The following discussion and analysis of Better Home & Finance Holding Company’s (together with its consolidated subsidiaries, the “Company,” “we” “our” or “us”) financial condition and results of operations should be read together with our audited consolidated financial statements as of December 31, 2025 and for the years ended December 31, 2025 and 2024, in each case, together with related notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), and our condensed consolidated financial statements and related notes as of and for the quarterly period ended June 30, 2026, included elsewhere in this Quarterly Report on Form 10-Q (the “Quarterly Report”). Company Overview We are an AI-native home finance company on a mission to make homeownership cheaper, faster, and more accessible for all Americans. Our services offer consumers a seamless experience that eliminates friction and complexity across every stage of homeownership including purchase, refinance, home equity, and sale. Founded in 2015, we built our business with an AI-first mindset that remains at the core of everything we do. Our proprietary platform, Tinman®, is trained on $110B in origination volume and grew its share of volume by 38% from 2024 to 2025. The platform automates the most time-consuming parts of the mortgage process and enables faster decisions to create a better experience for consumers navigating the biggest financial decision of their life. The home is among the world’s largest and most tangible asset classes. While other industries have undergone end-to-end digital transformations, the homeownership journey remains mired in legacy inefficiencies. High transaction costs, regulatory complexity, and a sprawling intermediary stack come at the expense of consumers and limit digital adoption across the industry. We believe the homeownership experience is broken, and we're fixing it. Designed to scale across products, channels, and market conditions, Tinman® is not just the engine behind Better; it is how we are modernizing the broader mortgage industry. Through Tinman®, we partner with lenders, banks, and financial institutions to bring AI-driven efficiency and savings to their own customers, helping transform an industry long overdue for change. Business Environment The mortgage industry continued to operate in a dynamic macroeconomic and geopolitical environment during the second quarter of 2026. In June 2026, the U.S. Federal Reserve maintained the federal funds target range at approximately 3.50% to 3.75%, continuing its restrictive monetary policy stance as inflation remained above the Federal Reserve's long-term 2% target, despite showing signs of moderation. Mortgage rates remained elevated throughout the quarter, although they exhibited periodic volatility driven by changing inflation expectations, treasury yield movements, and geopolitical developments. The continuation of conflict in the Middle East, including disruptions affecting the Strait of Hormuz, contributed to volatility in oil prices and financial markets, creating additional uncertainty around the interest rate outlook and mortgage financing conditions. Elevated borrowing costs continued to constrain overall mortgage origination activity, with refinance activity and demand among rate-sensitive consumers particularly affected, as prevailing rate levels limited the incentive to refinance. Ongoing home affordability challenges, resulting from higher home prices and limited housing inventory, represented a further headwind to origination volumes broadly. Despite these pressures, purchase mortgage demand remained comparatively durable, reflecting the extent to which purchase activity is driven by non-discretionary, life-event factors such as relocation, household formation and job changes that occur independent of the rate environment, making it less cyclical than refinance activity. At the same time, lenders with diversified product offerings, including home equity products, continued to be better positioned to address evolving consumer financing needs and benefit from demand that tends to increase in higher-rate environments. 36 Table of Contents Our Business Model We generate revenue through the production and sale of loans and other product offerings through our platform. The revenue and mix of revenue as a percentage of total revenue attributable to our sale of loan production (Gain on loans, net) and Better Plus (Other revenue) and net interest income for the three and six months ended June 30, 2026 and 2025 is as follows: Three Months Ended June 30, 2026 2025 (Amounts in thousands, except percentage amounts) Amounts Percentages Amounts Percentages Gain on loans, net $ 51,488 94 % $ 36,772 86 % Other revenue 1,094 2 % 3,090 7 % Net interest income 2,120 4 % 2,823 7 % Total net revenues $ 54,702 $ 42,685 Six Months Ended June 30, 2026 2025 (Amounts in thousands, except percentage amounts) Amounts Percentages Amounts Percentages Gain on loans, net $ 96,289 94 % $ 61,348 83 % Other revenue 2,236 2 % 6,740 9 % Net interest income 3,674 4 % 5,925 8 % Total net revenues $ 102,199 $ 74,013 Home Finance—Gain on loans, net We produce a wide selection of mortgage loans and leverage our platform to quickly sell these loans and related mortgage servicing rights (“MSRs”) to our loan purchaser network. Historically, the Company utilized three primary channels for customer acquisition; however, our current operations have been streamlined to focus on two key sourcing channels: our D2C channel and our Platform channel. Through these channels, we generate gain on loans, net by selling loans and MSRs to our loan purchaser network, recognizing revenue per loan. Through our Platform channel, we generate revenue from various partnerships with mortgage originators and technology companies, as well as our in-market loan officer teams, which ramped over the course of 2025. These partnerships come in different structures. For some, we access our partners’ customer base and originate loans on our platform. In other arrangements, the partner originates the loan and we provide the technology, underwriting, and fulfillment. Better Plus—Other revenue We complement our residential mortgage loan products through Better Plus, which includes a set of non-mortgage homeownership products and services offered primarily through third-party strategic partners. These offerings include referrals to real estate agents, title insurance and settlement services provided through third-party providers, and access to homeowners insurance policies through a digital marketplace of insurance partners. In these arrangements, we generally act as an agent or referral source and receive fees from third-party providers. Better Plus products are integrated into our platform to support customers throughout the homeownership process. Mortgage Interest Income —Net interest income As we originate mortgages, there is a short period between the funding of a loan and its sale into our investor network. During this time, we borrow against our warehouse lines of credit as a source of capital and pay interest on those borrowings. It is not uncommon for a mortgage to be awaiting sale while the borrower's first interest payment is collected. In these instances, Better collects and recognizes that interest as revenue. Once the mortgage is sold to our investor network, the warehouse line of credit is repaid and we do not collect any future interest payments on that loan. International Lending Revenue—Other revenue International lending revenue consists of revenue from our international lending activities, primarily in the U.K., which has expanded via acquisitions in prior years. International lending activities primarily include broker