Better Home & Finance Holding Co
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
BETR$19.24+1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001628280-25-040157
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001628280-25-052113
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 205 previous paragraphs and 185 current paragraphs.
122 unchanged; 50 reworded; 11 added; 33 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 12 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
During the three months ended September 30, 2025, we also executed multiple new strategic partnerships. The first is a partnership with one of the top five U.S. personal financial services platforms, which serves over 50 million customers. Under this arrangement, the partner will offer mortgage financing products to its customer base through Better’s Tinman AI platform. The second is with one of the top five non-bank mortgage originators in the U.S., which will utilize Better’s Tinman AI platform to originate HELOCs and HELOANs for its customer base and mortgage servicing rights (MSR) portfolio. Lastly, subsequent to the three months ended September 30, 2025, Better partnered with Finance of America, a leading provider of home equity-based retirement solutions ("FOA"), pursuant to which Better will offer HELOCs and HELOANs to FOA's customers, through Better's Tinman AI platform.
Current report
Technology expenses were $6.7 million for the three months ended September 30, 2025, a decrease of $0.5 million or 7% as compared with $7.2 million in the three months ended September 30, 2024. The decrease in technology expenses was driven primarily by the reduction of costs related to software vendors.
Current report
Marketing and advertising expenses were $10.5 million for the three months ended September 30, 2025, a decrease of $1.6 million or 13% as compared with $12.1 million in the three months ended September 30, 2024. The decrease is due to the recent lower marketing expense required by the Retail channel and the increased conversion across all channels driven by further advancements in our internal AI technology.
Current report
Marketing and advertising expenses were $30.3 million for the nine months ended September 30, 2025, an increase of $5.1 million or 20.4% as compared with $25.2 million in the nine months ended September 30, 2024. The increase is due to higher investment to drive volume for our new Retail channel as well as spend attributed to a pilot program with our newly signed fintech partnership.
Current report
We have also raised capital through an at-the-market equity offering program (“ATM Program”) for sales of up to $75.0 million of our Class A common stock pursuant to our effective shelf registration statement on Form S-3 and the related prospectus supplement dated September 26, 2025. Further details discussed below.
Current report
At-the-Market Offering Program
Current report
On September 26, 2025, the Company implemented the ATM Program for sales of up to $75.0 million of its Class A common stock pursuant to its effective shelf registration statement on Form S-3 (File No. 333-287335) and the related prospectus supplement dated September 26, 2025. The Company entered into separate sales agreements with Cantor Fitzgerald & Co. and BTIG, LLC (each an “Agent” and collectively, the “Agents”), under which it may offer and sell shares of its Class A common stock from time to time through the Agents, either as sales agents or as principals. Each Agent is entitled to a commission of 2.0% of the gross sales price of all shares sold through it as Agent.
Current report
During the three and nine months ended September 30, 2025, the Company sold 9,917 shares of Class A common stock under the ATM Program for total gross proceeds of$0.6 million. The Company incurred commissions and other offering expenses of animmaterial amount. As of September 30, 2025, approximately$74.4 million remained available for issuance under the ATM Program. Subsequent to September 30, 2025 and through November 13, 2025, the Company sold 278,978 shares of Class A common stock under the ATM Program for total gross proceeds of$17.1 million and net proceeds of approximately$16.8 million, after deducting aggregate commissions and offering expenses of approximately$0.3 million. As of November 13, 2025, approximately$57.3 million remained available for issuance under the ATM Program.
Current report
The Company intends to use any net proceeds from the ATM Program for general corporate purposes, including working capital and to increase its warehouse line capacity to finance anticipated growth in loan production and funded loan volume. If fully utilized, the ATM Program is expected to significantly increase the Company’s warehouse line capacity and support an increase in monthly originations.
