SCHEDULE: Novator Capital Reduces Stake in Better Home & Finance

Novator Capital Sponsor Ltd. and Thor Bjorgolfsson reported a decrease in their beneficial ownership of Better Home & Finance Holding Co. Class A Common Stock to 6.20%.

Summary

• Amendment No. 8 to Schedule 13D was filed for Better Home & Finance Holding Co. by Novator Capital Sponsor Ltd. (NCSL) and Thor Bjorgolfsson.
• Beneficial ownership by the reporting persons decreased by more than one percent, triggering this amendment.
• Current beneficial ownership stands at 659,446 shares, representing 6.20% of the Issuer's Class A Common Stock.
• This total includes 613,396 shares of Class A Common Stock and 46,050 shares issuable upon the exercise of warrants.
• The warrants are exercisable at a price of $575.00 per share (adjusted for a reverse stock split) and are set to expire on August 22, 2028.
• NCSL sold an aggregate of 280,414 shares of Class A Common Stock in open market transactions between December 2, 2025, and March 10, 2026.
• The sales prices for these transactions ranged from $11.30 to $40.00 per share.
• On March 5, 2026, Novator Capital Limited (NCL) transferred 216,724 shares of Class A Common Stock to NCSL.
• The percentage of class represented is calculated based on 10,639,547 shares of Class A Common Stock outstanding as of March 2, 2026, plus the 46,050 warrants held by the reporting person.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative development, as a significant reduction in a major shareholder's stake often signals a lack of conviction or a strategic exit, which can pressure the stock price.

Negatives

• A significant reduction in beneficial ownership by a major shareholder (Novator Capital Sponsor Ltd. and Thor Bjorgolfsson) by more than one percent has been reported.
• Novator Capital Sponsor Ltd. sold a substantial 280,414 shares of Class A Common Stock in the open market over a period of approximately three months.
• The sales occurred at varying prices, some significantly lower than others, indicating a willingness to divest across a range of valuations.

Risks

• Potential negative market perception due to a significant shareholder reducing their stake, which could signal a lack of confidence in the company's future prospects.
• Increased selling pressure on the stock due to the large volume of shares sold by Novator Capital Sponsor Ltd. in the open market.

Future Outlook

No explicit forward-looking statements or guidance from the company or reporting persons are provided in this filing, beyond the stated warrant expiration date.

Management Comments

• Thor Bjorgolfsson disclaims beneficial ownership of the shares owned by NCSL.

Industry Context

StockSavvy.ai notes that a reduction in a significant institutional investor's stake, such as Novator Capital's, can often be interpreted by the market as a signal of diminishing confidence in the company's near-term prospects or valuation, potentially leading to increased scrutiny from other investors in the home and finance sector.

Comparison to Industry Standards

• This filing primarily details a change in beneficial ownership and share sales by a specific investor, rather than company performance metrics. Therefore, direct comparisons to industry-standard financial benchmarks or specific competitor results are not applicable based solely on the content of this Schedule 13D/A filing.

Stakeholder Impact

• Shareholders: Potential negative impact on share price due to increased selling pressure and perceived loss of confidence from a major investor.

Key Dates

Recommendation

The significant reduction in beneficial ownership by Novator Capital Sponsor Ltd. and Thor Bjorgolfsson, coupled with substantial open market sales, suggests a lack of confidence from a major institutional investor. This divestment could exert downward pressure on the stock price and signals a potential strategic exit, making a 'sell' recommendation prudent for investors seeking to mitigate risk associated with declining institutional support.

Keywords

Better Home & Finance Holding Co., Class A Common Stock, Schedule 13D, Beneficial Ownership, Novator Capital Sponsor Ltd., Thor Bjorgolfsson, Share Sales, Warrants, SEC Filing, Institutional Investor