fees earned via our 37 Table of Contents digital mortgage broker in the U.K. During 2024, management enacted a plan to sell several entities in the U.K. One of those sales was completed in the three months ended September 30, 2025, with the remaining expected to be completed in 2026. As such, the revenue from our non-core international operations is winding down. Key Business Metrics In addition to the measures presented in our condensed consolidated financial statements, we use the following key business metrics to help us evaluate our business, identify trends affecting our business, formulate plans and make strategic decisions. Our key business metrics enable us to monitor our ability to manage our business compared to the broader mortgage origination market, as well as monitor relative performance across key purchase and refinance verticals. Key measures that we use in assessing our business include the following ($ in millions, except percentage data or as otherwise noted): Three Months Ended June 30, Six Months Ended June 30, Key Business Metric 2026 2025 2026 2025 Home Finance Refinance Loan Volume $ 549 $ 162 $ 1,402 $ 295 Purchase Loan Volume 824 803 1,412 1,381 HELOC Volume 294 240 497 398 Loan Volume $ 1,667 $ 1,205 $ 3,311 $ 2,074 D2C Loan Volume $ 755 $ 774 $ 1,578 $ 1,388 B2B Loan Volume — 3 — 95 Platform Loan Volume 912 428 1,733 591 Loan Volume $ 1,667 $ 1,205 $ 3,311 $ 2,074 Total Loans (number of loans, not millions) 5,724 4,032 10,742 7,007 Average Loan Amount ($ value, not millions) $ 291,208 $ 298,952 $ 308,266 $ 295,962 Gain on Sale Margin 3.09 % 3.05 % 2.91 % 2.96 % Total Market Share 0.3 % 0.2 % 0.3 % 0.2 % Better Plus Better Real Estate Transaction Volume $ 54 $ 93 $ 87 $ 164 Insurance Coverage Written $ 1,173 $ 1,001 $ 2,478 $ 1,997 Home Finance Refinance Loan Volume represents the aggregate dollar amount of refinance loans funded or processed in a given period based on the principal amount of the loan at refinancing date. Purchase Loan Volume represents the aggregate dollar amount of purchase loans funded or processed in a given period based on the principal amount of the loan at purchase date. HELOC Loan Volume represents the aggregate dollar amount of HELOC and closed-end lien loans funded or processed in a given period based on the principal amount of the loan at funding. Loan Volume represents the aggregate dollar amount of all loans funded or processed in a given period based on the principal amount of the loan at funding. 38 Table of Contents D2C Loan Volume represents the aggregate dollar amount of loans funded or processed in a given period based on the principal amount of the loan at funding that have been generated from direct interactions with customers using all marketing channels other than our partner relationships and our Tinman® AI Platform channel. B2B Loan Volume represents the aggregate dollar amount of loans funded or processed in a given period based on the principal amount of the loan at funding that have been generated through our B2B partner relationship with Ally. This channel was discontinued upon the wind-down of the relationship with Ally Financial Inc. (“Ally”); the Company has not reported B2B Loan Volume since Q4 2025. Platform Loan Volume represents the aggregate dollar amount of loans funded or processed in a given period based on the principal amount of the loan at funding that have been generated through one of our platform partnership channels. Total Loans represents the total number of loans funded or processed in a given period, including purchase loans, refinance loans and HELOC loans and closed-end second lien loans. Average Loan Amount represents Loan Volume divided by Total Loans in a period. Gain on Sale Margin represents gain on loans, net, as presented on our condensed consolidated statements of operations and comprehensive loss, divided by Loan Volume. Total Market Share represents Loan Volume in a period divided by total value of loans funded or processed in the industry for the same period, as presented by FNMA. Better Plus Better Real Estate Transaction Volume represents the aggregate dollar amount of real estate volume transacted in a given period across both in-house agents and third-party network agents. Insurance Coverage Written represents the aggregate dollar amount of insurance liability coverage provided to customers on behalf of insurance carrier partners across all insurance products on the Company’s marketplace, specifically title and homeowners insurance offered through Better Settlement Services and Better Cover. This includes the value of the loan for lender’s title insurance and dwelling coverage for homeowners insurance. Insurance Coverage Written amounts for Better Cover have been updated for all periods presented to include both new policies and policy renewals, which in prior periods included only new policies. Description of Certain Components of Our Financial Data Components of Revenue Our sources of revenue include gain on loans, net, other revenue, and net interest income. Home Finance (Gain on Loans, Net) Gain on loans, net, includes revenue generated from our mortgage production process. The components of Gain on loans, net, are as follows: i.Gain on sale of loans, net–This represents the premium we receive in excess of the loan principal amount and certain fees charged by loan purchasers upon sale of loans into the secondary market. Gain on sale of loans, net includes unrealized changes in the fair value of LHFS, which are recognized on a loan-by-loan basis as part of current period earnings until the loan is sold on the secondary market. The fair value of LHFS is measured based on observable market data. This also includes activity for loans originated on behalf of the integrated partnership that are subsequently purchased by us as well as the portion of the sale proceeds to be received by the integrated partner. The portion of the sale proceeds that is to be allocated to the integrated partner is accrued as a reduction of gain on sale of loans, net when the loan is initially purchased by us from the integrated relationship partner. Gain on sale of loans, net also includes the changes in fair value of IRLCs and forward sale commitments. IRLCs include the fair value upon purchase/issuance with subsequent changes in the fair value recorded in each reporting period until the loan is sold on the secondary market. Fair value of forward commitments hedging IRLCs and LHFS are measured based on quoted prices for similar assets. 39 Table of Contents ii.Broker revenue–Includes fees that the Company receives for originating loans on behalf of third-parties. iii.Provision for Loan Repurchase Reserve–In connection with our sale of loans on the secondary market, we make customary representations and warranties to the relevant loan purchasers about various characteristics of each loan, such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local laws. In the event of a breach of its representations and warranties, we may be required to repurchase the loan with the identified defects. The provision for loan repurchase reserve, represents the charge for these potential losses. Better Plus, International Lending Revenue, and Other (Other Revenue) We generate other revenue through our Better Plus offerings, which includes real estate services, insurance, settlement services, and international lending revenue. For real estate services, we generate revenues from fees related to real estate agent services, mainly cooperative brokerage fees from our network of third-party real estate agents, to assist our customers in the purchase or sale of a home. For settlement services, we generate revenues from fees on services, such as