Current report
Nine Months Ended September 30, 2025 as Compared to Nine Months Ended September 30, 2024
Current report
Net cash used by operating activities was $109 million for the nine months ended September 30, 2025, a decrease of $165 million, or 60%, compared to net cash used by operating activities of $274 million for the nine months ended
Removed paragraphs (33)
Previous report
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Previous report
This quarterly report on Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements constitute forward-looking statements and are not guarantees of performance. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negatives of these terms or variations of them or similar terminology., although not all forward-looking statements contain such identifying words. Such forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this quarterly report on Form 10-Q. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements in this quarterly report on Form 10-Q and the associated risks, uncertainties, assumptions and other important factors may include, but are not limited to:
Previous report
•Factors relating to our business, operations and financial performance, including:
Previous report
•Our ability to operate under and maintain or improve our business model;
Previous report
•The effect of interest rates on our business, results of operations, and financial condition;
Previous report
•Our ability to expand our customer base, grow market share in our existing markets and enter into new markets;
Previous report
•Our ability to respond to general economic conditions, particularly elevated interest rates and lower home sales and refinancing activity;
Previous report
•Our ability to restore our growth and our expectations regarding the development and long-term expansion of our business;
Previous report
•Our ability to comply with laws and regulations related to the operation of our business, including any changes to such laws and regulations;
Previous report
•Our ability to achieve and maintain profitability in the future;
Previous report
•Our ability and requirements to raise additional financing in the future;
Previous report
•Our estimates regarding expenses, future revenue, capital and additional financing requirements;
Previous report
•Our ability to maintain, expand and be successful in our strategic relationships with third parties;
Previous report
•Our ability to remediate existing material weaknesses and implement and maintain an effective system of internal controls over financial reporting;
Previous report
•Our ability to develop new products, features and functionality that meet market needs and achieve market acceptance;
Previous report
•Our ability to retain, identify and hire individuals for the roles we seek to fill and staff our operations appropriately;
Previous report
•The involvement of our CEO in litigation related to prior business activities, our business activities and associated negative media coverage;
Previous report
•Our ability to recruit and retain additional directors, members of senior management and other team members, including our ability in general, and our CEO’s ability in particular, to maintain an experienced executive team;
Previous report
•Our ability to successfully manage our international and banking operations
Previous report
•Our ability to maintain and improve morale and workplace culture and respond effectively to the effects of negative media coverage; and
Previous report
•Our ability to maintain, protect, assert and enhance our intellectual property rights.
Previous report
•Factors relating to our capital structure, governance and the market for our securities, including:
Previous report
•The existence of multiple classes of common stock, which is comprised of our Class A common stock, our Class B common stock and our Class C common stock, and its impact on the liquidity and value of the Class A common stock;
Previous report
•The limited experience of our directors and management team in overseeing a public company;
Previous report
•Our ability to maintain the listing of the Class A common stock and Public Warrants on the Nasdaq;
Previous report
•Our ability to maintain certain lines of credit and obtain future financing on commercially favorable terms to fund loans and otherwise operate our business, and
Previous report
•The liquidity and trading of Class A common stock and Warrants.
Previous report
Additional risks and uncertainties that could cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements include those matters discussed in Part I, Item 1A. “Risk Factors” of the Company's 2024 Annual Report on Form 10-K. The forward-looking statements contained in this quarterly report on Form 10-Q are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those described in these forward-looking statements.
Previous report
Real estate services increased $0.1 million, or 9.8% to $1.1 million for the six months ended June 30, 2025 compared to $1.0 million for the six months ended June 30, 2024 due to an increase in real estate transaction volume during the first quarter of 2025.
Previous report
Technology expenses were $14.1 million for the six months ended June 30, 2025, an increase of 2.1 million or 17.4% as compared with $12.0 million in the six months ended June 30, 2024. The increase in technology expenses was driven primarily by an increase in costs associated with software vendors. This was driven by the increased headcount, due to which we required more software licenses.
Previous report
Marketing and advertising expenses were $11.1 million for the three months ended June 30, 2025, an increase of $2.6 million or 31% as compared with $8.5 million in the three months ended June 30, 2024. The increase is due to an investment in advertising to drive volume. Marketing and advertising is composed of performance advertising and pilot marketing, which performance advertising scales with volume through existing channels while pilot marketing is market spend to test new channels along with testing brand marketing, which generally costs more upfront.
Previous report
Marketing and advertising expenses were $19.8 million for the six months ended June 30, 2025, an increase of $6.7 million or 51.5% as compared with $13.1 million in the six months ended June 30, 2024. The increase is due to an investment in advertising to drive volume, which started at the end of the first quarter in 2024. Marketing and advertising is composed of performance advertising and pilot marketing, which performance advertising scales with volume through existing channels while pilot marketing is market spend to test new channels along with testing brand marketing, which generally costs more upfront
Previous report
Six Months Ended June 30, 2025 as Compared to Six Months Ended June 30, 2024
Reworded paragraphs (50)
Previous wording
In our B2B channel, we have generated business through our “Mortgage-as-a-Service” offering, which enables our partners to provide a custom-branded, high-quality experience to the partner’s’ customers, powered by our technology and team members. Historically, we had one integrated relationship with Ally Bank, a Utah state-chartered bank (“Ally”), pursuant to which we offered our end-to-end platform and services alongside Ally’s brand, and manufactured loans on Ally’s behalf. Initially launched in 2019, our integrated relationship with Ally is in process of winding down due to a shift in strategic direction and corporate resourcing at Ally. We believe the infrastructure and technology built for Ally can be leveraged across a pipeline of potential integrated relationships going forward.
