Better Home & Finance (BETR)
Originates mortgages and home equity loans through Tinman and partner channels.
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Offers purchase and refinance mortgages, home equity products, and Better Plus services through a digital platform. Revenue is driven mainly by originating loans and selling them to GSEs and other institutional purchasers, with Tinman standardizing the workflow across direct-to-consumer and partner-sourced channels.
Originates purchase and refinance mortgages, cash-out refinances, debt-consolidation loans, home equity products, and jumbo loans through Home Finance. Better Plus adds referrals to real estate agents, title and settlement services, and homeowners insurance access through a digital marketplace.
Tinman is the operating platform behind customer applications, internal tools, underwriting, processing, closing, pricing, documents, task assignment, and loan-purchaser connectivity. Customers come through direct-to-consumer and platform channels, and originated loans are sold to GSEs, banks, insurers, asset managers, and mortgage REITs.
Operations are concentrated in U.S. home finance after Birmingham Bank moved into discontinued operations. The business depends on mortgage demand, borrower affordability, secondary-market loan purchasers, and federal, state, and local compliance rules.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 9, 2026 | B. Riley | Initiate | Rating: — | |
| Sep 9, 2026 | CLSA | Upgrade | Rating: — | |
| Aug 13, 2026 | Roth Capital | Target | Target: $35 | Target: $25 |
| Aug 13, 2026 | Cantor Fitzgerald | Downgrade | Target: $32 | Target: $16 |
| Aug 10, 2026 | BTIG | Reiterate | Rating: —Target: $36 | Target: $23 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $111.9M · Total debt $657.7M · Total assets $1.54B · Shareholders' equity $57.9M
- Revenue
- $60.9M
- Operating income
- −$25.7M
- Net income
- −$30.6M
No dividends on record.
| Institutions | 38.10% | 5.97M shares | |
|---|---|---|---|
| 98 holders · as of Jun 30, 2026 | |||
| Insiders | 19.70% | 3.09M shares | |
| 19 holders · as of Sep 21, 2026 | |||
| Strategic holders | 8.12% | 1.27M shares | |
| 2 holders · as of Apr 10, 2026 | |||
| Other | 34.08% | 5.34M shares | |
| remainder | |||
15.67M company shares as of Aug 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count has not been confirmed by a second filing; stakes use it as it stands.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Vishal GargInsiderdirector, 10 percent owner, officer: Chief Executive Officer | 6.68% | 118,260 · 927,855 | filed May 21, 2026 |
Framework Ventures IV L.P.Strategic10 percent owner | 6.42% | 1.01M | filed Apr 10, 2026 |
Thor BjorgolfssonInsider10 percent owner | 5.23% | 818,780 | filed Dec 17, 2024 |
BlackRock, Inc.Institution | 4.38% | 685,834 | as of Jun 30, 2026 |
SoftBank Group Corp.Institution | 4.01% | 628,553 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 17, 2026 | Paula Tuffin | officer: General Counsel and CCO | −3,108 | $12.36 |
| Aug 19, 2026 | Chad M. Smith | officer: President, BMC | −3,307 | $12.85 |
| Jun 11, 2026 | Hugh R. Frater | director | +5,150 | $24.34 |
| May 22, 2026 | Harit Talwar | director | +5,000 | $25.34 |
| May 21, 2026 | Vishal Garg | director, 10 percent owner, officer: Chief Executive Officer | +15,600 | $24.89 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Better Home & Finance | $12.50 | +0.64% | $194.6M | — | — | 0.9 | +23.9% |
| Rocket Companies | $12.73 | +2.95% | $34.90B | 84.7 | 17.8 | 3.6 | +113.7% |
| UWM | $1.29 | +2.38% | $1.91B | — | 5.0 | 0.6 | −78.6% |
| PennyMac Financial Services | $66.99 | +0.58% | $3.46B | 9.1 | 7.9 | 0.7 | +11.8% |
| loanDepot | $0.7114 | +0.14% | $238.0M | — | 38.8 | 0.2 | +19.4% |
| Figure | $35.93 | +1.81% | $6.44B | 46.4 | 26.9 | 9.0 | +95.2% |
| Rithm Capital | $9.61 | +0.58% | $5.33B | 15.9 | 4.3 | 0.9 | +205.4% |
| Blend Labs | $1.21 | −3.20% | $302.6M | — | 31.0 | 2.3 | +7.3% |
| Median | 31.2 | 17.8 | 0.9 | +19.4% |