policy preparation, title search, wire, and other services, required to close a loan, which were provided by third parties through our platform. We recognize revenues from fees on settlement services upon the completion of the performance obligation, which was when the loan transaction closes. For insurance services, we generate revenues from agent fees on homeowners insurance policies obtained by our customers through our marketplace of third-party insurance carriers. For title insurance, we generate revenues from agent fees on title policies written by third parties and sold to our customers in loan transactions. We recognize revenues from agent fees on title policies upon the completion of the performance obligation, which is when the loan transaction closes. As an agent, we do not control the ability to direct the fulfillment of the service, are not primarily responsible for fulfilling the performance of the service, and do not assume the risk in a claim against the policy. Our performance obligations for settlement services and title insurance are typically completed 40 to 60 days after the commencement of the loan origination process and are recognized in revenue upon the closing of the loan transaction. For international lending revenue, we generate revenue primarily from broker fees earned via our digital mortgage broker in the U.K. During 2024, management enacted a plan to sell several entities in the U.K. One of those sales was completed in the three months ended September 30, 2025, with an additional sale completed in the three months ended March 31, 2026, and any remaining dispositions are expected to be completed during 2026. As such, the revenue from our non-core international operations is winding down. We do not expect to generate material revenue from these non-core international operations in future periods. Net Interest Income Net interest income from continuing operations includes interest income from LHFS, including HELOCs, calculated based on the note rate of the respective loan. Interest expense from continuing operations primarily includes interest expense on warehouse lines of credit and corporate debt. Components of Our Expenses Our expenses consist of compensation and benefits, general and administrative, technology expenses, marketing and advertising expenses, loan origination expenses, depreciation and amortization, and other expenses. Compensation and Benefits Expenses Compensation and benefits expenses includes salaries, wages, and incentive pay as well as stock-based compensation, employee health benefits, 401(k) plan benefits, and social security and unemployment taxes. Stock-based compensation includes expenses associated with restricted stock unit grants, performance stock unit grants, and stock option grants under our stock plans. We recognize compensation expense for the stock-based payments based on the fair value of the awards on the grant date. The expense is recorded on a straight-line basis over the requisite service period. Compensation and benefits excludes amounts capitalized for internally-developed software. 40 Table of Contents General and Administrative Expenses General and administrative expenses include rent and occupancy expenses, travel and entertainment expenses, insurance expenses, and external legal, tax and accounting services. General and administrative expenses are expensed as incurred. Technology Expenses Technology expenses consist of expenses related to vendors engaged in product management, design, development and testing of our websites and products. Technology and product development expenses are generally expensed as incurred. Marketing and Advertising Expenses Marketing and advertising expenses consist of customer acquisition expenses, brand costs, and paid marketing. For customer acquisition expenses, we primarily generate loan origination leads through third-party financial service websites for which we incur “pay-per-click” expenses. A majority of our marketing expenses are incurred from leads that we purchase from these third-party financial service websites. Marketing expenses are generally expensed as incurred. Loan Origination Expenses Loan origination expenses consist primarily of origination expenses, appraisal fees, processing expenses, underwriting, closing fees, and servicing costs. These expenses are expensed as incurred. Other Expenses Other expenses relate to other non-mortgage homeownership activities, including settlement service expenses, lead generation expenses, expenses incurred in relation to our international lending activities, restructuring and impairment expenses, gains and losses from equity related liabilities, and gains and losses related to disposals of held-for-sale assets. Settlement service expenses consist of fees for transactional services performed by third-party providers for borrowers while lead generation expenses consist of fees for services related to real estate agents. Other expenses are expensed as incurred. 41 Table of Contents Results of Operations-Continuing Operations The following table sets forth selected financial data of the Company’s continuing operations for each of the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per share amounts) 2026 2025 2026 2025 Revenues: Gain on loans, net $ 51,488 $ 36,772 $ 96,289 $ 61,348 Other revenue 1,094 3,090 2,236 6,740 Net interest income Interest income 8,333 8,556 15,617 16,151 Interest expense (6,213) (5,733) (11,943) (10,226) Net interest income 2,120 2,823 3,674 5,925 Total net revenues 54,702 42,685 102,199 74,013 Expenses: Compensation and benefits 51,579 37,833 107,315 81,725 General and administrative 10,327 10,501 19,275 21,278 Technology 8,771 6,407 17,132 13,056 Marketing and advertising 9,444 11,114 18,661 19,793 Loan origination expense 3,472 3,923 11,205 6,426 Depreciation and amortization 2,973 3,287 5,970 7,060 Other expenses (income) (462) 1,890 4,959 2,772 Total expenses 86,104 74,955 184,517 152,110 Loss before income tax expense (31,402) (32,270) (82,318) (78,097) Income tax (benefit)/expense 63 94 (1,503) 239 Net loss $ (31,465) $ (32,364) $ (80,815) $ (78,336) Earnings (loss) per share attributable to common stockholders (Basic) $ (1.69) $ (2.13) $ (4.61) $ (5.16) Earnings (loss) per share attributable to common stockholders (Diluted) $ (1.69) $ (2.13) $ (4.61) $ (5.16) 42 Table of Contents Three and Six Months Ended June 30, 2026 as Compared to Three and Six Months Ended June 30, 2025 Revenues The components of our revenues for the period were: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Revenues: Gain on loans, net $ 51,488 $ 36,772 $ 96,289 $ 61,348 Other revenue 1,094 3,090 2,236 6,740 Net interest income Interest income 8,333 8,556 15,617 16,151 Interest expense (6,213) (5,733) (11,943) (10,226) Net interest income 2,120 2,823 3,674 5,925 Total net revenues $ 54,702 $ 42,685 $ 102,199 $ 74,013 Gain on loans, net The components of our gain on loans, net for the period were: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Gain on sale of loans, net $ 50,853 $ 34,015 $ 94,918 $ 55,293 Broker revenue 1,507 2,335 2,881 3,506 Loan repurchase reserve (provision) recovery (872) 422 (1,510) 2,549 Total gain on loans, net $ 51,488 $ 36,772 $ 96,289 $ 61,348 Gain on sale of loans, net increased $16.8 million or 50% to $50.9 million for the three months ended June 30, 2026 compared to $34.0 million for the three months ended June 30, 2025. The increase in gain on sale of loans, net was largely driven by the increase of Loan Volume, which was driven by increases in purchase, refinance, and home equity products. Gain on sale of loans, net increased $39.6 million or 72% to $94.9 million for the six months ended June 30, 2026 