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Activant reports 9% Better Home & Finance (BETR) ownership update

(Moderate)
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Better Home & Finance Holding Co received an Amendment No. 4 to a Schedule 13D from investor Steven Sarracino and related Activant entities. The group now reports beneficial ownership of up to 1,290,178 Shares, representing 9.0% of the Class A common stock based on 13,086,244 Shares outstanding as of May 1, 2026. Most of the reported Shares are acquirable upon conversion of Class B common stock held by various Activant Ventures III funds, while 72,206 Shares are held by Better Voyager Partners. The amendment notes that reported ownership percentages decreased primarily because the issuer’s outstanding Shares increased, and it confirms that all recent trades in the past sixty days were open-market transactions. It also updates the reporting persons’ principal business address and files a joint filing agreement and a sixty‑day trading history as exhibits.

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Beneficial ownership (group) 1,290,178 Shares Beneficially owned by Steven Sarracino and related entities; 9.0% of class
Ownership percentage (group) 9.0% Percent of Class A common stock reported in Row 13 for Sarracino
Shares outstanding 13,086,244 Shares Shares outstanding as of May 1, 2026, from Form 10-Q
AV III LP convertible stake 673,960 Shares Shares obtainable upon conversion of Class B common stock by Activant Ventures III, L.P.
AVA III LLC ownership 1,217,972 Shares Beneficially owned; 8.5% of class for Activant Ventures Advisors III, LLC
ACM LLC ownership 1,217,972 Shares Beneficially owned; 8.5% of class for Activant Capital Management, LLC
Better Voyager Partners holding 72,206 Shares Class A common stock held directly by Better Voyager Partners Company Limited
AV III OPS FUND 2 convertible stake 235,332 Shares Shares obtainable upon conversion of Class B common stock by AV III OPS FUND 2
beneficial owner financial
"may be deemed to be a beneficial owner of all such Shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Class B common stock financial
"Shares that may be obtained upon the conversion of Class B common stock"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
open-market transactions financial
"All of such transactions were open-market transactions."
Open-market transactions are purchases or sales of a company’s securities that take place on public exchanges rather than through private agreements. They matter to investors because these trades change the number of shares available, can move the stock price, and often signal management’s view of the company’s value—like a store restocking or clearing shelves, altering supply and the price shoppers see.
Rule 13d-1(k) regulatory
"a written agreement relating to the filing of joint acquisition statements as required by Rule 13d-1(k)"
Schedule 13D regulatory
"This Amendment No. 4 ("Amendment No. 4") amends and supplements the original filed on Schedule 13D"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What ownership stake in Better Home & Finance (BETR) does Steven Sarracino now report?

Steven Sarracino and related entities report beneficial ownership of 1,290,178 Shares, equal to 9.0% of the Class A common stock. This percentage is calculated using 13,086,244 Shares outstanding as of May 1, 2026, as disclosed in the company’s Form 10-Q.

How many Better Home & Finance (BETR) shares are outstanding for this 13D calculation?

The ownership percentages are based on 13,086,244 Shares outstanding as of May 1, 2026. This share count comes from Better Home & Finance’s Form 10-Q filed on May 11, 2026, and is used to compute all reported beneficial ownership percentages.

Which Activant entity holds the largest direct or convertible position in Better Home & Finance (BETR)?

Activant Ventures III, L.P. is shown with 673,960 Shares acquirable upon conversion of Class B common stock, representing 4.9% of the class. Several related Activant Opportunities Funds also hold additional convertible positions in smaller amounts.

How many Better Home & Finance (BETR) shares does Better Voyager Partners hold?

Better Voyager Partners holds 72,206 Shares of Better Home & Finance Class A common stock. PAVF Holding Company Limited, as its sole shareholder, may be deemed the beneficial owner of those Shares under Schedule 13D attribution rules described in the amendment.

Were recent Better Home & Finance (BETR) trades by these Activant entities open-market transactions?

Yes. The amendment states that all transactions in the past sixty days by the reporting persons were open‑market transactions. Detailed dates, share amounts and prices are provided in Exhibit 99.2, which contains the sixty‑day trading history referenced in Item 5(c).

Why did the reported ownership percentages in Better Home & Finance (BETR) decrease in this amendment?

The amendment explains that the greater‑than‑1% decreases in reported beneficial ownership percentages result from an increase in the number of Shares outstanding. The issuer’s higher share count reduced the percentage that the reporting persons’ holdings represent.





08774B508

(CUSIP Number)
Matthew Maron
17 Old Kings Highway South, Suite 220,
Darien, CT, 06820
203-489-9080

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
06/22/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




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Steven Sarracino
Signature:/s/ Steven Sarracino
Name/Title:Steven Sarracino
Date:06/29/2026
Activant Ventures Advisors III, LLC
Signature:/s/ Steven Sarracino
Name/Title:Manager
Date:06/29/2026
Activant Capital Management, LLC
Signature:/s/ Steven Sarracino
Name/Title:Manager
Date:06/29/2026
Activant Ventures III, L.P.
Signature:/s/ Steven Sarracino
Name/Title:Manager of its General Partner
Date:06/29/2026
Activant Holdings I, Ltd.
Signature:/s/ Steven Sarracino
Name/Title:Member of the General Partner of its Shareholder
Date:06/29/2026
Activant Ventures III Opportunities Fund 1, L.P.
Signature:/s/ Steven Sarracino
Name/Title:Manager of its General Partner
Date:06/29/2026
Activant Ventures III Opportunities Fund 2, L.P.
Signature:/s/ Steven Sarracino
Name/Title:Manager of its General Partner
Date:06/29/2026
Activant Ventures III Opportunities Fund 3, L.P.
Signature:/s/ Steven Sarracino
Name/Title:Manager of its General Partner
Date:06/29/2026
Activant Ventures III Opportunities Fund 4, L.P.
Signature:/s/ Steven Sarracino
Name/Title:Manager of its General Partner
Date:06/29/2026
Activant Ventures III Opportunities Fund 6, L.P.
Signature:/s/ Steven Sarracino
Name/Title:Manager of its General Partner
Date:06/29/2026
PAVF Holding Company Limited
Signature:/s/ Steven Sarracino
Name/Title:Director
Date:06/29/2026
Better Voyager Partners Company Limited
Signature:/s/ Steven Sarracino
Name/Title:Director of its Sole Shareholder
Date:06/29/2026