Better Home & Finance Holding Company · NASDAQ:BETR
Better Home & Finance — Q3 2025 Earnings Presentation
22 slides from Better Home & Finance's earnings presentation, Nov 13, 2025
Slide 1: AI Mortgage Platform Investor Presentation
AI Mortgage Platform Investor Presentation November 2025 Company Metrics and Financials are as of September 30, 2025.
Slide 2: Disclaimer
Disclaimer This presentation and any related oral presentation, (together “this presentation”), do not constitute an offer or invitation to subscribe for, purchase or otherwise acquire any securities or other instruments of Better Home & Finance Holding Company ("Better" or the "Company") and nothin
Slide 3: Next generation AI mortgage platform
Next generation AI mortgage platform. Simpler. Faster. Better. 3
Slide 4: Direct-to-Consumer Tinman AI as a Platform
Tinman is lightyears ahead of current technology in the Tinman® AI Opportunity in the Mortgage Industry mortgage industry We have earned the right to lead this Direct-to-Consumer transformation through over $100B in originations and years of investment in our AI platform, Tinman® and Betsy Our exper
Slide 5: Homeownership market is enormous
Homeownership market is enormous Cumulative market size $5T 01 Largest and most $11 Trillion $19+ Trillion Consumer Financial Network 6 Avg. Annual Spend within tangible asset class Global Housing Market1, 2 in the world $3T 02 $14 Trillion Home Services Ecosystem5 Bedrock of the 15-18% of U.S. GDP
Slide 6: However, mortgage process remains challenging and archaic for consumers
However, mortgage process remains challenging and archaic for consumers The homeownership status quo is broken Our platform delivers a Better experience Expensive Best-in-class experience Buyers pay fees to up to 10 intermediaries, 664 Net Promoter Score accounting for ~10% of home price1 4.1 out of
Slide 7: The mortgage industry's only fully integrated platform, built for everyone
The mortgage industry’s only fully integrated platform, built for everyone Powered by Tinman® AI Our next generation AI mortgage platform makes homeownership Better + Purchase Refinance HELOC Real Estate Settlement Cover Locked mortgage Refinancing process Monetize home Home, auto, life Real estate
Slide 8: Simpler, Faster, Better
Our platform delivers a seamless, end-to-end customer experience Simpler, Faster, Better Zero 100% online A few quick Automated soft Pre-approval commissions application questions credit check letter in minutes Traditional lenders involve up to 10 intermediaries1 and take up to 45 days to close2 1)
Slide 9: Scalable and integrated platform with a best-in-class customer experience
Scalable and integrated platform with a best-in-class customer experience 1 Data Advantage 4 Capital-Light Model g g Enhanced customer experience and Investors and partners buy loans via maximized conversion – up to 10k data platform. Retain on balance sheet for points per customer in loan process ~
Slide 10: Better Mortgage offers a broad suite of home financing solutions
Better Mortgage offers a broad suite of home financing solutions Our Average Customer Home Purchase ▪ 12 days faster average closing time vs. industry Profile1 ▪ Saves customers ~$20k on average over loan $299k Average loan balance ▪ 13 days faster average closing time vs. industry Home Refinance ▪
Slide 11: Light balance sheet and low-risk funding model, attracting new mortgage investors
Light balance sheet and low-risk funding model, attracting new mortgage investors Assets matched to identified Assets acquired by Better’s funding at origination, aligning to the network of third-party investors criteria of institutional investors Streamlined, tech-enabled Strong and growing institu
Slide 12: Powered by Tinman, our proprietary AI mortgage platform
Powered by Tinman®, our proprietary & comprehensive AI mortgage platform Customer Experience Tinman® Operational Excellence ▪ Tinman® AI drives better, ▪ Tinman® AI triangulates Point faster , and cheaper CRM consumer attributes, of Sale customer experience property attributes, and unique investor c
Slide 13: Betsy – the first AI voice-based loan assistant built for the mortgage industry
Betsy – the first AI voice-based loan assistant built for the mortgage industry Betsy accelerates the customer journey, reducing time to close with… Quarterly Customer Interactions ✓ Enhanced Capacity: More bandwidth for Loan Officers to initiate and manage customer relationships 700k ✓ Faster Scala
Slide 14: Next evolution of Betsy – The AI Mortgage Advisor
Next evolution of Betsy – The AI Mortgage Advisor Loan File Facts Pricing AI Mortgage Advisor Tinman Application Intake MCP Server Borrowers Knowledge Documents Base Activities LO Call Training Data Voice Chat Virtual Twin Outside Agent Prompting Virtual Twin creation takes ~ 5 days, includes model
Slide 15: Q3 2025 funded loan volume and revenue performance
Q3 2025 funded loan volume and revenue performance Total Funded Loan Volume Quarterly Run-Rate of Total Net Revenue by Product Home Equity Volume1 Purchase HELOC Refi $1,210M $1,035M $183M 1.5x $44M 10x $1,000M $130M $253M $166M $29M $739M $774M $100M Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2023 Q3 2025
Slide 16: Unit Economics Per Fund: Aggregate D2C
Unit Economics Per Fund: Aggregate D2C Q1 2025 Q2 2025 Q3 2025 Loan Units 2,196 2,974 2,939 Gross GOS Revenue $7,454 $7,999 $8,511 Concessions ($721) ($613) ($743) Net Gain on Sale Revenue $6,733 $7,386 $7,768 Net Mortgage Interest Income1 $500 $500 $500 Total Mortgage Revenue $7,233 $7,886 $8,268 S
Slide 17: Recent partnership developments
Recent partnership developments New Partnerships Existing Partnerships Top Five Top Five Bank U.S. Personal Financial U.S. Non-bank Partner Services Platform Mortgage Originator Software | Fulfillment | Capital Software | Capital Markets | Software | Fulfillment Software | Fulfillment Software Marke
Slide 18: Looking Forward
Looking Forward
Slide 19: Multiple growth vectors fueling our rapid growth
Multiple growth vectors fueling our rapid growth Path to Profitability Continue reducing legacy mortgage operations and customer acquisition costs through greater AI adoption Tinman® AI as a Platform and Software Leverage our scalable end-to-end technology to offer our partners’ customers a faster,
Slide 20: Accelerating momentum led by our next generation AI mortgage platform
Accelerating momentum led by our next generation AI mortgage platform D2C $600M continued of Tinman AI margin and Platform volume volume expected in Q4 improvement Tinman® AI FY 2025 Total Funded Software Loan Volume through continued expected to be up year over partnership scaling year Tinman® AI A
Slide 21: Appendix
Appendix Better
Slide 22: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures (Amounts in $ thousands) Quarter Ended September 30, Quarter Ended June 30, Adjusted Net Loss 2025 2024 2025 Net (loss) income $(39,125) $(54,210) $(36,270) Stock-based compensation expense 4,271 5,487 4,252 Change in fair value of warrants and equity related liab
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