compared to $55.3 million for the six months ended June 30, 2025. The increase in gain on sale of loans, net was largely driven by the increase of Loan Volume, which was driven by increases in purchase, refinance, and home equity products. Broker revenue decreased $0.8 million, or 35% to $1.5 million for the three months ended June 30, 2026, compared to $2.3 million for the three months ended June 30, 2025. The decrease was primarily due to lower broker revenue generated from third-party loan originations through in-market origination operations. Broker revenue decreased $0.6 million, or 18% to $2.9 million for the six months ended June 30, 2026, compared to $3.5 million for the six months ended June 30, 2025. The decrease was primarily due to lower broker revenue generated from third-party loan originations through in-market origination operations. Loan repurchase reserve recovery decreased $1.3 million or 307%, to a provision of $0.9 million for the three months ended June 30, 2026, compared to a recovery of $0.4 million for the three months ended June 30, 2025. The prior-year recovery was driven by declining estimated loss exposure associated with historical origination vintages, while the current-year provision reflects updated estimates of expected losses and loan-specific activity during the period. Loan repurchase reserve recovery decreased $4.1 million or 159%, to a provision of $1.5 million for the six months ended June 30, 2026, compared to a recovery of $2.5 million for the six months ended June 30, 2025. The 43 Table of Contents prior-year recovery was driven by declining estimated loss exposure associated with historical origination vintages, while the current-year provision reflects updated estimates of expected losses and loan-specific activity during the period. Other Revenue The components of other revenue for the period were: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 International lending revenue $ 15 $ 1,864 $ 62 $ 3,402 Insurance services 571 825 1,148 1,498 Real estate services 328 152 498 1,099 Other revenue 180 249 528 741 Total other revenue $ 1,094 $ 3,090 $ 2,236 $ 6,740 International lending revenue decreased $1.8 million, or 99.2% to an immaterial amount for the three months ended June 30, 2026 compared to $1.9 million for the three months ended June 30, 2025. The decrease in international lending revenue was primarily driven by the sale of the Trussle disposal group in the third quarter of 2025. International lending revenue decreased $3.3 million, or 98.2% to $0.1 million for the six months ended June 30, 2026 compared to $3.4 million for the six months ended June 30, 2025. The decrease in international lending revenue was primarily driven by the sale of the Trussle disposal group in the third quarter of 2025. Insurance services decreased $0.3 million, or 30.8% to $0.6 million for the three months ended June 30, 2026 compared to $0.8 million for the three months ended June 30, 2025. The decrease in insurance services revenue was primarily driven by the sale of the Trussle disposal group in the third quarter of 2025 offset slightly by an increase in insurance related revenue from our Better Cover business. Insurance services decreased $0.4 million, or 23.4% to $1.1 million for the six months ended June 30, 2026 compared to $1.5 million for the six months ended June 30, 2025. The decrease in insurance services revenue was primarily driven by the sale of the Trussle disposal group in the third quarter of 2025 offset slightly by an increase in insurance related revenue from our Better Cover business. Real estate services increased $0.2 million, or 116% to $0.3 million for the three months ended June 30, 2026 compared to $0.2 million for the three months ended June 30, 2025 due to an increase in real estate transaction volume in the second quarter of 2026. Real estate services decreased $0.6 million, or 54.7% to $0.5 million for the six months ended June 30, 2026 compared to $1.1 million for the six months ended June 30, 2025 due to a decrease in real estate transaction volume driven by the conclusion of the integrated relationship partnership with Ally and its use as a source of referrals for real estate services. Other revenue decreased by $0.1 million, or 27.7% to $0.2 million for the three months ended June 30, 2026 compared to $0.2 million for the three months ended June 30, 2025. The decrease in other revenue was primarily driven by lower ancillary revenue activities. Other revenue decreased by $0.2 million, or 28.7% to $0.5 million for the six months ended June 30, 2026 compared to $0.7 million for the six months ended June 30, 2025. The decrease in other revenue was primarily driven by lower ancillary revenue activities. 44 Table of Contents Net Interest Income The components of our net interest income for the period were: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Mortgage interest income $ 7,687 $ 7,787 $ 14,628 $ 14,223 Interest income from investments 646 769 989 1,928 Warehouse interest expense (6,200) (5,727) (11,929) (8,515) Other interest expense (13) (6) (14) (1,711) Total net interest income $ 2,120 $ 2,823 $ 3,674 $ 5,925 Mortgage interest income decreased $0.1 million, or 1% to $7.7 million for the three months ended June 30, 2026 compared to $7.8 million for the three months ended June 30, 2025. The decrease in mortgage interest income was primarily driven by the mortgage interest income earned on the unpaid principal balance for loans held and serviced during the interim between the origination of the loan and its sale on the secondary market. Mortgage interest income increased $0.4 million, or 3% to $14.6 million for the six months ended June 30, 2026 compared to $14.2 million for the six months ended June 30, 2025. The increase in mortgage interest income was primarily driven by the increase in origination volume and the mortgage interest income earned on the unpaid principal balance for loans held and serviced during the interim between the origination of the loan and its sale on the secondary market. Interest income from investments decreased $0.1 million, or 16% to $0.6 million for the three months ended June 30, 2026 compared to $0.8 million for the three months ended June 30, 2025. The decrease in interest income from investments was primarily driven by decreased holdings of investments with maturities less than 90 days. Interest income from investments decreased $0.9 million, or 49% to $1.0 million for the six months ended June 30, 2026 compared to $1.9 million for the six months ended June 30, 2025. The decrease in interest income from investments was primarily driven by decreased holdings of investments with maturities less than 90 days. Warehouse interest expense increased $0.5 million, or 8% to $6.2 million for the three months ended June 30, 2026 compared to $5.7 million for the three months ended June 30, 2025. The increase in warehouse interest expense was primarily driven by increased borrowings on funding facilities used in the mortgage production process to meet the increased origination volume. Warehouse interest expense increased $3.4 million, or 40% to $11.9 million for the six months ended June 30, 2026 compared to $8.5 million for the six months ended June 30, 2025. The increase in warehouse interest expense was primarily driven by increased borrowings on funding facilities used in the mortgage production process to meet the increased origination volume. Other interest expense remained immaterial for both the three months ended June 30, 2026 and 2025. Other interest expense decreased $1.7 million, or 99% to an immaterial amount for the six months ended June 30, 2026 compared to $1.7 million for the six months ended June 30, 2025. The decrease was primarily due to the extinguishment of the Convertible Notes in April 2025. See Note 10 for additional information. 