David Barse
About David Barse
David Barse is an independent director of Better Home & Finance Holding Company (BETR), appointed effective August 1, 2025; the Board affirmed he meets Nasdaq independence standards . He is Founder & CEO of XOUT Capital and DMB Holdings, and formerly served 25 years as CEO of Third Avenue Management; he holds a B.A. from George Washington University and a J.D. from Brooklyn Law School . He joined the Board after the 2025 proxy record date, so age and BETR share ownership were not disclosed in the 2025 DEF 14A .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Third Avenue Management | Chief Executive Officer | 1991–2015 | Led deep value investing firm; extensive governance experience |
| Covanta Energy/Holding Corp | Director (former) | Prior to 2021 privatization | Board service at a major waste-to-energy company |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| XOUT Capital LLC | Founder & CEO | 2019–Present | Index/ETF strategy leadership; market structure expertise |
| DMB Holdings LLC | Founder & CEO | Ongoing | Private family office; special situations governance |
| InfraBuild (GFG Alliance) | Non‑Executive Director | Appointed Apr 17, 2025 | Added US capital markets expertise amid financing/restructuring |
| Birthright Israel Foundation | Board Member | 2022–Present | Non‑profit board engagement |
| City Parks Foundation | Board Member (former) | 2020–2023 | Urban parks non‑profit governance |
Board Governance
- Independence: The Board determined Barse is independent under Nasdaq rules .
- Committee assignments: Appointed to the Corporate Governance and Nominations Committee on Aug 29, 2025; committee membership retainer applies . The committee oversees director selection, committee rotations, leadership structure, and annual board evaluations .
- Attendance/engagement: 2024 Board met 7 times; all directors met at least 75% attendance, but Barse joined in 2025 (no attendance data yet) .
- Board leadership and executive sessions: Chairman Harit Talwar chairs board and executive sessions of non‑management directors; committees also meet in executive session .
Fixed Compensation
| Component | Terms | Amount | Vesting/Timing |
|---|---|---|---|
| Annual Board retainer (cash) | Non‑employee directors elected subsequently | $150,000 | Paid quarterly; prorated from Aug 1, 2025 |
| Annual equity retainer (RSUs) | Non‑employee directors elected subsequently | $150,000 | Vests on business day before annual meeting; prorated from Aug 1, 2025 |
| Committee Member retainer – Corporate Governance & Nominations | Member | $7,500 cash + $7,500 RSUs (total $15,000) | Cash quarterly; RSUs annual; annual structure per policy |
| Indemnification | Standard director indemnification agreement | — | Company standard form upon appointment |
Performance Compensation
- No performance‑based metrics apply to director compensation; director pay consists of fixed cash retainers and time‑vesting RSUs per the Director Compensation Policy .
Other Directorships & Interlocks
| Company/Organization | Role | Potential Interlock/Conflict |
|---|---|---|
| XOUT Capital | Founder & CEO | No known commercial relationship with BETR |
| InfraBuild | Non‑Executive Director | Industrial steel; no apparent overlap with BETR mortgage operations |
| Birthright Israel Foundation | Board Member | Non‑profit; no BETR interlock |
Expertise & Qualifications
- Finance/investment: 25 years as CEO of Third Avenue Management; deep value and governance expertise .
- Public markets and restructuring: InfraBuild appointment underscores capital markets and governance skills in complex financing contexts .
- Education: B.A. George Washington University; J.D. Brooklyn Law School; additional executive education noted .
Equity Ownership
- BETR beneficial ownership: Not disclosed in 2025 DEF 14A (as of Apr 15, 2025 record date); Barse joined subsequently .
- Related‑party transactions: None involving Barse disclosed at appointment; Item 404(a) statement of no material interests .
- Hedging/pledging: Company policy prohibits directors and officers from hedging or monetization transactions (collars, swaps, exchange funds) in Company stock .
Governance Assessment
- Strengths: Independent status; appointment to Corporate Governance & Nominations Committee positions him to influence director selection, committee rotations, and board evaluations—critical to board effectiveness . Compensation mix (cash + time‑vested RSUs) encourages ownership alignment without complex pay metrics for directors .
- Risks/Red Flags: Company discloses multiple related‑party arrangements with entities affiliated to the CEO (TheNumber, Notable, 1/0 Capital, TrueWork); while amounts are not material, they were not structured at arm’s length—ongoing audit/governance oversight is essential; no issues attributed to Barse . 2024 late Section 16 filings occurred for several insiders (pre‑Barse era), highlighting compliance rigor needs; not specific to Barse .
- Signals: Addition of independent directors (Barse; Menon as Audit Chair) and formal committee chair/member retainers suggest strengthening governance infrastructure post‑SPAC combination .
Overall, David Barse’s independence, capital markets background, and governance committee role are positives for investor confidence. Continued vigilance on related‑party oversight and disclosure timeliness (Section 16, policy enforcement) remains important to maintain governance quality .