | — | — | — | |
| Change in fair value of mortgage loans held for sale | −7 | −2 | 26,000 | 54 | — | |
| Loss on disposal of assets held for sale | 692,000 | 0 | — | — | — | |
| Change in operating lease of right-of-use assets | −3 | −2 | 5 | — | — | |
| Originations of mortgage loans held for sale | −4,679 | −3,650 | −2,969 | −10,509 | — | |
| Proceeds from sale of mortgage loans held for sale | 4,745 | 3,479 | 3,089 | 12,036 | — | |
| Other receivables, net | 2 | −2 | −97,000 | 37 | — | |
| Prepaid expenses and other assets | 9 | 17 | 15 | −3 | — | |
| Operating lease liabilities | 548,000 | −6 | −11 | −16 | — | |
| Accounts payable and accrued expenses | 17 | −21 | −22 | −44 | 5 | |
| Escrow payable and other customer accounts | 484,000 | 567,000 | −5 | — | — | |
| Other liabilities | −4 | 2 | −30 | −20 | — | |
| Net cash used in operating activities | −167 | −380 | −160 | 938 | −3 | |
| Purchase of property and equipment | −1 | −3 | −456,000 | −12 | — | |
| Payment to dispose of assets held for sale | −2 | 0 | — | — | — | |
| Proceeds from sale of property and equipment | 0 | 3 | 764,000 | 5 | — | |
| Capitalization of internal use software | −10 | −7 | −9 | −24 | — | |
| Maturities of short-term investments | 447 | 183 | 31 | 0 | — | |
| Purchase of short-term investments | −493 | −212 | −48 | 0 | — | |
| Origination of loans held for investment | −604 | −111 | 0 | — | — | |
| Principal payments received on loans held for investment | 2 | 3 | 0 | — | — | |
| Net cash used in investing activities | −662 | −144 | −39 | −35 | −278 | |
| Principal payments on convertible notes | −110 | −1 | 0 | — | — | |
| Principal payments on senior notes | −2 | 0 | — | — | — | |
| Net borrowings on warehouse lines of credit | 168 | 118 | −18 | — | — | |
| Net increase in customer deposits | 629 | 122 | −534,000 | 0 | — | |
| Proceeds from issuance of common stock under at-the-market offering | 29 | 0 | 16 | 0 | — | |
| Proceeds from issuance of common stock and exercise of stock options | 75,000 | 91,000 | 87,000 | 734,000 | — | |
| Net cash provided by financing activities | 714 | 239 | 381 | −1,537 | 281 | |
| Effects of currency translation on cash, cash equivalents, and restricted cash | −8 | −217,000 | −1 | 726,000 | — | |
| Net decrease in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale | −121 | −285 | 182 | −633 | 37,645 | |
| Interest paid | 22 | 14 | 12 | 13 | — | |
| Income taxes paid/(refunded) | 2 | −677,000 | −8 | 2 | — | |
| Convertible notes exchange | 209 | 0 | — | — | — | |
| Reduction of lease liability via modification/termination | 0 | 21 | 3 | 0 | — | |
| Capitalization of stock-based compensation related to internal use software | 1 | 2 | 4 | 4 | — | |
| Vesting of stock options early exercised in prior periods | 0 | 2 | 3 | 16 | — | |
| Vesting of common stock issued via notes receivable from stockholders | 0 | 893,000 | 4 | 15 | — | |
| Settlement of notes receivable from stockholders | 0 | 2 | 0 | — | — | |
| Reclasses to internal use software | 0 | 2 | 0 | — | — | |
| Termination of notes receivable from stockholders | 9 | 0 | — | — | — |
Filings
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