Pine Brook-affiliated insiders report coordinated BETR disposals totaling multiple tranches

Rhea-AI Filing Summary

Better Home & Finance Holding Co. (BETR) insiders disclosed multiple open-market sales on 09/22/2025. Reporting persons tied to Pine Brook (PBRA, Pine Brook Capital Partners II, Pine Brook Road Advisors and Howard Newman) reported a series of dispositions of Class A common stock in tranches, with individual reported sales ranging from 100 to 453,511 shares at indicated prices from $47 to $75 per share (many prices presented as weighted-average ranges). The reported post-transaction beneficial ownership balances are shown for each tranche and the filing notes figures were adjusted for a 1-for-50 reverse stock split effected August 16, 2024.

Positive

• Complete disclosure of multiple transactions including quantities, prices (or weighted-average ranges) and post-transaction beneficial ownership
• Clear ownership chain and disclaimers explaining relationships among PBRA, Pine Brook entities and Howard Newman
• Adjustment disclosure for 1-for-50 reverse split clarifying reported share counts

Negative

• Material insider dispositions on a single date (multiple tranches sold 09/22/2025) which reduce affiliated ownership levels
• Several sale prices reported as weighted-average ranges rather than per-price breakdowns (detail available only upon request)

Insights

Financial Analyst

TL;DR: Significant coordinated open-market sales by Pine Brook entities and an affiliated director on one date; disclosure is complete and compliant.

The Form 4 shows multiple dispositions of Class A common stock executed 09/22/2025 by related reporting persons, with individual sale amounts reported (examples: 453,511 shares at $47 and 166,900 shares at a weighted average $50.1475). The filing discloses post-sale beneficial ownership counts and footnotes that sale prices for several tranches are presented as weighted-average ranges, with the registrants offering to provide detailed breakdowns on request. Also disclosed is an adjustment for a 1-for-50 reverse split. From a reporting and market-impact perspective, the disclosure is detailed and follows Section 16 requirements.

Corporate Governance Expert

TL;DR: Multiple insider sells by affiliated entities and the managing member warrant attention for governance transparency, not regulatory noncompliance.

The report identifies PBRA, Pine Brook affiliates and Howard Newman as reporting persons and clearly states each disposition and resulting ownership. The explanatory section clarifies the ownership chain and includes disclaimers of beneficial ownership except for pecuniary interest. The 1-for-50 reverse split adjustment is explicitly noted. The filing is executed and signed by authorized representatives, meeting formal signature and disclosure requirements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

PBRA, LLC

(Last) (First) (Middle)

C/O PINE BROOK ROAD PARTNERS, LLC

60 EAST 42ND STREET, SUITE 3014

(Street)

NEW YORK NY 10165

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Better Home & Finance Holding Co [ BETR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/22/2025		S		453,511	D	$47	542,149(1)	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		166,900	D	$50.1475(3)	375,249	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		72,809	D	$51.6026(4)	302,440	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		81,981	D	$52.3636(5)	220,459	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		36,195	D	$53.2332(6)	184,264	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		44,884	D	$54.5767(7)	139,380	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		62,188	D	$55.3263(8)	77,192	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		11,547	D	$56.2179(9)	65,645	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		41,214	D	$57.4293(10)	24,431	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		3,452	D	$58.1518(11)	20,979	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		14,528	D	$60	6,451	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		4,673	D	$67.5437(12)	1,778	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		100	D	$68.74	1,678	I	By Pine Brook Capital Partners II, L.P.(2)
Class A Common Stock	09/22/2025		S		1,678	D	$75	0	I	By Pine Brook Capital Partners II, L.P.(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

PBRA, LLC

(Last) (First) (Middle)

C/O PINE BROOK ROAD PARTNERS, LLC

60 EAST 42ND STREET, SUITE 3014

(Street)

NEW YORK NY 10165

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Pine Brook Road Associates II, L.P.

(Last) (First) (Middle)

C/O PINE BROOK ROAD PARTNERS, LLC

60 EAST 42ND STREET, SUITE 3014

(Street)

NEW YORK NY 10165

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

NEWMAN HOWARD H

(Last) (First) (Middle)

C/O PINE BROOK ROAD PARTNERS, LLC

60 EAST 42ND STREET, SUITE 3014

(Street)

NEW YORK NY 10165

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Pine Brook Capital Partners II, L.P.

(Last) (First) (Middle)

60 EAST 42ND STREET, SUITE 3014

(Street)

NEW YORK NY 10165

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Pine Brook Road Advisors, L.P.

(Last) (First) (Middle)

346 PINE BROOK ROAD

(Street)

BEDFORD NY 10506

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This number has been adjusted to reflect the 1-for-50 reverse stock split the Issuer effected on August 16, 2024.

2. Pine Brook Road Associates II, L.P. ("PBRA II") is the general partner of Pine Brook Capital Partners II, L.P. PBRA, LLC is the general partner of PBRA II. Pine Brook Road Advisors, L.P. controls the investment advisor of Pine Brook Capital Partners II, L.P. PBRA, LLC is the general partner of Pine Brook Road Advisors, L.P. Howard Newman is the managing member of PBRA, LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

3. This price reflects a weighted average sale price for open-market sales of Class A Common Stock ("Shares") made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $50.00 to $50.985, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (3).

4. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $51.00 to $51.9975, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (4).

5. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $52.00 to $52.99, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (5).

6. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $53.00 to $53.945, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (6).

7. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $54.00 to $54.99, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (7).

8. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $55.00 to $55.98, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (8).

9. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $56.00 to $56.91, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (9).

10. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $57.035 to $58.01, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (10).

11. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $58.07 to $58.51, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (11).

12. This price reflects a weighted average sale price for open-market sales of Shares made by the Reporting Persons on September 22, 2025, within a $1.00 range. The actual prices for these transactions range from $67.50 to $68.01, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price within the range set forth in footnote (12).

	PBRA, LLC, By: /s/ Howard Newman, Chairman, Chief Executive Officer	09/24/2025
	Pine Brook Road Associates II, L.P., By: PBRA, LLC, its General Partner, By: /s/ Howard Newman, Chairman, Chief Executive Officer	09/24/2025
	/s/ Howard Newman	09/24/2025
	Pine Brook Capital Partners II, L.P., By: Pine Brook Road Associates II, L.P., its General Partner, By: PBRA, LLC, its General Partner, By: /s/ Howard Newman, Chairman, Chief Executive Officer	09/24/2025
	Pine Brook Road Advisors, L.P., By: PBRA, LLC, its General Partner, By: /s/ Howard Newman, Chairman, Chief Executive Officer	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did BETR insiders report on 09/22/2025?

They reported multiple open-market dispositions of Class A common stock executed on 09/22/2025 in several tranches with quantities and prices (or weighted-average price ranges) disclosed.

Who filed the Form 4 for BETR?

The filing was made by related Pine Brook entities including PBRA, LLC; Pine Brook Capital Partners II, L.P.; Pine Brook Road Associates II, L.P.; Pine Brook Road Advisors, L.P. and Howard Newman as an affiliated reporting person.

What price ranges were reported for the BETR sales?

Reported transaction prices (or weighted-average ranges) span from about $47 up to $75 per share, with several tranches noted as weighted-average prices within specified $1.00 ranges.

Did the filing adjust share counts for any corporate action?

Yes. The filing states that reported share numbers were adjusted to reflect a 1-for-50 reverse stock split effected August 16, 2024.

Are detailed per-price sale breakdowns available?

The reporting persons state they will provide full information regarding the number of shares sold at each separate price within the disclosed ranges upon request by the SEC staff, the issuer, or a security holder.