45 Table of Contents Expenses The components of our expenses for the period were: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Compensation and benefits $ 51,579 $ 37,833 $ 107,315 $ 81,725 General and administrative 10,327 10,501 19,275 21,278 Technology 8,771 6,407 17,132 13,056 Marketing and advertising 9,444 11,114 18,661 19,793 Loan origination expense 3,472 3,923 11,205 6,426 Depreciation and amortization 2,973 3,287 5,970 7,060 Other expenses (income) (462) 1,890 4,959 2,772 Total operating expenses $ 86,104 $ 74,955 $ 184,517 $ 152,110 Compensation and benefits expenses were $51.6 million for the three months ended June 30, 2026, an increase of $13.7 million or 36% compared with $37.8 million for the three months ended June 30, 2025. The increase in compensation and benefits was primarily driven by higher expense recognized for performance-based equity awards, reflecting changes in the probability of achieving specified performance metrics. Compensation and benefits expenses were $107.3 million for the six months ended June 30, 2026, an increase of $25.6 million or 31% compared with $81.7 million for the six months ended June 30, 2025. The increase in compensation and benefits was primarily driven by higher expense recognized for performance-based equity awards, reflecting changes in the probability of achieving specified performance metrics. General and administrative expenses remained relatively consistent at $10.3 million for the three months ended June 30, 2026, as compared with $10.5 million in the three months ended June 30, 2025. The decrease in general and administrative expenses was driven primarily by reductions in professional services. General and administrative expenses were $19.3 million for the six months ended June 30, 2026, a decrease of $2.0 million or 9% as compared with $21.3 million in the six months ended June 30, 2025. The decrease in general and administrative expenses was driven primarily by reductions in professional services. Technology expenses were $8.8 million for the three months ended June 30, 2026, an increase of $2.4 million or 37% as compared with $6.4 million in the three months ended June 30, 2025. The increase in technology expenses was driven primarily by the increase in costs related to software and data warehouse vendors. Technology expenses were $17.1 million for the six months ended June 30, 2026, an increase of $4.1 million or 31% as compared with $13.1 million in the six months ended June 30, 2025. The increase in technology expenses was driven primarily by the increase in costs related to software and data warehouse vendors. Marketing and advertising expenses were $9.4 million for the three months ended June 30, 2026, a decrease of $1.7 million or 15% as compared with $11.1 million in the three months ended June 30, 2025. The decrease was primarily driven by lower advertising spend to generate mortgage and home equity leads. Marketing and advertising expenses were $18.7 million for the six months ended June 30, 2026, a decrease of $1.1 million or 6% as compared with $19.8 million in the six months ended June 30, 2025. The decrease was primarily driven by lower advertising spend to generate mortgage and home equity leads. Loan origination expenses were $3.5 million for the three months ended June 30, 2026, a decrease of $0.5 million or 12%, as compared with $3.9 million in the three months ended June 30, 2025. The decrease in loan origination expenses was driven by a reduction in the estimated liability for the potential TRID defects. Loan origination expenses were $11.2 million for the six months ended June 30, 2026, an increase of $4.8 million or 74%, as compared with $6.4 million in the six months ended June 30, 2025. The increase in loan origination 46 Table of Contents expenses was driven by an increase in origination volume. The increase was offset by a reduction in the estimated liability for potential TRID defects. Other expenses were a credit of $0.5 million for the three months ended June 30, 2026, a decrease of $2.4 million or 124%, as compared with $1.9 million in the three months ended June 30, 2025. The decrease in other expenses was primarily driven by a decrease on liability classified warrants and equity related liabilities as a result of the decreased trading price of our common stock. The decrease was partially offset by an increase in impairment charges in the second quarter of 2026. Other expenses were $5.0 million for the six months ended June 30, 2026, an increase of $2.2 million or 79%, as compared with $2.8 million in the six months ended June 30, 2025. The increase in other expenses was primarily driven by changes in the fair value of the warrant issued by the Company in connection with a private placement transaction, as well as increases in liability-classified warrants and other equity related liabilities due to the higher trading price of the Company’s common stock, partially offset by a gain on the disposal of the BHO disposal group. Results of Operations-Discontinued Operations During the first quarter of 2026, Birmingham Bank, a regulated U.K. banking entity acquired in 2023 (“Birmingham Bank”), which represents the Company’s reportable banking segment was classified as held-for-sale. In addition, the Company determined that the planned disposal represents a strategic shift that is expected to have a significant effect on the Company’s operations and financial results. Accordingly, the results of Birmingham Bank are presented as discontinued operations in the Company’s condensed consolidated financial statements for all periods presented. The Company continues to actively market Birmingham Bank and is pursuing a sale transaction. The timing and ultimate outcome of the disposal remain subject to market conditions and regulatory approvals. The Company expects that the results of discontinued operations will continue to be impacted by operating performance, changes in interest rates, and any additional adjustments to the carrying value of the disposal group prior to sale. The following table presents the results of discontinued operations for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per share amounts) 2026 2025 2026 2025 Revenues: Other revenue $ 12 $ 210 $ (10) $ 590 Net interest income Interest income 11,402 5,601 22,685 8,451 Interest expense (8,054) (4,352) (16,660) (6,357) Net interest income 3,348 1,249 6,025 2,094 Total net revenues 3,360 1,459 6,015 2,684 Expenses: Compensation and benefits 3,339 3,580 6,104 6,356 General and administrative 971 1,006 2,040 1,859 Technology 634 541 1,225 1,074 Marketing and advertising 13 26 15 34 Depreciation and amortization 281 248 567 450 Other expenses (2,609) (36) 16,294 1,402 Total expenses from discontinued operations 2,629 5,365 26,245 11,175 Net income (loss) before income tax expense discontinued operations $ 731 $ (3,906) $ (20,230) $ (8,491) Income tax benefit $ (141) $ — $ (141) $ — Net income (loss) discontinued operations $ 872 $ (3,906) $ (20,089) $ (8,491) 47 Table of Contents Three and Six Months Ended June 30, 2026 as Compared to Three and Six Months Ended June 30, 2025 Revenues The components of revenues from discontinued operations for the period were: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Revenues: Other revenue $ 12 $ 210 $ (10) $ 590 Net interest income Interest income 11,402 5,601 22,685 8,451 Interest expense (8,054) (4,352) (16,660) (6,357) Net interest income 3,348 1,249 6,025 2,094 Total net revenues $ 3,360 $ 1,459 $ 6,015 $ 2,684 Net Interest Income The components of net interest