Better Home & Finance Appoints Daniel Lewis Interim Chief Executive Officer

Provides Update on Strategic Direction Issues Preliminary Q2 2026 Financial Results Reschedules Second Quarter Earnings Release and Conference Call to August 6, 2026NEW YORK--(BUSINESS WIRE)--$BETR #BETR--Better Home & Finance Holding Company (NASDAQ: BETR) (“Better” or the “Company”), the leading AI-native homeownership company, today announced that the Company’s Board of Directors (the “Board”) has appointed Board member, Daniel Lewis, Interim Chief Executive Officer, effective immediately. Mr. Lewis succeeds Founder Vishal Garg, who has mutually agreed with the Board to transition from his role as Chief Executive Officer. Mr. Garg will continue to serve on the Board and work closely with Mr. Lewis to ensure an orderly and effective leadership transition. As Interim CEO, Mr. Lewis will manage the organization, execute the operating plan approved by the Board, and set the Company’s strategic direction. He brings more than 30-years of operating, investment, and governance experience. From 2018 to 2023 he served as Chief Executive Officer of Ascend Fundraising Solutions, a Toronto-based software company operating in a highly regulated B2B2C environment. Earlier, after nine years at Citigroup, he founded Orange Capital LLC in 2005 and built it into a billion-dollar investment firm focused on special situations. “Under Vishal’s leadership, Better built Tinman® and established Betsy®, bringing automation to a process that had not changed in decades,” said Harit Talwar, Chairman of the Board. “Today, Tinman® has established a durable product-market fit with enterprise customers and loan originators. On behalf of the entire Board, we thank Vishal for his significant contributions to the Company in his role as CEO and look forward to continuing to work with him and benefitting from his expertise as a Director. “Over the past several months, Daniel has worked closely with the Board and management on cost reductions, enterprise partnerships, strategic planning, and operational initiatives, first as an independent advisor and, more recently, as a member of the Board. During that time, he has provided valuable insights and direction, bringing highly relevant operational and capital markets experience.” “We built Better to disrupt the mortgage loan industry by developing and integrating AI solutions to simplify the process for borrowers across one of the largest asset classes in the world,” said Garg. “In the last 10 years, we have helped more than 600,000 customers buy or refinance their homes across more than $110 billion in loan volumes, providing testament to the durable demand for what we have created. Better is at an important inflection point, and now is the right time for new leadership. I have come to know Daniel quite well, and I am confident he is the right person to lead the Company through this important time in its evolution.” The overwhelming majority of Mr. Lewis’s compensation, to be determined by the Board, will be tied to shareholder returns and long-term operating performance. Strategy and Financial Position Better is sharpening its strategy around a platform model in which partners own customer acquisition. “Better delivers the industry's best origination experience, built upon Vishal’s vision and ability to integrate disruptive AI solutions into the mortgage origination process,” said Lewis. “Looking ahead, Better will win by leveraging that experience to manufacture mortgages efficiently, not by outspending competitors on customer acquisition. Our distribution channels all run on Tinman®, which provides leading technology, underwriting, operations, capital markets, and regulatory infrastructure. Together, that approach scales with structurally lower unit economics while maintaining our differentiated service. “Our immediate priorities extend well beyond the cost reductions already underway, which we expect to exceed $45 million on an annualized basis by year-end, substantially above our previously announced $25 million target. Looking at our target markets, HELOC demand continues to strengthen and is an area where we intend to expand activity as conditions are favorable, while enterprise customers and independent mortgage brokers demonstrate strong interest in the platform. Our focus to capitalize on those dynamics with Tinman® is straightforward: deliver the industry's best loan officer experience through greater automation and simpler workflows.” Preliminary Second Quarter Results The Company today announced preliminary results for the second quarter ended June 30, 2026, which are within previously communicated expectations: Funded Loan Volume: $1.67 billion (+45% YOY) Revenue: $54.7 million (+28% YOY) Net Loss: $30.6 million Adjusted EBITDA: -$14.0 million (includes a $6.5 million benefit from a TRID reserve release related to loans originated prior to June 2022). Better continues to pursue the sale of its UK bank subsidiary, Birmingham Bank, through a process led by FT Partners. The Company will provide an update when there is a material development. The preliminary second quarter results are based on the Company’s estimates and are subject to completion of the Company’s financial closing procedures. The preliminary results do not represent all the information for a complete understanding of the Company’s financial condition as of the end of the second quarter of 2026. Given today's announcement, Better has moved forward its second quarter earnings release and investor conference call to post market close on August 6, 2026, from the previously announced date of August 10, 2026. Updated conference call details will be provided in a separate press release, which will also be available on the Company's Investor Relations website. About Better Home & Finance Holding Company Better Home & Finance Holding Company (NASDAQ: BETR) is the first AI-native mortgage and home equity finance platform, and first fintech to fund more than $110 billion in loan volume. Since 2016, Better has leveraged its industry-leading AI platform, Tinman®, to achieve a singular mission of making homeownership cheaper, faster, and easier for all Americans. Tinman® allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. In addition, Betsy®, leveraging Tinman® MCP, the first AI loan agent built exclusively for the mortgage industry, is revolutionizing the homebuying journey by delivering timely application status updates to consumers, answering questions, and moving their loan application along 24/7/365. Better’s mortgage offerings include GSE-conforming, FHA, VA loans, jumbo, and Non-QM mortgage loans as well as home equity loans. Better serves customers in all 50 US states. Forward-looking StatementsRead the full story here

Better Home & Finance Appoints Daniel Lewis Interim Chief Executive Officer

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