Better Home & Finance approves $30 million share repurchase program

Better Home & Finance Holding Company (NASDAQ: BETR) announced that its Board of Directors has authorized the repurchase of up to $30 million of the company's Class A common stock, with an initial phase of $10 million.

According to a press release, the company intends to align the pace of repurchases with operational cost savings and asset disposals, including the proposed sale of its UK bank subsidiary. The repurchase program expires on October 8, 2027, and purchases may be made through open market transactions. The timing and amount of purchases will depend on factors including trading price, volume, liquidity, and progress on cost savings.

The company said it has already executed changes to its marketing budget and third-party vendor contracts in legal and data services, resulting in approximately $1 million per month in additional cost reductions.

Vishal Garg, Chief Platform, Product, and Innovation Officer at Better, said the buyback plan "is going to be funded through cost savings and capital releases." Garg also stated, "We believe our shares are dramatically undervalued at less than 1x revenue; our valuation falls short of our fintech and AI-native platform peers."

The repurchase program's implementation will also depend on trading regulations and the company's overall liquidity profile.

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