Current wording
In our B2B channel, we historically had an integrated relationship with Ally Bank, a Utah state-chartered bank (“Ally”), pursuant to which we offered our end-to-end platform and services alongside Ally’s brand, and manufactured loans on Ally’s behalf. Initially launched in 2019, our integrated relationship with Ally has ended due to a shift in strategic direction and corporate resourcing at Ally.
Previous wording
We generate revenue through the production and sale of loans and other product offerings through our platform. The revenue and mix of revenue as a percentage of total revenue attributable to our sale of loan production (gain on loans, net) and Better Plus (other revenue) for the three and six months ended June 30, 2025 and 2024 is as follows:
Current wording
We generate revenue through the production and sale of loans and other product offerings through our platform. The revenue and mix of revenue as a percentage of total revenue attributable to our sale of loan production (gain on loans, net) and Better Plus (other revenue) for the three and nine months ended September 30, 2025 and 2024 is as follows:
Previous wording
We produce a wide selection of mortgage loans and leverage our platform to quickly sell these loans and related mortgage servicing rights (“MSRs”) to our loan purchaser network. We source our customers through three channels: our D2C channel, our B2B channel, and our Retail channel. Through our D2C and Retail channels, we generate gain on loans, net by selling loans and MSRs to our loan purchaser network, recognizing revenue per loan. We may also earn a fixed fee per loan originated by third-parties through our D2C and Retail channels. Through our B2B channel, we generate revenue from integrated relationships and advertising relationships. Through our advertising relationships, we generate gain on loans, net the same way we do in our D2C channel, by selling loans to our loan purchaser network. Through our integrated relationships, we generate a fixed fee per loan originated, which we recognize as revenue upon the funding of the loan by the partner. We may also purchase certain of the loans from our integrated relationship partner which we may subsequently sell to our loan purchaser network at our discretion. For loans subsequently sold to our loan purchaser network, the partner receives a portion of the sale proceeds. Although we aim to expand our B2B relationships, as of June 30, 2025, this channel was primarily comprised of our integrated relationship with Ally, which we are currently winding down.
Current wording
We produce a wide selection of mortgage loans and leverage our platform to quickly sell these loans and related mortgage servicing rights (“MSRs”) to our loan purchaser network. We source our customers through three channels: our D2C channel, our B2B channel, and our Retail channel. Through our D2C and Retail channels, we generate gain on loans, net by selling loans and MSRs to our loan purchaser network, recognizing revenue per loan. We may also earn a fixed fee per loan originated by third-parties through our D2C and Retail channels. Through our B2B channel, we generate revenue from integrated relationships and advertising relationships. Through our advertising relationships, we generate gain on loans, net the same way we do in our D2C channel, by selling loans to our loan purchaser network. Through our integrated relationships, we generate a fixed fee per loan originated, which we recognize as revenue upon the funding of the loan by the partner. We may also purchase certain of the loans from our integrated relationship partner which we may subsequently sell to our loan purchaser network at our discretion. For loans subsequently sold to our loan purchaser network, the partner receives a portion of the sale proceeds. As of September 30, 2025, this channel was primarily comprised of our integrated relationship with Ally, which we are currently winding down.
Previous wording
International lending revenue consists of revenue from our international lending activities, primarily in the U.K., which has expanded via acquisitions in prior years. International lending activities primarily include broker fees earned via our digital mortgage broker in the U.K. During the fourth quarter of 2024, management enacted a plan to sell several entities in the U.K., which management expects to complete the sales within one year.
Current wording
International lending revenue consists of revenue from our international lending activities, primarily in the U.K., which has expanded via acquisitions in prior years. International lending activities primarily include broker fees earned via our digital mortgage broker in the U.K. During the fourth quarter of 2024, management enacted a plan to sell several entities in the U.K., which management expects to complete the sales within one year. At the end of the third quarter 2025, management has closed on the sale of its digital mortgage broker in the U.K.
Previous wording
Total Market Share represents Funded Loan Volume in a period divided by total value of loans funded in the industry for the same period, as presented by FNMA.
Current wording
Total Market Share represents Funded Loan Volume in a period divided by total value of loans funded in the industry for the same period, as presented by the Federal National Mortgage Association.
Previous wording
For international lending revenue, we generate revenue primarily from broker fees earned via our digital mortgage broker in the U.K. During the fourth quarter of 2024, management enacted a plan to sell several entities in the U.K., which are being actively marketed.
Current wording
For international lending revenue, we generate revenue primarily from broker fees earned via our digital mortgage broker in the U.K. During the fourth quarter of 2024, management enacted a plan to sell several entities in the U.K., which are being actively marketed. At the end of the third quarter 2025, management has closed on the sale of its digital mortgage broker in the U.K.
