Better reports $1.64B Q1 loan volume, exceeds guidance

Better Home & Finance Holding Company (NASDAQ: BETR) reported preliminary funded loan volume of $1.64 billion for the first quarter of 2026, surpassing its prior guidance range of $1.40 billion to $1.55 billion, according to a company statement.

The mortgage and home equity finance company said the Q1 volume represented an 89% increase compared to the same period in the previous year. March funded loan volume reached $671 million.

Better announced a public offering of $60 million in Class A common stock with potential over-allotments of up to $9 million, bringing the total anticipated proceeds to $69 million before underwriting costs. The offering price represents approximately a 3.9% discount to the company's 30-day volume weighted average price as of April 7, 2026.

Following the offering's completion, the company plans to terminate its at-the-market equity program. Better expects to maintain estimated cash and cash equivalents of $130 million after closing, including $24 million held at its U.K.-based bank.

The company announced cost reduction measures totaling at least $25 million in annualized savings beginning in the second quarter of 2026. Better stated it has visibility toward achieving adjusted EBITDA breakeven by the end of the third quarter of 2026.

Better's U.K.-based bank has been classified as held for sale effective Q1 2026, with an active sale process underway. The company described the bank as well-capitalized and said it does not anticipate additional funding requirements for the unit.

"Our decision to raise capital, simplify our international footprint, and reduce costs will position the Company to act decisively on high-conviction growth opportunities," said Chief Executive Officer Vishal Garg.

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