---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-017610"
form_type: "8-K"
ticker: "BETR"
cik: "0001835856"
company_name: "Better Home & Finance Holding Co"
filed_at: "2025-04-14T23:59:59+00:00"
generated_at: "2026-05-23T15:37:54.321498+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Better Home & Finance to retire $534M convertible notes via exchange for $110M cash and $155M new secured notes

## Summary
- Exchange of $533.9M 1% convertible notes due 2028 for $110M cash + $155M new 6% secured notes due Dec 31, 2028.
- Expected to create ~$265M positive pre-tax equity value by retiring over $500M of debt at a discount.
- New notes are senior secured, 6% PIK toggle, redeemable at 106-108%; covenants restrict debt, liens, restricted payments.
- Investor SB Northstar LP gets non-transferrable board observer right if holding >=25% of new notes or 12% of equity.
- Existing notes cancelled; closing expected April 28, 2025 subject to conditions including CEO termination agreements and mutual release.

## SEC filing metadata
- accession: 0001628280-25-017610
- form_type: 8-K
- ticker: BETR
- cik: 0001835856
- company_name: Better Home & Finance Holding Co
- filed_at: 2025-04-14T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1835856/000162828025017610/0001628280-25-017610-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1835856/000162828025017610/betr-20250412.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-017610
- JSON: https://secwatch.observer/filing/0001628280-25-017610.json
- Plain text: https://secwatch.observer/filing/0001628280-25-017610.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.