Previous wording
Net interest income includes interest income from LHFS, including HELOCs, calculated based on the note rate of the respective loan, interest income from short-term investments, and interest income on loans held for investment, through our U.K. banking operations. Interest expense includes interest expense on warehouse lines of credit, interest expense on customer deposits, through our U.K. banking operations, as well as interest expense on the Convertible Notes.
Current wording
Net interest income includes interest income from LHFS, including HELOCs, calculated based on the note rate of the respective loan, interest income from short-term investments, and interest income on loans held for investment, through our
Previous wording
Three and Six Months Ended June 30, 2025 as Compared to Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025 as Compared to Three and Nine Months Ended September 30, 2024
Previous wording
Gain on sale of loans, net increased $15.6 million or 85% to $34.0 million for the three months ended June 30, 2025 compared to $18.4 million for the three months ended June 30, 2024. The increase in gain on sale of loans, net was largely driven by the increase of Funded Loan Volume, which was driven by increases in home equity products.
Current wording
Gain on sale of loans, net increased $20.4 million or 129% to $36.2 million for the three months ended September 30, 2025 compared to $15.8 million for the three months ended September 30, 2024. The increase in gain on sale of loans, net was largely driven by the increase of Funded Loan Volume, which was driven by increases in home equity products.
Previous wording
Gain on sale of loans, net increased $27.1 million or 96% to $55.3 million for the six months ended June 30, 2025 compared to $28.2 million for the six months ended June 30, 2024. The increase in gain on sale of loans, net was largely driven by the increase of Funded Loan Volume.
Current wording
Gain on sale of loans, net increased $47.5 million or 108% to $91.5 million for the nine months ended September 30, 2025 compared to $44.0 million for the nine months ended September 30, 2024. The increase in gain on sale of loans, net was largely driven by the increase of Funded Loan Volume, which was driven by increases in home equity products.
Previous wording
Broker revenue decreased $0.1 million, or 6% to $2.3 million for the three months ended June 30, 2025, compared to $2.5 million for the three months ended June 30, 2024. The decrease in broker revenue was primarily driven by the reduction in B2B Loan Volume due to the winding down of our integrated relationship partnership with Ally. This was offset by broker revenue earned for originating loans for third-parties in our Retail channel.
Current wording
Broker revenue decreased $0.8 million, or 34% to $1.6 million for the three months ended September 30, 2025, compared to $2.4 million for the three months ended September 30, 2024. The decrease in broker revenue was primarily driven by the reduction in B2B Loan Volume due to the conclusion of our integrated relationship partnership with Ally. This was offset by broker revenue earned for originating loans for third-parties in our Retail channel.
Previous wording
Broker revenue fees decreased $1.2 million, or 26.1% to $3.5 million for the six months ended June 30, 2025, compared to $4.7 million for the six months ended June 30, 2024. The decrease in broker revenue was primarily driven by the reduction in B2B Loan Volume due to the winding down of our integrated relationship partnership with Ally. This was offset by broker revenue earned for originating loans for third-parties in our Retail channel.
Current wording
Broker revenue decreased $2.1 million, or 28.8% to $5.1 million for the nine months ended September 30, 2025, compared to $7.2 million for the nine months ended September 30, 2024. The decrease in broker revenue was primarily driven by the reduction in B2B Loan Volume due to the conclusion of our integrated relationship partnership with Ally. This was offset by broker revenue earned for originating loans for third-parties in our Retail channel.
Previous wording
Loan repurchase reserve recovery decreased $3.0 million or 88%, to a recovery of $0.4 million for the three months ended June 30, 2025, compared to a recovery of $3.4 million for the three months ended June 30, 2024. The loan repurchase reserve has decreased as our estimate for potential loss exposure has declined as we no longer have exposure to the historical periods when we had a significantly higher funded loan volume. The reduction in potential loss exposure results in a reduction in the loan repurchase reserve liability which is recognized as a recovery within gain on loans, net.
Current wording
Loan repurchase reserve recovery decreased $4.7 million or 145%, to a provision of $1.4 million for the three months ended September 30, 2025, compared to a recovery of $3.2 million for the three months ended September 30, 2024. The loan repurchase reserve has decreased as our estimate for potential loss exposure has declined as we no longer have exposure to the historical periods when we had a significantly higher funded loan volume. The reduction in potential loss exposure results in a reduction in the loan repurchase reserve liability which is recognized as a recovery within gain on loans, net.
Previous wording
Loan repurchase reserve recovery decreased $4.4 million or 63.3%, to a recovery of $2.5 million for the six months ended June 30, 2025, compared to a recovery of $6.9 million for the six months ended June 30, 2024. The loan repurchase reserve has decreased as our estimate for potential loss exposure has declined as we no longer have exposure to the historical periods when we had a significantly higher funded loan volume. The reduction in potential loss exposure results in a reduction in the loan repurchase reserve liability which is recognized as a recovery within gain on loans, net.
