Form 4: BETR Officer Sells Shares After Class B Conversion

A Better Home & Finance Holding Co officer converted Class B shares to Class A and subsequently sold a portion of those shares, along with other direct holdings, on October 6, 2025.

Summary

• Nicholas J. Calamari, CAO and Senior Counsel of Better Home & Finance Holding Co (BETR), reported stock transactions on October 6, 2025, executed under a Rule 10b5-1 plan.
• The transactions involved the conversion of Class B Common Stock into Class A Common Stock, followed by the sale of Class A shares.
• A total of 17,418 shares of Class B Common Stock were converted into Class A Common Stock. This included 2,445 shares for the Anika G Austin Descendants Trust, 2,445 shares for the Nicholas J. Calamari Family Trust, and 12,528 shares held directly.
• Concurrently, 17,418 shares of Class A Common Stock were sold at weighted average prices ranging from $57.5849 to $61.0399.
• Specifically, 2,445 Class A shares were sold indirectly by the Anika G Austin Descendants Trust, 2,445 Class A shares were sold indirectly by the Nicholas J. Calamari Family Trust, and 12,528 Class A shares were sold directly.
• Following these transactions, Mr. Calamari directly holds 11,341 shares of Class A Common Stock and 102,505 shares of Class B Common Stock.
• Indirect holdings through the Anika G Austin Descendants Trust and Nicholas J. Calamari Family Trust each stand at 0 Class A shares and 19,567 Class B shares.

Sentiment

Score: 5

Explanation: The filing reports pre-planned insider stock transactions, which are neutral in sentiment as they are part of a Rule 10b5-1 plan and do not reflect new operational performance.

Positives

• The transactions were executed under a Rule 10b5-1 plan, indicating pre-scheduled sales and reducing concerns about opportunistic insider trading.
• The sales occurred at weighted average prices ranging from $57.5849 to $61.0399, suggesting the officer realized gains at relatively high price points.

Negatives

• The sale of 17,418 shares of Class A Common Stock by a senior officer, even if pre-planned, represents a reduction in insider ownership.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The Reporting Person disclaims beneficial ownership of securities held by the Anika G Austin Descendants Trust and the Nicholas J. Calamari Family Trust except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

Industry Context

This filing is a routine insider transaction report and does not provide information directly related to broader industry trends or competitors.

Related Party Transactions

• Transactions involved shares held indirectly through the Anika G Austin Descendants Trust and the Nicholas J. Calamari Family Trust, where the reporting person has voting and dispositive power.
• The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders may note the reduction in direct and indirect Class A common stock holdings by a senior officer.
• The pre-planned nature of the sales under a Rule 10b5-1 plan may mitigate negative interpretations by investors.

Key Dates

Recommendation

The filing details routine insider stock sales executed under a Rule 10b5-1 plan. While insider selling can sometimes be viewed negatively, the pre-arranged nature of these transactions suggests they are not based on new material non-public information. Therefore, this filing alone does not provide sufficient new information to alter an existing investment thesis, warranting a 'hold' recommendation.

Keywords

Better Home & Finance, BETR, Form 4, Insider Trading, Stock Sale, Executive Compensation, Nicholas J. Calamari, 10b5-1 Plan