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Better Home & Finance Holding Company (BETR-4.28%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in funded loan volume to $1,035 million from $731 million in the same quarter the previous year. This increase is attributed to a rise in both purchase and refinance loan volumes.
Gain on loans, net increased by 65% to $15.8 million from $9.6 million in the previous year, driven by increased funded loan volume and improved pricing on loans.
Net interest income rose to $4.4 million from a loss of $10.7 million in the previous year, due to higher interest income from investments and lower other interest expenses.
Compensation and benefits expenses decreased by 55% to $37.8 million, reflecting reduced headcount and lower stock-based compensation expenses.
Marketing and advertising expenses increased by 139% to $12.1 million, as the company focused on growth to drive loan volume.
The company reported a net loss of $54.2 million for the quarter, compared to a net loss of $353.9 million in the previous year, with the prior year's loss significantly impacted by a loss on the fair value of embedded derivatives.
Better Home & Finance Holding Company has regained compliance with Nasdaq's (NDAQ-0.10%) minimum bid price requirement following a 1-for-50 reverse stock split.
The filing also details the company's warehouse lines of credit, with total available credit of $425 million as of September 30, 2024.
Better Home & Finance continues to focus on expanding its customer base and market share, while managing its operational expenses and enhancing its product offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Better Home quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.