Online bank Ally Financial recorded a $136 million impairment related to its investment in struggling digital mortgage lender Better.com, bank executives said Wednesday during the company’s third-quarter earnings call.

The bank disclosed to shareholders and analysts that the $136 million impairment was a “nonmarketable equity investment” related to its mortgage business.

“Following the impairment, our investment has a remaining carrying value of $19 million, so this has been effectively derisked,” CEO Jeff Brown said on the call.

Better.com, founded by Vishal Garg in 2014, grew tremendously during the pandemic, capitalizing on a historic details ⇒

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