--- title: "BETTER HOME & FINANCE HOLDING C/WTS 22/08/2028(TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 47.5 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/286000685.md" datetime: "2026-05-11T21:32:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286000685.md) - [en](https://longbridge.com/en/news/286000685.md) - [zh-HK](https://longbridge.com/zh-HK/news/286000685.md) --- # BETTER HOME & FINANCE HOLDING C/WTS 22/08/2028(TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 47.5 B Revenue: As of FY2026 Q1, the actual value is USD 47.5 B. EPS: As of FY2026 Q1, the actual value is USD -4.29. EBIT: As of FY2026 Q1, the actual value is USD -52.47 B. #### Continuing Operations (Home Finance) ##### Revenue - **Total Net Revenues:** $47,497 thousand for the three months ended March 31, 2026, compared to $31,328 thousand for the three months ended March 31, 2025 . - **Gain on loans, net:** $44,801 thousand for the three months ended March 31, 2026, compared to $24,576 thousand for the three months ended March 31, 2025 . - Gain on sale of loans, net: $44,064 thousand (March 31, 2026) vs. $21,278 thousand (March 31, 2025) . - Broker revenue: $1,375 thousand (March 31, 2026) vs. $1,171 thousand (March 31, 2025) . - Loan repurchase reserve (provision)/recovery: - $638 thousand (March 31, 2026) vs. $2,127 thousand (March 31, 2025) . - **Other revenue:** $1,142 thousand for the three months ended March 31, 2026, compared to $3,650 thousand for the three months ended March 31, 2025 . - International lending revenue: $47 thousand (March 31, 2026) vs. $1,538 thousand (March 31, 2025) . - Insurance services: $578 thousand (March 31, 2026) vs. $673 thousand (March 31, 2025) . - Real estate services: $170 thousand (March 31, 2026) vs. $947 thousand (March 31, 2025) . - Other revenue (miscellaneous): $347 thousand (March 31, 2026) vs. $492 thousand (March 31, 2025) . - **Net interest income:** $1,554 thousand for the three months ended March 31, 2026, compared to $3,102 thousand for the three months ended March 31, 2025 . - Interest income: $7,284 thousand (March 31, 2026) vs. $7,595 thousand (March 31, 2025) . - Interest expense: - $5,730 thousand (March 31, 2026) vs. - $4,493 thousand (March 31, 2025) . ##### Operational Metrics - **Net Loss from Continuing Operations:** - $49,350 thousand for the three months ended March 31, 2026, compared to - $45,972 thousand for the three months ended March 31, 2025 . - **Total Expenses:** $98,413 thousand for the three months ended March 31, 2026, compared to $77,155 thousand for the three months ended March 31, 2025 . - Compensation and benefits: $55,736 thousand (March 31, 2026) vs. $43,892 thousand (March 31, 2025) . - General and administrative: $8,948 thousand (March 31, 2026) vs. $10,777 thousand (March 31, 2025) . - Technology: $8,361 thousand (March 31, 2026) vs. $6,649 thousand (March 31, 2025) . - Marketing and advertising: $9,217 thousand (March 31, 2026) vs. $8,679 thousand (March 31, 2025) . - Loan origination expense: $7,733 thousand (March 31, 2026) vs. $2,503 thousand (March 31, 2025) . - Depreciation and amortization: $2,997 thousand (March 31, 2026) vs. $3,773 thousand (March 31, 2025) . - Other expenses: $5,421 thousand (March 31, 2026) vs. $882 thousand (March 31, 2025) . ##### Key Business Metrics - **Funded Loan Volume:** $1,645 million for the three months ended March 31, 2026, compared to $868 million for the three months ended March 31, 2025 . - Refinance Loan Volume: $854 million (March 31, 2026) vs. $133 million (March 31, 2025) . - Purchase Loan Volume: $588 million (March 31, 2026) vs. $578 million (March 31, 2025) . - HELOC Volume: $203 million (March 31, 2026) vs. $157 million (March 31, 2025) . - **Loan Volume by Channel:** - D2C Loan Volume: $824 million (March 31, 2026) vs. $614 million (March 31, 2025) . - B2B Loan Volume: $0 million (March 31, 2026) vs. $91 million (March 31, 2025) . - Platform Loan Volume: $821 million (March 31, 2026) vs. $163 million (March 31, 2025) . - **Total Loans (number):** 5,018 (March 31, 2026) vs. 2,975 (March 31, 2025) . - **Average Loan Amount:** $327,723 (March 31, 2026) vs. $291,909 (March 31, 2025) . - **Gain on Sale Margin:** 2.72% (March 31, 2026) vs. 2.83% (March 31, 2025) . - **Total Market Share:** 0.3% (March 31, 2026) vs. 0.2% (March 31, 2025) . ##### Better Plus Metrics - **Better Real Estate Transaction Volume:** $33 million (March 31, 2026) vs. $70 million (March 31, 2025) . - **Insurance Coverage Written:** $1,305 million (March 31, 2026) vs. $996 million (March 31, 2025) . ##### Cash Flow - **Net cash used in operating activities-continuing operations:** - $124,795 thousand for the three months ended March 31, 2026, compared to - $46,275 thousand for the three months ended March 31, 2025 . - **Net cash used in investing activities-continuing operations:** - $355 thousand for the three months ended March 31, 2026, compared to - $2,541 thousand for the three months ended March 31, 2025 . - **Net cash provided by financing activities-continuing operations:** $113,137 thousand for the three months ended March 31, 2026, compared to - $53,360 thousand for the three months ended March 31, 2025 . #### Discontinued Operations (Birmingham Bank) ##### Revenue - **Total Net Revenues:** $2,656 thousand for the three months ended March 31, 2026, compared to $1,225 thousand for the three months ended March 31, 2025 . - Other revenue: - $22 thousand (March 31, 2026) vs. $380 thousand (March 31, 2025) . - Net interest income: $2,678 thousand (March 31, 2026) vs. $845 thousand (March 31, 2025) . - Interest income: $11,284 thousand (March 31, 2026) vs. $2,850 thousand (March 31, 2025) . - Interest expense: - $8,606 thousand (March 31, 2026) vs. - $2,005 thousand (March 31, 2025) . ##### Operational Metrics - **Net Loss from Discontinued Operations:** - $20,961 thousand for the three months ended March 31, 2026, compared to - $4,585 thousand for the three months ended March 31, 2025 . - **Total Expenses:** $23,617 thousand for the three months ended March 31, 2026, compared to $5,810 thousand for the three months ended March 31, 2025 . - Compensation and benefits: $2,765 thousand (March 31, 2026) vs. $2,776 thousand (March 31, 2025) . - General and administrative: $1,069 thousand (March 31, 2026) vs. $853 thousand (March 31, 2025) . - Technology: $591 thousand (March 31, 2026) vs. $533 thousand (March 31, 2025) . - Marketing and advertising: $2 thousand (March 31, 2026) vs. $8 thousand (March 31, 2025) . - Depreciation and amortization: $286 thousand (March 31, 2026) vs. $202 thousand (March 31, 2025) . - Other expenses: $18,904 thousand (March 31, 2026) vs. $1,438 thousand (March 31, 2025) . ##### Cash Flow - **Net cash used in operating activities-discontinued operations:** - $657 thousand for the three months ended March 31, 2026, compared to - $10,912 thousand for the three months ended March 31, 2025 . - **Net cash used in investing activities-discontinued operations:** - $11,238 thousand for the three months ended March 31, 2026, compared to - $156,302 thousand for the three months ended March 31, 2025 . - **Net cash (used in)/provided by financing activities-discontinued operations:** - $7,900 thousand for the three months ended March 31, 2026, compared to $172,181 thousand for the three months ended March 31, 2025 . #### Future Outlook and Strategy The company’s core strategy focuses on making homeownership cheaper, faster, and more accessible through its AI-native platform, Tinman, and by partnering with other financial institutions to enhance efficiency . The sale of Birmingham Bank is anticipated to close in 2026, with no material future revenue expected from non-core international operations . To support growth in loan production and funded loan volume, the company has discontinued its at-the-market offering program and increased its warehouse line capacity to $850 million following a recent public offering . ### Related Stocks - [BETRW.US](https://longbridge.com/en/quote/BETRW.US.md) ## Related News & Research - [AT&T Reaffirms Q2, Long-Term Outlook](https://longbridge.com/en/news/286888080.md) - [Freshworks furnishes Refresh 2026 investor presentation, raises 2028 ARR target by $100M](https://longbridge.com/en/news/286464866.md) - [FACTBOX-Here are the Democrats taking early steps in potential 2028 White House bids](https://longbridge.com/en/news/286890348.md) - [Sutro Biopharma: Buy Rating on Strong ADC Execution, Cash Runway Into 2028, and Multiple 2026 Catalysts](https://longbridge.com/en/news/286599325.md) - [Encompass Health issues notice for partial redemption of its 4.500% senior notes due 2028 | EHC Stock News](https://longbridge.com/en/news/286464615.md)