Framework Labs, Inc. 4

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.