In This Article:
NEW YORK, January 22, 2025--(BUSINESS WIRE)--Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) announces that its board of directors approved a $25 million share repurchase program. Better may repurchase shares of Class A common stock from time to time, at management’s discretion, through open market purchases or privately negotiated transactions, including accelerated repurchase transactions, block trades or trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The timing and total amount of share repurchases will be based on ongoing evaluation of general market conditions, prevailing prices of the Class A common stock, Better’s capital needs and other factors. The share repurchase program expires on December 31, 2025, may be modified, suspended, or discontinued at any time at the Company’s discretion.
"We believe we are in a new era for homeownership in America, where AI-driven mortgage solutions which make homeownership more affordable and more accessible will be at the forefront," said Vishal Garg, CEO and Founder of Better. "As such, we believe Better is poised to be a significant beneficiary of the coming deregulation in financial services and housing. This buyback will both provide liquidity to the market for our stock and demonstrates to the market our belief that the stock is currently undervalued considering Better’s strong capital position, the prospects of growing our B2B business, our technology advantage vis-à-vis the traditional mortgage industry, and our deployment of AI across the entire organization to streamline and make the homeownership journey better for all Americans."
About Better Home & Finance Holding Company
Since 2017, Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) has leveraged its industry-leading technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates and close their loan all entirely online. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Better launched its "One Day Mortgage" program in January 2023, which allows eligible customers to go from click to Commitment Letter within 24 hours. Better was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. Better serves customers in all 50 US states and the United Kingdom.