income for discontinued operations for the period were: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Interest income on loans held for investment $ 9,206 $ 3,895 $ 18,394 $ 5,773 Interest income from investments 2,196 1,706 4,291 2,678 Interest expense on customer deposits (8,054) (4,352) (16,660) (6,357) Total net interest income $ 3,348 $ 1,249 $ 6,025 $ 2,094 Interest income on loans held for investment increased $5.3 million, or 136% to $9.2 million for the three months ended June 30, 2026 compared to $3.9 million for the three months ended June 30, 2025. The increase in interest income on loans held for investment was driven by increased originations of loans held for investment in our U.K. banking operations. Loans held for investment was $729.2 million and $420.6 million as of June 30, 2026 and 2025. Interest income on loans held for investment increased $12.6 million, or 219% to $18.4 million for the six months ended June 30, 2026 compared to $5.8 million for the six months ended June 30, 2025. The increase in interest income on loans held for investment was driven by increased originations of loans held for investment in our U.K. banking operations. Loans held for investment was $729.2 million and $420.6 million as of June 30, 2026 and 2025. Interest income from investments increased $0.5 million, or 29% to $2.2 million for the three months ended June 30, 2026 compared to $1.7 million for the three months ended June 30, 2025. The increase in interest income from investments was driven by increased customer deposits which in turn fund our loans held for investment in our U.K. banking operations. The balance of customer deposits was $746.0 million and $482.4 million as of June 30, 2026 and 2025. Interest income from investments increased $1.6 million, or 60% to $4.3 million for the six months ended June 30, 2026 compared to $2.7 million for the six months ended June 30, 2025. The increase in interest income from investments was driven by increased customer deposits which in turn fund our loans held for investment in our U.K. banking operations. The balance of customer deposits was $746.0 million and $482.4 million as of June 30, 2026 and 2025. Interest expense on customer deposits increased $3.7 million, or 85% to $8.1 million for the three months ended June 30, 2026 compared to $4.4 million for the three months ended June 30, 2025. The increase in interest expense on customer deposits was driven by increased customer deposits which in turn fund our loans held for investment in our 48 Table of Contents U.K. banking operations. The balance of customer deposits was $746.0 million and $482.4 million as of June 30, 2026 and 2025. Interest expense on customer deposits increased $10.3 million, or 162% to $16.7 million for the six months ended June 30, 2026 compared to $6.4 million for the six months ended June 30, 2025. The increase in interest expense on customer deposits was driven by increased customer deposits which in turn fund our loans held for investment in our U.K. banking operations. The balance of customer deposits was $746.0 million and $482.4 million as of June 30, 2026 and 2025. Expenses The components of expenses for discontinued operations for the period were: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Compensation and benefits $ 3,339 $ 3,580 $ 6,104 $ 6,356 General and administrative 971 1,006 2,040 1,859 Technology 634 541 1,225 1,074 Marketing and advertising 13 26 15 34 Depreciation and amortization 281 248 567 450 Other expenses (2,609) (36) 16,294 1,402 Total operating expenses $ 2,629 $ 5,365 $ 26,245 $ 11,175 Compensation and benefits, general and administrative, and technology expenses remained relatively consistent at $4.9 million for the three months ended June 30, 2026 compared to $5.1 million for the three months ended June 30, 2025. Compensation and benefits expenses decreased $0.2 million, while general and administrative and technology expenses remained relatively consistent with the prior-year period. Compensation and benefits, general and administrative, and technology expenses were $9.4 million for the six months ended June 30, 2026 compared to $9.3 million for the six months ended June 30, 2025. Compensation and benefits expenses decreased $0.2 million, while general and administrative and technology expenses remained relatively consistent with the prior-year period. Other expenses were a credit of $2.6 million for the three months ended June 30, 2026, a decrease of $2.6 million, as compared with an immaterial amount for the three months ended June 30, 2025. The decrease was primarily driven by a $2.4 million impairment reversal related to the Birmingham Bank disposal group, reflecting an increase in its estimated fair value less costs to sell. Other expenses were $16.3 million for the six months ended June 30, 2026, an increase of $14.9 million or 1062%, as compared with $1.4 million for the six months ended June 30, 2025. The increase was primarily driven by a net $16.0 million impairment charge recorded to write down the Birmingham Bank disposal group to its estimated fair value less costs to sell in connection with its classification as held for sale. 49 Table of Contents Non-GAAP Financial Measures We report Adjusted EBITDA, which is a financial measure not prepared in accordance with generally accepted accounting principles (“non-GAAP”) that we use to supplement our financial results presented in accordance with GAAP in the evaluation of our performance. This non-GAAP financial measure should not be considered in isolation and is not intended to be a substitute for any GAAP financial measures. The non-GAAP measure provides supplemental information that we believe helps investors better understand our business, our business model, and how we analyze our performance. Non-GAAP financial measures are limited in their usefulness to investors because they have no standardized meaning and are not prepared under any comprehensive set of accounting rules or principles. Accordingly, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison. We include the reconciliation of Adjusted EBITDA to GAAP Net Income (Loss), its most directly comparable GAAP measure. We encourage investors and others to review our condensed consolidated financial statements and notes thereto in their entirety included elsewhere in this Quarterly Report, not to rely on any single financial measure, and to consider Adjusted EBITDA only in conjunction with their respective most closely comparable GAAP financial measure. We believe the non-GAAP financial measure is useful to investors for supplemental period-to-period comparisons of our business and understanding and evaluating our operating results for the following reasons: •Adjusted EBITDA is widely used by investors and securities analysts to measure a company's operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, interest and amortization on non-funding debt, income tax expense, and costs that are unique or non-recurring in nature or otherwise unrelated to our ongoing revenue-generating operations, all of which can vary substantially from company to company depending upon their financing and capital structures; •We use Adjusted EBITDA in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance; and •Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of our core operating results, and also facilitates comparisons with other peer companies, many of which use a similar non-GAAP financial measure to supplement their GAAP results. Further, although we use the non-GAAP measure to assess the financial performance of our business, the measure has limitations as an analytical tool, and should not be considered in isolation or as substitutes for analysis of our financial results as reported under GAAP. Some of these limitations are, or may in the future be, as follows: •Although depreciation and amortization expense is a non-cash charge, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; •Adjusted EBITDA excludes stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; •Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; •Adjusted EBITDA does not reflect (i) interest expense, or the cash requirements necessary to service interest or principal payments on our non-funding debt, which reduces cash available to us; or (ii) tax accruals or tax payments that represent a reduction in cash available to us; and •The expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from similarly titled non-GAAP measures when they report their operating results, and we may, in the future, exclude other significant, unusual or non-recurring expenses or other items from this financial measure. 