Current wording
Loan repurchase reserve recovery decreased $9.1 million or 89.1%, to a recovery of $1.1 million for the nine months ended September 30, 2025, compared to a recovery of $10.2 million for the nine months ended September 30, 2024. The loan repurchase reserve has decreased as our estimate for potential loss exposure has declined as we no longer have exposure to the historical periods when we had a significantly higher funded loan volume. The reduction in potential loss exposure results in a reduction in the loan repurchase reserve liability which is recognized as a recovery within gain on loans, net.
Previous wording
International lending revenue increased $0.2 million, or 19% to $1.4 million for the three months ended June 30, 2025 compared to $1.2 million for the three months ended June 30, 2024. The increase in international lending revenue was primarily driven by increased operations in U.K. brokerage businesses.
Current wording
International lending revenue increased $1.1 million, or 91% to $2.3 million for the three months ended September 30, 2025 compared to $1.2 million for the three months ended September 30, 2024. The increase in international lending revenue was primarily driven by increased operations in U.K. brokerage businesses.
Previous wording
International lending revenue increased $0.6 million, or 27.8% to $3.0 million for the six months ended June 30, 2025 compared to $2.3 million for the six months ended June 30, 2024. The increase in international lending revenue was primarily driven by increased operations in U.K. brokerage businesses.
Current wording
International lending revenue increased $1.7 million, or 49.0% to $5.2 million for the nine months ended September 30, 2025 compared to $3.5 million for the nine months ended September 30, 2024. The increase in international lending revenue was primarily driven by increased operations in U.K. brokerage businesses.
Previous wording
Insurance services increased $0.3 million, or 53.6% to $0.8 million for the three months ended June 30, 2025 compared to $0.5 million for the three months ended June 30, 2024. The increase in insurance services was primarily driven by an increase in insurance related revenue from the U.K. which is not reflected in Insurance Coverage Written.
Current wording
Insurance services increased $0.1 million, or 34.0% to $0.6 million for the three months ended September 30, 2025 compared to $0.4 million for the three months ended September 30, 2024. The increase in insurance services was primarily driven by an increase in insurance related revenue from the U.K.
Previous wording
Insurance services increased $0.3 million, or 27.4% to $1.5 million for the six months ended June 30, 2025 compared to $1.2 million for the six months ended June 30, 2024. The increase in insurance services was primarily driven by an increase in insurance related revenue from the U.K. which is not reflected in Insurance Coverage Written.
Current wording
Insurance services increased $0.5 million, or 29.2% to $2.1 million for the nine months ended September 30, 2025 compared to $1.6 million for the nine months ended September 30, 2024. The increase in insurance services was primarily driven by an increase in insurance related revenue from the U.K.
Previous wording
Real estate services decreased $0.5 million, or 77% to $0.2 million for the three months ended June 30, 2025 compared to $0.7 million the three months ended June 30, 2024 due to an decrease in real estate transaction volume driven by a wind down of the integrated relationship partnership with Ally and its use as a source of referrals for real estate services.
Current wording
Real estate services decreased $0.3 million, or 38% to $0.5 million for the three months ended September 30, 2025 compared to $0.8 million the three months ended September 30, 2024 due to a decrease in real estate transaction volume driven by the conclusion of the integrated relationship partnership with Ally and its use as a source of referrals for real estate services.
Previous wording
Other revenue increased by $0.4 million, or 86% to $0.9 million for the three months ended June 30, 2025 compared to $0.5 million for the three months ended June 30, 2024. The increase in other revenue was primarily driven by mortgage and non-mortgage loan servicing activities in the U.S. and U.K.
Current wording
Other revenue decreased by $1.2 million, or 178.8% to $(0.5) million for the three months ended September 30, 2025 compared to $0.7 million for the three months ended September 30, 2024. The decrease in other revenue was primarily driven by mortgage and non-mortgage loan servicing activities in the U.S. and U.K.
Previous wording
Other revenue increased by $0.6 million, or 47.3% to $1.8 million for the six months ended June 30, 2025 compared to $1.2 million for the six months ended June 30, 2024. The increase in other revenue was primarily driven by mortgage and non-mortgage loan servicing activities in the U.S. and U.K.
Current wording
Other revenue decreased by $0.7 million, or 35.4% to $1.2 million for the nine months ended September 30, 2025 compared to $1.9 million for the nine months ended September 30, 2024. The decrease in other revenue was primarily driven by mortgage and non-mortgage loan servicing activities in the U.S. and U.K.
