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<\/a><\/a>\nAs Interim CEO, Mr. Lewis will manage the organization, execute the operating plan approved by the Board, and set the Company\u2019s strategic direction. He brings more than 30-years of operating, investment, and governance experience. From 2018 to 2023 he served as Chief Executive Officer of Ascend Fundraising Solutions, a Toronto-based software company operating in a highly regulated B2B2C environment. Earlier, after nine years at Citigroup, he founded Orange Capital LLC in 2005 and built it into a billion-dollar investment firm focused on special situations.<\/p>
\n\u201cUnder Vishal\u2019s leadership, Better built Tinman\u00ae and established Betsy\u00ae, bringing automation to a process that had not changed in decades,\u201d said Harit Talwar, Chairman of the Board. \u201cToday, Tinman\u00ae has established a durable product-market fit with enterprise customers and loan originators. On behalf of the entire Board, we thank Vishal for his significant contributions to the Company in his role as CEO and look forward to continuing to work with him and benefitting from his expertise as a Director.<\/p>
\n\u201cOver the past several months, Daniel has worked closely with the Board and management on cost reductions, enterprise partnerships, strategic planning, and operational initiatives, first as an independent advisor and, more recently, as a member of the Board. During that time, he has provided valuable insights and direction, bringing highly relevant operational and capital markets experience.\u201d<\/p>
\n\u201cWe built Better to disrupt the mortgage loan industry by developing and integrating AI solutions to simplify the process for borrowers across one of the largest asset classes in the world,\u201d said Garg. \u201cIn the last 10 years, we have helped more than 600,000 customers buy or refinance their homes across more than $110 billion in loan volumes, providing testament to the durable demand for what we have created. Better is at an important inflection point, and now is the right time for new leadership. I have come to know Daniel quite well, and I am confident he is the right person to lead the Company through this important time in its evolution.\u201d<\/p>
\nThe overwhelming majority of Mr. Lewis\u2019s compensation, to be determined by the Board, will be tied to shareholder returns and long-term operating performance.<\/p>
\nStrategy and Financial Position<\/strong><\/p> \nBetter is sharpening its strategy around a platform model in which partners own customer acquisition.<\/p> \n\u201cBetter delivers the industry's best origination experience, built upon Vishal\u2019s vision and ability to integrate disruptive AI solutions into the mortgage origination process,\u201d said Lewis. \u201cLooking ahead, Better will win by leveraging that experience to manufacture mortgages efficiently, not by outspending competitors on customer acquisition. Our distribution channels all run on Tinman\u00ae, which provides leading technology, underwriting, operations, capital markets, and regulatory infrastructure. Together, that approach scales with structurally lower unit economics while maintaining our differentiated service.<\/p> \n\u201cOur immediate priorities extend well beyond the cost reductions already underway, which we expect to exceed $45 million on an annualized basis by year-end, substantially above our previously announced $25 million target. Looking at our target markets, HELOC demand continues to strengthen and is an area where we intend to expand activity as conditions are favorable, while enterprise customers and independent mortgage brokers demonstrate strong interest in the platform. Our focus to capitalize on those dynamics with Tinman\u00ae is straightforward: deliver the industry's best loan officer experience through greater automation and simpler workflows.\u201d<\/p> \nPreliminary Second Quarter Results<\/strong><\/p> \nThe Company today announced preliminary results for the second quarter ended June 30, 2026, which are within previously communicated expectations:<\/p> \nBetter continues to pursue the sale of its UK bank subsidiary, Birmingham Bank, through a process led by FT Partners. The Company will provide an update when there is a material development.<\/p> \nThe preliminary second quarter results are based on the Company\u2019s estimates and are subject to completion of the Company\u2019s financial closing procedures. The preliminary results do not represent all the information for a complete understanding of the Company\u2019s financial condition as of the end of the second quarter of 2026.<\/p> \nGiven today's announcement, Better has moved forward its second quarter earnings release and investor conference call to post market close on August 6, 2026, from the previously announced date of August 10, 2026. Updated conference call details will be provided in a separate press release, which will also be available on the Company's Investor Relations website.<\/p> \nAbout Better Home & Finance Holding Company<\/b><\/p> \nBetter Home & Finance Holding Company (NASDAQ: BETR) is the first AI-native mortgage and home equity finance platform, and first fintech to fund more than $110 billion in loan volume. Since 2016, Better has leveraged its industry-leading AI platform, Tinman\u00ae, to achieve a singular mission of making homeownership cheaper, faster, and easier for all Americans. Tinman\u00ae allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. In addition, Betsy\u00ae, leveraging Tinman\u00ae MCP, the first AI loan agent built exclusively for the mortgage industry, is revolutionizing the homebuying journey by delivering timely application status updates to consumers, answering questions, and moving their loan application along 24\/7\/365. Better\u2019s mortgage offerings include GSE-conforming, FHA, VA loans, jumbo, and Non-QM mortgage loans as well as home equity loans. Better serves customers in all 50 US states.