50 Table of Contents Because of these limitations, Adjusted EBITDA should be considered along with other financial performance measures presented in accordance with GAAP, and not as an alternative or substitute for our financial results prepared and presented in accordance with GAAP. Adjusted EBITDA We calculate Adjusted EBITDA as net income (loss) adjusted for the impact of stock-based compensation expense, change in the fair value of warrants and equity related liabilities, and other non-recurring or non-core operational expenses, as well as interest and amortization on non-funding debt (which includes interest on the Convertible Note), depreciation and amortization expense, income tax (benefit)/expense, and (income) loss from discontinued operations. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Adjusted EBITDA Net loss $ (30,593) $ (36,270) $ (100,904) $ (86,827) Income tax (benefit) / expense 63 94 (1,503) 239 Depreciation and amortization expense (1) 2,973 3,287 5,970 7,060 Stock-based compensation expense (2) 14,585 4,252 38,380 8,285 Interest and amortization on non-funding debt (3) 14 6 14 1,711 Impairment, and other expenses (4) 909 1,206 52 1,776 Change in fair value of warrants and equity related liabilities (5) (1,067) 572 5,135 344 (Income) loss from discontinued operations (872) 3,906 20,089 8,491 Adjusted EBITDA $ (13,988) $ (22,947) $ (32,767) $ (58,921) __________________ (1)Depreciation and amortization represents the loss in value of fixed and intangible assets through depreciation and amortization, respectively. These expenses are non-cash expenses, and we believe that they do not correlate to the performance of our business during the periods presented. (2)Stock-based compensation represents the non-cash grant date fair value of stock-based instruments utilized to incentivize employees and consultants recognized over the applicable vesting period. This expense is a non-cash expense. We exclude this expense from our internal operating plans and measurement of financial performance (although we consider the dilutive impact to our stockholders when awarding stock-based compensation and value such awards accordingly). (3)Interest and amortization on non-funding debt represents interest and amortization on the Convertible Note, which is included within net interest income in our Consolidated Statements of Operations and Comprehensive Loss. (4)Impairment, and other expenses are primarily comprised of employee one-time termination benefits, real estate restructuring losses, impairment of disposal groups classified as held for sale, and impairment of property and equipment. (5)Change in fair value of warrants and equity related liabilities which comprise the Public Warrants and Private Warrants as well as the Sponsor Locked-Up Shares, represents the change in fair value of liability-classified warrants as presented in our Consolidated Statements of Operations and Comprehensive Loss. Liquidity and Capital Resources Overview Historically, our primary sources for liquidity and capital have been (1) cash on hand, (2) cash flows from operations, (3) customer deposits from our U.K. banking segment, (4) borrowings, including through our warehouse lines of credit and senior notes, and (5) proceeds from equity issuances. Our primary uses of funds have historically included (1) origination of loans, (2) interest expense, (3) repayment of warehouse lines of credit and other debt, (4) operating expenses, and (5) repurchases of loans under standard representations and warranties. We are also subject to contingencies which may have an impact on the use of our cash. As of June 30, 2026 and December 31, 2025, loans held for investment and customer deposits associated with the Birmingham Bank disposal group continue to be classified as held for sale and are included within discontinued operations. Financing Activities 51 Table of Contents Equity Issuances The Company has raised capital through an at-the-market equity offering program (“ATM Program”) for sales of up to $75.0 million of our Class A common stock pursuant to our effective shelf registration statement on Form S-3 and the related prospectus supplement dated September 26, 2025. The Company entered into separate sales agreements with Cantor Fitzgerald & Co. and BTIG, LLC (each an “Agent” and collectively, the “Agents”), under which it may offer and sell shares of its Class A common stock from time to time through the Agents, either as sales agents or as principals. Each Agent is entitled to a commission of 2.0% of the gross sales price of all shares sold through it as Agent. During the six months ended June 30, 2026, the Company sold 328,030 shares of Class A common stock under the ATM Program for total gross proceeds of $11.9 million. The Company incurred commissions and other offering expenses of $0.2 million. During the three months ended June 30, 2026, the Company did not issue any common stock under the ATM Program. Notwithstanding remaining availability, following the Company’s April 2026 underwritten public offering, as described below, the Company discontinued sales under its ATM Program. The Company used net proceeds from the ATM Program for general corporate purposes, including working capital and to increase its warehouse line capacity to finance anticipated growth in loan production and loan volume. On February 17, 2026, the Company entered into a Securities Purchase Agreement with Framework Ventures IV L.P., pursuant to which the Company issued a warrant to purchase up to 211,312 shares of Class A common stock. The warrant was fully exercised during the three months ended March 31, 2026, resulting in the issuance of 211,312 shares of Class A common stock to the holder and receipt by the Company of aggregate cash proceeds of approximately $5.7 million. The Company used net proceeds for general corporate purposes. During the second quarter of 2026, the Company completed an underwritten public offering generating approximately $66.1 million of net proceeds before offering expenses. The proceeds have been used, and are expected to continue to be used, for general corporate purposes, including working capital and supporting loan production and loan volume. Senior Notes On April 12, 2025, the Company entered into a privately negotiated Exchange Agreement with SB Northstar LP (the “Investor”), a related party, pursuant to which the Company and the Investor agreed to exchange (the “Exchange”) all of the $532.5 million total aggregate principal amount outstanding of the Company’s existing 1.00% Convertible Notes due 2028 held by the Investor for (i) $155.0 million in aggregate principal amount of new 6.00% Senior Secured Notes due 2028 (the “Senior Notes Indenture”), and (ii) a cash payment of $110.0 