Better plans up to $75M at-the-market offering

"If fully sold, the new offering could enable the company to scale originations from $500 million to as much as $2 billion per month. In Q2 2025, Better originated an average of $400 million per month, up from $290 million in Q1. Under the deals, Better will provide mortgage financing to a top-five personal financial services platform."

"Both partners will leverage Better's Tinman artificial intelligence platform. The company expects these partnerships to materially increase its monthly loan volume. The $75 million raise is structured as an at-the-market program, allowing Better to sell shares gradually into the market when prices are favorable, rather than through a single block sale. Cantor Fitzgerald & Co. and BTIG are acting as agents, earning a 2% commission on gross sales."

"Better has also registered in June a $200 million shelf offering with the SEC, giving it flexibility to issue additional securities. On Monday morning, Better shares jumped more than 18% to $62.72. The stock has drawn speculative interest in recent weeks after hedge fund manager Eric Jackson credited with helping spark Opendoor's rally endorsed it on X, calling Better the Shopify of mortgages and suggesting it could be a 350-bagger in 2 years."

Better's new offering could enable originations to scale from $500 million to as much as $2 billion per month if fully sold. In Q2 2025, Better originated an average of $400 million per month, up from $290 million in Q1. Two agreements signed in September have not yet launched commercially; under the deals Better will provide mortgage financing to a top-five personal financial services platform with more than 50 million customers and home equity loans to a top-five nonbank mortgage originator and servicer. Both partners will leverage Better's Tinman artificial intelligence platform. Better expects these partnerships to materially increase monthly loan volume. A $75 million at-the-market equity program and a registered $200 million shelf offering provide capital flexibility.

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