Previous wording
Mortgage interest income increased $3.3 million, or 74% to $7.8 million for the three months ended June 30, 2025 compared from $4.5 million of the three months ended June 30, 2024. The increase in mortgage interest income was primarily driven by the increase in origination volume and the mortgage interest income earned on the unpaid principal balance for loans held and serviced during the interim between the origination of the loan and its sale on the secondary market.
Current wording
Mortgage interest income increased $1.7 million, or 31% to $7.1 million for the three months ended September 30, 2025 compared from $5.4 million of the three months ended September 30, 2024. The increase in mortgage interest income was primarily driven by the increase in origination volume and the mortgage interest income earned on the unpaid principal balance for loans held and serviced during the interim between the origination of the loan and its sale on the secondary market.
Previous wording
Mortgage interest income increased $6.8 million, or 91.4% to $14.2 million for the six months ended June 30, 2025 compared from $7.4 million of the six months ended June 30, 2024. The increase in mortgage interest income was primarily driven by the increase in origination volume and the mortgage interest income earned on the unpaid principal balance for loans held and serviced during the interim between the origination of the loan and its sale on the secondary market.
Current wording
Mortgage interest income increased $8.5 million, or 66.0% to $21.3 million for the nine months ended September 30, 2025 compared from $12.8 million of the nine months ended September 30, 2024. The increase in mortgage interest income was primarily driven by the increase in origination volume and the mortgage interest income earned on the unpaid principal balance for loans held and serviced during the interim between the origination of the loan and its sale on the secondary market.
Previous wording
Interest income on loans held for investment increased $3.7 million, or 1662.0% to $3.9 million for the three months ended June 30, 2025 compared to $0.2 million for the three months ended June 30, 2024. The increase in interest income on loans held for investment was driven by increased originations of loans held for investment in our U.K. banking operations. Loans held for investment was $420.6 million and $31.2 million as of June 30, 2025 and 2024.
Current wording
Interest income on loans held for investment increased $5.9 million, or 830.5% to $6.6 million for the three months ended September 30, 2025 compared to $0.7 million for the three months ended September 30, 2024. The increase in interest income on loans held for investment was driven by increased originations of loans held for investment in our U.K. banking operations. Loans held for investment was $623.4 million and $81.4 million as of September 30, 2025 and 2024.
Previous wording
Interest income on loans held for investment increased $5.5 million, or 1812% to $5.8 million for the or the six months ended June 30, 2025 compared to $0.3 million for the six months ended June 30, 2024. The increase in interest income on loans held for investment was driven by increased originations of loans held for investment in our U.K. banking operations. Loans held for investment was $420.6 million and $31.2 million as of June 30, 2025 and 2024.
Current wording
Interest income on loans held for investment increased $11.3 million, or 1,124% to $12.3 million for the nine months ended September 30, 2025 compared to $1.0 million for the nine months ended September 30, 2024. The increase in interest income on loans held for investment was driven by increased originations of loans held for investment in our U.K. banking operations. Loans held for investment was $623.4 million and $81.4 million as of September 30, 2025 and 2024.
Previous wording
Interest income from investments decreased $2.2 million, or 47% to $2.5 million for the three months ended June 30, 2025 compared to $4.7 million for the three months ended June 30, 2024. The decrease in interest income from investments was primarily driven by decreased holdings of investments with maturities less than 90 days which was partially offset by increases in holdings of short-term investments with maturities of 91 days to a year.
Current wording
Interest income from investments decreased $0.5 million, or 14% to $3.2 million for the three months ended September 30, 2025 compared to $3.8 million for the three months ended September 30, 2024. The decrease in interest income from investments was primarily driven by decreased holdings of investments with maturities less than 90 days which was partially offset by increases in holdings of short-term investments with maturities of 91 days to a year.
Previous wording
Interest income from investments decreased $5.7 million, or 55.3% to $4.6 million for the six months ended June 30, 2025 compared to $10.3 million for the six months ended June 30, 2024. The decrease in interest income from investments was primarily driven by decreased holdings of investments with maturities less than 90 days which was partially offset by increases in holdings of short-term investments with maturities of 91 days to a year.
Current wording
Interest income from investments decreased $6.2 million, or 44.3% to $7.8 million for the nine months ended September 30, 2025 compared to $14.1 million for the nine months ended September 30, 2024. The decrease in interest income from investments was primarily driven by decreased holdings of investments with maturities less than 90 days which was partially offset by increases in holdings of short-term investments with maturities of 91 days to a year.
Previous wording
Warehouse interest expense increased $3.4 million, or 148% to $5.7 million for the three months ended June 30, 2025 compared to $2.3 million for the three months ended June 30, 2024. The increase in warehouse interest expense was primarily driven by increased borrowings on funding facilities used in the mortgage production process to meet the increased origination volume.