million. Upon the closing of the Exchange, we entered into the Senior Indenture with GLAS Trust Company LLC, as trustee and notes collateral agent (the “Senior Notes Indenture”). The Senior Notes represent our senior secured obligations and are secured by substantially all of the Company’s and its material domestic subsidiaries’ assets. The Senior Notes are (i) senior in right of payment to our existing and future senior, unsecured indebtedness to the extent of the value of the collateral; and (ii) senior in right of payment to our existing and future indebtedness that is expressly subordinated to the Senior Notes. Interest on the Senior Notes is payable, at our election, in cash or by payment-in-kind by issuing additional notes in an aggregate principal amount equal to the relevant amount of interest paid in kind. The Senior Notes will accrue interest at a rate of 6.00% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, starting on June 30, 2025. The Senior Notes will mature on December 31, 2028. The Senior Notes will be redeemable, in whole and not in part, at our option at any time prior to December 31, 2028, at a cash redemption price equal to 106.00% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with an amount not exceeding the net cash proceeds of one or more Equity Offerings (as defined in the Senior Notes Indenture); provided that at least 60% of the aggregate principal amount of the Senior Notes remains outstanding immediately after the redemption and the redemption occurs within 150 days of the date of the closing of each such Equity Offering. Additionally, prior to December 31, 2028, we may redeem all or part of the Senior Notes at a redemption price equal to the sum of 108% of the principal amount of the Senior Notes to be redeemed, plus the Make Whole Premium (as defined in the Senior Notes Indenture) at the redemption date, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If certain corporate events that constitute a Change of Control Triggering Event (as defined in the Senior Notes Indenture) occur, then noteholders may require us to repurchase all or any part of their Senior Notes at a cash repurchase price equal to 101% of the aggregate principal amount 52 Table of Contents of the Senior Notes to be repurchased, plus accrued and unpaid interest, if any, to the date of settlement. The definition of Change of Control Triggering Event includes certain business combination transactions involving the Company. The initial carrying value of the Senior Notes of $200.4 million is made up of the total future undiscounted cash flows which includes principal of $155.0 million and interest make-whole as well as a redemption premium of $45.4 million. In July 2025, the Company made a cash payment of $1.6 million which was applied to reduce the principal on the Senior Notes. In December 2025, the Company made a payment-in-kind by issuing additional notes in an aggregate principal amount equal to $4.65 million. See Note 10 to our Consolidated Financial Statements for further information. Warehouse Lines of Credit In our normal course of business, we fund substantially all of our Loan Volume on a short-term basis primarily through our warehouse lines of credit. Our borrowings are repaid with the proceeds we receive from the sale of our loans to our loan purchaser network, which includes government-sponsored enterprises. As of June 30, 2026, we had three warehouse lines of credit in different amounts and with various maturities, with an aggregate available amount of $850.0 million. As of June 30, 2026 and December 31, 2025, we had the following outstanding warehouse lines of credit: (Amounts in thousands) Maturity Facility Size AmountOutstandingJune 30, 2026 Amount OutstandingDecember 31, 2025 Funding Facility 1 (1) March 2, 2027 $ 150,000 $ 87,366 $ 81,423 Funding Facility 2 (2) January 21, 2027 350,000 210,436 117,499 Funding Facility 3 (3) April 5, 2027 350,000 156,532 212,940 Total warehouse lines of credit $ 850,000 $ 454,334 $ 411,862 __________________ (1)Interest charged under the facility is at the 30-day term SOFR plus 1.85% - 2.15%. Cash collateral deposit of $3.8 million is maintained and included in restricted cash. (2)Interest charged under the facility is at the 30-day term SOFR plus 1.75% - 3.75%. A compensating balance of $7.0 million is maintained and included in cash and cash equivalents. This amount represents a compensating balance arrangement and is not legally restricted. Failure to maintain the required balance may limit the Company’s ability to obtain future advances under the facility. As of June 30, 2026, the Company was in compliance with this requirement. (3)Interest charged under the facility is at the daily simple SOFR plus 1.70% - 2.45%. There is no cash collateral deposit maintained as of June 30, 2026. We believe that funds provided by these sources will be adequate to meet our liquidity and capital resource needs for at least the next 12 months under current operating conditions. Cash Flows The following table summarizes our cash flows for the periods presented: Six Months Ended June 30, (in thousands) 2026 2025 Net cash used in operating activities-continuing operations $ (98,518) $ (103,886) Net cash used in investing activities-continuing operations $ (2,538) $ (5,452) Net cash provided by/(used in) financing activities-continuing operations $ 125,901 $ (30,810) Six Months Ended June 30, 2026 as Compared to Six Months Ended June 30, 2025 Operating Activities Net cash used in operating activities was $99 million for the six months ended June 30, 2026, a decrease of $5 million, or 5%, compared to net cash used by operating activities of $104 million for the six months ended June 30, 2025. The decrease primarily reflects normal period-over-period fluctuations in working capital and other operating activities. 53 Table of Contents Investing Activities Net cash used in investing activities was $2.5 million for the six months ended June 30, 2026, a decrease of $2.9 million, or 53%, compared to net cash used in investing activities of $5.5 million for the six months ended June 30, 2025. The decrease was primarily driven by proceeds received from the sale of the BHO disposal group, which had previously been classified as held for sale. Financing Activities Net cash provided by financing activities was $126 million for the six months ended June 30, 2026, an increase of $157 million, or 509%, compared to net cash used in financing activities of $31 million for the six months ended June 30, 2025. The increase in cash provided by financing activities was primarily driven by higher net borrowings on our warehouse lines of credit used to fund loan originations, issuance of common stock during the second quarter of 2026, and the impact of intercompany funding provided to discontinued operations during the prior-year period. The year-over-year increase also reflects the absence of the $110.0 million payment against our Convertible Notes as part of the Exchange that occurred in 2025. Material Cash Requirements Information regarding our material cash requirements is provided in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Annual Report. Other than as described above under “Liquidity and Capital Resources,” there have been no material changes in our material cash requirements and other obligations since December 31, 2025. Critical Accounting Policies and Estimates There have been no significant changes in our critical accounting policies and estimates during the period ended June 30, 2026, as compared to the critical accounting policies and estimates disclosed in the audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2025, which are included in our 2025 Annual Report.