Framework Labs, Inc. 4
4 · Better Home & Finance Holding Co · Filed Mar 11, 2026
Research Summary
AI-generated summary of this filing
BETR 10% Owner Framework Ventures IV Exercises Warrants, Buys Stock
What Happened
Framework Ventures IV L.P. (10% owner) acquired a total of 242,910 Better Home & Finance (BETR) shares across purchases and warrant exercises in a multi-day transaction. On March 10, 2026 it exercised warrants to acquire 105,656 shares at $27.00 (≈ $2,852,712) and 105,656 shares at $27.25 (≈ $2,879,126) — together 211,312 shares via in‑the‑money warrant exercises. It also made open‑market/private purchases of 10,000 shares on March 9 at $35.46 ($354,600) and 21,598 shares on March 11 at $39.73 ($858,089). Total cash outlay in these reported transactions was about $6.94 million. Two $0.00 “Disposed” entries reflect cancellation/settlement of the exercised derivative instruments.
Key Details
- Transaction dates and amounts:
- 2026-03-09: Purchase 10,000 shares @ $35.46 = $354,600 (P)
- 2026-03-10: Exercise 105,656 shares @ $27.00 = $2,852,712 (X)
- 2026-03-10: Exercise 105,656 shares @ $27.25 = $2,879,126 (X)
- 2026-03-10: Derivative positions disposed (two entries) @ $0.00 (X, representing exercised warrants)
- 2026-03-11: Purchase 21,598 shares @ $39.73 = $858,089 (P)
- Total shares acquired (reported): 242,910; total spent ≈ $6.94M.
- Shares owned after the transactions: not specified in the provided data.
- Notable footnotes: Framework LP bought a warrant on Feb 17, 2026 for $0.01 to acquire up to 211,312 shares; the warrant allowed (i) 105,656 shares at $27.00 once beneficial ownership >4.99% and (ii) the remaining 105,656 at the greater of $27.00 or 90% of the 30‑day VWAP once beneficial ownership >8.98%. Reported securities are held by Framework LP and may be deemed beneficially owned by affiliated entities and individuals (Framework GP, Framework Management, Vance Spencer, Michael Anderson) per footnotes; those parties disclaim beneficial ownership except for any pecuniary interest.
- Filing timeliness: Form 4 filed 2026-03-11 for transactions beginning 2026-03-09 — appears timely (Form 4 is generally due within two business days).
Context
These transactions were largely warrant exercises (derivative conversion into shares) and additional purchases by an institutional 10% owner — not individual executive trading. The $0.00 derivative dispositions reflect surrender/cancellation of the warrants upon exercise rather than a market sale of shares. Large purchases by an investor can be viewed as notable, but they represent institutional repositioning and warrant mechanics rather than insider compensation or routine executive selling.
Insider Transaction Report
- Purchase
Common Stock
[F3]2026-03-09$35.46/sh+10,000$354,600→ 571,908 total(indirect: See Footnote) - Exercise of In-Money
Common Stock
[F1][F2][F3]2026-03-10$27.00/sh+105,656$2,852,712→ 677,564 total(indirect: See Footnote) - Exercise of In-Money
Common Stock
[F1][F2][F3]2026-03-10$27.25/sh+105,656$2,879,126→ 783,220 total(indirect: See Footnote) - Purchase
Common Stock
[F3]2026-03-11$39.73/sh+21,598$858,089→ 804,818 total(indirect: See Footnote) - Exercise of In-Money
Warrants (right to buy)
[F1][F2][F3]2026-03-10−105,656→ 105,656 total(indirect: See Footnote)Exercise: $27.00Exp: 2027-02-17→ Common Stock (105,656 underlying) - Exercise of In-Money
Warrants (right to buy)
[F1][F2][F3]2026-03-10−105,656→ 0 total(indirect: See Footnote)Exercise: $27.25Exp: 2027-02-17→ Common Stock (105,656 underlying)
- 247,450(indirect: See Footnote)
Common Stock
[F4] - 121,150(indirect: See Footnote)
Common Stock
[F5]
Footnotes (5)
- [F1]On February 17, 2026, Framework Ventures IV L.P. ("Framework LP") entered into a Securities Purchase Agreement with Better Home & Finance Holding Company (the "Issuer"), pursuant to which Framework LP purchased a warrant (the "Warrant") to purchase up to an aggregate of 211,312 shares (the "Warrant Shares") of the Issuer's Class A common stock, par value $0.0001 per share (the "Common Stock"), upon the terms and subject to the limitations on exercise and conditions set forth in the Warrant. The purchase price of the Warrant was $0.01.
- [F2]Due to a character limit, Footnote 2 is a continuation of Footnote 1: The Warrant became exercisable for (i) up to 105,656 Warrant Shares at an exercise price of $27.00 per share upon the beneficial ownership of Framework LP, together with its affiliate, exceeding 4.99% of the then-outstanding Common Stock and (ii) up to the remaining 105,656 Warrant Shares at an exercise price of the greater of (x) $27.00 and (y) 90% of the 30-day volume-weighted average trading price per share of the Common Stock upon the beneficial ownership exceeding 8.98%.
- [F3]The reported securities include are held directly by Framework LP and may also be deemed to be beneficially owned by Framework Ventures IV GP LLC ("Framework GP"), Framework Ventures Management LLC ("Framework Management"), Vance Spencer ("Mr. Spencer") and Michael Ernest Anderson ("Mr. Anderson"), each of which or whom disclaim beneficial ownership of these shares except to the extent of its or his pecuniary interest in such shares, if any. Framework GP is the general partner of Framework LP. Framework Management is the investment manager for Framework GP. Mr. Spencer and Mr. Anderson are members and the managers of Framework GP and the managing members of Framework Management.
- [F4]The reported securities are held directly by Framework Labs, Inc. ("Framework Labs") and may also be deemed to be beneficially owned by Mr. Spencer and Mr. Anderson, each of whom disclaim beneficial ownership of these shares except to the extent of his pecuniary interest in such shares, if any. Mr. Spencer and Mr. Anderson serve as executive officers and directors of Framework Labs and control Framework Labs.
- [F5]The reported securities are held directly by Mr. Spencer.