BETRW

Better Home & Finance Holding Company Warrants provide holders with the right to purchase shares of Better common stock at a predetermined exercise price within a specified exercise period. These warrants were issued as part of the SPAC merger transaction that brought Better public and represent a form of equity incentive for early investors. The warrants trade separately from Better's common stock and offer leveraged exposure to the company's business prospects, with potential for amplified returns if Better successfully executes its digital homeownership platform strategy and the stock price appreciates. The warrants gain intrinsic value when Better's stock price rises above the exercise price, at which point holders can exercise to purchase shares at the below-market strike price or sell the warrants in the secondary market. Warrant pricing also incorporates time value reflecting the remaining duration until expiration and the stock's expected volatility. This leverage characteristic means warrants can deliver outsized percentage gains during stock appreciation periods but carry higher risk, potentially declining more sharply during downturns and expiring worthless if the stock remains below the exercise price at expiration. Better Home & Finance aims to transform homeownership through its integrated digital platform for mortgages, real estate services, title, and insurance. The company faces challenges including difficult mortgage market conditions, intense competition, profitability pressures, and execution risks. Successful adaptation to market conditions, achieving sustainable unit economics, growing market share, expanding services, or other positive developments could drive stock price appreciation benefiting warrant holders. These instruments suit investors with higher risk tolerance who believe Better can overcome current challenges and establish itself as a leading digital homeownership platform. The warrants represent a high-risk, high-potential-reward investment tied to Better's long-term success in disrupting the residential real estate and mortgage industries.