Better Home & Finance Holding Company
09/29/2025 | Press release | Distributed by Public on 09/29/2025 04:10
Material Event (Form 8-K)
Item 8.01 Other Events.
Recent Developments
In September 2025, Better Home & Finance Holding Company ("Better" or the "Company") executed two agreements that the Company expects will materially increase its monthly loan volume.
The first agreement is a partnership with one of the top five U.S. personal financial services platforms, which serves over 50 million customers. Under this arrangement, the partner will offer mortgage financing products to its customer base through Better's Tinman® AI platform. As the loan originator, Better expects this initiative will necessitate a significant increase in warehouse line capital to support growth in monthly loan production.
The second agreement is with one of the top five non-bank mortgage originators in the U.S., which will utilize Better's Tinman® AI platform to originate HELOCs and HELOANs for its customer base and mortgage servicing rights (MSR) portfolio.
Better expects to provide additional details about these partnerships following their commercial launch. Better's current warehouse facilities total $575 million of monthly capacity, with advance rates ranging from 85% to 98% depending on the product financed. To support anticipated growth, and as further described below, Better is implementing a $75 million "at-the-market" program (the "ATM Program") for sales of shares of its Class A common stock, par value $0.0001 per share (the "Shares"), which sales, if completed, are expected to significantly increase Better's warehouse line capacity.
If the entire $75 million available under the ATM Program is sold, the ATM Program is expected to provide sufficient funding to scale monthly originations from approximately $500 million today to as much as $2.0 billion per month.
At-the-Market Offering Program
On September 26, 2025, the Company implemented the ATM Program for sales of the Shares by entering into separate sales agreements (each, a "Sales Agreement" and collectively, the "Sales Agreements") with each of Cantor Fitzgerald & Co. and BTIG, LLC (each an "Agent" and collectively, the "Agents"). Under the terms of the Sales Agreements, the Company may offer and sell Shares having an aggregate offering price of up to $75 million from time to time, in "at-the-market offerings" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the "Securities Act"), through the Agents as sale agents or as principals. The Company intends to use the net proceeds from the sale of the Shares for general corporate purposes.
Sales of the Shares, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agents. Each Agent will receive a commission from the Company equal to 2.0% of the gross sales price of all Shares sold through it as Agent under the applicable Sales Agreement. Any Shares will be issued pursuant to the Company's registration statement on Form S-3 (Registration No. 333-287335) (as amended, the "Registration Statement"), which was declared effective by the Securities and Exchange Commission on June 6, 2025, as supplemented by the prospectus supplement, dated September 26, 2025.
The Company is not obligated to sell, and the Agents are not obligated to buy or sell, any Shares under the Sales Agreements, and no assurance can be given that the Company will sell any such Shares, or, if it does, as to the price or amount of Shares that it sells or the dates when such sales will take place. Under the Sales Agreements, the Company has agreed to indemnify the Agents against certain liabilities, including under the Securities Act, or to contribute to payments that the Agents may be required to make because of such liabilities.
The foregoing description of the Sales Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the Sales Agreements. A copy of the form of the Sales Agreements and the opinion of Jones Day relating to the validity of the Shares that may be issued and sold pursuant to the Sales
Agreements are attached hereto as Exhibit 1.1 and Exhibit 5.1, respectively, and are incorporated by reference herein and in the Registration Statement.
Better Home & Finance Holding Company published this content on September 29, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 29, 2025 at 10:10 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]