Current wording
Warehouse interest expense increased $2.4 million, or 77% to $5.6 million for the three months ended September 30, 2025 compared to $3.2 million for the three months ended September 30, 2024. The increase in warehouse interest expense was primarily driven by increased borrowings on funding facilities used in the mortgage production process to meet the increased origination volume.
Previous wording
Warehouse interest expense increased $4.1 million, or 93.7% to $8.5 million for the six months ended June 30, 2025 compared to $4.4 million for the six months ended June 30, 2024. The increase in warehouse interest expense was primarily driven by increased borrowings on funding facilities used in the mortgage production process to meet the increased origination volume.
Current wording
Warehouse interest expense increased $6.6 million, or 86.7% to $14.1 million for the nine months ended September 30, 2025 compared to $7.6 million for the nine months ended September 30, 2024. The increase in warehouse interest expense was primarily driven by increased borrowings on funding facilities used in the mortgage production process to meet the increased origination volume.
Previous wording
Interest expense on customer deposits increased $4.1 million, or 1530% to $4.4 million for the three months ended June 30, 2025 compared to $0.3 million for the three months ended June 30, 2024. The increase in interest expense on customer deposits was driven by increased customer deposits which in turn fund our loans held for investment in our U.K. banking operations. The balance of customer deposits was $482.4 million and $36.6 million as of June 30, 2025 and 2024.
Current wording
Interest expense on customer deposits increased $5.9 million, or 930% to $6.6 million for the three months ended September 30, 2025 compared to $0.6 million for the three months ended September 30, 2024. The increase in interest expense on customer deposits was driven by increased customer deposits which in turn fund our loans held for investment in our U.K. banking operations. The balance of customer deposits was $694.8 million and $97.8 million as of September 30, 2025 and 2024.
Previous wording
Interest expense on customer deposits increased $6.0 million, or 1618% to $6.4 million for the six months ended June 30, 2025 compared to $0.4 million for the six months ended June 30, 2024. The increase in interest expense on customer deposits was driven by increased customer deposits which in turn fund our loans held for investment in our U.K. banking operations. The balance of customer deposits was $482.4 million and $36.6 million as of June 30, 2025 and 2024.
Current wording
Interest expense on customer deposits increased $11.9 million, or 1183% to $12.9 million for the nine months ended September 30, 2025 compared to $1.0 million for the nine months ended September 30, 2024. The increase in interest expense on customer deposits was driven by increased customer deposits which in turn fund our loans held for investment in our U.K. banking operations. The balance of customer deposits was $694.8 million and $97.8 million as of September 30, 2025 and 2024.
Previous wording
Other interest expense decreased $1.7 million, or 100% to $— million for the three months ended June 30, 2025 compared to $1.7 million for the three months ended June 30, 2024. Other interest expense is related to interest expense on our Convertible Notes which were extinguished as part of the Exchange per Note 10 in April 2025. As part of the TDR accounting, the interest on the Senior Notes has been recognized up front as part of the new carrying value.
Current wording
Other interest expense decreased $1.6 million, or 100% to none for the three months ended September 30, 2025 compared to $1.6 million for the three months ended September 30, 2024. Other interest expense is related to interest expense on our Convertible Notes which were extinguished as part of the Exchange per Note 10 in April 2025. As part of the TDR accounting, the interest on the Senior Notes has been recognized up front as part of the new carrying value.
Previous wording
Other interest expense decreased $2.6 million, or 60.5% to $1.7 million for the six months ended June 30, 2025 compared to $4.3 million for the six months ended June 30, 2024. Other interest expense is related to interest expense on our Convertible Notes which were extinguished as part of the Exchange per Note 10 in April 2025. As part of the TDR accounting, the interest on the Senior Notes has been recognized up front as part of the new carrying value.
Current wording
Other interest expense decreased $4.3 million, or 71.3% to $1.7 million for the nine months ended September 30, 2025 compared to $6.0 million for the nine months ended September 30, 2024. Other interest expense is related to interest expense on our Convertible Notes which were extinguished as part of the Exchange per Note 10 in April 2025. As part of the TDR accounting, the interest on the Senior Notes has been recognized up front as part of the new carrying value.
Previous wording
Compensation and benefits expenses were $41.4 million for the three months ended June 30, 2025, an increase of $6.2 million or 17% compared with $35.3 million for the three months ended June 30, 2024. We increased our headcount between the two periods, and increased incentive compensation as a result of increased production volume, which lead to an increase in compensation and benefits. The increase in headcount was primarily in the second quarter of 2025 as we began to ramp up our Retail channel.
Current wording
Compensation and benefits expenses were $41.3 million for the three months ended September 30, 2025, an increase of $3.5 million or 9% compared with $37.8 million for the three months ended September 30, 2024. We increased our headcount between the two periods, and increased incentive compensation as a result of increased production volume, which lead to an increase in compensation and benefits. The increase in headcount was primarily in the second quarter of 2025 as we began to ramp up our Retail channel.
