Core Insights - Better Home & Finance Holding Company has successfully amended and renewed a $175 million warehouse credit facility, enhancing liquidity and operational flexibility [1][2] - The company expects monthly origination volumes to exceed $1 billion by May 2026, a more than 100% increase from the average monthly origination volume of approximately $400 million for the quarter ended September 30, 2025 [3] - Better.com aims to achieve adjusted EBITDA profitability by the end of the third quarter of 2026 [3] Financial Developments - The amended credit facility features reduced cash deposit requirements, expanded leverage capacity, and higher advance rates on certain non-GSE loans, significantly lowering ongoing equity capital requirements [2] - The enhancements improve equity capital efficiency by reducing the required amount of equity capital for the facility [4] Business Strategy - The company is deploying its Tinman AI platform across the mortgage ecosystem, which is expected to drive business evolution and improve customer experience [4] - New partnership channels are generating lead flow comparable to the company's established direct-to-consumer channel [4] Company Background - Better Home & Finance Holding Company is recognized as the first AI-native mortgage and home equity finance platform, having funded over $100 billion in loan volume since its inception in 2016 [5] - The company has received multiple awards for digital mortgage innovation and is noted for its customer service across all 50 US states and the UK [5]

Market Opportunity - The total addressable homeownership market is valued at $29 trillion[19] - The mortgage origination market is estimated at $5 trillion[22] - The top 10 players hold only 23% of mortgage originations, indicating a highly fragmented market[20] - 94% of Americans believe homeownership is an essential part of the American dream[24] Rocket Platform & Performance - Rocket's client recapture rate is 3 times higher than the industry average, with Rocket at 83% compared to the industry's 25%[37] - Rocket has invested $500 million in AI over the last five years[48] - Rocket services 28 million loans with a serviced unpaid principal balance (UPB) of $600 billion[39, 78] - Rocket's servicing portfolio has a fair value of $73 billion[78] - Rocket has a 97% net client retention rate[45, 78] Financial Highlights (Q1 2025) - Adjusted revenue was $1296 million, an increase of 11% year-over-year[72, 86] - Adjusted EBITDA was $169 million, with an EBITDA margin of 13%[72, 86]