<\/p> \nForward-looking Statements<\/b><\/p> \nThis press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical fact should be considered forward-looking statements, including, without limitation, statements and expectations regarding preliminary financial results for the second quarter of 2026, including Net Loss, Adjusted EBITDA, Funded Loan Volume and Total Net Revenues, Mr. Lewis\u2019s anticipated compensation arrangement, cost reduction initiatives, anticipated HELOC expansion and the planned sale of the Company\u2019s UK bank subsidiary, Birmingham Bank. In some cases, you can identify forward-looking statements by terminology such as \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201ctarget,\u201d or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual future events to differ materially from those expressed or implied by the forward-looking statements in this communication. These risks and uncertainties include those risks discussed in the section entitled \u201cRisk Factors\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2025, as any such factors may be updated from time to time in the Company\u2019s other filings with the SEC, which is available, free of charge, at the SEC\u2019s website at www.sec.gov<\/a>. New risks and uncertainties arise from time to time, and it is impossible for Better to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Better undertakes no obligation, except as required by law, to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.<\/p> \nNON-GAAP MEASURES AND Key Metrics<\/b><\/p> \nKey Metrics<\/b><\/p> \nThis press release refers to the following key metrics:<\/p> \nLoan Volume consists of Funded Loan Volume and Processed Volume.<\/p> \nFunded Loan Volume represents the aggregate dollar amount of all loans funded in a given period based on the principal amount of the loan at funding.<\/p> \nProcessed Volume includes loans processed on the Tinman\u00ae platform on behalf of our strategic partners but not funded by Better.<\/p> \nUse of Non-GAAP Measures and Other Financial Metrics<\/span><\/b><\/p> \nWe include certain financial measures not presented in accordance with generally accepted accounting principles (\u201cGAAP\u201d) including Adjusted EBITDA.<\/p> \nWe calculate Adjusted EBITDA as net income (loss) adjusted for the impact of stock-based compensation expense, change in the fair value of warrants and equity-related liabilities, and other non-recurring or non-core operational expenses, as well as interest and amortization on non-funding debt (which includes interest on the Convertible Note (as defined in our Form 10-K), depreciation and amortization expense, and income tax (benefit)\/expense.<\/p> \nThis non-GAAP financial measure should not be considered in isolation and is not intended to be a substitute for any GAAP financial measure. This non-GAAP measure provides supplemental information that we believe helps investors better understand our business, our business model and how we analyze our performance. We also believe this non-GAAP financial measure improves investors\u2019 and analysts\u2019 ability to compare our results with those of our competitors and other similarly situated companies, which commonly disclose similar performance measures.<\/p> \nHowever, our calculation of Adjusted EBITDA may not be comparable to similarly titled performance measures presented by other companies. Further, although we use this non-GAAP measure to assess the financial performance of our business, this measure excludes certain substantial costs related to our business, and investors are cautioned not to use such measures as a substitute for financial results prepared according to GAAP. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. As a result, non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, our financial results prepared and presented in accordance with GAAP.<\/p> \nA reconciliation of Adjusted EBITDA to Net Loss, the most directly comparable GAAP measure, is provided below.<\/p> \nReconciliation of Non-GAAP Metrics<\/b><\/p> \n(Amounts in thousands)<\/i><\/b><\/p><\/td> \nThree Months Ended\n \n\u00a0<\/p><\/td> \nThree Months Ended\n \nAdjusted EBITDA<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet loss<\/p><\/td> \n$<\/p><\/td> \n(30,593<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(36,270<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nIncome tax expense<\/p><\/td> \n\u00a0<\/p><\/td> \n63<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n94<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nDepreciation and amortization expense (1)<\/p><\/td> \n\u00a0<\/p><\/td> \n2,973<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n3,287<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nStock-based compensation expense (2)<\/p><\/td> \n\u00a0<\/p><\/td> \n14,585<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n4,252<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nInterest and amortization on non-funding debt (3)<\/p><\/td> \n\u00a0<\/p><\/td> \n14<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n6<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nRestructuring, impairment, and other expenses (4)<\/p><\/td> \n\u00a0<\/p><\/td> \n909<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1,206<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nChange in fair value of warrants and equity related liabilities (5)<\/p><\/td> \n\u00a0<\/p><\/td> \n(1,067<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n572<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(Income) loss from discontinued operations<\/p><\/td> \n\u00a0<\/p><\/td> \n(872<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n3,906<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nAdjusted EBITDA<\/b><\/p><\/td> \n$<\/p><\/td> \n(13,988<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(22,947<\/p><\/td> \n)<\/p><\/td><\/tr>\n<\/table> \nFor Investors<\/b>\n
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