Previous wording
Compensation and benefits expenses were $88.1 million for the six months ended June 30, 2025, an increase of $14.8 million or 20% as compared with $73.3 million for the six months ended June 30, 2024. We increased our headcount between the two periods, and increased incentive compensation as a result of increased production volume, which lead to an increase in compensation and benefits. The increase in headcount was primarily in the second quarter of 2025 as we began to ramp up our Retail channel
Current wording
Compensation and benefits expenses were $129.4 million for the nine months ended September 30, 2025, an increase of $18.3 million or 16% as compared with $111.1 million for the nine months ended September 30, 2024. We increased our headcount between the two periods, and increased incentive compensation as a result of increased production volume, which lead to an increase in compensation and benefits. The increase in headcount was primarily in the second quarter of 2025 as we began to ramp up our Retail channel.
Previous wording
General and administrative expenses were $11.5 million for the three months ended June 30, 2025, a decrease of $3.6 million or 24% as compared with $15.2 million in the three months ended June 30, 2024. The decrease in general and administrative expenses was driven primarily by decreases in rent and occupancy expenses, as we have taken measures to reduce our real estate footprint, as well as reductions in insurance premiums and professional services.
Current wording
General and administrative expenses were $10.2 million for the three months ended September 30, 2025, a decrease of $2.4 million or 19% as compared with $12.6 million in the three months ended September 30, 2024. The decrease in general and administrative expenses was driven primarily by decreases in rent and occupancy expenses and reductions in insurance premiums.
Previous wording
General and administrative expenses were $23.1 million for the six months ended June 30, 2025, a decrease of $6.1 million or 20.8% as compared with $29.2 million in the six months ended June 30, 2024. The decrease in general and administrative expenses was driven primarily by decreases in rent and occupancy expenses, as we have taken measures to reduce our real estate footprint, as well as some reductions in professional services.
Current wording
General and administrative expenses were $33.3 million for the nine months ended September 30, 2025, a decrease of $8.5 million or 20.4% as compared with $41.8 million in the nine months ended September 30, 2024. The decrease in general and administrative expenses was driven primarily by decreases in rent and occupancy expenses and reductions in insurance premiums.
Previous wording
Technology expenses were $6.9 million for the three months ended June 30, 2025, an increase of $0.4 million or 6% as compared with $6.6 million in the three months ended June 30, 2024. The increase in technology expenses was driven primarily by an increase in costs associated with software vendors. This was driven by the increased headcount, due to which we required more software licenses.
Current wording
Technology expenses were $20.9 million for the nine months ended September 30, 2025, an increase of $1.6 million or 8.1% as compared with $19.3 million in the nine months ended September 30, 2024. The increase in technology expenses was driven primarily by an increase in costs associated with software vendors. This was driven by increased headcount as we ramped up our Retail channel in the first half of 2025, which required the purchase of additional software licenses.
Previous wording
Loan origination expenses were $3.9 million for the three months ended June 30, 2025, an increase of $3.1 million or 396%, as compared with $0.8 million in the three months ended June 30, 2024. The increase in loan origination expenses driven by an increase in costs associated with loan origination vendors, as well as a increase in non-HELOC origination volume.
Current wording
Loan origination expenses were $3.7 million for the three months ended September 30, 2025, a decrease of $0.1 million or 1%, as compared with $3.8 million in the three months ended September 30, 2024. The decrease in loan origination expenses driven by further optimization of our loan origination vendors.
Previous wording
Loan origination expenses were $6.4 million for the six months ended June 30, 2025, and decrease of 3.1 million or 90.8%, as compared with $3.4 million in the six months ended June 30, 2024. The increase in loan origination expenses was driven by an increase in costs associated with loan origination vendors, as well as a increase in non-HELOC origination volume.
Current wording
Loan origination expenses were $10.2 million for the nine months ended September 30, 2025, and increase of $3.0 million or 42.2%, as compared with $7.1 million in the nine months ended September 30, 2024. The increase in loan origination expenses was driven by an increase in origination volume.
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Current report — wording carried from elsewhere
U.K. banking operations. Interest expense includes interest expense on warehouse lines of credit, interest expense on customer deposits, through our U.K. banking operations, as well as interest expense on the Convertible Notes.
Current report — wording carried from elsewhere
Real estate services decreased $0.2 million, or 10.8% to $1.6 million for the nine months ended September 30, 2025 compared to $1.8 million for the nine months ended September 30, 2024 due to a decrease in real estate transaction volume driven by the conclusion of the integrated relationship partnership with Ally and its use as a source of referrals for real estate services.