Better Plans Up To $75m At-the-market Offering

Better Home & Finance Holding, the parent of Better.com whose stocks were recently tagged with the “meme” label, announced a $75 million at-the-market stock offering to boost its warehouse line capacity.

Better currently has $575 million in monthly warehouse capacity, with advance rates ranging from 85% to 98% depending on the product, according to a Securities and Exchange Commission (SEC) filing. 

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. 

The company attributed the offering to two agreements signed in September, which 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, as well as home equity loans to a top-five nonbank mortgage originator and servicer. 

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.”