Better Home & Finance (BETR) Investor update summary

Shareholder mandate and leadership

• 52% of voting shareholders backed the founder’s return; the consent campaign concluded in two months, versus a typical 12 months or more.

• The 90-day plan’s board reconstitution was completed; Steve Sarracino and Bing Gordon joined, with more directors expected.

• An interim CEO candidate was identified and engagement was being finalized; a permanent CEO search was underway, with Q1 2027 assumed as the timeline.

• The founder expects to remain a public face and focus on product and technology; he said the new CEO should bring capabilities he lacks, including empathetic leadership.

Growth priorities

• Quarterly volume had risen from $600m to $1.6bn while operating expenses stayed flat; the aim is to grow revenue and volume while reducing costs.

• HELOC growth is a priority: consumers hold $21tn of home equity against $18tn of debt, including $8tn+ added since the pandemic ended.

• A Credit Karma HELOC launch is planned under a deal signed in late July; 60%+ of the cited home-equity wealth resides with Credit Karma users.

• Five household-name partners were in mid- to late-stage discussions; the leadership dispute stalled some talks, while more than 10 wholesale partners had signed up.

• Coinbase’s partner launch was reported as successful; the next step is expanding assets customers can pledge toward a home purchase.

Financial outlook and liquidity

• U.K. bank sale terms were finalized with a buyer that deposited €10m in escrow; pending PRA approval, the sale was expected to release ~$65m and support combined cash above $140m.

• Management cited ~$105m of cash available for operations and more than two years of runway after the sale, assuming no improvement in cash burn; no cash infusion was anticipated in the next 12 months.

• Break-even paths include reducing quarterly operating expenses from $65m to ~$50m, increasing quarterly revenue from the $50m range to $65m+, or making partial progress on both.

• Reaching industry standards in lock-to-fund and lead-to-lock conversion was described as a path to nearly doubling revenue at the same cost base, supporting a stated route to $50m and $100m EBITDA.

• A share repurchase plan was to be pursued as soon as practical; the founder cited a goal of restoring the share price to its pre-August 3 level of $27 before pursuing fair value.