Core Viewpoint - Better Home & Finance is undergoing a significant transformation from a direct-to-consumer (D2C) mortgage originator to an AI-native mortgage platform, focusing on enterprise partnerships that promise greater volume potential and improved marginal economics compared to the legacy D2C model [4][2]. Financial Performance - For Q4 2025, Better reported a funded loan volume of approximately $1.5 billion and revenue of around $44 million, reflecting year-over-year increases of 56% and 77% respectively [5][13]. - The Tinman AI platform contributed $646 million, accounting for over 40% of the total volume in Q4 2025, surpassing prior guidance [13]. - The company reported an adjusted EBITDA loss of approximately $24 million in Q4 2025, an improvement from a $28 million loss in Q4 of the previous year [15]. - Better ended Q4 2025 with $227 million in liquidity and has three warehouse facilities with a total capacity of $575 million [16]. Strategic Shift - The company is shifting its focus to enterprise partnerships, with notable collaborations including Credit Karma, Neo, and a top-five U.S. non-bank mortgage originator [6][9]. - The Tinman AI platform's contribution to loan volume is expected to rise from 0% in 2024 to over 60% by 2026, indicating a clear growth trajectory [7][1]. Partnership Developments - Better's partnership with Credit Karma went live in October 2025, with plans to expand services beyond refinancing to include HELOC and purchase options [8]. - Neo's run rate increased from $1.5 billion to $2.4 billion on the Tinman platform, with significant improvements in funded loans per mortgage advisor and processor [9]. - The company is also working with Finance of America to launch HELOC and HELOAN offerings powered by Tinman AI [9]. Technological Integration - Better introduced the first conversational credit decision engine integrated into ChatGPT via the Tinman AI app, which can provide credit decisions in approximately 47 seconds, significantly reducing origination timelines [11][12]. - The integration has generated interest from over 40 financial institutions shortly after the announcement, highlighting the potential for accelerated implementation timelines [12]. Future Outlook - For Q1 2026, Better anticipates total loan volume between $1.4 billion and $1.55 billion, representing a 70% year-over-year growth from Q1 2025 [17]. - Management aims to achieve adjusted EBITDA breakeven by the end of Q3 2026, although progress may vary due to different partnership ramp timelines [15].