Better Home & Finance Holding Co (NASDAQ: BETRW)

Better Home & Finance Holding Co is a technology-enabled homeownership company that offers mortgage home equity and other homeownership products through a digital platform. Its services support customers across key stages of the homeownership cycle including purchase ownership refinance and sale. The company built its business with a technology-first approach using its proprietary Tinman platform to scale products channels and market conditions. Tinman enables digital delivery automation and integration across consumer-facing offerings and third-party strategic partner services. The company aims to address legacy inefficiencies in the homeownership journey by providing a seamless experience time saved and higher certainty on one of the largest financial decisions consumers make.

Better Home & Finance Holding Co generates revenue primarily through the sale of mortgage loans it originates into a network of loan purchasers including GSEs banks insurance companies asset managers and mortgage real estate investment trusts. Revenue is earned upon the sale of each loan. The company also generates fees from its Tinman AI Platform when strategic partners integrate the technology into their operations and pay based on funded loans processed through the platform. Additionally Better Plus generates referral fees from third-party providers for services such as real estate agent referrals title insurance settlement services and homeowners insurance policies accessed through a digital marketplace. The company serves individual consumers seeking mortgage refinancing home equity access and related homeownership services through both direct-to-consumer and partner distribution channels.

The company operates through the following segments: Home Finance Tinman AI Platform Better Plus and International Lending & Services.

• Home Finance offers residential mortgage loan products for home purchase and refinance including cash-out refinance debt consolidation and home equity across various maturities and interest rate structures. It includes GSE-conforming loans FHA insured loans VA guaranteed loans and jumbo loans. The company originates loans and sells them to a network of loan purchasers earning revenue upon sale. As of December 31 2025 it was licensed to originate mortgage loans in all 50 states and the District of Columbia across a range of credit and income profiles. It also offers home equity lines of credit and closed-end second-lien loans to enable customers to access home equity.

• Tinman AI Platform includes access to the proprietary technology in connection with mortgage origination activities such as technology-enabled underwriting loan processing compliance support capital markets connectivity and related back-office functionality. In certain arrangements partners integrate Tinman into their existing internal digital operations and pay fees based on funded loans processed through the platform. In other arrangements Tinman is integrated into a strategic partner’s customer-facing application or workflow and the company originates mortgage loans directly using its Home Finance products for the partner’s customers. The scope pricing structure and responsibilities vary by partner.

• Better Plus includes a set of non-mortgage homeownership products and services offered primarily through third-party strategic partners. These offerings include referrals to real estate agents title insurance and settlement services provided through third-party providers and access to homeowners insurance policies through a digital marketplace of insurance partners. In these arrangements the company generally acts as an agent or referral source and receives fees from third-party providers. Better Plus products are integrated into the platform to support customers throughout the homeownership process.

• International Lending & Services offers residential mortgage and related financial products to customers in the United Kingdom through the U. K. subsidiary Birmingham Bank and related U. K. homeownership businesses. It utilizes a technology-first approach to address market inefficiencies. The company is in the process of exiting its non-core international operations.

Better Home & Finance Holding Co competes with traditional banks and depository institutions non-bank mortgage lenders credit unions and smaller regional and local lenders in its Home Finance business. In its Tinman AI Platform business it competes with mortgage technology providers loan origination system platforms and service providers offering outsourced underwriting processing or fulfillment capabilities. The company believes its competitive advantages include a superior customer experience through its integrated platform a highly scalable platform in breadth and depth lower labor costs through automation and data advantage from capturing up to 10000 data points per customer. Its business model of manufacturing loans to sell to secondary investors limits credit exposure with substantially all loans conforming to GSE-guaranteed takeout providing liquidity across market cycles.

Better Home & Finance Holding Co serves individual consumers seeking mortgage home equity refinance and related homeownership services. Customers engage through direct-to-consumer channels via the company’s website or through partner channels where third parties use Tinman to support their mortgage operations. The company also supports in-market originations where mortgage demand is sourced through referral- and relationship-based channels. Its customer base includes borrowers across various credit and income profiles seeking to purchase refinance or access equity in their homes.