Better Home & Finance Holding Company Responds to Terminated CEO Vishal Garg’s Latest Attempt to Gain Control of the Company

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Notes that Better’s Corporate Documents – Approved by Garg Himself – Provide a Method for Shareholders to Act, Which Garg is Refusing to Follow

Board Has Acted and Will Act in Shareholders’ Best Interests

Board Encourages Shareholders to Be Informed About Garg’s Value-Destructive Track Record

NEW YORK--(BUSINESS WIRE)-- Better Home & Finance Holding Company (NASDAQ: BETR) (“Better” or the “Company”) today issued the following statement regarding the efforts by its former Chief Executive Officer and current director, Vishal Garg, to gain control of the Company after years of value destructive leadership:

The Board of Directors (the “Board”), excluding Mr. Garg, unanimously voted to terminate Mr. Garg as Chief Executive Officer following a series of decisions and actions that raised serious concerns regarding his judgment, temperament and credibility. Together with Mr. Garg’s track record—including cumulative GAAP net losses exceeding $1.5 billion since 2022 and a stock price that had declined more than 90% under his leadership—the Board concluded that Mr. Garg was no longer fit to serve in an executive capacity at the Company.

Mr. Garg himself told the Board that the Company would have been better off had the capital raised under his leadership simply been invested in U.S. Treasury securities rather than deployed under his stewardship.

Mr. Garg is seeking to return to an executive post at Better. Last night, he issued a press release calling on five directors to resign of their own volition and hand effective control back to Mr. Garg. Earlier this week, Mr. Garg refused to timely execute mandatory representation letters required for the Company to file its Form 10-Q, seemingly in an effort to extract self-serving concessions from the Company and its directors. His refusal to execute the required representation was the sole cause of the delayed filing.

The Board is committed to acting in the best interest of all shareholders and will not be bullied into actions that they do not believe serve those interests. The Company’s foundational documents provide methods for shareholders to control the composition of the Board and, indirectly, the leadership of the Company. The Board respects the rights of shareholders to use these processes, but also recognizes that the governance processes, which were adopted during Mr. Garg’s tenure as CEO, have formalities and requirements that protect all shareholders.

The Board’s concerns extend beyond matters of corporate governance. The Board has reviewed communications that, based on counsel’s analysis, evidence Mr. Garg’s direct involvement in conduct that counsel believes may constitute violations of U.S. securities laws. The Board will no more waive or disregard the procedural protections and disclosure requirements imposed by the federal securities laws than it will abandon its independent business judgment regarding the leadership needs of the Company.

Shareholders do not need to take any action at this time.

ABOUT BETTER HOME & FINANCE

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. Better has leveraged its industry-leading AI platform, Tinman^®, to achieve its 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™, the first AI loan agent built exclusively for the mortgage industry, revolutionizes the homebuying journey by answering questions, delivering approvals, comparing products, processing rate locks, and moving their loan application along to closing 24/7/365. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage and home equity loans. Better serves customers in all 50 US states and the United Kingdom.

For more information, follow @betrmortgage on X and @betterdotcom on Instagram and TikTok.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical fact should be considered forward-looking statements, including, without limitation, statements and expectations regarding the Company's leadership transition. 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. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual future events to differ materially from those expressed or implied by the forward-looking statements in this communication. These risks and uncertainties include those risks discussed in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as any such factors may be updated from time to time in the Company’s other filings with the SEC, which is available, free of charge, at the SEC’s website at www.sec.gov. New risks and uncertainties arise from time to time, and it is impossible for Better to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Better undertakes no obligation, except as required by law, to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260814387926/en/

For investor relations related inquiries, please reach out to ir@better.com

For press and media related inquiries, please reach out to comms@better.com

Source: Better Home & Finance Holding Company