An amended S-4 filed by Aurora Acquisition Corp. with the Securities and Exchange Commission last week gave the mortgage industry a glimpse into how its partner Better.com fared in the second quarter. And it wasn’t great.

The digital mortgage lender, which plans to go public via a special purpose acquisition company (SPAC), reported a net loss of $86 million in the second quarter.

The loss was primarily driven by a “decrease in overall funding activities in the mortgage market” that resulted in a “significant” decline quarter-over-quarter of the company’s gain on sale margin.

According to the filing, Better’s gain-on-sale details ⇒

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